HomeMy WebLinkAboutRESO 6075'
. .... .. . . . JHH~SRC:cp 10/26/82 5884C
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RESOLUTICft NO. 6075
A RESOLUTION DETERMINING PROPERTIES ELECTING
TO PAY COST OVER A PERIOD OF YEARS.
DETERMINING AND CLASSIFYING UNPAID
ASSESSMENTS. PROVIDING FOR CHANGES
AND MOOIFICATIONS AND PROVIDING
FCR ISSUANCE OF BOi'llS
ORIGINAL
UNOERGROONO !ITILITIES CONVERSION
UNDERGROUND UTILITY A5.5ESSMENT DISTRICT r«>. 23
RESOLVED, by the Council of the City of Palo Alto, Ca11fo"'1a, that
WHEREAS, this Council did <ll July 22, 1981, pass and adopt its
Resolution ho. 5928, A Resolutioo of Intention to Prnend Section 12.16.020 of
Chapter 12.16 of Title 12 r!f the Palo Alto Pllnicipal Code by t:stab11shing
Underground Utility District #2l relating to the acquisition ard construction
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of public iq>rovements under and pcrsuant to the provisions of the :lalo Alto
Municipal Code; and
Wt£REAS, the <Wiers of certain properties have exercised the option
\Jffered in said Resolution and. tn Section 12.16.092 of said Code, to pay the
cost ove: ~ peri~ of years wfth sll:h obligation secured by special
assessments; arxl a 11 st of the s:ropert1es owted by persons who have exe"'t. ised
the option to PJY the costs of convertf ng electric service connections to
undergrourd locations over the pericxls of years as i ndica.ted thereon f s
attached hereto as Exhibit •A• arxl hereby made a part hereof i
WHEREAS, it appears to this Council that in 1ts proceedings under and
pursuant to Resolut.icn of Intentfm No. 5928, adopted on July 22, 1981, some
of the assessm~nts proposed to be ·jevf ed should be made to mature over a
shortP.r period of time than other assessments .proposed to be levied 1n said
proceedings;
Afl> WHEREAS, the pub 11c convenience and necessity require that the
proceedings heretofore taken with respect to said undergro1 n:l utility district
t-e changed and modif1 ed to provide that the rate of interest t.o be pa:1d by
Said owners CJf Sdid properties shall be three quarters Of one percent (3/4 of
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,... ' . .
1%) in excess of the rate shown in the New York Bond Buyer Index of Municipal
Bond Aver~ge Yields for 20 bonds for the week next preceding the day on which
th is City Counc i1 adopts th is resolution ~1ch prov ides for the 1ssuanc;e of
bonds instead of the rate shown in said Bond Buyer next preceding day on which
said underground utility district was a-dered formed, it being the intention
of this Council to provide said owners with the lowest po::sible rate of
interest; and it being the intention of this City Council to change and modify
the language contained in said Resolution of Intention No. 5298, as amended,
as hereinafter set forth.
NOW, THEREFORE, IT IS HEREBY ORDERED, as follows:
1. List of Unpaid Assessments. That the assessments na.i rema;ning
111paid ere as shown on Exhib;t "A" attached hereto end by thfs ~ference made
a part hereof, ard that the aggregate amount thereof is $152,687. This
Counc i 1 hereby determines that the owners of the properties shown on Exhibit
"A• hereto have elect.!d to pay the cost of converting electric ser·V"ice
connections to underground locations over the periods of years as set forth on
said Exhibit •A• and that said costs shall represent the unpaid assessments in
these proceedings.
2. Classification of Assessments~ As sh<Ml an Exhibit "A" hereto, the
assessments rema.ining unpaid which bear the following assessor:s parcel
nunmers sha 11 mature over a period :>f five years and remain\ng assessmmts
sho"ll on said Exhibit •A11 shall mature over a period of ten years: 3-7-15,
3-20-lOt 3-11-56, 3·6-27, 3-8-22, 3-10-7, 3-11-8.
