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HomeMy WebLinkAboutResolution 6837 N.C.S. 02/24/1975 �„ ;, I�NTRODUC'ED. I BY CO t .a - V � UNChb r�N, , � � ENDED BY COUNCILMAN UNCILMAN � , SE m n„ "ROb'ert._ A II Brunner ;,, Wil`IJam A ti; _Petty, , Jr , r . 1 : ' • RE NO . 6=8 3 7 `N C .:S� *`' r PROVID ING FOR THE ISSUANCE OF $ 7 ., X0;00 PRINCIPAL AMOUNT � ' _ . a ` " • B ONDS PRESCRIBING � � � • IN OF CITY OF' PETALUMA 1975-LIBRARY ,,. THE DAT A 1 • •, S AND OF THE COUPONS 'TO BET_ �� � ,• L I E, � ° ND. FORM OF TEE BOND , AT FIXING ' ,INTEREST ON - ATTACHED THERETO; F ING THE• MAXI - MUM RATE OF IN. THE BOND , AND PRESCRIB:ING' THE MATURITIES THEREOF; ; AUTHOR- I Z. UT.ION ,,OF THE BONDS AND COUPONS ; PROVIDING • z , �� - ING rTHE , EXEC FOR :THE A TAX T PRINCIPAL AND INTEREST E LEVY OF. O PAY THE PRINC REST ',AND DI;;RECTING B TO BE ,. ,THEREOF, 1V, F , NOTICE OF' SALE OF THE ONDS • GIVEN... ' n , , . , , � � all q of law - have been WHEREAS!. all the re u_rements p ed with in ling and hording the special :municipal bond "election (tthe, " ) y Petaluma election' held in t city of R'e (the' "City") e ctio n a measure on MarcYi, �5 w1974, at which„ e ' d, (tth'e " _eas ,) `� o . s t isue bonds of the- City .r �� y in the principal amount of " $7,50.., ^,00,0 for the object and purpose her stated was Gsubmitted to the voters of the city; and the , g' Counc' - of the City did duly and re g: canvass the r I tur of the 'election ,a_nd did by said ca'nva'ss determine and. ,I . ," ' '! decla're', and does hereby certUy, that the 'measure received y .at the election the affirmative" vote of:. more. than two: thirds:., m ^ 11 of all of the voters votin g on the. ;mea °sure at the e;l`ect on , I , .' 'and . ''the :measure was -thereby carried and adopted by t'he, ,iu, lelec ; and .the issuance; Of such,, bonds by the City for. t Lion bY , I ;. w ° ur 'p ose forth in the 'measure was • duly . authorized: , . II ., ,i, ,.0... i.. .„ , , „° . ,” n' Illh r:: ,.. of y , - - •, x - •i. Y l , . 1� " n. I ,V Ill '•I �In'P H. I. - .. . _ e . i a . F �.� � I dl NOW, THEREFORE, BE IT RESOLVED by the. Council of the City of Petaluma, as follows:, • Section 1 J, Unless s the context otherwise requires, the terms defined i n , this Section 1(a) shall, for all purposes of this resolution have t'he meanings herein. specified: • Bonds, The term "bonds" . the "City of •Petaluma shall, ,mea n 1975 Library Bonds.,: -, • City , • The term.: "City ". shall mean the City of Petaluma. Clerk. The term; "Clerk" shall mean the' City "Clerk of the City. Council The term "Council" shall mean'-the Council of the City. MaY or The term "Mayor" shall mean the Mayor of the City. Treasurer e " the Treasurer of The t rm Treasurer shall mea n the "City - (b) The Council has reviewed all proceedings n' relative to the taken authorization heretofore t authorizat ion of the bonds and has found, as a result, of such review, and hereby " finds ' and determines that all acts _ . , , conditions and things required by law to exist, happen and be performed precedent to and in • the issuance of the bonds have existed, happened and been performed in due ue tune,. form and ".manner, 'as required by law, r , and the City _n � every now authorized urs;uant to ea" ch and • - 2 • • • r I ' 11 4114 .- . - 66 IJ� • hr . requirement of law to, issue the bonds and incur indebtedness in the manner and form as in this resolution provided. Section 2. Bonds of the City 'shall issue to pay the cost of the.acquisition, construction and completion of the municipal all improvement t of the City" set forth in the follow- ' ng measure' 'to wit: NEASUBE " (A)` • S ., the. City %of P - - ha -11 y Petaluma (New Central incur a bonded indebtedness in Library) the principal amount of • $750,000 for the acquisition, construction and completion of the following municipal improvement, to wit;, AL new central library, "including site . development,,land - scaping and parking area, together with equip- ment, furniture : and fixtures, • lands, " easements and rights of -way; and other works, property or structures necessary