HomeMy WebLinkAbout1987-05-19; City Council; Resolution 90821
2
3
4
5
E
1
E
s
1C
11
1:
1;
14
If
1t
1'
11
l!
2(
2:
21
2:
24
21
2(
2'
2;
RESOLUTION NO. 9082
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING
VARIOUS CITY OFFICIALS TO SIGN LOAN
DOCUMENTS FOR THE PURPOSE OF ENTERING
INTO A SHORT TERM BORROWING AGREEMENT
WITH SAN DIEGO TRUST AND SAVINGS BANK
FOR THE PURCHASE OF HOSP GROVE.
WHEREAS, the City Council has determined that the City shall
acquire the property known as Hosp Grove by depositing the purchase
price of $6,457,000 into an Escrow account on June 1, 1987, and
WHEREAS, funds for such deposit may be obtained by entering
into a short term loan agreement with a lending institution, and
WHEREAS, such short term loan shall constitute a short term
Bond Anticipation Note to be redeemed by the issue of a longer
term Bond Anticipation Note or long term debt, upon the expiration
of said note, and
WHEREAS, the City Council has determined that San Diego Trust
and Savings Bank can best provide such short term financing for the
City, and
WHEREAS, the term of said borrowing shall not exceed 45 days
with the option to extend said borrowing upon Council approval of
terms and conditions, and
WHEREAS, interest rates and fees for said borrowing shall be
as shown in the exhibits attached hereto,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Carlsbad as follows:
1. That the Mayor, City Clerk, City Treasurer, and City
Attorney are hereby authorized to sign the attached documents on
behalf of the City of Carlsbad subject to such revisions in form
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
3.8
19
20
21
22
23
24
25
26
27
28
as may be necessary to meet short term borrowing laws (Section 5385(
of the Government Code) as approved by the City Attorney.
2. That the pledge of securities or certificates of deposit
as a guarantee of faithful performance by the City is hereby
approved.
3. That the City shall deposit proceeds of said loan or note
into an Escrow account on or before June 1, 1987 as necessary for
the purchase of Hosp Grove, as directed by the City Attorney.
4. That the referenced loan of note may be extended beyond
the initial 45 day period upon Council approval of terms and
conditions.
5. That the attached corporate resolution to borrow is
hereby adopted.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City
Council of the City of Carlsbad held the 19th day of Mav 9
1987, by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and Larson
ATTEST:
0 Cust.”
Name City of Carlsbad ’ $ 6.457.000.00 Note&.
Single Payment Note Carlsbad -, California June 1, 1987
,for value received, the undersigned promises to
office,
1
percent
On DEMAND, or if no demand, then on July 16 9 1987
pay to the order of the SAN DlEGO TRUST& SAVINGS BANK at its
the sum of
with interest payable at maturitv from- date of disbursement at the rate of 7 .oo
per annum, but a rninimurn finance charge of $75-00
Carlsbad
Six Million Four Hundred Fifty Seven Thousand OO/1Q4bllars I$ 6,457,000.00
shall be paid.
Should interest not be paid when due, the whole sum thereof shall, at holder’s option, become irnmediately due and payable. If payment is not made
when dye, the undersigned agrees to pay all costs of collection, including reasonable attorney’s fees. Costs shall bear interest at the rate provided herein Principal and interest are payable in lawful money of the United States The obligations under this Note, if there is more than one maker, are
]ant and several. Any married person signing this Note as an individual rnaker consents to the liability of his or herseparate property for repayrnent of this Note. The makers, endorsers and guarantors of this Note hereby waive diligence, demand, presentment, protest and notice of non-payment and consent to renewals and extensions of time at orafterrnaturity hereof. The pleading of any statuteof limitations as a defense to any and all obligations hereunder is hereby waived.
“If repayment hereof is secured by a Deed of Trust on real property, the Deed.of Trust contains the following provision.
In the event of any sale, transfer, conveyance. or further encumbrance of the real property covered by this Deed of Trust or any partthereof, whether
voluntary or involuntary, without the prior written consent of the BENEFICIARY, the entire balance of the principal and interest of the note secured
hereby shall, at the option of the BENEFICIARY hereof, be declared immediately due and payable.”