3. Issuance of Sends. Bonds 1n the aggregate principal amount of
$152,687 shall be issued as hereinafter prov1ded upon the security of sa1d
unpaid assessments in accordanc~ with the prov is ions of Bond Plan B, Section
13.16.110 of the Palo Alto ttlnicipal Code, analagous to the lmprovemeit Bond
Act of 1915 (D1v1s1oo 10 of the Str!et and Highways Code) and under arid
rursuant to the provisions of said Resolution of Intention and the proceedings
thereunder duly had and taken.. Sa id bonds sha 11 be k no'1W! as •Improvement
Bonds, C1ty of Palo Alto, Underground Utilities Conversion Underground Utility
Assessment D1strict No. 23 1 Series P,11 ard shall be da.ted December 2 1 1982.
5aid balds shall be issued as a single bond fully registered as to principal
2
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and interest in the name of the City Treasurer of the City of Palo Alto,
nunilered "R-1" and in the denomination of $152,687. The total principal
amount of such fully registered bord shall be payable in installments 1n the
amounts and on the dates set forth in Exhibit •a• attached hereto and by this
ref ere nee made a part hereof.
4. Interest. Said proceedings are hereby changed and modified to
provide that said bonds shal 1 bear interest at the rate of three quarters of
one percent (3/4 of lS) in 2xcess of the rate shown in the New York Bor.d ~yer
Index of Municipa 1 Bond Average Yields for 20 bonds fer the week next
preceding on the day on which this resolution is adopted by this City
Council. Accordingly, said bonds shall bear interest from date at the rate of
10.95% per annum, ~uted as herein provided, payable comenc1ng on January
2. 1984, an::I sein1annua 1 ly thereafter on July 2 and January 2 of each year to
maturity.
Each bond ~ill continue to bear interest after maturity at the rate
stattd therein, provide:i it is presented at maturity am payment thereof 1s
refused an the sole ground that there is not sufficient money in the
redempticn fund with which to pay same; if it 1s not presented at maturity,
interest thereon will run an ly unti i maturity.
s .. ~lace of Payment. The principal of am interest on said bonds shall
be payable in lawful money of the United States of America at the office of
the City Treasurer. Ctty Hall. Palo Alto, C«lifon11a.
6. f.Qr!. The fully registered bood shall be substantially in the form
set forth in Exhibit -c• attached heret.o and incorporated herein by reference,
the blank spaces therein to be f1l led 1n to conform to the provisions of this
Reso lutfon.
7. Execution. The bonds shall be executed on behalf of the City and
under its official seal by the Treasurer and by the Clerk of the City. ard the
official sea 1 may be placed oo the bonds in like 11amer; such signing and
seali:\g shall constitute and be a sufficient and binding execution.
If any officer whose signature appears C11 the Jonds thereon ceases to be
such officer before the de livery of the bonds to l;he purchaser thereof, such
signature shall be as valid as 1f such officer had remained in office until
the de livery of the bonds.
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8. Preparation and Delivery of Bonds. The Treasurer is hereby directed
to cause said bonds to be prepared in accordance with this resolution and to
deliver s~ upon their completion am e>-~utfon to the purchaser thereof.
upon receipt of the purchase price therefor.
9. Proceeds of Sale of Bonds. The proceeds received fran the sale of
the bmds, including any premiu~ shall be placed in the fund for the
acquisition and/er construction of the project (herein the "Improvement
Fund 11 ), except that any interest accrued from the date of the bonds to the
date of delivery thereof shall be placed in the red~tion fum provided for
herein. A l1 11D1eys in the Improvement Fund sha 11 be withdrawn C11 ly upon
checks or warrants of the City, and shall be applied el{clusively to thP.
payment of the cost of the acquisitions and/or i111>rovements described in the
proceedings herefo referred to, as now or hereafter M1ended or changed, and
all expenses incidental thereto, or in reid>ursement of City funds expended
therefor~ Any surplus remaining after payment of all costs aoo a 11 legr 1
charges, claims and expenses shall be used as set forth in said proceedings.
