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HomeMy WebLinkAbout1959-12-09 - Resolution No. 016RESOLUTION NO. 16 RESOLUTION OF THE BOARD OF DIRECTORS OF YORBA LINDA COUNTY WATER DISTRICT PROVIDING FOR THE ISSUANCE OF BONDS OF SAID DISTRICT IN THE AMOUNT OF $10670,000 FOR THE ACQUISITION AND CONSTRUCTION OF CERTAIN DISTRICT IMPROVEMENTS. WHEREAS, pursuant to resolution of this Board of Directors adopted August 27, 1959, a special election was duly and regularly held in Yorba Linda County Water District of Orange County, California, on September 29, 1959, at which there was submitted to the qualified voters of said district the following proposition, to wit: BOND PROPOSITION: Shall the Yorba Linda County Water District incur a bonded indebtedness in the principal sum of $1,900,000 for the pur- pose of the acquisition of existing water facili- ties for the production, storage, transmission and distribution of water and the acquisition and construction of additions, betterments, replace- ments and extensions thereto, including reservoirs, pipelines, pumping stations, chlorination facili- ties and the reconstruction and rehabilitation of portions of said existing water facilities, together with the acquisition of all works, water rights, lands, easements, pipe, pumps, valves, fittings, meters, hydrants, machinery, apparatus, equipment, and other property necessary for any of the fore- going? and WHEREAS, at said election more than two-thirds of the votes cast were in favor of the incurring of such indebted- ness, and this Board of Directors is now authorized to cause bonds of said district to be issued; and WHEREAS, said Board of Directors of said district deems it proper and to the public interest that said bonds be now issued in the amount, form and manner hereinafter provided; NOW, THEREFORE, the Board of Directors of Yorba Linda County Water District of Orange County, California, DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: Section 1. That bonds of Yorba Linda County Water District in the sum of $1,670,000 be issued for the purpose stated in the proposition set out in the recitals hereof, and that said bonds shall be designated "WATERWORKS BONDS, ELECTION 1959, SERIES A." Said bonds shall be one thousand six hundred seventy in number, numbered 1 to 1,670, both inclusive, and shall be of the denomination of $1,000 each. Said bonds shall be dated March 1, 1960, and shall mature in consecutive numerical order as follows: Maturity Date Principal Maturity Date Principal March 1 Maturin%_ March 1 Maturina,_ 1966 $25,000 1981 $55,000 1967 30,000 1982 55,000 1968 30,000 1983 6o,ooo 1969 30,000 1984 6o,ooo 1970 35,000 1985 65,000 1971 35,000 1986 65,000 1972 35,000 1987 70,000 1973 35,000 1988 70,000 1974 40,000 1989 75,000 1975 40,000 1990 80,000 1976 40,000 1991 8o,ooo 1977 45,000 1992 85,000 1978 45,000 1993 90,000 199 50,000 1994 95,000 19 0 50,000 1995 100,000 Said bonds shall bear interest at a rate or rates to be hereafter fixed, but not to exceed seven per cent (7%) 2. payable semiannually, except that 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 dis- trict or at the main offices of Bank of America National Trust and Savings Association in Los Angeles and San Francisco, California, or at any fiscal agency of said district in the City of New York, New York, or in the City of Chicago, Illinois, at the option of the holder thereof. 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, 1961. Section 2. That the President of Yorba Linda County Water District and of the Board of Directors thereof is hereby authorized and directed to sign all of said bonds, and the Secretary of said district and of the Board of Directors thereof is hereby authorized and directed to countersign said bonds and to affix thereto the official seal of said district, and the said Secretary is hereby authorized and directed to sign the interest coupons of said bonds. All such signatures and countersignatures may be printed, lithographed, engraved or otherwise mechanically reproduced, except that the countersignature of the Secretary to said bonds shall be manually affixed. Section 3. That said bonds and the coupons for the interest thereon shall be issued in substantially the follow- ing form: 3. UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF ORANGE YORBA LINDA COUNTY WATER DISTRICT WATERWORKS BOND, ELECTION 1959, SERIES A No. $1,000 Yorba Linda County Water District, a public corpo- ration situated in the County of Orange, State of California, and organized and existing under the laws of the State of California, FOR VALUE RECEIVED hereby acknowledges itself indebted and promises to pay to the bearer hereof the sum of ONE THOUSAND DOLLARS ($1,000) on the day of , 19 , with interest thereon-af-the rate of per cent ( 4) per annum, payable semiannual3q on the first day o1 arch and September of each and every year from the date hereof until this bond is paid, except that the interest for the first year shall be payable in one installment at the end of said year, on presenta- tion and surrender of the respective interest coupons hereto attached. Both principal and interest are pay- able in lawful money of the United States of America at the office of the district or at the main offices of Bank of America National Trust and Savings Associa- tion in Los Angeles and San Francisco, California, or at any fiscal agency of said district in the City of New York, New York, or in the City of Chicago, Illinois, at the option of the holder hereof. This bond is issued under and in pursuance of and in conformity with the provisions of the County Water District Law, being Division XII of the Water Code of the State of California, and acts supplementary thereto, and in pursuance of the laws and Constitution of the State of California, and is authorized by a vote of more than two-thirds of all of the qualified voters of said district voting at an election duly and regularly called, held and conducted in said district on September 29, 1959. Unless this bond matures on or prior to March 1, 1985, it is redeemable prior to maturity in accordance with the provisions for redemption endorsed hereon. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of this bond have existed, happened and been performed in due time, form and manner as required by law. IN WITNESS WHEREOF, the Board of Directors of Yorba Linda County Water District of Orange County, California, has caused this bond to be signed by the President of said district and of the Board of Directors thereof by his printed, lithographed or engraved facsimile signature and countersigned by the Secretary of said district and of said board, and the corporate seal of said district to be hereto affixed, and the interest coupons hereto attached to be signed by said Secretary by his printed, lithographed or engraved facsimile signa- ture, and this bond to be dated the first day of March, 1960. [Facsimile si nature] --~resfffen~, ot`-rna Linaa County Water District and of the Board of Directors thereof. COUNTERSIGNED: Secretary of said Dis r c and of said Board. (SEAL) (COUPON FORM) On the first day of Yorba Linda County Water Dis- 19 trict of Orange County, Cali- fornia, will pay to the bearer hereof at the office of said district or at the main offices of Bank of America National Trust and Savings Association in Los Angeles and San Francisco, California, or at any fiscal agency of said district in the City of New York, New York, or in the City of Chicago, Illinois, 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 its WATER- WORKS BOND, ELECTION 1959, SERIES A. dated March 1, 1960. [Facsimile signature] Secretary of said District and of the Board of Directors thereof. 5. (REVERSE OF COUPON) If the bond to which this coupon is attached is redeemable and is duly called for redemp- tion 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, 1985, it is redeemable in the manner and subject to the terms and provisions, and with the effect, set forth in Resolution No. (adopted by the Board of Directors of Yorba Linda County Water District on December 9, 1959) at the option of said Board on March 1, 1970, or on any interest payment date there- after prior to maturity, upon at least thirty (30) days' prior notice in a newspaper of general circula- tion in the County of Orange, California, and in a newspaper of general circulation in the City of Los Angeles, California, at a redemption price equal to the principal amount thereof, plus 1/4 of 1% of such principal amount for each whole twelve months' period and for any remaining fraction of a twelve months' period from the date fixed for redemption to the matur- ity date of this bond, but not exceeding 104% of such principal amount. If less than all of the bonds are redeemed at any one time, such bonds shall be redeemed only in inverse order of maturity and number beginning with the highest numbered bond. Section 4. That the proceeds of the sale of said bonds shall forthwith be placed in a fund of said district to bedesignated "YORBA LINDA COUNTY WATER DISTRICT, WATER- WORKS BONDS, ELECTION 1959, ACQUISITION AND CONSTRUCTION FUND," and the moneys in said fund shall be applied exclusively to the acquisition and construction of the improvement described in the bond proposition set forth in the recitals hereof. Section 5. That so far as possible the interest on and principal of said bonds shall be paid from the revenues of the district. If the district has no revenue or if the revenues of the district are, or in the judgment of this Board of Directors are likely to be, inadequate to pay the interest on or principal of said bonds as the same become due, an 6. annual tax shall be levied and collected upon all taxable property within said district sufficient to pay the princi- pal of and the interest on said bonds as the same fall due, all as provided in the County Water District Law, being Division XII of the Water Code of the State of California. All moneys derived from such tax and all other moneys allo- cated and designated for the payment of said bonds and the interest thereon shall be placed in a fund of the district designated "YORBA LINDA COUNTY WATER DISTRICT, WATERWORKS BONDS, ELECTION 1959s SERIES A, 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 6. The bonds maturing on or prior to March 1, 1985, shall not be subject to call or redemption prior to maturity. The bonds maturing on or after March 1, 1986, or any of them, may be called before maturity and redeemed at the option of the Board of Directors of the district on March 1, 1970, or on any interest payment date thereafter prior to matur- ity, at a redemption price equal to the principal amount thereof, plus 1/4 of 1% of such principal amount for each whole twelve months' period and for any remaining fraction of a twelve months' period from the date fixed for redemption to the matur- ity date of such bond, but the redemption price, including premium payable at any time upon redemption, shall not exceed 104% of such principal amount. 