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Home My WebLink AboutRESO 5885' •••• e ORIGINAL llESOLUTIOR 1'0. 5885 A ll!SOLUTtOft AM!1'D11'C RESOLUTION RO. 5874 EMTITLED "A BSOLUTIOlt DETERMINI1'G UNPAID ASSESSMENTS AND Yi<WIDIRG FOR ISSUANCE OF BONDS UMIJE:llf;ROUMD UTlt. I TIES COHVERS 10'1 U!n)EtlCtlOCRD U"tlLIT'l ASS.ESSMENT DISTl.ICT NO. 20" 1IESOLVED, by the Council of the City of Palo Alto, California, that the Resolution set in the title, adopted by this Council on February 2, 1981, is amended in the following particulars: 1. Section 2 of said R.esolutio~ i!I aaended by adding the following ··, or as &. single bond fully registered as to principal al!"l iutereat in the name of the City Treasurer of the (h::r ~r. i'."alt.. Altt.r. nuabe·ce.d "R· 1" and cf che denosinar.ion of ~~·~,~82.?~. The total principal amount of su~h fully A.egittered bond shall be payable in installmentit in the aaouuts aoo on the dates ·set forth in said Exhibit·B.11 2. Sec d.~ S of saia Resolution is amended by adding the fol lowing addii:ional para&reph thereto~ read~ ''The fully registered bond shall be substantially in the tora set ""'r.tb in Exhibit "C-1" attached hereto and incorporated herein .by refereuce, the blank spaces thereha tc he·: fill.ed ir. to confora ·to the provisions of thie Resolution." 3w 'J'h~ fint pa-ragraph of Section 12 of said llesolution is amended to ~•ii. lledeaptiun · Prior· to MatUt'itI• Each bond OUt•tar.:dinj .. y be redeemed in whole or in part and paid in ad•ance of .. turity upon tbs second da7 of .Janua.r:; or July h. ~" jc~ by giving at least 60 days notice and by payiua the principal amount thereof to be redeemed toaetber with a preaiwa equal to SI of aucb principal plus interest to the date of advu'!ed .. turity, unleea aooner ~urt'endered, in which event eaid interest will be paid. to the elate of payaent, all in the .. nntr and aa PTO•ided in Bond Plan .... 4. 'l'he fora of Exhibit C-1 to be attached ':o said le1olution pursuant to this -endatory Reeolution ia hereto attached and incorporated herein by referenc..:. **'k****** • • I hereby certify that the foreaoina ie a full, true and correct copy of a re1olution duly pas•ed and adopted by the CQUncil of the City of Palo Alto, California, at a meeting thereof held on the -1_. ~ay of March , 1981, by the following vote of the aember• thereof: AYES, and in favor thereof, Councilmembers: Bechtel, Eyerly, Fazzino, Fletcher NOES, Counc i lmembera: None ABSENT, Councilmembers: Henderson APPROVED: ~<~&tb--c Hay Jr APPROVED:/ Klein, Levy, Renzel, Witherspoon ~~~~4==~/~~. BOnd~l 2 • FULLY REGISTERED BOND FORM. The single fully registered bond issued in lieu of coupon bonds shall be substantially in the following form: UNITED STATES OP AMERICA STATE OP CALIFORNIA COUNTY OP SANTA CLARA BOND NO. R-1 IMPROVEMENT BOND CITY OF PALO ALTO UNDERGROUWD CONVERSION PROJECT UNDERGROUND UTILITY ASSESSMENT DISTRICT NO. 20 SERIES M $63,282.25 Under and by virtue of Bond Plan B, Section 13.16.llO of the Palo Alto Municipal Code, analagoua to the Improvement ~ond Act of 1915, Division 10 of the Streets and Highways Code, the City of Palo Al to, State of California, will, out of the redemption fund for the payment of the bonds issued upon the unpaid portion of the . assessments made for the acquisiti o:.i, work and improvements more fully described in the · proc.;;edin.gs taken pursuant to Resolution No. S678, A. Resolution of Intention to Amend -.Section 12.16.020 of Chapter 12.16 of Title 12 of the Palo_. Alto Municipal Code by Eau.blisbing Unde1ground Utility i'iotric:t. '#?O.,·. ;.adapted by the ·Council· of said ·City on the 30th day of AprH, 1919·, · pay to City Treasurer of THE--ClTY OF PALO ALTO, or registered assignsi the sum of SIXTY THREE THOUSAND TWO HUNDRED EIGHTY TWO ARD 25/100 DOLLARS ($63,282.25), being the aggregate of the principal &mount of the bonds herein specified, in installments of the principal amount, o~ the dates, a3 follows: Principal inatallmentfi ----__ ... l1 l82.2S 10.000.00 12j000.00 13j000.00 14t000.,0C 14,000.00 .. Installment Due Date (July 2) 1982 1982 1983 1984 1985 1986 with interest Ot& the unpaid prinicpal balances th'ereof froe the date hereof at the rate of seven and 5/100 percent (7 .05%) per annUJ11, all as is hereinafter specified~ and at the office of the Treasurer of said City. All payments of principal shall be .entered en the "Schedule of Payments" hereto attached and made a part hereof by reference. Thia bond ia iasued under said law for the purpose of providing means for paying fot: the acquisition, vorlt and improvements described in said proceedings, &lid is •ecured by the moneys in said redemption fund and by the unp•id portion of the aueesments made fo-r the payment of said acquisition, work and improvements, ·and, including principal and interest, ia payable exclusively out of said fund. Thft interert b payabl: ... CO'mlencillg on the second d•y of ~anuary, 1982, and semiannually thereafter on. the se<"ll)n(I days of July ·c.~-.d January.· Intereat will continue to be payable on any balance remaining unp•id on any installment due date at the rate above statedJ provided-there ia not sufficient •oney in said redemption fund to pay any such intatallaent on its due date, subject to the termJ of the reaolution providing for the issuance hereof. EXHIBIT "C-1" • Both principal and interest shall be paid to the registered owner hereof by check or warrant mailed to the address eratered in the book maintained by the Treasurer for the registration and transfer of this bond, except that the final installment due hereon will be paid only upon the surrender of this bond to the Treasurer. The principal of this bond may be redeemed and paid in advance of maturity upon tbe second day of January or July in any year by giving the notice provided in said law and by paying principal and accrued interest together with a premium equal to five per centum of the principal. This bond shall not become valid or obligatory for any purpose until registered as to principal and interest in said registry book and in the space provided on the back of this bond. This bond may be transferred by the registered ovner, in person or by duly authorized attorney in writing, upon surrender of this bond for registration of such transfer, togethe~ with a duly executed written instrum>!nt of transfer in form approved by the Treasurer. No transfer shall be valid until entered in said book and endorsed upon the back of this bond. Any holder of this bond subsequent to its· original holder is hereby placed on notice of all payments of both principal of and interest on this bond prior to its transfer to such holder, and all subsequent holders hereof hereby acknowledge the.t they have ascertained the ·actual unpaid principal amount of this bond as of the date of transfer to them and hereby release the City from all obligation as to all principal and interest paid by the City prioY-" to su<"h date. · This bond may be exchanged for coupon bonds, of denominations, and in · the manner set forth in the resolution providing for the issuance hereof. IN WITNESS WHEREOF, said City of Palo Alto has caused this bond to be signed by the Treasurer of· Hid City and by its Clerk, and has caused its Clerk to affix· hereto its otficial seal, all as of tbe second day of March, 1981. Treasurer Clerk (SEAL) REGISTRATION FOKH. The form of endorsement for regiat.ration on the registered bond shall. be substantially as follows: This bond ie registered in the naae of the registered owner last entered below and both the principal of and interest on this bond are payable only to i:uch OW11er. Note: Ro writing below except by the Treaaurer. Date of Registry Bame and Addreas of Registered Owner EXHIBIT "C-1" (ii) Signature of Treasurer Princip•l Payments Amount Date SCHEDULE OF PAYMENTS OM FULLY REGISTERED BOND Principal Balance EXHIBIT "C-ltt (iii) Signcture of Treasurer