HomeMy WebLinkAboutRESO 6290------------------·--------------
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. ~ ... ~ -. .. . . 9 ORIGINAL
RESOLUTION NO. 6290
JHHW:SRC:cp 07/06/84 1017S
:cp 07/16/84
A R~SOLUTION PROVIDING FOR ISSUANCE OF BONDS
ANU DIRECTING THE LEVY OF ANNUAL ASSE~SMENTS
TO PAY THE PRINCIPAL ANO INTEREST THEREOF
UNIVERSITY AVENUE. LOT J PARKING
GARAGE ASSESS~lENT DISTRICT
The Cfty Council of the C1ty of Palo Alto does RESOLVE as follows:
Section 1. C\ty of Palo Alto. The City of Palo Alto. State of
Ca11fornfa <11City11 > 1s a charter city, duly organfzed and ex1st1ng under and
pursuant to the prov1s1ons of the const1tut1on and laws of the State of
Calffornfa.
Section 2. Charter City Powers. By the terms of sa1d charter. the C1ty
1s empowered to make and enforce ~ 11 1 aws and regu I at tc .• s 1 n respect to
municipal affatrs. subject only to such restrictions and 11mttat1ons as may be
provided fn said charter and said constftut1on, and to exerc1se iny and all
r1ghts. powers and pr1v1leges heretofore or hereafter estab11she;, granted and
prescribed by any law of the state. sa1d charter, or by any other lawful
authority, whtch a mun1c1pa1 corporat1on 1111ght or could exercise wider said
const1tution. 1nclud1ng all powers not in conflict with !he provtsions of said
charter now or ti.er!af ter granted to general 1 aw ca h s, a.nd where; n 1 t is
provided that the enurr-,rat1on in said charter of any part1culd.r power shal 1
not be held to be exclusive of or any 11m1tatton upon said general grant of
powers.
Section 3. Muntctpal Affair. The acqu1~ltlon. constructton, ownership,
management. maintenance, operation, repair, add1t1on, extension and
improvement of offstreet autoniob11e park1ng fac111t1es for public and prtvate
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purposes and the Issuance of bonds to pay the cost thereof is a municipal
affatr.
Set.t1on 4. Authority. T. .le 13 of the Palo A'ito Municipal Code was
adopted pursuant to the po~er and author Hy vested 1 n said Counc11 by and
under the terms and provisions of said charter, and there are no limitations
in regard thereto expressly or otherwise prov1 ded in sa 1 d charter or in the
Constitution of the State of California, other than Section 19 of Article XVI.
as to wMch full comp11ance has been had by the Council in the proceedings
leading up to the adoption of this resolution.
Section 5. Conditions Satisfied. All acts, c~nd1t1ons and things
required by the constitution and laws of the state of California and the
charter of said City and the Palo Alto Mun\cipal Code to be done, to happen
and to be performed precedent to and in the issuance of the bonds, have been
done. have happened and have been performed 1n regular and due form. time and
manner as required by law. and the Council ts now authorized to issue bonds in
the manner and form as 1n this resolution provided.
Section 6. Issuance of Bonds. Bonds shall be issued 1n accordance wtth
Sectton l3.16.150 of Chapter 13.16 of Tttle 13 of sa\d Code <Bond Plan G> for
the purpose of paying the cost of the acquf sit1on, construction, completion,
repair and f\nanclng of the imprvvements, works and property desc~ibed In the
proceedings had pursuant to Resolution of Pre11minary Oeterminat1on ;-t!"IC: (•f
Intention Ho. 6257 <11ResQlution of lntentton11 >, adopted by this Council on May
21, 1984, shall be 1n the total prtnctpal amount of Ftve M\llton Four Hundred
Thirty Thousand Dollars <$5,430,000>. sha)l be des1gnated 11Ctty of Palo Alto,
Untversity Avenue Lot J Parking Garage Assessment D1strtct Bor:ds of 1984"
<11 the Bonds"> and shall be dated August 2. 1984. The Bonds shall be
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substantially tn the form set forth 1n Exh1b1t 11A11 hereto and h~reby made a
part hereof. Said bonds shall be ts•wed only In fully rer:i1stered form in
denomtnattons of $5000 or any integral multiple thereof.
Section 7. Maturities. The Bonds shall mature serially In the amounts
and on the dates set forth 1 n F)ch i bit 11811 attached hereto and hereby made a.
part hereof. Said Bonds sha 11 be ass 1 gned a separate 1 etter prefix for each
maturity. and within each maturity shall be numbered consecuttvely from l
upwards.
Section 8. Interest. The Bonds shal 1 bear interest at the rate or
rates determ1ned by thts Council at the time of sale of said bonds <not to
exceed twelve percent C12t> per annum, or such higher rate of interest as may
be authorized by app11cab1e law at the time of sale of such bonds), payable
commencing on January 2. 1985, and semiannually thereafter on July 2 and
January 2 of each year to maturity. Each bond shal 1 bear interest from the
tnterest payment date next preceding the date on whtch it 1s authent~t4ted.
unless authenticated on a January 2 or a July 2. 1n which event lt shall bear
interest fr'om such interest payment date. or. unless authenticated prior tc,
January 2. 1985. in which evant it shall bear interest from 1ts date;
prov1ded, however, that 1f at the time of authenticatton interest ts ,n
default, eacr. bond shall bear tnterest front the date to wh\ch: lnter~st has
been paid. Each bond w111 continue to bear interest after matur1ty at the
rate stated therein, provided it ts presented at maturity a~~ pajment thereof
1s refused on the sole ground that there ts not sufficient money \n the
redemption fund w1th which to pay same; if ft 1s not presented at matur\ty,
interest thereon w111 run only until maturity.
