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HomeMy WebLinkAbout1962-10-11 - Resolution No. 067RL:SOLV_PION NO. RESOLUTION OF THE BOARD OF DIRECTORS OF YORBA LINDA COUNTY WATER DISTRICT PROVIDING FOR THE ISSUANCE AND SALE OF BONDS OF SAID DISTRICT IN THE AMOUNT OF $230,000 FOR THE ACQUISI- TION AND CONSTRUCTION OF CERTAIN DISTRICT IMPROVEMENTS. WIIERE'AS, pursuant to r:.~oluGic)n adopted by the Board of Directors of Yorba Linda County Water District on A(:i ,ust 27, 1959, a special election was duly and regularly iiea d in Yorba Linda County Water District of Orange County, California, on September 29, 1959, at which election there was submitted to the qualified voter., of said distract the L'ol- lowing proposition, to wit: Dmli) PROPOSITION: Shall Yorba L•inJa County Water District incur a bonded indebtedne:~.3 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 nd distribution of water and the acquisition and (:onstruction of additions, betterments, replace- ments and extensions thereto, including reservoir.., pipelines, pumping stations, chlorination facili- ties and the reconstruction and rehabilitation of portions of said existing water facilities, tog~t; r with the acquisition of all works, water rights, lands, easements, pipe, pumps, valves, fitting.,, i;ieters, hydrants, machinery, apparatus, equipme a,, and oti~:~sr }~rop,7°t~;r nn~ ;,ar~f`or am of vhjL:KLAS, sari pvopositiori vecei.vua i;L(2 ari'ivwatl vote of n.ore than two-thirds of all of the qualified voters voting; at .paid election, and this Board is now authorized to issue bonds in the amount and for the purposes hereinabove specified; and and WHEREAS, this Board has heretofore sold $1,670,000 of said bonds, designated "WATERWORKS BONDS, ELECTION 1959, SERIES A," and WHEREAS, this Board of Directors deems it proper and the necessity therefor appears that the remainder of said bonds be issued in the form and manner as hereinafter provided, and that bids be invited for said bonds, and that if bids are satisfactory said bonds be sold in the manner and at the time and place hereinafter set forth; NOW, THEREFORE, the Board of Directors of Yorba Linda County Water District DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: Section 1. That bonds of Yorba Linda County Water District of Orange County, California, in the principal sum of $230,000 be issued and sold for the purposes set forth in the bond proposition in the recitals hereof. Said bonds shall be designated "WATERWORKS BONDS, ELECTION 1959, SERIES B," shall be two hundred thirty in number, numbered 1 to 230, both inclusive, and shall be of the denomination of $1,000 each. Said bonds shall be dated September 1, 1962, and shall mature and be payable in consecutive numerical order on September 1 in the amounts for each of the several years as follows: Years of Principal Maturity Amount 1966 - 1979 $5,000 1980 - 1995 10,000 Said bonds shall bear interest at a rate or rates to be here- after fixed but not to exceed six per cent (6%) per annum, payable annually for the first year on September 1, 1963, and semiannually thereafter on the first days of March and September of each year. Said bonds and the interest thereon shall be payable 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 Association in Los Angeles and San Francisco, California, or at any paying 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. Said bonds will be coupon bonds registrable only as to both principal and interest. Section 2. That the President of this Board and the Auditor of said district are hereby authorized and directed to sign all of said bonds by their printed, lithographed or engraved facsimile signatures, and the Secretary of this Board is hereby authorized and directed to countersign said bonds and affix thereto the seal of said district, and the said Auditor of the district is hereby authorized and directed to sign the interest coupons affixed to said bonds by his printed, lithographed or engraved facsimile signature, and to number said interest coupons affixed to each of said bonds consecutively. 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 BONDS, ELECTION 1959 SERIES B No. $1,000 YORBA LINDA COUNTY WATER DISTRICT, a public corporation situated in the County of Orange, State of California, and organized and existing under the laws of the State of California, FOR VALUE RECEIVED, promises to pay to the bearer hereof the sum of ONE THOUSAND DOLLARS ($1,000) on the first day of September, 19 with interest thereon at the rate of per cent ( per annum, payable semiannually on the first days of March and September of each and every year from the date hereof until this bond is paid, except that interest for the first year shall be payable in one installment at the end of said year, on presentation and surrender of the respective interest coupons hereto attached. Both principal and interest are payable 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 Association in Los Angeles and San Francisco, California, or at any paying 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. Unless this bond matures on or prior to September 1, 1985, it is redeemable prior to maturity in accordance with the provisions for redemption endorsed hereon. 