HomeMy WebLinkAboutResolution 95-286 11/06/1995 Fg~SOll~ltlOrl N®. 95-286 N.C.~.
' of the City of Petaluma, California
RLSOL,U"1"lON ALl'I'HORIZ[NG ISSUANCE OF BONllS IN
ASSI.SS:n1L'N"[' DLS`I'RiC"f NO. 23, RI?ll~~~OOD BUSINESS PARK 3
"I'he City Council of the City of Petaluma resolves:
Section 7. RLCI"I'AL,S. On August 21, 1.)95, the City Council of the Ciry of Petaluma
adopted its resolution of intention, to order improvements in Assessment District No. 23>
Redwood Business Park 3, City of Perrluma, Sonoma County, California, under the
provisions of the 1\1unicipal Lmprovement Act of 1)13 (the "Act"), as amended.
l'rocecdings taken under the: Act led to the levy of a special assessment by the Council
against parcels of land within the assessment district in the total amount of $3,600,000.00.
"These assessments will be rccordc~d in the office of the County Recorder of the County of
Sonoma, and thereupon will become a lien on each parcel assessed. The period within
which parcel owners might pay their assessments in cash was waived.
Section 2. ISSUANCE OI' :BONDS. "I'he Council hereby authorizes the issuance of
improvement bonds under the provisions of the :Improvement Bond Act of 1)15 to
represent unpaid assessments in an amount not to exceed $3,600,000.00. L'ach bond shall
be designated, "L,imited Obligation Lmprovcment Bond, City of Petaluma, Assessment
District No. 23, Itcdwood Business Park 3, Series No. 1.9)5-A." :Bonds shall be dated
approximately the date of delivery and issued in denominations of $5000 or integral
multiples thereof. Bonds shall mature in principal amounts as set forth in the table
attached as t?xhibit A. "I'he l.x~nd date and interest rates on the bonds shall be as set forth
in the bond purchase agreement.
Section A1'POIN'I'~9I:N"I' OI' I'AYWG AGEN"1', REGIS"I'RAR AND 'I'RANSFL'R
AGI?N'1'. "I'he Council hereby appoints .first Interstate Bank (the "Bank") as paying agent,
registrar and transfer agent for the bonds in accordance with an agreement between the
City of Petaluma and the Bank.
Section 4. FOIZ~'1 ANI) E~I:CU"PION. Bonds shall be issued as fully registered
bonds substantially in the form set forth as Exhibit B to this resolution. The bonds shall
be signed by the f~irrance Director and the City Clerk and the seal of the Ciry shall be
affixed. C3oth signatcu-es and seal may be reproduced on the bonds by facsimile, but upon
its registration or re~rcgistration c.rch bond shall be authenticated by the manual signature
of the Bank.
Hes. N~....... 9 5-2.$6...... N.cs. ~9 • I o~ ~ 3
"l"he Bank shall assign to each bond authenticated and registered by it a distinctive
letter, or nuanber, ter better and nu.m`k~er, and shall maintain a record thereof which shall
be avaiiablc to the: City for inspeeti`cin.
' Section 5. IS"I'A13[:ISHN1I:N"I' (~F SP_ICIAI. FUNDS. For administering. the proceeds
of the sale. of bonds and payment cif interest aid principal on the bonds, there are hereby
established five .funds to be known as the improvement fund, the redemption fund, the
special reserve fund,. the investment earnings fiund 'and the arbitrage rebate fund,
respectively, for Assessment District No. 23, Redwood Business ['ark 3.
Section 5.]. IIt1PROVEI\%Ii;N'1' FUND. l:xccpt as .provided in Section 5.3, proceeds of
sale of the bonds, together ~~~ith all amounts paid on the assessments before bond
issuance, shall be deposited in the improvement fund to be maintained by the Finance
Director. Disbursernents from the improvement fund shall be made by the Finance
Director in accordance with the budget cif estimated costs and expenses set forth in the
amended engineer's report he?°etof<~rc approved by the Council, which report and budget
are subject to modification by the. Council frc~rn time to time as prescribed by the Act.
Section >.2. RIT:)Ia\'[P"fPC)N' .FUND. "The redemption fund shall be maintained by
the Finance Director. All payments of principal and interest installments on the
assessments, together with penalties, if any, sha11 be deposited in the redemption fund,
which shall be a trust fund fur the benefit of the bondholders. Payment of the bonds at
maturity, or at redemption hef<~re maturity, ana .all interest on the bonds shall be made
from the redemption fund. The City shall deposit into the redemption fund, from the
proceeds ~f the sale of the lx~nds, the amount of ~ ,which shall be applied to
payment of the first payable interest on the bonds until fully expended.
