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HomeMy WebLinkAboutReso 1970-5613RESOLUTION N0. 5613 A RESOLUTION OF THE CITY OF CHULA VISTA, CALIFORNIA, PROVIDING FOR THE ISSUANCE OF POLICE FACILITIES BONDS OF SAID CITY IN THE AMOUNT OF $1,500,000 WHEREAS, pursuant to Ordinance No, 1139 of the City of Chula Vista, California, a special municipal election was duly and regularly held in said city on the 5th day of November, 1968, at which election there was submitted to the qualified voters of said city the follow- ing proposition, to wit: BOND PROPOSITION: Shall the City of Chula Vista incur a bonded indebtedness in the principal sum of 1,500,000 for the purpose of the acquisition and construction of a certain municipal improvement, to wit: Additions to the existing city administrative facilities com- plex, ircluding new police facili- ties, together with remodeling of the present city administrative facilities complex, including provision for vehicular parking, landscaping, the acquisition of land, equipment, fixtures and any other appurtenances and appurtenant works necessary therefor? and WHEREAS, said proposition received the affirmative vote and assent of more than two-thirds of all of the quali- fied voters of said city voting on said proposition, and said city is now authorized to issue bonds in the amount and for the purpose set forth in said proposition; NOW, THEREFORE, the City Council of the City of Chula Vista, Calif ornia, DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: Section 1. That bonds of the City of Chula Vista, California, in the principal sum of $1,500,000 be issued and sold for the purpose set forth in the bond proposition in the recitals hereof. Said bands shall be designated "1870 Police Facilities Bonds," shall be three hundred in number, numbered 1 to 300, both inclusive, and shall be of the denomination of $5,000 each. Said bonds shall be dated June 1, 1970, and shall be payable in consecutive numerical order, on June 1, in each of the years, and amounts, as follows: Year Amount Year Amount 1872 $75,000 1982 $80,000 1973 75,000 1983 80,000 197 75, 000 198+ 80, 000 1975 75,000 1885 80,000 1976 80,000 1886 80,000 1977 80,000 1987 80,000 1978 80,000 1988 80,000 1979 80,000 1989 80,000 1980 80,000 1990 80,000 1981 80,000 Said bonds shall bear interest at a rate or rates to be hereafter fixed by a Resolution of Award, but not to exceed six percent (6~) per annum, payable semiannually. Said bonds and the interest thereon shall be payable in lawful money of the United States of America at the office of tre City Treasurer oi" the City of Chula Vista, California, ~~~~1_> 2 . _'_~ in said city or at any paying agent of the City in San Diego, California, Los Angeles, California, Chicago, Illinois, or New York, New York, at the option of the holder thereof . Section 2. That the Mayor and the City Treasurer of said city are hereby authorized and directed to sign all of said bonds by their printed, lithographed or engraved facsimile signatures, and the City Clerk of said city is hereby authorized and directed to countersign said bonds and to affix thereto the corporate seal of said city, and the City Treasurer of said city is hereby authorized and directed to sign the interest coupons of said bonds by his printed, lithographed or engraved facsimile signature, and to number said interest coupons of each of said bands consecutively. Section 3. That the proceeds of the sale of said bonds (except premium, if any, and accrued interest) shall forthwith be turned over to and placed in the municipal treasury of said city to the credit oi' a fund hereby created and designated "1970 Police Facilities, Construction Fund," and the moneys in said fund shall be applied exclu- sively to the acquisition and construction of the municipal improvement described in the bond proposition in the recitals hereof, except as provided in Section 43b28 of the Government Code. Section 4. Trat any premium or accrued interest received from the sale of said bonds shall forthwith be turned over to and placed in said treasury in the interest and redemption fund hereinafter created. That for the purpose 3. ~---, C' ~ ~-~ ~~~_) %~ of paying the principal of and interest on said bonds, the City Council of said city shall at the time of fixing the general tax levy, and annually thereafter until said bonds are paid or until there is a sum in the treasury of said city set apart for that purpose sufficient to meet all pay- ments of principal and interest on said bonds as they become due, levy and collect a tax sufficient to Fay the interest on said bonds as it falls due and to constitute a sinking fund for payment of the principal on or before maturity. Said tax shall be in addition to all other taxes levied for municipal purposes and shall be levied and collected as other city taxes, and shall forthwith be turned over and paid into a fund of the city to be known as "1970 Police Facilities Bonds, Interest and Redemption Fund." Said fund shall be used for no other purpose than the payment of said bonds and interest thereon until said bonds and interest are fully paid. Section 5. That said bonds and the coupons for the inte::est thereon shall be issued in substantially the following forrn~ =~ . ~--~ r- --, ~-_~~ ~ .