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 supple- mentary 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 vot- ing at an election duly and regularly called, held and conducted in said district on September 29, 1959. 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, said Yorba Linda County Water District has caused this bond to be signed by the President of its Board of Directors and the Auditor of said district by their facsimile signatures, and countersigned by the Secretary of said Board, and sealed with the corporate seal of said district, and has caused the interest coupons hereto attached to be signed by the facsimile signature of the Auditor of said district, and has caused this bond to be dated this first day of September, 1962. President of the Board of Directors of Yorba Linda County Water District Auditor of the Yorba Linda County Water District COUNTERSIGNED: Secretary of Directors of County Water (SEAL) the Board of Yorba Linda District 5. (COUPON FORM) On the f'irst day of YORBA LINDA COUNTY WATER DISTRICT, 19 Orange County, California, will pay to the bearer hereof at the Coupon No. office of the 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 paying 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 WATERWORKS BOND, ELECTION 1959, SERIES B No. Dated September 1, 1962. Auditor of Yorba Linda County Water District (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) Unless this bond matures on or prior to September 1, 1985, it is redeemable in the manner and subject to the terms and provisions, and with the effect, set forth in Resolution No. at the option of the Board on September 1, 1977, or on any interest pay- ment date thereafter prior to maturity, upon at least thirty (30) days' prior notice in a newspaper of general circulation in the county in which the office of the district is situated, 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 a premium of 1/4 of 1% of the principal amount for each 12-month period or fraction thereof remaining between the date of redemption and the maturity date of bond called for redemption, but not to exceed 104% of the principal amount. 6. Section 4. That the proceeds of the sale of said bonds, except the premium and accrued interest, if any, shall forthwith be placed in a fund of said district hereby created and designated "WATERWORKS BONDS, ELECTION 1959, SERIES B, 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 Yorba Linda County Water District. If the Yorba Linds County Water 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 it becomes due, an annual tax shall be levied and collected upon all taxable property within said district sufficient to pay the interest on said bonds as the same falls due and also to constitute a sinking fund for the payment of the principal of said bonds on or before maturity, 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 allocated and designated for the payment of said bonds and the interest thereon including the premium and accrued interest, if any, received from the sale of said bonds shall be placed by the Auditor of the district in a fund of the district designated "WATERWORKS BONDS, ELECTION 1959, SERIES B, INTEREST AND REDEMPTION FUND," and until all of said bonds, and all interest thereon, has been fully paid the moneys in said fund shall be used for no other purpose than the payment of the bonds and the interest thereon. Section 6. The bonds maturing on or prior to September 1, 1985, shall not be subject to call or redemption prior to maturity. The bonds maturing on or after September 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 September 1, 1977, or on any interest payment date thereafter prior to maturity at a redemption price for each redeemable bond equal to the principal amount thereof, plus a premium of 1/4 of if of the principal amount for each 12-month period or fraction thereof remaining between the date of redemption and the maturity date of bond called for redemption, but not to exceed 104% of the 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 maturity and number beginning with The interest payment date on which to be presented for redemption is the "redemption date." only in inverse order of