or convenient for a new central ,library for. the City of Petaluma? • The bonds shall be Section 3., issued as herein- after set forth, and shall be sold in accordance with law at not less than their par value and accried interest. The bonds shall be $75 in aggregate principal amount and shall be known as "City of Petaluma 1975 Library Bonds". The bonds shall `:be °negotiable in form and ° of the character • known as serial; shall 150 in number, numbered consecu- tively from 1 to 150 in order of maturity; and shall be of the denomination Of $5,000 each. The bonds shall be dated April•15,.,197 (which is hereby fixed and determined c ° to be the ,date of °the issuance of the bonds) . All of .the bonds shall bear interest from their date until paid at the rate or rates "designated by the Council ,at, the time of the sale ,of' the ` ,bonds, but not to exceed seven. per ':c'ent. (70) " per annum'', payable semiannually.;. Such interest shall be • 3 • y P • • ,s evidenced, by cou ons: attached to each bond, and. each of coupons shall `represent six months' interest on the bond to which it is attached. Said interest 'coupons shall be payable on April October 15 in each year until and at the 'p " -1 15, and. Oct, respective dates ' of Maturity of the bonds. The bonds shall mature and be payable in consecutive order, from lower to higher, according to whichever of the following schedules is selected• by the Council at t the time of the sale of the bonds. ' Alternate, .Maturity S.che'd '1e' -1 • Maturity "ate Principal (Aprril. 1,5) Amount ' (all years `inclu i $15,000 1977 - 19 81 20,000 , 1982 -01985 . 25,000 198 1988, 30,000, 1989 1990 • 35,00 1991 1 40,000 +I 1993 - a994 •_ 45,000 ' 1995 1996 . 50,000 . ' 1997' ,. 55,000 ,. . 1998 - 1999 ' 60,000 -: ' . 200 Alternate ' Maturity Sghedu -le, ,2_ Matu rity`' Date s Principal (April 15 -) ' . • Amount: years ears..ncluse) $15:000 1977 20,000 1978 25,000; • 1979 - 1981 • 30,00.0 1982 19 0 35 000, 1984 1918.6_ 40 000 1987 1988 , 4 19489 50 - . -.1991 1990 55,0011 199;2' 60,000 - 65,0.00- „ ,_ , s '1994 ,. • 4 ",� ,, i lG ,��„ 4i - u - Both.the . . principal of and nterest,On bonds shall be payable in'''lawful money of .the United States of America at the ',Head 'Office of Wells Fargo Bank (the "Paying Agent ") in San Francisco, California. Bonds maturing by their terms on or prior to April o 15, 1985, are not ;subject to call or redemption prior to their fixed maturity dates. Bonds maturing by their terms on and. after April 15', 198,6, are. subject' to call and redemp- tion, at the option the City, as a whole, or in part.in . inverse numerical,order, on April 15, 1985 (but not prior thereto) and on - any interest payment date thereafter prior tO° their fixed maturit date or dates at the principal amount • Y thereof and accrued' ,interest •thereon to date of redemption, together with a. premium of 1/4 of 1% of such principal amount for each whole year and for, any remaining fraction of a year from the date of redemption t� the maturity date of the bonds so redeemed. Notice of such redemption . shall be given by publi- cation of such ' notice, once a week for two (2) successive calendar weeks in a _ newspaper of general circulation printed and published in San Francisco, California, the first publica- tion of which shall , be at least -thirty (;'30) days but not more than sixty (60) days' Prior to the date fixed for such redemp- tion. After the date fixed for such redemption, if the City shall have duly published notice of such. redemption and shall . have provided fund - - ' for the payment. of principal of and in- terest on the bonds ,so called for redemption, interest on such bonds shall thereafter cease. • The City covenants that it will, while any of the - bonds are outstanding and unpaid, keep-at the office of the • • 5 Paying A ent books y' g g for the registration" of the bonds `as herein provided,•and` the Paying Agent is hereby appointed the registrar of the City for the purpose of registering the bonds The bonds may be registered only as to both prin ci al and ;interest in the manner in the r-egistra- p