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Home My WebLink AboutMinutes - City Council - 1967-07-17 185 City Council, Regular Meeting Police Dept. & Council Chambers Bldg. Redding, California , . July 17, 1967 7:00 P. M. The Pledge of Allegiance to the Flag was led by Planning Director Harris. Reverend Don Palmer of the Good News Rescue Mission offered the invocation. The meeting was called to order at 7:00 P. M. by Mayor Moty with the following Councilmen present: Chatfield, Denny, Doherty, Fulton, and Moty. Also present were City Manager Cowden, Assistant City Manager and Purchasing Director Stewart, City Attorney Murphy, Finance Director and Personnel Director Cou,rtney, Planning Director Harris, Public Works Director Arness, and Airports Manager McCall, APPROVAL OF MINUTES MOTION: Made by Councilman Denny, seconded by Councilman Fulton that the minutes of the regular adjourned meeting of July 10, 1967 be approved as mailed to each Councilman. The Vote: Unanimous Ayes NORTH BECHELLI-FREEBRIDGE AREAS ASSESSMENT DISTRICT 1967-1 City .Attorney Murphy submitted the following documents pertaining to the North Bechelli=Freebridge Areas Assessment District 1967-1: Petition for formation of district Certificate of Director of Public Works re percentage of signatures to petition , . B ounda ry M ap. Re s olution - app roving bounda ry map MOTION: Made by Councilman Denny, seconded by Councilman Fulton that Resolution No. 3919 be adopted, a resolution approving i��:� boundary map. Voting was ,as follows: , Ayes: Councilmen - Chatfield, Denny, Doherty, Fulton, and Moty Noes: Councilmen - None Absent: Councilmen - None . Resolution No. 3919�on file in the offic.e of the City Clerk . - Resolution - of preliminary determination MOTION: Made by Councilman Doherty, seconded by Councilman Chatfield that Res olution No. 3 920,be adopted, a re s olution of p re- liminary determination to undertake special assessment proceedings for the improvements and acquisitions to be, made in North•Bechelli- Freebridge Areas Assessment District 1967-1 , Cit.y of Redding, Shasta County, California. � Voting was as follows: .. Ayes: Councilmen. - Chatfield, Denny, Doherty, Fulton, and Moty Noes: Councilmen - None Absent: Councilmen - None Resolution No. 3920 on file in the_ office of the ,City Clerk. 186 Resolution - authorizing execution of agreement with Bond Counsel MOTION: Made by Councilman Chatfield, seconded by Councilman Fulton that Re s olution No. 3 921 be adopted, a re s olution appointing Special Bond Counsel and authorizing execution of Agreement Voting was as follows; Ayes: Councilmen - Chatfield, Denny, Doherty, Fulton, and Moty Noe s: Gouncilmen - None Absent: Councilmen - None Resolution No. 3921 on file in the office of the City Clerk. Resolution - of Intention � MOTION: Made by Councilman Fulton, seconded by Councilman Doherty that Resolution No. 3922 be adopted, a resolution of intention in the matter of the construction of improvements and all necessary appurtenances and acquisition of rights-of-way, North Bechelli-Freebridge Areas Assessment District 1967-1, City of Redding, Shasta County, California. Voting was as follows: Ayes: Councilrrien - Chatfield,� Denny, Doherty, Fulton, . and Moty Noes: Councilmen - None Absent: Councilmen - None• Resolution No. 3922 on file in the- office o£ th-e City Clerk APPOINTMENTS TO CITIZENS ADVISORY :GOMMITTEE Mayor Moty submitted for Council consideration the names of the follow- ing persons who have indicated a willingness to serve as members of the Citizens Advisory Committee: Theodore Klaseen R. R. Carter Clarice Rabe Richard Green �� Harold Baugh Benjamin F. Bell, Jr. Henry Anderson Daryl Kaiser Werner Heidrick Ernest "Vic" Anderson MOTION: Made by Councilman Doherty, seconded by Councilman Chatfield, approving the appointment of the aforementioned persons as members of the Citizens Advisory Committee. The Vote: , Unanimou�s Ayes • APPOINTMENT TO TRAFFIC AND PARKING COMMISSION Mayor Moty submitted the name of Floyd Felch who has indicated a willingness to serve as a member of the Traffic and Parking Commission. ''��`,, MOTION: Made by Councilman Chatfield, seconded by Councilman Denny approving the appointrnent of Floyd Felch as a member of the Traffic and Parking Commission. The Vote: Una,nimous Ayes APPROVAL OF CLAIMS AND PAYROLL MOTION: Made by Councilman Doherty, seconded by Councilrnan Chatfield that Accounts Payable Register �No. 2, warrant nos. 13821 to , 14009, inclusive, in the amount of $122, 839. 35, be approved and paid, and Payroll Register No. 1, waxrant nos. 10115 to 10409, inclusive, salaries in the amount of $70, 010. 64 for the period June 25, 1967 through July 8, 1967 be approved. Total $192, g49. 99 � U�f Voting was as follows: Ayes: � Councilmen - Chatfield, Denny, Doherty, Fulton, and Moty Noes: Councilmen - None Absent: Councilmen - None 187 TREASURER'S REPORT Couricilrrian Doherty, 'Finance Co'mrriittee, submitted a report showing j�1 f Total Treasurer's Accountability for the rrionth exiding Jurie 30, 1967 to be $3, 696, 710. 43. CLAIM FOR DAlVIAGES - 2nd hearing ' ' ' Dennis Parker - Claim filed 6/15/67 � M'OTION: ' Made by Councilxnan Denny', seconded by Councilman Doherty that the Claim for Damages filed by Dennis Parker on /�'3 June 15, 1967 be denied, and the City Insurance Carrier be advi`sed of Council action. � The'Vote: ' Unanimous Ayes ORDINANCE - re RZ=4-67 - Freebridge-Eastside Road Annex Area Councilman Chatfield offered Ordinance No. 933 for fir�st reading, an ordinance of the City Council of the City of Redding amending Section /U�� 30-3 of tlie Redding City Code, 1959, as amended, relating to the re- zoning of certain real property in the City of Redding. ORDINANCE - re RZ-5-67 - Park Marina Drive Councilman Denny offered Ordinance No. 934 for first reading, an ordinance of the Cit}r Council of the City of Redding amending Section �� 30-3 of the Redding City Code, 1959, as amended, relating to the re- zoning` of certain r'eal property in the City of�Redding. LINDEN AVENUE STREET IMPROVEMENTS ' Councilman Chatfield gave a Council Cominittee Interim Report re- garding the Linden Avenue Street Improvem.ents requested by Hazel Millen, stating that since there is some question regarding Mrs. U(r� Millen's ownership in this area and there has been some concern by the apparent new owner to review a different route, it is suggested that this study be held in abeyance until desires of the property owner or developer are known. ' � AVdA:RD OF` BID - Underground� Cable � Purchasing Director Stewart submitt'ed the arialysis and recommendation of Bid Schedule No. 413 for uridergrbund cable which stated it is the recommendation of the City Manager and the Purchasing Director that the bid be awarded to Consolidated Electrical Distributors of Redding, ,�y 3 the low bidde r., ' MOTION: Made by Councilman Doherty, seconded by Councilman Chatfield accepting the recommendation of the City Manager.and`the Purchasing Director that Bid Schedule No. 413 for underground cable be awarded to Consolidated Electrical Distributors of Redding on their low bid of $6, 321. 12. Voting was as follows: . � � � Ayes: Councilmen - Chatfield, Denny, ,Doherty, Fulton, and Moty Noes: Councilmen - None Absent: Councilmen - None LEGISLA'TION - Senate Bill 257 Airports Manage�r McCall subrriitted the recommendation of the Airports Commission re Senate Bill 257 amended June 15, 1967 which stated that the bill is the same as Senate Bill 341 introduced in 1965, which was opposed by the Airports Commission�and the City Council, and it is therefore the recommendation of the Commission that Council oppose ��•�� this Senate Bill 257. This bill would ad'd State control and ad'ditional fees for aircraft identification and regi'stration to tlie present Federal control and registration fees, and local control over tax status would be lost. 188 MOTION: Made by Councilman Chatfield, seconded by Councilman Doherty opposing Senate Bill 257 as amended June 15, , 1967 and author- izing the,Mayor to contact the appropriate legislators stating Council's opposition. The Vote: Unanimous Ayes. AWARD OF BID - Park Marina Drive (Stage II) Director of Public Works Arness submitted the analysis and re.commen- dation of Bid Schedule No. 415 for construction of Park Marina Drive, Stage II, which stated it is the recommendation of the Department of Publi.c Works that the contract be awarded to A. Teichert and� Son, Inc, the low bidde r. MOTION: Made by Councilman Denny, seconded by Councilman Chatfield accepting the recommendation of the Depa�rtment of Public Works that �i-jL�� Bid Schedule No. 415 for construction of Park Marina Drive, Stage II, be awa rded to A. Teiche rt and Son, Inc. , on their low bid of $31', 154. 3 9. Voting was as follows: � � Aye s: Councilmen - Chatfield, Denny, Dohe rty, Fulton, and Moty Noes: Councilmen - None Absent: Councilmen - None NOTICE OF COMPLETION - Garden Street Sewer Extension Public Works Director Arness advised Council that the contractor has completed satisfactorily all items of work on the construction of Garden Street Sewer Extension, and requests Council to accept the project as being completed satisfactorily and instruct the City Clerk to file a Notice of Completion. �� MOTION: . Made by Councilman Doherty, seconded by Councilman Chatfield acce�pting the project re construction of Garden Street Sewer Extensi�on and instructing the City Clerk.to file a Notice of. Completion. The Vote: Unanimous Ayes NOTICE OF COMPLETION - Pine Street Utilities Relocation Public Works Director Arness advised Council that the contractor has completed satisfactorily all items of work on the Pine Street Utiliti�es Relocation Project, Bid Schedule No. 393, and requests Council to accept the project and instruct the City Clerk to file a Notice of Com- C, pletion. � � l�� MOTION: Made by Councilman Denny, seconded by Councilman Doherty accepting the Pine Street Utilities Project as being completed satisfactorily and instructing the City Clerk to file a Notice of Com- pletion. The Vote: Unanimous Ayes PUBLI C HE.ARING - Amendments to the General Plan The hour of 7:30 P. M. having arrived, Mayor Moty opened the Public Hearing on Amendments to the General Plan. The following documents are on file in the office of the City Clerk: Affidavit of Mailing - Notice of Public Hearing Affidavit of Publication - Notice of Public Hearing !� Planning Commission Recommendation dated July 14, 1967 �� The City Clerk advised that no written protests had been filed and Mayor 1Vloty ascertained that there �were no protests from the floor. Planning Director Har.ris stated that the proposed amendments are divided into three parts; i. .e. , Master Water Plan, Master Plan for Redding Municipal Airport, and Master Plan for Benton Airpark. 