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Ordinance Number 98KM ORDINANCE NO. 98 AN ORDINANCE OF THE CITY OF SAN JUAN CAPISTRANO, CALIFORNIA, PROVIDING FOR THE ISSUANCE OF MUNICIPAL IMPROVEMENT BONDS OF SAID CITY IN THE AMOUNT OF $700,000. WHEREAS, pursuant to Ordinance No. 76 of the City of San Juan Capistrano, California, a special municipal election was duly and regularly held in said City on the third day of December, 1963, at which election there was submitted to the qualified voters of said city the following bond proposition, to wit: and BOND PROPOSITION: Shall the City of San Juan Capistrano incur a bonded indebtedness in the prinicpal sum of $1,200,000.00 for the purpose of the acquisition and construction by said city of a certain municipal improvement, to wit: facilities for the trans- mission, treatment, and disposal of sewage, including all lands, easements, rights of way, machinery, and other property useful and necessary for any of the foregoing? WHEREAS, Said proposition received the affirmative vote and assent of more than two-thirds of all of the qualified voters of said city voting an said proposition, andsaidcity is now authorized to issue bonds in the amount and for the purpose set forth in said proposition; NOW, THEREFORE, The City Council of the City of San Juan Capistrano, California, DOES ORDAIN as follows: SECTION'l. That bonds of the City of San Juan Capistrano, California, in the principal a= of $700,000 be issued and sold for the purpose set forth In the bond proposition in the recitals hereof. Said bonds shall be designated "CITY OF SAN JUAN CAPISTRANO 1964 SEWER BONDS, SERIES A". Said bonds shall be all in the denomination of $5,000 each, unless the successful biddet requests the denomination of $1,000 each, and shallto either 140 in number, numbered 1 to 140, inclusive, or 700 in number, numbered 1 to 700, inclusive, depending upon the denomination specified. Said bonds shall be dated November 1, 1964, and shall be payable in consecutive numbrical order, as follows: U9 Years Amount Years Amount Inclusive Each Year Inclusive Each Year 1966 $10,000 1977-1980 $30,000 1967-1968 $15,000 1981-1983 $35,000 1969-1971 $20,000 1984-1987 $40,000 1972-1976 $25,000 1988_1989 $45,000 Said bonds shall bear interest at a rate or rates to be hereafter fixed by resolution, but net to exceed six per cent (6%) per annum, payable annually the first year and semiannually thereafter. Said bonds and the interest thereon shall be payable in lawful money of the United States of America at the Main Office of United California Bank in Los Angeles, California, or at any fiscal agency of the city in San Francisco, California, or Chicago, Illinois, or New York, New York, at the option of the holder thereof. SECTION 2. That the Mayor and the City Treasurer of said City are hereby authorized and directed to sign all of said bonds by their printed, litho- graphed or engraved facsimile signatures, and the City Clerk of said City is hereby authorized and directed to countersign said bonds and to affix thereto the corporate seal of said City, and the City Treasurer of said City is hereby authorized and directed to sign the interest coupons of said bonds by his printed, lithographed or engraved facsimile signature, and to number said interest coupons of each of said bonds consecutively. SECTION 3. That the proceeds of the sale of said bonds (except premium, if any, and accrued interest) shall forthwith be turned over to and placed in the municipal treasury of said City to the credit of a fund hereby cleated and designated "City of San Juan Capistrano 1964 Sewer Bonds, Construction Fund," and the moneys in sad fund shall be applied exclusively to the acquidtion and construction of the municipal improvement described in the bond proposition In the recitals hereof, except as provided in Section 43628 of the Government Code. SECTION 4. That any premium or accrued interest received from the sale of said bonds shall forthwith be turned over to and placed in said treasury in the interest and redemption fund hereinafter created. That for the pur- pose of paying the principal and interest of said bonds, the City Council of said city shall at the time of fixing the general tax levy, and annually thereafter until said bonds are paid or until there is a sum in the treasury of said city set apart for that purpose sufficient to meet all payments of principal and interest on said bonds as they become due, levy and collect a 370 tax sufficient to pay the interest on said bonds as it falls due and such part of the principal thereof as will become due before the proceeds of a tax levied at the next general tax levy will be available. Said tax shall be in addition to all other taxes levied for municipal purposes and shall be levied and collected as other city taxes, and shall forthwith be turned over and paid into a fund of the city to be known as "CITY OF SAN JUAN CAPISTRANO 1964 SEWER BONDS, SERIES A, INTEREST AND REDEMPTION FUND." Said fund shall be used for . no other purpose than the payment of said bonds and interest thereon until said bonds and interest are fully paid. SECTION 5. That said bonds and the coupons for the interest thereon shall be issued in substantially the following form: No. UNITED STATES OF AMERICA STATE OF CALIFORNIA CITY OF SAN JUAN CAPISTRANO CITY OF SAN JUAN CAPISTRANO 1964 SEWER BONDS, SERIES A. The CITY OF SAN JUAN CAPISTRANO, a municipal corporation situated in the County of Orange, State of California, FOR VALUE RECEIVED, hereby acknowledges its indebtedness and promises to pay to the bearer hereof the sum of THOUSAND DOLLARS ($ ) on the day of ,19 , with interest thereon at the rate of per cent ( %) per annum, interest for the first year payable at the end of said year and interest thereafter payable semiannually on the first days of May and November of each and evey year from the date hereof until this bond is paid, on presentation and surrender of the respective interest coupons berate attached. Both principal and interest are payable in lawful money of the United States of America at the main office of the United California Bank in Los Angeles, California, or at any fiscal agency of the city in San Francisco, California, or Chicago, Illinois, or New York, New York, at the option of the holder %hereof. This bond is issued by the City of San Juan Capistrano under and in pursuance of and in conformity with the provisions of Article 1, Chapter 4, Division 4, Title 4 of the Government Code of the State of California, and acts supplementary thereto, and in pursuance of the laws and Constitution of the State of California, and is authorized by a vote of more than two-thirds of all the qualified voters of said City of San Juan Capistrano voting at an election duly and legally called, held and conducted in said city on the 3rd day of December, 1969, IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of this bond have existed, happendd and been performed in due time, form and manner as required by law, and that the amount of this bond, together with all other indebtedness of said city, does not exceed any debt limit prescribed by the laws or Constitution of the State of California. IN WITNESS WHEREOF, said City of San Juan Capistrano has caused this bond to be signed by the Mayor and the City Treasurer of said city by thadr facsimile signatures, countersigned by the City Clerk of said city and sealed with the corporate seal of said city, and the Interest coupons hereto attached to be signed by the City Treasurer by his facsimile signature, and has caused this bond to be dated the lot day of November, 1964. (Facsimile signature) Mayor of the City of San Juan Capistrano, California. (Facsimile signature) City Treasurer of the City of San Juan Capistrano, California. COUNTERSIGNED: City Clerk of the City of San Juan Capistrano, California. (SEAL) (COUPON FORM) On the let day of the CITY OF SAN JUAN CAPISTRANO, 19_ California, will pay to the bearer, at the main office of United California Bank in Los Angeles, California, or at any fiscal agency of said city in San Francisco, California, or Chicago, Illinois, or New York, New Yo* at the option of the holder hereof the sum of $ in lawful money of the United States of America, being the interest then due on its NO. 1964 SEWER BONDS, SERIES A, ' (Facsimile signature) City Treasurer of the City of San Juan Capistrano, California. CITY OF SAN JUAN CAPISTRANO DATED: November 1, 1964. 3'71 37 Subtantially the following provisions for registration shall be printed on the reverse side of each bond: PROVISIONS FOR REGISTRATION This bond may be registered in the name of any person as the registered owner hereof, either as to principal only or as to both principal and interest, and, if registered in either of said forms, may be changed to registration in the other of said forms or discharged from registration. Each registration, transfer after registration, change of form of 'registration, or discharge from registration of this bond shall be entered by the City Treasurer in books kept for the purpose and noted by said Treasurer in the registration blank below. Registration as to principal only shall not affect the negotiability by delivery of the coupons pertaining hereto.. Upon registration as to both principal and interest, all unmatured coupons per- taining hereto shall be surrendered to the City Treasurer and may be preserved or cancelled in the discretion of said Treasurer. So long as this bond is registered, no transfer hereof shall be valid for any purpose unless made by the registered owner and intered and noted as herein provided, and the principal hereof and any redemption premium shall be payable only to the registered owner, or to his order. Interest on this band, if registered as to both principal and interest, shall be payable to the person whose name appears upon the registry books as the registered owner hereof at the close of business on the tenth day precedng the interest payment date, or to his order. If this bond is registered as to both principal and interest and its registration is changed to registration as to principal only, or if it is discharged from registration, there shall be attached hereto coupons representing interest hereon to become due thereafter to the date of -- maturity hereof.'' In lieu thereof, and upon surrender and cancellation hereof, the City Treasurer may issue in exchange herefor a new bond, with such coupons attached, identical with this bond, except for the previous notations on the registration blank hereon, and except that the signatures on the new bond shall be those of the persons holdng the offices at the time of affixing such signatures. The issuance of any such new bond or new coupons shall be at the expense of the registered owner. 373 ` Each discharge hereof from registration shall be effected by an entry on the registry books, and a notation in the blank below, that this bond is payable to bearer, whereupon this bond shall become an unregistered bearer instrument, negotiable by delivery as if it had never been registered. Each request for registration, transfer, change or discharge must be in form satisfactory to the City Treasurer and must be made in writing, signed by the registered owner, or by his agent duly authorised in witting, or by the bearer, as the case may be. Date of In Whose Name Manner of Signature of Registration Registered Registration City Treasurer (TO BE INSERTED ON FACE OF BOND) Unless this bond matures on or prior to November 1, 1983, it is redeemable prior to maturity in accordance with the provisions for redemption endorsed hereon. (REVERSE OF COUPON) I£ the bond to which this coupon is attached is redeemable and is duly attached is redeemable and is duly called for redemption on a date prior to the maturity date of this coupon, this coupon will be void. (REVERSE OF BOND) PROVISIONS FOR REDEMPTION Unless this bond matures on or prior to November 1, 1983, it is redeemable In the manner and subject to the terms and provisions, and with the effect, set forth in Ordinance No. 98 (adopted by the City Council of said city on October 13, 1964) at the option of said City Council on November 1, 1980, or on any interest payment date thereafter prior to maturity, upon at least thirty (30) days prior notice in a financial newspaper or journal of national circuldion, published in the City and State of New York, at a redemption price equal to the principal amount hereof, plus the following premiums if redeemed at the following times: REDEMPTION DATES Calendar Year of Call Premium 1980 to 1981 2% 1982 to 1984 1% 1985 to 1989 none 374 SECTION 6. The bonds maturing on or prior to November 1, 1983, shall nut be subject to call or redemption prior to maturity. The bonds maturing on or after November 1, 1984, or any of them, may be called before maturity and redeemed at the option of the City Council of said cly on November 1, 1980, or on any interest payment date thereafterprior to maturity, at a redemption price for each redeemable bond equal to the principal mount thereof, plus the following premiums if redeemed at the following times: REDEMPTION DATES Balendar Year of Call Premium 1980 to 1981 2% 1982 to 1984 1% 1985 to 1989 none All or any of the bonds subject to call may be called for redemption at any one time. If less than all of the bonds are redeemed at any one time, such bonds shall be redeemed only in inverse order of maturity and number beginning with the highest numbered bond. The interest payment date on which bonds which are called are to be presented for redemption is hereinafter sometimes called the "redemption date." SECTION 7. Notice of the intended redemption shall be published by one (1) publication in a financial newspaper or journal of national circulation, published in the City and State of New York, said publication to be at least thirty (30) days but not