Loading...
HomeMy WebLinkAbout1958-03-01; Municipal Water District; Resolution 70RESOLUTION NO. 70 RESOLUTION OF THE BOARD OF DIRECTORS OF CARLSBAD MUNICIPAL WATER DISTRICT PROVIDING FOR THE ISSUANCE UF BONDS OF SAIU DISTRICT FOR IWROVEEILENT DISTRICT NO. 2 THEREOF IN THE: AMOUNT OF #350,000 FOR THE ACQUISITIoN AND CONSTRUCTIUN OF A UATEH THANSMISSIclN PIPELINE WITH APPUATENANES AND APPURTENANT WORKS. WHEREIIS, pursuant to the Municipal Water District Act of 1911, as amended, and pursuant to Resolution No. 66 of the Board of Directors of CAHLSBAD MUNICIPAL WATER DISTRICT a special election was duly and regularly held on the 19th day of November, 1957, in that territory included within the boundaries of Improvement District No. 2 of CkRLSBAD MJN1CIPA.L WATER DISTRICT at which election there was submitted to the qualified voters of said district the following: c BUND 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 appurte- nances and appurtenant works from the existing facilities of the Carlsbad Municipal Water District located along the El Canino Real Road to points within the Carlsbad Municipal Mater District covering generally the most southerly 18,000 feet of the Carlsbad Municipal Water District, including works, macninery 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? 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 lawa of the State of California have been complied with in the holding of said election, and the Board of Directors of CARLSBAD 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 aforesaid resolution, payable, principal and Znterest, from taxes levied exclusively upon the taxable property within said IMPROVEXEXT 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 WEFtEAS, it is proper and the necessity therefor 7 I appears that part of said bonds in the amount of three hundred fifty thousand dollars (#350,000) be issued for the purpose hereinabove stated, and in the form and manner hereinafter provided. NOW, THEREFORE, the Board of Directors of CARLSBAD MUNICIPAL WATER DISTRICT does hereby RESOLVE, DETERMIME AND ORDER a8 follows: Section 1. That bonds of' CARLSBAD MUNICIPAL WATER DISTRICT FOR IMPROVEMENT DISTRICT NO. 2 in the 8um of 3350,000 be issued for the purpose stated in the proposition set out in the recitals hereof, and that said bonds shall be designated "BONDS OF CAHLSBAD MUNICIPAL WATER DISTRICT FOR IMPROVEMENT DISTRICT NO. 2, ELECTIOPI 1957, SERIES 1". Said bonds shall be three hundred fifty in number, numbered 1 to 350, both inclusive, and shall be of the denomination of &l,OOO each. Said bonds shall be dated March 1, 1958, and ehall be payable in consecutive numerical order on March 1 in each year of maturity in the amounts for each of the several years as foiiow~ Principal Years Pr inc ipal Years Amount Inclusive Amount Inclusive 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 $lO,OOO 10,000 10,000 15,000 15,000 15,000 15 , 000 15,000 15,000 20,000 20,000 20,000 20,000 25,000 15 8 000 1974 1975 1974 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Said bonds ehall bear interest at the rate of 5% per annum, payable semiannually, except that interest for the first year shall be payable at the end of said year. Said bonds and the interest thereon ehall 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 Association in Lo8 Angeles, California, or San Francisco, California, or at any fiscal agency of the dl8triCt in Chicago, Illinois, or New York, New York, at -2- the option of the holder. All of the bonds i86Ued hereunder are bonds of CARLSBAD 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 IWROVEMENT DISTRICT NO. 2 OF CLDLSBAD MUNICIPAL hATER DISTRICT. Section 2. That the President of CPLRLSBAD 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 ie hereby authorized and directed to sign the interest coupons of saki bonds. All such signatures of the President and Treasurer may be printed, lithographed or mechanically reproduced, except that 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 beginning with Coupon No. 1 which shall be for the annual interest due March 1, 1939. Section 3. That the proceeds of the sale of said bonds shall be placed in the treasury of CARLSBAD MUNICIPAL WATER DISTRICT in a fund to be designated "CAtiLSBAD MUNICIPAL WATER DISTRICT, IMPROVEMENT DISTRICT NO. 2, ELECTION 1957, BOND CONSTRUCTIoN FUND, I' 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 dietriot and Improvement District No. 2, provide for repairs and depreciation of works, provide a reasonable surplus for improvements, exZenaiona 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 cause a tax to be levied, as provided in the Municipal Water District Act of 1911, sufficient to provide for such deficit and to 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. -3- c I c c- I The Board of Directors shall determine the amounts necessary to be raised by taxation during the fiscal year for the pay- ment of interest on said bonds and the providing of a sinhing 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 amount6 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 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 containing the following: 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 for, as will become due before the proceeds of a tax levied at the next general levy will be available, and (b) an estimate of the minimum amount of money required to Se raised by taxation dur- ing the fiscal year for all other purposes of the districjt. The Board of Directors shall direct that at the time and In the manner required by law for the levying of taxes for county purpose6 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 determined by the Board of Directors, a tax upon the taxable property within said (a) an IMPROVEMENT DISTRICT NO. 2 OF CURLSBAD MUNICIPAL WATER DISTRICT for the said purposea, and it is made the duty of the Board of Supervisors to levy the tax 80 required and it shall be the duty of all county officers charged 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 sane to the district. 