HomeMy WebLinkAboutParking Authority - 5 ,r �
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9/23/68
RECORDED AT REQUEST OF
���� t0 �, y-' C - _ CITY Of NUNTINrTON BEACH
� � PARKING AUTHORITY OF IN OFFICIAL RECORDS OF
ORANGE COUNTY, CALIF.
y,\ THE CITY OF I1 UNTINGTON BEACH
_ 9:05 AM FEB 14 1969
RESOLUTION NO. 5--------
J. WYLIE.CARLYLE, County Recorder
-� -7 -2.
RESOLUTION OF THE PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH, FREE
CALIFORNIA, AUTHORIZING THE ISSUANCE OF $2,300,000 BONDS C4
OF SAID AUTHORITY AND PROVIDING THE TERMS AND
CONDITIONS FOR THE ISSUANCE OF SAID BONDS.
Page
Recitals----------------------------------------------------------------------------------------------------------------- ------------------------------ 1
Section1. Definitions------------------------------------- --------------------------------- -------------------------------------------- 1
Section 2. Amount, Issuance and Purpose of Bands_________________________________________________________________ 2
Section 3. Nature of Bonds------ ---------------------------------------- ---------------------------------
Section4. Description of Bonds---------------------------------------------------------------------------------------------------- 2
Section 5. Interest and Places of Payment___________________________________________________________________________________ 2
Section 6. Execution of Bonds------------------------------------------------------------------------------------------------------ 3
Section7. Registration-------------------------------------------------------------------------------------------------------------------- 3
Section 8. Redemption of Bonds---------------------------------------------------- ----------------------------------------- 3
Section 9. Notice of Redemption----- --------------------------------------------------------------------- ---------------------- 3
Section 10. Redemption Fund----------------------------------------------------------------------------------------------------- 4
=` Section 11. Effect of the Notice of Redemption--------------------------------------------------------------------------- 4
Section12. Funds---------------------------------------------------------------------------------------------------------------------------- 5
Section 13. Disposition of Bonds Proceeds—Reserve Fund—Bond Service
Fun —Working. Capital Fund----------------------------------------------------------------------------- 6
Section 14. Disposition of Proceeds—Acquisition and Construction Funds______________________________ 6
Section 15. Bond Service Fund-------------------- ---------------------------------------------------------- ---------------------- 6
Section 16. Reserve Fund------------------------------------------------------------------------------------- ----------- ------ 7
Section17. Working Capital Fund------------------------------------------------------------------------------------------------- 7
Section 18. Warranty and Covenants--------------------------------------------------------------------------- ------ ----------- 7
Covenant 1. Punctual Payment------------------------- ----------------------------------------------- 8
Covenant 2. Discharge Claims-----------------------------------------------•---------------------------- 8
Covenant 3. Commence Acquisition and Construction-----------------------------_------- 8
Covenant 4. Enforce and Abide by the Lease Agreement----------------------------- 8
Covenant 5. Covenant Against Encumbrance, etc.; Use of
Condemnation or Sale Proceeds______________________________________________ 8
Covenant 6. Insurance---------------------------
---------- - = ' _ - =- 9..
Covenant ..7. Records and Accounts______________________ _ =`
10: ..
(This document '.i.s solely for the official business of the Parking_
Authority of the City of Huntington Beach.,. as contemplated -under
Government Code Section 610.3 , and should be recorded.,free. of charge . )_
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Covenant Q. Additional Bonds or Iudchtodoeu ---'--'-_-__----'_----' ll
_ Covenant 0. Maintain. and Preserve the ProjecL-_'---_---_--'----__- D
Covenant 10. Maintenance of Revenues------------------------------------------------------------- 11
Section 10. Juvcuhmcot of Funds-------------------------------------------------------------------------------_----_-- 11
Scodou 20 Lost, Destroyed or Mutilated Bonds---------------------------------- ......-............................... 11
Section 21. Cancellation cf Bonds--------------------------------------------------- ----------------------------------------------- 11
8ccduo 22' Consent of Bondholders------^------------------------------------------------------- ..... ------, ___- [l
Secbuo 23. CuDbug Bondholders'
-----'_-'---------------------------------------------------------------- 12
� Bocdoo 24. Nodoc of -_---'_.-'—`.�__-'_.___----'-'---_'''_--__--'- 12
( Section 25. �/odog -----------------------------------�_—_--_'_'__---_'-----_-. 12
/ 'Qualifications --'
Section 26. Issuer-Owned Bonds----------------------------------------------------------------------------------------------------- 12
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Section 27. Quorum and Procedure-------------------- ---------------------------------------------------------------------------- 13
Section28. Vote Required,---- --------------------------------------------------------------------------------------------------- 13
Section 20. Bond and Coupon Forms-------------------------------- 13
8ccdoo 30 Constitute Contract—_--'_-----__--'-------_-......................... 16
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Section31. BcrorubJhy------------------------ ---------------------------------------------------------------------------- ------ ---------- 17
Buodoo 32. Effective 2b¢e-.______________.__-__________—_------_--�---_--' 17
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9/23/68 BOOK B8 l4 PAGE&.35
RESOLUTION NO. -----5__.._..__
1 RESOLUTION OF THE PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH,
CALIFORNIA, AUTHORIZING THE ISSUANCE OF $2,300,000 BONDS
OF SAID AUTHORITY AND PROVIDING THE TERMS AND
CONDITIONS FOR THE ISSUANCE OF SAID BONDS.
WHEREAS, in acordance with the provisions of the Parking Law of 1949 (Part 2 of Division 18,
§§ 3250 et seq. of the Streets and Highways Code of the State of California) the City Council of the
City of Huntington Beach, being the legislative body of said City, by Resolution No. 2.6.23__ adopted
8J2_l./__6.7_--------- declared that there is a need for the Parking Authority of the City of" Huntington
Beach to function in said city; and
WHEREAS, the Authority desires to issue revenue bonds for the purpose of construction and
financing of public parking facilities which will be leased to the City; and
WHEREAS, pursuant to Resolution No. 2623 adopted August. 21, 1967, Council of the City of
Huntington Beach declared itself to be the Parking Authority pursuant to Section 32661.1 of the
Streets and Highways Code;
NOW, THEREFORE, the City Council of the City of Huntington Beach acting as the Parking
Authority of the City of Huntington Beach, California, does hereby RESOLVE, DETERMINE.AND
ORDER as follows:
Section 1. Definitions. As used in this `resolution the following terms shall have the following
meanings:
(a) "Parking Law" means the Parking of 1949 as cited in the recitals hereof.
(b) "City" means the City of Huntington Beach, California.
(c) "City Council' or "Council" means the City Council of said City.
(d) "Authority" or "Parking Authority" .means the Parking Authority of the City of
Huntington Beach, a public body corporate and politic, the governing body of which is the
City Council acting as the Parking Authority.
(e) "Lease Agreement" means that certain Lease Agreement dated 9/30, 1968 between
the Parking Authority and the City.
(f) "Project" means the acquisition of land referred to in Section 2 of the Lease Agreement
and the construction of the parking improvements referred to in Section 2 of the Lease Agreement
including all costs and expenses in connection with the carrying out of the Project, and also means
the parking facilities resulting from such acquisition and construction.