189 Mr. Harris explained that the Master Water Plan - 1966, pre- pared by Clair A. Hill & Associates, was submitted to Council earlier this year and referred to.a Committee for study to be discussed again during the budget sessions. The Planning Commission.has reviewed the Master Water Plan and recommends that.it be adopted as an amendment and updating of the 1958 Water Plan prepared by Layton. The Layton Water Plan was officially incorporated as part of the General Plan in December, 1966. Airports Manager McCall introduced Mr. George Buly of Quinton Engineers, Ltd. , and Mr. Carl Hand of FAA, who commented as follows regarding the 1Vlaster Plans for the Redding Muriicipal Airport and Benton Airpark:. ' Mr. Suly used a large drawing of the master layout plan for the Redding Municipal Airport in explaining revisions to the proposed plan to conform to FAA formats. The revisions involved moving the location of the control tower, minor changes in taxi approach zones, and moving the road back to tHe west about 200' at the s:outherly end of the airport. Originally the layout plan showed this portion of land at the southern end of the airport designated for use as an industrial area; however, it is believed that in the event it is found desirable in the future to extend the apron, this area should be kept free for airport oriented activities such as FB_O, etc. Mr. Hand stated that he has reviewed the plan and believes it to be provable. He feels that the forecasts of Quinton Engineers are. reasonable and may even be conservative. He commented on , the sugge:sted revisions and explained that FAA did not want to be dictatorial;i_how,e.v.er, it,.feelsthat keeping the area at the southern end of the air.port open for airport oriented facilities the same as on the other side of the terminal building is important, and moving the road back 200' would take care of the situation. Joe Patten , Chairman of the Airports Commission, commented briefly on the revisions and said he feels certain the Commission had in mind moving the road back the 200'. In answe r to Councilman Chatfield's inquiry as to whethe r the Airports Master Plans could be amended by resolution after they have beeri incorpo.rated in the General Plan, he was advised that this could be done. , Councilman Doherty asked if it is necessar�y to get Federal Govern- ment approval if it becomes necessary to revise the Master.Airport Plans. Mr. Hand replied that as far as current contracts ,are con- cerned , these are,finalized and c.omplete. However; FAA does require updating of Master .Plans at 'lea.st every two years:,, incor- porating current revisions. : Mr. Kip Wharton, Pacific AirLines Official, stated that if traffic continues to grow he thinks Redding will have Jet service of some sort prior to 1969, possibly DC-9 service. He has reviewed the Master Plan for Redding Municipal Airport from.a customer service standpoint and he believes the forecasts are conservative. There were no su,ggested revisions to the Benton Airpa_rk,Master Plan; however, Planning Director Harris stated it is his recommen- dation, and the Planning Commis sion concurs, that studie_s be made 190 to determine possible land use patterns re future land uses to the west and north. The consultant did not illustrate on their plan such suggested land uses. It is therefore recommended � that the land area designated "Future Industrial Park" be con- side:red in conjunction with the developrnent of the General Plan Studies in relation to land outside of the airpark to the west and to the north. . MOTION: Made by Councilman Chatfield, seconded by Councilman Denny that the Public Hearing be closed. The Vote: Unanimous .Ayes FtESOLUTION - .Amendment re Master Water Plan MOTION: Made by Councilman Doherty, seconded by Councilman Denny that Resolution No. 3923 be adopted, a resolution of the City Council of the City of Redding amending the General Plan of the Ci.ty of .Redding by the substitution of a Master Water Plan - 1966, to �be .known as General Plan Amendment GP67-1, for the existing water utility system element of said General Plan. Voting was as follows: Ayes: Councilmen - Chatfield, Denny, Doherty, Fulton, and Moty Noes: . Councilmen - None Absent: Councilmen - N-one . Resolution No. 3923 on file .in the office of the City Clerk. RESOLUTION - Amendment re Municipal Airport Master Plan M.OTION> Made by Councilman Chatfield, seconded by Councilman Doherty that Resolution No. 3.924.be adopted, a res.olution of the City.Council of the City of Redding amending the Gene ral Plan of the .City of Redding by the adding of the Municipal Airport Master Plan, to be known as General Plan Amendment GP67-2, as a portion of the airport facilities - transportation element of the Gene ral Plan of the City of Redding. Voting was as follows: Ayes: Councilmen - Chatfield, Denny, Doherty, Fulton, and Moty Noes: Councilmen - None . Absent: Councilmen - None ' Resolution No. 3924 on file in the office of the City Clerk. RESOLUTION - Amendment re Benton Airpark Master Plan . MOTION: . Made by.Councilman Denny, seconded by Councilman Doherty that Resolution No. 3925 be adopted,� a resolution of the City Council of the City of Redding amending the Gene ral Plan of the City of .Redding by amending .the Benton Airpark Master Plan Element by.adding the Master Development Plan - Benton Airpark, May, 1967, to be known as� General Plan Amendment GP67-3, as a portion of the airport facilities - transportation element of the Gene ral Plan of the City of Redding. Voting was as follows: Ayes: Councilmen - Chatfield, Denny, Doherty, Fulton, and Moty Noes: Councilmen - None - . Absent: � Councilmen - None Resolution No. 3925 on file in the office of the City Clerk. Councilman Denny asked Mr. Hand how other political entities , have solved the problem of financing airports, Mr. Hand replied that several methods are used. He stated that in his area there are three airport districts and they have proved quite satisfactory. He further stated that most cities are making 191 direct appropriations from gene.rai funds, hoping to g.et .money f'rom the State Revolving Fund. A numbe r a re s elling exce s s airport land which, if it is decided that part of the area is sur- plus, can.be sold. Mr. Hand said he sees a trend of cities and counties getting together to.provide a wider tax base. The issuing of G. O. and Revenue Bonds is also practiced to finance airports. In conclusion, Mr. Hand�sa-id it would- .appear that in Redding perhaps widening the tax base through�.some County� and City arrangement or an airport district might be the answer. RESOLUTION - re rules of Shasta County and Cities Area Planning Council City .Attorney Murphy submitted a resolution ratifying and approving certain proposed rules for the organization, operation and function of the Shasta County and Cities Area Planning Council. . In a discussion of this item, Mayor Moty questioned the language of I. (b) �� of said Rules, stating that he could see the possibility of double represen- tation of an area on the Council if, for instance, the town of Burney should become incorporated, inasmuch as that area is already represented by a member of the Board of Supervisors. Mayor Moty said he is also con- cerned that any City hereafter incorporated may participate in the activities of the Council by executing the Joint Powers Agreement without prior approval or ratification of the named parties therein. City Attorney Murphy pointed out that this is the same language as contained in the Joint Powers Agreement which was approved by Council. Mr. Murphy said the Agreement does provide for amendments. Councilman Chatfield said he feels the Rules provide a very inflexible document and he questioned the length of terms of office of the members. Councilman Denny said he is concerned with Section XVI of the Rules re the basis for prorating costs for operating the Council. He said he feels the approach is too casual. Mr. Doherty said it is the intent of the Council to use the administrative staffs of Shasta County, Anderson, and Redding, and that the Council cannot incur any indebtednes s without Redding City Council approval. Mayor Moty suggested that Councilman Doherty, who is Redding's repre- sentative on the SCAP Council, advise the Council of the City's concern regarding certain portions of the Rules, as outlined above. Councilman � Doherty said he feels this action will delay matters considerably and reminded Council that no applications for Federal funds can be processed until SCAP Council is functioning. MOTION: Made by Councilman Denny, seconded by Councilman Fulton that action on the resolution ratifying proposed rules of Shasta County and Cities Area Planning Council be tabled pending a report from Councilman Dohe rty. Voting was as follows: Ayes: Councilmen - Chatfield, Denny, Fulton, and Moty Noes: Councilmen - Doherty Absent: Councilmen - None AMERICAN RED CROSS - Permit to use City Property MOTION: Made by Councilman Denny, seconded by Councilman Chatfield approving the Permit for the American Red Cross to use ��.y City Property and authorizing the Mayor to sign said permit on behalf of the City. The Vote: Unanimous Ayes 192 RESOLUTIONS - re Issuance of Water Revenue Bonds City Attorney Murphy.submitted a communication dated July 14, 1967 addressed to the Honorable City Council from the firm of Stone & Youngberg,.. Munici,pal Financing Consultants, .regarding the re.solutions authorizing the issuance and sale of the Series B 1959 Water Revenue Bonds ��1 MOTION: Made by Councilman Chatfield, seconded by Councilman � Denny that Resolution No. 3926 (First Supplemental Resolution) be adopted, a resolution of the City Council of the City of Redding pro- viding for the issuance of $610, 000 principal amount of City of Redding 1959 Water Revenue Bonds, Series B (Supplemental to Resolution No. 2603 adopted July 20, 1959. Voting was as follows: Ayes: Councilmen - Chatfield, Denny, Doherty, Fulton, and Moty Noes: Councilmen - None Absent: Councilm'en -- ��N.one Resolution No. 392.6 incorporated herein and on file in.the office of the City Cle rk. � ' 193 � , ,_� , . � _ , CITY COLTNCIL of the CI'I'Y OF �t�DDING RESOLLT'I'ION NO. 3 9 2 6-- First Suppleanental Resolution Providin�for the Issuance of �610,000 Prineipal Amount of City of Redding 1959 Water Revenue�onds, Series B (Supplemental to Resolution No. 2603� - Adopted July 20, 1959) �idopted july 17, 1967 194 R�SOI.UTION 1lTO. _3_42 6__ First S1s f�plerne�atc�l ReSnlution Pravic�in,� f or th� I,ssasdnce o f �'6d 0,�00 Principr�l Amount o f C'ity o f �edr�inp 1959 IVa�er Rea;eaa��e �'onds, Series � (Sup�ilemeaztr�l to Resalastioya 1Vo. 2603 Aclo�itec� ]�aly 20, 1�59). Wxr�tr�5, t�he C�it,y Cot�ncil of the Cit,y of: Peddin�, on.Tt�l.�� 20, 1959, duly adopted ita Resohltion No. 2603 entitled "I�esoll�ti.on Providin� for the Issuance of $1.,2G0,000 Prii�ca�al Amount of `Ci.tv oF �eddial,m 1_959 Water I�evenue I>onds' �nd c�.f. �G50,0p� Princi�al Anlount o:f Series A Bonds; Presnri_bin� the Te�°m�, C�r�ditions, Date and I�'orm of Sai.d Series A Bond.s �nd of the Con�ons to Pe A.tt�,c3�ed T�ereto and Pre- scribing the Mat�11�i_ties Thereof; F��;in� the .1l��iin�izn Rat� of Interest � on the Bonds of Sai.� Issile; Author:i.zin�; �the I',xec�tiox� of ��id 5eries A Bonds and C�onpons; Providing f.or tli� �ecuri.t�T of. the Ponds of Said Issue and A�7rointing a I'iscaa. �_�ent �`h�refor; and Provi�ling for the Isst�ance of. Add�tional Ponds" (l�er•ein called the "Pesolntion") ; and Wxr�rAs, the Cit,y has here1;oFor� dl�l,y issued and solcl ��i50,000�a principal amount oF Series A Bond.s pur.s�.a�nt tio the ��esolution (the�� unmatured port_ion of.