Section 5.3. SI'I;CTAI. RlS1::RVl: l'~IJND. "['here; shall be deposited into the special
reserve fund the amount of ~ from the proceeds of the sale: of bonds. That
amount, less any amounts transferred to the redemption fund pursuant to Section 8884 of
the Streets and Highways Code, shall constitute the "Reserve Requirement" for the bonds.
The special reserve fund shall be maintained by the Finance Director.
A. During the term o.f the be>nds, the amount in the special reserve fund shall
be available for transfer into the redemption fund in accordance with Section 8883 'of'the
Streets and Highways Code. "I'hc amount sb advanced shall be reimbursed to the. special
reserve fund from the proceeds of redemption car sale ~fthe parcel. for which payment of
delinquent assessment installmct~ts was made from -the special reserve fund.
13. If any assessment is prepaid bc.:fore final .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 ~f the special reserve fund as the
original amount of the pr•cpaid assessment bears xo the total amount of unpaid
2
Reso. 95-286 NCS
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assessment original y scxcn•iiif; the 13cnad:~. "this red'ucti'on ii1 the amount of principal
prepaid shall l1c balanced by a ty-ansfor ft-om the special reserve fund to the redemption
fund in the same ~1r71o1u1t.
C. The amount maintained in the special reaerve Fund will never exceed the
Reserve `Requirement. I'roccccls o#• investrllent cif the special reserve fund shall be
deposited in the investment car•nings fund.
I~. ~\~hen the amount in the special reserve fund equals or exceeds the amount
required tci retire tl-ie rerrrainin;t; unmatured bonds (whether. by advance retirement or
otherwise), the amount of the special reserve fund shall be transferred to the redemption
fund, and the remaining instalhl~e:nts of principal .and into-rest :not yet due from assessed
property owners shall be cancelled without payment.
Section ~.4. lNV1::S"I'1\1IN"I' IAIZNIN,GS' l?[JND. Proceeds of the investment of
amounts in the irnprovernent f~rnc{ ar7d the special reserve fund will be deposited in the
investment earnings fund. As o.k September 2 of each year during the term of the bonds,
the Finance Director shall determine whether any portion of investment earnings must be
rebated to the Uniccd States pursuant to Section 14£3 of the United States Internal Revenue
Code and regulations adopted thereunder. Any amounts required to be rebated will be
transferred to the ar•bitrat;c rebate. fund, and the balance will be transferred as follows:
(a) 'l'o the. c:~aent that the balance in the special reserve fund is less than the
Reserve Requirement, a transfer ~~~ill be made from .the investment earnings fund to the
special reserve fund.
(b) "I'he rem~iining balance in the investment earnings fund, if any, will be
transferred to the improvement fund until the improvement is completed and the
improvement fund is closed; the:r•cafter the balance in the investment earnings fund will be
transferred t~ the redemption func.l to be used, in the discretion of the Finance Director,
as a credit upon the: aalnual inst~]Ilnlents of assessment or for the advance retirement of
bonds.
"1'he Finance: Director- is authorised to retain independent attorneys, accountants
and other consultants to assist i'n complying with Federal requirements.
Section 5.5. ARI3t'i'RA('.Is TZ113AT1 I'UND: Amounts in the arbitrage rebate fund
shall be invested in the same manner as .amounts 'in the other funds and shall be held in
trust for rebate tri the United States at the fimes rcgLrired by Section 148 of the United
States Internal Re~~enue Code ~u1d regulations adopted thereunder.
Reso. 9'5-286 N:C$
3
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Section 5.(i . Rl?"l'U7~N O1~ l1 N'(I.A11\'IID I~l1N'DS. Other provisions of this resolution
to the contrary no cvithstanding, the dank shall return to the City any funds held by it
hereunder not later than twcl~~e (I z) months bef~rc these funds would escheat to the
State of California under any law now or hereafter enacted.
Section C. 1tiSUANCI: AS 1 OOK-l;N"1'RY 130NDS. "I'he bonds shall be issued initially
as book-entry bonds and shall he registered to Cede ~ Co.,(the "Nominee") as nominee of
the :Depository 't'rust .Cornpan.y cif New York, New York (the "Depository").