~ UNITED STATES OF AMERICA STATE OF CALIFORNIA CITY OF CHULA VISTA 1970 POLICE FACILITIES BOND No. $5,000.00 THE CITY OF CHULA VISTA, a municipal corporation situated in the County of San Diego, State of California, FOR VALUE RECEIVED, hereby acknowledges its indebtedness and promises to pay to the bearer hereof the sum of FIVE THOUSAND DOLLARS ($5,000) on the lst day of June, 19 , with interest thereon at the rate of per cent ( ~) per annum, interest payable semiannually on the 1st days of June and December of each and every year from the date hereof until this bond is paid, on presentation and surrender of the respective interest coupons hereto attached. Both principal and interest are payable in lawful money of the United States of America at the office of the City Treasurer of the City of Chula Vista, California, in said city; or at any paying agent of the City in San Diego, California, Los Angeles, California, Chicago, Illinois, or New York, New York, at the option of the holder. This bond is issued by the City of Chula Vista under and in pursuance of and iri conformity with the Charter of said city and the provisions of Article 1, Chapter 4, Division 4, Title 4 of the Government Code of the State of California, and acts supplementary thereto, and in pursuance of the laws and Constitution of the State of Ca--~i~ornia, and is authorized by a vote of more than two-thirds of all the qualified voters of said City of Chula Vista voting at an election duly and legally called, held and conducted in said city on the 5th day of November, 1868. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that ali acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of this bond have existed, happened and been per- f ormed in due time, form and manner as required by law, and that the amount of this bond, together with all other indebtedness of said city, does not exceed any debt limit prescribed by the Charter of said city or the laws or Constitution of the State of California. IN WITNESS WHEREOF, said City of Chula Vista has caused this bond to be signed by the Mayor and the City Treasurer of said city by their facsimile signatures countersigned by the City Clerk of said city and sealed with ~ ' .----~ _,~~J~~ the corporate seal of said city, and the interest coupons hereto attached to be signed by the City Treasurer by his facsimile signature, and has caused this bond to be dated the lst day of June, 1970. mayor off`--the ity o u a Vista, California City Treasurer o t e City of Chula Vista, California COUNTERSIGNED: City Clerk o the City of Chula Vista, California (SEAL) (COUPON FORM} On the 1st day of the CITY OF CHULA VISTA, California, will pay to the bearer, at the office of the City Treasurer of said city, in said city, or at any paying agent of the city in San Diego, Califor- nia, Los Angeles, Califor- nia, Chicago, Illinois, or New York, New York, at the option of the holder, the sum of in lawful money of the United States of America, being the interest then due on its 1970 Police Facilities Bonds. Dated 19 City Treasurer of t e City of Chula Vista, California Coupon No. No. " ~ ~C.-~ ~ Substantially the following provisions for regis- tration shall be printed on the reverse side of each bond: PROVISIONS FOR REGISTRATION This bond may be registered in the name of any person as the registered owner hereof, only as to both principal and interest, and, if regis- tered,may be discharged from registration. Each registration, transfer after registration, or discharge from registration of this bond shall be entered by the City Treasurer in books kept for the purpose and noted by said Treasurer in the registra- tion blank below. Upon registration, all unmatured coupons pertaining hereto shall be surrendered to the City Treasurer and may be preserved or cancelled in the discretion of said Treasurer. So long as this bond is registered, no transfer hereof shall be valid for any purpose unless made by the registered owner and entered and noted as herein provided, and the principal hereof and any redemption premium shall be payable only to the registered owner, or to his order. Interest on this bond shall be payable to the person whose name appears upon the registry books as the regis- tered owner hereof at the close of business on the tenth day preceding the interest payment date, or to his order. If this bond is discharged from registration, there shall be attached hereto coupons representing interest hereon to become due there- after to the date of maturity hereof . In lieu thereof, and upon surrender and cancellation hereof, the City Treasurer may issue in exchange herefor a new bond, with such coupons attached, identical with this bond, except for the previous notations on the registration blank hereon, and except that the signatures on the new bond shall be those of the persons holding