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HomeMy WebLinkAboutReso. 1984 - 222 - Resolution authorizing issuance of bonds westwood manor water assessment district no. 1982-9 111 RESOLUTION NO. 311-0Z-61).— RESOLUTION AUTHORIZING ISSUANCE OF BONDS WESTWOOD MANOR WATER ASSESSMENT DISTRICT NO. 1982-9 The City Council of the City of Redding resolves: Section 1. RECITALS . On January 3 , 1983 , the City Council of the City of Redding adopted its resolution of intention to order improvements in Westwood Manor Water Assessment District No. 1982-9 under the provisions of the Municipal Improvement Act of 1913 (the "Act" ) . Proceedings taken under the Act led to the levy of a special assessment by the City Council against parcels of land within the assessment district in the total amount of $296 ,800 . 00. These assessments were recorded in the office of the County Recorder of the County of Shasta on November 17; 1983, under Recorder ' s Serial No. 32916 and thereupon became a lien on each parcel assessed. The period within which parcel owners might pay their assessments in cash without interest has now expired, and there remain unpaid assessments in the total amount of $214 ,467. 71. Section 2 . ISSUANCE OF BONDS. The City Council hereby authorizes the issuance of improvement bonds under the provisions of the Improvement Act of 1911 to represent unpaid assessments. The bonds shall be designated, "Improvement Bonds , Westwood Manor Water Assessment District No. 1982-9 , City of Redding , Shasta County, California. Bonds shall be dated October 15 , 1984 . Section 3 . APPOINTMENT OF PAYING AGENT, REGISTRAR AND TRANSFER AGENT. The City Council hereby appoints the Treasurer O!A.IGINAL 1\1 • A M Z5i0 • of the County of Shasta as paying agent, registrar and transfer agent for the bonds in accordance with an agreement between the City and the County of Shasta. Section 4 . FORM AND EXECUTION. Bonds shall be issued as fully registered bonds in the form set forth as Exhibit A to this resolution. The bonds shall be signed by the City Treasurer and the seal of the City shall be affixed. Both signatures and seal may be reproduced on the bonds by facsimile, but upon its registration or reregistration each bond shall be authenticated by the manual signature of the registrar . The paying agent shall assign each bond authenticated and registered by it a distinctive letter , or number , or letter and number , and shall maintain a record thereof which shall be available to the City for inspection. Section 5 . ESTABLISHMENT OF SPECIAL FUNDS . For administering the proceeds of the sale of bonds and payment of interest and principal on the bonds , there are hereby established two funds to be known as the improvement fund and the redemption fund , respectively, for Westwood Manor Water Assessment District No. 1982-9 . Section 5. 1. IMPROVEMENT FUND. Proceeds of sale of the bonds , together with all amounts paid on the assessments prior to bond issuance , shall be deposited in the improvement fund to be maintained by the City Treasurer . Disbursements from the improvement fund shall be made by the City Treasurer in accordance with the budget of estimated costs and expenses set forth in the engineer ' s report heretofore approved by the City 2 • 0 • • Council, which report and budget are subject to modification by the City Council from time to time as prescribed by the Act. Section 5. 2. REDEMPTION FUND. The redemption fund shall be maintained by the County Treasurer . All payments of principal and interest installments on the assessments, together with penalties , if any, shall be deposited in the redemption fund, which shall be a trust fund for the benefit of the bondholders . Payment of bond principal installments or payment of bonds at redemption prior to maturity, or at redemption prior to maturity, and all interest on the bonds shall be made from the redemption fund. Section 6 . PAYMENT ON BONDS. The principal and interest on the bonds shall be payable at the office of the County Treasurer of Shasta County, Shasta County Courthouse, Redding, California 96001. 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 preceding the date of interest payment or maturity of each bond. Section 7. REREGISTRATION. Any bond may be registered to a new owner by completing the assignment certificate on the reverse of the bond and delivering the bond to the registrar . Section 8 . ARBITRAGE. During the term of the bonds , the City will make no use of bond proceeds which, if such use had been reasonably expected at the date the bonds are issued , would have caused the bonds to be "arbitrage bonds" within the 3 • • meaning of Section 103 (c) of the United States Internal Revenue Code of 1954 , as amended, and regulations of the Internal Revenue Service authorized thereby. Section 9. DELIVERY OF BONDS. This Council authorizes and directs the City Treasurer to deliver the bonds to the Pinal Water Company, in accordance with the Judgment rendered in the condemnation proceedings pertaining to the assets of the Company. Delivery of the bonds shall be accompanied by a cash deposit in an amount sufficient that the principal amount of bonds delivered and cash paid shall total $280 ,000 . 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 15th day of October , 1984 . AYES: Councilmembers Demsher, Fulton, Gard, & Kirkpatrick NOES: Councilmembers None ABSENT: Councilmembers None ABSTAIN: Pugh ETHEL A. NICHOLS , City Clerk , City of Redding, Shasta County, California By cl 4 • REGISTERED REGISTERED Number Amount STREET IMPROVEMENT BOND CITY OF REDDING STATE OF CALIFORNIA WESTWOOD MANOR WATER ASSESSMENT DISTRICT NO. 1982-9 SERIES NO. MATURITY DATE 15 ANNUAL INSTALLMENTS ON JANUARY 2, 1985 THROUGH 1999 Interest Rate Bond Date 10. 5% October 15 , 1984 Under and by virtue of the Improvement Act of 1911 (Part 5 of Division 7 of the Streets and Highways Code, as amended) , the City of Redding, out of the fund for the above designated Street Improvement Bond, Series No. , will pay (in progressive annual principal installments) to or registered assigns , the principal sum of (less the amount of principal installments previously paid) with interest thereon at the rate specified above , all as is hereinafter specified, at the office of County Treasurer of the County of Shasta, Fiscal Agent for the City of Redding. THIS BOND SHALL NOT BECOME VALID FOR ANY PURPOSE UNTIL THE CERTIFICATE OF AUTHENTICATION AND REGISTRATION HEREON SHALL HAVE BEEN DATED AND SIGNED BY THE AUTHORIZED OFFICER OF THE COUNTY. The interest is payable semi-annually, to wit: on the second days of January and of July in each year hereafter , by check or draft mailed to the owner hereof at his address as it appears on the registration books of the County (or at such address as may have been filed with the County for that purpose) as of the 15th day preceding each interest payment date; provided that the first interest payment date shall be July 2 , 1985 , and thereafter interest shall be semi-annual. If_ this bond is authenticated and registered before July 2 , 1985 , it shall bear interest from its date. Otherwise , this bond shall bear interest from the interest payment date on or next preceding date of its authentication and registration. ADDITIONAL PROVISIONS OF THIS BOND ARE SET FORTH ON THE EX' ill:J[1Th '" A. A , • • REVERSE HEREOF. In the City of Redding in the County of Shasta, State of California, this 15th day of October , in the year one thousand nine hundred and eighty-four . CERTIFICATE OF AUTHENTICATION AND REGISTRATION This Bond has been registered on , 19 By Authorized Officer CITY OF REDDING (signed) Treasurer of the City of Redding (SEAL OF CITY) 2