��hi.ch i.s now�iitst�a,nc�in�) ; and WxrrrAs, Section 11 of the I��esoll�tion prov.ide, tl7a�t the Cit,y may�� establish one or more series o:f. 73onds in ad�ition to the Series A }3oa�ds, and may issue and deliver Ponds of�� dditional series so est�bli��ied, in such princi�al amol�.nt as sh�ll be determine� h,y the Council, subject to the conditions set f.ortll in �ecti.on 1_]_ o:f. the Pesoltition; and WxrRr�s, the CoLlnci_1 has deterininAd that �eries P 13onds �n the� pr.incipal a�monnt of six hun�red ten tl�ousand dollars (�G10,000) should be issued pursu�nt to t�e�esoll2tion; and Wx��ras, the conclitions set .f:orth in .Section 11 of the FUesohition have been sat�sfied or «�ill have been satisfied �t the tir�e of delivery of said Series B Ponds to the purch�ser thereof ancl pa,yment therefor; Now, Txr��roRr, Br IT Ri,.soLvrn by the City Counci.l of the City of Reddin; as follo�vs: S�cT.io� 20. A second sei•ies of Ponds, limited in abgregate �rin- cipal a.mount to not elceedinb $610,000_ at.an�T one time otit�tandin;,.is. , hereby create�d arid sh'all constittite the "Cit3T o:� I�edding 1959 Watei 19� 2 �evenue Bonds, Series B." The Series B Bonds shall be 122 in number, numbered consecutivel� from Bl to B122, both inclusive, of the denomi- nation of $5,000 each. The Series B Bonds shall be dated Se�tember l, 1967 (which is hereby determined to be the date of the issue of the Series B Bonds). The Series B Bonds shall bear interest from their date until paid at the rate or rates designated b,y the Council at the time of the sale thereof but not to exceed six per cent (G Jo) per a.nnum. Said interest on the Series B Bonds shall be payable semiannually on March 1 and September 1 of each year. Such interest sha11 be ev�denced by coupons attached to each Series � Bond and each o� said coupons shall represent six (6) months' interest on the Series B Bond to which it is attached. Both the principal of and interest on the Series B Bonds shall be pay- able in la.wful money of the United States of America at the San Fran- cisco Main Office of Crocker-Citizens l�Tational Bank in the City and County of San Francisco, State of California, the Fiscal Agent, or at the principal office of Irving Trust Compan,y in New York, Ne`�T York, or at Harris Trust and Savings Bank in Chicago, Illinois, but only out of the special funds hereinafter provided for that purpose. The Series B Bonds shall mature and become payable as set forth in the following schedule: Bond�Fumbers (All numbers inclusive and Principal Maturify Da1e bearing Prefix"B") Amount September 1 1- 2 $ 10,000 1968 3- 4 10,000. 1969 5- 6 10,000 1970 7- 8 10,000 1971 9- 10 10,000 1972 11,- 13. 15,000 1973 14- 16 15,000 1974 17- 19 I5,000 1.975 20- 23 20,000 1976 24- 27 20,000 1977 28- 31 20,000 1978 32- 35 20,000 1979 36-122 435,000 1992 Series B Bonds maturing in the years 1969-1979, both inclusive, are hereby designated "Serial Bonds" and Series B Bonds maturing in the year 1992 are hereb� designated "Term Bonds", 196 3 Serial Bonds numbered B1 to B35, both inclusive, matnring by their terms on or prior to September 1, 1979, are not subject to ca.11 and redemption prior to their fi�ed maturi.t�� dates. Term Bonds numbered B;G to B122, both inclusi.ve, maturin� on September 1, 1992, are sub- ject to call and redemption, at the option of the Ci.t,y, on September 1, 1980, but not prior thereto, and on any interest.pa,yment date thereafter prior to mattirity, a.s a. �vhole, or in pa.rt b�7 lot, from funds derived b,y the City from an,y source, includin�t11e Series B Sinlzing Fund Account provided f.or in Section 21 hereof, at the principal amount thereof and accrued interest to date of redemption pliis a premium as set forth in Column 3 belo�v,as follo�vs: Column i Column 2 Column 3 Bands Redeemed On or After Antl Prior to September 1 Sepfember 1 Premium 1980 1981 3% 1981 1982 2s!4 1982 1983 21�2 1983 1984 21/4 1984 1985 2 ].985 1986 13/� 1986 1987 11�9 1987 1988 il/4 1988 1989 1 1989 1990 a/4 1990 1991 x�2 199�1 Maturity i�4 SECTION 21. , There is hereby created within the Retirement Fnnd (provided for in Section 9(e) of the Resolution) a. Series B Sinlzing Fund Account. So long as any of the Series B Bonds are outstanding, the Fiscal Agent shall set aside out of the R.evenue Fund a.ncl deposit in the Series B Sinking Fund Account, on or before the fifth business day of each month, beginnin� in September, 1979, an amount equal to not less than one-eleventh of the amount rec�uired to redeem Series B Term Bonds (at the then applica.ble redemption price, including pre- mium but excluding accrued interest) in the follo«�i.ng respective prin- cipal amounts on. Septenzber;l in each of the followin; years:' 197 4 Frincipal Amount 'Principal Amount of Series B Term of Series B Term Year Ending Bonds io Be Called Year Ending Bonds to Be Called Sepfember 1 and Redeemed September i and Redeemed 1980 $20,000 1987 $25,000 1981 20,000 1988 25,000 1982 20,000 1989 25,000 1983 20,000 1990 70,000 1984 20,000 1991 70,000 1985 20,000 1992 75;000 1986 25,000 All moneys in the Series S Sinking Fund Account on or after the fifth business da,y of September, 1979, shall be used and applied by the Fiscal Agent for the purpose of retiring Series B Term Bonds. The Fiscal A�ent may apply an,y moneys in the Series P Sinl�ing Fund Account to the purchase of Series B Term Bonds at public or private sale as and when a.nd at such prices (exchlding accrued interest) as it ' may in its discretion determine, but not to e�ceed the then current redemption price (including premium but excluding accrued interest). Whenever on the fifth business da.y of an,y Janiiar,y or July, beginning in January, 1980, the mone,ys in the Series B Sinking Fund Account are sufficient to redeem at least one of the Series B Terin Bonds on the next succeeding interest payment date, the same shall be used and withdrawn by the Fiscal Agent for the purpose of so redeeming Series B Term Bonds a.t the then current redemption price (including pre- mium but excluding accrued interest). Accrued interest on Series B Term Bonds so purchased or redeemed by the F�iscal Agent shall be � paid from the Interest Fund. No application of any moneys under this Supplemental Resolu- tion or otherwise to the retirement. of outstanding Term Bonds of Series B sha.11 operate to impair or affect the obliga.tion of the City to make deposits in the Series B Sinking Fund Account. in the amounts and at the time provided in this Section 21; provided, however, that the City shall not be deemed in default with respect to Series P Sinking Fund Account deposits if the City shall have fixed rates and charges as required by Section 10(c) of the Resolution and if the total principa.l amount of Term Bonds of Series B required to be called and redeemed to and including the next September 1 shall have been .previously retired by purchase or eall: 198 5 SrcTzoN 22. Po��rm;s o f Ser�ies I3 Bonds, Cou�pons and Pegistra�ti�o�n E��dorsement. The Series B Bonds and coupons and form of regis- tration endorsement shall eacl� be in substa-ntially tlle follo��ing respec- tive forms, the blanlzs in said forms to be filled ��ith appropriate «�ords or figures, namely: UNIT�D STATTS Or An7PRICA STATI: OT CALIFOItI�TIA COUNTY OF SHASTA CITY OF REDDING 195� ��ATER REVENUE BOND SEI�IES B No. B-------------------- $5,000 The CrTY or R,Fnnr�,TG, a innnicipal corpora.tion or�anized a.nd eaisting under tlle Const.itiition and la��-s o.f. the State of Ca.li- � fornia (hereinafter called �"the City"), for va,lue received, hereby promises to pa,y, exclusively out of the special fund hereinaf.ter mentioned, to the bearer (or if tkis Bond be registered, to the registered o�j�ner hereof) on the first da�T of September, 19____, silb- ject to anjT ri�ht of prior redernption hereinafter in tllis Pond eYpzessly provided for, the principal swn of FrvF TxousnNn DoLLARs ($5,000) together wi.th interest thereon from the date� hereofat the rate of ---------------------------------------------------------------------------------- (------------------------) per cent per annum until pa,yment of said principal sum in full, pa�7able semiannila.11�T on l��a.rch 1 and Septenlber 1 in each year. Unless this ]3ond be registeied, such interest, prior to maturit,y, shall be paya.ble onl�� on presentation and surrencier of the proper interest coupons �iereto attached as thep zespec�tively become due. Both the principal of and interest on this Bond are payable, exclusively out of said special fund, i,n la��ful mone,y of the United States of America at the San Francisco l�2ain Office of Crocker-Citizens National Bank in the City and County of Sau I'rancisco�, State of Ca.lifornia (herein�tfter called the "Fiscal Agent"), or at the option of the holder, at the principal office of Irving Trust CompanS� in Ne�v York, .New York, or at Ha.rris Trust and Savin�s Bank in Chicago, Illinois: 199 6 This Bond is one of a duly authorized issue of Bonds of the City a�;gregating One Million Two Hundred Sixty Thousand Dol- lars ($1,260,000) principal amount, all of lilze tenor (except for such variations, if an,y, as ma,y be required to designate var,ying denominations, series, dates, numbers, matnriti.es, interest rates or redempti.on provisions) and is issued under and pursua.nt to the Constitntion and statutes of the State of Cali.fornia, including the I�evenue Bond La�v of 1941 (hereinafter referred to as "the Law"), and under and pursuant to the proceedi.n�s of the Ci.t,y duly adopted and taken, including Resolution No. 2603 adopted b,y the City Council of the CitST on Jnly 20, 1959, and First Suppleniental Resolution No_ ________________ adopted by the City Council of. the City on Jul,y 17, 1967 (which t«To resolutions are 1lerein togetlier called the "Resolution"), and a vote and assent of a majority of the qualified voters of the City voting at a spec.ial election dul,y called a.nd held for that purpose. Reference is hereby made to the Resolu- tion, all of the provisions of. which are hereby incorporated herein and in the coupons a.ppurtenant hereto, for a specific description of the securit�7 therein provided, tlle nature, extent and znanner of enforcement of such security, and a statement of the ri.;hts of bearers or registered owners of the Bonds, to all of the provisions of`vhich the bearer or regi.stered owner hereof consents and agrees. Each taker and subsequent holder hereof and of sa.id coupons, whether said coupons are attached hereto or detached herefrom, shall have recourse to all of the provisions of the La�v and the Resolution and shall be bound by all of the terms and conditions thereof. This Bond is issued for the purpose of raising money for the acquisition, construction, improvement a.nd fina.ncing of improve- ments to an Enterprise comprising. the inilnicipal �vater system of the City, and both the principal hereof and interest hereon, and of all Bonds of said authorized issue, and of all Additional Bonds that may be issued pursuant to the provisi.ons of the Resolution, in accordance with the terms and conditions thereof, are equally secured (except as to maturity, redemption �rovisions and varying _ iriterest rates and except insofar as any sinking fund account or 200 7 accottnts established in accordance «Tith the provisions of the Resoltition ina�7 afford a.dclitional securiti- for an�� series of Bonds or for an,y Add�.tional Bonds) �3�ithout priorit,y for number, date of bonds, of sale, of e�ecuti.on, or of deliver,y, b,y a pledge, charge and lien upon the Revenues of the �nterprise pledged to the pay- ment of the principal of and interest on the �onds in accordance with the provisions hereof. and of the La�v and the Resolution. Both the principal hereof and interest hereon, and of a11 Bonds of sai.d authorized issiie, are pa.