Loading...
HomeMy WebLinkAbout85-97 - ResolutionsRESOLUTION N0.85-97 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF BONDS PURSUANT TO THE "IMPROVEI~ENT BOND ACT OF 191 5" IaIEREAS, the City Council of the City of Rancho Cucamonga, California, has heretofore undertaken proceedings pursuant to the '~unicipal Improvement Act of 1913", being Division 12 of the Streets and Righways Code of the State of California, and has confirmed assessments upon lands within a special assessment district described in a Resolution of Intention previously adopted for said improvements, said special assessment District known and designated as ASSESSMENT DISTRICT NO. 84-2 (ALTA LOMA CHANNEL IMPROVEMENTS) (hereinafter referred to as the '~ssessment District")i and WHEREAS, said proceedings provided for the issuance of bonds pursuant to the "Improvement Bond Act of 1915', being Division 10 of the Streets and Highways Code of the State of California, and it is necessary to establish terms and provisions of such issuance; and WHEREAS, the final unpaid balance to assessment, as well as the denomination and amounts to mature each year, cannot be determined until following the 30-day cash collection period after the recordation of said assessment; and WHEREAS, there has now been presented for consideration by this legislative body an Information for Bidders Document containing information including but not limited to the Assessment District and the type of bonds, including terms and conditions thereof. NOH, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: SECTION 1: That the above recitals are all true and correct. SECTION 2: Unvaid Assessments. The Treasurer shall, immediately upon the cempletion of the 30-day cash collection period, determine the assessments which are unpaid and the aggregate amount thereof as authorized by Section 8621 of the Streets and Highways Code of the State of California. SECTION 3: ReRistered Bonds. Said bonds shall be issuable only as fully registered bonds in the denomination of $5,000, or any integral multiple thereof, except for one bond maturing in the first year of maturity, which shall include the amount by which the total issue exceeds the maximum integral multiple of $5,000 contained therein. SECTION 4: Date of Bonds. All of said bonds shall be dated the 2nd day of May, 1985, and interest shall accrue from that date. SECTION 5: Maturity and Denomination. The bonds shall be issued in serial form with annual maturities on July 2nd of every year succeeding the first ten (10) months after their date, until the whole is paid. The amount maturing each year shall be such as to result in approximately equal annual debt service during the term of the issue as reflected by the interest rate and/or rates and principal amounts maturing in the respective years of maturity, and the Treasurer or designated Registrar shall, immediately upon completion of the cash collection period, prescribe the denominations of the bonds, which shall be in convenient amounts, not necessarily equal, and shall further provide for their issuance and delivery. Resolution No. 85-97 Page 2 SECTlOB 6: Interest. Each bond shall be of a single maturity and shall bear interest at the rate as set forth in the accepted bid proposal for said bonds frc~n the interest payment date next preceding the date on which it is authenticated and registered, unless said bond is authenticated and registered as of an interest payment date, in which case it shall bear interest from said interest payment date, or unless said bond is authenticated and registered prior to the first interest payment date, in which case it shall bear interest from its date, until payment of its principal stma has been discharged. SECTION 7: Place of Payment. The principal and interest on the bonds shall be payable in lawful money of the United States of America at the office of the Treasurer, or such paying agent as may be designated by Resolution of the legislative body. Principal and interest on said bonds shall be paid by check or draft to the registered owner thereof at his address as it appears on the books of registration, or at such address as may have been filed with the Treasurer for that purpose, as of the 15th day immediately preceding said interest payment date. SECTION 8: Redemntion. This bond or a portion thereof if issued in a denomination greater than $5,000, shall be subject to redemption and payment in advance of maturity in increments of $5,000 as provided in Section 8768 of the Streets and Highways Code, on the 2nd day of January or July in any year, by giving the notice provided in said law to the registered owner thereof at his address as it appears on the books of registration and by paying principal of and accrued interest on such redeemed amount, together with a premium equal to five percent (51) of the redeemed principal amount. If less than the entire bond is redeemed, the unredeemed portion shall be reissued to the registered owner thereof. SECTION 9: Transfer of ReRistered Bonds. Any fully registered bond may, in accordance with its terms, be transferred upon the books of registration required to be kept pursuant to the provisions of Section 11 by the owner in whose name it is registered, or by his duly authorized attorney or legal representative, upon surrender of such fully registered bond for registration of