Loading...
HomeMy WebLinkAbout1985-12-17; City Council; Resolution 8312e L . .I 1 4 5 6 7 e 9 1c 11 14 1E 1f 17 1E 15 2c 21 2; 22 2L 2t 2f 2' 2t RESOLUTION NO. 8312 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF BONDS PURSUANT TO THE "IMPROVEMENT ACT OF 1911" WHEREAS, the CITY COUNCIL of the CITY OF CARLSBAD, CALIFORNIA, has heretofore undertaken proceedings pursuant to the "Municipal Improvement Act of 1913", being Division 12 of the Streets and Highways Code of the State of California, and has confirmed assessments upon lands within a special assessment district described in a Resolution of Intention previously adopted for said improvements, said special assessment district known and designated as ASSESSMENT DISTRICT NO. 83-2 (JAMES DRIVE) (hereinafter referred to as the "Assessment District"); and, WHEREAS, said proceedings provided for the issuance of bonds pursuant to the "Improvement Act of 1911", being Division 7 of the Streets and Highways Code of the State of California, and it is necessary to establish terms and provisions of such issuance; and, WHEREAS, the final unpaid balance to assessment, as well as- the denominations, cannot be determined until following the 30-day cash collection period after the recordation of said assessment. NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. Unpaid Assessments. The Treasurer shall, imme- diately upon the completion of the 30-day cash collection period, determine the assessments which are unpaid and the aggregate amount thereof. .. * 1 2 3 4 5 6 7 8 9 113 11 12 13 14 15 1E 13 1E 15 2c 21 2; 21 2L 2! 2t 2' 2L SECTION 3. Registered Bonds. Said bonds shall be issuable I only as fully registered bonds in the respective denominations of the unpaid assessments against each lot or parcel of land assessed in said special assessment district. SECTION 4. Date of Bonds. All of said.bonds shall be dated January 28, 1986, and interest shall accrue from that date. SECTION 5. Maturity and Denomination. The bonds shall be issued to represent each unpaid assessment of One Hundred Fifty Dollars ($150.00) or more in serial form. The term of the bonds shall be FOURTEEN (14) years from the second day of January next succeeding the next September 1st following their date and, at the expiration of said time, the whole principal sum then unpaid shall be due and payable. On the second day of January of each year, following the next September 1st after their date, an even annual proportion of the whole amount is due and payable to the registe- red owner of each bond, until the whole is paid, with all accrued interest at the rate set forth herein. SECTION 6. Interest. Each bond shall bear interest at the rate as set forth in the accepted bid proposal for the purchase of said bonds from the interest payment date next preceding the date on which it is authenticated and registered, unless said bond is authenticated and registered as of an interest payment date, in which case it shall bear interest from said interest payment date, or unless said bond is authenticated and registered prior to the first interest payment date, in which case it shall bear interest from its date, until payment of its principal sum has been di schar ged. ._ , 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 2€ SECTION 7. Place of Payment. The principal and interest on the bonds shall be payable in lawful money of the United States of America at the office of the Treasurer. Principal and interest on said bonds shall be paid by check or draft to the registered owner thereof at his add- ress as it appears on the books of registration, or at such address as may have been filed with the Treasurer for that purpose, as of the 15th day immediately preceding said interest payment date. SECTION 8. R,edemption. The bonds may be redeemed by the owner or any person interested in any lot or parcel of land described therein, in the manner provided in the Streets and High- ways Code, at any time before maturity, and before commencement of proceedings for sale, upon payment to the Treasurer, for the registered owner of the bond, of the amount then unpaid on the principal thereof, with interest thereon (if not previously paid) up to the next succeeding January 2 or July 2, as the case may be, and said at the rate set forth herein, and all penalties accrued unpaid, together with a premium of five percent (5%) of unmatured principal. SECTION 9. Transfer of Registered Bonds. Any fully reg red bond may, in accordance with its terms, be transferred ste- upon the books of registration required to be kept pursuant to the provisions of Section 11 by the owner in whose name it is registe- red, or by his duly authorized attorney or legal representative, upon surrender of such fully registered bond for registration of such transfer, accompanied by delivery of a written instrument or *. 1 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 transfer in a form approved by the Treasurer and by the owner of said bonds, duly executed. The Treasurer shall require the payment by the bondholder requesting such transfer of any tax or other governmen- tal charge required to be paid with respect to such transfer and such charges as provided for in the system of registration for registered debt obligations. No transfer of fully registered bonds shall be required to be made during the fifteen (15) days next preceding each interest payment date. SECTION 10. Exchange of Registered Bonds. Fully registered bonds may be exchanged at the office of the Treasurer, or desig- nated transfer agent/registrar, for a 1 ike aggregate principal amount of bonds of the same series, interest rate and maturity, 4. subject to the terms and conditions provided in the system ,of registration for registered debt obligations, including the pay- ment of certain charges, if any, upon surrender and cancellation of this bond. Upon such transfer and exchange, a new registered bond or bonds of any authorized denomination or denominations of the same maturity for the same aggregate principal amount will be issued to the transferee in exchange therefor. SECTION 11. Bo,oks of Registration. There shall be kept by the Treasurer sufficient books for the registration and transfer of the bonds and, upon presentation for such purpose, the Treasurer shall, under such reasonable regulations as it may prescribe, register or transfer or cause to be registered or 28 transferred, on said register, bonds as hereinbefore provided. .