(g) "Pledged Revenues" means all rentals payable by the City to the Authority under the
terms of the Lease Agreement, all moneys credited upon rentals as provided in the Lease Agree-
ment or in this resolution, all gross revenues, if any, received by the Authority from the re-letting
or operation of the Project, and any other moneys which under this resolution are required to be
placed in the Bond Service Fund.
(h) "Bond" or "revenue bonds" means the revenue bonds authorized by this resolution.
(i) "Year" or "fiscal year" means the year period beginning on July 1st and ending on the
next following June 30th.
(j) "Fiscal Agent" means Bank of America National Trust and Savings Association as
provided in Section 12 hereof.
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9/23/68
(k) "Maximum, amount of annual debt service shall be the maximum sum required to be
paid in any fiscal year in which bonds are outstanding by totaling the following for such fiscal year:
(a) The principal amount of all outstanding bonds payable in such fiscal year; and
(b) The interest which would be due during such fiscal year on the aggregate principal
amount of outstanding bonds.
Section 2. Amount, Issuance and Purpose of Bonds. Under and pursuant to the Parking Law the.
Authority shall borrow, money to provide funds for the Project and shall issue in its name revenue
bonds in the amount of $2,300,000 to evidence the indebtedness created by such borrowing.
Section 3. Nature of Bonds. The bonds shall constitute special obligations and evidence a
special indebtedness of .the Authority which shall be and are a charge upon, and shall be and are
payable, both as to principal and interest, and as to any premiums upon the redemption of any thereof,
solely from the Pledged Revenues and certain other limited funds as herein provided, and shall not
constitute obligations, nor evidence any indebtedness, of the City of Huntington Beach or the State
of California.
Nothing in this resolution shall preclude:
(a) The payment of or principal of or interest on, or premiums on the redemption of, any
such bonds out of the proceeds of the sale of refunding bonds issued for that purpose.
(b) The application to the payment of any principal of, interest on, or premiums on the
redemption of, any such bonds of any funds which the Authority may lawfully so apply.
Section 4. Description of Bonds. The Bonds shall be in the principal sum of $2,300,000, shall
be 460 in number, numbered 1 to 460, inclusive, and shall be of the denomination of $5,000 each.
The bonds shall be designated 1968 PARKING REVENUE BONDS, shall be dated September 1, 1968,
and shall mature and be _payable in consecutive numerical order on September 1 in each year of
maturity in the amounts for each of the. several years as follows:
Maturity Principal Maturity Principal
Date Amount Date Amount
1970-------------------- -------- $ 45,000 1982------------------------------ $ 90,000
1971----------_--------------- 50,000 1983--------_-----------------7 95,000
1972----------------------------- 55,000 1984----------------------------- 105,000
1973----------------------------- 55,000 1985----------------------------- 110,000
1974---------------- ------------ 60,000 1986------------------------------ 115,000
1975----------------------------- 65,000 1987----------------------------- 120,000
1976----------------------------- 65,000 1988----------------------------- 125,000
1977----------------------------- 70,000 1989---------------------------_ 135,000
1978------------------------------ 75,000 1990----------------------------- 1,40,000
1979----------------------------- 80,000 1991----------------------------- 150,000 ,
1980------------- --------------• 85,000 1992----------------------------- 160,000
1981------------------------------ 85,000 1993----------------------------. 165,000
Section 5. Interest and Places of Payment. The bonds shall bear interest at a rate or rates to
be hereafter.fixed by resolution, but not to exceed six per cent (6%) per annum, payable semiannually
on the 1st days of September and March of each year. Each bond shall bear interest until the
principal sum thereof has been paid, provided, however, that if at the maturity date of any bond, or if
the same is redeemable and has been duly called for redemption, funds are available for the payment
or redemption thereof in full accordance with the terms of this resolution. The said bonds shall then
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PAoE 838
aooK 88'7
9/23/68
cease to bear interest. The bonds and the interest thereon shall be payable in lawful money of the
United States of America at the office of the Fiscal Agent in Los Angeles, California, or at the option
of the holder, at any paying agency of the Authority in Chicago, Illinois or New York, New York.
Section 6. Execution of Bonds. The Chairman of the Authority and the City Treasurer of the
City as ex officio Treasurer of the Authority, are hereby authorized and directed to sign all of the
bonds by their 'printed, lithographed or engraved facsimile signatures, and the Clerk of the Authority
is hereby authorized and directed to countersign the bonds and to cause the corporate seal of the
Authority to be impressed, imprinted or reproduced thereon, and the said Treasurer is hereby authorized
and directed to sign the interest coupons of the bonds by his printed, lithographed or engraved facsimile
signature.
Section 7. Registration. The bonds may be registered only as to both principal and interest, and
the form of registration of any registered bond may be changed, or 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 8. Redemption of Bonds. In the event of loss of, substantial damage to or condemna-
tion of the whole or any substantial part of the Project, so as to render the same unusable, all or any
part of the Bonds at that time outstanding, may at the option of the Authority, be called and redeemed
prior to maturity on any succeeding date, at a redemption price equal to the principal amount thereof
with accrued interest to the date of redemption plus the premium applicable thereto as hereinafter set
forth in the succeeding paragraph of this section regardless of maturity dates relating to call therein,
but only in the manner and only from the funds as hereinafter provided in the case of redemption. If less
than all bonds are called pursuant to this paragraph, Fiscal Agent shall determine a principal amount
in each maturity to be called so that approximately equal annual debt service will prevail. Bonds to be
then called in each maturity will be selected by lot.
Except as set forth in the succeeding paragraph, the bonds maturing prior to September 1, 1979,
shall not be subject to call or redemption prior to maturity. Bonds maturing on or after September 1,
1980, may be called before maturity and redeemed, at the option of the Authority, with funds derived
from any source, on September 1, 1979, or on any interest payment date thereafter prior to maturity,
at a redemption price for each redeemable bond equal to the principal amount thereof plus a premium
(percentage of par value) equal to 1/4 of 1% for each year or remaining fraction of a year between
the date of redemption and the date of maturity, but in no event shall the premium exceed 31/z%.
If less than all the then outstanding bonds are redeemed at any one time, said bonds shall be redeemed
only in inverse order of maturity and bond number.
Section 9. Notice of Redemption. Notice of the intended redemption shall be published by one
insertion in a newspaper of general circulation in the City of New York, said publication to be at
least 30 days but no more than 60 days prior to the redemption date. The notice of redemption
shall (a) state the redemption date; (b) state the redemption price; (c) state the numbers and
date of maturity of the bonds to be redeemed, provided, however, that if the call includes all of the
outstanding bonds subject to call the numbers of the bonds need not be stated; (d) require that such
bonds be surrendered with all interest coupons maturing subsequent to the redemption date (except that
no coupons need be surrendered on bonds registered as to both principal and interest) at the office of the
Fiscal Agent or at any paying agency of the Authority at which the bonds are payable; (e) require
that bonds which at the time of call are registered so as to be payable otherwise than to bearer shall be
accompanied by appropriate instruments of assignment duly executed in blank; and (f) give notice that
further interest on such bonds will not accrue after the designated redemption date.
