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HomeMy WebLinkAbout1961-10-17; Municipal Water District; Resolution 1484-59 - 200c I i RESOLUTION NO. 148 RESOLUTION OF THE BOARD OF DIRECTORS OF PROVIDING FOR THE ISSUANCE OF BOND8 OF SAID DISTRICT FOR IMPROVEMENT DISTRICT NO. 4 THEREOF IN THE AMOUNT OF $690,000 FOR THE ACQUISITION AND CONSTRUCTIOTJ OF A WATERWORKS SYSTEM. CAFiLSBAD DmICIPAL WA!I’ER DISTRICT WHEREAS, pursuant to the Municipal Water District Act of 1911, as amended, and pursuaqt to Resolution No. 123 of the Board of Directors of CARLSBAD ~~~ICIPAL WATER DISTRICT a special election was duly and regularly held on the 24th day of January , 19 61, in that territory included within the boundaries of Improvement District No. 4 -,- of CARLSBAD MJNICIPAL WATEii DISTRICT at which election there was submitted to the qualified voter8 of said district the following: BOND PROPOSITION: Shall the Carlsbad filunicipal Water District incur a bonded indebtedness for Irnprovenent District No. 4 thereof in the principal sum of $690,000 for the acqxisition and construction of a waterworks system, including a darn and a reservoir, and including for the foregoing conduits, pipelines, works, machinery and other property (including lands and ease- ments) useful or necessary to store, convey, supply or otherwise make use of water for the lands and inhabitants with- in the exterior boundaries of said Im- provement District No. 4, 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 said election, and the Board of Directors of C~SBAD rumcIPfi 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 IDPROWENT DISTRICT NO. 4 OF' CARLSBAD rIuNxcIpfi WATER DISTRICT 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 be llssued appears that bonds in the amount of $690,000 for the purpose hereinabove stated, and in the form and manner hereinafter provided. NOW, THEREFORE, the Board of Directors of CARLSBAD T4"ICIPAL WATER DISTRICT does hereby RESOLVE, DETERMINE AND ORDER as follows: Section 1. That bonds of CARLSBAD MUIKCCIPAL WATER DISTRICT FOR IMPROVEMEIST DISTRICT NO, 4 2. Res1 of Issugnce Imp.Dist.-Mun.W.D. i in tile sum of $690,000 be issued for the purpose stated in the proposition set out in the recitals hereof, and that said bonds shall be designated "CARLSBAD NXJNICIPAL WATER DISTRICT FOR #YPROVEMENT DISTRICT NO. 4, WATERWORKS BONDS, ELZCTION 1961. Said bonds shall be six hundred ninety in number, numbered 1 to 690 , both inclusive, and shall be of the denomination of $1,000 each. dated Said bonds shall be December lJ1961, and shall be payable in consecu- tive numerical order on December 1 in each year of maturity in the amounts for each of the several years as follows: Maturity Years Principal Amount 1962 - 1963 1964 - 1971 1972 - 1977 1978 - 1982 1983 - 1986 1987 - 1989 1990 - 1991 $10,000 15, ooo 20 J 000 25,000 30 ooo 35,000 40 , 000 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, in Carlsbad, California, or at the Main Office of the Bank of America National Trust and Savings Association in Los Angeles or San Francisco, California, or at any fiscal agency of said district in Chicago, Illinois, Or New YoPk, 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 CARLSBAD IjllTNICIPAL 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 PrWertY in IWIIOVED'IENT DISTRICT NO. 4 OF CARLSBAD IillTNICIPAL WllTER 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, and 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 c~upons to be attached to the bonds shall be numbered in consecutive numerical order be- ginning with Coupon No. l which shall be for the annual interest due December 1, 1962. 4. Section 3. That the proceeds of the sale of said bonds shall be placed in the treasury of CAjsLSBAD I'UNICIPAL WATER DISTRICT in a fund to be designated CARLSBAD MUNICIPAL WATER DISTRICT FOR 1NPROVEI'~TENT DISTRICT NO. 4, blATERWORKS BONDS, ELEC- TION 1961, 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. 4 in revenues which will pay the operating expenses of the district and Improvement District No. 4 , 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 Distslat No. 4 are or In the judgment of the Board of Directors as will result will probably be inadequate for any cause to gay the principal of or interest on the bonds herein grovideU for as said principal and interest become due, and the amounts above set forth, 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 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 ia 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 fors 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 fiacal year for all other purposes 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 deterfnined by the Board of ,! 