HomeMy WebLinkAbout1961-02-21; Municipal Water District; Resolution 128RESOLUTION NO. 128
RESOLUTION OF THE BOARD OF DIRECTORS OF
VIDING FOR THE ISSUANCE OF BONDS OF SAID
DISTRICT FOR IMPROVEMENT DISTRICT NO. 3 THEREOF IN THE AMOUNT OF $800,000 FOR THl3 ACQUISITION AND CONSTRUCTION OF A WATm TRANSMISSION PIPELINE WITH APPURTENANCES AND APPURTENANT WORKS.
CARLSBAD MUNICIPAL WATER DISTRICT PRO-
WHEREAS, pursuant to the Municipal Water District
Act of 1911, as amended, and pursuant to Resolution No, 121
of the Board of Directors of
-
CARLSBAD MUNICIPAL WATER DISTRICT,
a special election was duly and regularly held on the 20th
day of December, 1960, in that territory included within
the boundaries of Improvement District No. 3 of
CARLSBAD MUNICIPAL WATER DISTRICT,
at which election there was submitted to the qualified
voters of said district the following:
PROPOSITION: Shall the Carlsbad Municipal Water District incur a bonded indebtedness for Improvement District No. 3 thereof in the principal sum of $1,000,000 for the purpose of the acqui- sition and construction of a waterworks system, including conduits, pipelines, reservoirs, works, machinery and other property useful and necessary to store, convey, supply or otherwise make use of water for the land and inhabitants within the exterior boundaries of said Improvement District No. 3 and includ-
ing expense of all proceedings for the authorization, issuance and sale of the bonds?
and
WHEREAS, more than two-thirds of the votes
cast at such election were in favor of and assented to
the incurring of such indebtedness, and all and singular
the requirements of the Constitution and laws of the
State of California have been complied with in the hold-
ing of said election, and the Board of Directors of
CARLSBAD MUNICIPAL WATER DISTRICT
is now authorized and empowered to provide for the form
of bonds of said district and for the issuance of any
part thereof for the purpose provided for in the afore-
said resolution, payable, principal and interest, from
taxes levied exclusively upon the taxable property within
said
IMPROVEMENT DISTRICT NO. 3,
except to the extent that such principal and interest may
be paid from water revenues as permitted or required by
law; and
WHEREAS, it is proper and the necessity therefor
appears that part of said bonds in the amount of eight
hundred thousand dollars ($800,000) be issued for the
purpose hereinabove stated, and in the form and manner
hereinafter provided.
NOW, THEREFORE, the Board of Directors of
CARLSBAD MUNICIPAL WATER DISTRICT
does hereby RESOLVE, DETlERMINE AND ORDER as follows:
Section 1. That bonds of
CARLSBAD MUNICIPAL WATER DISTRICT FOR IMPROVEMENT DISTRICT NO. 3
2.
in the sum of $800,000 be issued for the purpose stated
in the proposition set out in the recitals hereof, and
that said bonds shall be designated
"BONDS OF CARLSBAD MUNICIPAL WATER DISTRICT FOR IMPROVEMENT DISTRICT
NO. 3, ELECTION 1960, SERIES 1."
Said bonds shall be eight hundred in number, numbered 1
to 800, both inclusive, and shall be of the denomination
of $1,000 each. Said bonds shall be dated March 1, 1961,
and shall be payable in consecutive numerical order on
March 1 in each year of maturity in the amounts for each
of the several years as follows:
Years Inclusive
1966 1967 1968
1969 1970 1971 19-72 1973 1974 1975 1976 1977 1978
Years Inclusive
1979 1980 1981 1982
1983
1985 1986 1987 1988 1989 1990 1991
1984
Said bonds shall bear interest at a rate or
rates not to exceed 5% per annum, payable semiannually,
except that interest for the first year shall be pay-
able at the end of said year. Said bonds and the
interest thereon shall be payable in lawful money of the
United States of America at the office of the Treasurer of
the district, Carlsbad, California, or at the main office of
3.
Bank of America National Trust and Savings Association
in Los Angeles, California, or San Francisco, California,
or at any fiscal agency of the district in Chicago, Illi-
nois, or New York, New York, at the option of the holder.
All of the bonds issued hereunder are bonds of
CARLSBAD MUNICIPAL WATER DISTRICT
and shall be issued in the name of said district, but
any taxes levied to pay the principal thereof and
interest thereon shall be levied exclusively upon the
taxable property in
IMPROVEMENT DISTRICT NO. 3 OF CARLSBAD MUNICIPAL WATER DISTRICT.