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 bonds shall be redeemed only in inverse order of maturity and number beginning with the highest numbered bond. The interest 7. payment date on which bonds which are called are to be presented for redemption is hereinafter sometimes called the "redemption date." Section 7. Notice of the intended redemption shall be published by two (2) publications in a newspaper of general circulation in the County of Orange, California, 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. The notice of redemption shall (a) state the redemption date; (b) state the redemp- tion price; (c) state the numbers and dates of maturity of the bonds to be redeemed, provided, however, that when- ever any call includes all of the bonds of a maturity, the numbers of such maturity need not be stated; (d) require that such bonds be surrendered with all interest coupons maturing subsequent to the redemption date at the office of the district, Yorba Linda, California, or, at the option of the holder, at the main offices of Bank of America National Trust and Savings Association in Los Angeles and San Francisco, California, or at any fiscal agency of said district in the City of New York, New York, or in the City of Chicago, Illinois; (e) require that bonds 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. 8. If any of the bonds designated for redemption shall be registered so as to be payable otherwise than to bearer, the Auditor of the district shall, on or before the date of the first publication of said notice of redemp- tion, mail a similar notice, postage prepaid, to the respec- tive 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 Auditor of the district. A eertift- cate by said Auditor 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 redemption may object thereto or object to the cessation of interest on the redemp- tion 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 "YORBA LINDA COUNTY WATER DISTRICT, WATERWORKS BONDS, ELECTION 1959, SERIES A, REDEMPTION FUND," and prior to the publication of the notice of a redemp- tion there must be set aside in said Redemption Fund moneys 9. available for the purpose and sufficient to redeem, at the premiums payable as in this resolution provided, the bonds designated in such notice of redemption. Said moneys must be set aside in said fund solely for that purpose and shall be applied on or after the redemption date to payment (principal and premium) 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 presentation and surrender thereof. Each bond pre- sented must have attached thereto or presented therewith 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 (principal and premium) 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 presentation and surrender of said bonds and all interest 10. coupons maturing 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 and the premium thereon only to said Redemption Fund. All bonds redeemed and all interest coupons thereof shall be cancelled forth- with by the Auditor 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 9th day of December, 1959. (o s e o 5r bra n a County Water District and of the Board of Directors thereof. 11. I + y STATE OF CALIFORNIA ss. COUNTY OF ORANGE I, VALDO Y. SMITH , Secretary of the Board of Directors of Yorba Linda County Water District, Orange County, California , DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Board of Directors of said district at a regular meeting of said Board held on the n~th day of December , 19 59, and that it was so adopterby the following vote: AYES : Directors Mr. Crist r Mr_ Wager . tom- _ Nj .Imoe, Mr. Hastings, Mr. Clodt NOES: Directors None ABSENT: Directors None "ji (SEAL) Secretary/of' orba Linda C_ou~nty Water District and of~ oara o=rectors thereof. 12. RUTAN, LINDSAY, DAHL,SMEDEGAARD, HOWELL S TUCKER A. W. RUTAN W.. K. LINDSAY MILFORD W. DAHL NORMAN H. SMEDEGAARD H. RODGER HOWELL JAMES B. TUCKER WARREN SIKORA GARVIN F. SHALLENBERGER WILLIAM B. HARMON JAMES R. MOORE HERBERT W. WALKER PHILIP J. REILLY WARREN FINLEY ATTORN EYS AT LAW January 4, 1960 ORANGE COUNTY LAW BUILDING 401 WEST EIGHTH STREET SANTA ANA,CALIFORNIA KIMBERLY 3-9411 CABLE ADDRESS ORLAW Mr. Valdo Smith Yorba Linda County Water District 4866 S. Olinda Yorba Linda, California Mr. Smith: With reference to Resolutions Nos. 16 and 17 - we are enclos- ing a new page 7 to be inserted in Resolution No. 16 and the old page 7 destroyed. On page 2 of Resolution No. 16, the last line thereof, is to remain "seven per cent (7%)". In Resolution No. 17, however, on page 4, under "Interest", this is to read "not to exceed 60". Also, in Resolution No. 17, under "Terms of Sale", this is to read "not exceed 6%". Also in this same paragraph, the next sentence should read: "Each rate bid must be a multiple of 1/8 or 1/20 of l%". As I believe you wanted to keep the Reso'ns in your possess- ion, I am giving you these changes so that you may make them in the copies which you have. If you have any questions, please call me. Very truly our M. Watson Secretary to Mr. Howell MW Enc 1.