Section. C.7. 1300K I:N'Cltl'• f.T!~1I'I'I?D O.[3L;IGA"I`ION OF CI"1-Y. The bonds of each
maturity shall be ~l~ithentic rtecl and delivered in the form of a separate single fully
registered bond (which may be typewritten). "fhe ~wncrship of the bonds shall be
registered in the bond registc~r• in the name of the Nominee as nominee of the Depository.
With respect to `bonels r~egistercd in the name of the Nominee, the City and the
I3ank shall have no responsibility or obligation to any participant in the Depository or to
any person on whose behalf a participant holds an interest. in the bonds. Without limiting
the generality of the foregoing sentence,. the City and. the Bank specifically shall have no
responsibility for (i) the accuracy of rccor•ds of the Depository, the Nominee, or any
participant amcering ownerst~il~~ interest in the bonds, (ii) the delivery to any participant
or other person, except as shown in the bond register, of any notice concerning the
bonds, including any notice cif prepayment, (iii) the selection by the Depository and its
participants of the. henetic•ial inte:rests in the bands t~ 'be ,prepaid if any bonds are prepaid
in part, or (iv) the payment to any participant or other person, other than a Nominee as
shown in the bond register, of ;rny amount with. respect t~ principal of or interest on the
bonds. "l'hc City aiid the I3ank inay treat and ec~nsider the person in whose name each
Bond is registered in the. bond register as the absolute owner of that Bond for the
purpose of p~r,ymenr of principal c~l~ c)r interest on the Bond, for the purpose of giving
notice of prepayment and other matters concerning the. Bond, for the purpose of
registering transfers of the [3ond, and for every other purpose.
"1'he I3ank shall pay ail principal of or :interest on the bonds only to or upon the
order of the respective owners, as shown in the. bond register, or their respective
attorneys duly author•ic.d in writing, and all such payments shall fully satisfy and
discharge. the City's obligations for payment of the principal of or interest on the bonds to
the extent of the payments. No pc?-son other than an owner, as shown in the bond
register, shall recei~-~ a Bond eviclen~ing the obligation of the City to make payments of
principal or interest pursuant to eliis Resolution. Upon delivery by the Depository to the
Nominee and the City and the l3anl: of written notice `tq the effect that the Depository has
determined to substitute a new ?•rcnninec in place cif the Nominee, and. subject to the
provisions of Section 7 her•e~i' with respect to record 'dates, the word Nominee in this
Resolution shall refer to the new nominee or the Depository.
Fteso. 95-286 NCS
4
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_ Section 6:2. RI;TKI?SL:N"fA"PION I.I;"i"I'I?'It-. "1'he finance Director or other authorized
officer of the City :is h'er•eby authorized to execute, seal, countersign and deliver on behalf
• of the City to the Depository a [~ttc;r (the '"Itcprese>ntation .Getter") from the City
representing such matters as stall be necessary to qualify the bonds for the book-entry
system. The execution and delivery of the R~pre~sentation better shall not limit the
provisions of Section C.7 hereof or• in any other way impose on the City or the Bank any
obligation to persons hawing interests in the. bonds other than the owners as shown on the.
bond register. 'Che Bank shall tike ali aeti~ns .required of the Bank to comply with the
- Rcpresentati~n 1 cttc~r. 1'he I~inancc> Director or• other Authorized Officer of the City is
hereby authorised. to take and other actions, consistent with this lZesolution, to qualify the
bonds for the Depository's laoczl:-entry program.
Section 6.3.~ "1'RANSI'IKS C)!1:1"I'SIDE; 1300K-1;N"I'fZ1' SYSTEM. 73y written request the
City may remcwe the: Deposi cr•y aid appoint a successor at any time and for any reason.
7f (i) the Depository resigns a~ -securities depository .for the bonds, or (ii) the City
removes the Depository,, them: the (.;sty will discontinue the book-entry system with the
Depository. Lf the City failti rt:~ identify another qualified securities ,depository to replace
the Dr_positc~ry, the bonds sliaJl no lrmger be restricted to registration in the name of the
Nominee, but shall be registei-cd iii the ~~ames designated by .owners transferring or
exchanging the bonds, "11-~e Ctg at~C°ity expense sl;all furnish a supply of bond forms.
Section 7. I'AY:~9IN"[' ON.13<)ND>. "1'he principal and interest on the. bonds shall
be payable at the office of: the Firs Interstate Bank, 26610 W. Agoura Road, Calabasas,
California ):1302. 'Principal aiad i'ntcrest shall be paid by check, draft or warrant mailed to
the registeree owner of cac:h bond arthe owner's address appearing on the register
maintained by the: 13an1: on thc~ 15th clay of the month immediately preceding the payment
date (the "record date").