“For any property or liability insurance written in connection with this loan, obtained; subject to Bank’s right to aporove the insurer Such insurance may not be o
1200 Elm Ave.
Carlsbad, Ca. 92008
CL 240 (REV 1 /e21
Note to be signed by City officials
1. Loan proceeds provided to Dollar Amount
I $ I
2.
3.
4.
N 0.
5.
6.
7.
8.
an DiegoTrust &Savings E@k @
AMOUNT FINANCED ITEMIZATION
you by:
0 Cash received
0 Check
'0 Deposit to your account
Initials Initials
Loan proceeds paid against your San Diego Trust fA Savings Bank:
Cl Credit Card
U Installment Loan
0
Loan proceeds jointly paid to you and others:
D
o
0
0
0
Loan proceeds paid to others:
0 Insurance Companies
0 Appraisers m
0
Cl
Less amounts paid by you
Amount Financed (1 + 2 + 3 + 4 - 51
Prepaid Finance Charge
Cl Loan Fees
Cl
0
cl
Total Prepaid Finance Charges
Loan (6 + 71
I 1
$ i
$ I) 1
$ ]I
II I
6,457,000 io01
I 1
$ I
I $ I
I I I
$[ 11 I
I t
$
$
1 I I I$ I
I[Wel acknowiege receipt of a copy of the Amount Financed Itemization and authorize payment of the amounts as indicated above.
Aletha L . Rautenkranz X X
Claude Lewis
Automatic Transfer Authorization
Charge my/our Account No. for payment of this loan. OYes 0 No Initials
IL 1827 (REV. 5/84)
BANK I. 4
CORPORATE RESOLUTION TO BORROW
MEMEERPIXC
Resolved, that this corporation City of Carlsbad
borrow from SAN DIEGO TRUST 6 SAVINGS BANK hereinafter called the “Bank,” from time to time, such sums of money as, in the
judgment of the officer or officers hereinafter authorized, this corporation may require: provided that the aggregate amount of such
borrowing, pursuant to this resolution, shall not at any one time exceed the principal sum of Seven Million Four Kwndred Fi6(jYla
[$ 7,457,000.00 I, in addition to such amount or amounts as may have heretofore been authori~~~~~a,t~owi,“,
and such amounts as may hereafter be authorized by this corporation:
o san
Resolved Further, that any 2 of the following named officers Specify Number
Claude Lewjs the Ma vn r
Aletha L. Rautenkranz the City Clerk
the
the
of this corporation [the officer or officers .or offtcers acting in combination, authorized to act pursuant hereto being hereinafter
designated as “authorized officers”1, be and they are hereby authorized and empowered, for and on behalf and in name of this
corporation [I I to execute and deliver to the Bank such notes or other evidences of indebtedness of this corporation for the monies so
borrowed, with interest thereon, as the Bank may require, and to execute and deliver, from time to time, renewals, extensions
or modifications of such notes or other evidences of indebtedness; [2) to grant a security interest in, transfer, or otherwise hypothe-
cate or deed in trust for Bank’s benefit and deliver by such instruments in writing or otherwise as may be demanded by the Bank, any
of the property of this corporation as may be required by the Bank to secure the payment of any notes or other indebtedness of this
corporation to the Bank, whether arising pursuant to this resolution or otherwise: and (31 to perform all acts and execute and deliver
all instruments which the Bank may d
Resolved Further, that said autho ered, and that any one of said
authorized officers be and he is hereby authorized and empowered [I I to discount w ell to the Bank, conditional sales contracts,
notes, acceptances, drafts, bailment agreements, leases, receivables and eviden indebtedness payable to this corporation,
upon such terms as may be agreed u
ances, drafts, bailment agreements, I
agreements, applications, guarantees, indemnities and other financial undertakings
this corporation of the revocation thereof by a resolution duly adopted by t
Resolved Further, that this resolu
rporation, and that the
1, Aletha L. Rautenkranz
existing under the laws of the State of
signatures appearing below are th
IN WITNESS WHEREOF, I hav 1st day of June ,19-. 87
AUTHORIZED SIGNATURES
Claude Lewis ‘Signature’
Aletha L. Raute&E%Y’
[Signature)
Signature1 (SI atu I [Secretary1 7 Aletha y. gautenkranz CL 350 [QEV S/BlJ
N? 43010
[IS-
RECEIPT: NON NEGOTIABLE
SHARES OR
CERTIFICATE PAR VALUE
DEPOSITED
BOND OR
DEPOSITED BY City of CouATERPC Carlsbad
THE FOLLOWING DESCRIBED SECURITIES WITH UNMATURED COUPONS ATTACHED. EXCEPT AS NOTED 5 DESCRIPTION OF ISSUE NUMBERS. m ---