Section 2. That the President of
CARLSBAD MUNICIPAL WATER DISTRICT
and of the Board of Directors thereof and the Treasurer
of said district are authorized and directed to sign all
of said bonds, and the Secretary of said district and of'
the Board of Directors thereof is authorized and directed
to countersign said bonds and to affix thereto the offi-
cial seal of said district, and the Treasurer is hereby
authorized and directed to sign the interest coupons of
said bonds.
Treasurer may be printed, lithographed or mechanically
reproduced, except that the signature of the Secretary
to said bonds shall be manually affixed.
All such signatures of the President and
Section 3. That the proceeds of the sale of
said bonds shall be placed in the treasury of
CARLSBAD MUNICIPAL WATER DISTRICT
in a fund to be designated
"CARLSBAD MUNICIPAL WATER DISTRICT, IMPROVEMENT DISTRICT NO. 3, ELECTION 1960, BOND CONSTRUCTION FUND, "
4.
. . . . . . . .
and shail be expended only i'or the ptirpose for which
the indebtedness was created (set forth in the recitals
hereof) except as provided in Section 17 of the Municipal
Water District Act of' 3.911.
Section 4. The 3oard of Directors, so far as
practicable, shall fix such rate or rates for water in
the district and in Improvement District No. 3 as will
result in revenues which will pay the operating expenses
of the district and Improvement District No. 3, provide
for repairs and depreciation of works, provide a reason-
able surplus for improvements, extensions and enlargements,
pay the interest on any bonded debt (including the interest
on the bonds herein provided for) and provide a sinking
fund for the payment of' such debt as it ma& become due.
The sinking fund shall be provided in the following
minimum amounts :
1972-73 1973-74 1974-75 1975-76
Sinking
Fund Levy
$ 1,400 14, GOO 14,000 15,000 l6,OOO 17,000 18,000 ig,OOO 1g,ooo 20,000 21,000
22,000 23,000 24,000
26,000
Fiscal Year
1976-77 1977-78 1975-79 19753-80 1980-81 1981-82 1982-d3 1983-84 lgS4-U5 1985-86 1986-87 1987-86 1986-89 1989-90
Sinking Fund Levy
$27,000 28,000 30,000 51 J 000
33,000
35,000 37 J 000 38,000 40,000 42,000 44,000
49,000 LE6,OOO
52,000
If the revenues of the district, or of Improvement District
No. 3, are or in the judgment of the Board of Directors
will probably be inadequate for any cause to pay the prin-
cipal of or interest on the bonds herein provided for as
said principal and interest become due, and the anoumts
above set forth, including said minimum sinking fund levies,
the Board of Directors must cause a tax to be levied, as
provided in the Municipal Water District Act of 1911,
sufficient to provide for such deficit and tu pay the
amount of such principal and interest as will become due
before the proceeds of a tax levied at the inext general
tax levy will be available. The 13oard of? Directors shall
determine the amounts necessary to be raised by taxation
during the fiscal year for the payment of interest on said
bonds and the providing of a sinking fund for the payment
of the principal of such bonds as the same may become due,
and shall fix the rate or rates of tax to be levied which
will raise the amounts of money required by the district for
such purposes, and within a reasonable time previous to the
time when the Board of Supervisors is required by law to fix
its tax rate, the Board of Directors shall certify to the
Board of Supervisors the rate or rates so fixed and shall
fcrnish to the Board of Supervisors a statement in writing
containing in addition to any other matters required by law,
the following: (a) an estimate of the minimum amount of
money required to be raised by taxation during the fiscal
year for the payment of the principal of and interest on
the bonds herein provided for, as may become due before the
proceeds of a tax levied at the next general tax levy will
be available, and (b) an estimate of the minimum amount of
money required to be raised by taxation during the fiscal
year for all other purposes of Improvement District No. 3,
including the minimum sinking fund levies hereinabove
6.
provided. The Board of Directors shall direct that at the
time and in the manner required by law for the levying of
taxes for county purposes such Board of Supervisors shall
levy, in addition to such other tax as may be levied by
sucn Board of Supervisors, at the rate or rates so fixed
and determined by the Board of Directors, a tax upon the
taxable property within said
IMPROVEMENT DISTRICT NO. 3 OF CARLSBAD MUNICIPAL WATER DISTRICT
for the said purposes, and it is made the duty of the
Board of Supervisors to levy the tax so required and it
shall be the duty of all county officers charged with the
duty of collecting taxes to collect such tax in time, form
and manner as county taxes are collected and when collected
to pay the same to the district.
