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RESOLUTION OF THE BOARD QF SUPERUISORS OF THE
COUNTY OF BUTTE SUPPLEMENTING AND AMENDING
THOSE CERTATN RESOLUTIONS RELATING TO THE
COUNTY OF BUTTE, CAL2FORNIA, I983 TAX AN~
REVEhIUE APlTICIPATION NOTES
WHEREAS, this Board of Supervisors (the "Board") of the County of Butte
(the "County") adopted Resolution No. 83-69 on April 26, 19$3 auth~rizing the
County to borrow up to $i2,000,000 by the issuance and sale of 1983 Tax and Revenue
An~icipation Notes (the "Notes");
WHERERS, Bank of America P~ationa~ Trus~ and Savings Association (the
°tJnderwriter") submitted a form of Contract of Purchase providinq a formula for
determining the interest rate on the Notes and the price at vrhich the Underwriter
would purchase the Notes from the County, and providing for a date of delivery of
the Notes on the later of July 5, 1983 or the tenth business day following the date
of which a rating is obtained from Moody's Investors Service, Inc. {"h1oody's"),
but in any event not later than Ju7y 28, 1983;
~lHEREAS, this Board accepted the Contract of Purchase and the Contract of
Purchase was entered into by the County;
WHEREAS, this Board has heretofore supplemented and arr~ended f2esolution
No. 83-69 to expedite ~he-issuance of the Notes;
WHEREAS, due to the delay of the State in adopting its fiscal year 1983-1984
budget, a rating was not obtained from t~loody's in time to permit the Notes to be
delivered in accordance with the Contract of Purchase;
IJHEREAS, the Underwriter has indicated that it is in the best interest of
the County to 6e able to renegotiate the price of and rate on the Notes in 1ight of
the market conditions when such rating is obtained, and this Board concurs that i~ is
in the best interes~s of the County to be able to renegotiate the price and rate; and
WHEREAS, the Underwriter has indicated that it is willing to renegotiate
the terms of the Notes.
NOW, THEREFORE, this Board hereby finds, determ~ines, declar~s and resolves
as follows:
Section l. A7i of the rec~tals herein set forth are true and corr°c4, and
this Board so finds and determines.
Section 2. The Auditor-Controller of the County, with the adviee of the
Treasurer-Tax Col1ector, or, in the absence of either ~is/her aut~orized deputy is
authQrized and directed to negotiate a price for the Notes of not less than 98% of
the aggregate principal amount thereof and an interest rate o~ the Notes not to
exceed 12%. The Auditor-Controller of the County, with the advice of the Treasurer-
Tax Collector, or, in the absence of either his/her authorized depu~y is authorized
and directed to execute and deliver in the name and on behalf of this Board a new
Cont'r.act of Purchase for the Notes (substanitally in the form of the Contract of
Purchase) or an amendment to the Contract of Pruchase praviding for the sale of
the hotes to the Underwriter at the price and interest rate so negotiated and
providing for a revised date of del9very far the Notes.
PASSED AND ADOPTED by the 8oard of Supervisors of the County of Butte,
State of California, this 26th day of July, 1983 by the following vote:
AYES: Supervzsors Fulton, Mose~ey, Saraceni and Chair noZan
NOES: None
ABSENT: Supervisor Wheeler
NOT VOTING: None
HAIR, of the B~tte County
Board f Supervisors .
ATTEST:
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C~l_er_kr'of the Board of"Supervisors
of the County af Butte