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HomeMy WebLinkAboutCity Council - 3139 RESOLUTION NO. 3139 A RESOLUTION OF THE CITY OF HUNTINGTON BEACH, CALIFORNIA, PROVIDING FOR THE ISSUANCE OF PARK BONDS OF SAID CITY IN THE AMOUNT OF $6,000,000 WHEREAS, pursuant to Ordinance No. 1489 of the City of Huntington Beach, California, a special municipal election was duly and regularly held in said city on the 2nd day of June, 1969, at which election there was sub- mitted to the qualified voters of said city the following bond proposition, to wit: PARK BOND PROPOSITION: Shall the City of Huntington Beach incur a bonded indebtedness in the prin- cipal amount of $6,000,000 for the acquisition-and -bonstraction by said City, of a certain municipal improvement, to wit: additions to and development of facilities of the City for community recrea- tion, including the acquisition and development of additional parks and the development of existing parks by the landscaping and planting of grounds and the construction of buildings and recreational facilities, sewer and drainage facilities and i vehicle parking areas and for any of the foregoing the acqui- sition of real property, equip- men furniture, and other P P ro ert therefor. , Y necessary i and WHEREAS, said proposition received the affirma- tive vote and assent of more than two-thirds of all of the qualified 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 Huntington Beach, California, DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: Section 1. That bonds of the City of Huntington Beach, California, in the principal sum of $6,000,000 be issued and sold for the purpose set forth in the bond proposition in the recitals hereof. Said bonds shall be designated "1970 Park Bonds, " shall be one thousand two hundred in number, numbered 1 to 1,p00 both inclusive, and shall be of the denomination of $5,000 each. Said bonds shall be dated March 1, 1970, and shall be payable in consecutive numerical order, on March 1, in each of the years, and amounts, as follows: Year Amount . Year Amount 1971 $110,000 1984 $235,000 1972 115,000 1985 245,000 1973 125,000 198b 26o,000 1974 130,000 1987 280,000 1975 14o,000 1988 295,000 1976 145,000 1989 310,000 1977 155,000 1990 330,000 1978 165,000 1991 350s000 1979 175,000 1992 370,000 ig8o 185,000 1993 395,000 1981 195,000 1994 415,000 1982 210,000 1995 445,000 1983 220,000 2. f 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 annually the first year and semiannually thereafter. Said bonds and the interest thereon shall be payable in lawful money of the United States of America at the office of the City Treasurer of the City of Huntington Beach, California, in said city or Bank of America N.T. & S.A., Los Angeles, California; Continental Illinois National Bank and Trust Company, Chicago, Illinois; and Chase Manhattan Bank N.A., 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 bonds con- secutively. 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 of a fund hereby - - created and designated "1970 Park Bonds, Construction Fund, " and the moneys in said fund shall be applied exclusively to the acquisition and construction of the municipal improve- 3. i ment described in the bond proposition in the recitals hereof, except as provided in Section 43628 of the Government Code. Section 4. That 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 pur- pose of paying the principal and interest of 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 pay the interest on said bonds as it falls due and such part of the principal thereof as will become due before the proceeds of a tax levied at the next general tax levy will be available. 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 Park 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 interest thereon shall be issued,-in substantially the fol- lowing form: 4. i UNITED STATES OF AMERICA STATE OF CALIFORNIA CITY OF HUNTINGTON BEACH 1970 PARK BONDS No. $5,000.00 THE CITY OF HUNTINGTON BEACH, a municipal corporation situated in the County of Orange, 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 1st day of March, 19 , with interest thereon at the rate of per cent ( %) per annum, interest for the first year payable at the end of said year and interest thereafter payable semi- annually on the 1st days of March and September 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 Huntington Beach, California, in said city; or Bank of America N.T. & S.A., Los Angeles, Califor- nia; Continental Illinois National Bank and Trust Company, Chicago, Illinois; and Chase Manhattan Bank N.A., New York, New York, at the option of the holder. This bond is issued by the City of Hunting- ton Beach under and in pursuance of and in 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 California, and is authorized by a vote of more than two-thirds of all the qualified voters of said City of Huntington Beach voting at an election duly and legally called, held and conducted in said city on the 2nd day of June, 1969. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all 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 performed 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. 5• IN WITNESS WHEREOF, said City of Huntington Beach 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 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 1st day of March, 1970. Mayor of the City of Huntington Beach, California City Treasurer of the City of Huntington Beach, California COUNTERSIGNED: City Clerk of the City o Huntington Beach, California (SEAL) (COUPON FORM) On the 1st day of the CITY OF HUNTINGTON 19 BEACH, California, will pay to the bearer, at the office of the City Treasurer of said city, in said city, of Bank of America N.T. & S.A., Coupon No. Los Angeles, California; Con- tinental Illinois National Bank and Trust Company, Chicago, Illinois; and Chase Manhattan Bank N.A., 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 Park Bonds. No. Dated 19 City Treasurer of the—_UEf_y__oT Huntington Beach, California 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 can- celled 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. Each 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 bond shall become an unregistered bearer instrument, negotiable by 7. i delivery as if it had never been 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, 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 March 1, 1980, 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 March 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 March 1, 1980, 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, but in no event shall such premium exceed three and one quarter per cent (3-1/4%). 9. Section 6. The bonds maturing on or prior to March 1, 1980, shall not be subject to call or redemption prior to maturity. The bonds maturing on or after March 1, 1981, or any of them, may be called before maturity and redeemed at the option of the City Council of said city on March 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 Y Y p date to the maturity date of the bond, but in no event shall such premium exceed three and one quarter percent (3-1/4%). 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 hereinafter some- times called the "redemption date". Section 7. Notice of. the intended redemption shall be published by one (1) publication 1n a financial newspaper or journal of national circulation, published in 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, 10. that whenever any call includes all of the bonds of a maturity, the numbers of such maturity need not be stated; (d) require that such bonds be surrendered with all in- terest 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 Huntington Beach, California, in said city or Bank of America N.T. & S.A., Los Angeles, California; Continental Illinois National Bank and Trust Company, Chicago, Illinois; and Chase Manhattan Bank N.A., New York, New York; (e) 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 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 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 11. shall be conclusive as against all parties, and no bond- holder 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 redemp- tion. 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 Park 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 sufficient to redeem, at the premiums payable as in this resolution 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 pro- vided 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 bonds have been redeemed and cancelled or paid and cancelled there are moneys remaining in said Redemption Fund, said moneys shall 12. 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 shall 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 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 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. 13. 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, 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 19th day of February 1970. RayqW of the-79ty of Huntln Beac , California ATTEST: Cl-t-y =eFrko e yof Huntington Be ch, California (SEAL) 14. STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF HUNTINGTON BEACH ))) I, Paul C. Jones , City Clerk of the City of ntington Beach i , tea Uornla, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the City Council of said city and was approved by the Mayor of said city at a adjourned regular meeting of said City Council held on the 9tth ---day of February 19 70 , and that it was so adopte as follows: AYES: Councilmen Shipley, Bartlett, McCracken, Kaufman, Matney, Green NOES: Councilmen None ABSENT: Councilmen Coen cit y clerk o e y of --- (SEAL) Huntington Beach, Calif orni- i