the highest numbered bond. bonds which are called are iereinafter sometimes called Section 7. Notice of the intended redemption shall be published by two (2) publications in a newspaper of general circulation in the county in which the office of the district is situated 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 8. redemption date; (b) state the redemption price; (c) state the numbers and dates of maturity of the bonds to be redeemed, provided, however, that whenever 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 or at the main offices of Bank of America National Trust and Savings Association in Los Angeles and San Francisco, California, or at any paying 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; (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. 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 redemption, mail a similar notice, postage prepaid, to the respective registered owners thereof at the addresses appearing on the bond registry books. 9• 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 certificate 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 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 by the Auditor of the district a redemption fund to be described or known as "WATERWORKS BONDS, ELECTION 1959, SERIES B, REDEMPTION FUND," and prior to the redemption date there must be set aside in said Redemption Fund moneys 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 10. 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 Redemption Fund provided for herein upon presenta- tion and surrender thereof. Each bond presented must have at- tached 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 refund- ing 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 neces- sary for the redemption of the bonds called for redemption (prin- cipal and premium) is set aside for that purpose in the Redemp- tion 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 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 11. notice, and the holders of said bond:, so called cor l'dr-nihtion ~tc:rucil r:~dc~l;:~tion date shall look for the payment of such uo lct.> L'U'1 i ul,i-. pl'~~lniums thereon only to said Redemption Fund. All bonds redeemed and all interest coupons thereof shall b(2 cane ,lled 1'ortiik~jlth and not, be ve_i.ssuf:~d. Ail interest coupons pertaining to any redeemed bonds, tiairi ch coupons have matured on or prior to the tiiile fixed for redemption, shall continue to be payable to the c; r,cct_i v holder.,; t l reo ' but haitllout i_rlter. csl tiler on. A1.1 u1111-)aid _ n ;e:re, t payable at or p.oloro t,o trl(e date fixed i'or• pedemp- tion upon bonds registered in such manner that the interest is payable only to the registered owners shall continue to be payak)l_s: to the respective registered owners of such bonds, or their order, Bdlthout 1f1tC?T'C'E_,t thc-,r,;'orl. Section 10. That sealed proposals for the purcha e oi' 230,000 bonds be received by this Board of Directors at itc iieeting place, District Office, 4866 South Olinda Street, Yori,a Linda, California, up to the hour of 11:00 o'clock A.M. on November 14, 1962. S,-,ction it. `fhut the Secretary of this Board is authorized and directed to puwlish notice inviting such sea:iL'd proposals once in the YORBA LINDA STAR, a newspaper of general circulation, circulated within said district, said publication to be at least ten (10) days prior to the date of opening bids t '.~.t d _il 1i.d t10t L!: r; . 1. Section 12. That the Secretary of this Board is hereby authorized and directed to cause to be furnished to prospective bidders copies of the notice inviting proposals and of an official statement relating to the properties, operations and finances of said district, but failure in whole or in part to comply with this section shall not in any manner affect the validity of the sale. Section 13. That said notice shall be substantially as follows; 13. NOTICE INVITING BIDS ON $230,000 GENERAL OBLIGATIONS BONDS OF YORBA LINDA COUNTY WATER DISTRICT. NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of $230,000 par value general obligation bonds of YORBA LINDA COUNTY WATER DISTRICT of Orange County, California, will be received by the Board of Directors of said district at the place and up to the time below specified: TIME: November 14, 1962 11:00 o'clock A.M. PLACE: Office of the District, 4866 South Olinda Street Yorba Linda, California MAILED BIDS: Mailed bids should be addressed to: Yorba Linda County Water District 4866 South Olinda Street Yorba Lin,'-, California ISSUE: a230,000 consisting of 230 bonds, numbered 1 to 230 both inclusive, of the denomination of $1,000 each, all dated September 1, 1962, and designated "WATERWORKS BONDS, ELECTION 1959, SERIES B.11 14. • Dist. Bonds - Notice Inviting Bids MATURITIES: The bonds will mature in consecutive numerical order on September 1 of the several years as follows: Years of Maturity 1966 - 1979 1980 - 1995 in the amounts for each Principal Amount $5,000 10,000 INTEREST: The bonds shall bear interest at a rate or rates to be fixed upon the sale thereof but not to exceed 6 % per annum, payable annually the first year and semiannually thereafter. PAYMENT: Said bonds and the interest thereon are payable 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 Association in Los Angeles and San Francisco, California, or at any paying 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. 