set forth sir. 1 ti on certficate• herein contained pertaining to such bonds. Registered , bonds g s maybe discharged from registration and converted into coupon „bonds. A ,person, in whose name a bond shall be re is g tered, shall be deemed the absolute owner. Pay - ment of the principal of a registered bond shall be made y g only to the registered owner of suc h bond, but the bearer • y P appertaining of ' an cou on °, �a er tainn to an unregistered bond or to a bond registered to ,bearer shall,be deemed the absolute • owner of such coupon, and the bearer of any unregistered bond or a bond regis to bearer 'shall be deemed the absolute owner of" such., bond, and the; City and. the Paying Agent shal be lful protected' in making payment of . such unregistered , bend or coupon. 'to the bearer` thereof. In all cases in which the privilege of transfer- ring, registering or reconverting a: bond, is exercised, the make a .. Paying Agent may a�'• � charge sufficient to reimburse it for any tax, f'ee o r other governmental charge required to be paid by the City or the Paying Agent in connection there- with, and in addition.may. charge a reasonable sum for its . costs and expenses in the reconversion of any such bond into a coupon 'bond,'" not exceeding $1 per $1,.000 principal .of. bonds so converted or such larger amount amount converted g as may be ermitt y paid by ed b p or sums shall aid b law, w hich sum o the person requesting such transfer., registration or region- version. • • 6 eI, I. I. 1 I I I I I I I 1. n , n - ! w .:I - - - Section 4 The bonds and the, coupons attached . thereto and the registration orsement to appear thereon �' � � �st- r- a ton end � - shall each' be substantially in the following) ; form, the. ^ II blanks in said " forms. b ' "� to be filled with Appropriate words PP • or :figures , namely: • III II : ^: • N n" ill :, i .. . II I - • d ],, I "li II 7 . • • [Form of ,Bond] UNITED STATES OF AMERICA UN -I STATE OF CALIFORNIA • • CITY',, OF ` PETALUMA `1975 ;LIBRARY BOND • • No. $5,000 The City, of Petaluma, a municipal corporation • organized and existing under the Constitution and laws of' the State of, -� California (,the; "City ") i hereby acknowledges itself . indebte'd and for value received promises;,, to pay.to • tered owner,hereaf)hon be to the regis the bearer April (subject to any _ rior redemption: right of p redemption hereinafter reserved) the pr cipal sum of • ' FIVE THOUSAND DOLLARS $'5 ,:000 • together with interest thereon. from the date hereof until • cent ( payment ' p ± p at. the rate of per -) per annum, payable p o, � 'said •� rind a l� sum in full�,�� o, u ble semiannually on April 15 and October 15 of each year Unless this bond : be registered, . such interest on or prior .to maturity shall be payab.�le only ,,on' presentation and surrender of, the proper interes coupons hereto attached as they respectively be- . come due. Both the ;principal' of and interest on- this bond payable are in lawful money of the .United; States of America • at the Head, Office. 'of Wells Fargo Bank in San Francisco, California. . This bond is one of a duly authorized issue of • bonds of the-,Ci rnci p�al g amoun Se:�en .Hundred Fi Thousand g F ($750,000) in t, all of like tenor (except for such variat if ,an y, as may be required `to designate varying numbers, maturities, interest rates and redemption pro.- visions) and IS 'issued under and pursuant to the Constitution and tatutes of the, ,State of California., and under and pur- suant "to the - or and proceedings of the City duly adopted and taken and a vote and assent of more than two - thirds k "" • of all the fqual•ified :. of the City' voting at a-,special election duly called and held for that purpose. Bonds maturing b e g y their terms on or. _, p r A prior , to April ril : 1'5, ',198'5 are not, stbject to' redemption prior to their fixed maturity dates. a Bonds maturing by their terms or after April, 15, 1986 ��,are•subj':eet to redemption, 'at the'opton of the City, as a whole, or in pa rt in inverse numerical or-der,, on'mApri 15, 1985 . (b not prior ;thereto) and'' on anyinter'est payment date thereafter prior. to ; their fixed maturity date or dates,.. at the principal amount thereof" and accrued interest°_ thereon'to'date . of redemption, together with a premium .of • • 8 • • • I; , . . .. . .. . . • , . , , _ . epic I tl 1 � .... 