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HomeMy WebLinkAbout1968-05-15; Municipal Water District; Resolution 220220 RESOLUTION NO. . RESOLUTION OF TW BOARD OF DIRECTOM OF CARLSBAD MUNICIPAL WATER DISTRICT PROVIDINCI FOR THE ISSUANCZ OF BONDS OF SAID DISTRICT FOR 1MPROWE;NT DISTRICT NO, 2 THEEREOF IN THE AMOUNT OF $125,000 FOR "33 ACQUISITION AND CONSTRUCTION OF A WRTER TRANSMISSION TENANT WORKS. PIPELINE WITH APPURTENANCES AND APPUR- WHEREAS, pursuant to the Municipal Water Distrlct Law of 1911, as amended, and pursuant to Resolution No. of the Board of DiTeotors ai' CARLSBAD MUNICIPAL WATER DISTRICT a special electicn was duly and Yegularly held on the 19th day Of November , 1%" , In that territory included within the boundaries of Improvement District No. 2 of CARLSBAD MUNICIPAL WATER DISTRICT at which election there wa8 submitted to the qualified voters of said district the followlng: . 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 easements) 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? '63 c and WHEREAS, more than two-thirds of the votes cast at such electlon were In favor of and assented to the incurring of such indebtedness, and all and singular the requirements of the Constltutlon and lawa of the State of California have beer\ complied wLth in the holding of sgld electlon, and the Board of Directors of CARLSBAD MUNICIPAL WATER DISTRICT is now authorlzed and empowered to provide for the farm of bonds of said district and for the Issuance of any part thereof for the purpose provided for in the afore- said resolution, payable, pr1r)cipal and interest, from taxes levled 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 $ 125,000 be issued for the purpose hereinabove stated, and In the form and manner hereinafter provided. NOW, THERWORE, the Board of Direotors of CARLSBAD MUNICIPAL WATER DISTRICT DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: z Section 1. Tha6 bonds of ! CARLSBAD MUNICIPAL WATER DISTRICT FOR IMPR0V"T DISTRICT NO. 2 2. iE the Of $ 125,000 be larerued for the purpose -- sta%ed in 8he proposition set aut In the recitals hereof, and %hat said bond8 ahall be designated Municipal Water District for Improvement District No. 2, Election .1957, Series 3". Said bonds shall be 25 "Bonds of Carlsbad c in number, numbered 1 to 25 , 'both Incl,ualve, and shall bs of the denomimpion of each. Sa$@ bonds shall be Bafxd July 1, 1968, and shall be, pwable In consecutive numerical order on July 1 iP each year afmnturity in Che amounts for each of the several years a8 followsr Principal Amount $ 5,000 10,000 Years Inclusive 1.969 - 1973 1974 - 1983 t Said bonds shall bear interest at a rate or rates to be hereafter fixed, but not to exceed 5s per 8MllUb Pay- able semiannually, except thaC 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 Tpeaauper of the di8trlct, 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. 7 3. at the optzon of the holder, A11 of' the bonds Zseued here- - under are bomde, .of CARLSBAD MUNICIPAL WATER DISTRICT ! an4 shall be lsaued in the name of arald dIStWiCt, buk any $axe8 levled to pay the prinolpal thereof and Interest thereon shall be levied exclusively upon the taxable property In Improvement District No. 2 of Carlsbad Municipal Water District. Seotion 2, That $he nesldent of CARLSBAD MUNICIPAL WATER DISTRICT and Qf the Board of Dlpece6ors thereof an? tho Treasurer of said district are authoraged and directed $0 slgn all of said bonds, and the Secretary of mid 8.5sWot and of She bard of DlrsoCors thereof ia authorized end directed to ~oun.t;erqlm said bonds and to affix thereto the offlclal seal of sa$d dl.str$ct;, and the It-easurer is hereby author- ized and diraa$ed to sipi t;he Igtereat coi&ons of' said bonds, All such signatures of the PresLdent and the I Treasurer may be printed, 1gChographed or meshaniaally repmduced, shall be msnwlly afYixed. The signature of the SeareCary to said bonds The interesk coupons to be attaahed to the bonds shall be nqmbered In consecutive numerical order be- ginning with Coupon No, $ which *shall be for the annual interest; due 3uly 1, 1969 c i c_ Section 3. That the proceeds of the sake ~f' said bonds shall be placed In the treasury of CARLSBAD PlUNICIPAL WATER DISTRICT in a fund to be designated "CARLSBAD MUNICIPAL WATER DISTRICT, IMPROVEMENT DISTRICT NO. 2, ELECTION 1957, BOND CONSTRUCTION FUND", and shall be expended only for the purpose for which the Indebtedness was created (set forth in the recitals herCof) except as provided In the Municipal Water District Law of 1911, Section 4. The Board of Directors, SO far as practicable, shall fix suah rate or rates for water in the - district and in Improvement Distrlct No, 2 as will Fesult in revenue8 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 lmprovments, 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 intereat on the bond8 herein provided 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, a8 provided In the Municipal Uater District Law of 1911, sufficient to provide for such deficit and to 5. .* .