• 3
9/23/68 BOOK E-38u74 pg.E B39
If any of the bonds designated for redemption shall be registered so as to be payable otherwise
than to bearer, said Fiscal Agent shall, on or before the date of publication of said notice of redemp-
JO 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 redemption shall not be a condition 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 said Fiscal Agent. A certificate by said Fiscal Agent 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 whose registered bond is called for redemption may object thereto or object to the
cessation of interest on the redemption date fixed by any claim or showing that he failed to actually
receive such notice of call and redemption.
Section 10. Redemption Fund. Prior to the redemption date there shall be established by the
Fiscal Agent a redemption fund to be known as the 1968 Parking Revenue Bonds, Redemption Fund
(hereinafter sometimes referred to as the "Redemption Fund") and prior to the redemption date
there must be set aside in the Redemption Fund, herein provided for, moneys available for the
purpose and sufficient to redeem, at the premiums payable as in this resolution provided, the bonds
designated in such notice for 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 bonds fully
registered as to both principal and interest) all interest coupons maturing after the redemption date,
and shall be used only for that purpose. Any interest coupon due on or prior to the redemption date
shall be paid from the Bond Service Fund as provided herein upon presentation and surrender.thereof.
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 bonds called have been redeemed and
cancelled or paid and cancelled there are moneys remaining,in said Redemption Fund, said moneys shall
be transferred to the Bond Service Fund hereinafter created; provided, however, that if said moneys
are part of the proceeds of refunding bonds said moneys shall be transferred to the fund created for
the payment of principal of and interest on such refunding bonds.
Section 11. Effect of the Notice of Redemption. When notice of redemption has been given,
substantially as provided 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 herein, the bonds designated for redemption shall become due and payable on the date
fixed for redemption thereof, and, upon presentation 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, and, if any of said bonds be registered, upon the appropriate assignment thereof
in blank, 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 redemption
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 forth-
with by said Fiscal Agent 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
registered bonds shall continue to be payable to the respective registered owners of such bonds, or their
order, but without interest thereon.
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BooK 8874 PAGE 84.0
9/23/68
Section 12. Funds. The Authority hereby appoints the Bank of America National Trust and
Savings Association, Los Angeles, California, as the 1968 Parking Revenue Bonds Fiscal Agent for the
purpose of paying the principal of and interest on any of the bonds presented for payment at its main office
in Los Angeles, California, and for the purpose of performing all other duties assigned to or imposed
upon the Fiscal Agent as in this resolution provided. The Fiscal Agent initially appointed and any
successor thereof may be removed by the Authority and a successor or successors appointed; provided
that each such successor shall be a bank or trust company doing business in and having an office in
the City of Los Angeles, State of California. Any such Fiscal Agent designated by the Authority shall
continue to be the Fiscal Agent of the Authority for all of said purposes until the designation of a
successor as such Fiscal Agent, and the Authority agrees that it will maintain a Fiscal Agent in said
City of Los Angeles so long as any of said bonds or any parity bonds are outstanding and unpaid. The
Fiscal Agent is hereby authorized and directed to withdraw from the funds and in the manner provided
herein all sums required for the payment of the principal of and interest on the bonds presented for
payment at the places herein provided at maturity, or on call and redemption or on purchase by the
Fiscal Agent prior to maturity. The Fiscal Agent is hereby authorized to redeem the bonds and the
interest coupons appertaining thereto when duly presented to it for payment at maturity, or on call
and redemption or on purchase by the Fiscal Agent prior to maturity, and' to cancel all bonds and
coupons upon payment thereof and to return the same so cancelled to the Treasurer. The Fiscal Agent
shall keep accurate records of all funds administered by it and.of all bonds and coupons paid and
discharged by it.
The recitals of fact and all promises, covenants and agreements herein and in the bonds of said
authorized issue contained shall be taken as statements, promises, covenants and agreements of the
Authority, and the Fiscal Agent assumes no responsibility for the correctness of the same, and makes no
representations as to the validity or sufficiency of this resolution or of the bonds or coupons, and shall
incur no responsibility in respect thereof, other than in connection with the duties or obligations herein
or in the bond assigned to or imposed upon the Fiscal Agent. The Fiscal Agent shall be under no
responsibility or duty with respect to the issuance of the bonds for value. The Fiscal Agent shall not
be liable in connection with the performance of its duties hereunder, except for its own negligence
or default.
Any Fiscal Agent appointed hereunder may resign at any time. Upon the merger, consolidation or.
other reorganization of any Fiscal Agent, the Authority shall appoint a new Fiscal Agent, which may be
the corporation resulting from such reorganization. .
There are hereby created pursuant to the Parking Law by the Fiscal Agent the following funds
to be held and applied as designated herein:
1. 1968 Parking Revenue Bonds, Acquisition and Construction Fund (herein sometimes
called the "Acquisition and Construction Fund", held by the Authority);
2. 1968 Parking Revenue Bonds, Bond Service Fund (herein sometimes called "Bond
Service Fund");
3. 1968 Parking Revenue Bonds, Reserve Fund (herein sometimes called "Reserve Fund");
4. 1968 Parking Revenue Bonds, Working Capital Fund (herein sometimes called "Working
Capital Fund, held by Authority").
Said funds are to be established and maintained to insure payment, when due or payable, whether
at maturity or upon redemption prior to maturity, of the principal of and interest on the bonds, includ-
ing premiums, if any, due upon the redemption of any thereof and to insure the application of the
proceeds of such bonds to the purposes .for which the same were issued. Any money placed in any
such fund shall constitute a trust fund and until the bonds and all interest thereon are paid or until
provision has been made for the payment of the bonds at maturity or for redemption thereof prior to
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9/23/68
BooK E;874 f%E 8 1
maturity, with interest to maturity or to the call date, has been made by setting aside in some trust
fund an amount sufficient for said purposes, the moneys in said fund shall be applied only to the
purposes for which it was created.
Section 13. Disposition of Bond Proceeds—Reserve Fund—Bond Service Fund—Working
Capital Fund. Concurrently with the delivery of and payment for the bonds there shall be set aside in
the Bond Reserve Fund, from the proceeds of the sale of the bonds, an amount equal to '/2 of the annual
debt service.
After the foregoing transfer required by this paragraph has been made, there shall be set aside
in the Bond Service Fund, from the proceeds of the sale of the bonds an amount which, together with
the premium and accrued interest, if any, shall be equal to twelve (12) months' interest from the
date of the bonds.
After the foregoing transfers required by the above paragraphs of this Section have been made,
there shall be set aside in the Working Capital Fund from the proceeds of the sale of the bonds the
sum of One Thousand Five Hundred Dollars ($1,500).
Section 14. Disposition of Proceeds—Acquisition and Construction Fund. After the transfers
required by Section 13 hereof have been made, all remaining balance of the proceeds from the sale of
the bonds shall be transferred by the Fiscal Agent to the Treasurer of the Authority and placed in
the Acquisition and Construction Fund. The moneys so set aside in the Acquisition and Construction
Fund shall remain therein until from time to time expended for the purpose of carrying out the
Project. Pending the need for moneys to carry out the Project, moneys in the Acquisition and Con-
struction Fund (or so much thereof as is feasible in light of said needs), shall be invested by the
Authority in authorized negotiable direct obligations of the United States of America which mature not
later than the time such moneys are needed for construction in' opinion of the City Engineer. Any
earnings on such investments shall be transferred to and become and remain a part of the Bond Service
Fund. When the Project has been completed in accordance with the Lease Agreement, any remaining
balance in the Acquisition and Construction Fund shall be transferred to the Reserve Fund to the extent
necessary. Remaining moneys may be retained in the Acquisition and Construction Fund to be used
for future improvements to the Project.