15. REGISTRATION: The bonds will be coupon bonds registrable only as to both principal and interest. CALLABLE: The bonds maturing on or prior to Septem- ber 1, 1985, shall not be subject to call or redemption prior to maturity. The bonds maturing on or after Septem- ber 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 September 1, 1977, or on any interest payment date thereafter prior to maturity at a redemption price for each redeemable bond equal to the principal amount thereof, plus a premium of 1/4 of 1% of the principal amount for each 12-month period or fraction thereof remaining between the date of redemption and the maturity date of bond called for redemption, but not to exceed 104% of the 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 payment date on which bonds which are called are to be presented for redemption is hereinafter sometimes called the "redemption date." 16. • PURPOSE OF ISSUE: Said bonds were authorized for the purpose of the acquisition and construction of works, property, rights, and privileges useful or necessary to convey, supply, store, or make use of water for any district purpose. SECURITY: Said bonds are issued pursuant to the County Water District Law, being Division XII of the Water Code of the State of California. Under said law, except to the extent that payments may be made from revenues, an annual tax shall be levied and collected upon all taxable property within said district sufficient to pay the interest on said bonds as the same falls due. 17. Dist.Bondk/Notice Inv. Bids. Q.O. TERNS OF SALE Interest Rate: The maximum rate bid may not exceed 6 % per annum, payable annually the first year and semi- annually thereafter. Each rate bid must be a multiple of 1/20 of 1%. No bond shall bear more than one interest rate, and all bonds of the same maturity shall bear the same rate. Only one coupon will be attached to each bond for each in- stallment of interest thereon, and bids providing for addi- tional or supplemental coupons will be rejected, ZDUVJSUBk The repetition of any rate will not be considered the bidding of an additional rate. The rate on any maturity or group of maturities shall not be more than 1-1/2 % higher than the interest rate on any other maturity or group of maturities. Award: The bonds shall be sold for cash only. All bids must be for not less than all of the bonds hereby offered for sale and each bid shall state that the bidder offers par and accrued interest to the date of delivery, the premium, if any, and the interest rate or rates not to exceed those speci- fied herein, at which the bidder offers to buy said bonds. Each bidder shall state in his bid the total net interest cost in dollars and the average net interest rate determined there- by, which shall be considered informative only and not a part of the bid. Highest Bidder: The bonds will be awarded to the highest responsible bidder or bidders considering the interest rate or rates specified and the premium offered, if any. The highest bid will be determined by deducting the amount of the premium bid (if any) from the total amount of interest which the district would be required to 16. Dist. Ronda - Notioo loviting Bids • pay from the date of said bonds to the respeotive maturity dates thereof at the coupon rate or rates specified in the bid and. the award will be made on the basis of the lowest of interest cost to the district. The purchaser must pay accrued interest (computed on a 360-day year basis) from the date of the bonds to the date of delivery. The coat of printing the bonds will be borne by the district. Right of Rejectiono The district reserves the right, in its discretion, to reject any and all bids and, to the extent not prohibited by law, to waive any irregu- larity or informality in any bid. Prompt Award; The district will take action award- ing the bonds or rejecting all bids not later than twenty- six (26) hours after the expiration of the time herein pre- scribed for the receipt of proposals; provided that the award may be made after the expiration of the specified time if the bidder shall not have given to said board notice in writing of the withdrawal of such proposal. Place of Delivery.