��ble e�cli�sively from the s�ecial � fund hereinafter and in the Resolut.ion referi�ed to, �vhich sa.id fimd is hereb�r pledged for the securit,y ef the Bonds of said authorized issue and all Additional Ponds issued pursuant to the I�esolution. The Cit�7 lierebv covenants and �varrants that for the pa,yment of tih,i.s Bond and all. other Bonds of said authorized issue and aIl �ldditional Bonds issued �ltrsuant to the Resolution and interest hereon and thereon when due and for the protecti.on or better securing of all such Bonds, there has been created and �rill be maintained a special f.und (desi�nated the "1959 Water Revenue Fund") into �vl�ich a11 of the Gross Revenues of the Enterprise shal]. be deposited, and the Cit,y �vill promptly pa,y tlii.s Bond and all Bonds of said atithorized issue and all Addition�l Bonds issned pursuant to the Resolution and all interest accrtiin; hereon and thereon and all premi_utns (if an,y), when due or redeemed, out of said special fund, all in accord�nce with the terms hereof and the terms and provisions o.f. the Pesolution. This Bond, i.ncluding inteiest hereon, i_s a special obli;a�tion of the Citiy and is payable solel,y from the Revenues pledged to the pajTinent hereof and the Cit,y is not obligated to pa,y the same except from sai.d Revenues. This Bond is not secured b,y the taYin� po�ver of the Cit,y. The City hereby covenants and warrants that it tivill operate the Enterprise in an efficient and economical manner and ivill oper- ate, inaintain and preserve the Enterprise in good repa,ir and work- ing order from the Revenues available for stich purposes as pro- vided in the Resolution and that it�vill prescribe, revise and collect such fees, tolls, rates and other char�es in connection therewith as ��ill produce I�evenues a;t least ec�ual to the amotints thereof.pre- Zo� g scribed by the Resolution and sufficient to pay the interest on and principal of the Bonds in ace.ordance with the provisions of the Resolution. Bonds numbered B1 to B35, both incliisi.ve, inaturing by their terms on or prior to September 1, 1979, are not subject to call and redemption prior to their fi�ed maturit�� dates. Bonds numbered B36 to B122, both inclusive, maturing on September 1, 1992, are subject to call a.nd redemption, at the option of the Cit,y, on Sep- tember 1, ]_980, but not prior thex•eto, and on any interest payment date thereafter prior to maturit��, as a� «=hole, or in part by lot, from f.tlnds deri.ved b,y the Cit,y from an,y source, including the Series B Sinl:ing Fund Account provided for in t3ie Resolution, at the principal amount thereof and accrued interest to date of redemption plus a premium as set forth in Column 3 below, as follows: Column 1 Column 2 Column 3 Calumn 1 Column 2 Column 3 Bonds Redeemed Bonds Redeemed On or After And Prior to On or After And Prior to September 1 September 1 Premium Septamber 1 September 1 Premium 1980 1981 3% 1986 1987 11/2%a 1982 1983 21/4 ].987 1988 11/� /z 1988 1989 1 1983 1984 21/4 1989 1990 a�4 1984 1985 2 1990 1991 1�2 1985 1986 13�4 1991 DZattlrity 1/4 Notice of any such redemption shall be published by the Fiscal Agent, as a.gent of the City, once a �j�eek for t�vo success.ive weeks, in a ne�vspaper of general circulati.on, printed and ptlblished in the City and Count,y of San Francisco, State of California. The first ptlblication of snch notice shall be not less than 30 nor more than 60 days prior to the date fixed for such redemption. After the date fixed for such redemption, if the Fi.scal Agent, as agent of the City, . shall have duly pnbli.shed notice of such redemption and the City shall have provided funds avai.lable for pa,yment of the principal, premium, if any, and accrued interest on the Bonds so called, interest on such Bonds sliall cease. The Bonds of said authorized issue and the coupons apper- tainin� tliereto, and the Resolution, may be amended, altered or 202 9 modified at an�7 time, in the ma.nner, to the extent and upon the terms pl°ovi_ded in the Resoltition. It is herebvi certified, recitec� and decl.ared that all acts, condi- tions and thinys reqtlired h,y lR�v to e�ist,3�a.ppen and be �erfornled � precedent to and in the issu�,nce of this Bond h�ve e�isted, hap� pened and been per.f.ormed in due time, form and manner a�s re- quired by la�v a�nd that the amount of thi.s �ond, to,mether with all . other indebtedness of the Ci.ty, does not exceed any limit prescrzbed by the Constitnt.ion or statntes of said State. This Bond ma,y be re�astered in the manner provided in the Resolntion and therea�f.ter the �rincipal hereof and interest hereon shall be pa�able onl�r to such reg�stered owner. IN ��TIz�Trss ��xr�r.or, the CitS- of Reddin� has catlsed this Bond to be executed under i_tis official seal, si�ned by its 1lZa�yor and its Treasurer a�nd countersigned by its C1erk, and has ca�used the interest coupons attached hereto to be siyned bi= its Treasurer and this Bond to be dated the lst da,y of September, 1967. ------------------------------------------------------------ Mayor o f tl�-e City o f Redding [Sea.l] ------------------------------------------------------------ T rea.surer o f the Ci�t� o f Redde�n;� Countersigned: City Clerlc o f tl�e Cit� o f I�ed�di�ig 203 10 (Foxnz or couPON) Coupon No- ------------ -------------------------- 19.--- On the 1st dat� of --------------------------------------� 19------� subject to �n�r right of prior redemption reserved in the Bond hereinafter ment.ioned to �vhich this coupon appertains, the City of R,edding «ill (unless the «rithin mentioned �ond be rebistered) pa�y to the bearer exclus�ively from the spec�ial fund� re- � ferred to in the herein�fter mentioned Bond at the San Francisco 1�%Iain Office of Cr�ocl:er-C�tizens Na- tiona.l Ba.nk in the Cit�= and Cotlnt,y- of San Fran- ci.sco, State of California (the Fiscal Agent of said $______________________ Cit��) or at the principal office of Irvin�Trtlst Com- pan,y in New �'ork, New York, or at I�a.rris Trust and Savings Bank in Chicago, Illinois, the sum set forth hereon in la�vfiil money of the United States of Aillerica., being interest tl�en due on its 1959 �V�,ter Reveniie Bond, Series B, dated September No.B______________ 1, 19G7. ------------------------------------------------------------ Trea�surer o f tlae Cit� o f Redc�irug 204 11 �rORM OF PPGISTPATION F.I�TDOI�SEMENT� This Bond is ��e�istered in the name of the re�istered o«�ner whose name an�l a�dress appe�r last in the space belo�v and botli the principal of. and interest on this Bond are paj�able to such re�istered owner. � Note: There n�ust be no ��riting in the space below except by the Fiscal A�ent. Dafe of Name of Address of Siqnature of Regisfry Reglstered Owner Registered Owner Fiscal Agent ---------------- -------•----•---•--------------- -----------------•-•----•--------- ------•------------------•----•----• ------------•--- -----------•----•--------------- ---------------•------------------ -----------------------------•-•---- ---------------- -------------------------------- ----------------•----------------- ------------------------------------ ---------------- ------•----••----------•-------- ---------------------------------- -------------------------•---------- ---------------- ---------•--•------------------- ---------------------------------- -•-----------------------•---------- ------------•--- ---------------•---------------- ------•----•---------------------- -------------------•---•••---------- ---------------- -----•---•---------------------- ---------------------------------- -------------------------•--•------- ---------------- -------------------------------- ---------------------------------- ------------------------------------ SrcTtoN 23. Is.s�,��czn-ce o f Se�ries I� Boncls. At ant� time after the adontion of this First Sup�lement�l ]�esoh�tion, tl�e Council inay sell a.nd deliver Series 13 �onds in the �rm.�re�ate brinci�al amount of not to exceed six hundred ten thousand c�ollars ($E�10,000). Upon the receipt of pa�Tment f.or anv of. the Series ]3 Bonds �vheri the same sha,ll ha�ve been dnlv sold b�r tlie Co��ncil, the proceeds from such sale sl�all be pa.id to the Treasurer and the _T_reastirer shall forth- with set aside a�nd cleposit the proceeds received from such sa-le in the following respect,ive funds and in the .f.ol,lowin� orde�� of priority: (a) The Treasurer shal�l deposit in the Interest F�t�nd estab- lished pursnant to Secti_on 9(d) of the Resoluti_on a sum equal. to the amount of accrued interest received ilpon the sale of the Series B Bonds. (b) The Treasurer shall deposit in the Reserve Pund estab- lished pursuant to Section 9(f) of the I�,esolution,an.amount suffi-.. eient to increase the bala.nce then in the I�eserve Fund to ari 205 � 12 amount ec{ual to the Maximum Annual Debt Service on all Bonds then outstanding, including t.he Series P Bonds. (c) The Treasurer shall set aside and deposit the remainder of such proceeds in the 1959 ti�ratei Sy�stem Constrncti.on Fund created by Section 7(c) of the Resolution. S�czzoN 24. �ppoi�tmen,t o f Pc�yi�a� ��ents. The principal office of Irving Trust Company in New York, New Yoriz, and Ha�rris �Trusti and Savings Bank in Chicago, Illinois, are herek�� appoirtted �as Pay- � ing Agents for the ptlrpose of pa�ing the princi�al of and interest on any of the Series B Bonds presented f.or pa,yment in Ne«� �'ork, New York, or C��icago, I1linois. The Fiscal A.gent sha11 enter into such a.rr�ngements t�-ith each Pa�ing �lgent as shall be necessarv and desir- able in order to enal�le stich Pa�ing Agent to carr.y otit the dt�ties of its office. Tlie Fiscal Agent and the Paying �.ben�s are hereby author- ized to redeem the Series B Bonds a�nd interest coupons appertaininb thereto ��hen duly presented for pa,yment at m�turit�, or on ca11 and redemption or on purcha�se by the Fisca�l Agent pri.or to maturit5�, and to ca.ncel all Series B Boi7ds and coupons upon pa��ment thereof and to return the same so cancelled to the Fiscal Agent. The Fi.scal A;ent shall keep accnra�e iecords of all fiinds administered b,y it a�nd of all Bonds and coupons paid and clischarged. The Cotulci.l is hereby author- ized to compensate the I'iscal�gent.and the Pa��in�Agents for their i•e- spective services renclered��ursuant to t.he provisions of this resolntion. SFCTro�v 25. Ter7�as of Se��ies l3 Bo�2ds Sub�ect to tl2e Resolutio�n. Excep� a-s in thi.s First Supplemental Resolution e�pressl� provided, every term and condition contained in the Resolnt.ion shall apply to this First Supplemental Resolntion and to the �eries B Sonds �vith the same force and effect as if t11e same �vere herein set fortll at length, 2�E� . ` : 13 with such omissions, variations and modifications thereof as mav be appropriate to make the same conf.orm to this First Supplernental Resolution. Pnss�n n�Tn AvoPTED this 17th day of July, 1967, by the following vote: AyEs: Councilmen- Chatfield, Denny, Doherty, Fulton, and Moty NoEs: Councilmen - None ABSENT: Councilmen - None � M � o h�� City o f I�e�dd�in� , Ca 'f ornia [Seal] Attest: City Clerk � � �' � � �� 0 � :/ Presented to and approved by me is th day f ul , 1967. �a�y o� the � zt� o f 2�e d'in,g � Cal ornic� zr; Councilman Doherty introduced Resolution No. 3927, a resolution authorizing and directing the sale of $610, 000 principal amount of City of Redding 1959 Water Revenue Bonds, Series B, which resolu- tion was read in full. MOTION: Made by Councilman Doherty, seconded by Councilman Fulton that Resolution No. 3927 be adopted, a resolution of the City ��(o Council of the City of Redding authorizing and directing the sale of $610, 000 principal amount of City of Redding 1959 Water Revenue Bonds, Series B. Voting was as follows: Ayes: Councilmen - Chatfield, Denny, Doherty, Fulton, and Moty Noes: Councilmen - None Absent: Councilmen - None Resolution No. 3927 incorporated herein and on file in the office of the City Cle rk. � 208 .i: .__...,� � � � CITY OF REDDING RESOLUTION NO. �� , � AUTHORIZING AND DIRECTING THE SALE OF $610 ,000 PRINCIPAL AN!OUNT OF CITY OF REDDING 1959 WATER REVENUE BONDS, SERIES B WHEREAS, the City Cour,cil of the City of Redding, by Resolution No. 3 .