the offices at the time of affixing such signatures. The issuance of any such new bond or new coupons shall be at the expense of the registered owner. Eacr discharge hereof from registration shall be effected by an entry on the registry books, and a notation in the blank below, that this bond is payable to bearer, whereupon this bcnd shall become an unregistered bearer instrument, negotiable by delivery as if it had never beer. registered. Each request for registration, transfer or discharge must be in form satisfactory to the City Treasurer and must be made in writing, signed by the registered owner, 7. ~~~~'~~ or by his agent duly authorized in writing, or by the bearer, as the case may be. Date of In Whose Name Signature of Registration Registered City Treasurer 8. .,---~ ~_ ~ ~ ~~ ~.~ [TO BE INSERTED ON FACE OF BOND ] Unless this bond matures on or prior to June 1, 1880, it is redeemable prior to maturity in accordance with the provisions for redemption endorsed hereon. [REVERSE OF COUPON] If the bond to which this coupon is attached is redeemable and is duly called for redemption on a date prior to the maturity date of this coupon, this coupon will be void. [REVERSE OF BOND] PROVISIONS FOR REDEMPTION Unless this bond matures on or prior to June 1, 1980, it is redeemable in the manner and subject to the terms and provisions, and with the effect, set forth in Resolution No. (adopted by the City Council of said city on at the option of said City Council on June 1, 1880, or on any interest payment date thereafter prior to maturity, upon at least thirty (30) days' prior notice in a financial newspaper or ,journal of national circulation, published in the City and .State of New York, at a redemption price equal to the principal amount hereof, plus a premium equal to one quarter of one per cent (1/4~) for each year or fraction of a year from the redemption date to the maturity date of the bond. Section 6. The bonds maturing on or prior to June 1, 1980, shall not be subject to call or redemption prior to maturity. The bonds maturing on or after June 1, 1981, or any of them, may be called before maturity and redeemed at the option of the City Council of said city on June 1, 1980, or on any interest payment date there- after prior to maturity, at a redemption price for each redeemable bond equal to the principal amount thereof, plus a premium equal to one quarter of one percent (1/4~) for each year or fraction of a year from the redemption date to the maturity date of the bond. All or any of the bonds subject to call may be called for redemption at any one time. If less than all of the bonds are redeemed at any one time, such bonds shall be redeemed only in inverse order of maturity and number beginning with the highest numbered bond. The interest payment date on which bonds which are called are to be presented for redemption is :~ereinafter sometimes called the "redemption date". Section 7. Notice of the intended redemption shall be published by one (1) publication in a financial newspaper or ,journal of national circulateion, published iYl the City and State of New York, said publication to be at least thirty (30) days but not more than sixty (60) days prior to the redemption date. The notice of redemp- tion shall (a) state the redemption date; (b) state the redemption price; (c) state the numbers and dates of maturity of the bonds to be redeemed; provided, however, that whenever any call includes alI of the bonds of a maturity, the numbers of such maturity need not be stated; (d) require 1G. ---~ ~ ~ ~ _ ~~. _~_~ i that such bonds be surrendered with all interest coupons maturing subsequent to the redemption date (except that no coupons need be surrendered on registered bonds) at the office of the City Treasurer of the City* of Chula Vista, California, in said city or at any paying agent of the city in San Diego, California, Los Angeles, Calif or- nia, Chicago, Illinois, or New York, New York; (3) give notice that further interest on such bonds will not accrue after the designated redemption date. If any of the bonds designated for redemption shall be registered, the City Treasurer shall, on or before the date of the publication of said notice of redemption, mail a similar notice, postage prepaid, to the respective registered owners thereof at the addresses appearing on the bond registry books. The actual receipt by the holder of any bond (hereinafter referred to as "bondholder") of notice of such redempticn shall not be a ccndition precedent to redemption, and failure to receive such notice shall not affect the validity of the proceedings for the redemption of such bonds or the cessation of interest on the date fixed for redemption. The notice or notices required by this section shall be given by the City Treasurer. A certificate by said City Treasurer that notice of call and redemption has been given to holders of registered bonds as herein provided shall be conclusive as against all parties, and no bondholder 11. } J whose registered bond is called for redemption may object thereto