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HomeMy WebLinkAboutReso. 1990-394 - Amending resolution No. 90-356 411 RESOLUTION NO. RESOLUTION AMENDING RESOLUTION NO. 90-356, RESOLUTION AUTHORIZING ISSUANCE OF BONDS CLOVER CREEK SEWER ASSESSMENT DISTRICT NO. 1987-2 The City Council of the City of Redding resolves: On July 17, 1990, this Council adopted Resolution No. 90- 356, Resolution Authorizing Issuance of Bonds in Clover Creek Sewer Assessment District No. 1987-2, City of Redding, Shasta County, California. Said Resolution No. 90-356, Resolution Authorizing Issuance of Bonds, is hereby amended as follows: 1. Section 6 is hereby amended to read as follows: Section 6. PAYMENT ON BONDS. The principal and interest on the bonds shall be payable at the office of Bankers Trust Company of California, National Association, 50 Fremont Street, 10th,Floor, San Francisco, California 94105. Principal and interest shall be paid by check, draft or warrant mailed to the registered owner of each bond at the owner's address appearing on the register maintained by the registrar on the 15th day of the month preceding the date of interest payment or maturity of each bond. 2 . A new Section 7 is added to read as follows: Section 7. REDEMPTION. Each bond, or any portion thereof in the amount of the bond denomination ($5, 000) or any integral multiple thereof, outstanding may be redeemed and paid in advance of maturity upon any interest payment date in any year by '' ' giving at least 30 days notice and by paying the principal amount •`RIG J1 NAL '�a • • thereof together with the redemption premium, if any, plus interest to the date of advanced maturity, unless sooner surrendered, in which event said interest will be paid to .the date of payment, all in the manner and as provided in the bond law. The redemption premium is the percent of the principal amount of the bonds to be redeemed shown below: Redemption Date Redemption Premium Prior to September 2, 1995 3% September 2, 1995 and March 2, 1996 2% September 2 , 1996 and March 2, 1997 1% September 2, 1997 and thereafter 0% The City Treasurer shall cause to be called for redemption and retire bonds upon prepayment of assessments in amounts sufficient therefor, or whenever sufficient surplus funds are available therefor in the redemption fund. In selecting bonds for retirement, bonds of the various annual maturities shall be chosen pro rata among maturities and by lot within any maturity in a manner intended to disturb as little as possible the relationship of unpaid assessment installments to debt service on bonds outstanding. 3 . The remaining Sections (Sections 7 to 8.3, inclusive) are hereby renumbered for one number higher. 4. Exhibit A to Resolution No. 90-356, Resolution Authorizing Issuance of Bonds, is hereby amended and is attached as Exhibit A to this resolution. 2 • • I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the City Council of the City of Redding, Shasta County, California, at a regular meeting thereof, held on the 7th day of August, 1990. AYES: COUNCILMEMBERS Dahl , Fulton, Moss, Buffum NOES: COUNCILMEMBERS None ABSENT: COUNCILMEMBERS Arness ETHEL A. NICHOLS, City Clerk, City of Redding, Shasta County, California By � c? 3 s • United States of America State of California County of Shasta REGISTERED REGISTERED Number LIMITED OBLIGATION IMPROVEMENT BOND CITY OF REDDING CLOVER CREEK SEWER ASSESSMENT DISTRICT NO. 1987-2 SERIES NO. 1987-2 INTEREST RATE MATURITY DATE BOND DATE CUSIP NUMBER August 28, 1990 REGISTERED OWNER: PRINCIPAL SUM: DOLLARS Under and by virtue of the Improvement Bond Act of 1915, Division 10 (commencing with Section 8500) , of the Streets and Highways Code, (the "Act") , the City of Redding, County of Shasta, State of California, (the "City") , will, out of the redemption fund for the payment of the bonds issued upon the unpaid portion of assessments made for the acquisition, work and improvements more fully described in proceedings taken pursuant to Resolution of Intention No. 89-48, adopted by the City Council of the City of Redding on the 7th day of February, 1989, pay to the registered owner stated above or registered assigns, on the maturity date stated above, the principal sum stated above, in lawful money of the United States of America and in like manner will pay interest from the interest payment date next preceding the date on which this Bond is authenticated, unless this Bond is authenticated and registered as of an interest payment date, in which event it shall bear interest from such interest payment date, or unless this Bond is authenticated and registered prior to March 2 , 1991, in which event it shall bear interest from its date, until payment of such principal sum shall have been discharged, at the rate per annum stated above, payable semiannually on March 2 and September 2 in each year commencing on March 2, 1991. Both the principal hereof and redemption premium hereon are payable at the principal corporate trust office of Bankers Trust Company of California, National Association, or its successor, as Transfer Agent, Registrar and Paying Agent, in San Francisco, California, and the interest hereon is payable by check or draft mailed to the owner hereof at the owner' s address as it appears on the registration books of the Bank, or at such address as may have been filed with the Bank for that purpose, as of the fifteenth day of the month preceding each interest payment date. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH IN THE REVERSE SIDE HEREOF WHICH SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH HEREIN. EXHIBITA : , • • This Bond will continue to bear interest after maturity at the rate above stated, provided, it - is presented at maturity and payment thereof is refused upon the sole ground that there are not sufficient moneys in said redemption fund with which to pay same. If it is not presented at maturity, interest thereon will run until maturity. This Bond shall not be entitled to any benefit under the Act or the Resolution Authorizing Issuance of Bonds (the "Resolution of Issuance") , or become valid or obligatory for any purpose, until the certificate of authentication and registration hereon endorsed shall have been dated and signed by the Bank. IN WITNESS WHEREOF, said City of Redding has caused this Bond to be signed in facsimile by the City Treasurer of said City and by its Clerk, and has caused its corporate seal to be reproduced in facsimile hereon all as of the 28th day of August, 1990. CITY OF REDDING Clerk Treasurer (SEAL) CERTIFICATE OF AUTHENTICATION AND REGISTRATION This is one of the Bonds described in the within mentioned Resolution of Issuance, which has been authenticated and registered on BANKERS TRUST COMPANY OF CALIFORNIA, NATIONAL ASSOCIATION as paying agent, transfer agent and registrar By Authorized Officer 2 • 111 (REVERSE OF BOND) CITY OF REDDING CLOVER CREEK SEWER ASSESSMENT DISTRICT NO. 1987-2 ADDITIONAL PROVISIONS OF THE BOND This Bond is one of several annual series of bonds of like date, tenor and effect, but differing in amounts, maturities and interest rates, issued by the City of Redding under the Act and the Resolution of Issuance, for the purpose of providing means for paying for the improvements described in said proceedings, and is secured by the moneys in said redemption fund and by the unpaid portion of said assessments made for the payment of said improvements, and, including principal and interest, is payable exclusively out of said fund. This Bond is transferable by the registered owner hereof, in person or by the owner's attorney duly authorized in writing, at said office of the Bank, subject to the terms and conditions provided in the Resolution of Issuance, including the payment of certain charges, if any, upon surrender and cancellation of this Bond. Upon such transfer, 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. Bonds shall be registered only in the name of an individual (including joint owners) , a corporation, a partnership or a trust. Neither the City nor the Bank shall be required to make such exchange or registration of transfer of bonds during the period commencing with the 15th day of the month preceding any interest payment date and ending on said interest payment date. The City will not obligate itself to advance available funds from the City treasury to cure any deficiency which may occur in the bond redemption fund. A determination not to obligate itself shall not prevent the City from, in its sole discretion, so advancing funds. The City and the Bank may treat the registered owner hereof as the absolute owner for all purposes, and the City and the Bank shall not be affected by any notice to the contrary. This Bond or any portion of it in the amount of $5, 000 or any integral multiple thereof, may be redeemed and paid in advance of maturity upon the second day of March or September in any year by giving at least 30 days ' notice by registered or • S II certified mail or by personal service to the registered owner hereof at such owner' s address as it appears on the registration books of the Bank and by paying the principal amount thereof together with the redemption premium, if any, plus interest to the date of advanced maturity, unless sooner surrendered, in which event said interest will be paid to the date of payment, all in the manner and as provided in the bond law. The redemption premium is the percent of the principal amount of the bonds to be redeemed shown below: Redemption Date Redemption Premium Prior to September 2 , 1995 3% September 2 , 1995 and March 2, 1996 2% September 2 , 1996 and March 2, 1997 1% September 2 , 1997 and thereafter 0% I hereby certify that the following is a correct copy of the signed legal opinion of STURGIS, NESS, BRUNSELL & SPERRY a professional corporation, Emeryville, California, on file in my office. City Clerk 2