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HomeMy WebLinkAbout85-194S ~ r, "-' COUNTY' OF B T'T;E, STATE: U CALIF ~~, • ~ ~esa~ufian Na. 85-194 RESOLUTION AUTHORIZING PARTICIPATION AGREEMENT 1dITH CSA.C ~1HEREAS, the Board of Superviso rs was advised by the Chief Administrative Officer and Treasurer/Tax Collector of the ability to secure advantageous financing through the County Supervisors Association of Galifiornia 1985 Series A Participation Agreement; and lAlHEREAS, the Board was further advised that authorization to submit the participation agreement would not obligate the county to receive and pay for funds borrowed under this program. NOW_, _THEREFORE, BE IT RESOLVED by the Butte County Board afi Supervisors that th.e Chief Administrative Officer is hereby duly authorized and qualified as the county official who can, on behalf of the Board of Supervisors, consent and execute the agreement, attached hereto as "Exhibit A" and by this reference made a part hereof, and consent such changes in the agreement as shall be communicated to the county pursuant to Section 6 of the agreement. PASSED AND ADOPTED by the Butte County Board of Supervisors this 3rd day of December, 1985, 6y the fio7lowing vote: AYE5: Supervisors Dolan, McInturf, Wheeler and Chairman Fulton NOES: None . ABSENT. Supervisor McLaughlin NOT VOTING: None ~ ~~ FULTON, Chairman of the Butte County Board of Supervisors ATTEST MARTIN J. NICHOLS, Chief Administrative Officer and Clerk of the Board By _ ~~.~ 'C• ` . COUNTY SiTPERVISORS ASSOCIATION OF CALIFORNIA o„ 1985 SERIES A PARTICIPATION AGREEMENT To be delivered to County Supervisors .Association of California, Attention: Richard M. Butrick, 1140 K Street, Suite lO1,Sacrantento, California 9583.4 ("Issuer") by 3:00 on Friday, November 1, 1985. All terms used in this document, unless otherwise defined herein, shall have the meanings set forth in the Agreement hereinafter referred to. Name of County: Butte Address: 25 County Center Drive, Oro vi 7 fie, CA 95965. ].. Subject to the terms and conditions stated herein, the above County, (the "County") hereby offers to: {a) participate in a Pooled Loan Program on behalf og the Issuer as described herein as defined in the Participa- tion Agreement dated as o'f October ?, 1985 (the"Agreement"), all the terms and provisions of which are incorporated herein by reference, in-the aggregate principal amount of $500,Q00.00, or such greater amount as may be indicated by the County in the amounts and in accordance with the Anticipated Drawdown Schedule (Document No. 2} attached hereto, and in accordance with the terms and conditions of this Participation Agreement, copies. of wh~,ch .have been received and reviewed by the County and, upon acceptance hereof, are hereby agreed ta; and (b) proceeds of the Pooled Loan Program may be used to finance the acquisition of various pieces of equipment, to acquire or construct new buildings, or to renovate existing buildings, 2. County understands that the interest rate on the Lease Loans will be established by the Issuer at the time of the sale of Issuer's Certificates of Participation (the "Certifi-- cates"} (estimated to be early December, 1985) and that it is presently expected that the interest rate on the Lease Loans will be as set forth below; 3 year term 6.50 5 year term 7.3% 7 year term 7.75 14 year term 8.35 15 year term 8.95 20 year term 9.15 ~ } F • ~ 3. If, prior to December 1, 1987 at Least eighty five percent (85~) of the proceeds of the Certificates deposited to the „credit of the Acquisition Fund have not been committed tv the funding of Lease Loans by firm written Leases, any amount remaining available far the funding of such Lease Loans as of December ]., 1987 shall be available for funding Lease Loans by any County from monies available in the Acquisition Fund at any time prior to December 1 2985, so long as the funding of such Lease Loans is approved by the Trustee and so long as all other applicable provisions of this Participation Agreement have been fully satisfied. Any amount remaining in the Acquisition Fund which has nat been applied to fund Lease Leans, shall be retained by the Issuer and applied to redeem certificates. As used herein and in the Agreement the terms "commitment" or "written commitment" means a document~cammitting a stated amount of money to a specific lease for a stated period of time for the purchase of a particular Equipment or Real Estate at a stated rate of interest in a foz-m similar to the type the County would ordinarily use where financing is provided through the issuance of tax exempt certificates. 4. .. Counties may use Lease Loans only within the County.. •5. All Lease Loans will be reviewed by the Trustee to insure compliance with the Agreement and by the insurers under the Lease Trust Insurance Policy. The Trustee's review pertains only to the completeness of documentation. Lease Leans are underwritten as to credit standards only by the County and the insurers. 6. This Offer is executed by a duly authorized and quali- fied officer of the County, who, by resolution duly adopted by County, is hereby authorized to consent an behalf of the County to such changes in this Agreement as shall be communicated to County in writing which era necessary and appropriate to effectu-- ate the purposes of this Agreement. 7. The County hereby certifies that in connection with the transactions contemplated hereby it has net directly ar indirect- ly contracted or entered into any agreement with any other participant or any other person or institution (except the Issuer or its agents) with respect to any aspect of the County's participation in this financing, other than any agreement expressly authorized•by the Agreement, In particular, the County warrants that it has net communicated .ar agreed with any other participant or other institution as to the amount of Lease Loans it has hereby offered to participate. The County hereby agrees to hold the Issuer, its agents and the original purchasers of the Certificates harmless, and tv indemnify them for any costs they incur, as a result of any violation by the County of this paragraph. y, :., ,~$ 8. The County understands that at any tine, subsequent to the dates monies have been scheduled for drawdown, should the Board of Supervisors of the county determine that far any reason the County will not make use of the funds for the purposes originally intended, the County wa.l not be ob i ated to a for tho$e„funds that are not used 9. The name and address to which notices regarding this Offer and related matters should be forwarded is: Name of County: Butte Street Address: City, Stata and Zip Code: Attent~,on: . { S E A L ) 25 County Center Drive Ornyille, CA 95965 Attest: MARTI ~CHOLS $CLERKT~'~. ;~ D4FSUP~R~fr~:~=.1~ tly f~e~Nuty T~.tle: Title: Chi of A~mi ni strati ve Officer Date:_ .,Qecember 2O, 1985 Accepted on behalf of the Issuer in the amount of $ {S E A L ) Attest: Title By Title Chief Ad~r~inistrative Officer ~'C~T" f'1"1v al~~ere ~l~..,,,..a..,.. ~ , ! i + I''. ~ • ,r ' OR C COUNTY SUPERVISORS ASSOCIATIDI~ OF CALIFORNIA 1985 SERIES A ANTICIPATED DRAWDOWN SCHEDULE Name of County: Butte, Cal i farm a Please indicate below anticipated dates on which Lease Loans would be funded, taking into account the various criteria for the acquisition of .Equipment ar Eui,lda.ngs. County is advised that prvv~.sions of the Indenture pursuant to which Issuers Certifi- cates will be issued will prevent the release c~ available funds to fund Lease Loans to ~ountizs in advance of the above schedule. Also please indicate the amounts and the term i.n which those amounts should be amortized. DRAW DATES 11 /30/87 Total Amount of loan: AMOUrtT PRINCIPAL AMOUNT $7,004,000 T~;~.~~ $~>ooo,ooa seven years gy; h1artin J. f~icho3s _ Title: Chief Administrative Officer