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 moneye derived from such taxes and all other moneye allocrated and designated for payment of eaid bonds and the interest thereon ehall be placed in a fund of the district designated "CARLSBAD MUNICIPAL WATER DISTRICT, IWROVWNT DISTRICT NO. 2 ELECTION 1957, SERIES 1, EOND INTEREST AND SINKING FUND, " and until all of said bond6 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 engraved in substan- tially the following form: -4- c c UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF SAN DIEM BOND OF CARLSBAD MUNICSPAL WATER DISTRICT FOR IWPHOVEXENT DISTRICT NO. 2, ELECTION 1957, SEIiIES 1 No. Under and by virtue of the Municipal Water Distriot Act of 1911, as amended, Carlsbad Municipal Water District in the County of $an Diego, State of California, promises to pay to the bearer on the 1st day of March, 19 , the BWP of OME THOUSAND DOLLARS, with interest thereon at the rate of percent ( $1 per annum, interest for the first year payable at the end of said year and intereat thereafter payable semi- annually on the first days of September and Maroh 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, Carlabad, California, or at the main off ice of Bank of Anerica National Trust and Savings Association in LOB Angeles, California, or San Francisco, California, or at any fiscal agency of the the option of the holder hereof. The principal of this bond and the intereet hereon may be paid from water revenues of said Municipal Water DZatrict 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 levied exclusively upon the taxable property in Improvement Di8trict No. 2 of Carlsbad Municipal Water District, and neither Carlsbad Municipal Water DiBtrict nor any officer thereof is holden for the payment thereof otherwiee. all requirement8 of the Conetitutlon and laws of the State of California have been fully complied with by the proper officzers 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 Distriot voting on the question of such iesue at a special election dldy and regularly called, held and conduoted in said Improvement District No. 2 November 19, 1957, and that as authorized by law provision has been di8trlCt In Chicago, I1lin0isD Or New YOrk, New York, at IT IS HEREBY CERTIFIED, RECITED AND DECLARED that -5- made for the colleotion of an annual tax upon the taxable property within said Improvement District No. 2 of Carlebad Municipal Water District sufficient to pay the interest on this bond and the issue of whioh it forme a part, as said interest falls due, and also to constitute a fund for the payment of the principal thereof a8 it may be come due. IN WITNESS WHEREOF, eaid district has caused this bond to be signed by the Preeident of aaid district and of the Board of Directors thereof and by the Treasurer of eaid dietrict by their printed, lithographed or engraved facsimile signatures, and countersigned by the Secretary of said district and of said Board of Directore and sealed with the official seal of eaid district, and the coupons hereto attached to be signed by the Treasurer by hi8 printed, lithographed or engraved facsimile signature, and this bond to be dated this first day of March, 1958. Municipal Water Dist@ct and of the Board of Directors thereof Treasuref of Carlsbad Municipd. Water District C oUNTERSIGNED : 1% @I PdJ Secretary of said District ana of said Board (SEAL) (COUPON FORM) Coupon No. c I On the first day of CARLSBAD MUNICIPAL WATER DISTRICT 19 will pay to the bearer hereof at the office of the Treasurer of the district , Carlsbad, California, or at the main office of Bank of America National Truat and Savings Association in Loa hgeles, California, or San Francisoo, California, or at any fisoal agency of the district In Chicago, Illinois, or New York, New York, at the option of the nolder hereof, the BU~ of 4f in lawful money of the United States of America, being the interest then due on Bond No. of said district. Taxes levied for the payment of this coupon shall be levied exclu- sively upon the taxable property in Improvement Distriot No. 2 of Carlsbad Municipal Water District. Dated March 1, 1958 df Carlabad Muni c id Water Di 6 t ri c t -7- c ADOPTED, SIQNXD AND APPirOVED this 30th day of January 3 1958- President /of the Bard of Directors’ of Carsbad Municipal Water District ATTEST: Secretary of the Board of‘ Directors of Carlsbad Pilunicipal Water District (SEAL) STATE OF CALIFORNIA 1 COUNTY OF SAN DIEGO 1 ) as. 1, MAX 0. EWUD , Secretary of the Board of Directors of Carlsbad Munici~al hater District, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Board of Directors of said district at gg adjourned regular meeting of said Board held on the 30th day of January 1958, and that it was so adopted by the following vote: AYES: Directors Ewald, FreY, Kelly, Rogers, Greek NOES: Directors None ABSENT: Directors None Directors thereof.