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Bidders for the purchase of the Bonds must specify the rate or rates of
1nterest wh1ch the Bonds shall bear. Bidders may bid different rates of
interest irrespective of the maturities of the Bonds, provided, that the
spread from the lowest to the highest rate shall not exceed three percent C3t>
per annum. The rate of interest on any maturity shall not be less than the
rate on any prior maturity. The interest rates stated 1n the bid must be In a
multiple of one-twentieth of one percent Clt> per annum. Bidders shall not be
permitted to cause the inter~st to be split for any single maturity.
Section 9. Callable Bonds. Bonds maturing by thetr terms on or before
July 2. 1994 sha11 not be subject to cal 1 prior to their respective fixed
dates of maturity. The Bon~s md.turing on or after July 2. 1995 shal 1, by
thelr terms. be subject to call and redemption, at the option of the City, as
a whole or in part, 1n inverse numerical order of maturity and by lot wlth1n a
matur1ty. on July 2, 1995, or on any interest date thereafter and prior to
their respective :.!ates of L.aturtty, at the principal amount thereof and
accrued interest thereon to the date of redemption. plus a redemption premium
of such pr t nc t pa 1 amount for each whole t~e 1 ve < 12 > months. and for any
rema 1 n1 ng fraction of a twelve < 12> month period, from the date fixed for
redemption to the mat~rity date of the Bonds as follows:
Redemption Date
1995
1996
1997
1998
1999 and thereafter
Section 10. Notice of Cali.
Redemption Premtum
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1 1 /2'1.
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112'1. oi
Not1 ce of redemption of the Bonds sha 11 be
given to the reg1stered owners by regtstered mail at least th1rty <30> days
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prtor to the date of c:al 1. No tnterest shal 1 accrue on the Bonds cal led for
redemptton after the redemption date spec1fied in said notice.
Sect1on 11. Qesignation of Agent. Bank of America National Trust and
Savings Association ls hereby designated as the Transfer Agent, Registrar and
Paytng ',gen·: <the 11A9ent 11 ). The principal and redempt1on premium of satd
bonds shall be payable 1n lawful money of the United States of America at the
office<s> of the Agent in San Francisco, California upon the presentat1on and
surrender of said bonds as the same becomr due and payable. Interest on said
bonds shall be paid to the registered owr.er by check or draft mailed to the
address entered in the reg1 stry book. provided for herein as of th1:: fifteenth
C15) day 1nrnediately preceding each interest payment date.
Section 12. Executic!!. The Bonds shall be executed on behalf of the
Ctty and under its official seal by tts Director of f1nance and by 1ts C1ty
Clerk, whose itgnatures shall be reproduced on the bonds by engraved, printed
or ltthographad facs1mtle thereof. and the offi~tal $eal may be placed on the
bonds tn ltk.e manner; such stgntng and sea11ng shall constitute and be a
sufficient and binding e)(ecution of each and every one of sa1d bonds. The
bonds shall then be delivered to the Agent for authentication by ft.
If any of fl cer whose signature appears on sa. id bonds ceases to be such
off1ter before the authentJr.at1on and de11very of satd bonds to the purchaser
thereof. such signature shall be as va11d as tf such officer had remained in
office until the authenttcat1on and delivery of sa\d bonds.
Sectlon..Jj. Authentication. Only such of l·,e bonds as shall bear
thereon a cert,f,cate of authentication substantially 1n the form below.
manually executed by the Agent, shall be valid or obligatory for any purpose
or entitled to the benef1ts of ttifs Resolution, and such cert1f1cate of the
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Agent shall be conclusive evidence that the bonds so authenticated have been
duly executed, authenticated and delivered hereunder and are entitled to the
benefits of this resolut1on. The Agent's certtficate of authentication on any
bond shall be deemed to be executed by tt tf signed by an authorized off\cer
or signatory of the Agent. but it shall not be necessary that the same officer
or signatory s1911 the certiftcate of authent1catton on all of the bonds issued
hereunder.
(FORM OF CERTIFICATE OF AUTHENTICATION AND REGISTRATION]
This is one of the bonds described tn the Resolut1on Providing for
Issuance of Bonds and Directing the Levy of Annual Assessment to Pay the
Pri nc i pa 1 and Interest Thereof. which has been registered on ____ _
Section 14. Preparation and De 11 very of Bonds. The 01 rector of Finance
of the City of Palo Alto, or his desfgnet, ts hereby directed to cause satd
bonds to be prepared in accordance wHh th1s resolut1on and to deliver same
upon their completion and execution to the Agent ~ho shall authenticate and
del 1ver said bonds to the purchaser thereof, upon receipt of the purchase
price therefor. and upon the performance of the conditions contained in the
accepted uid for the bonds.
Section 15. Exchange of Bonds. Any bond, upon surrender thereof at the
off1ce of the Agent, togeth~r with an ass\gnment duly executed by the
registered owner thereof or his attorney or 1ega1 \·epresentati ve In such form
as shall be satisfactory to the Agent, may, at the opt1on of such owner, be
exchanged for an aggregate prtncipal amount of bonds equal to the pr1nc1pal
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amount of the bond so surrendered. and of any authorized denomination or
denominat1ons.