6. \ Directors, a tax upon the taxable property within said IPPROVEMENT DISTRICT NO. 4 OF CARLSBAD MlTNICIPAL 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 dut$ of collectlng 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 prlnoipal 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, &E! amended), All moneys derived from such taxes and all other moneys allocated and designated for payment of said bond6 and the interest thereon shall be placed In a fund of' the district designated "CARLSBAD MUNICIPAL WATER DISTRICT FOR IMPROVEI/IENT DISTRICT NO. 4 WATERWORKS BONDS, ELEC- II TION 1961, INTEREST AND SINKING FUND, 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 sald bonds an8 the Interest thereon. Section 5. Said bonds and the coupon8 for the Interest thereof shall be printed, lithographed or en= graved in substantially the following form: 7. UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF SAIg DIEGO BOND OF CARLSBAD MUNICIPAL WATER DISTRICT FOR IMPROVEMENT DISTRICT NO. 4 WATERWORKS WND ELECTION 1961 No. $1,000 Under and by virtue of the Mxiicipal Water District Act of 1911, as amended, in the County of sa mego California, promises to pay to the bearer on the first day of December , 19 , the Sum Of ONE THOUSAND DOLLARS, with intereat 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 June and December 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, in Carlsbad, California, or at the Main Office of the Bank of America ir, Los Angeles or San Francisco, California, or at any fiscal agency of said district in Chicago, Illinois or New York, New York, at the option of the holder hereof. Carlsbad Municipal Water District , State of 4) The princlipal of this bond and the intereat hereon may be paid from water revenues of etaid Municipal Water Mstrict or Improvement District No. 4 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 Improve- ment District No. 4 of and neither nor any officer thereof is holden for the gay- merit - hereof. Carls bad ifiunic ip a1 Water Di st rict Carls bad Munic ip a1 Wat er Di st ric t 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. 4 of special election duly and regularly called, he1 and conducted in said Improvement District No. t on January 24 authorized by law provision has been made for the collection of an annual tax upon the tax- able property within said Improvement Mstrict No. 4 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 cornti- tute a fund for the payment of the principal thereof as it may become due. Carls bad Munic ip a1 Water strict voting on the question of such Dit ssue at a 1961 , and that ae3 IN WITNESSWEREOF, 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 aaid 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 December , 1961 President of Carlsbad Municipal Water District and of the Board of Director6 thereof 5h.easurer of Carlsbad Nunicipal Water District COUNTERS IOWED: Secretary of said Di strict and of said Board (SEAL) 9. (COUPON FORM) i CARLSBAD MUNICIPAL WATER DISTRICT, County ofSan Mego State of California, for Improvement District No.4 on will pay to the bearer hereof at the office of the Treasurer of the district in Carlsbad, California, or at 'che blain Office of the Bank of &.erica National Trust and Savings Association in Los Angeles or San Francisco, California, or at any fiscal agency of said district in Chicago, Illinois or New York, New York, 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. 4 19- Coupon No. $ Treasurer of Carlsbad. Municipal Water District 10. [TO BE INSEKTED ON FACE OF BOND] Unless this bond natures on or prior to December 1, 1976, it is redeemable prior to maturity in accordance with the provisions for redemption endorsed hereon. [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] PROVISIOIilS FOR REDElrlPTION Unless this bond natures on or prior to December 1, 1976, it is redeemable in the manner and subject to the term and provisions, and with the effect, set forth in Resolution No. 1963) at the option of said Board on December 1, 1976, 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 the county in which the office or" the district is situated, and in a newspaper of general circulation in the City of Los Angeles, California, at a redemption price equal to the principal amount thereof plus the following premiums (percentage of par value) if redeemed at the following times: (adopted by the Board of Directors of Carlsbad Municipal Water District on J On or after December 1 1976 1977 1978 1979 1980 1981 1982 1.983 And prior to December 1 1977 1979 1980 1981 1982 1983 nat urit y Premium 4$ 3-1/2$ 355 2-1/2$ 2s 142% 1$ 1/2$ 11. Section 6. The bonds maturing on or prior to December 1, 1976, shall not be subject to call or