HomeMy WebLinkAboutRESO 5874. ...-· .\ ..
RESOLUTION NO. 5874
A RESOLUTION DETERMINING UNPAID ASSESSMEMTS
ARD PROVIDING FOR ISSUANCE OF BONDS
UNDERGllOUND UTILITIES CONVERSION
UNDEllGROUND UTILITY ASSESSMENT DISTRICT NO. 20
ORIGINAL
RESOLVED, by the Council of the City of Palo Alto, California, that
WHEREAS, this Council did on April 30, 1979, pass and adopt its
Resolution No. 5678, A Resolution of Intention to Amend Secticn 12.16. 020 of
ChapteT 12.16 of Title 12 of the Palo Alto Municipal Code by Establishing
Underground Utility District #20 relating to the acquisition and cons.truction
of public improvements under and pursuant to the provisions of the Palo Alto
Municipal Code;
WHEREAS, the ownere of certain properties have exercised the option
offered in said Resolution and in Section U.16.092 of said Code, to pay the
cost over a period of years with such obligation secured by special
assessments, and a lidt of all assesSDents which remained unpaid has been made
and filed with the City Treasurer; and
WHEREAS~ this Council duly considered said list and determined that the
same was an accurate stateaent thereof;
HOW, TBEUFORE, IT IS HEREBY ORDERED, as follows:
1. List of Unpaid A111seuments. That the assessments now remaining
unpaid are as shown on said list and on Exhibit "A0 attached hereto and by
this reference made a part hereof, that the aggregate amount thereof is
$63,282025.
2. taeuance of Bonda. Bonds in the aggregate principal amount of
$63,2b:.:t5 shall be issued as hereinafter p:covided upon the security of said
unpaid assessments in accordance with the provisions of Bond Plan B~ Section
13.16.110 of the Palo Alto Municipal Code, analagoua to the Improvement ~ond
Act of 1915 (Division 10 of the Street and Highways Code) and under and
pursuant to the provisions of said Resolution of Intention and the proceedings
thereunder duly had and taken. Said bonds shall be known ae 111aproveaent
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Bonds, City of :?alo Alto Underground Utili.ty Asses8'11lent District No. 20,
Series , n and shall be dat~d March 2, 1981. Said bond• shall be issued
as coupon bonds, registrable ae to principal and interest or as to principal
only, be numbered and of the denominations and mature in the amounts and on
the dates set forth in Exhibit "B" attached hereto and by this reference lllade
a part hereof.
3. Interest. Said bond a shall bear interest from their date at the
rate of 7.05% per annum, computed pursuant to Section 12.16.096 of said Code,
payable coaaenc:ing on January 2, 1982, and semi~nnually thereafter on July 2
and January 2 of each year to maturity.
Each bond will continue to bear interest after maturity at the rate
stated therein, provided it is presented at maturity and payment thereof is
refueed on the sole ground that there is not sufficient money in the
redemption fund with which t:> pay game; if it is not p!'esented at mat11rity,
iuterest thereon will run only until maturity.
4. Payable. The principal of and intet'est on said bonds shall be
payable in lawful money of the United States of America at the off ice of the
City Treasurer, City Rall, Palo Alto, California. Principal and interest on
any fully registered bonds and principal on any bonds registered as to
principal only shall be paid to the registered owner by check or warrant
mailed to the address entered in the registry book provided for herein.
S. Pora. 11ae coupon bonds, the. registration endorsement thereon and
the coupons to be attached to auch bonds shall be subJtantially in the forms
set forth in hhibit "C" attached hereto and incorporated herein by reference,
the blank spaces therein to be filled in to confot"ll to the provisions of this
resolution.
6. !ncution. 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, and the
coupon.a attached to the coupon bonds shall be executed by the Treasurer whose
signature aay be reproduced on the bonds and on the coupons by engraved,
printed or lithographed facaiaile thereof, and the official seal may be placed
on the bonds in like manner; such signing and aealing shall constitute and be
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a sufficient and binding execution of each and every one of eaid bond• and of
any coupons thereof, respectively.