The City shall mate provision for the exchange of bonds at the off1ce of
the Agent.
Section 16. Negotiability. Registration and Transfer of Bonds. The
Agent sha 11 keep books for the registration, and for the reg1 stratlon of
transfers, of bonds as provided 1n this resolution wh1ch shall at all times be
open to inspection by the City. The transfer of any bond may be reg~stered
only upon such books upon surrender thereof to the Agent together w1 th an
assignment duly executed by the owner 0: his attorney or legal representative
in such form as shall be satisfactory to the Agent. Upon ~ny such
reg1strat1on '>f transfer the City shall execute and the Agent sha11
authent1cate and deliver in exchange for such bond a new bond or bonds
regtstered 1n the name of the transferee, of any denorn1natlon or denorninat1ons
authorized by this resolution, and in an aggreJate principal amount equal to
the princ1p~l amount of such bond or bonds so surrendered.
In a 11 cases 1 n wh1 ch bonds sha.11 be exchanged the C1ty sha 11 execute
and the Agent shall authent1:ate and deliver at the earliest practicable time
bonds ,n accordance with t~e prov1s1ons of thfs resolution. All bonds
surrendered in any s11ch exchange or regi stratton of transfer sha 11 forthwith
be cancelled by the Agent. The City or the Agent may make a charge for every
such exchange or registration of transfer of bonds sufficient to reimburse it
for any tax or other governmenta1 charge required to be paid with respect to
such exchange or reg1s trat1on of transfer. but no other charge sha 11 be made
to any own!r for the prf v11 ege of exchanging or registering the transfer of
bonds under the provisions of this resolution. Neither the City nor the Agent
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sha 11 be required to make such exchange or regi strat1on of transfer of bonds
during the fifteen ClS) days immediately preceding any January 2 or July 2.
Section 17. Ownersh1 p of Bonds. The person f n whose name any bond
shall be registered shall be deemed and regarded as the absolute owner thereof
for all purposes and payment of or on account of the prtnclpal, and redemption
premium. if any. of any such bond. and the interest on any such bond, shall be
made only to or upon the order of the registered owner thereof or hls legal
representative. All such payments shall be valid and effectual to sa.tisfy and
discharge the lhbility upon such bond, Including the redemption premium, if
any, and interest thereon to the extent of the sum or ~urns so paid.
Section 18. Improvement Fund. Said Director of Finance shall establish
and keep an Improvement Fund designated by the name and/or number of the
assessment district, into which shall be placed the proceeds received from the
sale of said bonds, includ:ng any premium <except that any interest accrued
from the date of the bonds to the date of deltvery thereof shall be placed In
the redemption fund provi Jed for here1 n>. A 11 mon, es in sat d fund sha 11 be
withdrawn only upon checks or warrants of the Ctty of Palo Alto and shall be
applied exclus1vely to the payment of the cost of the acquisitions and/or
construction of the improvements described tn the proceedings 1Jnder and
pursuant to said Re so 1 utton of Intent1 on, as now or hereafter changed or
modifted by appropr~ate legal proceedings, and alt expenses incidental
thereto. Any unexpended procee1s remalntng after the complet1on cf the
project shal 1 be pd.id into the 6ond fund. or may be used to pay the cost of
addittonal acquisitions and improvements for the Un1vers1ty Avenue Lot J
Parking Garage Assessment 01str1 ct, and exp11nses tnc identa l tt.ereto. pursuant
to change and mod1f1catton proceed1ngs.
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Section 19. Bond Fund. The Director of Finance shall establish and
kaep a special Interest and redemption fund designated by the name of the
bonds. herein called 11Bond Fund 11
, which shall be maintained by the 01rector of
Finance as a separate account, distinct from all other funds of the City from
which the princtpa1 of and interest on all of the Bonds shall be paid. There
shall be depos1ted in the Bond Fund:
a> Forthwith upon receipt of the proceeds of the Bonds, any
accrued interest on the Bonds from their date to the date of their delivery;
b> Any amounts determined to be appropriated and contributed by
the City to the payment of principal and interest on the Bonds;
c> The proceeds of any spec1a1 assessments levied pursuant to
Sect1ons 30 to 36 inclusive.
d) Any amounts requ1red to be advanced p1Jrsuant to Section 23
hereto.
A 11 moneys 1 n this fund sha 11 be used and w1 thdrawn so 1 e ly for the
purpose of paying the pr1nctp~l of and interest on the Bonds as the same shall
become due and pay ab 1 e. A 11 moneys contr1 buted to the payment of the Bonds
and the 1nterest thereon. 3.l l annual assessments 1ev1ed therefor, and al 1
amounts advanced pursuant to Section 27 hereof, shall be ctepos~ted 1n the Bond
Fund. shall constitute a trust fund therefor, and shall not be expended for
any other purpose; provided, that 1f any moneys shall remain in the Bond Fund
after the payment of all of the Bonds and the fnterest thereon, they shall be
transferred to the maintenance fund of the Parking Assessment Otstr1ct <as
def1 ned in Sect1 on 25 hereof>. and be used for the objects and purposes
thereof.