such transfer, accompanied by delivery of a written instrument or transfer in a form approved by the Treasurer and by the owner of said bonds, duly executed. The Treasurer shall require the payment by the bondholder requesting such transfer of any tax or other governmental charge required to be paid with respect to such transfer and such charges as provided for in the system of registration for registered debt obligations. No transfer of fully registered bonds shall be required to be made during the fifteen (15) days next preceding each interest payment date. SECTION 10: Exchange of ReRistered Bonds. Fully registered bonds may be exchanged at the office of the Treasurer, or designated transfer agent/registrar, for a like aggregate principal amount of bonds of the same series, interest rate and maturity, subject to the terms and conditions provided in the system of registration for registered debt obligations, including the payment of certain charges, if any, upon surrender and cancellation of this bond. Upon such transfer and exchange, a new registered bond or bonds of any authorized denomination or denominations of the same maturity for the same aggregate principal amount will be issued to the transferee in exchange therefor. SECTION 11: Books of ReKistration. There shall be kept by the Treasurer sufficient books for the registration and transfer of the bonds and, upon presentation for such purpose, the Treasurer shall, under such reasonable regulations as it may prescribe, register or transfer or cause to be registered or transferred, on said register, bonds as hereinbefore provided. Resolution No. 85-97 Page 3 SECTION 12: Execution of Bonds. The bonds shall be executed in facsimile_ by the Treasurer and by the City Clerk, and the corporate seal shall be imprinted in facsimile on the bonds. The bonds shall then be delivered to the transfer agent and registrar, for authentication and registration. In case an officer who shall have signed or attested to any of the bonds by facsimile or otherwise shall cease to be such officer before the authentication, delivery and issuance of the bonds, such bonds nevertheless may be authenticated, delivered and issued, and upon such authentication, delivery and issue, shall be as binding as though those who signed and attested the same had remained in office. SECTION 13: Authentication. Only such of the bonds as shall bear thereon a certificate of authentication substantially in the form below, manually executed by the transfer agent and registrar, shall be valid or obligatory for any purpose or entitled to the benefits of this Resolution, and such certificate of the transfer agent and registrar shall be conclusive evidence that the bonds so authenticated have been duly executed, authenticated and delivered hereunder, and are entitled to the benefits of this Resolution. FORM OF CERTIFICATE OF AUTHENTICATION AND REGISTRATION This bond has been authenticated and registered on BANK OF AMERICA NT & SA as Transfer Agent and Registrar By: SECTION 14: NeEotiabilitv. ReEistration and Transfer of Bonds. The transfer of any bond may be registered only upon such books of registration upon surrender thereof to the transfer agent and registrar, together with an assignment duly executed by the owner or his attorney or legal representative, in satisfactory form. Upon any such registration of transfer, a new bond or bonds shall be authenticated and delivered in exchange for such bond, in the name of the transferee, of any denomination or denominations authorized by this Resolution, and in an aggregate principal amount equal to the principal amount of such bond or principal amount of such bond or bonds so surrendered. In all cases in which bonds shall be exchanged or transferred, the transfer agent and registrar shall authenticate at the earliest practical time, bonds in accordance with the provisions of this Resolution. All bonds surrendered in such exchange or registration transfer shall forthwith be cancelled. The legislative body may make a charge for every such exchange or registration of transfer of bonds sufficient to reimburse it for any tax or other governmental charge required to be paid with respect to such exchange or registration of transfer. The transfer agent and registrar shall not be required to make such exchange or registration of transfer of bonds during the fifteen (15) days immediately preceding any January 2nd or July 2nd. SECTION 15: Ownershin of Bonds. The person in whose name any bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal and redemption premium, if any, of any such bond, and the interest on any such bond, shall be made only to or upon the order of the registered owner thereof or his legal representative. all such payments shall be valid and effectual to satisfy and discharge the liability upon such bond, including the redemption premium, if any, and interest thereon, to the extent of the sum or sums so paid. Resolution No. 85-97 Page 4 SECTION 16: Mutilated, Destroyed. Stolen or Lost Bonds. In case any bond secured h~reby shall become mutilated or be destroyed, stolen or lost, the legislative body shall cause to be executed and authenticated a new bond of like date and tenor in exchange and substitution for and upon the cancellation of such mutilated bond or in lieu of and in substitution for such bond destroyed, stolen or