1/4' of 1 %' o :,such principal amount for each whole year and for any fraction of :a year from the date of redemption.to the maturity date, of the, bonds so redeemed This conformit with the rovisi his bond ,be registered in the name of the y p endorsed / owner hereof ons e hereon, and unless so registered shall be transf erable by delivery. It is hereby certified, recited and declared that . all conditions, 'thirngs a nd acts required by law to exist, I I,, happen and 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, together with all other indebtedness of the City, does not exceed any limit prescribed by the Constitution or statutes of said State, and that provision has been made as required by the Constitution and statues of said State for the collection of an annual tax suffi- cient to pay the principal of and interest on this bond as the same become due, The full faith and credit of the City are hereby pledged for the punctual payment of the principal of and interest on this bond. • IN WITNESS WHEREOF, the City of Petaluma has caused this bond to be executed under its ,Official seal, • •signed by its Mayor and its Treasurer, and; countersigned • , by its City Clerk,`a`nd has caused the interest coupons attached hereto to be signed by its Treasurer, and this bond to be dated April 15, 1975. • , . : All' .- 'ayor of the y of Petaluma Treasurer,of the City,of Petaluma - [SEAL] Countersigned City Clerk of the City of Petaluma • • 9 • IL. • ',Worm. of Interest Coupon] • Coupon No. The City l, f Petaluma on will (unless the .within mentioned .bond be registered, an` �d, d subie`at to: any right of prior redemption reserved in, said. bond) 'pay to the. bearer- at the ..Head : Office F c W rancisca,Californi B s a, the sumset'forth $, hereon in lawful •money of, the 'United States of. America , being interest then due on its ,1975 . L•brary Bond, dated No April 15, 1.975 .. . , Treasurer of the ;City of Petaluma . • [F:orm of registration endorsement]. This botd�� :may be registered.'in th . - ' the name Of the owner on':books kept by the Paying Agent of' th� y e City, as to Principal and interest, such registration being noted hereon o n blank below, .after by y g g registration b said,Pa.iri Agent in the re istrati�_ which no transfer shall be valid unless made on said books - 1. • b y dul y :authorized and the registered, owner by g r or attorne. similarly noted , in the registration i blank below. At the q registered ,, � ' be reconverted to quest of. the re istered' owner; this bond the expense the -owner and, such into a coupon,borid,�at� ease: of N - , p-� y g` n d into a bond 'registered cbu � on bond ma� - a� ain� be converted s as to both principal and '.'interest as hereinabove provided. Upon reconversion of,,thi-s''.bond, if registered, into a coupon .. " bond, coupons. representing the int "ere'ct to accrue. hereon" • : ' . • to , date, of matur-, "ity shall be attached .hereto by said° P" yang . - tt a Agent 'and Pa. in A ent shall note in the ' . g regis ration / be'.low that the b., and is payable to bearer. NOTE°:.• There m ce below exce t. stbe P � P. . ,� • .. no Writing in th by the Paying Agent. - 10 SIGNATURE 'DATE-OF NAME OF ADDRESS 'OF, .. AU D OFFIC THORIZE ER OF ,REGIST, +RATION: REGISTERED-OWNR'. REGISTERED OWNER PAYING . AGENT • Section 5.: The Mayor and the _� Treasurer are hereby authorized and directed, respectively, as such officers, to h e City, and the execute each of• ,the-,;bonds on behalf of. t Clerk, or one or more of his deputies,-is hereby authorized and directed to countersign each of the bonds and to affix the . official seal of the.,Ci-ty thereto. Such seal may be printed, engraved, 'stamped,,or..otherwise placed by facsimile thereon. y y, The Ma or and Treasu�re,r are hereb- ea ch authorized to cause g . y printed, lithographed or