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HomeMy WebLinkAbout1961-02-21; Municipal Water District; Resolution 128RESOLUTION NO. 128 RESOLUTION OF THE BOARD OF DIRECTORS OF VIDING FOR THE ISSUANCE OF BONDS OF SAID DISTRICT FOR IMPROVEMENT DISTRICT NO. 3 THEREOF IN THE AMOUNT OF $800,000 FOR THl3 ACQUISITION AND CONSTRUCTION OF A WATm TRANSMISSION PIPELINE WITH APPURTENANCES AND APPURTENANT WORKS. CARLSBAD MUNICIPAL WATER DISTRICT PRO- WHEREAS, pursuant to the Municipal Water District Act of 1911, as amended, and pursuant to Resolution No, 121 of the Board of Directors of - CARLSBAD MUNICIPAL WATER DISTRICT, a special election was duly and regularly held on the 20th day of December, 1960, in that territory included within the boundaries of Improvement District No. 3 of CARLSBAD MUNICIPAL WATER DISTRICT, at which election there was submitted to the qualified voters of said district the following: PROPOSITION: Shall the Carlsbad Municipal Water District incur a bonded indebtedness for Improvement District No. 3 thereof in the principal sum of $1,000,000 for the purpose of the acqui- sition and construction of a waterworks system, including conduits, pipelines, reservoirs, works, machinery and other property useful and necessary to store, convey, supply or otherwise make use of water for the land and inhabitants within the exterior boundaries of said Improvement District No. 3 and includ- ing expense 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 hold- ing 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 afore- said resolution, payable, principal and interest, from taxes levied exclusively upon the taxable property within said IMPROVEMENT DISTRICT NO. 3, 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 eight hundred thousand dollars ($800,000) 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, DETlERMINE AND ORDER as follows: Section 1. That bonds of CARLSBAD MUNICIPAL WATER DISTRICT FOR IMPROVEMENT DISTRICT NO. 3 2. in the sum of $800,000 be issued for the purpose stated in the proposition set out in the recitals hereof, and that said bonds shall be designated "BONDS OF CARLSBAD MUNICIPAL WATER DISTRICT FOR IMPROVEMENT DISTRICT NO. 3, ELECTION 1960, SERIES 1." Said bonds shall be eight hundred in number, numbered 1 to 800, both inclusive, and shall be of the denomination of $1,000 each. Said bonds shall be dated March 1, 1961, and shall be payable in consecutive numerical order on March 1 in each year of maturity in the amounts for each of the several years as follows: Years Inclusive 1966 1967 1968 1969 1970 1971 19-72 1973 1974 1975 1976 1977 1978 Years Inclusive 1979 1980 1981 1982 1983 1985 1986 1987 1988 1989 1990 1991 1984 Said bonds shall bear interest at a rate or rates not to exceed 5% per annum, payable semiannually, except that interest for the first year shall be pay- able 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, Carlsbad, California, or at the main office of 3. 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, Illi- nois, or New York, New York, at the option of the holder. All of the bonds issued 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 IMPROVEMENT DISTRICT NO. 3 OF CARLSBAD MUNICIPAL WATER 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 offi- cial seal of said district, and the Treasurer is hereby authorized and directed to sign the interest coupons of said bonds. Treasurer may be printed, lithographed or mechanically reproduced, except that the signature of the Secretary to said bonds shall be manually affixed. All such signatures of the President and 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 "CARLSBAD MUNICIPAL WATER DISTRICT, IMPROVEMENT DISTRICT NO. 3, ELECTION 1960, BOND CONSTRUCTION FUND, " 4. . . . . . . . . and shail be expended only i'or the ptirpose 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' 3.911. Section 4. The 3oard of Directors, so far as practicable, shall fix such rate or rates for water in the district and in Improvement District No. 3 as will result in revenues which will pay the operating expenses of the district and Improvement District No. 3, provide for repairs and depreciation of works, provide a reason- able 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 fund for the payment of' such debt as it ma& become due. The sinking fund shall be provided in the following minimum amounts : 1972-73 1973-74 1974-75 1975-76 Sinking Fund Levy $ 1,400 14, GOO 14,000 15,000 l6,OOO 17,000 18,000 ig,OOO 1g,ooo 20,000 21,000 22,000 23,000 24,000 26,000 Fiscal Year 1976-77 1977-78 1975-79 19753-80 1980-81 1981-82 1982-d3 1983-84 lgS4-U5 1985-86 1986-87 1987-86 1986-89 1989-90 Sinking Fund Levy $27,000 28,000 30,000 51 J 000 33,000 35,000 37 J 000 38,000 40,000 42,000 44,000 49,000 LE6,OOO 52,000 If the revenues of the district, or of Improvement District No. 3, are or in the judgment of the Board of Directors will probably be inadequate for any cause to pay the prin- cipal of or interest on the bonds herein provided for as said principal and interest become due, and the anoumts above set forth, including said minimum sinking fund levies, 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 tu pay the amount of such principal and interest as will become due before the proceeds of a tax levied at the inext general tax levy will be available. The 13oard 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 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 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 fcrnish to the Board of Supervisors a statement in writing containing in addition to any other matters required by law, 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 for, as may 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 fiscal year for all other purposes of Improvement District No. 3, including the minimum sinking fund levies hereinabove 6. provided. 