HomeMy WebLinkAbout96-045RESOLUTION DIRECTING PA~'NIENT OF COURT FACILITY LEASE PAYMENT
WI~REAS, in January 1994, the County caused the execution. of $5,705,000 of its Certificates
of Participation (1993 Justice Facility Project), which evidence undivided proportionate interests of the
owners thereof in certain Lease Payments to be made by the County under a LeasetPurchase Agreement,
dated as of December 1, 1993, between the County and the Butte County Public Facilities Financing
Corporation (the "Lease");
WHEREAS, under the Lease, the County agreed to pay such Lease Payments as annual rental far
the use and possession of the court facility (the "Project") to be constructed at the County Center in
Oroville, California;
WHEREAS, the first Lease Payment to be made by the County is scheduled for June 15, 1996,
and is payable to the owners of said Certificates of Participation on July 1, 1996;
WHEREAS, this Board approved the delay of the completion of the Project until September 2,
1996, and there have been approved change orders and rain-delay days, which may result in the
completion being delayed until October 1.996, and, therefore, the County will not have use and
possession of the Project on June 15, 1996;
NOW, THEREFORE, the Board of Supervisors of the County of Butte does hereby find and
resolve as follows:
1. This Board hereby finds that it will be necessary to make the Lease Payment on June 15, 1996
in order to maintain the County's credit rating and access to capital markets.
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2. Therefore, this Board hereby approves and directs the Butte County Treasurer to make the
Lease Payment due on June 15, 1996 in the amount of $190,000 principal, plus $149,987.50 interest, for
a total of $339,987.50. This Board further approves and directs First Trust California, as Successor
Trustee of that certain Trust Agreement dated December 1, 1993, by and among Bank of America
National Trust and Savings Association, Butte County Public Facilities Financing Corporation and the
County of Butte, to utilize said amounts to make those payments due to the owners of the Certificates of
Participation (1993 Justice Facility Project} on July 1, 1996.
PASSED AND ADOPTED by the Board of Supervisors of the County of Butte, State of
California, on the 14th day of May 1996 by the following votes:
AYES: Supervisors Dolan, Houx, Thomas and Chair McLaughlin
NOES: None
ABSENT: Supervisor Meyer
NOT VOTING: None
ED McLAUGHLIN, ,, air
Butte County Board of Supervisors
ATTESTED:
JOHN BLACKLOCK
Chief Administrative Officer
and the Clerk of the Board
By:
(courtfac.res)
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