lost, upon the owner's paying. the reasonable expenses and charges in connection therewith, and, in the case of a bond destroyed, stolen or lost, his filing with the legislative body of evidence satisfactory to it and to the Treasurer thereof that such bond was destroyed, stolen or lost, and of his ownership thereof, and furnishing the legislative body with indemnity satisfactory to it. SECTION 17: Cancellation of Bonds. All bonds paid or redeemed, either at or before maturity, shall be cancelled upon the payment or redemption of such bonds, and shall be delivered to the transfer agent and registrar when such payment or redemption is made. All bonds cancelled under any of the provisions of this Resolution shall be destroyed by the transfer agent and registrar, which shall execute a certificate in duplicate describin~ the bonds so destroyed, and shall retain said executed certificate in its permanent files for the issue. SECTION 18: Reserve Fund. The City hereby establishes and creates a special Reserve Fund to provide available monies from which the City can advance the amount of any delinquent installment on unpaid assessments levied in these proceedings into the Redemption Fund as a loan. This Reserve Fund shall not be funded in the bond issue, but shall be made available from lawful funds of the City. This Reserve Fund shall be held and maintained as a separate trust account, distinct from all other funds. The amount set aside as available monies shall equal ten percent (10~) of the par amount of bonds issued. For particulars as to the disposition and utilization of the special Reserve Fund, reference is made to the Notice of Sale of Improvement Bonds previously approved by this City for these proceedings. Upon the discharge of all assessments and bonds, any monies as set aside in the special Reserve Fund shall revert back to the City. SECTION 19: Improvement Fund. The proceeds from the sale of the bonds shall be placed in the fund hereby created, pursuant to Sections 10601 and 10424 of the California Streets and Highways Code, as amended, which shall be called the '~mprovement Fund", and the monies in said Fund shall be used only for the purposes authorized in said assessment proceedings. Any surplus in the Improvement Fund after completion of the improvements shall remain in the Improvement Fund for a period not less than two (2) years from the receipt of bond proceeds as provided in Section 10427.1 of the California Streets and Highways Code, and thereafter shall be utilized or distributed as determined by the legislative body. SECTION 20: Redemption Fund. Principal of and interest on said bonds shall be paid out of the Redemption Fund created pursuant to Section 8671 of the California Streets and Highways Code. Accrued interest paid by the purchaser of the bonds, if any, shall be deposited in the Redemption Fund. In all respects not recited herein, said bonds shall be governed by the provisions of the "Improvement Bond Act of 1915", Division 10 of the California Streets and Nighways Code, as amended. SECTION 21: Covenant to Foreclose. The legislative body hereby covenants that upon default of any assessment payment due, it will cause foreclosure proceedings to be brought within one hundred fifty (150) days of such default and thereafter diligently prosecute to completion such proceedings. SECTION 22: Order to Print and Authenticate Bonds. The Treasurer is hereby instructed to cause bonds, as set forth above, to be printed, and to proceed to cause said bonds to be authenticated and delivered to an authorized representative of the purchaser, upon payment of the purchase price as set forth in the accepted proposal for the sale of bonds. Resolution No. 85-97 Page 5 SECTION 23: Arbitrage Certificate. On the basis of the facts, estimates and circumstances now in existence and in existence on the date of issue of [he bonds, as determined by the Treasurer, said Treasurer is hereby authorized to certify that it is not expected that the proceeds of the issue will be used in a manner that would cause such obligations to be arbitrage bonds. Such certification shall be delivered to the purchaser together with the bonds. SECTION 24: Designation of Transfer A~ent. Paving A~ent and Registrar. The Bank of America NT & SA is hereby designated transfer agent, paying agent and registrar with respect to these proceedings and the bonds to be issued. SECTION 25: Information for Bidders Document. The Information for Bidders Document, as prepared and submitted, is hereby approved and adopted, and the execution and distribution is hereby authorized. A copy of said Information for Bidders Document shall be kept on file with the transcript of these proceedings and remain open for public inspection. PASSED, APPROVED, and ADOPTED this 20th day of March, 1985. ATTEST: Beverly A. Authelet, City Clerk I, BEVERLY A. AIITHELET, CITY CLERK of the City of Rancho Cucamonga, California, do hereby certify that the foregoing Resolution, being Resolution No. 85-97, was duly passed, approved, and adopted by the City Council, at a regular meeting of said City Council held on the 20th day of March, 1985, and that the same was passed and adopted by the following vote: AYES: Wright, Buquet, Mikeis, Dahl NOES: None ABSENT: King Executed this 21st day of March, 1985 at Rancho Cucamonga, California. e Authelet, City Clerk