�L , adopted July 17, 1g67 , duly provided for the issuance of $610 ,000 principal amount of City of Redding 1959 Water Revenue Bonds , Series B, and it is desirable that such Series B bonds be offered for public sale at this time ; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redding , as follows : Section 1 . Monday , August 21 , 1967 , at the hour of 4 : 00 P.M. (Cal. D.S.T. ) , is hereby fixed as the time , and the office of the City Clerk , 760 Parkview Avenue, Redding, Shasta County, California, is hereby fixed as the place, at which bids will be received for the purchase of the Series B bonds , as described in, and sub�ect to the terms and conditions of, the notice of sale hereinafter set forth. Section 2. The City Clerk is hereby authorized and directed to cause the Notice of Sale of the Series B bonds to be published once in the REDDING RECORD-SEARCHLIGHT, � a newspaper published and circulated in the City , and such inotice shall be in substantia.11y the following form: �_ � 209 . . .. OFFICIAL NOTICE OF SALE $610 ,000 CITY OF REDDING 1959 WATER REVENUE BONDS , SERIES B NOTICE IS HEREBY GIVEN that sealed proposals will be received and opened by the City Clerk of the City of Redding at the office of the City Clerk, 7E0 Parkview Avenue , Redding , Shasta County, California, on MONDAY, AUGUST 21 , 1967 at 4 : 00 P.M. (Cal . D.S.T. ) for the purchase of $610 ,000 principal amount of Cit,y of Reddin� 1959 Water Revenue Bonds , Series B, authorized to be issued under th� provi- sions of a resolution of the City Council adopted July 20 , 1959 , as supplemented by a resolution of the City Council adopted July 17 , 1967 , and pursuant to the Revenue Bond Law of 19�1 of the State of California. The bonds are the balance of an issue of $1 ,260,000 aggregate principal amount authorized at an election held in the City on May 5 , 1959, $650 ,000 principal amount of which have previously been issued as Series A, and $580 ,00� principal amount of which is now outstandin�. The bonds are more particularl,y described in the two resolutions above referred to (which are incorporated herein by reference ) and copies thereof will be furnished to any interested bidder upon request . The bonds are generally described below. ISSUE AND $610,000, consisting of 122 bonds of DENOMINATION: the denomination of $5,000 , numbered B1 to B122 , both inclusive , all dated September 1, 1967 . 2 210 INTFREST RATE: Maximum not to exceed six per cent (6�) per annum, payable semiannually on March 1 and September 1 in each year. Bidders must specify the rate or rates of interest which the bonds shall bear; provided that (i ) all bonds maturing by their terms in any one year must bear the same rate of interest ; (ii ) each interest rate specified must be in a multiple of 1/20 of 1� and a zero rate of interest cannot be specifi.ed; (iii) the difference between the lowest and highest inter- est rates specified i� any bid shall not exceed two per cent (2�) ; (iv) no bond shall bear more than one rate of interest , no interest payment shall be evidenced by more than one coupon , and supplemental coupons will not be per- mitted; (v) each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; and (vi ) any premium must be paid in bank funds as part of the purchase price and no bid will be accepted which contemplates the cancellation of any interest coupons or the waiver of any interest or other concession by the bidder as a substitute for payment in full of the purchase price in bank funds . Bids which do not conform to the terms of this paragraph will be re�ected. MATURITIES: The bonds will mature as follows : Maturity Date (September 1 ) Principal (all years inclusive ) Amount 1968 - 1972 $ 10,000 1973 - 1975 15, 000 1976 - 1979 20 ,000 1992 435 ,000 P�ANDATORY CALL: The resolution adopted on July 17 , 1967 creates a Series B Sinking Fund Account to be used for mandatory call and redemption of the Series B bonds maturing September 1 , 1992 , as follows : 3 211 $20,000 principal amount in the years 1980 to 1985 , both inclusive ; $25 ,000 principal amount in the years 1986 to 1989 , both inclusive ; $70 ,000 principal amount in the years 1990 and 1991 ; and $75 ,000 principal amount in the ,year 1992 • REDEMPTION: Bonds maturing on or before September l , 1979 , are not sub�ect to redemption prior to their respective maturity dates . Bonds maturing � on September l , 1992 , are sub�ect to redemption prior to their maturity date, at the option of the City , as a whole , or in part by lot , from funds derived by the City from any source , including the Series B Sinking Fund Account pro- vided for in the resolution adopted on July 17 , 1967 , on an,y interest payment date on or after September 1 , 1980 , at the principal amount thereof and accrued interest to date of redemption plus a premium as set forth below: Bonds Redeemed On or after and prior to September 1 September 1 Premium 1980 1981 3 q 1981 19�2 2-3/� 198?_ 1983 2-1/2 1983 19�� 2-1/u 1984 1985 2 1985 1986 1-3/4 1986 1987 1-1/2 1987 1988 1-1/4 1988 1989 1 1989 1990 3/� lggp 1991 1/2 1991 Maturit,y 1/� PAYMENT: Both principal and interest are payable in lawful money of the United States of America at the office of the Fiscal Agent of the City in San Francisco , California, or at the option 4 212 �Y . of the holder, at the office of the Paying Agents of the City in New York, New York, or in Chicago , Illinois . REGISTRATION: Coupon bonds will be issued by the City . Said bonds will be registrable only as to both principal and interest . Registered bonds are convertible into coupon bonds at the expense of the owner. PURPOSE : The bonds are authorized for the ourpose of providing funds for the acquisition, construetion , improvement and financing of improvements to the existing water system of the City . SECURITY: The bonds are revenue bonds payable exclusively from the Revenues of the Enterprise (as those terms are defined in the resolutions) . Bidders are referred to the resolutions and to the offi- cial statement for further particulars . A reserve fund has been established and will be maintained in an amount equal to the maximum annual debt service on all the out- standing 1959 Water Revenue Bonds . FISCAL AGENT The Cit.y has appointed Crocker-Citizens AND FISCAL AGENTS: National Bank, in San Francisco , California, its Fiscal Agent , and Irving Trust Company in New York, New York, and Harris Trust and Savings Bank in Chica�o, Illinois , its Paying Agents . TAX EXEMPT STATUS: In the event that prior to the delivery of the bonds the income received by private holders from bonds of the same type and character shall be declared to be taxable under any Federal income tax laws , either by the terms of such laws or by ruling of a Federal income tax authority or official which is followed 5 213 by the Internal Revenue Service , or by decision of any F'ederal court , the successful �idder ma,y , at his option, prior to the tender of the bonds by the City , be relieved of his obligation under the contract to purchase the bonds , and in such case the deposit accompanying his bid wi11 be returned. LEGAL OPINION: The legal opinion of Messrs . Orrick, Herrington , Rowley & Sutcliffe , of San Francisco , California, approvin� the validity of the bonds , will be furnished to the successful bidder without charge. A copy of the legal opinion , certified by the ofPicial in whose office the original is filed, will be printed on each bond without charge to the purchaser. TERMS OF SALE Highest Bid : The bonds will be awarded to the highest bidder, considering the interest rate or rates specified and the premium offered, if any . The highest bid will be determined by deductin� the amount of the premium bid (if any) from the total amount of interest which the City would be required to pay from the date of the bonds to the respective maturity dates of the bonds at the coupon rate or rates specified in the bid, and the award will be made on the basis of the lowest net interest cost to the City . The purchaser must pay accrued interest from the date of the bonds to the date of delivery . All interest shall be computed on a 360-day year basis . The cost of printin� the bonds will be borne by the City . Right of The City reserves the right , in its Re�ection : discretion, to re�ect any and all bids and to waive any irregularity or informality in any bid. 6 , . . 214 Prompt Award: The Council will take action awarding the bonds or re�ecting all bids not later than 28 hours after the expiration of the time herein prescribed for the receipt of proposals , unless such time of award is waived by the successful bidder. Notice of the award will be �iven promptly to the successful bidder. Delivery Delivery of the bonds will be made to and Pa�ment : the successful bidder at the offiee of the Treasurer of the City of Redding , in Redding, Cali- fornia, as soon as the bonds can be prepared, but not prior to their date . Payment for the bonds must be made in bank funds immediately available to the City in Redding, California. Right of The successful bidder shall have the Cancellation: right , at his option , to cancel the contract of purchase if the City shall fail to execute the bonds and tender the same for delivery within 60 days from the date of 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 must be for not less than the par value of the bonds and accrued interest from the date of the bonds to date of delivery . Each bid, together with bidder' s check , must be enclnsed in a sealed envelope addressed to the City Clerk of the City , 760 Parkview Avenue , Redding, Shasta County, Cali- fornia, and endorsed "Proposal for City of Redding 1959 Water Revenue Bonds , Series B. " All bids must either be mailed to the City Clerk at the above address in time to be received by 4 : 00 P.M. (Cal . D.S.T. ) on August 21 , 1967 , or delivered to the City Clerk at the above address by 4 : 00 P.M. (Cal . D.S.T. ) on such date. 7 215 Bid Check: With each bid must be submitted a certified check or cashier's check for $5,000 drawn on a bank or trust company transacting business in the State of California, payable to the order of the City to secure the City from any loss resulting from the failure of the bidder to comply with the terms of his bid . In addition , bidders are requested, but not required, to supply an estimate of the total net interest cost to the City on the basis of their respective bids , which shall be considered as informative only and not binding on either the bidder or the City . Checks of the unsuccessful bidders will be returned by the City Clerk promptly after the date of sale above s�ecified . No interest will be paid upon the deposit made by an.y bidder. Official The City has prepared an official Statement : statement , a copy of which will be furnished upon request addressed to Stone & Youngberg, 1314 Russ Building, San Francisco , California 9410U , the City ' s financing consultant . There is no controversy or litigation pending concerning the validity of the bonds , and the City will furnish to the successful bidder a no-litigation certifi- cate certifying to the foregoin� as of and at the time of the delivery of the bonds . Dated: July 17 , 1967 . MILDRED L. BRAYTON City Clerk o the City of Redd ng 8 ,�. . ;. 216 Section 3 . Stone & Xoun�berg, financing consultant to the City , are hereby authorized and directed to orepare and cause to be mailed to prospective bidders for tihe bonds copies of an official statement in substan- tiall,y the form ?