Section 15. Bond Service Fund. From the date this resolution takes effect all Pledged Revenues
received by the Authority shall be placed in the Bond Service Fund and, except as expressly provided
in this resolution, shall be used only for the purpose of paying the principal of and interest on the bonds
as the same fall due. That portion of the moneys in the Bond Service Fund which is, at any time, in
excess of the amount required to pay the principal and interest coming due on or before the next
following September 1 and the amount required to pay principal, and interest on the bonds in any
succeeding year based upon the amount of rental payments provided therefor shall be transferred if
necessary to the Reserve Fund until the balance in the Reserve Fund is equal to one-half of the maximum.
bond service. Moneys in excess of the foregoing requirements and after making any required transfers
under Section 17, if necessary, may be transferred to the Acquisition and Construction Fund or may be
used by the Authority to make credits upon the rentals due under the Lease Agreement by cancellation
of all or a part thereof. Moneys in the Bond Service Fund may be temporarily invested in any authorized
negotiable direct obligation of the United States of America which matures not later than the time funds
are required, but such investment shall not affect the obligation of the Authority to cause the full amount
required to pay the principal of and interest on the bonds as the same become due to be available in the
Bond Service Fund in cash at the time the same shall become due. Any earnings on such investments
shall become due and remain a part of the Bond Service Fund.
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9/23/68
BOOK 61874 PAGE v 4 2
Section 16. Reserve )Fund. Except as expressly provided in this resolution, moneys in the
Reserve Fund shall be used only to pay the principal of and interest on the bonds at such times when and
to the extent that, pending completion of the Project or at any other time the moneys in the Bond
Service Fund received from Pledged Revenues are insufficient to pay the principal of or interest on
the bonds as the same become due, and for that purpose moneys in the Reserve Fund may be trans-
ferred to the Bond Service Fund. Moneys in the Reserve Fund may be invested in any authorized
negotiable direct obligation of the United States of America which matures not later than five years
from the date of the investment. Any earnings on such investments shall become and remain a
part of the Reserve Fund. Moneys in excess of one-half of the maximum annual Bond Service shall be
transferred to the Bond Service Fund. Moneys in the Reserve Fund may be used to pay the principal
and/or interest on the last maturity or maturities of bonds outstanding.
Section 17. Working Capital Fund. After setting aside all funds required by Sections 15 and
16 funds sufficient from Pledged Revenue shall be transferred by the Fiscal Agent to the Treasurer
of the Authority and placed in the Working Capital Fund and shall be used to the extent available
for payment of:
(1) All taxes and assessments, if any, of any type or character levied at any time during
the term of the Lease hereunder upon the site or any improvements thereon or upon the City's or
the Authority's interest therein or upon the operation of the property leased or upon the income or
other revenue derived by the City or Authority therefrom;
(2) Insurance premiums on all insurance required or permitted on the property leased;
(3) All costs and expenses which Authority may incur, including but not limited to Fiscal
Agent's fees, costs and expenses as a result of any default by the City under this Agreement,
including reasonable attorneys' fees and the costs and expenses of any suit or action at law to
enforce the terms and conditions of this Agreement; and
(4) If at any time the Authority shall operate the Project by reason of default of the City,
all amounts which shall be required to provide for the payment of all costs of maintenance and
operation of the Project, including the costs of repairs and replacements, labor costs and insurance;
and
(5) All sums necessary to maintain an amount of $1,500 in the Working Capital Fund.
Moneys in the Working Capital Fund may be invested in any authorized negotiable direct obligation
of the United States of America which matures not later than twelve months from the date of the invest-
ment. Any earnings on such investments shall become and remain a part of the Working Capital Fund.
The City shall pursuant to the Lease Agreement pay the Treasurer of the Authority the balance
of any amounts due to pay the foregoing obligations.
Section 18. Warranty and Covenants. The Authority shall preserve and protect the security of
the bonds and the rights of the bondholders and warrant and defend their rights against all claims and
demands of all persons. So long as any of the bonds issued hereunder are outstanding and unpaid
or so long as provision for the full payment and discharge thereof at maturity or upon redemption
thereof prior to maturity through the setting apart in the Bond Service Fund or in a special fund to
insure the payment or redemption thereof (as the case may be) of moneys sufficient for that purpose
has not been made, the Authority makes the following covenants and agreements under the provisions
of the Parking Law which it deems necessary, convenient, desirable and advisable for the better
security of the bonds and to make them more marketable; and it shall be the duty of each and every
officer, representative and employee of the Authority to do and perform each and every act necessary
or appropriate for such keeping and performance by such Authority of every such covenant, agree-
ment and obligation.
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9/23/68
BOOK S874 PALE 843
Covenant 1. Punctual Payment. The Authority shall pay punctually the principal and interest
on every bond issued hereunder, together with the premium thereon, if any be payable, on the date
or dates, at the place or places, and in the manner mentioned in the bonds and coupons and in accord-
ance with their terms, and that the payments into the Bond Service Fund and the Reserve Fund will be
made, all in strict conformity with the terms of the bonds and of this resolution, and that it will faith-
fully observe and perform all of the conditions, covenants, agreements and requirements and obligations
of this resolution and all resolutions supplemental thereto and of the bonds issued hereunder, and that
time of such payment and performance is of the essence of the Authority's contract with the bondholders.
Covenant 2. Discharge Claims. The Authority shall pay and discharge from funds available for
that purpose, or require the City to pay and discharge under the terms of the Lease Agreement, all
lawful claims for labor, materials and supplies or other charges, which, if unpaid, may become a lien
or charge upon any of its revenues charged with the payment of the bonds issued hereunder, or upon
any of its facilities or properties the revenues from which are pledged to said bonds, and which may
impair the security of the bonds.
Covenant 3. Commence Acquisition and Construction. The Authority shall apply the proceeds
of the bonds to the accomplishment of the purposes for which the bonds are issued and shall commence
the Project and continue the same to completion in accordance with the Lease Agreement with all
practical dispatch and in an economical manner.
Covenant 4. Enforce and Abide by the Lease Agreement. The Authority shall comply with and
perform all its obligations under the Lease Agreement, and shall promptly take all steps necessary
to enforce the Lease Agreement and to require the City to perform all its obligations thereunder. In
the event of any default by the City under the Lease Agreement, the Authority shall promptly pursue
and enforce all appropriate remedies under the Lease Agreement, including but not limited to the re-
letting or operation of the Project and the collection from the City of all deficiencies as provided in the
Lease Agreement, all to the end that the Pledged Revenues from the Project deposited in the Bond
Service Fund will be at least equal to the full rentals payable under the Lease Agreement and will
(when added to available moneys in the Reserve Fund) be sufficient to pay the principal of and interest
on the revenue bonds as the same fall due. The Authority shall not take any action which will have
the effect of terminating the Lease Agreement and shall not agree to any amendment of the Lease
Agreement which would impair or reduce the security of the holders of the bonds.
Covenant 5. Covenant Against Encumbrance, etc.; Use of Condemnation or Sale Proceeds.
Except for the Lease Agreement and except to the extent permitted herein the Authority shall not
mortgage or otherwise encumber, sell, lease or dispose of any of its facilities or properties any revenues
of which are charged with the payment of the bonds issued hereunder, or any revenues therefrom,
t or enter into any lease or agreement which might impair or impede the operation of such facilities or
properties, or any part thereof, or might otherwise impair or impede the rights of the bondholders
with,respect to such revenues. In the event of any default by the City under the Lease Agreement this
covenant shall not be construed to prevent the Authority, acting in accordance with the Parking Law
and the Lease Agreement, from:
(1) contracting for the operation or management of any of its facilities or properties;
(2) leasing of the operation of the property;
(3) leasing for commercial purposes surplus space or space which it is not economical to
use for parking purposes.
If the Authority and the City each determine that any portion of the Project is no longer needed
or useful for the purpose of public parking and that other facilities can be acquired or constructed
8
9/23/68 BOOK€874 NAGt 844
. .
which will be better suited to such purpose, the Authority may sell or otherwise dispose of such portion
of the Project if the proceeds from such sale or other disposition (together with any other available
funds of the Authority) are sufficient to acquire or construct such other facilities and if the City
agrees to an amendment of the Lease Agreement by which the new facilities are substituted for the
portion of the Project so sold or otherwise disposed of for the same remaining term and at a rental not
less than the rental provided in the Lease Agreement for the portion so sold or otherwise disposed of.
Any balance of proceeds not needed for such acquisition or improvement shall be placed in the Bond
Service Fund and may be credited against rentals under the Lease Agreement.
If any portion of the Project shall be taken by eminent domain or other proceedings authorized by
law, the net proceeds realized therefrom may be used to acquire or construct substitute facilities under
the same conditions and restrictions as are provided in the preceding paragraph in the case of a.sale
or other disposition of a portion of the Project. In the event the proceeds cannot or are not so used,
such proceeds shall be placed in the Redemption Fund and used to redeem bonds in accordance with
the terms thereof.
Covenant 6. Insurance. Authority shall at all times maintain or cause to be maintained with
responsible insurers all such insurance on the properties (valued as defined below) which is customarily
maintained with respect to properties of like character against accident to, loss of or damage to such
properties. ' Notwithstanding the generality of the foregoing, the Authority shall not be required to
maintain or cause to be maintained any insurance which is not available from reputable insurers on
the open market or more insurance than is specifically referred to below.
Authority shall:
(a) Keep or cause to be kept (or if City elects, City shall keep) a policy or policies of
insurance against loss or damage to the property covered by the Resolution resulting from fire,
lightning, vandalism, malicious mischief, riot and civil commotion, and such perils ordinarily
defined as "extended coverage" and other perils as Authority and the City may agree should be
insured against on forms and in amounts satisfactory to each. Such insurance shall be maintained
in an amount not less than the full insurable value of the properties (such value to include amounts
spent for construction of the Facilities, parking lots, and architectural, engineering, legal and
administrative fees and Project inspection and supervision) or the amount of Authority's out-
standing Bonds, whichever amount is the less, subject to deductible conditions of not to exceed
$10,000 for any one loss. The term "full insurable value" as used in this section shall mean the
actual replacement cost, using the items of value set forth above (including the cost of restoring
the surface of grounds owned or leased by the Authority but excluding the cost of restoring trees,
plants and shrubs), less physical depreciation. Said "full insurable value shall be determined
from time to time but not less frequently than once in every thirty-six (36) months.
(b) Keep or cause to be kept any parking structure constructed as part of the Project insured
by earthquake insurance (if such insurance is obtainable on the open market from reputable
insurance companies) against loss or damage by earthquake in an amount not less than the.full
insurable value of such properties (as defined above) with an 80% co-insurance clause and with
deductible conditions of not to exceed 5% for any one loss which is less than the face amount of
the policy; or not less than the amount of the outstanding bonds.
(c) Maintain or cause to be maintained use and occupancy or business interruption or
rental income insurance against the perils of fire, lightning, vandalism and malicious mischief
and such other perils ordinarily defined as "extended coverage" in an amount equal to not less
than twelve (12) months' rental; and
(d) Maintain or cause to be maintained public liability insurance against claims for bodily
injury or death, or damage to property occurring upon, in.or about the property, such insurance
9
9/23/68 BOOK 8874 P"ci:u 4 5
to afford protection to, a limit of not less than $250,000 with respect to bodily injury or death
to any one person, not less than $1,000,000 with respect to bodily injury or death to any number
of persons in any one accident, and property damage liability insurance in an amount not less
than $50,000; and
(e) Maintain or cause to be maintained workmen's compensation insurance issued by a
responsible carrier authorized under the laws of the State of California to insure employers against
liability for compensation under the Workmen's Compensation Insurance and Safety Act now in
force in California, or any act hereafter enacted as an amendment or supplement thereto or in
lieu thereof, such workmen's compensation insurance to cover all persons employed in connection
with the Project and to cover full liability for compensation under any such act aforesaid, based
upon death or bodily injury claims made by, for or on behalf of any person incurring or suffering
injury or death during or in connection with the Project or the business of the Authority.
All insurance herein provided for shall be effected under policies' issued by insurers of
recognized responsibility, licensed or permitted to do business in the State of California.
All policies or certificates issued by the respective insurers for insurance shall provide that such
policies or certificates shall not be cancelled or materially changed without at least ten (10) days prior
written notice to the Fiscal Agent, and shall carry loss payable endorsements in favor of the Fiscal
Agent where applicable. The copies of such policies shall be deposited with the Fiscal Agent by the
Authority, together with appropriate evidence of payment of the premiums therefor; and, at least ten
(10) days prior to the expiration dates of expiring policies or contracts held by the Fiscal Agent,
copies of originals of renewal or copies of new policies on contracts or certificates, shall be deposited
with the Fiscal Agent.
All proceeds of insurance with respect to loss or damage to the property shall be paid to the Fiscal
Agent to be used pursuant to the Lease for the repair, restoration or replacement of the property
destroyed or damaged. Upon payment thereof to the Fiscal Agent, and (1) if the Project is to be repaired
or rebuilt, the Fiscal Agent shall transfer the same to the Treasurer of the Authority who shall deposit
the same in the Acquisition and Construction Fund for application as provided with respect to moneys
in such fund, or (2) if the Project is not to be repaired or rebuilt, the Fiscal Agent shall deposit the
same in the Redemption Fund for application as provided for moneys in such fund.
Covenant 7. Records and Accounts. The Authority shall:
(a) keep proper and complete books of records and accounts covering all its facilities and
properties, any revenues of which are pledged to. the payment of the bonds issued hereunder, and
covering all revenues and funds controlled by this resolution, separate from all other records and
accounts, in which complete; correct and current entries shall be made of all transactions relating
to such facilities, properties, revenues and funds and of all receipts, payments, transfers and
other transactions relating thereto. Said records and accounts shall at all times be subject to
the inspection of the holders of not less than 10% of the outstanding bonds or their representative
or representatives authorized in writing;
(b) cause such records and accounts to be audited within 90 days after the close of each
fiscal year by an independent certified public accountant or firm of certified public accountants.