engraved the bonds to be ned' b rinte facsimile 'Signature.., The Treasurer is, :hereby' authorized and directed to' °sign each of-the interest coupons by printed, h litho ra ed`or en dr,aved facsimi g P g . g' u're: .Such signing, "''� �e si t ' na countersigning. and sealing as herein' pro,vided. shall be a sufficient and bind execution of the b � binding onds and coupons by the City, and all such Signatures and countersignatures, . excepting p may be printed, hat r;. g of the ,Clerk or his de ut es 'lithographed or - g any of officers whose en raved. In case signatures or coun natures a ear on the' or g . g - PP P f coupons shall cease to be such officer before the delivery of the „bonds to the -purchaser, such signature, , r counter- signature o. shall ,nevertheless be valid, and, sufficient for • e * all ur o g aine.d "in, office "p � � p sesr t�Ei�e� same as '�thou' h -he had rtiein - until -the+ delivery of the bonds,. 11 Section 6 Por the 'ptlr ose of p:ayinc the pr n- cipal of and interest On the bohitd the Council t ha13 , at the time of tiakinq the general tax levy after l inetirrit g the bonded i hdeb ,tedness, and annually thereafter. until the p til there is . a sum, in the treasury . bonds' are aid or un p purpos -e sufficient ,to meet all payments set° a art for that ' of princi and interest On the bonds as they become due, 1�' y collect a tax sufficient "' to pay he interest on t ev and collec • the bonds and such.'part of the principal " as will become due before the :proc of a tax 'levied at the next general tax levy will be! "available, and to a t y pay he 'interest as it falls due and to constitute a sinking fund for payment of the rinci al of bonds p ' p f� the nds on or before maturity. Such taxes shall be levied, ted as of . • ed, an � � City taxes and collec her shall. be addition taxes and shall be to in add Cher and. all o used only for payment of the bonds and interest thereon. Said taxes as .collec=ted ,shall be., .fo rthwith paid - into the fund for which the same. were levied and collected and wh = ich shall be designated. "City of Petaluma) 1975 Library Bond Interest and'Redemption Fund," and sums .to become due for the of:. and interest t on the 'bonds Shall be paid from such 'fund;. There shall likewise be . deposited in said fund an. moneys receiwe' . u any y d on account of ' any- premium paid on the bonds and interest accrued on the bonds from their date to the date of delver and actual payment ment of 'the " purchase y P y P" price thereof When all of the principal and interest on all been aid of the. bonds have be p any � of money then 1. o - an balance o remaining in said fund shall o. the be trans ferred to general " • fund of the City. • 12 • • . y ,. 141k '••", "`: • • ;" ; - • - : • • - • • • - section 7 there is hereby created and established . • • ,..d-fUnd'-to known as the "City of Petaluma 1975 Library TMPrOVeMent - Fund," which shall be kept by the Treasurer, and all proceeds of the sale of the bonds (except premium - - an6r'accrued- interest received on such sale) shall be placed , • • by the Treaturer'tOthe credit of said fund and shall be , . 'kept separate and distinct from all other Municipal funds, and shall be appliecLexclutively to the purposes and objects - 1 specified in the Measure set forth. in Section 2 of thisr olution;. provided, however, that when such purposes and .• objects have been accomplished, any moneys remaining in said fund shall be transferred to the City of Petaluma 1975 Bond Interest and REdemPtion Fund and be used for the pay- . ment of the,prificipal of and interest on, the bonds. • Section 8.. The Clerk is directed to cause a sufficient unumber,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 properoffiders to deliver them, when so executed, to the Treasurer who shall safely keep the same until they shall be sold by the Council,. whereupon he shall deliver them to the purchaser or purchasers thereof, on receipt of the purchase price. The mayor, Treasurer and Clerk are fur ther authorized and directed to make,, execute and deliver to the purchaser of the bonds a