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 sucn 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 IMPROVEMENT DISTRICT NO. 3 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 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 same 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 as provided in the Municipal Water District Act of 1911 (Stats. 1911, p.1290, as amended). All moneys derived from such taxes and all other moneys allocated and designated forByment of said bonds and the interest thereon shall be placed in a fund of the district designated "CARLSBAD MUNICIPAL WATER DISTRICT, IMPROVEMENT DISTRICT NO. 3, ELECTION 1960, SERIES 1, EOND INTEREST AND SINKING FUND, " and until all of said bonds and all interest tnereon have been fully paid the moneys in said fund shall be used 7. for no other purpose than the payment of said bonds and the interest thereon; provided, however, that any amounts in said fund in excess of the amounts required for the paymen+, of principal and interest falling due before the proceeds of a tax levied at the next general tax levy will be available may be transferred into the "CARLSBAD MUNICIPAL WATER DISTRICT, IMPROVEMENT DISTRICT NO. 3, ELECTION 1960, SERIES 1, BOND REDEMPTION FUND" hereinafter provided for in Section 8 hereof, and used to call and redeem the bonds herein provided for prior to maturity. Section 5. Said bonds and the coupons for the interest thereof shall be printed, lithographed or engraved in substantially the following form: 8. UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF SAN DIEGO BOND OF CARLSBAD MUNICIPAL WATER DISTRICT FOR IMPROVEMENT DISTRICT NO. 3, ELECTION 1960, SERIES 1 No. $1,000 Under and by virtue of the Municipal Water District Act of 1911, as amended, Carlsbad Municipal Water District in the County of San Diego, State of California, promises to pay to the bearer on the 1st day of March, lg-, the sum of ONE THOUSAND DOLLARS, with interest thereon at the rate of per cent ( $) per annum (from the date of this bond to , and at the rate of per cent ( $1 per annum thereafter) interest for the first year payable at the end of said year and interest thereafter payable semiannually on the first days of September and March of each and every year until this bond is paid, upon presentation and sur- render 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, 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. The principal of this bond and the interest hereon may be paid from water revenues of said Municipal Water District or Improvement District No. 3 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 District No. 3 of Carlsbad Municipal Water District, and neither Carlsbad Municipal Water District nor any officer thereof is holden for the payment thereof otherwise. Unless this bond matures on or prior to March 1, 1990, it is redeemable prior to maturity in accordance with the provisions for redemption endorsed hereon. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all requirements of the Constitution and laws of the State of California have 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. 3 of Carlsbad D'lunicipal Mater District voting on the question of such issue at a special election duly and regularly called, held and conducted in said Improvement District No. 3 December 20, 1960, and. that as authorized by law provision has been made for the collection of an annual tax upon the taxable property within said Improve- ment District No. 3 of Carlsbad Municipal Water District 9. 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 constftute a sinking fund for the PC9- ment of the principal thereof as it may become due. IN WITNESS WHEREOF, said district has caused this bond to be signed by the President of said dis- trict and of the Board of Directors thereof and by the Treasurer of said district by their printed, litho- graphed or engraved facsimile signatures, and counter- signed 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 March, 1961. (SEAL) Water District and of thgBoard of Directors thereof. Treasurer of Carlsbad Municipal Water District. COUNTERSIGNED : and of said Board. (COUPON FORM) 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 Coupon No. America National Trust and Savings Association in Los Angeles, Cali- fornia, or San Francisco, Cali- fornia, or at any fiscal agency of the district in Chicago, Illi- nois, or Mew York, New York, at the option of holder hereof, the sum of in lawful money of the United States of America, being (a portion of) the interest then due on Bond No. of said distrfct. Taxes levied for the payment of this coupon shall be levied exclusively upon the taxable property in Improvement District No. 3 of Carlsbad Muni- cipal Water District. $ Dated March 1, 1961 Treasurer of Carlsbad Municipal Water District. 