10.. Redemption Fund. The Treasurer shall keep a redemption fund
designated by the noe of the bonds, into which shall be placed any accrued
intere:;t ard all sums received fran the collection of unpaid assessments
~rovided for in Section 12 hereof. and of the inte"st and penalties thereon,
and fraa -mich fund disbu~ement shall be made to pay the principal of the
bonds and the interest due thereon.
11. Bond Regis~er. The Treasurer sha 11 keep or cause to be kept a
register showing the series, number, date, CIDOU.'lt, :"ate of interest, and the
1 ast kmwn holder of each bond. The Treasurer sha 11 cancel or cause t:.l be
canceled each bond paid.
12. Collection of Unpaid Assessments. The t11paid assessments shown ai
Ext ·.bit •A•, together with the 1nteres'.; thereon, shall be payable in annual
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series correspood1ng in number to the number of ser·ial maturities of the bonds
issued. An annua 1 proport1oo of each unpaid assessment shali be payable in
each year precedirg the date of matur1ty of each of the several series of
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bonds issued, sufficient to pay the bonds when due, ard such proport1 on of
each unpa1d assessment coming due 1n any year, together with the annual
interest thereon, shall be payable 1n the same 11anner and at the same time and
in the same installments as the general taxes of the City on real property are
payable, and become delinquent at the same times and in the same proportionate
amounts and bear the same proportionate penalties and interest after
de1inquency as do the general taxes on rea 1 property within the City. All
sums received from the collection of said unpaid assessments and of the
interest and penalties thereon shall be placed in the rede'fl1)t1on fund provided
for he'M!in.
13. Redenption Prior to Maturity. Each bond outstanding may be
redeemed. in whole or in part, and paid in advance of maturity upon the second
day of January or July in any year by giving at least 60 days notice, and by
paying the principal amount thereof to be redeemed, together with a premium
equal to SZ of such principal plus interest tc the date of advance<:! maturity,
unless s:ooner surrendered, in which event st.id interest wi11 be paid to the
date of payment, a 1~ 1n the 11amer and as provided in Bond Plan 8.
The Treasurer shal 1 ca 11 for redemptiCll and retire bonds upon prepayment
of assessments in aa>unts sufficient therefor, or whenever sufficient surplus
funds are availa~le therefor in the redemption fund. In selecting bonds for
retirement, the lowest nu.mered bands of the various annual maturities shall
be chosen pro rata 1n a unner intend~ to disturb as little as possible the
relat1ansh1p of unpaid assessments to bmds outstanding.
14. Non-Arbitrage Covenant. The City hereby cov@nants with the holders
of the ba1ds that it ~i 11 make no use of the proceeds of the bon<ls at any time
during the term thereof which. if such use had b9en reasonably expected on the
date the boods were issU!d, would have caused the boods to be arbitrage boods
within the meaning of Section 103(c) of the !~terna1 Revenue Code of 1954, as
amended, and the Temporary and Proposed Treasury Regulations promulgated
thereunder.
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15. Certificate as to Non-Arbitrage. On the basis of the facts,
estimates and circumstances now in existence and in existence en the date of
issue of the bonds, as determined by the Treasurer, sa1d Treasurer 1s
authorized to certify that it is not expected that the proceeds of the issue
w i 11 be used in a manner th at would cause such obligations to be arb 1 tr age
bonds. Such certification shall be delivered to the purchaser at the time of
delivery and payment for the bonds.
16. Certified Copies. The City Clerk shall fumish a certif1ed copy of
this resolution to the Treasurer and to the ~ontroller of Santa Clara C~unty.