All such water rates and taxes for the payment
of principal of and interest on such bonds shall be
established, levied and collected as provided in the
Municipal Water District Act of 1911 (Stats. 1911, p.1290,
as amended).
All moneys derived from such taxes and all other
moneys allocated and designated forByment of said bonds
and the interest thereon shall be placed in a fund of the
district designated
"CARLSBAD MUNICIPAL WATER DISTRICT, IMPROVEMENT DISTRICT NO. 3, ELECTION 1960, SERIES 1, EOND INTEREST AND
SINKING FUND, "
and until all of said bonds and all interest tnereon have
been fully paid the moneys in said fund shall be used
7.
for no other purpose than the payment of said bonds and
the interest thereon; provided, however, that any amounts
in said fund in excess of the amounts required for the
paymen+, of principal and interest falling due before the
proceeds of a tax levied at the next general tax levy will
be available may be transferred into the
"CARLSBAD MUNICIPAL WATER DISTRICT, IMPROVEMENT DISTRICT NO. 3, ELECTION 1960, SERIES 1, BOND REDEMPTION FUND"
hereinafter provided for in Section 8 hereof, and used to
call and redeem the bonds herein provided for prior to
maturity.
Section 5. Said bonds and the coupons for the
interest thereof shall be printed, lithographed or
engraved in substantially the following form:
8.
UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF SAN DIEGO
BOND OF
CARLSBAD MUNICIPAL WATER DISTRICT FOR IMPROVEMENT DISTRICT NO. 3, ELECTION 1960, SERIES 1
No. $1,000
Under and by virtue of the Municipal Water District Act of 1911, as amended, Carlsbad Municipal Water District in the County of San Diego, State of California, promises to pay to the bearer on the 1st day of March, lg-, the sum of ONE THOUSAND DOLLARS, with interest thereon at the rate of per cent ( $) per annum (from the date of this bond to , and at the rate of per cent ( $1 per annum thereafter) interest for the first year payable at the end of said year and interest thereafter payable semiannually on the first days of September and March of each and every year until this bond is paid, upon presentation and sur- render of the interest coupons hereto attached. Both principal and interest are payable in lawful money of the United States of America at the office of the Treasurer of the district, Carlsbad, California, or at the main office of Bank of America National Trust and Savings Association in Los Angeles, California, or San Francisco, California, or at any fiscal agency of the district in Chicago, Illinois, or New York, New York, at the option of the holder hereof. The principal of this bond and the interest hereon may be paid from water revenues of said Municipal Water District or Improvement District No. 3 thereof as permitted or required by law. Taxes levied for the payment of the principal of this bond and the interest hereon shall be levied exclusively upon the taxable property in Improvement District No. 3 of Carlsbad Municipal Water District, and neither Carlsbad Municipal Water District nor any officer thereof is holden for the payment thereof otherwise.
Unless this bond matures on or prior to March 1, 1990, it is redeemable prior to maturity in accordance with the provisions for redemption endorsed hereon.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all requirements of the Constitution and laws of the State of California have been fully complied with by the proper officers in the issuance of this bond; that the issue of bonds of which this is one has been authorized by a vote of more than two-thirds of the duly qualified voters of said Improvement District No. 3 of Carlsbad D'lunicipal Mater District voting on the question of such issue at a special election duly and regularly called, held and conducted in said Improvement District No. 3 December 20, 1960, and. that as authorized by law provision has been made for the collection of an annual tax upon the taxable property within said Improve-
ment District No. 3 of Carlsbad Municipal Water District
9.
sufficient to pay the interest on this bond and the
issue of which it forms a part, as said interest falls due, and also to constftute a sinking fund for the PC9- ment of the principal thereof as it may become due.
IN WITNESS WHEREOF, said district has caused this bond to be signed by the President of said dis-
trict and of the Board of Directors thereof and by the Treasurer of said district by their printed, litho- graphed or engraved facsimile signatures, and counter-
signed by the Secretary of said district and of said Board of Directors and sealed with the official seal of said district, and the coupons hereto attached to be signed by the Treasurer by his printed, lithographed
or engraved facsimile signature, and this bond to be dated the first day of March, 1961.
(SEAL) Water District and of thgBoard of Directors thereof.
Treasurer of Carlsbad Municipal Water District.
COUNTERSIGNED :
and of said Board.
(COUPON FORM)
On the first day of Carlsbad Municipal Water District 19- will pay to the bearer hereof at the office of the Treasurer of the district, Carlsbad, California, or at the main office of Bank of Coupon No.
