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HomeMy WebLinkAbout84-111 - Assessment District 56 - China CoveRESOLUTION NO. 84 -111 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH, CALIFORNIA, AUTHO- RIZING AND PROVIDING FOR THE ISSUANCE OF BONDS PURSUANT TO THE "IMPROVEMENT ACT OF 191111 WHEREAS, the CITY COUNCIL of the CITY OF NEWPORT BEACH, CALIFORNIA, has • heretofore undertaken proceedings pursuant to the "Municipal Improvement Act of 1913 ", being Division 12 of the Streets and Highways Code of the State of California, and has confirmed assessments upon lands within a special assessment district described in a Resolution of Intention previously adopted for said improvements, said special assessment district known and designated as ASSESSMENT DISTRICT NO. 56 (CHINA COVE) (hereinafter referred to as the "Assessment District "); and, WHEREAS, said proceedings provided for the issuance of bonds pursuant to the "Improvement Act of 191111, being Division 7 of the Streets and Highways Code of the State of California, and it is necessary to establish terms and provisions of such issuance; and, WHEREAS, the final unpaid balance to assessment, as well as the denominations, cannot be determined until following the 30 -day cash collection period after the recordation of said assessment. NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. Unpaid Assessments. The Treasurer shall, immediately upon the completion of the 30 -day cash collection period, determine the assessments which are unpaid and the aggregate amount thereof as authorized by Section 8621 of the Streets and Highways Code of the State of California. SECTION 3. Registered Bonds. Said bonds shall be issuable only as fully registered bonds in the respective denominations of the unpaid assessments against each lot or parcel, of land assessed in said special assessment district. SECTION 4. Date of Bonds. All of said bonds shall be dated the 15th day of November, 1984, or the 31st day after the recordation of the assessment roll and diagram, whichever is later,and interest shall accrue from that date. SECTION 5. Maturity and Denomination. The bonds shall be issued to represent each unpaid assessment of One Hundred Fifty Dollars ($150.00) or more in serial form. The term of the bonds shall be nine (9) years from the second day of ,January next succeeding the next September 1st following their date and, at the expirati.on of said time, the whole principal sum then unpaid shall be due and payable. On the second day of January of each year, following the next September 1st after their date, an even annual proportion of the whole amount is due and payable to the registered owner of each bond, until the whole is paid, with all accrued interest • at the rate set forth herein. SECTION 6. Interest. Each bond shall bear interest at the rate as set forth in the accepted bid proposal for the purchase of said bonds from the interest payment date next preceding the date on which it is authenticated and registered, unless said bond is authenticated and registered as of an interest payment date, in which case it shall bear interest from said interest payment date, or unless said bond is authenticated and registered prior to the first interest payment date, in which case it shall bear interest from its elate, until payment of its principal sum has been discharged. SECTION 1. Place of Payment. The principal and interest on the bonds shall be payable in lawful money of the United States of America at the office of the Treasurer. Principal and interest: on said bonds shall be paid by check or draft to the registered owner thereof at his address as it appears on the books of registration, or at such address as may have been filed with the Treasurer for that purpose, as of the 15th day immediately preceding said interest payment date. SECTION 8. Redemption. The bonds may be redeemed by the owner or any person interested in any lot or parcel of land described therein, in the manner provided in the Streets and Highways Code, at any time before maturity, and before commencement of proceedings for sale, upon payment to the Treasurer, for the registered owner of the bond, of the amount then unpaid on the principal thereof, with interest thereon (if not previously paid) up to the next succeeding January 2 or July. 2, as the case may be, at the rate set forth herein, and all, penalties accrued and unpaid, together with a premium of five percent (5 %) of said unmatured principal. • SECTION 9. Transfer of Registered Bonds. Any fully registered bond may, in accordance with its terms, be transferred upon the books of registration required to be