�resented to the City Council this date , which said statement is hereby approved and adopted. Section 4. This resolution shall take effect from and after its passage and approval . PASSED AND ADOPTED on July i7 , 1967 , by the following vote : AYES: Councilmen - Chatfield, Denny, Doherty, Fulton, and Moty NOES : Councilmen - None ABSENT: Councilmen - e [SEAL) yor the tt o R ding ATTES T: Ci y lerk 9 � 217 RESOLUTION - re Issuance and Sale of Civic Auditorium Bonds City Attorney Murphy submitted a communication dated July 14, 1967 addressed to the Honorable City Council from the firm of Stone & Youngberg, Municipal Financing Consultants, regarding a resolution providing for the issuance and_sale of the $1, 800, 000 of 1967 Civic Au'dito rium B ond s, , Councilman Denny introduced Resolution No. 3928, a resolution pro- viding for the issuance of $1, 800, 000 principal amount of "City of Redding 1967 Civic Auditorium Bonds" and directing notice of sale of said Bonds, which resolution was read in full. ��j MOTION: Made by Councilman Denny, seconded by Councilman Chatfield that Resolution No. 3928 be adopted, a resolution of the City Council of the City of Redding providing for the issuance of $1, 800, 000 principal amount of "City of Redding 1967 Civic Auditorium Bonds"; prescribing the date and form of said Bonds and of the coupons to be attached thereto and prescribing the maturities thereof; fixing the maximum rate of interest on said Bonds; authorizing the execution of said Bonds and coupons; providing for the levy of a tax to pay the principal of and interest thereon; and directing notice of sale of said Bonds to be given. Voting was as follows: Ayes: Councilmen - Chatfield, Denny, Doherty, Fulton, and Moty Noes: Councilmen - None Absent: Councilmen - None Resolution No. 3928 incorporated herein and on file in the office of the City Cle rk. ij . � 218 _ _r..• � � � � CITY OF REDDING ` RES OLUT ION NO. ..3� .�, � PROVIDING FOR THE ISSUANCE OF $1 ,800,000 PRINCIPAL AMOUNT OF "CITY OF REDDING 1967 CIVIC AUDITORIUM BONDS" ; PRESCRIBING THE DATE AND FORM OF SAID BONDS AND OF THE COUPONS TO BE ATTACHED THERETO AND PRE- SCRIBING THE MATURITIES THEREOF; FIXING THE MAXIMUM RATE OF INTEREST ON SAID BONDS ; AUTHORIZING THE EXECUTION OF SAID BONDS AND GOUPONS; PROVIDING FOR THE LEVY OF A TAX TO PAY THE PRINCIPAL OF AND IN- TEREST THEREON; AND DIRECTING NOTICE OF SALE OF SAID BONDS TO BE GIVEN WHEREAS, all the requirements of law have been complied with in calling and holding the special municipal bond election held in the City of Redding on November 16 , 19�5 , at which election a measure to issue bonds of sai� City in the aggregate principal sum of $1 ,800 ,000 for the ob�ect and purpose hereinafter stated was submitted to the voters of said City ; and the City C�uncil of said City did duly and regularly canvass the returns of said special municipal bond election and did by said canvass determine and declare , and do hereby certify , that said measure received at said special municipal bond election the affirmative vote of more than two-thirds of all of the voters voting on said measure at said special municipal bond election, and was thereby carried and adopted by said election, and the issuance of said bonds by said City was ✓ 219 duly authorized; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redding, as follows : Section l. The City Council has reviewed all , proceedings heretofore taken and has found as a result of such review, and does hereby find and determine , that all acts , conditions and things required by law to exist , hap- pen and be performed precedent to and in the issuance of said bonds have existed, hapoened and been performed in due time , form and manner as required by law, and the City of Redding is now authorized pursuant to each and ever,y requirement of law to incur indebtedness in the manner and form as in this resolution provided. Section 2. Bonds of the City of Redding in the aggregate principal amount of $1,800,000 shall issue to pay the cost of the acquisition , construction and comple- tion of the municipal improvement of said City set forth in the following measure, to wit : MEASURE (A) : Shall the City of Civic Auditorium) Redding incur a bonded indebtedness in the principal amount of $1 ,800,000 for the acquisition , construction and completion of the following municipal improvement , to wit : Civic auditorium, public assembly and convention hall , including building, furniture , equipment , apparatus , landscaping, and other works , property or structures necessary or con- venient for a civic auditorium, public assembly and convention hall of the City of Redding? Section 3 . Said $1 ,800 ,000 prineipal amount of bonds shall be issued as hereinafter set forth, and shall be sold in accordance with law at not less than their par value and accrued interest . Said bonds shall be known as 2 . 220 "City of Redding 1967 Civic Auditorium Bonds . " Said bonds shall be negotiable in form, and of the character known as serial and shall be numbered 1 to 360 , both inclusive, con- secutively upwards in order of maturity and shall each be of the denomination of $5 ,000. Said bonds shall be dated September 1, 1967 (which is hereby fixed and determined to be the date of the issue of the bonds ) . All of said bonds shall bear interest from their date untii paid at the rate or rates designated by the City Council of the City of Redding at the time of the sale of said bonds , but not to exceed six per cent (6�) per annum, payable semiannually . Such interest shall be evidenced by coupons attached to each bond, and each of said coupons shall represent six months ' interest on tY�e bond to which it is attached. The interest coupons on said bonds shall be pa,yable annually on March 1 and Septembex 1 in each year until and at the respective dates of maturity of said bonds . Said bonds shall mature seriall.y in consecutive numerical order, from lower to hi�her, as set forth in the followin� schedule : Maturity Date (September 1 ) Annual Principal (Both ,years inclusive ) Amount 1968 - 1969 $ 30 ,000 1970 - 1972 35,000 1973 - 1975 40,000 1976 - 1978 45 ,000 1979 - 198a 50,000 1981 - 1983 55 ,000 1984 - 1985 60,000 1986 65 ,000 19�7 - 1988 70,000 1989 - 1990 75,000 1991 80 ,000 1992 - 1993 85 ,000 1994 90 ,000 1995 95 ,000 1996 100 ,000 1997 105 ,000 3 I' , 221 Both the principal of and interest on said bonds shall be payable in lawful money of the United States of America at the San Francisco Main Office of Bank of America National Trust and Savin�s Association , the Paying Agent of the City in San Francisco , California, or, at holder's option, at the principal office of Chemical Bank New York Trust Co. , the Paying Agent of the City in New York, New York, or at the office of The First National Bank of Chicago, the Payin� Agent of the City in Chicago , Illinois . The Cit,y hereby covenants and agrees , for the direct benefit of the holders of all the bonds , that so long as any bonds shall be outstandin� it will maintain Paying Agents in San Francisco , California, New York , New York and in Chicago , Illinois . Bonds maturin� by their terms on or prior to September 1 , 1979 are not sub�ect to call and redemption prior to their fixed maturity dates . Bonds maturing by their terms on or after September 1 , 1980 are sub�ect to call and redemption, at the option of the City , on Septem- ber 1 , 1979 , but not prior thereto , and on any interest pa,yment date thereafter prior to maturity as a whole , or in part in inverse numerical order, at the principal amount thereof and accrued interest to date of redemption plus a redemption premium of one-quarter of one per cent (1/4 of 1�) of the principal amount of each bond so redeemed for each whole year and for any remaining fraction of a year from the date of redemption to the date of maturity of such bond; provided, however, that such premium shall r.ot exceed four per cent (4� ) of the principal amount of any bond so� redeemed. 4 222 Whenever funds are available for the call and redemption of any of the bonds then sub�ect to call and redemption , the City shall determine the numbers of the bonds to be called and redeemed , and the date of redemption thereof. Notice of an,y such redemption shall be publishPd by the City once a week for two successive weeks in a news- papPr of general circulation printed and published in the City and Count,y of San Francisco, State of California. The notice of redemption shall set forth the bond numbers and principal amount of the bonds so to be called and redeemed and the amount of the premium payable thereon at the date of redemption . Si�ilar notices shall be mailed at the same time by the City to the respective registered owners of any b�nds called for redemption at their addresses appearing on the registration book in the office of the San Francisco Paying Agent of the City of Redding ; provided that such mailing shall not be a condition precedent to such redemp- tion and failure to mail or receive any such notice shall not affect the validity of the proceedings for the redemp- tion of such bonds . The first publication of such notice of redemption shall be not less than 30 days nor more than 60 days prior to the date fixed for such redemption . After the date fixed for such redemption , if the City shall have duly published notice of such redemption and shall have provided funds available for payment of the principal , pre- mium and accrued interest on the bonds so called, interest on such bonds shall cease. All bonds and coupons surren- dered upon call for redemption sha.11 be cancelled by the City and shall not be reissued. 5 223 Section 4 . Said bonds and the coupons attach�d thereto and the form of re�istration endorsement to appear thereon shall each be in substantially the following form, and blanks in said forms to be filled with appropriate words or fi�ures , namely : 6 I- . � � 224 [Form of Bond] UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF SHASTA CITY OF REDDING 1967 CIVIC AUDITORIUM BOND No. $5 ,000 The CITY OF REDDING , a municipal corporation organized and existin� under the Constitution and laws of the State of California, hereby acknowledges itself indebted and for value received promises to pay to the bearer (or if this bond be registered, to the registered holder herecf) on September 1 , 19 (sub�ect to any right of prior redemption hereinafter in this bond expressly provided for) the principal sum of FIVE THOUSAND DOLLARS ($5 ,000 ) together with interest thereon at the rate of per cent ( ") per annum until payment of said principal sum in full, payable semiannually on March 1 and September 1 in each year. Unless this bond be registered, such interest , z�rior to maturity , shall be payable only on �resentation and surrender of the proper interest coupons hereto attached as they respectivel,y become due . Both the principal of and interest on this bond are payable in lawful money of the United States of America at the San Francisco Main Office of Bank of America National Trust and Savin�s Association , in San Francisco, Californ.ia, or, at holder' s option , at the principal office of Chemical Bank New York Trust Co. , in New York, New York, or at the office of The First National Bank of Chicago, in Chicago, Illinois . Bonds maturing by their terms on or prior to September 1 , 1979 are not sub,ject to call and redemption prior to their fixed maturity dates . Bonds maturing by their terms on or after September 1 , 1980 are sub,ject to call and redemption , at the option of the City , on Septem- ber 1, 1979 , but not prior thereto, and on an,y interest payment date thereafter prior to maturity as a whole , or in part in inverse numerical order, at the principal amount thereof and accrued interest to date of redemption plus a redemption premium of one-quarter of one per cent (1/4 of 1q) of the principal amoun� of each bond so re- deemed for each whole year and for any remaining fraction of a ,year from the date of redemption to the date of matu- rity of such bond; provided, however, that such premium shall not exceed four per cent (4q) of the principal amount of an,y bond so redeemed. 