6
7
8 I I.
) OFFICE fN0. I INSTRUCTIONS FOR RETURN OF COLLATERAL AND DlSPOSlTlON OF COUPONS
SAN DlEGO TRUST AND SAVINGS BANK
BY
ESTABLISHED 1889
CARLSBAD OFFICE I 31 50 EL GAMIN0 REAL I P 0 BOX 428 1 CARLSBAD, CA 92008 I (619) 445-331 6
May 7, 1987
Notice sent by SDT & S to eash bank or s & 1
ertificates of deposit assigned
BANK ADDRESSED
Gent 1 emen :
We have been granted a security interest this date in the amount of
$ in savings account # by the City of Carlsbad whose authorized signatures appear below.
Please acknowledge notification and confirmation of this security
interest by signing and returning the enclosed copy of this letter.
Depositors Signatures: -
Very Truly Yours;
SAN DIEGO TRUST AND SAVINGS BANK -
.______ _-_ll_l_--
Kathleen M. Blair, Manager --
ACKNOWLEDGEMENT
We acknowledge notification of the security interest of San Diego Trust
and Savings Bank in the savings account described above and confirm that
no prior interest, lien, or claim of offset
... BANKS NAME
-. --- By :
Bank Official (Authorized signer)
.
?cpn- * D-LIC- -nc~q~~rqhi 9 *,-,,-..-- --c-?%
ASSIGNMENT OF DEPOSIT ACCOUNT
@ ~ MEMBER ED1.C
To secure and in consideration of such credit as has been or is granted hereafter and from time to
time by SAN DIEGO TRUST & SAVINGS BANK, hereinafter referred to as the "Bank", to the
undersigned or to any one or more of the undersigned if there be more than one, I/we assign to the
Bank
Account Number
now standing in the name of
including all amounts now or at any time hereafter deposited in that Account, and all interest paid or
payable with respect to the Account.
At any time after default in the payment or performance of any credit obligation secured by this
Agreement, the Bank may, upon five [51 days' natice to the undersigned, withdraw all or any part of the
Account and apply its proceeds to payment of such obligation in whole or in part, whether or not the
Account is payable without penalty for early withdrawal.
This is a Continuing Agreement which shall remain in full force until the branch of the Bank where
the Account is maintained receives written notice that it has been revoked or written notice of the
death, incapacity or bankruptcy of the undersigned or any of them. Revocation shall be effective only
after all credit secured hereby at the time the notice is received has been satisfied a
as to the credit extended after th eceipt of such notice.
, California
,19- .
City Treasurers notice of assignment - To be sent to eac
oan holding certifica s of deposits ass
st and Savings to sec
1200 ELM AVENUE
CARLSBAD, CA 92008-1989
citp of carra’bab
FINANCE DEPARTMENT
May 8, 1987
San Diego Trust & Savings Bank
3150 El Camino Real
Carlsbad, CA 92008
PLEDGE OF CERTIFICATES OF DEPOSIT AND SECURITIES
The certificates of deposit and/or securities shown on the attached list are not presently restricted
by a previous pledge or assignment to any institution.
TELEPHONE
(619) 438-5628
VINCENT F. BIONDO
City Attorney