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HomeMy WebLinkAbout1961-04-18; Municipal Water District; Resolution 1394-59 - 200c RESOLUTION NO. 139 ION OF THE BOARD OF DIRECTORS OF Rw BAD MUNICIPAL WATER DISTRICT PROVIDING FOR THE ISSUANCE OF BONDS OF SAID DISTRICT FOR IMPROVEMENT DISTRICT N0.2 THEREOF IN THE AMOUNT OF $425,000 FOR THE ACQUISITION AND CONSTRUCTION OF A WATER TRANSMISSION PIPELINE WITB APPURTENANCES AND APPURTWANT WORKS. WHEREAS, pursuant to the Municipal Water District Act of 1911, as amended, and pursuaqt to Resolution NO. 67 of the Board of Directors of CARLSEW3 MUNICIPAL WATER DISTRICT a special election was duly and regularly held on the 19th day of November , 19 57 , in that territory included within the boundaries of Improvement District No. 2 of CARLSBAD MUNICIPAL WATER DISTRICT at which election there was submitted to the qualified voters of said district the following: BOND PROPOSITION: Shall the Carlsbad Municipal Water District incur a bonded indebtedness for Improvement District No. 2 thereof in the principal sum of $900,000 for the purpose of the acquisition and construction of water transmission pipe lines with appurtenances and appurtenant works from the existing facilities of the Carlsbad Municipal Water District located along the El Camino Real Road to points within the Carlsbad Municipal Water District covering generally the most southerly 18,000 feet of the Carlsbad Municipal Water District, including works, machinery and other property (including lands and ease- ments) useful and necessary to store, convey, supply and otherwise make use of water for the lands and inhabitants within the exterior boundaries of said Improvement District No. 2, and including expenses 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 holding of $ala election, and the Board of Directors of CARLSEW 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. 2 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 $ 425,000. be issued for the purpose hereinabove stated, and In the form and manner hereinafter provided. NOW, THEREFORE, the Board of Directore of CARLSBAD MUNICIPAL WATER DISTRICT does hereby RESOLVE, DETERMINE AND ORDER as follows: Section 1. That bonds of CARLSBAD MUNICIPAL WATER DISTRICT FOR IMPROVEP/LENT DISTRICT NO. 2 2. Res1 of Issuance 1mp.Dist.-Mun.W.D. in tile sum of $ 425,000 in the proposition set out in the recitals hereof, and that be issued for the purpose stated k said bonds shall be designated "BONDS OF CARLSBAD MUNICIPAL WATER DISTRICT FOR IMPROVE3"T DISTRICT NO. 2, ELECTION 1957, SERIES 2." Said bonds shall be four hundred twenty-five in number, numbered 1 to 425 , both inclusive, and shall be of the denomination of $1,000 each. dated May 1, 1961 and shall be payable in consecu- tive numerical order on May 1 in each year of maturity Said bonds shall be in the amounts for each of the several years as follows: Principal Years Amount Inclusive $ 5,000 1962 - 1965 10,000 1966 - 1975 15,000 1976 - 1982 20,000 1983 - 1987 Said bonds shall bear interest at a rate or rates to be hereafter fixed, but not to exceed 5s per annum, pay- able semiannually, except that interest for the first year shall be payable 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 Bank of America National Trust and Savings Asso- ciation in Los Angeles, California, or San Francisco, California, or at any fiscal agency of the district in Chicago, Illinois, or New York, New York, 3. Resln. of Issuance 1mp.D.-Mun.W,D. at the option of the holder. All of the bonds issued here- under are bonds of CAFUSBAD 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. 2 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 official seal of said district, hand the Treasurer is hereby author- ized and directed to sign the interest coupons of said bonds. All such signatures of the President and the Treasurer may be printed, lithographed or mechanically reproduced. The signature of the Secretary to said bonds shall be manually affixed. The interest coupons to be attached to the bonds shall be numbered in consecutive numerical order be- ginning with COUPO~ No. l which shall be for the annual interest due May 1, 1962. 4. Section 3. That the proceeds of the sale of said bonds shall be placed in the treasury of CARLSBAD MUNICIPAL WATZR DISTRICT in a fund to be designated "CARLSBAD MUNICIPAL WATER DISTRICT, IMPROVjZMENT DISTRICT NO. 2, ELEC- TION 1957, BOND CONSTRUCTION FUND," and shall be expended only for the purpose 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 1911. Section 4. The Board of Directors, so far as practicable, shall fix such rate or rates for water in the district and in Improvement District No. 2 as will result in revenues which will pay the operating expenses of the district and Improvement District No. 2 , provide for repairs and depreciation of works, provide a reasonable 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 or other fund for the payment of the principal of such debt as it may become due (including the bonds herein provided' for). If the revenues of the district, or of Improvement District No. 2 , are or in the judgment of the Board of Directors will probably be inadequate for any cause to pay the principal of or interest on the bonds herein provided for as said principal and interest become due, and the amounts above set forth, the Board of Directors must came a tax to be levied, as provided in the Municipal Water District Act of 1911, sufficient to provide for such deficit and to 5. Pay the amount of such principal and interest as will become due before the proceeds of a tax levied at the next general tax levy will be available. The Board 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 or other 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 snall certify to the Board of Supervisors the rate or rates so fixed and shall furnish to the Board of Supervisors a statement in writing contain- ing 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 forJ as will 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 purpose8 of the district. 