Upon the p~iyrnent ant ernccalatic~n of any bond, the bond shall be destroyed and
the Bank shall furi~rish tl-,e City a certificate cif destruction.
Section 8. AI)~`AN(_l IZI: 1'Il~l:~1tN`f"{~F 130NI)S: Any Bond or any portion thereof
in the amount cif ~5>000 or arry 'iitcgr<<I r.~eiltiple thereof, may be redeemed and paid in
advance of maturity upon the sec~;~icl day of 'March or September in any year by giving. at
least 3U days' notice by rcgisterec'I car certified mail or by personal service to the registered
owner thereof at such o~~mc i `s t~cldress as it ,appears on the registration books of the Bank
and b,y paying principal and ~.ccr•uercl interest: together with a premium equal to a
percentage of the, principal amount ~f the r:dc:emed bond, as follows:
Redemption Dare [tedemption Premium
D'[arch 2, "L99Ci and Septemt~er 2; 1996 3,00%
March 2, "1997 and. Scl7tember 2; 1997 2.75%
March 2,7995 ~u~td Sel~rer~t~ber 2, ]>9~3 2.50%
5'
Reso..95-286 NCS
~q5o-~ (3
Redemption 1`)atc Redemption Premium
M-arch 2, 1~)~)9 and .Sc;htcmber 2, "199 2.25%
March "2, 2000 and Sc±ptci~~ber 2, 2000 2.00%
1\7arclz "2, 2001 and September 2~, 2001 1.75%
1\~1arch 2, 2002 rind Sehten~ber• 2, 2002 1..50%
March 2, 2003 and September 2, 2003 1.2.5%
March 2, 2004 and September 2, 2004 1.00%
March 2, 2005 anel September 2, :2005 0:75%
March 2, 2006 and September .2, 206 0.50%
Mardi 2, 2007 and September 2, 2007 0.25%
1\larch 2, 2008 anal tl~creafter 0.00%
Section 9. 1tI1tIGlS'1'1Z;~'1'Ii7iV. Any bend tray k~e registered to a new owner by
completing the; assignment ce?~ti:fcate on the .reverse of the bond and de-livering the bond
to thel3ank. Upon reregistratic~n, airy t?ond may be replaced by one or more bonds of
the same maturity and aggregate ~:uiaount in deno?ninations of X5000 or any integral
multiple thereof.
Section 10. COVI:NAN"fS. In the event of a default in the payment of any bond or
any installment of interest thcr•con, L~ondholders shall have the remedies set forth in the
[mprovcment 13i~nd Act of 1~~15. Lr? :addition, the. C~u)~cil makes the following covenants,
which shall constitute a contract ~7•ith the bondh~~lders:
Section 10.1, l~O'tl'( L~)Sl''IZI O1~ LI1:NS. Npt later than October 1 in any year, the
City shall file an action in the Supcric~?• Court to f6reelosc the lien of each delinquent
assessment if the sum of unccirca issessi7-r'ent delinquencies fir the preceding fiscal year
exceeds five percent (5%) of the assessment installments posted to the tax roll for that
tscal year, and if the amount of the special reserve fund is less than the Reserve
Requirement.
. Section 10.2. AIZIi1°T'R_Ai~G. ~)ciring the"term of the bonds, the City will make no
use of bond proce'acls ~~>hich, if such use hacl been reasonably expected at the date the
bonds are issued, ci~uld have c~?used the bonds to be "arbitrage bonds" wi hi_n the
meaning of Section 1413 of thc~ 1Jnited States lnt~~rna1 Revenue Code of 1.986, and
regulations cif the (nter•?-?al Revenue Service: adopted thereunder, and further shall rebate
to the United States any amr~ui~ts rc~luircd tc~ Ix+ rebated on account of arbitrage in
accordance with ttr_. provisions of th~?t Code. and those regulations.
Sectix~n 1.0.;3.. MAIN",fLNANCI; 0l~ "I'AN ];X1;1\1]'`t`ION. '1•he Ciry will take all
_ reasonabf~ actions r•t~quir•cd to m,tint~?in tlae status of interest on the Uonds as excludable
from gross ineo?7~c• tear federal i`?tcc:5rnc t~~x purposes and as exempt from the State of
California pcrsi~nal name t:rxc•s.