America National Trust and Savings Association in Los Angeles, Cali- fornia, or San Francisco, Cali- fornia, or at any fiscal agency of the district in Chicago, Illi- nois, or Mew York, New York, at the option of holder hereof, the sum of in lawful money of the United
States of America, being (a portion of) the interest then due on Bond No. of said distrfct. Taxes levied for the payment of this coupon shall be levied exclusively upon the taxable property in Improvement District No. 3 of Carlsbad Muni- cipal Water District.
$
Dated March 1, 1961
Treasurer of Carlsbad Municipal Water District.
10.
(Reverse of Coupon)
If the bond to which this coupon
is attached is redeemable and is duly called for redemption on a date prior to the maturity date of this coupon, this coupon will be void.
(REVERSE OF BOND)
PROVISIONS FOR REDEMPTION
Unless this bond matures on or prior to March 1, 1990, it is redeemable in the manner and subject to the terms and provisions, and with the effect, set forth in Resolution No.
of Carlsbad Municipal Water District on
Board on March 1 of the year shown in the column to the right of the number of this bond on the schedule below, or on any interest payment date thereafter prior to maturity, upon at least thirty (30) days' prior notice in a newspaper of general circulation in Carlsbad r4unicipal Water District and in a newspaper of general circulation in the City of Los Angeles, California, at a redemption price equal to the principal amount thereof.
(adopted by the Board of Directors
9 19- ) at the option of said
REDEMPTION SCHEDULE
Bond Numbers, Total (Inclusive 1 Principal Amount
1.26-139 $14,000 140-153 14,000 154-163 10,000 164-174 11 J 000 175-186 12,000 13,000 14,000 187-199 200-213 214-227 14,000 228-242 15,000 243-258 16,000 17,000 18,000 259-275
19 , 000 276-293 294-312 21,000 ' 22,000 313-333 334-355 356-378 23,000
Year
1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979
11.
Bond Numbers, (Inclusive)
379-403 404-429
Total Principal Amount
$25,000 26, ooo 28,000 30, ooo 32,000 33,000 35 , 000 37,000 39,000 41,000 44,000
Year -
1980 1981 1982 E333
1985 1986 1987 1988 1989 1990
1984
Section 6. The bonds maturing on or prior to
March 1, 1990, shall not be subject to call or redemption
prior to maturity. The bonds maturing on March 1, 1991,
or any of them, may be called in consecutive numerical
order before maturity and redeemed at the option of the
Board of' Directors of the district according to the sche-
dule hereinafter set forth on March 1 of the year shown
in the right hand column of said schedule, or on any interest
payment date thereafter prior to maturity, at a redemption
price for each redeemable bond equal to the principal amount
thereof:
Bond Numbers, (Inclusive)
175-186 187-199 200-213 214-227 228-242 243-258 259-275 276-293
REDEMPTION SCHEDULtE
Total Year
$14,000 1964
Principal Amount ___.
14,000 1965 10,000 1966
11,000 1967 12,000 1968 13, ooo 1969 14,000 1970 14,000 1971 15,000 1972 16,000 1973 17 , 000 1974 18,000 1975 19,000 1976 21,000 1977
12.
Bond Numbers, (Inclusive)
334-355 356-378 379-403 404-429
430-457 458-487 488-519
520-552 553-587 588-624 625-663 664-704 705-748
Total Principal Amount
23,000 25,000
$22,000
26,000 28,000 30, ooo 32,000 33 000 35 , 000 37,000 39,000 41,000 44,000
Year
1978 1979 1980 1981 1982
1983 1984
1985 1986
1987 1988
1989 1990
The interest payment date on which bonds which are
called are to be presented for redemption is herein-
after sometimes called the "redemption date ."
Section 7. Notice of the intended redemption
shall be published by two (2) publications in a news-
paper of general circulation in
CARLSBAD MUNICIPAL WATER DISTRICT
and in a newspaper of general circulation in the City
of Los Angeles, California, the first publication to be
at least thirty (30) days but not more than sixty (60)
days prior to the redemption date.
redemption shall (a) state the redemption date;
state that the redemption price is the principal amount
of the bond; (e) state the numbers and date, of
The notice of
(b)
maturity of the bonds to be redeemed; (d) require that
such bonds be surrendered with all interest coupons
maturing subsequent to the redemption date at the
office of the Treasurer of the district in Carlsbad,
...
California, or at the main office of Bank of America
National Trust and Savings Association in Los Angeles,
California, or in San Francisco, California, or at
any fiscal agency of the district in Chicago, Illinois,
or New Ygrk, at the option of the holder thereof; (e)
require that b0nd.s which at the time of call are registered so as
to be payable other than to bearer shall be accompanied by
appropriate instruments of assignment duly executed in blank;
and (f) give notice that further interest on such bonds will
not accrue after the designated redemption date.