kept pursuant to the provisions of Section 11 by the owner in whose name it is 2 registered, or by his duly authorized attorney or legal representative, upon surren- der of such fully registered bond for registration of such transfer, accompanied by delivery of a written instrument or transfer in a form approved by the Treasurer and by the owner of said bonds, duly executed. The Treasurer shall require the payment by the bondholder • requesting such transfer of any tax or other governmental charge required to be paid with respect to such transfer and such charges as provided for in the system of registration for registered debt obligations. No transfer of fully registered bonds shall be required to be made during the fifteen (15) days next preceding each interest payment date. SECTION 10. Exchange of Registered Bonds. Fully registered bonds may be exchanged at the office of the .Treasurer, or designated transfer agent /registrar, for a like aggregate principal amount of bonds of the same series, interest rate and maturity, subject to the terms and conditions provided in the system of registration for registered debt obligations, including the payment of certain charges., if any, upon surrender and cancellation of this bond. Upon such transfer and exchange, 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. SECTION 11. Books of Registration. There shall be kept by the Treasurer sufficient books for the registration and transfer of the bonds and, upon presenta- tion for such purpose, the Treasurer shall, under such reasonable regulations as it may prescribe, register or transfer or cause to be registered or transferred, on said register, bonds as hereinbefore provided. SECTION 12. Execution of Bonds. The bonds shall be executed in facsimile by the Treasurer and by the City Clerk, and the corporate seal shall be imprinted in facsimile on the bonds. The bonds shall then be delivered to the transfer agent and registrar, for authentication and registration. In case an officer who shall have signed or attested to any of the bonds by facsimile or otherwise shall cease to be such officer before the authentication, delivery and issuance of the bonds, such • bonds nevertheless may be authenticated, delivered and issued, and upon such authen- tication, delivery and issue, shall be as binding as though those who signed and attested the same had remained in office. Q SECTION 13. Authentication. Only such of the bonds as shall bear thereon a certificate of authentication substantially in the form below, manually executed by the transfer agent and registrar, shall be valid or obligatory for any purpose or entitled to the benefits of this Resolution, and such certificate of the transfer agent and registrar shall be conclusive evidence that the bonds so authenticated have • been duly executed, authenticated and delivered hereunder, and are entitled to the benefits of this Resolution. FORM OF CERTIFICATE OF AUTHENTICATION AND REGISTRATION This bond has been authenticated and registered on CITY OF NEWPORT BEACH as Transfer Agent and Registrar By: SECTION 14. Negotiability, Registration and Transfer of Bonds. The trans- fer of any bond may be registered only upon such books of registration upon surrender thereof to the transfer agent and registrar, together with an assignment duly exe- cuted by the owner or his attorney or legal representative, in satisfactory form. Upon any such registration of transfer, a new bond or bonds shall be authenticated and delivered in exchange for such bond, in the name of the transferee, of any deno- mination or denominations authorized by this Resolution, and in an aggregate princi- pal amount equal to the principal amount of such bond or principal amount of such bond or bonds so surrendered. In all cases in which bonds shall be exchanged or transferred, the transfer agent and registrar shall authenticate at the earliest practical time, bonds in accordance with the provisions of this Resolution. All bonds surrendered in such exchange or registration transfer shall forthwith be can- celled. The legislative body may make a charge for every such exchange or registra- tion of transfer of bonds sufficient to. reimburse it for any tax or.other governmen- tal charge required to be paid with respect to such exchange or registration of transfer. The .transfer agent and registrar shall not be required to make such exchange or registration of transfer of bonds during the fifteen (15) days immedia- tely preceding any January 2nd or July 2nd. SECTION 15. Ownership of Bonds. The person in whose name any bond shall • be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal and redemption premium, if 4 any, of any such bond, and the interest on any such bond, shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such bond, including the redemption premium., if any, and interest thereon, to the extent of the sum or sums so paid. • SECTION 16. Mutilated, Destroyed, Stolen or Lost Bonds. In case any bond secured hereby shall become mutilated or be destroyed, stolen or lost, the legisla- tive body shall cause to be executed and authenticated a new bond of like date and tenor in exchange and substitution for and upon the cancellation of such mutilated bond or in lieu of and in substitution for such bond destroyed, stolen or lost, upon the owner's paying the reasonable expenses and charges in connection therewith, and, in the case of a bond destroyed, stolen or last, his filing with the legislative body of evidence satisfactory to it and to the Treasurer thereof that such bond was destroyed, stolen or lost, and of his ownership thereof, and furnishing the legisla- tive body with indemnity satisfactory to it. SECTION 17. Cancellation of Bonds. All bonds paid or redeemed, either at or before maturity, shall be cancelled upon the payment or redemption of such bonds, and shall be delivered to the transfer agent and registrar when such payment or redemption is made. All bonds cancelled under any of the provisions of this Resolu- tion shall be destroyed by the transfer agent and registrar, which shall execute a certificate in duplicate describing the bonds so destroyed, and shall retain said executed certificate in its permanent files for the issue. SECTION 18. Improvement Fund. The proceeds from the sale of the bonds, after deposit of required amounts in the Reserve Fund and the Redemption Fund, shall be placed in the fund hereby created, pursuant to Sections 10602 and 10424 of the California Streets and Highways Code, as amended, which shall be designated by this name of the Assessment District and called the "Improvement Fund ", and the monies in said Fund shall be used only for the purposes authorized in said assessment proceed- ings. Any surplus in the Improvement Fund after completion of the improvements shall remain in the Improvement Fund for a period not less than two (2) years from the ® receipt of bond proceeds as provided in Section 10427.1 of the California Streets and Highways Code, and thereafter shall be utilized or distributed as determined by the legislative body. 5 SECTION 19. Redemption Fund. Principal of and interest on said bonds shall be paid out of the Redemption Fund created pursuant to Section 8671 of the California Streets and Highways Code. Accrued interest paid by the purchaser of the bonds, if any, shall be deposited in the Redemption Fund. In all respects not recited herein, said bonds shall be governed by the provisions of the "Improvement Act of 191111, Division 7 of the California Streets and Highways Code, as amended. SECTION 20. Order to Print and Authenticate Bonds. The Treasurer is hereby instructed to cause bonds, as set forth above, to be printed, and to proceed to cause said bonds to be authenticated and delivered to an authorized representative of the purchaser, upon payment of the purchase price as set forth in the accepted. proposal for the sale of bonds. SECTION 21. Arbitrage Certificate. On the basis of the facts, .estimates and circumstances now in existence and in existence on the date of issue of the bonds, as determined by the Treasurer, said Treasurer is hereby authorized to certify that it is not expected that the proceeds of the issue will be used in a manner that would cause such obligations to be arbitrage bonds. Such certification shall be delivered to the purchaser together with the bonds. APPROVED and ADOPTED this 24th day of September 1984. CITY RCr NEWPORT BEACH STATE OF CALIFORNIA CITY CLERK CITY OF NEWPORT BEACH STATE OF CALIFORNIA • M STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF NEWPORT BEACH I, WANDA E. ANDERSEN, CITY CLERK of the CITY OF NEWPORT BEACH, CALIFORNIA, DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 84 -111 , was duly passed, approved and adopted by the City Council, approved and signed by the ® Mayor, and attested by the City Clerk, all at the council meeting of said City Council held on the 24th day of September 1984, and that the same was passed and adopted by the following vote: AYES: COUNCIL MEMBERS Hart, Maurer, Heather., Strauss, Plummer, Agee, Cox NOES: COUNCIL MEMBERS None ABSENT: COUNCIL MEMBERS None ABSTAIN: COUNCIL MEMBERS None EXECUTED this 3rd day of October 1984, at Newport Beach, California. �[Ty--CL RK CITY OF NEWPORT BEACH STATE OF CALIFORNIA [SEAL] •