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Sect,on 2Q. Reserve Fund. Upon placement of the proceeds from the sale
of said bonds 1n the Improvement Fund, the Director of Flnance shall forthwlth
transfer the sum of $271,500 from said fund 1nto a special Reserve Fund, which
shall be des1gnated by the name of the assessment district. The money in said
Reserve Fund shall be administered by the City in accordance wlth and pursuant
to the provisions of Part 16 of the Improvement Bond Act of 1915, Division 10
of the Ca1iforn1a Streets and Highways Code; provided, that proceeds from
redempt1 on or sa 1 e of the properties with respect to which payment of
delinquent assessments and interest thereon was paid from the Reserve Fund,
sha 11 be cred Hed to the Reserve Fund; and provided. further, that for the
purposes of <l> assuring t~at the bonds to be issued will not become arbitrage
bonds as defined in the Internal Revenue Code of 1954 <Title 26 of the United
States Code> and regulations promulgated thereunder by the Department of
Treasury. and CZ> providtng for reductlon of the amount of money In the
Reserve Fund dur1 ng the term of the bonds pursuant to Section 8887 of the
Streets and Highways Code. all proceeds from invPstment of monies 1n the
Reserve Fund sha 11 be credited upon the assessments. In the event that the
credlt1ng of any portion of such proceeds upon assessments not the:"etofore
paid 1n full in cash would result in monies 1n the Bond Fund rematning therein
for a per1od of more than twelve Cl2) months, then any portion of such
proceeds which would otherwise remain 1n the Bond Fund for a period of more
than twelve <12) months shall be used to call bonds prior to thelr maturity
date on the ear11est call date next su~ceed1ng the deposit thereof in the Bond
Fund.
Section 21. Invtstment of Funds. Monies in the Bor:d Fund, the Reserve
Fund and the Improvement Fund sha 11 be he 1 d and admf n is tered by the Di rector
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of F1nance of the C1ty and should. whenever practicable, be lnve~ted 1n legal
Investments for the City of Pale Alto under applicable law for the monies held
pursuant to th1s resolution at the t1me when any of such monies are to be
Invested there In. Any Income therefrom or 1 nterest thereon ~ha 11 accrue to
and be depos 1ted In the fund from which sa Id monies were invested. except as
otherwise provided In Section 20.
Section 22. Covenant to Foreclose. The City hereby covenants with and
for the be1efit of the holders of the bonds that It will order. and cause to
be commenced within 150 days following the date of j~linquency, and t~ereafter
diligently prosecuted, an action in the sLJperio;~ court to foreclose the lien
of any assessment or installment thereof not paid when due, pursuant to and as
provided In Sections 8830 through 8835, fncluslve, cf the Streets and Highways
Code of the State of California.
Section 23. ~dvances from Available Surplus Funds. The City sha11 be
the purchaser of property upon which payment of an annual 1nstal 1ment of
pr1nc1pal and interest due upon any of said unpa1d assessments is delinquent,
t n 11 ke manner 1 n which it t~comes or may become the purchaser of property
sold for the nonpayment of general taxes, and shall transfer from available
su~ptus funds 1nto the redemption fund for sa1d bonds, as an advance
recoverable upon sale or redemption of the property, the amount of the
delinquent unpa1d assessment installment upon which satd sale is made. The
City shall also pay and transfer from available surplus funds into said
Redemption Fund, as ar. advance recoverable upon sale or redemption of the
property, tne amou11t of any future delinquent unpaid assessment installments
on such property pending reden.ptton.
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Section 24. Bonds Not a Debt. The Bonds and Interest thereon shall not
be a debt of said City, nor a charge, lien or encumbrance, legal or equitable,
upon any property of the CHy or upon any income or receipts or revenues of
the City other than as in this ~esolution provided. Neither the City nor any
of its officers 1s t,' be held otherwise lhble for the principal of or
1 nttres t Orl the Bonds.
Sectfon 25. Park.fng Assessment District. The offstreet parking
1 mprovements desert bed 1 n the proceedings conducted pursuant to sat d
Resolution of Intent,on are within and ar~ for the benefit of an assessment
district In the University Avenue Area of sa1d C1ty, whfch 1s hereinafter
referred to as, "the Parking Assessment Dlstr1ct0 • The cost and expenses of
said contemplated acquisitions and iuiprov·'"ments, being. \n the opinion of thfs
Council, of more than local or ordinary public benefit, have been made
chargeable upon t~n Parking Assessment District. which district said Council
has declared to be the dis~rict benefited by said improvements, and th~
exterior boundaries of which are described and shown on the map on f11e in the
off1ce of the C1ty Clerk. which indicates by a boundary linP. the extent of the
terrttory included within the Parking Assessment D1strtct and which shall
~overn for all details as to the extent of said dtstrtct.
Section 26. Nontaxable Property Exemption. Said Counct l has declared
that all public streets, highways, lanes and alleys and other publicly owned
and otherwise nontaxable property within satd Parking Assessment District
sha 11 be omitted from the annua 1 benefit assessments hereafter to be made to
pay pr1nc1p!1 and interest on the Bonds.
Section 27. Plan G Bonds. The Bonds to represent the balance of the
total cost of the parking improvements to be financed by the Parktng
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Assessment District. shall be issued pursuant to Bond Plan G, Section
13.16.150 of Chapter 13.16 of T1tle 13 of sa.id Code, as herein provided.
Section 28. C1ty Obl1gat1on. The Ctty has the power and tt 1s the duty
of the City to levy annual assessments on all taxable lands and improvements
with1n the Park.tng Assessment District of a sufficient amount to pay the
principal of and interest on any of the Bonds, which power and duty is hereby
declared to be tnexhaust1ble 1n nature and unlimited as to rate or amount.
Section 29. Contrtbuttons. The Councli may annually, at or prior to
the time the levy of assessments ts maJe, or at such other time as 1t shall
determine, transfer to the bond fund, from available funds, such amount or
amounts as it shall determine.
Section 30. Annual Budget. The Director of Finance shal 1 annually
cause to be prepared a budget for the Bonds which sha.11 tnclude the following:
a> The gross amount required to pay the prtnc1pal of and interest
on the Bonds which wtll become payable before the proceeds of the next
succeeding assessment levy hereunder shall become available therefor.
b> Th~ balance available therefor at the end of the f\scal year in
the Bond Fund.
c> The amount of contributions. tf any, which the City proposes to
make to the Bond Fund fer the fiscal year for which an annual assessment ts to
be levied, wh1ch a.mount !;hall be prov1ded 111 the C1ty budget for the ftscal
year for which an annual a.ssessment is to be lev1ed.
d) The balance of the amount provided in subdtvision <a>.
Sectton 31. Benefit Assessment. The amount provided in subdiv1sion <d>
of Section 30, Including adequate provision for antic1pated delinquencies,
shall be raised by an annual assessment on all taxable lands anj improvements
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w1th\n the Parking Assessment D~str\ct 1n the ra;:\o of the adjusted square
footage of floor areas of non-res1dent1a1 structures together wtth land area
assessments tf neces~ary. all determ1ned as hereafter prov1ded, unttl all of
the Bonds and the 1nteresl to accrue thereon have been paid in full.
Section 32. Determ1natlon of Gross Square Footage. On or before July 1
of each year next succeeding the issuance of the Bonds, the city assessor <or
such other off 1 cer as may be hereafter designated by the Cnunc i1 • here 1 n
referred to as "Assessor") shal 1 determ1ne from any records or other sources
legally ava11able to him the gross number of square feet. based on exterior
measurements, of the floor area of such building or structure wHhin the
boundar1 es of the Park. l ng Assess.nent 01 strict. wh1 ch ts zoned and used for
other than res1dent1a1 purposes. A complete llst of said sauare footage
figures. set oppos\te the Assessor's parcel numbers to which they perta.tn,
shall be transmitted to the city plann1ng officer <herein cal led "Planning
Officer">. Any references to square footage or adjusted square footage
hereinafter rnent1oned shall be deemed to refer to f1oor areas 1n bu1ld1ngs
zoned and used for non-restdentlal purposes as here1n provided.
Section 33. Determ1 natton of Credi ts. Inrnedi ate ly upon receipt of the
square footage figures from tha Assessor, the Planning Off\cer shall
determine. for each parcel of land w1th1n the Parktng r ~essment D1str1ct, the
number of offstreet automobile parking spaces which would be requ1red to be
provided under City ordinances ge-nera11y then tn effect. and the number betng
provtded by said parcel and which would be credited tn satisfaction of said
requirement 1 f sa 1 d ord1 nances app 11 ed to sa 1 d parce 1. Said figures. together
w1th the gross square footage figures provided by the Assessor. shall be
trans1111 tted to the Ct t~; Eng 1 neer.
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Section 34. Preparation of Eng1neer•s Report. Invnedhte~y upon receipt
of the foregoir.g data from the Assessor and the Planning Officer, the Ctty
Engineer shall prepare a report contain1ng the following data as to each
parcel with\n the Parking Assessment District in columnarlzed form:
a> A descrtptton of each parcel of land in the Parking Assessment
Dfstrh.t. by a legal description, Assessor's parcel number or other
descrfpt1on sufffchnt t-:> 1dent1fy the same;
b> The gross number of square feet of floor area
non-residenttal building or structure on each parcel. a:; provided
Assessor;
in any
by the
c> The number of parking spaces required of each parcei, as
provided by the Planning Officer;
d> The number of offstreet parKtng spaces provider 1n satf sfactlon
thereof, as provided by the Planning Officer;
e> The ratio of Cd> to <c>·
f> The amount of adjusted square footage ln each non-resi~enttal
butiding or structure, determined by reducing the gross square foota.ge ~~t
forth in Cb) by the rat1o set forth t n <e>. and the tota 1 adjusted squan
footage in the Parking Assessment District;
g> The rate of assessment per adjusted square foot of
non-res identt a 1 bui1 ding. determined by d1vtdi ng the figure prov1 ded by the
D1rector of Flnance under subdlvis1on Cd> of Sect1on 30 by the total amount of
adjusted square footage of non-resident1a1 buildtngs in the Park1ng Assessment
C1str1ct determined under Cf). The rate of assessment sha.ll 1n no event
exceed the rate per adjusted square foot. as determtned by the Council and set
forth 1 n the resolution of 1 ntent1on. as now or hereafter es tab 1' shed or
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mod1f1ed. In the event that the proceeds of an assessment levied at tt 2
maximum rate ln any year are insufftcient to raise the amount of money
pro'l1ded in subd1vlsion Cd> of Section 30. the balance shall be raised by an
additional assessment on all taxable lands <exclusive of improvements> ~1th
the Parking Assessment District. in the ratio of their land area. The
Engineer's Report for such year shall inc1udt a col11mn for such a land area
assessment.
h) The amount of the Individual annual assessment against each
parcel of land 1n the Parking Assessment District, determined by multiplying
the rate determfned in Cg> by the adjusted square f'"'-otage for each parcel
determined 1n <f>. and adding the land ar~a assessment, if any.