* * * * * * * * * *
I hereby certify th&t the foregoing is a full, true and correct copy of
a re so 1 ut ion ell ly passed and adopted by the Council of the City of Palo A 1 to,
California11 at a meeting thereof held on the 22nd day of November , 1982,
by the following vote of the members thereof:
AYES~ and in favor thereof, Councilmembers: Bechtel, Cobb, Eyer1y,
Fazzino, Fletcher, Klein, Levy, Renzel
NC'ES, Counc;ilmemers: None
ABSENT, Counc i lmembers: None
NOT PARTICIPATING: Witherspoon
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LIST OF PROPERTIES SUBJECT TO THE
PAYMEITT CE SERVICE CONYERS Ia. COST
ANO LI ST OF UNPAID ASSESSMENTS
CITY OF PPL.O ALTO
UNDERGROONO UTitITIES CONVERSION
UHDERGROONO UTILITY ASSESSMENT DISTRICT NO. 23
TERM OF YEARS
OWNER PARCEL HO. ADDRESS PRINCIPAL
University
Eppe 1 , Richard 3-6-35 1307 $1315
Ting, George o. 3-6-21 1321 3515 Badger, Mildred L. 3-7-12 1358 1365 Walsher, Donald B. 3-7-14 1394 1365 Davis. Dcr~ld R~ & Kathleen 3-7-15 1410 2215
Ball, Thomas F. & Bonnie J. 3-7-49 1449 2940 Zabaldo, Patrick S. & Sharon 13-7-50 1450 2240
Renfrew, R. B. & Louice Markels, Marcia
Wolfol, Shalah S.
Biythe, William R. & Bonni~
Rayner, John
DolPer, Verlin M.
Gibbs, Scott R~ & Ellen J.
Houston, John 6. & Beverly
Gorldard, Mich3e 1 P. & Nancy
Wermuth. Bruce M. & Linda L.
McCleary, Donald & Cynthia
Blatner. Barbara Y.
Witherspoon, Jackson & Ann
Sabot, Thedore J. & Carol
Gaynon, Michael & Susan
Schwartz, Frank M. & Card lyn
Bingham, 'ieorge H. & Ann C.
Ivy, Sen F.
Clark, DeM1S R. & Betty J.
Fox, Jason S. & Roberta S ..
Levy, Ben
Dowley, Mark W. & Mary
Sickel. Edward T. III &
Katharine 6.
Mcintee, Peter J. & Barbara
3-8-41 1520
3-8-42 1530
3-9-14 1531
3-9-13 1545
3-8-3 1556
Hamilton
3-7-32 1115
3-19-33 1116
3-7-31 1117
3-19-38 1140
3-7-26 1145
3-19-40 1156
3-18-17 1211
3-8-13 1255
3-8-12 1285
3-20-10 1340
3-19-38 1415
3 ... 11 .. 55
3-11-55
3 ... 11 .. 68
3-10-33
3-6-34
3-6-27
3-16-17 3 .. 7 ... 53
1437
1441
1445
Southvood
165
Maple
445
460
Palm
418
419
EXHIBIT A
(1)
5740
2140
3390
2965
2615
$1740
1715
3665
2565
3065
1665
2340
2715
3390
1740
1540
2240
2565
5015
$1915
$2290
1890
SD40
3440
5 yrs. 10 yrs.
$1315
3515
1365
1365
2215
2940
2240
5740
2140
3390
2965
2615
$1740
1715
3665
2565
~s
1665
2340
2715
3390
$1740
15.;J
2240
2565
5015
$1915
$2290
$1890
S3040
3440
·.
Lincoln
Moore. Lwrenio:e 3-8-1 1280 $2590 $2590
Gooda:-d, Allen M. & Ellen 3-7-57 1353 2840 2840
Crescent
Treble,. Cht'istopher J .. 3-9-12 l $2590 $2590
Nancy B.
~aley, R. J. & Sallie 3-9-26 24 2465 2465
Fry,. Gary A. & Karen 3-9-28 50 2515 2515
Williams,. James A. & 3-9-30 80 2867 2867
Sandra L.
W. Crescent
Lender-king, Virginia 3-8-38 515 $2415 $2415
Atkinson, Sterling K. & 3-8-37 525 2365 2365
and Dorothy G.
Kral,. LaWM!nte J. & 3-8-11 580 2540 2540
M.-gdalen M.
Center
Mitche 11, David 3-S-2i 526 $1840 $1840
Adler, Jacques M. a. Carl S. 3·-10-18 531 2540 $2540
Dawson. Richard Ct & 3-8-23 534 2265 2265
Pricilla s.
Ale1.ander-Frutsch1, Louis 3-10-17 543 2290 2290
& Marian
Brandt, Jil9e5 A. & Linda 3-8·25 560 3665 3665
Love, William S. • Irene 3.S-26 570 2440 2440
Northway, W1111ara H. ' 3 ... 10-14 513 5015 5015
L1nda L.
Doming, Blake Ii Mary C. 3-10-13 587 2090 2090
8ened1ct, Rita A. 3-8-29 590 2540 2540
Mcifu9h,. Jnes J. • Marye nen 3-10-12 593 1140 1140
E. Crescent
Spaulding. Albrt T. • 3-10-25 541 $2365 $2365
.JHnne M. McElyea, J. R. & Ann K. 3-10-7 566 2140 S2140
&trand, '*'8s F. 3-10-9 590 1990 1990
ls1..-.1
Reynolds, R1chard (Trustee) 3-11-8 111 $2465 $2465
Birktn. KeWteth & Cathy 3 ... 11-7 123 2715 $2715
C1rey, Scott 3·11-6 155 3015 3015
Crawford, Roy E. Ii Lynn 3-11-5 175 3815 3815
Edgwood
St:ltzer. Ronald A. •Adele 3-11-4 1422 $2665 $2265
Mewurker. Rudiger r. Les 1 3 ... 11-36 U44 2165 2165
TOTAL !152,687 $191360 S1331327
59
Bond Numbers
{Inc lus 1ve}
1
2-12
13-24
25-38
39-53
54-70
71-83
84-98
99-115
116-133
134-153
e
CITY OF PALO ALTO
UNDERGROONO UTILITIES CONVERSION
IJtDERGROUNO UTILITY ASSESSMENT DISTRICT r«>. 23
$152, 687 IMPROVEMEKT BONDS, SERIES P
Total
Principal
Denomination Amount
$687 .oo $687 .00
$1,000.00 11,000.00
$1,000.00 12,000.00
Sl,000.00 14,000.00
$1,000.00 15,000.00
Sl ,000.00 17,000.00
Sl,000.00 13,000.00
Sl ,000.00 15,000.00
$19000.00 17,000.00
$1,000.00 18,000.00
Sl,000.00 20.000 .oo
EXHIBIT •a•
Maturity
Date
~11..Jl
1984
1984
1985
1986
1987
1988
1989
1990
199!
1992
1993
. . . . .
UNITED STATES OF AMERICA
•
STATE OF CALIFORNIA COONTY OF SANTA CLARA
BOND r«l. R-1
IMPROVEMENT BONO
CITY OF PALO ALTO
UNDERGRCllND UTILTIES CONVERSION
UNDERGROUND UTILITY ASSESSMENT DISTRICT t(). 23
SERIES P
$152,687
Under and by virtue of Bend Plan B. Section 13.16.110 of the Palo Al to
ftlnicipal Code, anaiogous to the Improvement Bond Act of 1915, Division 10 of
the Streets and Highways Code, the City of Pa lo Al to, State of Ca lifomi a,
will, out of the redenJ,>tion fund fer the payment of the bonds issued t.i>On the
unpaid portion of the assessments made for the acquisition. work and
improvements imre fully described 1n the proceedings taken pursuant to
Resolutior. No. 5928, A Resolution of Intention to knend Section 12.16.0ZO of
Chapter 12.16 of Tit le 12 of the Palo Al to ft.micipal Code by Establishing
Underground U4:i1ity District #23, adopted by the CouncH of said City on the
22nd day of July, 1981, pay to the City Treasurer of THE CITY OF PALO AL TO, or
registere:i assigns, the sum of
ONE HUNDRED FIFTY TWO TOOUSAND
SIX HUNDRED EIGHTY SEVEN DOLLARS ($152~687}
being the aggregate of the principal amount of the bonds herein specified, in
installments of the principal amount, on the dates, as followi:
Principal
Insta llm..5\ts
$ 11.687 .00
$12,000.00 .
$14,000.00
$15,000.00
$17.000.00
$13,000.00
$15,000.00
$17 .ooc .. oo
$18,000.00
$~,000.00
Insta 1 lment
Due oat~
(July 2)
1984
198S
1986
1987
1988
1989
1990
1991
1992
1993
with interest on the unpaid principal balances thereof fran the date hereof at
the rate of Ten and 95/lOOths percent (10.951) per annum, all as is
hereinafter spw:ified, and at the office of the Treasurer of said City. All
payments of pr'inc1p.al shall be entered on the •Schedule of Payments" hereto
attached and made a part hereof by reference.
This bood is 1uued under said la~ for the purpose of providing runs
for paying fer the acquisition, ~ork an::i i~rovements described ~n said
pro:"'eedings, and is secured by the imneys in said redemption fund !Jwd by the
unpaid port101 of the assessments made fer the payment of said acqu1s1t1on.
wrk and iqJrovements. and. frcluding priRC1pal and interest, 1s payable
exclusively out of said fund.
The fnterest is payable come"IC1ng an the second day of January, 1984.
&n:I semiannually thereafter on thP. second days of July and January. :n terest
EXHIBIT -c•
(1)
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w111 cont1 nue to be payable ai any balance remaining unpaid on any installment
due date at the rate above stated; provided there is not sufficient money in
sa 1d redempt1 on fund to pay any such insta 1 lment m its due date. subject to
the terms of the resolution providing for the issuance hereof.
Both principal and interest shall be paid to the registered owner hereof
by check or "arrant mailed to the address entered in the book maintained by
the Treasurer for the registration and vansfer of this bood, except that the
final installment due hereon will be paid only upon the surrender of this bond
to the Trea~urer.
The principal of this baid may be redeem~ and paid in advance of
maturity upon the second day of January or July in any year by giving the
notice provided in said law and by paying princiral and accrued interest
together with a premium equal to five per centum of the pr;ncipal.
This bCl'ld shall not become valid or obligatory far any purpose lllti1
registered as to principal and interest in said ~gistry book am in the space
provided on this bmd. This bood may be transferred by the registered owner,
in perscn or by duly author1zed attorney in wr1t1ng. upon surrender of this
bond for registratiai of such transfer, together with a ooly executed written
i nstrurnent of transfer in f onn approved by the Treasurer. No transfer sha 11
be valid t11tn entered in said book and endorsed upon this bond.
Any holder of this bond subsequ1nt to its original holder is hereby
pl~ed cr1 notice of all pa.Yfelt t.'f both principal of and interest an this bond
prior to its transfer to such hold~ ... ard all subsequent holders hereof hereby
acknowledge that they have ascertai1:-?d the actual unpaid principal aroount of
this bond as of the date of transfer t..." them and hereby release the City frotri
all obligation as tc all principal and interest paid by the City prior to such
date.
This bood ma.y be exchanged for coupon bmds, of denominat.ions, and in
the manner f!t forth in the resolution providing for the issuance hereof.
IN WITNESS WHERECF, said City of Palo Alto has caused this baid to be
signed by the Treasurer of said City and by it.s Clerk, and has caused ;ts
Clerk to affix hereto its official seal, all as of the 2nd day of December,
1982.
Treasurer Clerk
* * * * * .,,
This bond 1s registered in the naae of the registered owner last entered
below and both the principal of and interest en this boid re payable olly to
such owner.
Note: Ho W"itins1 below except by the Treasurer.
Dite of
Registry lillle mid Address
of Registered Owner
EXHIBIT -c•
(11)
Signature of
Treasurer