10. (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) PROVISIONS FOR REDEMPTION Unless this bond matures on or prior to March 1, 1990, it is redeemable in the manner and subject to the terms and provisions, and with the effect, set forth in Resolution No. of Carlsbad Municipal Water District on Board on March 1 of the year shown in the column to the right of the number of this bond on the schedule below, 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 Carlsbad r4unicipal Water District and in a newspaper of general circulation in the City of Los Angeles, California, at a redemption price equal to the principal amount thereof. (adopted by the Board of Directors 9 19- ) at the option of said REDEMPTION SCHEDULE Bond Numbers, Total (Inclusive 1 Principal Amount 1.26-139 $14,000 140-153 14,000 154-163 10,000 164-174 11 J 000 175-186 12,000 13,000 14,000 187-199 200-213 214-227 14,000 228-242 15,000 243-258 16,000 17,000 18,000 259-275 19 , 000 276-293 294-312 21,000 ' 22,000 313-333 334-355 356-378 23,000 Year 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 11. Bond Numbers, (Inclusive) 379-403 404-429 Total Principal Amount $25,000 26, ooo 28,000 30, ooo 32,000 33,000 35 , 000 37,000 39,000 41,000 44,000 Year - 1980 1981 1982 E333 1985 1986 1987 1988 1989 1990 1984 Section 6. The bonds maturing on or prior to March 1, 1990, shall not be subject to call or redemption prior to maturity. The bonds maturing on March 1, 1991, or any of them, may be called in consecutive numerical order before maturity and redeemed at the option of the Board of' Directors of the district according to the sche- dule hereinafter set forth on March 1 of the year shown in the right hand column of said schedule, or on any interest payment date thereafter prior to maturity, at a redemption price for each redeemable bond equal to the principal amount thereof: Bond Numbers, (Inclusive) 175-186 187-199 200-213 214-227 228-242 243-258 259-275 276-293 REDEMPTION SCHEDULtE Total Year $14,000 1964 Principal Amount ___. 14,000 1965 10,000 1966 11,000 1967 12,000 1968 13, ooo 1969 14,000 1970 14,000 1971 15,000 1972 16,000 1973 17 , 000 1974 18,000 1975 19,000 1976 21,000 1977 12. Bond Numbers, (Inclusive) 334-355 356-378 379-403 404-429 430-457 458-487 488-519 520-552 553-587 588-624 625-663 664-704 705-748 Total Principal Amount 23,000 25,000 $22,000 26,000 28,000 30, ooo 32,000 33 000 35 , 000 37,000 39,000 41,000 44,000 Year 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 The interest payment date on which bonds which are called are to be presented for redemption is herein- after sometimes called the "redemption date ." Section 7. Notice of the intended redemption shall be published by two (2) publications in a news- paper of general circulation in CARLSBAD MUNICIPAL WATER DISTRICT 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. redemption shall (a) state the redemption date; state that the redemption price is the principal amount of the bond; (e) state the numbers and date, of The notice of (b) maturity of the bonds to be redeemed; (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 of Bank of America National Trust and Savings Association in Los Angeles, California, or in San Francisco, California, or at any fiscal agency of the district in Chicago, Illinois, or New Ygrk, at the option of the holder thereof; (e) require that b0nd.s 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, the 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. 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. 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 A 14. 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 "CARLSBAD MUNICIPAL WATER DISTRICT, fMPROVE%ENT DISTRICT NO. 3, ELECTION 1960, SERIES 1, BOND REDEMPTION FUND," and prior to the publication of the notice of a redemption there must be set aside in said Redemption krnd moneys available for the purpose and sufficient to redeem the bonds designated in such notice of redemption at par. Said moneys must be set aside in said fund solely for that purpose and shall be applied on or after the redemp- tion date to payment for the bonds to be redeemed upon presentation and 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 Sinking Fund provided for herein upon pre- sentation and surrender thereof. Each bond presented must have attached thereto or presented therwith 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 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 redemption thereof, and upon presenta- tion and surrender of said bonds and all interest coupons ma.6uring 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 redemption 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 onJlyJto said Redemption Fund, All bonds redeemed and all interest coupons thereof shall be cancelled forthwith by the Treasurer of the district and shall not be reissued, All interest coupons pertaining to any redeemed bonds, which coupons have matured on or prior to the time fixed for redemption, shall continue to be payable to the respective holders thereof but without interest thereon. All unpaid interest payable at or prior to the date fixed for redemption upon bonds registered in such manner that the interest is payable only to the registered owners shall continue to be payable to the respective registered owners of such bonds, or their order, but without interest thereon. ADOPTED, SIGNED AND APPROVED this 21st. day of February , 1961. ATTEST : /J ., $ L -e c4 &( Secretary of the Board of Directors of Carlsbad Municipal Water District 17 STATE OF CALIFORNIA 1 I, RICHARD R. COE Secretary of the resolution was duly adopted by the Board of Directors of said district at a held on the Board of Directors of Cam- ~TER DISTRICT I REBY CERT IFY th at th e foregoing meeting of said Board , 1961 , and that it - was so AYES : Directors Kelly, Carnohan, Coe, Greek, Maerkle (SEAL) NOES : Directors None ABSENT: Directors None I- - Secretary of Municipal Wat%%%!ict 1 - and of th e Board of Di rectors thereof. 18. - . . .. . .