Section 35. Succes~tve Annual Reports. The orig;nal report and each
succes~ive annual report shall be not\ced for hear,ng before the Counc11. and
heard. amended, altered, modlfied, corrected and confirmed as prov1ded f n
Section 13.16.150 of Chapter 13.16 of Title 13 of sa1d Code.
Section ~'>. Anr.ual Assessment Levy. The total of each annual
assessment, determined as contatned In sa1d report as confirmed, shall be
1ev1ed and collected upon the last equalized secured ar.d uttlHy tax rolls
upon wh1 ch genera 1 C\ty taxes are collected. It sha.11 be in addH1on to a 11
other taxes l evted for 9enera l C\ty purposes, and sha 11 be l ev t ed, computed,
entered and ~ollected together with and not separate from general City taxes.
and enforced f n the same manner and by the same persons and at the same time,
and w1th the same p~naltfes and fnterest, as are other taxes for City
purposes, a.nd all laws app11cab1e to th~ levy, co11ect1on and enforcement of
taxes for Ctty purposes are hereby made appl\cable to said special assessment
levy. and the assessed real property, 1f sold for taxes, shall be subject to
rede~pt1on in the same manner as such real property 1s redeemed from the sale
16
...
for 9eneral C1ty taxes and 1f not redeemed shall in like manner pass to the
purchaser. The forego1ng remedtes shall be 1n addition to the covenant
contatned in Section 22 hereof.
Sectfon 37. Non-Arbitrage Covenant. Thr C1ty hereby covenants wtth the
owners of the bends that it will make no use of the proceeds of said bonds at
any t1me during the term thHeof wh1ch. if such use hci.d been reasonably
expected on the date said bonds were 1ssued. would have caused said bonds to
be arbitrage bonds within the meaning of Section 103Cc) of the Internal
Revenue Code of 1954, as amended, and the Treasury Regulatic s promulgated
thereunder.
Section 38. Certificate as to Non-Arbf tra9_!. On the basis of the
facts, estimates and circumstances now in existence and in f:.'xistence on the
date of issue of said bonds. as determined by the Director of Finance, sa.\d
Director of Ftnance or his designee is authorized and dtrected to cert!fy that
1 t 1 s not expected that the proceeds of said 1 ssue wt 11 be used 1 n a manner
that would cause such obli gattons to be arbitrage bonds. Such certt ft cat ton
shall be de11vered to the purchaser of sa1d bonds at the t1me of del 1very of
and payment for said bonds.
Section 39. ~ertifled Copies, The City Clerk shall furntsh a cert,fied
copy of this resolution to the Director of Finance, to the Agent and to the
Aud1tor of the Cou!'lt.Y of Santa Clara.
t t * * * * •
The foregoing Resolution "as duly and regularly adopteu at a regular
meetinr of the Council of the C1ty of Palo Alto held on tile 23rd day
of july • 1984, by the following vote:
AYES:
NOES:
Bechtel, Cobb, Fletcher, Kleins Levy, Renzels Sutorius,
Witherspoon, Woolley
None
17
ABSTENTIONS: None
ABSENT: None
ATTEST:
/1 vt,1 /ttu.~~~
{7 Cftjlerk
APPROVED(<~ TO FORM:
JONES HALL HILL & WHITE,
A Professional Law Corpor~t1on
/
18
NUMBER
A-
INTEREST RATE
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
CITY OF PALO ALTO
UNIVERSITY AVENUE LOT J PARKING
GARAGE ASSESSMENT DISTRICT BONDS OF 1984
MATURITY DATE
JULY 2. __
BOND DATE
$
CUSIP
Under and by v1 rtue of Bond Pl an G, Sect1on 13. 16. 1 SO of Chapter 13. 16
of Title 13 of the Palo Alto Munic1pa1 Code. the City of Palo Alto, Californ1a
<the "CHy11 > wtl l, out of the fund for the payment of the bonds issued upon
the unpaid portion of assessment~ made for the acqutsitfon, work and
1mprovements more fully described In proceedings taken pursuant to Resolution
of Preltmtnary Determtnat1on and of Intention No. 6257. adopted by th(' Ctty
Council cf the City on the 21st day of May, 1984, pay to
or registered assigns
on the maturtty date stated above. the prtnct~at sum of
Dollars
tn lawful money of the Untted States and fn like m~r.ner to pay interest at the
rate per ar.nu11 stated above. pay ab 1 e semt annua.11 y on January 2 and Ju 1 y 2 t n
each year commenct ng January 2. 1985. Th1 s Bond bears t nteres t from the
interest payment date next precedtng 1ts da.te of authentication anc
regtstratton unless it ts authenticated and registered C1> prtor to an
interest payment date and after the close of bustness of the fifteenth day
preceding such 1nterest payment date, tn whtch event 1t shall bear tnterest
from such interest payment dace, or Ctt> prior to the close of business on the
fifteenth day of the month preceding January 2. 1985. 1n which event tt shall
bear interest from tts date, unttl payment of such principal sum shall have
been d1scharged. Both ~he principal hereof and redemption prem1um hereon arc
payable upon presentation and surrender hereof at the r"'incipal corporate
agency d~•h1on of Bank of Amer1ca Nattona1 Trust and Savings Association as
Transfer Agent, Registrar and Pa.y1 n9 Agent <the "Agent"> l n San Franc'5co,
Cali fornta, and the interest he:-eon is payable by check or draft ma 11 ed to the
owner hP.reof at such owner 1 s address as it appears on the reghtration ~s
of the Agent. or at such address as may have been filed with the Agent for
that purpose, as of fifteenth day 'imted1ately preced1ng each interest ,.;.yment
date.