* 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 1€ 19 2c 21 22 2: 2’1 2€ SECTION 12. Execution of Bonds. The bonds shall be executed in facsimile by the Treasurer, and the corporate seal shall be imprinted in facsimile on the bonds. The bonds shall then be delivered to the transfer agent and registrar, for authentication and registration. In case an officer who shall have signed or attested to any of the bonds by facsimile or otherwise shall cease to be such officer before the authentication, delivery and issu- ance of the bonds, such bonds nevertheless may be authenticated, delivered and issued, and upon such authentication, delivery and issue, shall be as binding as though those who signed and attested the same had remained in office. SECTION 13. Authentication. Only such of the bonds as shall bear thereon a certificate of authentication substantially in the form below, manually executed by the transfer agent and registrar, shall be valid or obligatory for any purpose or entitled to the benefits of this Resolution, and such certificate of the transfer agent and registrar shall be conclusive evidence that the bonds so authenticated have been duly executed, authenticated and delivered hereunder, and are entitled to the benefits of this Resolution. FORM OF CERTIFICATE OF AUTHENTICATION AND REGISTRATION This bond has been authenticated and registered on CITY OF CARLSBAD as Transfer Agent and Registrar By: SECTION 14. 3 Negotiability, &Registration and Transfer of stered only upon such to the transfer agent Bonds. The transfer of any bond may be reg books of registration upon surrender thereof a3 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 and registrar, together with an assignment duly executed by the owner or his attorney or legal representative, in satisfactory form. Upon any such registration of transfer, a new bond or bonds shall be authenticated and delivered in exchange for such bond, in the name of the transferee, of any denomination or denominations authorized by this Resolution, and in an aggregate principal amount equal to the principal amount of such bond or principal amount of such bond or bonds so surrendered. In all cases in which bonds shall be exchanged or transferred, the transfer agent and registrar shall authenticate at the earliest practical time, F bonds in accordance with the provisions of this Resolution. All bonds surrendered in such exchange or registration transfer shall forthwith be cancelled. The legislative body may make a charge for every such exchange or registration of transfer of bonds sufficient to reimburse it for any tax or other governmental charge required to be paid with respect to such exchange or registration of transfer. The transfer agent and registrar shall not be required to make such exchange or registration of transfer of bonds during the fifteen (15) days immediately preceding any January 2nd or July 2nd. SECTION 15. Ownership of Bonds. The person in whose name any bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal and redemption premium, if any, of any such bond, and the interest on any such bond, shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to 1 f E E 1c 11 12 12 14 15 17 lE! 19 20 21 22 23 24 25 26 27 28 e satisfy and discharge the liability upon such bond, including the redemption premium, if any, and interest thereon, to the extent of the sum or sums so paid. SECTION 16. Mutilated, Destroyed, Stolen or Lost Bonds. In case any bond secured hereby shall become mutilated or be destroyed, stolen or lost, the legislative body shall cause to be executed and authenticated a new bond of like date and tenor in exchange and substitution for and upon the cancellation of such mutilated bond or in lieu of and in substitution for such bond destroyed, stolen or lost, upon the owner's paying the reasonable expenses and charges in connection therewith, and, in the case of a bond destroyed, stolen or lost, his filing with the legislative body of evidence satisfactory to it and to the Treasurer thereof that such bond was destroyed, stolen or lost, and of his ownership thereof, and furnishing the legislative body with indemnity satisfactory to it. SECTION 17. Cancellation of Bonds. All bonds paid or redeemed, either at or before maturity, shall be cancelled upon the payment or redemption of such bonds, and shall be delivered to the transfer agent and registrar when such payment or redemption is made. All bonds cancelled under any of the provisions of this Resolution shall be destroyed by the transfer agent and registrar, which shall execute a certificate in duplicate describing the bonds so destroyed, and shall retain said executed certificate in its permanent files for the issue, SECTION 18. Improvement Fund, The proceeds from the sale of the bonds, after deposit of required amounts in the Reserve Fund 2 3 4 5 6 7 a 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 and the Redemption Fund, shall be placed in the fund hereby created, pursuant to Sections 10602 and 10424 of the California Streets and Highways Code, as amended, which shall be called the "Improvement Fund", and the monies in said Fund shall be used only for the purposes authorized in said assessment proceedings. Any surplus in the Improvement Fund after completion of the improve- ments shall remain in the Improvement Fund for a period not less than two (2) years from the receipt of bond proceeds as provided in Section 10427.1 of the California Streets and Highways Code, and thereafter shall be utilized or distributed as determined by the legislative body. SECTION 19. Redemption Fund. Principal of and interest on said bonds shall be paid out of the Redemption Fund as authorized pursuant to the "Improvement Act of 1911", being Division 7 of the Streets and Highways Code of the State of California, as amended. Accrued interest paid by the purchaser of the bonds, if any, shall be deposited in the Redemption Fund. In all respects not recited herein, said bonds shall be governed by said Act. SECTION 20. Order to Print and Authenticate Bonds. The Treasurer is hereby instructed to cause bonds, as set forth above, to be printed, and to proceed to cause said bonds to be authenti- cated and delivered to an authorized representative of the purchaser, upon payment of the purchase price as set forth in the accepted proposal for the sale of bonds. SECTION 21. Arbitrage Certificate. On the basis of the facts, estimates and circumstances now in existence and in exis- tence on the date of issue of the bonds, as determined by the .. 4 ,-. * 1 2 r c f F % E 7 E 5 1c 11 12 12 14 15 1E 17 18 19 20 21 22 23 24 25 26 27 28 the Treasurer, said Treasurer is hereby authorized to certify that it is not expected that the proceeds of the issue will be used in a manner that would cause such obligations to be arbitrage bonds. Such certification shall be delivered to the purchaser together with the bonds. PASSED, APPROVED and ADOPTED at a regular meeting of the City Council held on the 17th day of December , 1985, by the following vote, to wit: AYES: Council Members Casler, Lewis, Kulchin, Chick and Pettine NOES: None ABSENT: None %dLL NARY Ha'CASLtR, Mayor _. ATTEST: City Clerk aREN R. K6NDTZ, Deputy (SEAL)