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HomeMy WebLinkAboutCity Council Resolution 888-O2721A-113a WMAM:PDA:HEK:rva 05/15/79 17c RESOLUTION NO. 888-0 A RESOLUTION DETERMINING UNPAID ASSESSMENTS AND PROVIDING FOR ISSUANCE OF BONDS VILLAGE PARKING DISTRICT NO. 2 ASSESSMENT DISTRICT RESOLVED, by the City Council of the City of Saratoga, California (the "City"), that WHEREAS, this Council has provided in proceedings conducted under and pursuant to its Resolution of Intention No. 888-D, adopted January 3, 1979, that serial bonds will be issued to represent the unpaid assessments; WHEREAS, all of the owners of the land subject to assessment within the assessment district have filed with the City Clerk a written waiver of their right to pay any or all of said assessments in cash, and a complete list of all unpaid assessment upon said assessment has been made by the Collection Officer and filed with the City Treasurer (the "Treasurer"); WHEREAS, this Council has duly considered said list and has determined that the same is an accurate statement thereof; NOW, THEREFORE, THIS COUNCIL HEREBY DETERMINES AND ORDERS, as follows: 1. List of Unpaid Assessments. That the assessments now remaining unpaid are as shown on said list and on Exhibit "A" attached hereto and by this reference made a part hereof, that the aggregate amount thereof is $136,684.09, and that for a particular description of the lots or parcels of land bearing the respective assessment numbers set forth in said list, reference is hereby made to the assessment and to the diagram recorded in the office of the Superintendent of Streets of this City after confirmation by this Council. 2. Issuance of Bonds. Bonds in the aggregate principal amount of $136,684.09 shall be issued as hereinafter provided upon the security of said unpaid assessments in accordance with the provisions of the Improvement Bond Act of 1915, Division 10 of the Streets and Highways Code (the "Bond Law"), and under and pursuant to the provisions of said Resolution of Intention, and the proceedings thereunder duly had and taken. The Bonds authorized herein (the "Bonds" and sometimes the "Bond") shall be known as "Improvement Bonds, City of Saratoga, Village Parking District No. 2 Assessment District, Series 1979-1", be dated June 2, 1979, be numbered, of the denominations and mature in the amounts and on the dates set forth in Exhibit "B" attached hereto and by this reference made a part hereof. 3. Interest. The Bonds shall bear interest from their date at the rate or rates determined by this Council at the time of sale of the Bonds (not to exceed 8% per annum), payable commencing on January 2, 1980, and semiannually thereafter on July 2 and January 2 of each year to their respective dates of maturity. Each Bond will continue to bear interest after maturity at the rate stated therein, provided it is presented at maturity and payment thereof is refused on the sole ground that there is not sufficient money in the redemption fund with which to pay same; if it is not presented at maturity, interest thereon will run only until maturity. 4. Payable. Bank of America National Trust and Savings Association is hereby designated as Paying Agent and Registrar for the Bonds, and the principal of and interest on the Bonds shall be payable in lawful money of the United States of America from its Corporate Agency Service Center in San Francisco, California. Principal and interest on any fully registered Bonds and principal on any Bonds registered as to principal only shall be paid to the registered owner by check, draft or warrant mailed to the address entered in the registry book required to be kept pursuant to Section 13 hereof. 5. Form. The Bonds, the registration endorsement thereon and the coupons to be attached to the Bonds shall be substantially in the forms set forth in Exhibit "C" attached hereto and by this reference made a part hereof, the blank spaces therein to be filled in to conform to the provisions of this resolution. 6. Execution. The Bonds shall be executed on behalf of the City Clerk and the coupons shall be c by the Treasurer whose signature may be reproduced on the Bonds and on the coupons by engraved, printed or lithographed facsimile thereof, and the official seal may be placed on the Bonds in like manner. Such signing and sealing shall constitute and be a sufficient and binding execution of each and every one of the Bonds and coupons thereof, respectively. If any officer whose signature appears on the Bonds or coupons ceases to be such officer before the delivery of the Bonds to the purchaser thereof, such signature shall be as valid as if such officer had remained in office until the delivery of the Bonds. 