EXHIBIT A
l
·.
REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BONO SET FORTH IN
THE REVERSE SIDE HEREOF HHICH SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS
THOUGH FULLY SET FORTH HEREIN.
Thfs Bond wtll continue to bear 1nterest after maturity at the rate
above stated, provtded, It ts presented at maturity and payment thereof ts
refused upon the sole ground that there are not sufficient moneys 1n said
redemption fund wUh which to pay same. If it ts not present~d at maturity
interest thereon will run unt11 maturity.
This Bond sha 11 not be entitl e6 to any beneftt under the Act or the
Resolution Providing for the Issuance of Bonds and Directing the Levy of
Annual Assessments to Pay Principal and Interest Thereof <the "Resolution of
I ssuance 11 >, or bec0111e va 11 d or ob 11 gatory for any purpose. untt 1 the
certtftcate of authent1cation and registration hereon endorsed shall have been
dated and s,gned by the Agent.
IN HITNESS WHEREOF, the Clty of Pa lo A 1 to has caused th1s Bond to be
signed 1n facsimile by the 01rector of Finance of sa1d C1ty and by 1ts Clerk
and has caused 1ts corporate seal to be reproduced in facsimile hereon a11 as
of August 2. 1984.
CITY OF PALO ALTO. CALIFORNIA
[SEAL]
CITY CLERK DIRECTOR OF FINANCE
CERTIFICATE OF AUTHENTICATION ANO KEGISTRATION
Thts 1s one of the Bc~js described tn the with1n mentioned Resolution of
Is~uance. ~hich has been regtstered on
B;
Bank of America Nationa~ Trust and Savings Association
as Transfer Agent, Registrar and Paying Agent
Authorf zed Officer
EXHIBIT A
2
· ..
CITY OF PALO ALTO
UNIVERSITY AVENUE LOT J PARKING
GARAGE ASSESSMENT DISTRICT
This Bond is one of several annual sertes of bonds of 11ke date, tenor
and effect. but differing tn amounts, maturfttes and interest rates. 1ssued by
said C1ty under the Act and the Resolution of Issuance in the aggregate
principal amount of Five M1111on Four Hundred Thirty Thousand Dollars
($5 ,430,Qr\0) for the purpose of prov1 ding means for pay1 n9 for the
improvements and acqu1s1tions described in satd proceedings, and ls secured by
the moneys 1 n sat d redempt1on fund and by the unpa 1 d .. ..>rti on of sa f d
assessments made for the payment of said impro\lements and acqu~s1tlons, and.
tnclud1ng principal and 1nteres+, is payable exclusively out of said fund.
This Bono is transferable by the registered owner hereof, 1n person or
by the owner's attorney duly authorized 1n wrtting. at said off1ce of the
Agent, subject to the terms and condittons prov1ded 1i1 the Resc~ut1on of
Issuance, 1nclud1ng the payment of certain charges, 1f any, ·upon surr, nder and
cancgl1at1on of this Bond. Upon such transf-r. a new registered Bond or
Bonds, of any authortzed denomf natlon or denominations, of the same maturity,
for the same aggregate principai amount, will be lssued to the tr~nsferee 1n
exchange therefor.
Bonds shall be reg1stered only 1n the name of an individual <including
joint owners>. a corporation, a partnership or a trust.
NeHher the City nor the Agent sha 11 be requ1 red to make such exchange
or reg1strat1on of transfer of Bonds during the fffteen (15) days t11111ediately
preceding any January 2 or July 2.
The City and the Agent may treat the owner hereof as the absolute owner
for a 11 purposes. and the City and the Agent sha 11 not be affected by a.ny
nottce to the contrary.
Bonas matur1 ng by the1 r terms on or before July 2, 1994 sha 11 not be
subject to call pr1or to the1r respective fixed dates of maturity. The Bonds
matur1ng on or after July 2. 1995 shall, by the1r terms, be subject to call
and redempt,on. at the opt1on of the Clty, as a whole or in part, ln inverse
numerical order of ma~urity and by lot within a maturi~y. on July 2, 1995. or
on any interest date thereafter and prior to the\r respective dates of
maturity, at the prlnctpal amount thereof and accrued intetest thereon to the
date of redemption. plus a redemption prer.i1um of such prtnctpal amount for
each wh.o1e twelve (12> months, and for any rematning fractfon of a twelve <12>
110nth per1od, from the date f1xed for redempt1on to the maturity date of the
Bonds as follows:
Redemot1on Date Redemption Premium
1995
1996
1997
1998
21
1 1121.