< pay the mount of such prlglcipal 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 sf money mquired by the district for such purposesI and within a reasonable time previous to the time when the Board of Supervisors is required by law to fix its tax rateo the Board of Directors shall certify to the Board of Supervisors the rate or rates so fixed and shall furnish to the Board of Supervisors a statement in writing csntain- ing the following: (a) an estimate of the minimum amount of money required to be raised by taxation durfng the fiscal year for the payment of the principal of and interest on the bonds herein provided for, as will become I_ 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 the district. The Board of Dfrectars 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 adCitPon to such other tax as nlay be levied by such Board of Supervisors, at the rate or rates so fixed and determined 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 eharged 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 dlatrlct. All suah water rates and taxes for the payment of principal of and Intereat; on such bonds shall be established, levied and collected as provided in the Municipal Water District Law of 1911 (Division 20 of the Water Code of the State of Cal,ifornia). c_ All moneys der&yed from auch taxes and all other moneys allocated and designated for payment of said bonds and the Interest thereon shall be placed in a fund of the district designated “Carlsbad Municipal Water District, Improvement District No. 2, Election 1957, Series 3, Bond 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 said bonds and the -- interest thereon. Section 5. Said bonds and the coupons for the Interest thereof shaal be printed, lithographed or en- graved in substantially the following form: 7. UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF SAN DIEGO No BOND OF CARLSBAD MUNICIPAL WATER DISTRICT FOR IMPROVEMENT DISTRICT NO. 2 ELECTION 1957, SERIES 3 ' Under and by virtue of' the Municipal Water District Law of 1911, as amended, in the County of San Diego , State of California, promises to pay to the bearer on the first day of ~uly , 19 the sum of ONE THOUSAND DOLLARS, with interest thereon at per annum, interest for the first year payable at the end of said year and interest thereafter &umaryk and &a$y 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 dfstrfct, 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 the rate of five per cent ( 5 7) c payable semiannually on the first days of The princwal of this bond and the interest hereon may be paid from water revenues of said Municipal Water Dfstrict or Improvement District No. 2 thereof as permitted or required by law, Taxes levied for the payment of the principal of this bond and the interest hereon shall 'be levfed exclusively upon the taxable property fn Improve- ment District No, 2 of CARLSBAD MUNICIPAL WATER DISTRICT and neither CARLSBAD MUNICIPAL WATER DISTRICT nor any officer thereof is holden for the payment hereof . IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all requirements of the Constitution and laws of the State of California have been fully ! 8. 3 - 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 qt a speQial election duly and regularly called, held and conducted in said Improvement District No. 2, November 19, 1957 j and that as authorized by law, prqvlslon has been made for the collec- tion of an annual tax upon the taxable property within said Improvement Distriut No. 2 of Cerlsbad Municipal Water District sufficient to pay the interest on this bond and the Issue of whlch it farms a part, as said interest falls due, and also to constitute a fund for the payment of the principal there- of as it may become due. IN WITNESS WHEREOF, 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 printea, lithographed or engraved facsimile signatures, and countersigned by the Secrretary of said district an? 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, lltho- graphed Qr engraved facsimile signature, and this bond to be - dated the first day of July , 1968 . COUNTERSIQNED: President Of Carlsbad Municipal Water District and of the Board of Directors thereof 'Treasurer of Carlsbad Municipal Water District. secretary of said Pi sFrict and of said Board c 9. 3 ,i CARLSBAD UUNXCIpAL WATER DISTRIOT, County Of Sari Diego, State ol' CalWornIa, for Improvement . Dlatriat No. 2 on will pay to the hwer hereof atthe 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 being the interest Oheq due on Bond No, Taxes levled ?or the syment of $hie coupon are to be Iev$ !id exalusive$y upon the taxable property in said Improvement Dl6t~lct NQ. 2, ELEXTION 1957, SERIES 3, -19 Coupon No. - $he 6vm of $, r-, , Datedt "? 1968 - -easurer of Carlsbad Municipal Water District. 10. ADOPTED, SI0 AND APPROVED thip I5th day President # Directorshf Carlsbad Municipal Water District. ATTEST t 'Secretary of th e Board of Director; of Carlsbad Municipal Water District. STATE OF CALIFORNIA 1 COUNTY OF SAN DIEGO I, William Carmichael , Secretary of the Board of Directors of Carlsbad MuniciDal Water D ct resolution was duly adopted by the Board of Directors of said J DO HEREBY CEmFY th at the fo*ing regular meeti of said Board ?I District at a held on the was so adopted by the followingvote: - 15th v May , 192, and that it NOES : ABSENT: _- (SEAL) AYES : Directors Directors Directors CARMICHAEL, KELLY, PALMER, MAERKLE, AND MAC LEOD NONE NONE Secret; WY of Carlsbad M- I2.t Water Distri-, and of th e Board of Di rectors thereof. I