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 such Board of Supervisors, at the rate or rates so fixed and detertnined by the Board of 6. Directors, a tax upon the taxable property within said IMPROVEMENT DISTRICT NO. 2 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 aut$ of colleoting terxee to collect such tax in time, form and manner as county taxes are collected and when collected to pay the same to the dietrict. All such water rates and taxes for the payment of principal of and Interest on such bonds shall be established, levied and collected a8 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 for payment of said bonda and the Interest thereon shall be placed in a fund of the district designated "CARLSBAD MUNICIPAL WATER DISTRICT, 1MPROT.NT DISTRICT NO. 2, ELEC- AND SINKING FUND," TION 1957, SERIES 2, BOND INTEREST and until all of said bonds and all interest thereon have been fully paid the moneys in said fund shall be used for no other purpose than the payment of said bonds and the interest thereon. Section 5. Said bonds and the coupons for the interest thereof shall be printed, lithographed or en- graved in substantially the following form: UNITED STATE3 OF AMERICA STATE OF CALIFORNIA COUNTY OF SAN DIEGO BOND OF CARLSEW MUNICIPAL WATER DISTRICT FOR IMPROVEMENT DISTRICT NO. 2 ELECTION 1957, SERIES 2 No. $1 9 000 Under and by virtue of the Municipal Water District Aut of 1911, as amended, in the County of San Diego , State of California, promises to pay to the bearer on the first day of May , 19 , the sum of ONE THOUSAND DOLLARS, with interest thereon at the rate of per cent ( per annum, Interest for the first year paya at the end of said year and interest thereafter payable semiannually on the first days of November and May of each and every year until this bond is paid, upon presentation and surrender 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. CARLSBAD MUNICIPAL WATER DISTRICT 4) The prinuipal of this bond and the interest hereon may be paid from water revenues of said Municipal Water District or Improvement Dirstrict No. 2 thereof as permitted or required by law. Taxes levied for the'paymsnt of the principal of this bond and the interest hereon shall be levied exclusively upon .the taxable property in Improve- ment District No. 2 of and neither nor any officer thereof is holden for the gay- ment thereof otherwise. CAIUSBAD MUNICIPAL WATER DISTRICT CARLSBAD MUNICIPAL WATER DISTRICT IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all requirements of the Constitu- tion and laws of the State of California have 8. 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. 2 of Carlsbad Municipal Water District voting on the question of such issue at a special election duly and regularly Galled, held and conducted in said Improvement District No. 2, November 19, 19 57 , and that as authorized by law provision has been made for the collection of an annual tax upon the tax- able property within said Improvement District No. 2 of Carlsbad Municipal Water District 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 consti- tute a fund for the payment of the principal thereof as it may become due. IN WITNESSWSFiEOF, said district has caused this bond to be signed by the President of said district and of the Board of Directors thereof and by the Treasurer of said district by their printed, lithographed or engraved facsimile signatures, and countersigned 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 May , 1961 . Municipal Water Dist&.ct and of the Board of Directors thereof COUNTERSIGNED: and of said Board (SEAL) 9. (COUPON FORM) w CARLSBAD MUNICIPAL WATER DISTRICT, County of San Diego, State of California, for Xmprovement District No. 2 on will pay to the bearer hereof at the 19- 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 Mew York, New York, at the option of the holder the sum of being the interest then due on Bond No, Taxes levied for the payment of this coupon are to be levied exclusively upon the taxable property in said Improvement District No. 2. ELECTION 1957, SERIES 2 Coupon No. $, Dated: May 1 > 1961. Municipal Water District. 10. W ADOPTED, SIGNED AND APPRWED this 18th day of April I 1961 Directors of Carlsbdd Municipal Water District, ATTEST: boretary of th e Boardl of Directors of Carlsbad Municipal Water District. (SEAL) 11. STATE OF CALIFORNIA 1 COUNTY OF SAN DIEGO 1 ss* I, RICHARD R. COE , Secretary of the Board of Directors of r nlstrlrt. resolution was duly adipEEtors of said H a e foregoing district at a regular meeting of said Board held on the 'TBth dr April , 1961, and that it was so adopteathe following vote: AYES : Directors KELLY, CARNOHAN, COE, GREEK, MAERKLE (SEAL) NOES : Directors NONE ABSENT: Directors , Secretary of Carlsbad Municipal Water District - and of th e Board of Di rectors thereof. 12.