1
1999 and thereafter
1/2'L
01.
EXHIBIT A
3
.: ..
Nottce of redemption of the Bonds shall be g1ven to the reg1stered
owners by reg1stered matl at least thtrty (30> days prior to the datt: of
ca 11. No Interest sha 11 accrue on the Bonds ca T 1 ed for redemption after the
redemption date spectfted \n said not1ce.
LEGAL OPINION
I hereby certtfy that the following 1s a correct copy of the signed
legal optn1on of Jones Hall Hill & Wh1te, A Professional La~ Corporation, San
Francisco, California, addressed to the Ctty of Palo Alto and on file tn my
office, datt:d the date of de tt very of and payment for the Bonds therein
described.
Ctty Clerk
OPINION: $5,430,000, C\ty of Palo Alto, University Avenue Lot J
Parking Garage Assessment O,str,ct Bonds of 1984
Members of the Council:
We have acted as bond counse 1 t n connection with the t ssuance by the
City of ?alo Alto <the 11 Issuer11 > of $5,430,0CO, Univers\ty Avenue Lot J
Parking Garage Assessment District, dated August 2, 1984, <the "Bonds':>
pursuant to Bond Plan G, Sect1on 13.16.150 of Chapter 13 of Title 13 of the
Palo Alto Mun1c,pa1 Code <the 11Code 11 ) and Resolut1on No. 6290 Cthe
"fiesolutlon"> of th!! Issuer adopted July 23, 1984. We have examined the 1aw
and such certified proceedings and other papers as we deem n~cessary to render
th\s op, nion.
As to questions of fact materfal to our opinion. we have relied upoll
representations of the Issuer contained in the Resolution and 1n the certified
proceedings and other certiflcations of public officials furnished to us,
without undertaking to verify such facts by independent investigation.
Based upon our examination. we lre of the opi uion, as of the date
hereof. that:
1. The Issuer 1s a municipal corporation and chartered cay duly
organized and validly existing under the Constitution and the laws of the
State of California.
2. The Bonds constitute va11d arid b,nding specia.1 obl\ga.tions of
the Issuer enforceable fn accordance w1th the1r terms.
3. The Bonds are secured by the unpa\d portton of special
assessments levied tJpon the lands benefited by the 1mpr·ovemeilts to be acqu1red
arid/or constructed with the proceeds of the Bonds and oy the moneys 1n the
bond fund establ1shed pursuant to the Resolution. Principal of and ~.iterest
on the Bonds are payable exclusively out of said fund. Installments of
p~tnctpa1 and interest of the assessments levted for the payments of the Bonds
a.re collected on the tax roll on whl ch genera 1 taxes on rea 1 p1·operty are
collected.
EXHIBIT A
4
.;
4. Under existing laws, regulatlons, ru11ngs and judlcial
decisions, interest c1n the Bonds is exempt from income taxation by the United
States of America and from personal Income taxation imposed by the State of Ca 1 i fornia.
The rfghts of the owners of the Bonds and the enforceab111ty thereof may
be subject to bankruptcy, insolvency, moratorium and other slmilar laws
affect1 ng creditors' rights heretofore or hereafter enacted and their
enforcement may be subject to the exerc1se of judicial discretion in
accordance w1th general principles of equity.
Respectfully submitted,
A Professional Law Corporation
ABBREVIATIONS
The following abbreviations. when used in the fnscr1pt1on on the face of
this Bond, shall be construed as though they were written out 1n full
accordfr.g to applicable laws or regulations:
TEN COM -as tenants 1n C0fm10n
lfN ENT -as tenants by th~ ent1retfes
JF TEN -as joint tenants w\th right of
surv1vorshtp and not as tenants
in conmen
UNIF GIFT MIN ACT -Custodian
<Cust) CM1ror>
under Uniform G1fts to Minors
Act ~~___,..,(S~t-a~te~>,.--~~~-
~dd1t1ona1 abbrev1at1ons may also be used though ~ot 1n the abcve list.
EXHIBIT A s
ASSIGNMENT
For value received the undersigned do<es> hereby sell, ass1gn and transfer unto
the wtthtn-mentioned Bond and hereby irrevocably const1tute<s> and appotnt<s>
~~---~-:----:------~----,.~------------~---~--:-----=-....,...,...~=-~___,~,_..------.....,..,..---~· attorney. to transfer the same on the books of the Bank of Amert ca Nattona 1
Trust ar.d Savings Asso'. lation as Transfer Agent, Registrar and Paytng Ag~nt
with full power of substitution tn the premises.
Dated:
S1gnature Guaranteed
Signature<s> must correspond exactly
to name<s> on face her~of
EXHIBIT A
6
----------------~------
CITY OF PALO ALTO
$5.430,000.00
UNIVERSITY AVENUE LOT J PARKING
GARAGE ASSESSMENT DISTRICT BONDS OF 1984
Maturity Date
<July 2)
1985
1986
1987
1988
1989
1990
1991.
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001.
2002
2003
2004
EXHIBIT B
Princfpal
Amount
$80,000.00
90,000.00
100.000.00
110,000.00
125.000.00
140.000.00
155.000.00
170,000.00
190.000.00
210,000.00
235.000.00
265,000.00 i9s,ooo.oo
330,000.00
365,000.00
410,000.00
455,000.00
510.000.00
565,000.00
630,000.00
$5.430.000.00