If any of the bonds designated for redemption
shall be registered so as to be payable otherwise than
to bearer, the Treasurer of the district shall, on or
before the date of the first publication of said notice
of redemption, mail a similar notice, postage prepaid,
to the respective registered owners thereof at the
addresses appearing on the bond registry books.
The actual receipt by the holder of any bond
(hereinafter referred to as "bondholder") of notice of
such redemption shall not be a condition precedent to
redemption, and failure to receive such notice shall
not affect the validity of the proceedings for the
redemption of such bonds or the cessation of interest
on the date fixed for redemption.
The notice or notices required by this section
shall be given by the Treasurer of the district.
certificate by said Treasurer that notice of call and
redemption has been given to holders of registered bonds
as herein provided shall be conclusive as against all
A
14.
parties, and no bondholder whose registered bond is
called for redemption may object thereto or object to
the cessation of interest on the redemption date fixed
by any claim or showing that he failed to actually
receive such notice of call and redemption.
Section 8. Prior to the time the Board of
Directors determines to call and redeem any of said
bonds there shall be established in the treasury of
the district a redemption fund to be described or
known as
"CARLSBAD MUNICIPAL WATER DISTRICT, fMPROVE%ENT DISTRICT NO. 3, ELECTION 1960, SERIES 1, BOND REDEMPTION FUND,"
and prior to the publication of the notice of a redemption
there must be set aside in said Redemption krnd moneys
available for the purpose and sufficient to redeem the
bonds designated in such notice of redemption at par.
Said moneys must be set aside in said fund solely for
that purpose and shall be applied on or after the redemp-
tion date to payment for the bonds to be redeemed upon
presentation and surrender of such bonds and all interest
coupons maturing after the redemption date, and shall be
used only for that purpose. Any interest coupons due on
or prior to the redemption date shall be paid from the
Interest and Sinking Fund provided for herein upon pre-
sentation and surrender thereof. Each bond presented must
have attached thereto or presented therwith all interest
coupons maturing after the redemption date. If after all
of the bonds have been redeemed and cancelled or paid and
cancelled there are moneys remaining in said Redemption
Fund, said moneys shall be transferred to the general
fund of said district; provided, however, that if said
moneys are part of the proceeds of refunding bonds said
moneys shall be transferred to the fund created for the
payment of principal of and interest on such refunding
bonds.
Section 9, When notice of redemption has been
given, substantially as provided for herein, and when the
amount necessary for the redemption of the bonds called
for redemption is set aside for that purpose in the
Redemption Fund, as provided for herein, the bonds
designated for redemption shall become due and payable on
the date fixed for redemption thereof, and upon presenta-
tion and surrender of said bonds and all interest coupons
ma.6uring after the redemption date, at the place specified
in the notice of redemption, and if any of said bonds be
registered, upon the appropriate assignment thereof in
blank, such bonds shall be redeemed and paid at said
redemption price out of the Redemption Fund, and no
interest will accrue on such bonds called for redemption
or on any interest coupons thereof after the redemption
date specified in such notice, and the holders of said
bonds so called for redemption after such redemption date
shall look for the payment of such bonds onJlyJto said
Redemption Fund, All bonds redeemed and all interest
coupons thereof shall be cancelled forthwith by the
Treasurer of the district and shall not be reissued,
All interest coupons pertaining to any redeemed
bonds, which coupons have matured on or prior to the time
fixed for redemption, shall continue to be payable to the
respective holders thereof but without interest thereon.
All unpaid interest payable at or prior to the date fixed
for redemption upon bonds registered in such manner that
the interest is payable only to the registered owners
shall continue to be payable to the respective registered
owners of such bonds, or their order, but without interest
thereon.
ADOPTED, SIGNED AND APPROVED this 21st. day of
February , 1961.
ATTEST :
/J ., $ L -e c4 &(
Secretary of the Board of Directors of Carlsbad Municipal Water District
17
STATE OF CALIFORNIA 1
I, RICHARD R. COE Secretary of the
resolution was duly adopted by the Board of Directors of said district at a held on the
Board of Directors of Cam- ~TER DISTRICT
I REBY CERT IFY th at th e foregoing
meeting of said Board , 1961 , and that it - was so
AYES : Directors Kelly, Carnohan, Coe, Greek, Maerkle
(SEAL)
NOES : Directors None
ABSENT: Directors None
I- -
Secretary of Municipal Wat%%%!ict
1
- and of th e Board of Di rectors thereof.
18.
- . . .. . .