- Delivery of said bonds will be made -to the successful bidder at Jeffries Banknote Company, 117 Winston Street, Los Angeles, California, or at any other place agreeable to both the Auditor of said district and the successful bidder. Prompt Delivery, Cancellation for Late Deliveyy It is expected that said bonds will be delivered to the sucoeseful bidder within thirty days from the date of sale thereof. The successful bidder shall hove the right, at his option, to cancel the contract of purchase if the Dist. Bonds - Notice Inviting Bids district shall fail to execute the bonds and tender them for delivery within sixty days from the date of the sale thereof, and in such event the successful bidder shall be entitled to the return of the deposit accompanying his bid. Form of Bid: Each bid, together with the bid check, must be in a sealed envelope, addressed to the dis- trict, with the envelope and bid clearly marked: "PROPOSAL FOR YORBA LINDA COUNTY WATER DISTRICT, WATERWORKS BONDS, ELECTION 1959, SERIES B." Bid Check: A certified or cashier's checkl?n a responsible bank or trust company in the amount of of the principal amount of, the bonds, payable to the order of the district, must accompany each proposal as a guaranty that the bidder, if successful, will accept and pay for said bonds in accordance with the terms of his bid. The proceeds of the check accompanying any accepted proposal shall be applied on the purchase price or, if such proposal is accepted but not performed, unless such failure of performance shall be caused by any act or omission of the district, shall then be retained by the district. The check accompanying each unaccepted proposal will be returned promptly. Change in Tax Exempt Status: At any time before the bonds are tendered for delivery the successful bidder may disaffirm and withdraw the proposal if the interest re- ceived by private holders from bonds of the same type and character shall be declared to be taxable income under present federal income tax laws, either by a ruling of the 20. Diet. Bonds - Notice Inviting Bids Bureau of Internal Revenue or by a decision of any federal court, or shall be declared taxable by the terms of any federal income tax law enacted subsequent to the date of this notice. Legal Opinions The unqualified opinion of O'Melveny & Myers, attorneys, approving the validity of said bonds will be furnished the successful bidder at or prior to the date of delivery of the bon de, at the expense of the district. appropriate A copy of such opinion, certified by an/officer of the district by his facsimile signature will be printed on the back of each bond unless the purchaser requests that such printed copy be omitted. No charge will be made to the purchaser for such printing or certification. No Litigation Certificate: At the time of payment for and delivery of said bonds the district will furnish the successful bidder a certificate that there is no liti- gation pending affecting the validity of the bonds. INFORMATION AVAILABLE: Requests for information concerning the district should be addressed to STONE & YOUNGBERG 1314 Russ Building 235 Montgomery Street San Francisco 4, California GIVEN by order of the Board of Directors of YORBA LINDA COUNTY WATER DISTRICT adopted on October 11 , 19 62 , VALDO Y. SMITH Secretary of the Board of Directors of Yorba Linda County Water District 21. ADOPTED, SIGNED AND APPROVED this 11th day of ctober ATTEST : 1 ;Y',17 t Y~~t Secretary of the Board of Directors of Yorba Linda County Water District (SEAL) STATE OF CALIFORNIA ss. COUNTY OF ORANGE President of the `$oa Directors of Yorba Linda County Water District I, VALDO Y. SMITH, Secretary of the Board of Directors of YORBA LINDA COUNTY WATER DISTRICT, DO HEREBY CERTIFY that the above and foregoing resolution was duly adopted by the Board of Directors of said district at a regular meetin of said Board held on the lltn- day of October 1962, and that it was so adopted by the following vote: AYES: Directors:R.Hastings, R. McGuire, M. Wagner R. Milmoe, and F. Clodt. NOES: Directors: None ABSENT: Directors: None Secretary f Yorba Linda County Water District and of the Board of Directors (SEAL) thereof. 1962. STATE OF CALIFORNIA ss. COUNTY OF ORANGE I, VALDO Y. SMITH, Secretary of the Board of Directors of Yorba Linda County Water District, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. 67 of said Board, and that the same has not been amended or repealed. DATED: October 11 , 1962. , ~V I , I ~ Secretary o Yorba Linda County Water District and of the Board of Directors (SEAL) thereof.