A copy of the report of such accountant or firm shall be filed with the Fiscal Agent and be
available for inspection by any bondholder at the office of the Treasurer, and the Authority shall
furnish a copy of said report, or a summary thereof, upon request to any bondholder and to any
person, firm or corporation who originally purchased the bonds from the Authority;
(c) at such time or times as the City Council may prescribe, file therewith a detailed report
of all its transactions, including a statement of all revenues and expenditures;
(d) at least once annually in the manner set forth in Section 32664 of the Streets and High-
ways Code, publish a statement of all its financial affairs, audited by such accountant or accounting
firm,
10
9/23/68 BOOK 88 l4 tn-F 846
Covenant 8. Additional Bonds or Indebtedness. The Authority shall not issue any additional
bonds, except refunding bonds or incur any other liability or indebtedness, payable in whole or in
part from the Pledged Revenues or the Reserve Fund, but'the Authority may issue bonds, or incur
liability or indebtedness, payable from any revenues or funds of the Authority other than the Pledged
Revenues or Reserve Fund.
Covenant 9. Maintain and Preserve the Project. The Authority shall, or shall cause City as
lessee under the Lease Agreement or Authority's agents or lessees in the case of default, to operate,*
maintain and preserve the Project in good repair and working order and to operate the Project in an
efficient and economical manner; provided, however, that in the case of default the Authority or its
agents or lessees, with the consent of the City,.may lease or rent concessions, or lease or rent the Project
or any part thereof, or otherwise provide for the operating of the Project or any part thereof.
Covenant 10. Maintenance of Revenues. The Authority shall, if it should operate the Project
by reason of default by the City, fix, prescribe and collect rates, tolls, fees, rentals or other charges in
connection with the services and facilities furnished from the Project sufficient to pay principal of and
interest on the Bonds as they become due, together with all expenses of operation, maintenance and
repair of the Project and such additional sums as may be required for the Reserve Fund; provided,
however, that all rates, tolls, fees, rentals or other charges in connection with the services and facilities
furnished by the Project shall be subject to such provisions, if any, relative thereto as may be contained
in the Lease Agreement.
Section 19. Investment of Funds. Obligations purchased as an investment of moneys in any
fund hereby created which are herein authorized to be invested shall be deemed at all times to be a
part of such fund and the interest accruing thereunder and any profit realized from the investment
shall be credited to such fund and any loss resulting from such investment shall be charged to such"fund
but net earnings resulting from such investments may and shall be transferred in cases where such
transfer is expressly permitted or required by this resolution. The Authority shall sell at the best
price obtainable or present for redemption any obligations so purchased whenever it shall be necessary
to do so in order to provide moneys to meet any payment or transfer from such fund. For the purpose
of determining at any given time the balance in any such fund or for the purpose of.transferring
investments from one fund to another fund any such investment constituting a part of a fund shall be
valued at the then estimated or appraised market value of such investment.
Section 20. Lost, Destroyed or Mutilated Bonds. In the event that any bond or any interest
coupon pertaining thereto is lost, stolen, destroyed or mutilated, 'the Authority will cause to be issued
a new bond or coupon similar to the original to replace the same in such manner and upon such
reasonable terms and conditions, including the payment of costs and the posting of a surety bond if
the Authority deems such surety bond necessary, as may from time to time be determined and pre-
scribed by resolution. The Authority may authorize such new bond or coupon or coupons to be
signed and authenticated in such manner as it determines in said resolution.
Section 21. Cancellation of Bonds. All bonds and coupons surrendered to any fiscal agent of
the Authority for payment upon maturity or for redemption prior to maturity shall upon payment
therefor be cancelled immediately and forthwith transmitted to the Treasurer. All of the bonds and
interest coupons surrendered to the Fiscal Agent for payment or redemption shall upon payment
therefor be cancelled immediately. All of the cancelled bonds and interest coupons shall remain in the
custody of the Treasurer until destroyed pursuant to due authorization.`
Section 22. Consent of Bondholders. The consents of bondholders provided for in Sections 22
to 28, inclusive, hereof shall relate solely to the amendment, waiver or modification of the covenants
lI
9 23 68 • BOOK 88 /4 pnt S47
specified in Section 18 hereof and shall not be effective to amend, waive or modify any other provisions
of this resolution or of any of the proceedings for the issuance of said bonds. Any act relating to the
amendment, waiver or modification of any of the said covenants consented to by the Authority and
by bondholders holding sixty per cent (60%) in aggregate principal amount of the outstanding bonds,
exclusive of issuer-owned bonds, shall be binding upon the holders of all of the bonds and interest
coupons, whether such coupons be attached to bonds or detached therefrom, and shall not be deemed
an infringement of any of the provisions of this resolution or of the Parking Law, whatever the character
of such act may be, and may be done and performed as fully and freely as if expressly permitted by
the terms of this resolution, and after such consent relating to such specified matters has been given,
no bondholder or holder of any interest coupon, whether attached to a bond or detached therefrom,
shall have any right or interest to object to such action or in any manner to question the propriety
thereof,or to enjoin or restrain the Authority or any officer thereof from taking any action pursuant
thereto.
Section 23. Calling Bondholders' Meeting. If the Authority shall desire to obtain any such con-
sent it shall duly adopt a resolution calling a meeting of bondholders for the purpose of considering
the action, the consent to which is desired.
Section 24. Notice of Meeting. Notice specifying the purpose, place, date and hour of such
meeting shall be published once in each of four successive calendar weeks in a newspaper of general
circulation in the City of Huntington Beach, California, the first publication to be not less than sixty
(60) days and not more than ninety (90) days prior to the date fixed for the meeting. Such notice
shall set forth the nature of the proposed action, consent to which is desired. If any of the bonds shall be
so registered as to be payable otherwise than to bearer, the Authority shall, on or before the first
publication of such notice, cause a similar notice to be mailed, postage prepaid, to the respective
registered owners thereof at their addresses appearing on the bond registry books. The place, date and
hour of holding such meeting and the date or dates of publishing and mailing such notice shall be
determined by the Authority, in its discretion.
The actual receipt by any bondholder of notice of any such meeting shall not be a condition
precedent to the holding of such meeting, and failure to receive such notice shall not affect the validity
of the proceedings thereat. A resolution of the Authority that the meeting has been called and that
notice thereof has been given as herein provided shall be conclusive as against all parties and it shall
not be open to any bondholder to show that he failed to receive notice of such meeting.