7. Preparation and Delivery of Bonds. The Treasurer is hereby directed to cause the Bonds to be prepared in accordance with this resolution and to deliver same upon their completion and execution to the purchaser thereof, upon receipt of the purchase price therefor, and upon the performance of the conditions contained in the accepted bid for the Bonds, as determined by this Council. 8. Proceeds of Sale of Bonds. The proceeds received from the sale of the Bonds, including any premium, shall be placed in the fund for the acquisition and/or construction of the project described in said proceedings, except that any interest accrued from the date of the Bonds to'the date of delivery thereof shall be placed in the redemption fund provided for herein. 9. Re~.emption Fund. The Treasurer shall keep a redemption fund designated by the name of the Bonds, into which shall be placed any accrued interest and all sums received from the collection of unpaid assessments provided for in Section 11 hereof, and of the interest and penalties thereon (but excluding collection charges), and from which fund disbursement shall be made to pay the principal of the Bonds and the interest due thereon. 10. Bond Register. The Treasurer shall keep or cause to be kept a register showing the series, number, date, amount, rate of -2- interest, the last known holder of each Bond, and the number and amount of each interest coupon paid. The Treasurer shall cancel or cause to be canceled each Bond a~d coupon paid. 11. Collection of Unpaid..AsseS. sments. The unpaid assessments shown on said list filed with the Treasurer and determined by this Council, together with the interest thereon, shall remain and constitute a trust fund for the redemption and payment of the principal of the Bonds and for the interest due thereon, which unpaid assessments shall be payable in annual series corresponding in number to the number of serial maturities of the Bonds issued. An annual proportion of each unpaid assessment shall be payable in each year preceding the date of maturity of each of the several series of Bonds issued, sufficient to pay the Bonds when due, and such proportion of each unpaid assessment coming due in any year, together with the annual interest thereon, shall be payable in the same manner and at the same time and in the same installments as the general taxes of the City on real property are payable, and become delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do the general taxes on real property of the City. A record of the several installments of principal and interest on said unpaid assessments which are to be collected in each year during the term of the Bonds shall be kept in the office of the Director of Finance of Santa Clara County. When the first interest coupon is for interest for a longer period than six months, the Director of Finance shall enter the amount thereof in the column on the assessment roll provided for the first installment, and the balance in the column on the'assessment roll provided for the second installment. All sums received from the collection of said unpaid assessments and of the interest and penalties thereon shall be placed in the redemption fund provided for herein, except that any percentage collected to represent the costs of such collection shall be retained by said Director of Finance. 12. Redempt~g~._prior to Maturity. Each Bond outstanding may be redeemed and paid in advance of maturity upon the second day of January or July in any year by giving at least 60 days notice and by paying the principal amount thereof together with a premium equal to 5% of the principal plus interest to the date of advanced maturity, unless sooner surrendered, in which event said interest will be paid to the date of payment, all inthe manner and as provided in the Bond Law. The provisions of Parts 8 and 11 of the Bond Law are applicable to the advance payment of assessments and to the calling of Bonds. The Treasurer shall call for redemption and retire Bonds upon prepayment of assessments in amounts.sufficient therefor. In selecting Bonds for retirement, the lowest numbered Bonds of the various annual maturities shall be chosen pro rata in a manner intended to disturb as little as possible the relationship of unpaid assessments to Bonds outstanding. 13. Registration and Transfer of Bonds. Each Bond herein authorized may be registered as to both principal and interest or as to principal only, upon the written request of the holder and upon presentation of the Bond to the Registrar designated in Section 4 hereof. (a) Re~ist~at.~.on...B.ook. An appropriate book shall be kept in the Registrar's office showing at all times what Bonds are -3- registered and in whose names, and, upon presentation of the Bonds for such purpose, the Registrar shall, and under such reasonable regulations as the Registrar may prescribe, register or transfer or cause to be registered or transferred, in said registry book, the Bonds as herein provided. (b) Pr%ncipg~ ~nd ~nterest. When a Bond is presented for registration as to both principal and interest, the coupons shall be removed therefrom and canceled (or preserved in a place of safekeeping, at the option of the Registrar), and the number of the Bond, the name and address of the holder in whose name it is to be registered, the date of such registration and a notation that the Bond is registered as to both principal and interest shall be entered in the registry book, and appropriate endorsement thereof shall be made by the Registrar in the space provided therefor on the back of the Bond. Until such registration is discharged as hereinafter provided, the interest when due shall be payable only to the registered owner and the principal when due shall be payable only to such owner upon surrender of the Bond to the Registrar. (c) Principal Only. When a Bond is presented for registration as to principal only, the entries specified in the preceding paragraph shall be made in the registry book and on the Bond, except that a notation in said book and on said Bond shall indicate that the Bond is registered as to principal only. In such case, the coupons remain negotiable and transferable by delivery and shall not be removed from the Bond. Interest on such Bond shall be paid to or upon the order of the person presenting the coupons for payment; principal, however, shall be paid only to the registered owner upon surrender of such Bond to the Registrar. (d) Transfer. A registered Bond may be transferred only by the registered owner, in person or by attorney duly authorized in writing, by a written instrument of transfer in form acceptable to the Registrar, and by the Registrar endorsing such transfer on the Bond and in the registry book. No transfer shall be required to be made during the fifteen [15) days next preceding an interest payment date. (e) Discharge from Registration. A registered Bond may be discharged from registration upon written request of the registered owner. In such case, the Registrar shall transfer the Bond to bearer by appropriate endorsement on the Bond and in the registry book, cause all unmatured coupons that have been removed from the Bond to be reattached to the Bond (such coupons to be reprinted, if necessary), and deliver the Bond and coupons to the owner, and thereupon negotiability and transferability by delivery shall be restored. (f) Reregistration. Bonds that have been discharged from registration are subject to successive registrations and transfers in the manner heretofore provided. (g) Charges. The person requesting registration, transfer or discharge from registration shall, as a condition precedent to the exercise of such privilege, pay the Registrar's reasonable charges therefor, if any, including any cost of reprinting the coupons and any tax or other governmental charge required to be paid with respect thereto. 14. Use of Proceeds Certificate. The Treasurer is authorized to certify as to the reasonably expected use by the City of the proceeds of the Bonds within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended. -4- 15. Certified Copies. The City Clerk is hereby directed to forward a certified copy of this resolution to the City Treasurer and to the Director of Finance of Santa Clara County. I hereby certify that the foregoing is a full, true and correct copy of a resolution duly passed and adopted by the City Council of the City of Saratoga, California, at a meeting thereof held on the 16th day of May, 1979, by the following vote of the members thereof: AYES, and in favor thereof, Councilmen: Kalb, Matteoni, Callon, Kraus & Corr NOES, Councilmen: None ABSENT, Councilmen: None City Clerk of the Saratoga (SEAL) APPROVED: / -5- LIST OF UNPAID ASSESSMENTS CITY OF SARATOGA VILLAGE PARKING DISTRICT NO. 2 ASSESSMENT DISTRICT Diagram and Assessor's Amount of Assessment Number Parcel Number Unpaid Assessment 1 Ptn 517-09-001 $ 63,817,80 2 Ptn 517-09-002 27,541.85 3 Ptn 517-09-003 45,324.44 Total Unpaid Assessments $136,684.09 EXHIBIT CITY OF SARATOGA VILLAGE PARKING DISTRICT NO. 2 ASSESSMENT DISTRICT $136,684.09 IMPROV]~4ENT BONDS, SERIES 1979-1 Bond Numbers Principal Maturity Date .(Inclusive) Denomination Amount _ (July..2) 1 $ 1,684.09 $ 1,684.09 1980 2 5,000.00 5,000.00 1981 3 5,000.00 5,000.00 1982 4 5,000.00 5,000.00 1983 5 5,000.00 5,000.00 1984 6 5,000.00 5,000.00 1985 7 5,000.00 5,000.00 1986 8 5,000.00 5,000.00 1987 9 5,000.00 5,000.00 1988 10 5,000.00 5,000.00 1989 11 5,000.00 5,000.00 1990 12 5,000.00 5,000.00 1991 13 - 14 5,000.00 10,000.00 1992 15 - 16 5,000.00 10,000.00 1993 17 - 18 5,000.00 10,000.00 1994 19 - 20 5,000.00 10,000.00 1995 21 - 22 5,000.00 10,000.00 1996 23 - 24 5,000.00 10,000.00 1997 25 - 26 5,000.00 10,000.00 1998 27 - 28 S,000.00 10,000.00 1999 EXHIBIT "B" BOND FORM. The Bonds shall be substantially in the following form: UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF SANTA CLARA IMPROVEMENT BOND CiTY OF SARATOGA VILLAGE PARKING DISTRICT NO. 2 ASSESSMENT DISTRICT SERIES 1979-1 BOND NO, Under and by virtue of the Improvement Bond Act of 1915, Division 10 of the Streets and Highways Code, the City of Saratoga, State of California, will, on the second day of July, ...... , out of the redemption fund for the payment of the bonds issued upon the unpaid portion of the assessments made for the acquisition, work and improvements more fully described in the proceedings taken under and pursuant to Resolution of Intention No. 888-D, adopted on the third day of January, 1979, by the City Council of said City, pay to bearer (or, if this bond is registered as herein provided, to the registered owner hereof) the sum of Dollars ($ ) with interest thereon from the second day of June, 1979, at the rate of percent ( %) per annum, all as is hereinafter specified, and at Bank of America National Trust and Savings Association (the Paying Agent and Registrar) at its Corporate Agency Service Center in San Francisco, California. This bond is one of several annual series of bonds of like date, tenor and effect, but differing in *(interest rates,) amounts and maturities, issued by said City under said law for the purpose of providing means for paying for the acquisition, work and improvements described in said proceedings, and is secured by the moneys in said redemption fund and by the unpaid portion of the assessments made for the payment of said acquisition, work and improvements, and, including principal and interest, is payable exclusively out of said fund. The interest is payable semiannually, to wit: On the second days of January and July in each year hereafter, upon presentation of the proper coupons therefor; provided, that the first of said coupons is for the interest to the second day of January, 1980, and thereafter the interest coupons are for the semiannual interest. This bond will continue to bear interest after maturity at the rate above stated; provided, it is presented at maturity and payment thereof is refused upon the sole ground that there is not sufficient money in said redemption fund with which to pay same; if it is not presented at maturity, interest thereon will run until maturity. * delete if only one interest rate EXHIBIT "C" This bond may be registered as to principal and interest or as to principal only, with the privilege of transfer, discharge from registration and successive registration, upon written request of the owner and presentation of the bond to the Registrar named heroin and payment of the charges, if any, all as set forth in the resolution providing for the issuance hereof. This bond may be redeemed and paid in advance of maturity upon the second day of January or July in any year by giving the notice provided in said law and by paying principal and accrued interest together with a premium equal to five per centum of the principal. IN WITNESS WHEREOF, said City of Saratoga has caused this bond to be signed by the Treasurer of said City and by its Clerk, has caused the coupons attached hereto to be signed by its Treasurer, and has caused its Clerk to affix hereto its official seal, all on the second day of June, 1979. Treasurer Clerk (SEAL) COUPON FORM. The coupons to be attached to the Bonds shall be substantially in the following form: CITY OF SARATOGA, California, Due 2, will, on the due date hereof, unless the bond specified heroin is redeemed prior thereto, pay to bearer the sum $ hereon at the Corporate Agency Service. Center of Bank of America National Trust and Savings Association, San Francisco, California, as interest on IMPROVEMENT Coupon No. BOND, CITY OF SARATOGA, VILLAGE PARKING DISTRICT NO. 2 ASSESSMENT DISTRICT, SERIES 1979-1, dated June 2, 1979. No. Treasurer EXHIBIT "C" (ii) REGISTRATION FORM: The form of endorsement for registration on the""~'onds shal'~' ~e""'"Substantially as follows: This bond is registered in the name of the registered owner last entered below and both the principal of and interest on this bond are payable only to such owner, unless registered as to principal only, in which event only the principal is so payable; provided that this bond may be registered to bearer and thereby discharged from registration and the negotiability hereof restored. Note: No writing below except by the Registrar. Date of Type of Name and Address Signature of Registry Registration* of ~e~istered Owner Registrar ........ Prl'ncipal o~y and Interest Principal only and Interest Pr['~cipal'only and Interest Principal and Interest *If registration is as to principal only, strike the words "and Interest"; if as to principal and interest, strike the word "only". EXHIBIT [iii)