or object to the cessation of interest on the redemp- tion date fixed by any claim or showing that he failed to actually receive such notice of call and redemption. Section 8. Prior to the time the City Council determines to call and redeem any of said bonds there shall be established in the treasury of said city a Redemption Fund to be described or known as "1970 Police Facilities Bonds, Redemption Fund", and prior to the publication of the notice of a redemption there must be set aside in said Redemption Fund moneys available for the purpose and suffi- cient to redeem, at the premiums payable as in this resolu- tion provided; the bonds designated in such notice of redemption. Said moneys must be set aside in said fund solely for that purpose and shall be applied on or after the redemption date to payment (principal and premium) for the bonds to be redeemed upon presentation and surrender of such bonds and (except as to registered bonds) all interest coupons maturing after the redemption date, and shall be used only for that purpose. Any interest coupons due on or prior to the redemption date shall be paid from the Interest and Redemption Fund provided for herein upon presentation and surrender thereof. Any interest due on or prior to the redemption date upon registered bonds shall be paid from said Interest Fund. Each bond presented (if unregistered) must have attached thereto or presented therewith all interest coupons maturing after the redemption date. If after all of the bands have been redeemed and cancelled or paid and can- celled there are moneys remaining in said Redemption Fund, 12. '-----' ~J -~ _~~:~ ~~~ ~_ said moneys shall be transferred to the general fund of said city; provided, however, that if said moneys are part of the proceeds of refunding bonds, said moneys shill be transferred to the fund created for the payment of principal of and interest on such refunding bonds. Section 9. When notice of redemption has been given, substantially as provided for herein, and when the amount necessary for the redemption of the bonds called for redemption (principal and premium) is set aside for that purpose in the Redemption Fund, as provided for herein, the bonds designated for redemption shall become due and payable on the date fixed for redemption thereof, and upon presenta- tion and surrender of said bonds and (except as to registered bonds) all interest coupons maturing after the redemption date, at the place specified in the notice of redemption, such bonds shall be redeemed and paid at said redemption price out of the Redemption Fund, and no interest will accrue on such bonds called for redemption or on any interest coupons thereof after the redemption date specified in such notice, and the holders of said bonds so called for redemp- tion after such redemption date shall look for the payment of such bonds and the premium thereon only to said Redemption Fund. All bonds redeemed and all interest coupons thereof shall be cancelled forthwith by the City Treasurer and shall not be reissued. All interest coupons pertaining to any redeemed bonds, which coupons have matured on or prior to the time fixed for redemption, shall continue to be payable to the respective holders thereof but without interest thereon. ~-' __._~ __ All unpaid interest payable at or prior to the date fixed for redemption upon bonds registered in such manner that the interest is payable only to the registered owners of such bonds shall continue to be payable to the respec- tive registered owners, or their order, but without interest thereon. Section 10. That any of said bonds may be regis- tered as to both principal and interest, and any registered bond may be discharged from registration, in the manner and with the effect set forth in the provisions for registration contained in the form of bond set forth herein. Section 11. This resolution shall take effect upon its adoption. ADOPTED, SIGNED AND APPROVED this 21st day of April , 1970. Mayor o the City o Chula Vista, California ATTEST: .,~ Ci y elk o t e y Chula Vista, California (SEAL) 14. .~ ~j `~~-'~ STATE 0 F CALIF CRTTIA C G'JNT Y OF .. ~ ; 1.1:w~ , =~ s s . CITY OF C:~r~'~.~s't ~I~w~'~3 I~ Kenneth Campbell City Clerk of th= City of ~-~~~-~~~' , California, DO HEREBY CERTIr'Y that the foregoin; resolution was duly adopted by the City Council of said city and z;as approved by the :~ayor of said city at a regular meeting of said City Council Held on the 2 st day of April , 19 10 , and that it was so adopted as follows: AYES: Councilren Scott, Hobel, Hamilton, Hyde NOES: Councilmen None ASSF:tiT: Councilr::en None (SEAL) STATE OF CALIFORNIA COUNTY OF ~_'.:~ ~>~~:_'~" CITY OF . J,~~-:--~ a al._ .., ~~~+;~ ~ ~ ~ ~.. a it -~l.erk o_f' the Cit;r o~' ss, I, , City Clerk of the City of ,.::..r. ,,•• n <_,: ~;>>:'~ , California, DO HERBY CERTI`r'Y ~~:~la c the above and foregoing is a full, true and correct copy of Resolution Tvo. , and that the cams has not been amended or repealed. DATED (SEAL} 19 ~~~ r Cit Clerk of the City of ~,: , . `s ~' i ~'r A a is i3. --