If any officer whose signature apeare on the bonds or on any coupons
thereon ceasee to be such officer before the delivery of the bonds to the
purchaser thereof, such signature ehall be as valid as if such officer had
remained in office until the delivery 01 the bonds.
7. Preparation and Delivery of Bonda. The Treasurer is hereby directed
to cause said bonds to be prepared in accordance with this re.solution and to
deliver same upon their completion and execution to the purchaser thereof,
upon receipt of the purchase price therefor, and upon the performance of the
conditions contained in the accepted bid for the bonda, as determined by this
Council.
8. Proceeds of Sale of Bonds. The proceeds received from the sale of
the bonds, including any premium, shall be placed in the fund for tbe
acquisition and/er construction of the project (herein the "Improvement
Fund"), except that any interesi: accrued froa the date of the bonds to the
date of delivery thereof shall be placed in the redemption fund provided for
herein. All moneys in the Improvement Fund shall be withdrawn only upon
checks or warrants of the City, and shall be ~pplied exclusively to the
paT-Dent of the coat of the acquisitions and/or improvements described in the
proceedings herein referred to, as now or hereafter amended or changed, and
all expenses incidental thereto, or in reimbursement of City funds expended
therefor. Any surplus remaining after payment of alt costs and all legal
charges, claU.. and expenses shall be used as eet forth in said proceedings.
9. Redemption l'und. nie Treasurer shall keep a redemption fund
designated by the naae of the bonde, into which shall be placed any accrued
interest and all sums received from the collection of unpaid assessments
provided for in Section 11 hereof, and of the interest and penalties thereon,
and froa which fund diaburaeaent shall be made to pay the principal of the
bond• and the interest due th0reon.
10. Bond R.agister. The Treasurer shall keep or cause to be kept a
register shoving t~ aerie1, ~umber, date, amount, rate of interest, the last
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\nown holder of each bond, and the number and amount of each inter~st cnupon
paid. '11le Treasurer shall cancel or cause to be canceled each bond and coupon
paid.
11. ~ollection of Unpaid Asaeaaments. 'nte unpaid assessments shown on
uid 1i1t, together vitb the interest thereon, shall be payable in annual
••rie• correaponding in nuaber to the number of serial maturities of the bonds
baued. An .e.nnual proportion of each unpaid assessment shall be payable in
each year preceding the dat~ of maturity of each of the several series of
bond• ileued, 1uff icient to pay the bonds when due, and such proportion of
eac'h unpaid aHeumettt cosing due in any . year, t; ... gether with the annua 1
intere1t thereon, shall be payahl~ in the same manner and at the same time and
in th6 aame installments as the general taxes of the City on real property are
payable, artd become delinquent at the aame time~ and in the same proportionate
aw.aunt• and bear the same proportionate penalties and interest after
delinquency .as do the general taxes on real property within the City. All
8"99 received from the collection of said unpaid asseHments and of the
intere•t and penalties thereon sh~ll b~ placed in the r~demption fund provided
for herein.
12. ~deaption Prior to Maturitz. Each bond outstanding may be
redeeaed and paid in advance of maturity up011 th~ second day of January or
July in any year by giving at lea~t 60 days notice and by paying the principal
uaouat thereof together with a premium equal to 5% of the principal plus
int•re•t to the date of advanced maturity, unless sooner surrendered, in which
event ••id iot•l'e•t will be paid to the date of payment, all in the mAnner and
•• provided in Bond Plan G.
'lh• T'r•a•urer 1ball call fgr redemption and retire bonds upon prepayment
of ••••• ... nta in ..,unc1 sufficient therefor, or whenever sufficient surplus
funda are •••ilable therefor in too redeaption fund. In selecting bond~ for
retil'e!lent, the lowe1t nuabe~ed bonds of the various annual llUlturities shall
be choa~n. pro rata in a mauer intended to disturb as little as possible the
relation1hip of uapeld aa1ea ... at1 to bonds outatauding.
13. leabtracioo look. An appropriate book •hall be kept in the
offiaa of the Pa1ta1 Aseat, ae bood reai•trar, ahowing at all times what bonds
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are regiatered and in whose names, and, upon pusentaticn of the bonds for
eueh purpoee, the Paying Agent shall, and under such re•sonable regulations as
the Paying Agent may prescribe, register or transfer or cause to be registered
or transferred, in said registry book, the bonds as herein provided.
14. Registration and Transfer of Coupon Bonds. Each coupon bond herein
authorized may be registered a.t to both principal and interest or as to
principal only, upon the written request of the holder and upon presentation
of the bond to the Paying Agent for such purpose.
(a) PriE.£_~pal and Interetit. When a coupon bond is presented for
registration as to both principal and interest, the coupons shal 1 be removed
th~refrom and canceled (or preserved in a place of safekeeping, at the option
of the Paying Agent), and the number of the bond, th~ naae and address of the
holder in whose name it is to be registered, the date of such registration and
a notation that the b¢nd is registered as to both principal and inerest shall
be entered in the registry book, and appropriate endorsement thereof shall be
made by the Paying Agent in the space provided therefor on the back of the
bond. Until such registration is discharged as hereinafter provided, the
interest when due shall be payable only to the registered owner and the
principal when due shall be payable only to such owner upon surrender of the
bond to the Paying Agent.
{b) Principal Only. When a coupon bond is presented for registration
as to principal only, the entries specified in the preceding paragraph shall
be .ade in the registry book and on the bond, except that a notation in said
book and on said bond shall indicate that the bond is registered as to
principal only. In such case, the coupoua remain negotiable and transf~rable
by delivery and shall not be reatved from the bond. Interest on such bond
a ball be paid to er upon the order of the per con presenting the coupons for
payaenti principal, however, shall be paid only to the registered owner upon
•grTender of 1ueh bond to the '•ying Agent.
(c) Transfer. A registered coupon bond may be tre:.isferred only by the
registered owner, in per1on or by attorney duly a11tborized in writing, by a
written instrument of tr&1l1fer in fora accept~ble to the Paying Agent. and by
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the Paying Agent endorsing such transfer on the bond and in the reghtry
book. No transfer shall be required to be made during the fifteen (1S) daya
next preceding an interest pa)'llU!nt date.
(d) Discha~ge from Re1istration. A registered coupon bond may be
discharged from registration upon vritten request of the registered owner. In
euch case, the Paying Agent shall transfer the bond to bearer by appropriate
endorsement on the bond and in the registry book, cause all unmatured coupons
that have been removed from the bond to be reattached to the bond (such
coupona to be reprinted, if necessary), and deliver the bond and coupons to
the owner, ard thereupon negotiability and transferability by delivery shall
be restored.
{e) B.eregistration. Co·i.lpon bonds that have been discharged from
regia~ration are subject to successive registrations and transfers in the
m&ftner heretofore provided.
(f) Charges. 'nle person requesting ~egistration, transfer or discharge
from registration of coupon bonds shall, as a condition precedent to the
exerciH of such privilege, pay the reasonable charges of the Paying Agent
therefor, if any, including any cost of reprinting the coupons and any tax or
other governaental charge required to be paid with respect thereto.
15. Ron-Arbitrage cOvenant. The City hereby covenants with the -holders
of the bonda that it will .. ke no use of the proceeds of the bonds at any time
during the tera thereof llhicb, if such use had been reasonably expected on the
date the bollda were iaeued, would have caused the bonds to be arbitrage bonds
within the me&ning of Section 103(c) of the Internal Revenue Code of 1954, as
a.end•d, Alld the Teaporary and Proposed Treasury Regulations promulgated
thereunder.
16. Certificate •• to Ron-Arbitrage. On the basis of the facts,
estimates and circGaatanc•• now in eziatence and in existence on the date of
i••ue of the bonds, aa dete~iued by the Treasurer, said Treasurer is
authorized to certify that it ii llOt expected that the proceed• of the issue
will be used in a .. aaeT that would cauae such obligations to be arbitrage
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bonds. Such certification •hall be delivered to the purchaser at the ti• of
delivery and payment for the bond•.
17. Certified Copiea. The City Clerk shall furnish a certified copy of
this resolution to the Treaaur~r and to the Control !er of Santa Clara County
and to the Paying Agent.
* * * * * * * * * *
I hereby certify that the foregoing is a full, tru1! and correct copy of
a resolution duly passed and adopted by the Council of the City of Palo Alto,
California, at a meeting thereof held on the 2 day of February , 1981,
by the following v~te of the members thereof~
AYES, and in favor thereof, Council111em:ber1: Bechtel, Eyerly, Fazzino, Fletcher,
NOES, Councilmemhera: None Henderson, Levy, Ren,el, Witherspoon
ABSENT, Counci lmembers: None
NOT PARTICIPATING: None
City Clerk
APPROVED:
~ ;,4.,, A a ,,>=, -Mayor
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LIST OF UNPAID ASSESSMENTS
CITY OF PALO ALTO
UNDERGROUND UTILITIES CONVERSION
UNDERGROUND UTILITY ASSESSMEMT DISTRICT 'RO. 20
OWNER
Albert F. & Janet A. Antolick
Philip De Brincat
Barbara Bolitho & Leonard Weisberg, et al
M. Pamela Walker. et al Walker, Trustee
Bernice Chrf stensen {Nordstrom)
William J. & Wanda M. Boyle
John L. & Constance Hyde
Mary A. Kushnick
Mary Martin
Roger W. Holliday et al, Rhoan, Janice M.
Richard A. & Ann C. Peters
Roy & tlancy Ginsberg
Elizabeth Wing
Frieda t. William H. Brams
Paul Watzl awick
Klaus & Gertrudis E. ·Eichstadt
Thomas A. & June H. Souza
Herbert C. & Sinclare N. Browne
Richard C. & Patricia N. Weaver
Mrs.·B. DeMattos (Silveira)
Robert & Sheila Lewis
Pedro & Mary Marcal
Patricia Hiss
Thomas & Carolyn Reese
Ti110thy & Lorinda Reichert
June M. Judge
John & Helene Fried
James & Marilyn ~ogh11n
Samuel & Kay Mf ffat
Robert B. & r 4 ngs1ey Jack
James & M .... cia French
George & Susan Richardson
Phfllfp ~Sara Salsbury
Gerald & Miriam Friedland
EXRIB!T "A"
PARCEL HO.
3-22-01
3-27-40
3~27-42
3-27-36
J .. 27-35
3-27-26
3-27-24
3-Z7-37
3-27-28
3-27-29
3-27-23
3-27-19
3-27-49
3-27-50
3-27-51
3-27-32
3-27-30
3-27-18
3-27-56
3-27-59
3-20-46
3-27-62
3-27-69
3-27-9
3-27-10
3-22-51
3-27-3
3-22-50
3-22-49
3-27-72
3-22-45
3-27-13
3-22·43
3-22-40
PRINCIPAL
$ 898.00
898.00
938.00
898,00
840.00
898.00
540.00
938.00
938.00
898.00
1,276.10
898.00
890.00
938.00
938.00
915.00
990.00
690.00
710.00
898.00
898.00
938.00
938.00
1,477 .oo
898.00
898.00
938.00
1,332.45
898.00
938.CO
1.300 .. 60
938.00
900.00
1,330.00
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OWNER
Peter F. McElroy
William & Carolyn Reller
John S. & Bette J. Stephens
Joseph & Jane Reber
Frank & Margaret Morrow
Brooks & Virginia Wilder
Marilyn Williams & Billy Ficklin
Dr. Hunter & Mrs. Ann Little
Marc F. & Sophia M Abramson
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David & Anne M. Steinberg
P. H. & Barbara Pande
Harry & Harriette Glaze
Mallory A. Combs
Eliot D. & Sondra Klugman
Kenneth & Harde Ross
Wfl 1ia11 & Winifred Forse
John P. & Kathleen Kelley
Robert & Kathleen Luchini
Michael & Gwendolyn Barry
E. Gilbert & Sally M. Ellenberger
Robert & Elizabeth Meltzer
Charles & Mary Schmitt
H. P~ & Phy-llis ·sherlock
Harold & Iris Korol
Glenn & Nancy Mueller
Roy F. & Joan M Gray
Jeffrey & Lucy Stack
Homer B. & Helen L. Thompson
Jackson P. & Sue Greenwood
Willia• & Janet Preston
Gabrielle & William Kartozian
Warren & Jane Higgins
Belson & Belen Weinateia
Total
PARCEL NO.
3-22-42'
3-22-41
3-27-15
3-27-16
3-22-23
3-22-32
3-22-19
3-22-18
3-22-37
3-22-39
3-20-49
3-20-45
3-20-48
3-22-10
3-22-11
3-20-27
l~20-26
3-20-30
3-20-25
3-20-31
3-20-24
3-20-23
3-20-22
3-20-20
3-20-36
3-20-34
3-20-39
3-20-17
3-20-40
3-20-3
3-20-6
3-20-3
3-27-68
PRINCIPAL
$890.00
938.00 ..
915.00
898.00
938.00 .
898.00 '
1,276.10· ..
898.00 :.
840.00
590.00
898.00
938.00
760.00
990.00
938.00
898.00
938.00
938.00
938.00
938.00
1t330.00
938.00
938.00
898.00
938.00
990.00
938.00
890.00
898.00
938.00
898.00
938.00
$63,282.25
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lond Numbers
(Inclush,.e)
l
2-11
12-23
24-36
37-50
51-64
CITY OY PALO ALTO
tnmERG&OUM> UTILITIES CO!tVD.SIOW
UllDEllGROUllD UTILITY ASS!SSME1'T DISTRICT 1'0. 20
$63, 282. 25 lMPIOV!M!RT BONDS, SEJ.U:S _
Total
Principal
Deno.ination Aaount
$ 282.2.5 $ 282.25
l ,000.00 10,000.00
1,000.00 12,000.00
lt000.00 13,000.00
1,000.00 14,000.00
11000. 00 14,000.00
EXHIBIT "B"
Maturity
Date
July 2, 1982
July 2, 1982
July 2, 1983
July 2, 1984
July 2, 1985
July 2, 1986
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BORD FORM. The bO!ld• eha11 ~ 1ub1t•ntially in the following forai
URtTED STATES or AMD.tCA
STATE OF CALIFOUIA COURT'l or SARTA CLARA
BOND RO.
IMPBOV!ME'RT BORD
CITY OP PALO ALTO
UHDERGROUJro COll'!EB.SION PROJECT
tnmER.CROUND UTILITY ASSESSMENT DISTRICT RO. 20
SERIES
$ -------
Under and by virtue of Bond Plan B, Section 13.16.110 of the Palu Alto
Municipal Code, analagous to the Improvement Bond Act of 1915, Division 10 of
the Streets and Highways Code, the City of Palo Alto, State of California,
will, on the second day of July, , out of the redemption fond for the
payment of the bonds issued upon the unpaid portion of the assessments made
for the acquisition, work and improvements more fully described in the
proceedings taken pursuant to Resolution No. 5678, A Resolution of Intention
to Amend Section 12.16.0?.0 of Chapter 12.16 of Title 12 of the Palt> Alto
Municipal Code by Establishing Underground Utility District #20, adopted by
the Council of said City on the 30th day of April, 1979i pay to bearer (or, if
this bond is registered as herein provided, to the registered owner hereof)
the sum of
Dollars ($ )
~-~-~~~~~~----~~~~~-
with interest thereon from the second day of March, 1981, at the rate of seven
and 5/100 percent {7 .05%) per annum, all as is hereinafter specifi~d, and at
the office of the Treasurer of said City.
This bond is one of several annual series of bonds of like date, tenor
and effect, but differing in amounts and maturities, issued by said City under
said law for the purpose of providing means for paying for the acquisition,
work and improvements described in said proceedings, and is secured by the
moneys in said redemption fund and by the unpaid portion of the assessments
made for ,.he payment of said acquisition, work and improvemeuts, and,
1ncluding pYincipal and interest, is payable exclusively out of said fund.
The interest is payable semiannually, to wit: On the second day of
January and July in each year hereafter, upon presentation of the proper
coupons therefor; provided, that the fir•t of said coupons is for the interest
to the second day of .January, 1982, and thereafter the interest coupons are
for the semiannual interest.
Thia bon.,11 will continue to bear interest after maturity at the rate
a~ve stated; provided, it ia presented at 11aturity and payment thereo~ is
refused upon the sole ground that there is not sufficient l80ney in said
redeaption fund with which to pay same; if it is not presented at maturity,
interest thereon will run until maturity.
This bond may be registered as to principal and interest or as to
principal only, vi.th the privilege of transfer, discharge froa registration
and aucceesive registration, upon written request of the owner and
presentation of the bond to the Treasurer, who shall be the Registrar
therefor, and paya-ent of the charges, if any, all as set forth in the
resolution providing for the issuan~e hereof.
EXHIBIT 11C"
'~ :: ~· ::__· ""'-'-_:_~·~-i:-:~. ·..:..;::-:_:· c·:.:~:::::~:_/ :;,...··;;;.:~.:.· ,;,;·'.;.,;·-:-;;;,·'· :.· _____________________ ..
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Thh bond aay be ndeeaed and paid in ad'/ance of maturity upon t'!te
aecond day of January or July in any year by g1v1ng the notice provided in
said law and by paying principal and accrued interest together with a premium
equal to five per centua of the principalc
IM WITRESS WHKtl.EOP, eaid City of Palo Alto baa caused this bond to be
signed by the Treasurer of aaid City and by its Clerk, has caused the coupons
attached hereto to be gigned by the Treasurer, and has caused its Clerk to
affix hereto its official eeal, all on the second day of March, 1981.
Treasurer Clerk
(SEAL)
COUPON FORM. The coupons to be attached to the bonds shall be
substantially in the following form:
On the second day of , 19 ------CITY OF PALO ALTO, California, will pay to
bearer the sum hereon (unless the herein
designated bond is redeemed prior thereto)
at the principal office of its Paying Agent,
Bank of America National 1-ust and Savings
Association, in San Francisco, Califor·nia,
as interest on Improvement Bond Underground
U~ilities Conversion, Underground Utility
Assessment District No. 20, Series
Treasurer of the City of Palo Alto
Coupon No.
Bond No.
REGISTRATION FORM. The form of endorsement for registration on the
bonds shall be substantially as follows:
This bond is registered in the name of the registered mnter last entered
below and both the principal of and interest on this bond are payable only to
·such owner, unless registered as to principal only, in which event only the
principal is so payable; provided that this bond may ~e registered to bearer
and thereby discharged from registration and the negotiability hereof restored.
Note: No writing below except by the Registrar.
Date of Type of Name and Address
_ll_e_,.g._i_s_t_r.:.y ___ ,,,,R_e""'',_i_s.,.t_r_a..,.,t_i_o_n..,,* ______ o_f_R_e....,g:;..i_s __ t;ered Owner
PTineipal only
and Interest
Princ1pal only
and Interest
PT1nc1pal only
and Interest
Principal only
and Interest
Signature of
Registrar
*If registreation is as to principal only, strike the words 11and Interest"; if
as to principal and iterest, strike the vord "only".
EXHIBIT "C"
(ii)
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I hereby cer~ify that the foregoing is a full, true and correct
copy of a resolution duly passed and adopted by the Council of the
City of Palo Alto, California, at a meeting thereof held on the 21st
day of _Ma_r_c_h _____ • 1972_, by the following vote of the members
thereof:
AYES, and in favor thereof, Councilmembers: Beahrs, Berwald, Carey,
Clay, Cot1atock, Eyerly, Norton, Witherspoon
NOES, Councilmembers: None
ABSENT, Coun ci lmembe rs : Sher
City alo Alto
Approved: