HomeMy WebLinkAboutResolutions 85-265 N.C.S. 08/05/1985.. ~~ .. . '~~
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~~soi~.ttio~:~ ~1~.~~1~1. C. ~.
of tl~~ ~ity of ~~t~luma, Calif~rnia
RESOLUTION AUTHORIZING ISSUANCE OF BONDS
Assessment District No. 16 NS, Redwood Business Park
The City Council of the City of Petaluma resolves:
Section l. RECITALS. On July l, 1985, the City
Council of the City of Petaluma adopted its resolution of
intention to order improvements in Assessment District No. 16
NS, Redwood Bu~iness Park, under the provisions of the Municipal
Improvement Act of 1913 (the "Act"). Proceedings taken under
the Act led to the levy.of a special assessment by the City
Council against parcels af. land within the assessment district
in the total amount of $1,250,000.00. These assessments will be
recorded in.the office of the County Recorder of the County of
Sonoma and thereupon will became a lien on each parcel assessed.
The period within which parcel owners might pay their
assessments in cash without interest nas been waived, and there
remain unpaid assessments in the total amount of $1,250,000.00.
Section 2. ISSUANCE OF BONDS. The City Council
hereby authorizes the issuance of improvement bonds under the
provisions of the Improvement Borid Act of 1915 to represent
ungaid asse,ssments. The bonds shall be designated, "Improvement
Bonds, Assessment District No. 16 NS, Redwood Business Park,
City of Petaluma, Sonoma California, Series No. 1985-2." Bonds
shall be issued in denominations of $5,000.00 or integral
multiples thexeof, and shall be dated September 3, 1985. Bonds
shall be numbered, shall mature and shall bear interest at the
rates set forth in the table attached as Exhibit A.
Reso. ~5-265' NCS
~ ~ ~' ~6
1 of 6 plus Exhibit
Section 3. APPOINTMENT OF PAYING AGENT, REGISTRAR AND
TRANSFER AGENT. The City Council hereby appoints the Bank of
America Nati~nal Trust and Savings Association as paying agent,
registrar and transfer agent for the bonds in accordance with an
agreement between the City and Bank of America National Trust
and Savings Association heretofore approved by the City.Council.
Section 4. FORM AND EXECUTION. Bonds shall be issued
as fully registered bonds in the form set f~rth as Exhibit B to
this resolution. The bonds shall be signed by the City
Treasurer and the City C1erk and the seal of the City shall be
affixed. Both signatures and-seal may be reproduced on the
boflds by facsimile, but upon its registration or reregistration
each bond shall be authenticated by the manual signature o£ the
registrar. -
The paying agent shall assign to each bond
authenticated and registered by it a distinctive letter, or
number, or letter and number, and shall maintain a record -
thereof which shall be available to the City for inspection.
Section 5. FSTABLISHMENT OF SPECIAL FUNDS. For
administering the proceeds of the sale of bonds and payment of
interest and principal on the oonds, there are hereby
established three funds to be known as the improvement fund, the
redempti~n fund and the special reserve fund, respectively, for
Assessment District No. 16 NS, Redwood Business Park.
Section 5.1. IMPROVEA2ENT FIIND. Except as provided in
Section 5.3, proceeds of sale of fhe bonds shall be deposited in
the improvement fund to be maintained by the City Treasurer.
Reso. ~5-265 NCS 2 Page ~_ of 6 plu.~; exhibits
Disbursements fr~m the improvement fund shall be made by the -
City Treasurer in accordance with the 'oudget of estimated costs
and expenses set forth in the engineer's report hereLOfore
approved by the City Council, which report and budget are
subject to modification by the City Council from time to time as
prescribed by the Act.
Ssction 5.2. REDEMPTION ~UND. The redemption fund
shall be maintained by the City Treasurer. All payments of
principal and interest installments on the assessments, together
with penalties, if any, shall be deposited in the redemption
fund, which shall be a trust fund for the benefit of the
bo~dholders. Paymen~ of the bonds at maturity, or at redemption
prinr to maturity, and all interest on the 'oonds sha11 be made
from the redemption fund. ~
Section 5.3.
SP~CIAL RESERVE FUND. The special
reserve fund shall be maintained by the City Treasurer. There
shall be deposited into tfi e special reserve fund the amount of
$87,500.00 from the proceeds of the sale of bonds. The special
reserve fund shall be administered as follows:
~. During the term of the bonds, the amount in
the special reserve fund shall be available for transfer into
the redemption fund in accordance with Section 8808 of the
Streets and Highways Code. The amount so advanced shall be
reimbursed to the special reserve fund from the proceeds of
redemption o~r sale of the parcel for which payment of delinquent
assessment installments was made from the special reserve fund.
B. If any assessment is prepaid before final
ReSo. 85- 265 NCS 3 Page of 6 plus exhibits
maturity of the bonds, the amount of principal which the
assessee is required to prepay shall be reduced by an amount
which is in the same ratio to the original amount of the special
reserve fund, together with accrued interest, as the original
amount of the prepaid assessment bears to the total amount of
assessments originally levied in Assessment District No. .16 NS,
Redwood Business Park. This re3uction in the amount of
principal prepaid shall be balanced by a transfer from the
special reserve fund to the redemption fund in the same amount.
C. Whenever required to prevent the reserve fund
from exceeding the reserve limitations set by federal statute
and regulation, the City Treasurer is directed to transfer
accrued i~terest from the special reserve fund to the redemption
fund from time to time, and to estaa.lish pro rafa credits
against annual installments of assessmen~t principal and interest
~in the same amount in the year following the year of transfer.
~D. When the amount in the special reserve fund
equals or exceeds the amount required to retire the remaining
unmatured bonds (whether by advance retirement or otherwise),
the amount of the special reserve fund shall be transfexred to
the redemption fund, and the remaining installments of principal
and intexest not yet due from assessea property owners shall be
cancelled without payment.
Section 6. PAYMENT ON BONDS. The principal and
interest ~n the 'AOnds shall be payable at Bank of America
Nat.ional Trust and Savings Association, Corporate Agency
Division, Post Office Box 37000, San Francisco, CA 94137.
Reso 85 2'65 NCS 4 p
, , , ,,5~~,~ . . ~~P^~ ~f~6~plus exhibit~
• ~. . , r ~... _ .~ _., . , _ . , . . ~,. . . . _. t t, .:~~~
Principal and interest shall be paid by check, drait or warrant
mailed to the registered owner of each bond at the owner's
address appearing on the register maintainea by the registrar on
the 15th day preceding the ~ate of interest payment ~r maturity
of each bond.
Section 7. REREGISTRATION. Any bond may be
registered to a new owner by completing the assignment
~ertificate on the reverse of the bond and delivering the bond
to the registrar. Upon reregistration, any bond may be replaced
by one or more bonds of the same maturity and aggregate amount
in denominations of $5,000 or-any integral multiple thereof.
---- Section 8. ~OVENANTS. In the event of a default in
the payment of any bond or any installment of interest tizereon,
bondhoTders sha11 have the remedies set forth in the Improvement
Bond Act of 1915. In addition, the City Council makes the
following covenants, which shall constitute a contract with the
bon~7fiolders :
Section 8.1. FORECLOSURE OF LI~NS. If any
installment of the princip~al or interest of any assessment
levied in Assessment District No. 16 NS, Redwoo~ Business Park,
becomes delinquent, the City Couneil shall cause an action to be
filed in the Superior Court oF the County of Sonoma to foreclose
the lien of the delinquent assessment under the authority of
Section 8830 and following of the Streets and Highways Code of
the S~ate of California. This action shall be filed not later
than one hundred fifty (150) days after the date of delinquency.
Section 8.~. ARBZTRAGE~: During the term of the
Reso. 85-2-,5 NCS . 5 Pa2'e 5 of 6 plus exhibits
bonds, the City will make no use of bond proceeds which, if sucn
use had been reasonably expected at the date the bonds are
issued, would have caused the bonds to be "arbitrage bonds"
within the meazing of Section 103(c~ of the United States
Internal Revenue Code of 1954, as amended, and regulations of
~he Internal Revenue•Service authorized thereby.
Under #he power and aut6ority conferred upon this Council by the Charter of aaid City.
I hereby certify tbe foregoing Resolution was introduced and adopted bq the
Council of the City of Petaluma at a(Regular) ~~r~~~~~~~1~xmeeting Approved as to
form
on the ...._.._.5th-•-...... daq of .••••-••---.~.U.gUSx.........••-•-•• ............. 19_~.`~.., by the
following vote:
.............•-.....__......._-•-•---••••_--
Ciry Attorney
AYES: Bond, Cavanagh, Davis, Woolsey, Tencer, Vice Mayor Balshaw, Mayor Mattei
NOES: None
ABSENT: No . ,
~ ~
ATTEST: •- --•- --•--...: -~•---. ...-• . .. ... .. .. ............................._....
City Cler~
FORM CA 2 1/80
aviar~t
COUNCIL FILF
REB. No.. 85-265 page 6 of 6
~ United States of America
State of California
Connty of Sonoma
City of Petaluma
REGISTERED REGISTERED
Number $
IMPROVEMENT BOND
CITY OF PETALUMA
ASSESSMENT DISTRICT No. 16 NS
REDWOOD BUSINESS PARK
SERIES N0. 1985-2
INTEREST RATE MATURITY DATE BOND DATE CUSIP NUMBER
September 3, 1985
-__°-_ Under and by virtue of the Improvement Bond Act of 1915,
Division l0, of the Streets and Highways Code, (the "Act".), the City
of Petaluma, County of Sonoma, State of California, (the "City"),
will, out of the redemption fund for the payment of the bonds issued
upon the unpaid portion of assessments made for the acquisition,
work and improvements more fully.described in proceedings taken
pursuant to Resolution of Intention No. , adopted by the
City Council of the City of Petaluma on the lst day of July, 1985,
pay to
or registered assigns, on the maturity date stated above, the
principal sum of
, in lawful money of the
United States of America and in like manner will pay interest from
the interest payment date next preceding the date on which this Bond
is authenticated, unless this Bond is authenticated and registered
as of an interest payment date, in which event it shall bear~
interest from such interest payment date, or unless this Bond is
authenticated and registered prior to March 2, 1987, in which event
it shall bear interest from its date, until payment of such
principal sum shall have been discharged, at the rate per annum
stated above, payable semiannually on P~arch 2 and September 2 in
each year commencing on March 2, 1987. Both the principal hereof
and redemption premium hereon are payable at the principal corporate
trust office of Bank of America National Trust and Savings
Association-Corporate Agency Division, or its successor, as Transfer
Agent, Registrar and Paying Agent, in San Francisco, California, and
the interest hereon is payable by check or draft mailed to the owner
hereof at the owner's address as it appears on the r.egistration
books of the Bank, or at such address as may_have been filed with
the Bank for that purpose, as of the fifteenth day immediately
preceding each interest payment date.
REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND
SET FORTH IN THE REVERSE SID~ HEREOF WHICH SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH HEREIN.
This bond will continue to bear interest af.ter maturity at
the rate above stated, provided, it is presented at maturity and
payment thereof is refused upon the sole ground that there are not
sufficient moneys in said redemption fund with which to pay same.
If it is not presented at maturity, interest thereon will run until
maturity.
This Bond shall not be entitled to any benefit under the
Act or the Resolution Authorizing Issuance of Bonds (the "Resolution
of Issuance"), or become valid or obligatory for any purpose,~ until
~
/ ~ ~
the certificate of authentication and registration hereon endorsed
shall have been dated and signed by the Bank.
IN WITNESS WHEREOF, said City of Petaluma has caused this
bond to be signed in facsimile by the City Finance Officer and
Treasurer of said City and by its Clerk, and has caused its
corporate seal to be reproduced in facsimile hereon all as of the
3rd day of September, 1985.
