The URL can be used to link to this page

Home My WebLink About87-092- i ~o 4~ .Cq~ ,. ~ * y ~ O~G'_, COUN:TY~ CAF E3WTTE,'STATF OF CALfFOFiNIA Reso~ufion No. 87-9z A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF BUTTE AUTHORIZING THE EXECUTION AND DELIVERY OF A PURCHASE AGREEMENT, AN OFFICIAL STATEMENT AND CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH AND APPOINTING A REPRESENTATIVE TO TAKE CERTAIN ACTIONS IN CONNECTION WITH THE POOLED LIABILITY INSURANCE PROGRAM OF THE CSAC EXCESS INSURANCE AUTHORITY. WHEREAS, the County of Butte (the "County") is a political subdivision duly organized and existing under the Constitution and laws of the State of California (the "State"); WHEREAS, the Board of Supervisors of the County on March 3, 1987, duly adopted Resolution No. 87-34 (the "first Program Resolution"), approving the execution of a Liability Risk Coverage Agreement, a Trust Agreement and certain other actions in connection therewith in connection with the pooled liability insurance program (the "Program") of CSAC Excess Insurance Authority (the "Provider"); WHEREAS, in order to implement a certificate of participation financing in connection with the Program, the County desires to approve the execution and delivery of a Purchase Agreement and an Official Statement and certain other actions in connection therewith; WHEREAS, in order to implement the Program, the County desires to appoint a representative to take actions, on behalf of the County, with respect to the Program; NOW, THEREFORE BE IT RESOLVED by the Board of Supervisors of the County of Butte as follows: SECTION 1. Declaration of Board of Supervisors. This Board of Supervisors hereby specifically finds and declares that the actions authorized hereby constitute and are with respect to public affairs of the County, and that the statements, findings and determinations of the County set forth in the preambles above, in the First Program Resolution and in the documents approved herein are true and correct. SECTION 2. Purchase Agreement. The form of Purchase Agreement (the "Purchase Agreement") among the County and the other counties named therein, the CSAC Excess Insurance Authority (the "Provider"), and Drexel Burnham Lambert -z- Incorporated, as representative of the several underwriters named therein (the "Underwriters"), presented to this meeting and on fire with the Clerk of the Board of Supervisors is hereby approved. The Chair of the Board of Supervisors, or the County Treasurer are hereby authorized and directed, for and in the name and an behalf of the County, to execute, acknowledge and deriver to the Underwriters said Purchase Agreement in substantially said form, with such changes therein as such officer may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof; provided, however, that the aggregate principal amount represented by the Certificates (as defined in the Purchase Agreement} to be sold shall not exceed $37,950,000, and that the principal amount represented by the Certificates allocated to the County shall not exceed $1,419,330; and provided further that the net interest rate with respect to the Certificates shall not exceed 9.75% and the Underwriters' discount shall not exceed 2.5% of the principal amount represented by the Certificates. SECTION 3. Preliminary Offical Statement. The form of the Preliminary Official Statement relating to the Certificates, presented to this meeting and on file with the Clerk of the Board of Supervisors, is hereby approved. The Preliminary Official Statement in substantially said form, with such changes as the Chair of the Board of Supervisors, or the County Treasurer require or approve, which approval shall be conclusively evidenced by the execution and delivery thereof, shall be hereinafter referred to as the "Official Statement." The Chair of the Board of Supervisors or the County Treasurer are hereby authorized and directed, for and in the name and an behalf of the County, to execute and deliver said Official Statement. The Underwriters are hereby authorized to distribute copies of the Preliminary Official Statement and the Official Statement to persons who may be interested in the purchase of Certificates and are directed to deliver copies of any final Official Statement to all actual purchasers of the Certificates. SECTION 4. Attestation and Seal. The Clerk of the Board of Supervisors is hereby authorized and directed to attest the signature of the authorized signatory, and to affix and attest the seal of the County, as may - 3- be required or appropriate in connection with the execution and delivery of said Purchase Agreement and Official Statement. SECTION 5. Allocable Proportion. The Allocable Proportion (as defined in the Liability Risk Coverage Agreement) of each county participating in the Program is anticipated to be as follows: County Alpine Amador Butte Calaveras Colusa Del Norte Fresno Glenn Humboldt Imperial Inyo Kings Lake Lassen Madera Mariposa Mendocino Merced Modoc A1ono Nevada Plumas San Luis Obispo Santa Barbara Shasta Sierra Si skiyou Solano Sonoma Stanislaus Sutter Tehama Trinity Tuolumne Yuba Allocable Proportion 0.38% 1.49 3.74 2.i6 1.49 0.70 11.61 0.83 4.31 3.80 1.12 2.15 5.02 1.04 3.99 1.06 2.65 3.54 0.59 2.09 2.76 1.21 5.05 6.13 3.64 a. so 2.75 4.94 5.78 4.87 1.84 1.79 0.89 2.02 1.77 The County hereby approves its anticipated Allocable Proportion as set forth above and further approves proportional adjustment of its Allocable Proportion in the event that one or more of the counties set forth above declines to participate in the Program. The Chair of the Board of Supervisors, or the County Treasurer are hereby authorized to agree, by means of execution of the Liablity Risk Coverage Agreement (as defined in the Purchase Agreement), to an adjustment of its Allocable Proportion by not more than ten percent of its Allocable Proportion (in addition to the adjustment of anticipated Allocable Proportion authorized in the immediately preceding sentence) in the event that unforseen circumstances so warrant. - 4- SECTION 6. Further Actions. The Chair of the Board of Supervisors or the County Treasurer are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and a1T documents, including the Liability Risk Coverage Agreement and the Trust Agreement (as defined in the Purchase Agreement), which they may deem necessary or advisable in order to consummate the sale, execution and delivery of the Certificates by the Trustee (as defined in the Purchase Agreement) and otherwise to carry out, give effect to and comply with the terms and intent of this resolution, the First Program Resolution, the Certificates, the Liability Risk Coverage Agreement, the Trust Agreement, the Purchase Agreement and the Official Statement. Such actions heretofore taken by such officers are hereby ratified, confirmed and approved. SECTION 7. County Representative. Supervisor hlcInturf of the County and the Deputy Administrative Officer and the Administrative Analyst of the County are hereby appointed as the County's delegate and alternate delegates, respectively, to the Provider's governing board for all purposes of representing the county's interests, exercising the authority of the County and voting on behalf of the County with respect to the Program. The County has previously appointed such officers as delegate and alternate delegates, respectively, and such appointments are hereby ratified. Such officers are hereby further appointed as representatives of the County as a party to the Liability Risk Coverage Agreement and the Trust Agreement and are hereby authorized to execute such amendments to the Liability Risk Coverage Agreement and the Trust Agreement as are approved by the governing board of the Provider thereunder. Such officers shall keep this Board of Supervisors informed on a timely basis of all actions taken with respect to the Program. SECTION 8. Effective Date. This resolution shall take effect immediately upon its passage. - 5- PASSED AND ADOPTED this 16th day of June, 1987, by the following vote: AYES: Supervisors Fulton, McInturf, McLaughlin, Vercruse and Chair Dolan NOES: None ABSENT: None NOT VOTING: None ~. dfiNE ~Ol'AN, CPfair of the B tte County Board of Supervisors ATTEST: MARTIN J. NICH Chief Administrative Officer k of the Board By: