HomeMy WebLinkAbout1957-03-01; Municipal Water District; Resolution 51BESOLUPION NO, 51
BESOLUPION OF THg BOARD OF DIRBCTORS OF
CARLSBAD MU"IPAL WATER DISPRICT PFtOVID-
IlQG FOR Tm ISSUANCE OF BONDS OF SAID
THEBEOF IN THE AMOUHIC OF $1,250,000 B)R
THE ACQUISITIOX AND CONSTRUCTION OF B
WATEB TBBETSISSIOH PIPBLIHE WITE APPURTEIJ- AIVCl3S AND A.PPU"I?BWAl!T WPBKS.
DISTRICT FOB WRO- DISTRICT 10. 1
WHEUW, pursuant to 'the Municipal Water District Act of 1911,
as amerded, and pursuant to Resolution Bo. 29 of the Board of Directors of
CBBLSBAD M"1CIPA.L WATIB DISTRICT
a special election was duly and regularly held on the 6th day of October,
1956, in thatterritory included within the boundaries of Improvement Dis- trict Bo. 1 of
CABLSBAD MUHICIPAL WAT3B DISPRICT,
at which election there was submitted to the qualified voters of said dis-
trict the following:
PROPOSITIOH: Shall the Carlsbad Municipal Water District incur a bonded indebtedness for Improv?ment Dis- trict No. 1 thereof in the principal am of $1,250,000 for the purpose of the acquisition and construction of a water transmission pipeline with appurtenances and appurtenant
works from the facilities of the San Diego County Water Authority located in the San Marcos, llscondido Area (at a point to be approved by the San Die@ County Water Authority) to a point within the Carlsbad Municipal Water District east of Highland Avenue, including works, machinery and other property (including lands and easements) useful and necessary to store, oonvey, supply and otherwise make use of water for the lands and inhabitants within the exterior boundaries of said
Improvement District Bo. 1, and including expenses of all pro-
ceedings far the authorisation, i6Suance and sale of the bonds?
and
WHIEUAS, more than two-thirds of the votes cast at such election were in favor of and asssnted 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
CARLSBAD ~ICIPAL WA,TRIR DISTRICT
is now authorized and empowered to provide for the fbrm of bonds of said district and for the issuance of any part thereof for the purpose pro- vided for in the aforesaid resolution, payable, principal and interest, from taxes levied exclusively upon the taxable property within said
IBdPEOVRMEHT DISTRICT BO, 1,
except to the extent that such principal and interest may be paid from water revenues as permitted or required by law; and
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WElURlUS, it is proper ana the necessity therefor appears that
part of said bonds in the amount of one million two hundred fifty thousand
dollars ($1,250,000) be issued for the purpose hereinabove stated, and in the form ard manner hereinafter pmvided.
NOW, THQJBFORE, the Board of Directors of
CARLSBAD MUNICIPAL WATm DISTRICT
DOES HmY RESOLVE, DPPEflBBINE AND ORDER as follows:
Section 1. Tht bonds of
CARLSBAB MUNICIPAL WATn DISTRICT FOR IMPBOVEbWlI DISTRICT NO. 1
in the 8um of $1,250,000 be issued for the purpose stated in the proposi-
tion set out in the recitals hereof, ad that said bods shall be designated
"BOMDS OF CBRLSBAD IYNBICIPAL WATgE
DISTRICT FOR IMPROV~~ DISTRICT
80, 1, EUCICXOB 1956, SERIES 1".
Said bond8 shall be one thousand two hundred fifty in number, numbered 1 to 1,250, both inclusive, and shall be of the denomination of $1,000 each,
Said bonds shall be dated March 1, 1957, and shall be pyable in consecu-
tive numerical order on BIarch 1 in each year of maturity in the amounts
for each of the several years as follows:
Year of Principal Year of Princ ipal
Maturity Amount Mat UT ity . Amount
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
$ 5,000 5,000
10,000
20,000
25,000
30,000
30,000
30,000
30,000
35,000
35,000
35,000
40,000
40,000
40,000
1973
1974
1975
1976
1977 1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
$45,000
45,000
45,000
50,000
50,000
55,000
55,000
60,000
60,000
65,000
70,000
70,000
70,000
45,000
55,000
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Said bonds shall bear interest at a rate or rates to be here-
after fixed, but not to exceed 5% per ann&, payable semiannually, ex-
cept that interest for the first year shall be payable at the end of
said year.
lawful money of the United States of America at the office of the Treas-
urer of the district, Carlsbad, California, or at the nvnfn office of
Bank of America National Truvt 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, Hew York, at the option of
the holder, All of the bonds issued hereunder are bond8 of
Said bonds and the intereet thereon shall be payable in
CARLSBAD MUNICIPBL WKPYlR DISTRICT
and shall be issued in the name of said diatrict, but any taxes levied
to pay the principal thereof and interest thereon shall be levied
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exclusively upon the taxable property in
IMPROV3lbUBT DISTRIOP BO. 1 OF
CBBLSBAD MUNICIPAL WATER DISTBICT,
Sootion 2. That the President of
CARLSBAD WICIPAL WAmR DISTRICT
and of the Board of Directors thereof and the Treasurer of said district
are auhhoriaed and directed to sign all of said bonds, and the Secretary of said district and of the Board of Directors thereof is authorised and directed to countersign said bonds and to affix thereto the official
seal of said district, and the 'Ereasurer is hereby authoriaed and directed
to sign the interest coupons of said bonds. All such 8igWtures of the President ad Treasurer may be printed, lithographed or mechanically re-
produced, except that the signature of the Secretary to said band8 Shall
be manually affixed.
The interest coupons to be attached to the bonds shall be
numbered in consecutive numerical order beginning with Coupon No. 1
which shall be for the annual interest due March 1, 1958,
Section 3.
be placed in the treasury of
That the proceeds of the sale of said bonds shall
CARLSBAD M.UNICIPAL WATlBR DISTRICT
in a i\znd to be designated
"CWAD MUNICXPAL WATSR DISTRLOP
IIyTpRDBIpBI1EBT DISTRICT BO, 1, BLBC- TIOB 1956, BOD CONSTBUC!I"IOH FUETD",
and shall be expended only for the purpose for mhich the indebtedness
was created (set forth in the recitals hereof) exaept as provided in
Section 17 of the MunicipLl Water District Act of 1911.
Section 4. The Board of Directors, 90 far a@ practicable,
shall fix such rate or rates for water in the district and in Improve-
ment District Bo. 1 as rill result in revenues which will pay the oper-
ating expenses of the distriot and Improvewnt District No. 1, provide for repairs an€ depreciation of mrks, prbvide a reasonable 8UrplU8 for
improvements, extensions md enlargemnts, pey the interest on any bonded
debt (including the interest on the bonds herein provided for) , and
provide a sinking or otbr fund fbr the payment of the principal of such debt as it my become due (including the bonds herein provided for).
If the revenues of the diatrict, or of Improvement District Bo. 1, 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
pmvided for as said principal and interest become due, ard the amO&S above set forth, the Board of Directors must cause a tax to be levied,
as p-ovided in the Municipal Water District Act of 1911, sufficient to provide fbr such deficit and to my the amount of auoh principal and
interest as will become due before tihe proceeds of a tax levied at the
next general tax levy will be available. The Board of Directors ahall
determine the amounts necessary to be raised by taxation during the fis- oal year for the payment of interest on said bonds and the providing of
8 sinking or other fund for the gayme& of the principal of such bond8 as the same may become due, and shall fix the rate or rates of tax to
be levid which rill 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 it8 tax rate,
the Board of Directors hall oertifg to the Board of Supervisors the
rate or rate8 so fixed and shall fbrnish to the Board of Supervisors a
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atatemnt in writing containing the following:
mininrum amount of monq reQUbed to be raised by taxation dUriW3 the fiscal year for the pIJrment of the pincipal of end intereat on the
bond8 herein provided far, as will become due before the proceed8 of a tu levied at tb, next general tax levy will be available, and (b) an estimate of tb minimum amount of money required to be raiaed by taxa- tion during tbe fiacal year for all other pwposea of the district.
The Board of Dimotors shall direct that at the tim and in the nranner
required by law for the levying of tu138 for county pu~poses auch Board of Supervisors shall levy, in addition to such other tax as may be levied by such Board of Supervisors, at the rate rn rates 80 fixed and determined by the Board of Directoarr, a tax upon the taxable property within said
(a) an estimate Of the
IWROVBMBBPP DISTBICP BO. 1 OF
CARLSBAD 1wBICIPAL WATER DISTBIC!F
for the said purposea, and it is =de the duty of th Board of Super-
riaora to levy the tax so required and it shall be the duty of all county officer8 charged with the duty of collecting tam38 to collect 8uch tax
in time, fbrm and manner as county teues are collected and when collected to pay the same to the district.
811 sulll water rates and tares for the papnt of principal of
and Intereat on such bonds shall be established, levied and collected
as provided in the Xunicipal Water District Act of 1911 (Stats. 1911,
p. 1290, as mended).
All moneys derived from such tares and all other money8 al- located and designated for WJrment of said bands ard the Interest there- on shall be plaoed in a fbd of the district deaimtd
"CARLSBAD MUNICIPAL WATIBB DISTRICT,
IyIP~V'BWSi! DISTRICT 10. 1, gLEC-
TION 1956, SERIES 1, BOND IIBTEREST
AND SIHKIBG FUllD,"
and until all of said bond8 and all Interest thereon hare been fully
paid the moneys in said fund shall be used for no other purpose than
the pqment of mid bonds ani the interest thereon.
Section 5. of shall be printed, lithographed or engraved in substantially the fol- %id bond8 and the coupons for the interest there-
lowing form:
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UNITED STMES OF AhZRICA
911aT18 OF CALIHIRWIA
COUNTY OB SBFl DIEGO
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BOND OF
CARLSBAD MtJIVICIPQL WATER DIS!l?RICT
RIB IMPBo~~ DISTRICT HO, 1,
ELECTIOE 1956, SgaIBS 1
a0 $1,000
Under and by virtue of the Xunicipal Water District
A& of 1911, as amended, Carlsbad Municipal Water Dis-
trict in the County of San Diego, State of California,
promises to ppy to the bearer on the 1st day of March,
19 . the 8um of 01913 THOUSAND DOLLARS. with intored
per ckt ( $1 -- thereon at-the rate of
per annum, interest fbr the first gear payable at the of said year and interest thereafter byable semi-
annually on the first days of September and March of
each ad every year until this bond is paid, upon pre- sentation and surrender of the interest coupons hereto
attached. Both principal ani interest are myable in
lawfbl money of the United States of America at the of- fice of the Treasurer of the district, carlabad, Califor- nia, or at the main office of Bank of Anerica National Trust and Savings Association in Lo8 hgeles, California, or San Francisco, California, or at any fiscal agency of the distriut in Chicago, Illinois, or New York, Hew
York, at the option of the holder hereof. The princi-
pal of this bond and the interest bereon mey be paid
from water revenues of said Municipal Water Diatrict or Improvement District Bo. 1 thereof as permitted or
required by law. Taxes levied far the prylnent of the
principal of this bond and the interest hereon shall be levied exclusively upon the taxable property in Im- provement District No, 1 of Carlsbad Municipal Water District, and neitbr Carlsbad Municipal Water Distrfct nor any officer thereof is holden for the payment tbre-
of otherwise.
IT IS RWRERY CERTIFIBD, I1%cI'PED BlOD DECLARED that
all requirements of the Constitution and laws of the State of California have been fully complied with by
the proper officer8 in the issuing of this bond; that
the issue of bonds of which this is one has been au- thorised by a vote of more than two-thirds of the duly qualified voters of said Impzvvement District Bo. 1 of Crrrlsbad Municipal Water District voting on the ques- tion of such issue at a special eleution duly and regu-
larly called, held and conducted in said Improvement District Bo. 1 October 5, 1956, and that as authorised
by law provision has been made fbr the collection of an annual tax upon the tamble property within said Im-
provement District Bo. 1 of Carlsbad Municipal Water
District sufficient to pay the interest on this bond
and the isme of which it forms a part, as said inter-
est falls due, and also to constitute a fund for the
myment of the principal thereof as it may become due,
IN WITBEDSS WBERIPOF, said district has caused this
bond to be signed by the President of said district and
of the Board of Director8 thereof and by the Treasurer
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of said district by their printed, lithographed or en-
graved facsimile signatures, and countersigned by the
Secretary of said district and of said Board of Di-
rectors and sealed with the official seal of said dis- trict, and the coupons hereto attached to be eigmd by the Treasurer by hi8 printed, lithographed or engraved facsimile signature, and this bond to be dated this
first day of March, 1957.
President of Chrlsbad A Y Municipal Vatdr District
and of the Board of Direc or8
there of
Municipal Water Diatrict i
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COWTllRSIGBIIED :
Iztb, b.2dJ-eQ horetary of said District
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ard of said Board
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On the first day of CAIEUISBdD MUNICIPAL WATBIII DISTRICT
will pay to the bearer hereof at the office of the office of the Treasurer of the district,
Carlsbad, California, or at the
main office of Bank of America
National Trust and Sapings
Association in LOS Angeles,
California, or San Francisco,
California, or at any fiscal
agency of the district in
Chicago, Illinois, or Eew York,
Hew York, at the option of the
holder hereof, the sum of
in lawful money of the United
States of America, being the
interest then due on Bond Eso. of said district. Tares levied
for the payment of this coupon
shall be levied exclusively upon the taxable pmperty in Improve- ment District Ho. 1 of Carlsbad Hunicipal Water Diat rict.
Dated BIarch 1, 1957.
Coupon Bo.
19
; r ict
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(TO BEI IXSEETEI, ON FACB OF BOND)
&lees this bond matures on or prior to
March 1, 19 - (insert date from Section 6) it is redeemable prior to rmturity in accord-
ance with the provisions for redemption en- dorsed hereon.
If the bond to which this coupon is attached is redsemsble and is
duly called for redemption on a date prior to the mturity date
of this coupon, this coupon will be void.
PBoVISIOlS FOE REDEMFTIOX?
Unlees this bond matures on or prior to
bbrch 1, 19 - (insert date from Section 6) it is redeemable in the mmer ad subject to
the terms and govisions, and with the effect, set forth in Resolution No. by the Board of Directors of Carlsbad Municipal (adopted
Water District on the option of saidT&rd on arch 1, 19 , 1957) at , (insert date from Section 6) or on any %?%est
payment date thereafter prior to maturity, upon at least thirty (30) days' prior notice in a
newspaper of general circulation in Carlsbad
Municipal Water District and in a newspper of general circulation in tb City of Los Angeles, California, at a redemption price
equal to the principal amount thereof plus
the following premiums if redeemed at the
following times:
(insert schedule from Section 6)
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Section 6. The bonds mturing on or prior to March 1,
1962, shall not be subject to call or redemption prior to mrturity,
The bonds maturing on or after Idarch 1, 1963, or any of them, my be
called before maturity and redeelned at the option of the Board of Di- rectors of the district on March 1, 1962, or on any interest pymd
date thereafter pior to naturity at a redemption price for each re- deemable bond equal to the principal amount thereof, plus the follow-
ing premiums if redeemed at the following tfnss:
On or after
March 1
1962 1963
1964 1965
1966
1967
1968 1969 1970
1971 1972
1973 1974
RIDEMPTIOM DATES
Bnd prior to
March 1 1963 1964
1965
1966 1967 1968
1969 1970
1971 1972 1973 1974
Maturity
Premium
All or any of the bonds subject to call may be called for redemption at any one time. If less than all of the bonds are redeemed at any
one time, such borxis shall be redeemed only in inverse order of ma- turity ani number beginning with the hi&est numbered bond, terest papent date on which bonds which are called are to be pre- sented for redemption is hereinafter sometimes called the "redemption
date".
The in-
Section 7. Notice of the intended redemption shall be Pub-
lished by two (2) publications in a newspaper of general circulation in
CARLSBAD bPiUNICIPAL WAW DISTRICT
and in a newspaper of general circulation in the City of Los Angeles,
California, the first publication to be at feast thirty (30) days but
not more than sixty (60) days prior to the redemption date, of redemption shall (a) state the redemption date; (b) state the redemp- tion price; (c) state the numbers and dates of lnaturity of the bod3 to be redeemed, provided, however, tht whenever any call includes all of the bonds of a mturity, the numbers of slch maturity need not be
stated; (d) reruire tht 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 of=
fice of Bank of America Rational Trust and Savirgs Association in Los
kgeles, California, or San Rmcisco, California, or at any fiscal
agency of the district in Chicago, Illinois, or New York, New York, at
the option of the holder thereof; (e) require that bonds which at the
time of call are registered so as to be pyable other than to bearer
shall be accompanied by appropriate instrument s of assignment duly exe-
cuted in blank; ani (f) give notice that ftarther interest on such bonds
will not accrue after the dssimted redemption date.
The notice
If any of the bods designated for redemption shall be
registered so a3 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 not ice, postage prepid,
to the respective registered owners thereof at the addresses appearing
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on the bond registry books.
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The actual receipt by the holder of any bond (hereinafter referred to as ”bondholder”) of notice of such redemption shall not
be a cordition precedent to redemption, and failure to receive such notice shall not affect the validity of the proceedings for the re-
demption of such bods or the cessation of interest on the date
fixed for redemption.
The notice or notices required by this section ahall be given by the Treasurer of the district,
urer 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 redemp- tion may object thereto or object to the cessation of interest on the
redemption date fixed by any claim or showing that he failed to actu-
ally receive such notice of call and redemption.
A certificate by said Treas-
Section 8. Prior to the time the Board of Directors de-
termines to call ad redeem any of said bonds there shall be estab-
lished in the treasury of the district a redemption fluxi to be des-
cribed or known as
“CARLSBAD MUNICIPAL WAWR DISTRICT,
IMPROV&BI[EB!T DISTRICT NO. 1, ELEC-
TION 1956, SERBS 1, BOmD
TION FUND,”
and prior to the publication of the notice of a redemption there must be
set Wide in said Redemption Fund moneys available for the purpose and
sufficient to redeem, at the premiums payable as in this resolution pro-
vided, the bonds desigmted in such notice of redemption. Said moneys
must be set aside in said fund solely for that purpose and shall be ap-
plied on or after the redemption date to paywnt (principal and premium)
for the bonds to be redeemed upon presentation and surrender of such
bonds and all interest coupons maturing aft;er 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 Sink- ing Fund provided for herein upon presentation and surrender thereof.
Bach bond prespnted must have attached thereto or presented therewith
all interest coupons maturing after the redemption date, If after all of the bands 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 find 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 ard interest on such refunding bonds.
Section 9. When notioe of redemption has been given, substanti-
ally as provided for herein, and when the amount necessary for the re-
demption of the bonds called for redemption (principl ard premium) is
$et aside for that purpose in the Redemption Fund, as provided for here- in, the bonds designated for redemption shall become due and payable
on the date fixed for redemption thereof, and upon presentation and sur- render of said bonds and all interest coupons msturing after the redemp-
tion date, at the place specified in the notice of redemption, ard if
any of said bonds be registered, upon the appropriate assignment there- of in blank, such bonds shall be redeemed and paid at said redemption
price out of the -emption 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 mywnt of such bonds and the premium thereon only to said Re- damptior, Fund. All bonds redeemed and all interest coupons thereof
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shall be cancelled forthwith by the Treasurer of the district and shall
not be reissued.
All interest coupons pertaining to any redeemd bonds which
coupons have tmtured on or prior to the time fixed for redemption,
shall continue to be payable to the respective holders thereof but with-
out interest thereon. date fired for redemption upon bonds registered in such manner that the interest is payable only to the registered owners shall continue to be
payable to tho respective registered owners of ruoh bonds, or their or- der, but without interest thereon.
All unpaid interest payable at or prior to the
ADOPTZD, SIGNED AND APPROVm this 15th day of February, 1957.
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President of e Board ov
Directors of ‘Carlsbad ()
Municipal Water Diat riot
i L, B,zfAp
Secret am’ of the Board of Directors of Carlsbad
Municipal Water District
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I, Max 0. Barald, Secretary of the Board of Directors
of Carlsbad Municipal Water District, DO IOIPBGBY CERTIFY that
the foregoing resolution was duly adopted by the Board of Directors of said district at an adjourmd regular meeting of said Board held on the 15th day of February, 1957, and that
it was so adopted by the following vote:
AYSS Direct or s
Noas Directors
ABSENT Directors A/ fll
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3/k,Lz#4&. Secretary of Carlsbad Municipal Water District and of the Board
of Directors thereof
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