7 I' � 225 This bond is one of a duly authorized issue of bonds of said City aggregating One Million Eight Hundred Thousand Dollars ($1,800 ,000) in grincipal amount , all of like tenor and date (except for such variations , if any , as ma,y be required to designate varying numbers , maturi- ties , interest rates or redemption provisions ) and is issued under and pursuant �o the Constitution and statutes of the State of California, and under and pursuant to the ordinances and proceedings of said City duly adopted and taken, including Resolution No . adopted by the City Council of said City on July 17 , 1g67 (herein called the "Resolution" ) , and a vote and assent of more than two- thirds of a11 the qualified electors of said City voting at a special election di�ly called and held for that purpose . This bond may be registered in the manner provided in the Resolution and thereafter the principal hereof and interest hereon shall be payable onl,y to such registered owner. It is hereby certified, recited and declared that all acts , conditions and things required by law to exist , happen and to 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, and that the amount of this bond, togetYier with all other indebtedness of said City , does not exceed any limit pre- scribed by the Constitution or statutes of said State , and that provision has been made as required by the Con- stitution and statutes of said State for the collection of an annual tax sufficient to pay the principal of, and interest on, this bond as the same become due . The full faith and credit of said City are hereby pledged for the punctual payment of the principal of and interest on this bond. IN WITNESS WHFREOF, the City of Redding has caused this bond to be executed under its official seal , signed by its Mayor and its Treasurer, and countersigned b,y its Clerk , and has caused the interest coupons attached hereto to be signed b,y its Treasurer, and this bond to be dated September 1 , 1967 . [SEAL] Mayor of the City of Redding Treasurer of the City of Redding Countersi�ned: City Clerk of the City of Redding 8 226 [Form of Coupon) Coupon No. The CITY OF REDDING on , 19 will (unless the within mentioned + bond be registered, and sub�ect to any right of prior redemption therein reserved) pa,y to the bearer at the San Francisco Main Office of Bank of America National Trust and Savin�s Association, in San Francisco, California, or, at holder' s option , at the principal office of Chemical Bank New York Trust Co. , in New York , New York , or at the office of The First National Bank of Chica�o, in Chicago, I1linais , the sum shown $ hereon in lawful money of the United States of America, bein� semiannual interest then due on its 1967 Civic Auditorium Bond, dated September 1 , 1967. r1o . Treasurer of the City of Redding [Form of Registration Endorsement] This bond is registered in the name of the registered owner whose name and address appear last in the space below and both the principal of and interest on this bond are payable to such registered owner. Note : There must be no writin� in the space below except by the San Francisco Payin� Agent . Date Name of Address of Signature of of Registered Registered San Francisco Registry Owner Owner Paying Agent 9 , 227 Section 5. The Mayor of said City and the Treasurer of said City are hereby authorized and directed, respectivel,y , as such officers , to execute each of said bonds on behalf of said City , and the City Clerk or one or more of his deputies is hereb,y authorized and directed. to countersign each of said bonds and to affix the official seal of said City thereto . Said seal may be printed, en�raved, stamped or otherwise placed in facsimile on said bonas . Said Mayor and Treasurer are hereby each, respec- tively , authorized to cause said bonds to be si�ned b.y printed, lithoaraphed or en�raved facsimile signature . Said Treasurer is hereby authorized and directed to sign each of the interest coupons by printed, litho�raphed or engraved facsimile signature . Such signing, countersigning and sealing as herein provided shall be a sufficient and binding execution of said bonds and coupons b,y said City , and all such signatures and countersignatures , excepting that of the City Clerk or his deputies , may be printed, lithographed or en�raved. In case any of such officers whose signatures or countersignatures appear on the bonds or coupons shall cease to be such officer before the deliver,y of such bonds to the purchaser, such si�nature or countersignatures shall nevertheless be valid and sufficient for all purposes the same as though he had remained in office until the delivery of the bonds . Section 6 . The City will keep at the office of the San Francisco Paying A�ent at all times when any of the bonds shall be outstanding and unpaid, books for the registration and transfer of the bonds . The owner of any coupon bond may present the bond at such office to the Payin� A�ent and request the conversion of the bond into 10 i 22Q a registered bond. The Paying A�ent shall cut off and hold in safeke�ping the coupons of any coupon bond so pre- sented and shall cause to be endorsed upon the back of such coupon bond so presented a statement to the effect that the bond is registered in the name of the owner and that there- after the interest and principal of the bond are payable to the registered owner. Such statement shall be substan- tially in the form hereinabove set forth . After such reg- istr�ation and notation no transfer of any such coupon bond shall be valid unless evidenced by a written instrument of transfer in form satisfactory ta the Paying Agent , duly execut�d by the registered owner in person or by his duly authorized agent . The Paying Agent shall keep in its office a registration book which shall at all tines show what bonds are registered and the names and addresses of the registered owners , respectivel,y . The addresses appearing in the reg- istration book shall be deemed to be for all purposes the addresses of the registered owners . The Paying A�ent shall pay interest to the owner of any registered bond by check mailed to such owner at his address appearing on the regis- tration book and shall pay to the owner or his legal assi�- nee the principal of any registered bond upon presentation and surrender of such registered bond . The registered owner of any registered bond may at any time (provided such bond shall not have been called for redemption) present such bond to the Paying Agent and request conversion of such bond into a coupon bond, in which event the Paying Agent shall cancel the registration of such bond and shall attach thereto coupons for all unmatured interest thereon and as a condition of any such conversion may require such char�e therefor as it may deem proper, not exceeding �5. 00 . 11 _ 229 Section 7 . For the purpose of paying the principal of and interest on said bonds , the City Council of the Cit� of Redding , shall , at the time of makin� the next general tax levy after incurring the bonded indebted- ness , and annuall,y thereafter until the bonds are paid or until there is a sum in the treasury set apart for that � purpose sufficient to meet all payments of principal and interest on the bonds as they become due , lev,y and collect a tax sufficient to pay the interest on the bonds and such part of the principal as will become due before the pro- ceeds of a tax levied at the next general tax levy will be available. Such taxes shall be levied and collected as other City taxes and shall be in addition to all other taxes and shall be used only for payment of the bonds and interest thereon. Said taxes as collected shall be forth- with paid into the fund for which the same were levied and collected and which shall be desi�nated "City of Redding 1967 Civic Auditorium Bond Interest and Sinking Fund, " and all sums to become due for the principal of and interest on said bonds shall be paid from such fund. There shall likewise be deposited in said fund any moneys received on account of any premium paid on said bonds and interest accrued on said bonds from their date to the date of delivery and actual payment of the purchase price thereof. Section 8. There is hereby created and estab- lished a fund to be known as the "City of Redding 1967 Civic Auditorium Bond Fund, " which shall be kept b,y the Treasurer of said City , and all proceeds of the sale of said City of Redding 1967 Civic Auditorium Bonds (except premium and accrued interest received on such sale ) , shall 12 230 be placed by the Treasurer to the credit of said fund and shall be kep,t separate and distinct from all other muni- cipal funds . The mone,ys in said fund shall be applied exclusively to the purpose and ob�ect specified in said measure set forth in Section 2 of this resolution , includ- in� payment of all costs and exoenses incidental to or connected with the authorization, issuance and sale of the bonds and all legal and other fees incidental to or con- nected with the authorization , issuance and sale of the bonds and the costs af printing said bonds ; provided, how- ever, that when said purpose and ob�ect have been accom- plished, any moneys remaining in said fund shall be trans- ferred to said City of Redding 1967 Civic Auditorium Bond Interest and Sinking Fund and be used for the payment of pri.ncipal of and interest on the bonds of said authorized issue ; and provided, further, that when such purpose and ob,ject have been accomplished and all principal and inter- est on the bonds have been paid , any balance of money then remaining shall be transferred to the general fund of said City . Section 9 • The City Clerk is directed to cause a sufficient number of blank bonds and coupons of suitable quality to be lithographed, printed or engraved, and to cause the blank spaces thereof to be filled in to comply with the provisions hereof, and to procure their execution by the proper officers , and to deliver them, when so exe- cuted, to the Treasurer of said City who shall safely keep the same until they shall be sold by said City Council , whereupon he shall deliver them to the purchaser or pur- chasers thereof, on receipt of the purchase price. Said Mayor, Treasurer and City Clerk are further authorized and 13 � . � 231 directed to malce, execute and deliver to each purchaser of said bonds a signature and no-litigation certificate in the form customaril,y required by purchasers of municipal bonds , certifying to the genuineness and due execution of said bonds and further certifying to all facts within their knowledge relative to an,y litigation which may or might affect said City , said officers or said bonds , and said Treasurer is further authorized and directed to make , exe- cute and deliver to each purchaser of said bonds a receipt in the form customarily required b,y �urchasers of municipal bonds , evidencing the nayment of the purchase price of the bonds so purchased, which receipt shall be conclusive evi- dence that said purchase price has been paid and has been r�ceived by said City. Any purchaser or subsequent taker or holder of said bonds is hereby authorized to rely upon and shall be �ustified in relying upon such si�nature and