Section 25. Voting Qualifications. Any bondholder may, prior to any such meeting, deliver his
bond or bonds to any agency designated by the Authority for the purpose, and shall thereupon be
entitled to receive an appropriate receipt for the bond or bonds so deposited, calling for the redelivery
of such.bond or bonds at any time after the meeting. The Fiscal Agent shall prepare and deliver to the
Chairman of the meeting a list of the names and addresses of the registered owners of bonds, with a
statement of the maturities and serial numbers of the bonds held and deposited by each of such bond-
holders, and no bondholder shall be entitled to vote at such meeting unless his name appears upon
such list or unless he shall present his bond or bonds at the meeting or a certificate of deposit thereof,
satisfactory to the Authority, executed by a bank or trust company. No bondholder shall be permitted
to vote with respect to a larger aggregate principal amount of bonds than is set against his name on such
list, unless he shall produce the bonds upon which he desires to vote, or a certificate of deposit thereof
as above provided.
Section 26. Issuer-Owned Bonds. The Authority shall present at the meeting a signed certificate,
verified by the Fiscal Agent, stating the maturities and serial numbers of all bonds owned by, or, held .
for account of, the Authority or the City, directly or indirectly. No person shall be permitted at the
meeting to vote or consent with respect to any bond appearing upon such certificate, or any bond
12
Boa 83 74 84
9/23/68 Gr 8
which it shall be established at or prior to the meeting is owned by the Authority or the City, directly
or indirectly, and no such bond (in this resolution referred to as "issuer-owned bond") shall be counted
in determining whether a quorum is present at the meeting.
Section 27. Quorum and Procedure. A representation of at least sixty per cent (60%) in
aggregate principal amount of the bonds then outstanding (exclusive of "issuer-owned bonds") shall
be necessary to constitute a quorum at any meeting of bondholders, but less than a quorum may adjourn
the meeting from time to time, and the meeting may be held as so adjourned without further notice,
whether such adjournment shall have been had by a quorum or by less than a quorum. The Authority
shall, by an instrument in writing, appoint a temporary chairman of the meeting, and the meeting shall
be organized by the election of a permanent chairman and secretary. At any meeting each bondholder
shall be entitled to one vote for every $5,000 principal amount of bonds with respect to which he
shall be entitled to vote as aforesaid, and such vote may be given in person or by proxy duly appointed
by an instrument in writing presented at the meeting. The Authority, by its duly authorized representa-
tive, may attend any meeting of the bondholders, but shall not be required to do so.
Section 28. Vote Required. At any such meeting held as aforesaid there shall be submitted for
the consideration and action of the bondholders a statement of proposed action, consent to which is
desired, and if such action shall be consented to and approved by bondholders holding at least sixty
per cent (60%) in aggregate amount of the bonds then outstanding (exclusive of issuer-owned bonds)
the chairman and secretary of the meeting shall so certify in writing to the Authority, and such certificate
shall constitute complete evidence of consent of bondholders under the provisions of this resolution. A
certificate signed and verified by the chairman and the secretary of any such meeting, shall be con-
elusive evidence and the only competent evidence of matters stated in such certificate relating to pro-
ceedings taken at such meeting.
Section 29. Bond and Coupon Forms. The bonds shall be payable to bearer, shall be issued in
negotiable form, and shall be negotiable, and the form of the bonds and interest coupons thereof shall
be substantially as follows:
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF ORANGE
PARKING AUTHORITY OF THE
CITY OF HUNTINGTON BEACH
1968 PARKING REVENUE BOND
No- ------------------------
The PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH, a public
corporation situated in the City of Huntington Beach, County of Orange, State of California, FOR
VALUE RECEIVED, hereby promises to pay, solely from the Pledged Revenues and certain other
limited funds, as hereinafter provided, to the bearer or, if this bond be registered, to the registered
owner hereof, on September 1, 19------, upon presentation and surrender of this bond, the sum of
FIVE THOUSAND DOLLARS ($5,000), with interest thereon from the date hereof at the
rate of --------% per annum, payable semiannually on the first days of March and September of each
and every year, until this bond is paid, upon presentation and surrender of the respective interest
coupons hereto attached; provided, however, that if at the maturity date of this bond or, if the
same is redeemable prior to maturity and shall be duly called for redemption, then at the date
fixed for redemption funds are available for the payment or redemption thereof, as provided in the
resolution hereinafter mentioned, this bond shall then cease to bear interest. Both principal
and interest are payable in lawful money of the United States of America at the office of the Fiscal
Agent in Los Angeles, California, or, at the option of the holder, at any paying agency of the
Authority in Chicago, Illinois, or New York, New York.
�, 13
9/23/68 BDDK 88 74 fA ut S49
This is one of.a duly authorized issue of bonds of the Authority, all of which have been issued
under and pursuant to the Parking Law of 1949 (being Part 2 of Division 18, of the Streets and
. • . Highways Code of the State of California) and the creation of said issue and the terms and
conditions of the bonds are provided for by the resolution of said Authority authorizing the bonds
adopted ------------------------- 1968, designated Resolution No. ----------------, and, pursuant to said
Parking Law of 1949, this reference incorporates all of the provisions of said resolution into the
body of the bonds and their coupons; and by acceptance hereof the holder of this bond and the
coupons hereto attached assents to said terms and conditions; and each taker and subsequent holder
of the bonds or coupons, whether the coupons are attached to or detached from the bonds, has
recourse to all of the provisions of the indenture and is bound thereby. Said resolution is adopted
under, and this.bond and the interest coupons hereto attached are issued under and are to be
construed in accordance with the laws of the State of California.
The bonds of this issue shall constitute special obligations, and evidence a special indebted-
ness, of the Authority, which shall be a charge upon, and payable, both as to principal and interest,
and as to any premiums upon the redemption of any thereof, solely from, the Pledged Revenues
and certain other limited funds, as specified herein, and in said Resolution No- ---------------- and in
the proceedings for their issuance, and shall not constitute obligations, nor evidence any indebted-
ness, of the City of Huntington Beach or of the State of California.
1. In the manner provided in said Resolution, certain obligations mentioned in said Resolution
may be waived or modified with the consent of the holders of 60% in aggregate principal amount
of the outstanding bonds, exclusive of issuer-owned bonds.
This bond is callable and redeemable prior to maturity in accordance with the provisions for
redemption endorsed hereon.
This bond and. the coupons hereto attached are negotiable instruments and shall be negoti-
able by delivery. This bond may be registered as to principal only or as to both principal and
interest, in accordance with the provisions for registration endorsed hereon.
It is hereby certified and recited that any and all acts, conditions and things required to exist,
to happen and to be performed precedent to and in the incurring of the indebtedness evidenced by
this bond and in the issuance of this bond exist, have happened, and have been performed in due
time, form and manner as required by the Constitution and Statutes of the State of California,
and that this bond is within every debt and other limit prescribed by the Constitution and Statutes
of the State of California.
IN WITNESS WHEREOF, said Parking. Authority of the City of Huntington Beach has
caused this bond to be signed by the Chairman of the Authority and the City Treasurer of the
City as ex officio Treasurer of the Authority, by their facsimile signatures, countersigned by the
Clerk of the Authority, and sealed with the corporate seal of the Authority, and the interest coupons
hereto attached to be signed by said Treasurer by his facsimile signature, and has caused this
bond to be dated the first day of September, 1968.