6
Reso. 95-286 NCS ~q ~ 0~ ~3.
Section 7.0.4. CON"1'1NlIWG D1SCI,OSIIRk?. At the time of delivery of the bonds,
the City will furnish a certificate of a~ntinuing disclosure to permit the purchaser of the
bonds to conform with Rule I ~c2-1.2 of die United States Securities and Exchange
Commission.
7
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) 4~~R~R~?XR'~~ meeting •""'~~f°~
on the .....6x.kr-------------- day of ..............~OVe~nber-......................, 19.-9-5-~ by the Y
following vote: ~
City Attorn y
AYES: Maguire, Read, Barlas, Vice Mayor Shea, Mayor Hilligoss
NOES: None
ABSENT: Hamilto m -
-
A'1°I'EST : L `:'~'tr'?~-1.,_-.............--•--........ ~.7.:-.t/~.•..
City Clerk Mayor
Gbuncil File ~ , ~ ~ I~
CA 10-85 Res. No. ......9.rJ.-2.H.6....... N.C.S.
1~1ATURII'Y SCHIJDULE
ASSI:SSMEN'I' DIS'I'R1CT NO. 23, RI?DWOOD BUSIN>:SS PARK 3
Bonds mature on September 2 in the years and amount set forth below.
YEAR FACE AMOUNT
1997 6.5,000.00
1998 70,000.00
1999 75,000.00
2000 80,000.00
2001 85,000.00
2002 90,.000.00
2003 95,000.00
2004 100,000.00
2005 110,000.00
2006 115,000.00
2007 130,000.00
2008 135,000.00
2009 145,000.00
2010 160,000.00
2011 165,000.00
2012 1$0,000.00
2013 190,000.00
2014 205,000.00
2015 220,000.00
2016 235,000.00
2017 255,000.00
2018 270,000.00
2019 290,000.00
2020 135,000.00
TOTAL: 3,600,000.00
EXH 1 E IT ~ 8 0~ 13
Qey~. 9'5 _a 8(~ NCS
United States of America
State of California
County of Sonoma
REGISTERED REGISTERED
Number ~
LIMITED OBLIGATION IMPROVEMENT BOND
CITY OP PETALUMA
ASSESSMENT DISTRICT NO. 23, REDWOOD BUSINESS PARK 3
SERIES NO. 1)95-A
INTEREST RA"rE MATURITY DATE BOND DATE CUSIP NUMBER
September 2, December 5, 1995
RL-'GISTERED OWNER: CEDE R CO.
P. O. Box 20
Bowling Green Station
New York, NY 1.0005
"1'ax I.D. No. 13-25551.1.9
PRINCIPAL St1M: DOLLARS
Under and by virtue of the Improvement Bond Act of 1.915, Division 10 (commencing with
Section 8500), 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. 95-220, adopted by the City Council of the City of Petaluma
on the 21st day of August, 1995, pay to the registered owner stated above. or registered
assigns, on the maturity date stated above, the principal sum stated above, in lawful money
of the United States of America and in like manner will pay interest from the interest
payment. date next preceding the date on which this Bond is authenticated, unless this
Bond is authenticated and registered as of an interest payment date, in which event it shall
bear interest from such interest payment date, or unless this Bond is authenticated and
registered prior to March 2, 1.990, in which event it shall bear interest from its date, until
payment of such principal sum shall have been discharged, at the rate per annum stated
above, payable semiannually on March 2 and September 2 in each year commencing on
March 2, 1990.
Por the period during which 'The :Depository Trust Company, New York, New York
("DTC") or its Nominee or any successor depository or its Nominee is the registered
owner of the Bonds, principal, redemption premiums, if any, and interest shall be paid by
~~~~~T ~ q o ~ 13
Reso . °l 5- a 8Co tSGS
First Interstate [3ank (the "Bank") to DTC or such successor depository by wire transfer;
provided that principal and redemption premiums, if any, shall be paid only upon
surrender to the Bank at the principal corporate `trust office of the Bank or its successor,
in San Francisco; California, of the matured bonds or the bonds called for redemption
prior to maturity: As to any bondholder other than DTC or any successor depository, in
the event of termination of the book-entry system, the principal and redemption
premiums, if any, are payable at the principal corporate trust office of First Interstate Bank,
or its successor, as Paying Agent, in San Francisco or Los Angeles, California, and the
interest hereon is payable by check or draft mailed to the registered owner hereof at the
owner's address as it appears on the registration books of the Bank, or at such address as
may have been filed with the Bank for that purpose, as of the fifteenth day of the month
immediately .preceding each interest payment date (the "record date").