no-litigation certificate and upon such Treasurer' s receipt with respect to said bonds executed pursuant to the authority of this resolution . Section 10. All of said bonds shall be offered for public sale by the City Council of the City of Redding on Monday, August 21 , 1967 and the City Clerk is hereby authorized and directed to cause notice of the sale of said bonds to be published once in the REDDING RECORD- SEARCHLIGHT, and such notice shall be substantially in the followin� form, to wit : 14 232 OFFICIAL NOTICE OF SALE $1 ,800,000 CITY OF REDDING 1967 CIVIC AUDITORIUM BONDS NOTICE IS HEREBY GIVEN that sealed proposals will be received �nd opened by the City Clerk of the City of Redding, Shasta County , State of California, at the office of the City Clerk, 760 Parkview Avenue , Redding, Shasta County, California, on MONDAX, AUGUST 21 , 1967 at the hour of 4 : 00 o ' clock P.M. (Cal. D. S.T. ) for the purchase of $1 ,800 ,000 principal amount of bonds of said City des�gnated "Cit,y of Redding 1967 Civic Auditorium Bonds , " more particularly described below. ISSUE AND $1 ,800,000 principal amount of coupon DENOMINATION : bonds numbered cansecutively from 1 to 360. The bonds shall all be of the d�nomination of $5 ,000 each. DATE: The bonds are dated September 1 , 1967 . MATURITIES: The bonds mature serially in consecutive numerical order, from lower to higher, as follows : Maturity Date (September 1 ) Annual (Both years Principal inclusive ) Amount 1968 - 1969 $ 30 ,000 1970 - 1972 35 ,000 1973 - 1975 40,000 1976 - 1978 45 ,000 1979 - 1980 50 ,000 1981 - 1983 55 ,000 198� - 1985 60,000 1986 65 ,000 1987 - 1988 70 ,000 1989 - 1990 75 ,000 1991 80 ,000 1992 - 1993 85 ,000 199� 90,000 1995 95 ,000 1996 100,000 1997 105 ,000 REDEMPTION: Bonds maturing by their terms on or prior to September 1, 1979 are not sub- �ect to call and redemption prior to their fixed maturity dates . Bonds maturing by their terms on or after September 1 , 1980 are sub�ect to call and redemption , at the option of the City , on September 1 , 1979, but not prior thereto, and on any interest payment 15 . 233 date thereafter prior to maturity as a whole, or in part in inverse numerical order, at the principal amount thereof and accrued interest to date of redemption plus a redemp- tion premium of one-quarter of one per cent (1/4 of 1� ) of the principal amount of each bond so redeemed for each whole year and for any remaining fraction of a ,year from the date of redemption to the date of maturity of such , bond; provided, however, that such premium shall not exceed four per cent (4q) of the principal amount of any bond so redeemed. INTEREST RATE : Maximum six per cent (6%) per annum, payable semiannually on March 1 and September 1 in each year. Bidders must specify the rate of interest which the bonds hereby offered for sale shall bear. Bidders may specif,y an,y number of separate interest rates irrespective nf the maturities of the bonds , and the same rate or rates may be repeated as often as desired; provided, however, that (i ) the differ- ence between the highest and lowest coupon rates specified in any bid shall not exceed two per cent (2� ) ; (ii ) each interest rate specified must be in a multiple of 1/20 of one per cent and a zero rate of interest cannot be speci- fied; (iii ) no bond shall bear more than one rate of inter- est , no interest pa,yment shall be evidenced by more than one coupon and supplemental coupons wili not be permitted; (iv) each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid ; (v) all bonds of the same maturity shall bear the same rate of interest ; and (vi) any premium must be paid in bank funds as part of the purchase price , and no bid will be accepted which provides for the cancellation and surrender of any interest coupon or for the waiver of interest or other concession by the bidder as a substitute for bank funds . Bids which do not conform to the terms of this paragraph will be re�ected. PAYMENT: Both principal and interest are payable in lawful money of the United States of America at the San Francisco Main Office of Bank of America National Trust and Savings Association , in San Francisco , California, or, at holder' s option , at the principal office of Chemical Bank New York Trust Co . , in New York , New York , or at the office of The First National Bank of Chic�go , in Chicago , Illinois . EXECUTION AND Coupon bonds will be issued by the City . REGISTRATION: Said bonds will be executed by the manual signature of at least one official author- ized to execute the bonds . Said bonds will be registrable only as to both principal and interest . Registered bonds are convertible into coupon bonds at the expense of the owner. PURPOSE The bonds are authorized by vote of two- OF ISSUE : thirds of the qualified voters voting at a special bond election for the purpose of authorizing bonds for the acquisition, construction and comnletion of a civic auditorium for the City of Reddin�. 16 � \ � . 234 SECURITY : Said bonds are general obligations of the City of Redding and said Cit,y has power and is obligated to ievy ad valorem taxes for the payment of said bonds and the interest thereon upon all property within the City of Redding sub�ect to taxation b,y said City (except certain personal property, which is taxable at limited. rates ) , without limitation of rate or amount . TAX EXEMPT In the event that prior to the delivery STATUS: of the bonds the income received b,y pri- vate holders from bonds of the same type and character shall be declared to be taxable under any F'ederal Income Tax laws , either by the terms of such laws or by ruling of a Federal Income T�x authority or official which is followed by the Internal Revenue Service , or by decision of any Federal Court , the successful bidder may , at his option, prior to the tender of said bonds by the Cit,y , be relieved of his obligation under the contract to purchase the bonds and in such case the deposit accompanying his bid will be returned. LEGAL, OPINION: The legal opinion of Messrs . Orrick, Herrington , Rowley & Sutcliffe of San Francisco , California, approving the validit,y of said bonds will be furnished to the successful bidder without charge . A cop,y of the legal opinion, cer- tified by the officer in whose office the original is filed, will be printed on each bond without charge to the successful bidder. TERMS OF SAI,E fiighest Bid: The bonds will be awarded to the highest bidder considerin� 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 City would be required to pay from the date of said bonds to their respective matu- rit,y dates at the coupon rate or rates specified in the bid, and the award will be made on the basis of the lowest net interest cost to the City . The purchaser must pa,y accrued interest computed on a 360-day year basis from the date of the bonds to the date of delivery . The cost of printing the bonds will be borne by the City . Right of The Cit,y Council reserves the right , in Re,jection : its discretion , to re�ect any and all bids and to waive any irregularity or informality in any bid. Prompt Award : The City Council will take action awarding the bonds or re�jecting all bids not later than 28 hours after the expiration of the time herein prescribed for the receipt of proposals , unless such time of award is waived by the successful bidder. 17 I . 235 Prompt Delivery of the bonds vrill be made to DPliver,y : the successful bidder at the office of the Treasurer of the City of Redding , in Redding, California, as soon as the bonds can be prepared, but not prior to their date . Payment for the bonds must be made in bank funds imme- diately available to the Ctty in Redding, California. Right of The successful bidder sh all have the Cancellation : right at his option , to cancel the con- tract of purchase if the City shall fail to execute the bonds and tender the same for delivery within sixty (60 ) days from the date of sale thereof, and in such event the successful bidder shall be entitled to the return of the deposit accompanying his bid. Form of Bid: All bids must be for not less than all of the bonds hereby offered for sale and for not less than the par value thereof and accrued interest to date of delivery . Each bid, together with bidder' s check, must be enclosed in a sealed envelope addressed to the City Council of the City of Redding and endorsed "Proposal for City of Redding 1967 Civic Audito- rium Bonds . Al1 bids must either be mailed to the City Clerk at the above address in time to be received by 4 : 00 P.M. (Cal . D. S.T. ) on Au�;ust 21 , 1967 , or delivered to the City Clerk at the above address by such time on such date . Bid Check: With each bid must be submitted a certi- fied check or cashier' s check for $20 ,000 drawn on a bank or trust company transact- ing business in the State of California, payable to the order of the Treasurer of the City of Redding to secure the City from any loss resulting from the failure of the bidder to comply with the terms of his bid. Checks of all bidders (except the successful bidder) will be returned by the City promptl,y following the sale date above specified. No interest will be paid upon the deposit made by the successful bidder. Estimate of Net Bidders are requested, but not required Interest Cost : to supply an estimate of the total net interest cost to the City on the basis of their respective bids , which shall be cons�dered as informative only and not binding on either the bi�der or the Cit,y. Official The City has caused an official statement Statement : to be prepared, a copy of which will be furnished upon request addressed to Stone & Youngberg, 1314 Russ nuilding, 235 Mont�omery Street , San Francisco , California 9410�4 , the City' s financing consultant . 18 � ' • ' 236 There is no controversy or litigation pending concerning the validity of the above issue , the corporate existence of the City , or the title of the officers thereof to their respective offices, and the City will furnish to the successful bidder a no-litigation certificate certify- in� to the fore�oing as of and at the time of the delivery of the bonds . Dated : Jul,y 17, 1967. MILDRED L. BRAYTON City Glerk of the City of Reddin�, State of California 19 .: . �,� 237 Section 11 . Stone & Youngberg, financing cansultant to the City , are hereby authorized and directed to prepare and cause to be mailed to prospective bidders for the bonds copies of an official statement in substan- tially the form presented to the Cit,y Council this date, which said statement is hereby approved and adopted. Section 12. This resolution shall take effect from and after its passa�e and approval . PASSED AND ADOPTED on July 17 , 1967 , by the following vote : AYES : Councilmen - Chatfield, Denny, Doherty, Fulton, and Moty NOES : Councilmen - None ABSENT: Councilmen - e [SEAL) M or of the ty of ding ATTEST: . � City C erk 20 238 RIVERLAND ESTATES SUBDIVISION - Agreement with City City Attorney Murphy advised Council that the required bond has not /�� been filed by Riverland Development, Inc. , in connection with the Agreement covering Riverland Estates Subdivision, therefore action on this item was tabled. ROUTINE COMMUNICATIONS Shasta-Cascade Wonderland Association publicity re fishing at Iron Canyon Reservoir Monthly Report of Fire Department - June, 1907 AD J OU RNM EN T There being no further business, at the hour of 9:30 P. M. , upon the motion of Councilman Denny, seconded by Councilman Doherty, the meeting was adjourned to 7:00 P. M. , Monday, July 24, 1967. APPROVED: � ATTEST: -� ' f� � ��.�.�'��1��_�>_�J � ��it_�-�.� � City Cle rk U � a