CITY OF PETALUMA
City Clerk City Finance Officer and Treasurer
- ('SEAL)
Certificate of Authentication and Registration
This is one of the Bonds described in the within
mentioned Resolution of Issuance, which has been
authenticated and registered on
Bank of America National Trust and Savings Association,
as Transfer Agent, Registrar and Paying Agent
By
Authorized Officer
~
(REVERSE OF BOND)
CITY OF PETALUMA
ASSESSMENT DISTRICT N0. 16 NS, REDWOOD BUSINESS PARK
ADDITIONAL PROVISIONS OF THE BOND
This bond is one of several annual series of bonds of
like date, tenor and effect, but differing in amounts, maturities
and interest rates, issued by the City of Petaluma under the Act
and the Resolution of Issuance, for the purpose of providing means
for paying for the improvements described in said proceedings, and
is secured by the moneys in said redemption fund and by the unpaid
nortion of said assessments made for the payment of said
improvements, and, including principal and interest, is payable
exclusively out of said fund. .
This Bond is transferable by the registered owner.
hereof, in person or by the owner's attorney duly authorized in
writing, at said office of the Bank, subject to the terms and
conditions provided in the Resolution of Issuance, including the
payment of certain charges, if any, upon surrender and
cancellation of this Bond.. Upon such transfer, a new registered
Bond or Bonds, of any authorized denomination,or denominations, of
the same maturity, for the same aggregate principal amount, will
be issued to the transferee in exchange therefor.
Bonds shall be registered onl~ in the name of an
~ individual (including joint owners), a corporation, a partnership
or a trust.
Neither the City nor the Bank shall be required to make
such exchange or registration of transfer of bonds during the
fifteen (15) days immediately preceding any interest payment date.
The City and the Bank may treat the owner hereof as the
absolute owner for all purposes, and the City shall not be
affected by any notice to the eontrary.
This bond or any portion of it in the amount of $5,000
or any integral multiple thereof, may be redeemed and paid in
advance of maturity upon the second day of March or September in
any year by giving at least 60 days' notice by registered mail to
the registered owner hereof at such owner's address as it appears
on the registration books of the Bank and by paying principal and
accrued interest together w.ith a premium equal to five percentum
of the principal.
I hereby certify that the f~llowing is a correct copy of
the signed legal opinion of STURGIS, NESS, BRUNSELL & SPERRY a
professional corporation, Emeryville, California, on file in my
office.
City Clerk
~
United States of Amer ica
State of California
County of Sonoma
City of Petaluma
REGISTERED
Number
REGISTER~D
$
IMPROVEMENT BOND
CITY OF PETALUMA
ASSESSMENT DISTRICT No. 16 NS
REDWOOD BUSINESS PARK
SERIES N0. 1985-2
INTEREST RATE
MATURITY DATE BOND DATE CUSIP NUMBER
September 3, 1985
-..-°-_ Under and by virtue of the Improvement Bond Act of 1915,
Division l0, of the Streets and Highways Code, (the "Act"), the City
of Petaluma, County of Sonoma, State of California, (the "City"),
will, out of the redemption fund for the payment of the bonds issued
upon the unpaid portion of assessments made for the acquisition,
work and improvements more fully described in proceedings taken
pursuant to Resolution of Intention No. , adopted by the
City Council of the City of Petaluma on the lst day of July, 1985,
pay to
or registered assigns, on the maturity date stated above, the
princi~al sum of
, in lawfal money of the
United States of America and in like manner will pay interest from
the intexest payment date next preceding the date on which this Bond
is authenticated, unless this Bond is authenticated and registered
as of an interest payment date, in which event it shall bear~
,~' ,
interest from such interest payment date, or unless this Bond is
authenticated and registered prior to March 2, 1987, in which event
it shall bear interest from its date, unt.il payment of such
principal sum shall have been discharged, at the rate per annum
stated above, payable semiannually on P~iarch 2 and September 2 in
each year commencing on March 2, 1987. Both the principal hereof
and redemption premium hereon are payable at the principal corporate
trust office of Bank of America National Trust and Savings
Association-Corporate Agency Division, or its successor, as Transfer
Agent, Registrar and Paying Agent, in San Francisco, California, and
the interest hereon is payable by check or draft mailed to the owner
hereof at the owner's address as it appears on the r.egistration
books of the Bank, or at such address as may..have been filed with
the Bank for that purpose, as of the fifteenth day immediately
preceding each interest payment date.
REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND
SET FORTH IN THE REVERSE SID~ HEREOF WHICH SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH HEREIN.
This bond will continue to bear interest after maturity at
the rate above stated, provided, it is presented at maturity and
payment thereof is ref used upon the sole ground that there are not
sufficient moneys in said redemption fund with which to pay same.
If it is not presented at maturity, intezest thereon will run until
maturity.
This Bond shall not be entitled to any benefit under the
Act or the Resolution Authorizing Issuance of Bonds (the "Resolution
of Issuance"), or become valid or obligatory for any purpose,~ until
~
' . .
;' ,
the certificate of authentication and registration hereon endorsed
shall have been dated and signed by the Bank. _
IN WITNESS WHEREOF, said City of Petaluma has caused this
bond to be signed in facsimile by the City Finance Officer and
Treasurer of said City and by its Clerk, and has caused its
corporate seal to be reproduced in facsimile hereon all as of the
3rd day of September, 1985.
CITY OF PETALUMA
City Clerk City Finance Officer and Treasurer
- (s~L)
Certificate of Authentication and Registration
This is one of the Bonds described in the within
mentioned Resolution of Issuance,•which has been
authenticated and registered on
Bank of America Nati.onal Trust and Savings Association,
as Transfer Agent, Registrar and Paying Agent
By
Authorized Officer
. '. '
~ , '
(REVERSE OF BOND)
CITY OF PETALUMA
ASSESSMENT DISTRICT N0. 16 NS, REDWOOD BUSINESS PARK
ADDITIONAL PROVISIONS OF THE BOND
This bond is one of several annual series of bonds of
like date, tenor and effect, but differing in amounts, maturities
and interest rates, issued by the City of Petaluma under the Act
and the Resolution of Issuance, for the purpose of providing means
for paying for the improvements described in said proceedings, and
is secured by the moneys in said redemption fund and by the unpaid
nortion of said assessments made.for the payment of said
improvements, and, including principal and interest, is payable
exclusively out of said fund.
This Bond is transferable by the registered owner.
hereof, in person or by the owner's attorney duly authorized in
writing, at said office of the Bank, subject to the terms and
conditions provided in the Resolution of Issuance, including the
payment of certain charges, if any, upon surrender and
cancellation of this Bond. Upon such transfer, a new registered
Bond or Bonds, of any authorized denomination,or denominations, of
the same maturity, for the same aggregate principal amount, will
be issued to the transferee in exchange therefor.
Bonds shall be registered onl~ in the name of an
individual (including joint owners), a corporation, a partnership
or a trust.
Neither the City nor the Bank shall be required to make
such exchange or registration of transfer of bonds during the
,.~- .
fifteen (15) days immediately preceding any interest payment date.
The City and the Bank may treat the owner hereof as the
absolute owner for all purposes, and the City shall not be
affected by any notice to the contrary.
This bond or any portion of it in the amount of $5,000
or any integral multiple thereof, may be redeemed and paid in
advance of maturity upon the second day of March or September in
any year by giving at least 60 days' notice by registered mail to
the registered owner hereof at such owner's address as it appears
bn the registration books of the Bank and by paying principal and
accrued interest together with a premium equal to five percentum
of the principal.
I hereby certify that the following is a correct copy of
the signed legal opinion of 5TURGIS, NEBS, BRUNSELL & SPERRY a
professional corporation, Emeryville, California, on file in my _
office.
City Clerk
~
MATU RITY SCHEDULE
Assessment' Distxict No. 16 NS, Redwood Business Park
MATU RITY PRINCIPAL INTERES''P
DATE AMOUNT RATE
1987 $5,000.00 5.75$
1988 60,000.00 6.25
1989 65,000.00 6.75
1990 65,000.00 7.25
1991 70,000.00 7.75
1992 75,000.00 8.25
1993 85,000.00 8.50
1994 90,000.00 8.75
1995 100,000.00 9.00
1996 105,000.00 9.10
1997 115,000.00 9.20
1998 125,000.00 9.25
1999 140,000.00 9035
2000 150,00~.00 9.35
TOTAL: $1,250,000.00
ti