-----------------------------------------------------------------------------------
Chairman of the Parking Authority
of the City of Huntington Beach, California
----------------------- ------------------------------------------------------------
City Treasurer of the City of Huntington Beach
as ex officio Treasurer of said Authority
COUNTERSIGNED:
--------------- --------------------------------------------------------------------
SeCretary W of the Parking Authority of Approved as to fora
the City of Huntington Beach, California
(SEAL)
i{t9llia,a4,•-,aa.kGa(...fl.'...1..................r1 aa1lIYM
14 Ass'ta City Attorney
9/23/68
(COUPON FORM)
On the first day of ------------
The PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH, 19------------
CALIFORNIA, will pay to the bearer, at the office of the Fiscal Agent of said
City,in said City,or at the option of the holder hereof,at any paying agency of the Coupon No.
Authority in Chicago,Illinois,or New `fork,New York,out of the Pledged Funds _-_--------- ---
and certain other limited funds as set forth in the bond to which this coupon is
attached and not out of any other fund or moneys of the Authority, the sum of $------------------
in lawful money of the United States of America, being the semiannual interest
then due on 1968 PARKING
REVENUE BOND NO.
dated September 1, 1968
----------------------------------------------------------------------------------------
City Treasurer of the City of Huntington Beach
as ex officio Treasurer,of said Authority
On the reverse side of the coupon there shall be printed substantially the following:
(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.
On the reverse side of the bonds there shall be printed substantially the following:
PROVISIONS FOR REDEMPTION PRIOR TO MATURITY
In the event of loss of, substantial damage to or condemnation of the whole or any substantial
part of the Project, so as to render the same unusable, all or any part of the Bonds at that time
outstanding, may, at the option of the Authority, be called and redeemed prior to-maturity on any
succeeding date, at a redemption price equal to the principal amount thereof with accrued interest
to the date of redemption plus the premium applicable thereto as hereinafter set forth in the
succeeding paragraph of this section, regardless of maturity dates relating to call therein, but
only in the manner and only from the funds as hereinafter provided in the case of redemption.
If less than all bonds are called pursuant to this paragraph, Treasurer shall determine a principal
amount in each maturity to be called so that approximately equal annual debt service will prevail.
Bonds to be then called in each maturity will be selected by lot.
Except as provided in the preceding paragraph unless this bond matures on or prior to
September 1, 1979, it is redeemable in the manner and subject to the terms and provisions, and with
the effect, set forth in the resolution referred to on the face of this bond, at the option of the
Authority, on September 1, 1979, or on any interest payment date thereafter prior to maturity, upon
at least 30 days' prior notice published in a newspaper in the City of New York at a re-
demption price equal to the principal amount thereof plus a premium (percentage of par value)
equal to 1/a of 1% for each year or remaining fraction of a year between the date of redemption
and the date of maturity, but in no event shall the premium exceed 31/a%. Bonds of the issue of
which this bond is a part are so redeemable only in inverse order of maturity and bond number.
• 15
•9/23/68 BOOK 8,874 PAGE S5 1
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 registered in either of said forms may be changed to
registration in the other of said forms or discharged from registration.
Each registration, transfer after registration, fully registered form of registration, or dis-
charge from registration of this bond shall be entered by the Fiscal Agent in books kept by him
for the purpose and noted by him in the registration blank below. Registration as to principal only
shall not affect the negotiability by delivery of the coupons pertaining hereto. Upon registration
as to both principal and interest, all unmatured coupons pertaining hereto shall be surrendered
to the Fiscal Agent and may be preserved or cancelled in his discretion.
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, if registered as to both principal and interest, shall be payable to the person whose
name appears upon the registry books as the registered owner hereof at the close of business on
the tenth day preceding the interest payment date, or to his order. If this bond is registered as
to both principal and interest and its registration is changed to registration as to principal only,
or if it is discharged from registration, there shall be attached hereto coupons representing interest
hereon to become due thereafter to the date of maturity hereof. In lieu thereof, and upon surrender
and cancellation hereof, the Fiscal Agent in his discretion may issue in exchange .therefor 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.
Each discharge hereon 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 bond shall
become an unregistered bearer instrument, negotiable by delivery as if it had never been registered.
Each request for registration, transfer, change or discharge must be in form satisfactory to the
Fiscal Agent and must be made in writing, signed by the registered owner, or by his agent duly
authorized in writing, or by the bearer, as the case may be.
Date of In Whose Name Manner of Signature of
Registration Registered Registration Fiscal Agent
------------------------------ ---------------------------------- ---------------------------------- ----------------------------------
--------------------------------- ---------------------------------- --- ---------------------- ----------------------------------
---------------------------------- -------- ------ ---------- ---------------------------------- ----------------------------------
Section 30. Proceedings Constitute Contract. The provision of this resolution and of the resolu-
tions providing for the sale of the bonds and awarding the bonds and fixing the interest rate or rates
thereon and all other resolutions or ordinances adopted in connection with the authorization of the
bonds shall constitute a contract between the Authority and the holder of such bonds, not subject
to repeal, and not subject to modification other than to the extent and in the manner provided in this
resolution. Said contract is made under and is to be construed in accordance with the laws of the State
of California. The rights, limitations, powers and duties arising upon breach of the Authority of any of
the covenants, conditions or obligations,contained in said contract shall be those provided by the laws of
the State of California, including, without limitation, said Parking Law. In addition to all other rights
. 16
., • • BOOK 88 I44 P,1Gr 8 J.
9/23/68
conferred upon a.bondholder and subject only to any contractual restrictions binding upon him a
bondholder may:
(a) By mandamus, suit, action, or proceeding at law or in equity, compel the Authority
and its members, officers, agents or employees to perform every term, provision, and covenant
contained in any contract of the Authority with or for the benefit-of the bondholder, to carry out all
covenants and agreements of the Authority, and to fulfill the duties imposed upon the Authority
by said Parking Law.
(b) By suit, action, or proceeding in equity, enjoin any acts or things which are unlawful
and in violation of any of the rights of the bondholder.
Section 31. Severability. If any covenant, agreement or provision, or any portion thereof, con-
tained in this resolution, or the application thereof to any person or circumstance, is held to be unconsti-
tutional, invalid or unenforceable, the remainder of this resolution and the application of any such
covenant, agreement or provision, or portion thereof, to other persons or circumstances, shall be
deemed severable and shall not be affected, and this resolution and the bonds issued pursuant hereto
shall remain valid and the bondholders shall retain all valid rights and benefits accorded to them
under this resolution and the Constitution and laws of the State of California.
Section 32. Effective Date. This resolution shall take effect upon adoption.
ADOPTED, SIGNED AND APPROVED this-3 0 th day of September 8.
gilt,
Chairman of the Parking Authority of
the City of Huntington Beach, California
ATTEST:
Acting Sec e r a r, of the arking Authority of
U the City of Huntington Beach, California
(SEAL)
STATE OF CALIFORNIA
ss.
COUNTY OF ORANGE
Acting Secretary
I, Ernes tina_ Di__FabiW of the Parking Authority of the City of Huntington Beach,
California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Parking
Authority of the City of Huntington Beach at a meeting of said Parking Authority held on the 3 0 th
day of September 068, and that it was so adopted by the following vote:
Shipley, Bartlett, McCracken, Kaufman
AYES: Matney, Green, Coen
NOES: NONE
ABSENT. NONE
t
Acting Secretary XM of the Parking Authori y�of Y
the City of Huntington Beach, California
(SEAL)
17