HomeMy WebLinkAboutRESO 5783r
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· . RESOLUTION NO. 5783
A RESOLUTION PROVIDING FOR ISSUANCE OF BONDS
ANtl ornECTING THE LEVY OF ANNUAL ASSESSMEN rs
TO PAV THE PRINCIPAL ~ND INTEREST THEREOF
UNIVERSITY AVENUE AREA OFFSTREET PARKING
ASSESSMENT DISTRICT NO. 75-63
$175,000 eONDS OF 1980
03/13/80
ORIGINAL
RESOLVED. by the Council of the City of Palo Alto, California, that
W~EREAS. the City of Palo Alto~ state of California, herein called City,
~$ Cl charter city, duly organizeci and existing under and pursuant to the
crovisions of the constitution and laws of the state of Californi.l:
.
WHEREAS, by the terms of said charter, the City is empowered to make and
~nforcc all laws and regulations fo respect to municipal affairs. subject only
·~o such restrictions and li,mitations as may be provided in said charter and
Si:rid co.1stituticn, and to exercise any and all rightst poY1ers and privileges
heretofore or hereafter es ta~ i-ished, granted and prescribed by any 1 aw of the
state, said charter. or by any other lawful authority, which a municipal
corporation might or cou1d exrrcise under said constitution, including all
powers not in conflict with the prov is ions of said charter now or hereafter
granted to general law cities., and wherein it is provided that the enumeration
in said charter of any particu1ar power shall not be held to be exclusive of
or any limitation upon said general grant of powers;
WHEREAS, the acquisition, construction, ownership, manage~ent,
maintenance, operation, repair, addition, extension and improvement of
off street autOl'RObfle parking fal'. q ities for public and private purposes aq.d
th~ issuance of bonds to pay the cost thereof is a nrunicipal ~ffair; und
WHEREAS, Title 13 of the Palo Alto Municipal Code was adopted pursuant
to the power and authority vested in said council by and under the terms and
prov1s ions of said charter. and there are no 1 imitations in regard thereto
expressly or otherwise provided in said charter or in the constitution of the
state of California~ other-than Section 19 of Article XVI, as to which ~la'll
compliance has been had by the council in the proceedings leadi.ng up to the
adoption of this resolutior.;
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NOW, THEREFORE, IT JS HF.REAY DETERMINED and ORDERED, as follows:
l. Conditions Satisfied. All acts, conditons and things required by
the constitution and laws of the state of California and the chartl?r of said
City and the Palo Alto Municipal Code to be dor.e, to happen and to be
performed precedent to and in the issuance of the· bonds, have been done, have
happened and have been performed in regular and due form, time and manner as
required by lawt and the council is now authorized to issue bonds inthe manner
and form as in this resolution provided.
2. Issuance cf Bonus. Bonds shall be issued in accordance with Section
13.16.150 of Chapter 13.16 of Title 13 of said code (Bond Plan G) for the
purpose of paying the cost of the acquisition~ construction, corplrtion,
repair and financ;ng of the improvements, works and property described 1n the
proceedings had pursuant to Resolution of Intention Ho. 5242, adopted by this
council on August 9, 1976,, as modified pursuant to Resolution No. 5604, A
Resolution of Intention to ~~ke Changes and Modifications, adopted October 30,
1978, shall be in the total principal amount of One Hundred Seventy Five
Thousand Dollars {$175,000), shall be designated "City of Palo Alto University
Avenue Area Parking Bonds of 1900~ :;erie"S 75-63A01 shall be Jated May 2, E'S0 1
shall be negotiable in form and of the character known as •serial", and shall
be 35 in number, nwrbered consecutively fran Al to A35, inclusive and of the
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denomination of $5,000 each, and shall hereinafter be referred to as "the 1980
Bonds".
3. Maturities. The 1980 Bonds shal1 mature serially in the order of
serial numbers and have matur"ity dated on July 2 in each of the years and
amounts, as foilows:
Bor1d Numbers
(Both Inclusive)
1
2
3
4 ... s
6 -7
8 -9
Totu i
Principal
Amount
$ 5,000
5,000
5,000
10,000
10,!)00
10,000
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Year of
Maturity Callable
1981 Non
1982 II
1983 •
1984 II
1985 II
1986. 41
2
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Total
Bond Numbers Pr'incipal YP~:· of
(Both I nc;l us ive) · Amount Matt!~ Callable
10 -11 10,000 1987 •
12 -13 10,000 1988 ..
14 -15 10,000 1989 :I
16 -18 15,000 1990 "
19 -21 15,000 1991 On or after
22 -24 15,000 1992 7/2/90
25 -27 . 15 ,000 1993 n
28 -31 20,000 1994 •
32 -35 20,000 19~5 •
4. Interest. The 1980 Bonds shal 1 bear interest at the rate of not to
exceed ten ·percent (1C%) per annum from the1r date until paid. Said interest
shall be payable on January 2, 1981 ~nd semicnnua11y thereafter on the 2nd day
of July and the 2nd day of january of each year to the date of maturity.
Attached to each said 1980 Bond shall be interest coupons payable at the time . the respective ·interest payr.:ents thereon hecome due and for the amount
thereof, as determined from the accej)ted bid for the purchase of thP l~SO
Bonds.
Bidders for the purchase of the 1980 bonds must specify the rate or
rates of interest which the 1980 Bonds shall bear. Bidders may bid different
rates of interest irrespective of the matu~ities of the 1980 Bonds, provided~
that the spread from the lowest to the highest rate shall not exceed two and
o~e-half ,)'!rcent (2-1/2%) per annum. The interest ~ates stated in the bid may
be. in multiples of any. fraction of one percent ( l~). Bidders shail not be
permitted to cause the interest for a given period to be split and represented
by more than one coupon.
5. Callable Bonds. 1980 Bonds maturing by their terms on or before
July 2, 1990 shall not be subject to call prior to their respective fixed
dates of t1aturity. 1980 Bonds maturing on or after ·July 21 1991. shal 1, by
their terms, be subject to call and redemption, at the option of tti'e City, as
a ..tlole or in part, in inverse numerical order on July 2., 1990, or on any
interest date thereafter c.nd prior to their respective dates of maturity. at
the principal amount ·thereof and accrued interest thereon to the date of
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redempt font plu!:. a reden1pti-on premium equa1 to or1e-quarter of one percent (1/4
of 1%) of such principal_·aioount for each whole twelve (12) months, and for any
remaining fraction of a twelve (12) month period, from the date fixed for
redemption to the maturity date of said 1980 Bonds; provided, however, that in
no event shall the premium paid on prior redemption of any 1980 bonds exceed
one and one-quarter percent (1-1/4%) of such principal amount.
6. Notice of Ca 11. 1 n the event · of can of any 1980 Bond for
redemption, the· city treasurer (hereinafter cal led :tTreasurer") shal 1 cause
thirty (3Q) days prior notice thereof to ue given by mail, and in addition
shall publish such notice once at least thirty (30) days prior to the date of
call in a financial paper published in San Francisco or in a financial paper
published in-Hew York. The Treasurer shall mail such notice by registered
mail. thir-ty ( 30) days i ._. ior thereto _to the last known holder or holders of any
bearer 1980 BJnds so called, as shown by the records in his office. Notice of
redemption of any registered 1980 bonds shall be given to the registered
owners by registered mail at least thirty (30) days prior to the date of
call. No interest shall accrue on said 1980 Bonds called for redemption or on
any interest coupons thereon after the redemption date specified in said
notice.
1. Form of Bonds and Coupons. The form of the l~l:SO Bonds, and of the
interest coupons which shall be attached thereto at the time of their
issuance, and the form of endorsement of the 1980 Bonds for registration shall
be substantially as provided in Exhibit •A• hereto attached and niade a part
hereof by t.~is reference.
8. Interest After Maturity. If, upon presentation at maturity, p~yment
of the 1980 Bonds herein authorized or of any ·interest coupons .therof, is not
made in ful 1 accordance with the terms hereof, the 1980 Bonds or coupons, or
both, shall continue to bear interest at the rate stated in the 1980 Bond
until paid in full.
9. Where Bonds Payable. The principal and interest cm the 1980 Bonds
herein authorized shall be payable in lawful money of the United States of
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America at the Bank of America National Trust and Savings Association, Main
Office, San Francisco! c·alifornia, the Paying and ·Registration Agent of the
City.
10. Executio" of Bonds and Coupons. The 1980 Bonds herein authorized
shall be executed on behalf of the City by the mayor and by the city clerk
(hereinafter called 11Clerk") by their printed, engraved or lithn~raphed
signatures and countersignerl by the manual signature of the Treasurer, who
shall affix thereto the corporate sea1 of the C :ty (which rnay be by its
printed, engraved or 1 ithographed facs imi 1e seal) and the interest coupons
shall be executed and authenticated by the printed, engraved or lithc~aphed
facsimile signature of the Treasurer. who ty such signature shall ratify the
execution of the sane.
11. Registration. Any 1980 Bond is subject to registration either as to
principal and interest or as to principal only, upon written request of the
bondholder and presentation of the bond to the Registration Agent for
registration.
a) Principal and Interest. Upon presentation and request for
registration as to principal and interest, the Registration Agent shall cut
off the coupons and destroy the~ He shall maintain a book in whid1 he shall
enter ~e ni.mt"iers of an registered bonds and the names and addresses of the
owners of registered bonds. Until such registration is cancelled as herein
provided, the "interest and principal thereof shall .be pa_ysble only to the
registered owner. There shall be provided on the back of each bond a suitable
blank shewing the nue and address of the registered owner, the date of
registration or transfer, the type of regfstration and the signature of the
Registration Agent.
b) Principal 0n11. The bonds may be registered as fa'.i' pr1ncip.D. 1
only. lwlten bonds are registered as to principal only, a notation shall be
ude to that effect 1n the registration book a."ld on the bond. The ~Jpons
shall not be detached and the interest on such bonds shall be paid upon
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pres en tat ion of such coupons 1 n the sal!'E!' manner as unregistered bondi;.
Principal, however, shall be paid only to the registered owner upon
presentation of such bond.
c) Deregistration. The registration of any unmatured bond may be
cancelled upon written request of the registered owner. Upon receipt of such
request, the Registration Agent shall car:acel the regi s tr at ion in the bond
registry book and on the back of the bond, ·cause all unmatured coupons to be
reprinted and reattached to the bond, and deliver the bond and attached
coupons to the owner. Until such hood is reregistered, the principal thereof
shall be payable to the bearer, and the interest shal 1 again be pa id upon
surrender of pr-0per coupons. The cost of reprinting the coupons shall be paid
by the person requesting deregistration. .
d) Reregistration. Deregistered bonds are subject to
reregistration in the same manner as previously unregistered bends.
12. f.~ceeds of Bonds. There has heretofore been created a special
fund designated "City of Palo Alto ~lniversity Avenue Area Parking Bonds of
1977, Series 75-63 Construction Fund", herein cal led "Construction Fund" which
has been and shall continue to b~ maintained by the city controller
(hereinafter called :MController") as d separate acc:ountt dist foct from all
other funds of the City. The proceeds of the 1980 Bonds. or any part thereof.
including the premium, if any. sold by the City, shall be deposited in said
fund and shall be expended to pay th~ costs and expenses of completion of the
acquisitions and irr.proverrents described in the proceedings and expenses
incidental thereto. Intet·est accrued on said 1980 Bonds from their date to
the date of delivery sh!ll be ~posited 1n the Bond Fund ·referred to in
Section 28. ..
Any m1expended 1980 Bond proceeds remaining after the completion of the
proj(!ct shall he paid into the Bond Ft111d, or may be used to pay the cost of
additional acquisitions ~~d improvement~ ·for the District. and expenses
incidental thereto, pursuant to change and modification proceedings.
13. Bonds Not a Debt The 1980 Bonds and interest thereon shall not be
a debt of said City~ nor a charge. lien or encumbrance, legal or equitable,
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upon any pro_perty of the ~it.Y or upon any income or recef pts or revenues of
the C 1 ty other th an as ~n th 1 s Reso 1 ut ion provided. Neither the City nor a.ny
of its officers 1s to be held otherwise liable for the principal of O:"'
interest on the 1980 Bonds.
14. Equal Parity. All of the 1980 Bonds and all of the bonds known as
11City of Palo Alto University Avenue Area Parking Bonds of 1977, Series
75-6311 , authorized and issued pursuant to Resolution No. 5395, adopted May 2,
1977 (the 111977 Bonds") shall be e4ually and ratably secured without
preference ·or priority by reason of number, date, division, date of sale or of
execution or delivery, by the moneys in the Bond Fund. The 1980 Bonds and the
1977 Bonds are hereinafter in this Resolution collectively referred to as "the
Bonds 11 •
15. Parking Assessment District. The offstrect parking improvements
described in the proceedings conducted pursuant to said Resolution of
Intention are within a~d are for the benefit of an assessment district in the
University Avenue Area of said City~ which is hereinafter referred to as, "the
Parking Assessment Dis tr ictn. The cost and expenses of said contemplated
acquisitions and improvements, being, in the opinion of this council, or more
than local or ordinary public benefit, have been n.~de chargeable upon the
Parking Assessment District, which district said council has declared to be
the district benefited by said improvements, and the exterior boundaries of
which are described and shown on the map on file in the office of the City
Clerk, which indicates by a boundary line the extent of the territory includ~d
within the Parking Assessment District and which shan govern for all details
as to the extent of said district.
16. Nontaxable Proeerty Exemption. Sairl council has declared that all
public streets, highways, lanes and alleys and other publicly· owned and
otherwise nontaxable property within said Parking Assessment District shall be
omitted from the annual benefit assessments hereafter tc be made tc pay
principill and interest on the Bonds.
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17. Plan G Bonrls. Serial 1980 Bonds to represent the balance of the
total cost of the parking improvements to be financed by the Parking
Assessment District, or $175,000, shall be issued pursuant to Bond Plan G,
Sectfan 13.16.150 of Chapter 13.16 of Title 13 of said Code, as herein
provided.
18. City Obligation. The City has the power and it is the dut.v of the
City to levy annual assessments on all tdxable lands and improvements within
the Parking Assessment District of a sufficient amount to pay the principal of
and interest on any of the Bonds, which power and duty is hereby dee 1 a red to
be inexhaustible in nature and unlimited as to rate or amount.
19. Contributions. The council may annually, at or prior to the time
the levy of assessments is made, or at such other tir_.e as it s"all determine,
transfer to the bond fund, from availab·te"funds, such amount or amounts as it
shall determine.
20. Annual Budget. The Controller shall annually cause to be prepared a
budget for the Bonds which shall include the following:
a) The gross a100unt required to pay the principal of and interest
on the Bonds which wi 11 become pay ab ie before the proceeds of the next
succeeding assessment levy hereunder shall become available therefor.
b) The balance available therefor at the end of the fiscal year in
the Bond Fund.
c) The amount of contrioutions, if any, which the City proposes to
make to the Bond Fund for thie fiscal year for which an annual assessment is to
be levied, which amount shall be provided in the City budget for the fiscal
year for which an annual assessment is to be levied.
d) The balance of the amovnt provided in subdivision·(a).
21. Benefit Assessment. The amount provided in subdivision (d) of
Section 20., including adequate provision for antidpated delinquencies, shall
be raised by an annual assessment on all taxable lands and improvements within
the Parking Assessment District in the ratio of the adjustP.d square footage of
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floor areas of non-resident 1 al structures together wf th land area assessm~nts
1f necessary, all determined as hereafter provided, until all of the Bon~s and
the interest to accrue thereon have been paid in full.
22. Determination of Gross Square Footage. On or before July l of each
year next succeeding the issuance of the Bonds, the city as5essor {or such
other off-:cer as may be hereafter designated by the counci 1, herein referred
to as 11 Assessor") sha 11 determine from any· records or other sources 1cgally
available to him the gross number of square feet. based on exterior
measurements, of the floor area of such b:.:ilding or structure: within the
boundaries of the ?arking Asse~sment Distrkt, which is zoned and used for
other than residential purposes. A complete list of said square footage
ff gures~ set opposite the Assessor •s parcel numbers to which they pertain,
shall b:~ transmitted to the city planning offf cer (herein called "Planning
Officern). Afly refereces t~ square footage or adjusted squar~ footage
hereinafter mentioneG shall be deemed to refer to floor areas in buildings
zoned a:"ld used for non-res ideotia 1 purposes as herein provided.
23. Determination of Credits. Immediately upon receipt of the square
footage figures from the Assessor, the Planning Officer shall determine, for
each parcel of land within the Parking Assessment District, the number of
offstreet autmrobile parking spaces which wou1d be required to be provided
under City ordinances generally then in effect, and the number being provided
by said parcel and which would be credited in satisfaction of said requirement
if said ordina'lces applied to said parcel. Said figllres, together with the
gross square footage figures provieded by the Assessor,· shal 1 bt! transmitted
to the City Engineer.
24. Prepar~tion of Engineer's Report. Immediately upon receipt of ::he
foregoing data from the Assessor and the Planning Officer, the City Engineer
shall prepare a report containing the following data as to each parcel within
the Parking Assessment District in columnarized form:
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a) A description of each parcel of land 1n the Parking AssPssment
Distrkt. by a legal.' description, Assessor's parcel number or other
description sufficient to identify the same;
t. j The gross ntJmber of square feet of floor area 1n any
non-residential building or structure on each parcel, as provided by the
Assessor;
c) The number ot parking spaces required of e,ach parcel, as
provided by the Planning Officer;
-d) The nuni>er of offstreet parking spaces provided in satisfaction
thereof, as provided by the Planning Officer;
e) The ratio of (d) to (c);
f) The amount of adjusted square footage in each non-res identia1
building or structure, determined by reducing the gross square footage set
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forth in {b) by the ratio set forth in {e), and the total adjusted square
footage in the Parking Assessment District;
g} The rate of ~ssessrrent per adjusted square foot of
non-residential building, determined by divi rfing the figure providej by the
Controller under subdivision (d) of Section 20 by the total amount of adjusted
square footage of non-residential buildings in the Parking Assessment District
determined under (f). The rate of assessment sha1 l ·in no event exceed the
ra~e per adjusted square foot, as determined by the cnuncil and set forth in
the resolution of intention. as now or hereafter established or modified. In
the event that the proceeds of an assessment levied at the maximum rate in any
year are insufficient to raise the annunt of money provided in subdivision (d)
of Section 20, the. balance shall be raised by an additional assessment on all
taxable lands (exclusive of improvements) with the P:.::~cl'ng Assessment
District~ in the ratio of their land area. The Engineer's Report for such
year shall include a column for such a land area assessment.
h) The amo:.:nt of the 1ndividual annual assessment against each
parcel of land in the Parking Assessment District, determined by multiplying
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the rate determined in (g} by the ildjust~d· square foot:ige for each pJrcc1
determined in (f), and adding the land area assessment, if any.
25. Successive Annual Reports. The original report and each successive
annual report sha 11 be noticed for hearing before the council, and heard,
amended, altered, modified, corrected and confirmed as provided in Section
13.16.150 of Chapter 13. 16 of Title 13 of s~id Code.
26. Annual Assessment Levy. The total of each annual assessment,
determined as contained in said report as confirmed, shall be levied and
co 11 ected upon the last equa 1 i zed secured and utility tax r-o 11 s upon which
general City taxes are collected. It shall be in addition to all other taxes
levied for general City purposes, and shal 1 be levied, computed, entered and
collected together with and not separate from general City taxes, and enforced
in the saioo manner and by the same person's and at the same titre, and with the
same penalties and interest, as are other taxes for City purposes, and all
laws appl icab1e to the levy~ co1 lectior. and enforcement of taxes for City
purposes are hereby made applicable to said special assessmc-nt levy, and the
assessed real pr'>perty, if sold for taxes., shall be subject to redemption in
the same manner as such real property is redeemed from the sale for general
City taxes and if not redeemed shal 1 in like ma'"""'..~r pass to the purchaser.
27. Advances from Available Surplus Funds. The City shall be the
purchaser of property upon which payment of annual assessment is del inqoent,
in like manner in which it becomes or may becClme the .;u.rchaser of property
sold for the nonpayment of general taxes, and sha11 tr-ansfer from available
surplus funds into the Bond Fund, as an advance recoverable upon sale or
redemption of the property, the ~roount of the delinquent unpaid assessment
upon which said ::.ale is. made. The City shall also pay and . transfer from
available surplus funds into said Bond Fund, as an advance recoverable upon
sale or redemption of the :',.Aoperty, the amount of any future delinquent unpaid
assessments on such property pending redemption.
28. Bond Fund. There has heretofore been created a special fund
designated "City of Palo Alto Bond Plan G Series 75-63 lnt~rest ar.d Redemption
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fund", herein called "Bond.Fund", w~ich shall be maintJined hy thP Controller
as a separate account, d•stinct from all oth'!r funds of the City from which
the principal of and interest on all of the Bonds shall be paid.
a) Forthwith uron rerei pt of the proce~ds of the 1980 Bonc!s, the
Treasurer shall pay therefrom to the Bond Fund any funds received on account
of interest on the Bonds _from their date to the date of their delivery.
b) Any amounts determined to be appropriated and contr-ibuted by
the City to the payment of principal and interest on the Bonds shall be
deposited fo the Bond Fund.
c) The pr_oceeds of any special assessments levied pursuant to
Sections 20 to 26 inclusive, hereof sha 11 be deposited in the Bond Fund.
d) Any amounts required to be advanced pursuant to Sect ion 27
shall also be deposited in the Bond Fund.
All m:meys in this Fund shall be used anrJ withdrawn solely for the
purpose of paying the principal of and interest on the Bonds as the same shall
becon.:! due and payable.
29. Trust Fund. All moneys contributed to the payment of the Bonds and
the interest thereon, all annual assessments levied therefor, and al 1 amounts
avanced pursuant to Section 27, as herein provided, shall be deposited in the
Bond Fund, shall constitute a trust fund therefor, and shall not be expended
for any other purpose; provided, that if any moneys shall remain in the Ber...:
Fund after thepayment of all of the Bonds and the interest thereon, they shall
be transferred to the maintenance fund of the Parking Assessment District, and
be used for the objects and purposes thereof.
30. Refunding. If, prier to the payment of the 19£0 Bonds it shall be
found desirable to refund the 1980 Bonds under the provisions of any law tl1en
available-, the 1980 Bonds · or any part thereof may be refunde·d ar.d the
refunding obligations so issued shall enjoy comp1ete equality of lien with the
portion of the 1980 Bonds which is not refunded9 if any there be, and the
refunding obligations shall continue to enjoy whatever priority of lien over
subsequent issues which may have been enjoyed by the 19BO Bonds refunded •
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31. Printing and Execution. The Clerk is directed to cat:se the 1980
Bonds to be lithographe~, printed or engraved, according to the provisions
hereof and the hid of the successful bidder, and to procure their execution by
the proper officers and to deliver them when so executed to the Tl·easurer who
shal 1 safely keep the same unti 1 delivery to the purchaser or purchasers
thereof, on receipt of the purchase price. Said Mayor, Treasurer and Clerk
are further authorized and directed to make, execute and deliver to the
purchaser or purchasers of the 1980 Bonds a signatur-e and no-1 itigation
certificate in the form usually required by purchasers of municipal bonds
genera11y, certifying to the genuinenes~, and due execution of the 1980 Bonds
and further certifying to all facts within th€ir knowledge relative to any
litigation which may or might affect said City, the Parking Assessment .
District, said officers of the 1980 Boi1ds, it!'ld said Treasurer is further
authorized and directed to make, execute and deliver to the p:.irchaser of the
1980 Bonds a Treasurer's receipt in the form usually required by purchasers of
municipal bonds, which receipt shall be conclusive evidence that said purchase
price has been paid and has been received by said City. Any purchaser or
subsequent take or hol det of the 1980 Bends is hereby authorized to rely upon
and shall be justified in relying upon any such signature and no-litigation
certificate and Treasurer1s receipt with respect to the 1980 Bonds executed
pursuant to the authority of this Resolution.
32. Non-Arbitrage Coven an_!. The City hereby covenants with the holders
of the bonds that it will make no use of the proceeds of said bonds at any
time during the term thereof which, if such use had been reasonably expected
on the date said bonds were issued, would have caused said bonds to bl!!
arbitrage bonds within the meaning of Section 103(c) of thf? !nternal Revenue
code of 1954, as amended, and the Temporary and .Proposed Treasi.."ry Regulations
promulgated thereunder.
33. Certificate as to Non-Arbitrage. On the basis of the facts,
estimates and circumstances now in existence and in existence on the date of
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i!;~ue of said bonds, as det~rmined by th'! Trc~surer, sai1 Tr~a<:orer 1s
authorized to certify th.at it is not expected that the proreeds of said issue
will be usect in a manner that would cause such obligations to bie arbitrage
bonds. Such certification shal 1 be delivered to the purchaser of ~ain bonds
at the time of delivery of and payment for said bonds.
* * * * * * *
I hereby certify that the foregoing is· a ful 1, true and correct copy of
a re~olotion duly passed and adopted by the Council of the City of Palo Alto,
California, at a meeting ther-eof held on the 7 day of April ~-'
1980, by the following vote of the members there"Of:~
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AYES, and in favor thereof, Councilmembers: Brenner, Fletcher, Henderson, Levy
NOES, Councilmembers: None
ABSENTs Councilmembers: fazztno
NOT PARTICIPATING, Councilmembers: Eyerly
APPROVED:
·~~dt?>Mitor
Renzel, Sher, Witherspoon
6102A
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EXHIBIT "A11
UNITED STATES OF ~ERICA
STATE OF CALIFORNIA
CITY OF PALO ALTO
UNIVERSITY AVENUE AREA PARKING BONO OF 1980
SERIES 75-63A .
03/1/480
NO. A $~~~~~
KNOW ALL MEN BY THESE PRESENTS, that the City of_ Palo Alto, {a tm..micipal
corporation operating under a freeholders' charter), state of California, for
valu.:: received, will pay to bearer, from the City of Palo Alto Bond Plan G
Series 75-63 Interest and Redemption Fund, herein called Bond Fund, of said
City, on the 2nd day of July, 19 , the sum of THOUSAND
OOLlARS ($ ) . in lawful money of the Ui'lited "St"atest with inter-est
thereon from the date, as evidenced by interest coupons attached hereto at the
time of issuance. Said interest is payable January 2, 1981, and semiannually
thereafter on t!ie 2nd day of July and the 2nd day of January, in each year,
all as more particularly set forth in the resolution providing for the
issuance hereof~
Both principal and interest
States of America at the Bank
Association, Main Office, San
Registration Agent of the City.
are payable in lawful money of the United
of America National Trust and Savings
Francisco, California, the Paying and
The holder of this bond has all the rights of a holder of a negotiable
instrument payable to bearer.
If, upon presentation at maturity, payment of this bond or any interest
coupon thereof, or both, is not made in full accordance with the terms of the
resolution providing for the issuance her-eof., said bond or coupon~ or both
shall continue to bear interest at the rate stated herein until paid in full.
Bond maturing by their terms on or before July 2, 1990, are not subject
to call prior to their respective fixed dates of maturity. Bonds nraturing on
or ·after July 2, 1991, are subject to call and redemption at the option of the
City, as a whole t in part, in inverse numerical order on July 2, 1990, or on
any interest date i;-.. ~':'"t:after anti prior to their respective dates of maturity
at the principal amount tLereof and accrued interest thereon to the date of
redemption,. plus ~ redemption premium equal to one quarter of one percent {l/4
of 11) of such princip;:i.~ amount f(lr each whole twelve (12) months, and for any
remaining fraction of a twelve (12} month period, from the date fixed for
redemption to the maturity date of the bonds; provided, however, that in no
event does the premium paid on prior redemption exceed the rate of or,., and
one-q~arter percent (1-1/4%) of such principai amount.
The city treasurer shall cause thirty (30) days prior notice of
redemption to be given by mailt and in addition shall publish such notice once
at least thirty (30) days prior to the day of Cd 11 fo a financia 1 paper
published i~ San Francisco or in a financial paper published in New York. The
city treasurer shall mail such notice by registered mail thirty (30) days
(i)
,., . .
prior therf?to to the last kncwn holder or holder$ of ~ny b~arer l:ionds so
calledt as shown by the records in his office. Notice of redemption of any
registered bonds shall be given to the registered owners by registered mail at
least thirty (30} days prior to the day of call. No interest shall accrue on
said bonds called for redemption or on any interest coupons thereon after the
redemption date specified in said notice.
This bond is one cf an issue in the total principal amount of $175,000,
all of like date and tenor except as to number, maturity, and prior redemption
(and interest rate), all issued by the City for the pur"pose of providing money
to finance the acquisition and construction of offstreet parking facilities
within a parking assess~nt district in the University Avenue area in said
City, all as set forth and described in Resolution No. , adopted----
' 1980, by the council of the City of Palo A~ providing "for the
issuance hereof, to which reference is hereby made for the ob1igations,
duties, rights and privileges hereby created, and as authorized by and in
strict accordance with the freeho1ders' charter of said City, and the Palo
Alto t'llnic'jpal Code, and particularly Section 13.16.150 of Chapter 13.16 of
Title 13 thereof.
This bond is payable exclusively from the Bond Fund referred to fo said
resolution, as said fund appears upon the books of said City. Neither the
City nor any of its officers are otherwise liable for the principal and
interest hereof.
There is a mandatory duty on the council to levy and collect a special
assessment upon all taxable land and improvements within said parking
assessrrel'lt district of said City, in an amount clearly sufficient to pay the
principal of and interest on this bond as the same sha11 become payable, until
all said principal and interest are paid in full, and to deposit the proceeds
thereof in said Bond Fund.
The bonds are on a parity of 1 ien with respect to the proceeds of such
special assessment with the lien of the "City of Palo Alto University Avenue
Area Park fog Bonds of 1977, Series 75-6311 in the original principal amount of
$791,000.
Annual 1y, : any time prior to the time the levy is made, or at such
other time as h shall determine, the council is authorized to transfer to
said Bond fund, from available funds, such amount or a!OOunts as it shall
determine.
In the event of a delinquency in the payment of aey assessment levied
upon any benefited properties for the pa.}'tllellt of 1.he ·principal and interest of
said bonds, there is a mandatory duty on the part ~f tflE Clty to transfer an
amount equal to the amount of such delinquency, with penalties and costs, from
a·1ailable funds of said City, to said Bond Fund, with duty is a continuing,
annual, mandatory duty on the part of the council during the entire life of
the bond ;ssue, if assessments against the benefited real properties continue
to be in default. ·
This bond 111ay be registered, deregistered and reregistered in the manner
provided in the resolution providing for the issuance hereof. If· registered
as to principal and interest~ the principal hereof and interest hereon shall
be payable only to such registered owner. If registered a1i to principal only,
the principal hereof shall be payable only to such registered owner.
IT IS HEREBY CERTIFIED ANO RECITED that all acts, conditions and things
required hy the constitution and laws of the state of California and the
charte~ and ordinances of said City, to he done, to happen and to be
perforrred, precedent to and in the issuance of this bond, have been done,
(if)
. . .. ,. ...
have happened and have been performed in regular and c1ue form, time and manner
~5 required by lav:, <'!nd Uii-s bond is made conclu~ivc evir1H.ce thereof.
IN WITNF.SS WHEREOF, the City of Palo Alto, by its council, has caused
this bond to be exect1t"".!d on its hchalf by the mayor and city cl.:?rk of said
City by their printedt lithographed or engraved signatures hereon, and
countl:!rs i gned by the manua 1 signature of the city treasurer, who has affixed
hereto the corporate seal of the City, and has caused the interest coupons t~
be exec·Jted and authenticated by the facsimile signature of the city
treasurer, all as of May 2, 1980.
. Mayor
tkJ~··-,;....-_~ -
COUNTERSIGNED:
NO.
City Treasurer
INTEREST COUPON FORM
$ _____ _
On the 2nd day of July (January), 19 , the city of Palo
Alto will pay to bearer (unless bond-rs registered as to
principal and interest) at the Bank of America National
Trust and Savings Association, Main Office, San
Francisco, California, the sum of ~-~-----~~~-00 LL AR S ($ ) for interest, subJect to any
prior redemption right reservedlt then due on its
University Avenue Area Parking Bonds of 1980, Series
75-63A, dated May 2, 1980.
Bond No. -------
• City Treasurer
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~ '."lj .. • •
RF.~ISTRATION FORM
This bond is regis·tered in the name of the registered owner whose name
and address appear last in the space below~ as to principal only or as to
principal and interest. as noted below, and the principal only or both the
principal of and interest on this bond are payable accordingly to such
registered owner.
NOTE: There must be no writing in the space below except by the Registrar.
Date of
R{:gis try
*
Type of
ReQistration*
Principal only
and Interest
Name of
Regis te,~ed
Owner
Address of
Registered
Clwner
Principal o_n_1_y ___________ _
and Interest
Prfocipa1 only
Signature
of
Registrar
and Interest
Principal_o_n~1~y--~-~~~~~~~~~~"~~~.~---~~
and Interest
In the event registration is as to principal only, strike the words
"and Interest11 ; if as to principal and interest, strike the word
11 only11 •
( i 'i)