This Bond will continue to bear interest after maturity at the rate above stated, provided, it
is presented at maturity and payment thereof is refused upon the sole ground that there
are not sufficient moneys in said redemption fund with which to pay same. If it is not
presented at maturity, interest thereon will run until maturity.
This Bond shall not be entitled to any benefit under the Act or the Resolution Authorizing
Lssuance of Bonds (the "Resolution ~f 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 ~~~HEREOF, said City of Petaluma has caused this Bond to be signed in
facsimile by the Finance Director of said City and by its Clerk., and has caused its corporate
seal to be reproduced in facsimile hereon all as of the 5th day of December, 1995.
CI"CY OF PI:TALUMA
Clerk Finance Director
(SEAL,)
2
peso q5-a8(~ ~Ls
~p o~ l3
ADDITIONAL PROVISIONS
This Band 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 under the Act and the
Resolution of Issuance, for the purpose of providing means for paying for the
improvements described in the proceedings, and is secured by the moneys in the
redemption fund and by the unpaid portion of assessments made for the payment of
those improvements, and, including principal and interest, is payable exclusively out of the
redemption fund.
This Bond is transferable by the registered owner hereof, in person or by the owner's
attorney duly authorised in writing, at the 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 transfer, a new
registered bond or bonds, of any authorised denomination or denominations, of the same
maturity, for the same aggregate principal amount, will be issued to the transferee in
exchange therefor.
Bonds shall be registered only in the name of an individual (including joint owners), a
corporation, a pa?-tnership or a trust.
Neither the City nor the Bank shall be required to exchange or to register the transfer of
bonds during the period commencing with the fifteenth day of the month immediately
preceding any interest payment date and ending on said interest payment date (the "record
date).
The City will not obligate itself to advance available funds from the City treasury to cure
any deficiency which may occur in the bond redemption fund. A determination not to
obligate itself shall not prevent the City fi~om, in its sole discretion, so advancing funds.
The City and the Bank may treat the registered owner hereof as the absolute owner for all
purposes, and the City and the Bank shall not be affected by any notice to the contrary.
This Bond or any portion of it in the amount of Five Thousand Dollars 05,000) or any
integral multiple thereof, may be redeemed and paid in advance of maturity upon the
second day of March or September in any year by giving at least 30 days' notice by
registered or certified mail or by personal service to the registered owner hereof at the
owner's address as it appears on .the registration books of the Bank and by paying
principal and accrued interest together with a premium equal to a percentage of the
principal amount of the redeemed bond, as follows:
3
Reno. q 5- ~~c~ ~t~s
~9 11 oar 13
Redemption Date Redemption Premium
March 2, 7.990 and September 2, 7:990 3.00%
March 2, 7.997 and September 2, 7.997 2.75%
March 2, 1998 and September 2, 1998 2.50%
March 2, 7.999 and September 2, 1999 2.25%
March 2, 2000 and September 2, 2000 2.00%
March 2, 2007. and September 2, 2001 1.75%
March 2, 2002 and September 2, 2002 1.50%
March 2, 2003 and September 2, 2003 1.25%
March 2, 2004 and September 2, 2004 1.00%
March 2, 2005 and September 2, 2005 0.75%
March 2, 200Ci and September 2, 2000 0.50%
March 2, 2007 ~~nd September 2, 2007 0.25%
March 2, 200K and thereafter 0.00%
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
FIRST IN1'ERSTAT~ BANK
as paying agent, registrar and transfer agent
I3y
Authorized Signatory
I hereby certify that the following is a correct copy of the signed legal opinion of STURGIS,
NESS, 13RUNSEf..1. ~ ASSAF a professional corporation, Emeryville, California, on file in my
office.
City Clerk
4
R2so. 95-a..~~xs
~ ~ o~F l3
ASSIGNMrNT
Por value received
the undersigned do(es) hereby sell, assign and transfer unto
the within registered '[3ond and hereby irrevocably constitute(s) and appoint(s)
to transfer the same on the Bond register of the Trustee
with full power of substitution in the premises.
Dated:
Signature:
Note: I'he signature(s) on this Assignment must correspond with the name(s) as written
on the face of the within registered Fond in every particular without alteration or
enlargement or any change whatsoever.
Signature Guaranteed:
Note: 'this signature must be guaranteed by an eligible guarantor.
5
Reso. ~5-a~ac~ WIGS
~3