redemption prior to maturity. The bonds maturing on or after December 1, 1977, or any of them, Gay be called before maturity and redeemed at the option of the Board of Directors of the district on December 1, 1976, or on any interest payment date thereafter prior to maturity at a redemption price for each redeemable bond equal to the principal amount thereof, plus the following premiums (percentage of par value) if redeemed at the following times: REDEMPTION DATES AND PREMIUMS On or after And Prior to December 1 December 1 1976 1977 1978 1979 1gCo 1981 1982 1983 1977 1979 1980 1981 1982 1963 maturity 1978 All or any of ,,,e bonds subject to c Premium 4$ 3-1/2$ 3% 242% 2% 14276 1% 1/25 11 rr,ay b- called for redemption at any one time. If less than all of the bonds are redeemed at any one time, such bonds shall be redeemed only in inverse order of maturity and number beginning with the highest numbered bond. The interest payment date on which bonds which are called are to be presented for re- demption is hereinafter sometimes called the redemption It It date. Section 7. Notice of the intended redemption shall be published by two (2) publications in a newspaper of general circulation in the county in which the office of the district 12. is situated 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. The notice of redemption shall (a) state the redemption date; (b) state the redemption price; (c) state the numbers and dates of maturity of the bonds to be redeemed, provided, however, that whenever any call includes all of the bonds of a maturity, the numbers of such maturity need not be stated; (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 or" the Bank of America National Trust and Savings Association in Los Angeles or San Francisco, California, or at any fiscal agency of said district in Chicago, Illiniois, or New Yorlc, New York, at the option of the holder; (e) require that bonds 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, tne 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. 13 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. A 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 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 "IEIIPROVEMENT DISTRICT NO. 4, It WATERWORKS BONDS, ELECTION 1961, RZDENPTION FUND, and prior to the redemption date there must be set aside in said Redemption Fund moneys available for the purpose and sufficient to redeem at the premiums payable as in this resolution provided, the bonds designated in such notice of redemption. Said moneys must be set aside in said fund solely for that purpose and shall be applied on or after the redemption date to payment (principal and premium) for the bonds to be redeemed upon presentation and 14. 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 Redemption Fund provided for herein upon presentation and surrender thereof. Each bond presented must have attached thereto or presented therewith 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 (principal and premium) 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 redenption thereof, and upon presentation and surrender of said bonds and all interest coupons maturing 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 redemptiQn 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 and the premium thereon only to said Iiedeqtion Fund. bonds redeemed and all interest coupons thereof shall be cancelled forthwith and shall not be reissued. All All interest coupons -pertaining to any redeemed bonds, which coupons have matured on or prior to the time fixed for redenption, shall continue to be payable to the respective holders thereof but without interest th, oreon. All unpaid interest parable at or prior to the date fixed for redemption upon bonds registered in sucy manner that the interest is payable only to the registered owners shall con- tinue to be payable to the respective registered owners of such bonds, or their order, but without interest thereon. ADOPTED, SIGNED AND APPROVED this 17TH day of OCTOBER, , 1961. Directors of Carlsbad LE Municipal Water District ATTEST : -. */ c C. /< Ac &-L Secretary of the Board of Directors of Carlsbad Munic ip a1 Water District (SZ& ) 16. STATE OF CALIFORNIA COUNTY OF SAN DIEGO I, RICHARD R. COE , Secretary of the Board of Directors of Cx?lsbard MuniciDal Water 9 DO HEREBY CERT IFY th at th resolution was duly adopted by the Board of Directors of said - district at a - was so adoptedbythe following &e: regular meeting of said Board , 19 61, and that it held on the 17TH day Of OCTOBER - Directors CARNOHAN, COE GREEK, AYES : KELLY, MAERKLE (SEAL) Directors NONE NOES : ABSENT: Directors Y Secretary of CaT MuniciDal Water &rfct ad and of th e Board of Di rectors thereof.