signature and no-litigation 'certificate in the form customarily required by purchasers: • of municipal bonds, certifying 'tep; the genuineness anddUe' ' execution of the bonds and further certifying to 411 facts within their knoWledge relative to any litigation which may • • 13 - . y the bonds, and, • g • or ,m ht `affect the! City, said officers or th the Treasurer, is further- authorzed and, directed to make execute and deliver to . . the purchaser of the bonds' a receipt in the form customarily required by purchasers of municipal,, bonds, evidencing the payment 1 of the purchase price of the bonds, which ,recei t shall be conclusive e .evd'ence that said " purchase price has been paid and has been received by the City. Y p q Ct An purchaser or. subsequent taker or holder of the bonds is hereb y authorized to , rely upon and shall be justi- fied in relying upon such: signature and,no-liti certi ficate and :such receipt with respect .to the ,bonds executed . pursuant to the authority 'of this resolution. Section 9. The Council, as issuer of the bonds City on behalf of the hereby covenants that it will make p� of the bonds `which would cause the no use of the proceeds w : , , g 103 (d) , o f the bonds to be "arbitrage' bonds" .under under Section Internal Revere ue Code •' and, to that °i.erid ,; so long as any of the bonds are outstanding, the ' ssuer-' With respect to ' the proceeds ,of, the bonds, and all officers having custody or control of such proceeds, shall comply with all require- ments of said 'Section and the regulations of the United States Department of. the .Treasur ther, ' y eunder , to the extent . _ that such regulations are, at the time, applicable and in effect, so that the bonds will not be "arbitrage bonds." Section 10. All of the bonds shall be offered for public sale by the p Council on the date' hereinafter specified, and the Clerk is hereby authorized and directed to cause a notice of the sale' of the bonds to be published'' 14 • { I • fir.. • the PETA . newspaper published • once - in LUMA ARGUS- COURIER , a news a er in the City. Such notice shall be substantia1iy in the following form, to wit: - • • • • • 15 • • Section 11. The form of Official Statement rela- tive to the bonds, • on file with the Clerk, prepared by Stone & Youngberg Municipal Financing Consultants, Inc., the City's financing consultant, is hereby approved. Section 12. This resolution ; shall take effect from and after its •passage and approval. PASSED AND ADOPTED on February 24, 1975, - by the following vote: AYES: Councilmen, Brunner,• CavanaghA,:Daly, Harberson, Matter, Perry, and Mayor Putnam. • NOES: None. ABSENT:- None. APPROVED: Mayor of the, City of Petaluma, California ATTEST: • r >City , ° - • • 21 r • CITY CL'ERK'S. CERTIFICATE . I, MARJORY WILSON, City .Clerk of the City of • Petaluma, California,; do .hereby certify .as fo'1 "lows:. The foregorig is a full,, true and correct copy • of a resolution .duly adopted by the Council of said City, g meeting y re gularly and said and at a regular meet;n of said Council duly legally held at the regular meeting place thereof on Febru- ary 24, 1q75, 0f which meeting all of the members of said Council:•had due notide and at which a Maiority thereof was present. At said meeting .said reaolution was introduced by Councilman Robert: :'Brunner , and was thereupon, 14ae44 Wi +i �tt� e € C- et��'e } ��a�:- iaM-A = Perrp - - -► :seconded by • Councilman William Perry, Jr., adopted by the following vote: AYES: • Councilmen Brunner , Cavanagh, ,,,.Daly, Harberson, Mattei, Perry, and Mayor Putnam. NOES: None.,. ABSENT: None. I have carefully compared the same with the orig- inal minutes of said meeting on file and of record in my office and the foregoing is a full, true and correct copy of the original-resolution adopted at said .meeting and en- tered in said minutes,.. The original resolution has not been amended,' mbdi, =' fied or rescinded :since the date of its adoption' and the same is now in full force and effect. . • Dated . ,February ', 1975'. o au City C rk =of i.th .City of . Petaluma C-alifornia, • [SEAL]