more than sixty (60) days prior to the redemption date. The notice of redemption shall (a) state the redemption date; (b) state the redemption price; (c) state the numbers and dates of maturity of the bonds to be redeemed; provided, however, that whenever any call includes all of the bonds of a maturity, the numbers of such maturity need not be stated; (d) require that such bonds be surrendered with all interest coupons Y maturing subsequent to the redemption date at the main office of the United California Bank, Los Angeles, California, or at any fiscal agency of the city in San Francisco, California, or Chicago, I111nois, or New York, New York; (e) require that bonds which at the time of call are registered so as to be payable other than to bearer shall be accompanied by appropriate instruments of assignment duly executed in blank; and (f) give notice that further interest on such bonds will not accrue after the designated redemption date. 3'75 If any of the bonds designated for redemption shall be registered so as to be payable otherwise than to bearer, the City Treasurer shall, on or before the date of the publication of said entice of redemption, mail a similar notice, postage prepaid, to the respective registered owners thereof at the addresses appearing on the bond registry books. The actual receipt by the holder of any bond (hereinafter referred to as "bondholder") of notice of such redemption shall not be condition precedent to redemption, and failure to receive such notice shall not affect the validity of the proceedings for the redemption of such bonds or the cessation t of interest on the date fixed for redemption. The notice of notices required by this section shall be given by the City Treasurer. A certificate by said City Treasurer that notice of call and redemp- tion has been given to holders of registered bonds as herein provided shall be conclusive as against all parties, and no bondholder whose registered bond is called for redemption may object thereto or object to the cessation of in- terest on the redemption date fixed by any claim or showing that he failed to actually receive such notice of call and redemption. SECTION 8. Prior to the time the City Council determines to call and redeem any of said bonds there shall be established in the treasury of said city a Redemption Fund to be described or known as CITY OF SAN JOAN CAPISTRANO 1964 SEWER BONDS, SERIES A, REDEMPTION FUND (hereinafter sometimes referred to as "Redemption Fund") and prior to the publication of the notice of a redemption there must be set aside in said Redemption Fund moneys available for the purpose and sufficient to redeem, at the premiums payable as in this resolution provided, the bonds designated in such notice of redemption. Said moneys most be set aside in said fund solely for that purpose and shall be applied on or after the redemption date to payment (principal and premium) for the bonds to be redeemed upon presentation and surrender of such bonds and all interest coupons maturing after the redemption date, and shall be used only for that purpose. Any interest coupons due on or prior to the redemption date shall be paid from the Interest and Redemption Fund provided for herein upon presentation and surrender thereof. Each bond presented must have attached thereto or presented therewith all interest coupons maturing after the redemption date. If after all of the bonds have been redeemed and cancelled or paid and cancelled there are moneys remaining in said Redemption 1'76 Fund, said moneys shall be transferred to the general fund of said city; provided; however, that if said moneys are part of the proceeds of refunding bonds, said moneys, shall be transferred to the fund created for the payment of principal of and interest on such refunding bonds. SECTION 9. When notice of redemption has been given substantially as provided for herein, and when the amount necessary for the redemption of the bonds called for redemption (principal and premium) is set aside for that purpose it the Redemption Fund, as provided for herein, the bonds designated for redemption shall become due and payable on the date fixed for redemption thereof, and upon presentation and surrender of said bonds and all interest coapons maturing after the redemption date, at the place specified in the notice of redemption and, if any of said bonds be registered, upon the appropriate assignment thereof in blank, such bonds shall be redeemed and paid at said redemption price out of the Redemption Fund, and no interest will accrue on such bonds called for redemption or on any interest coupons thereof after the redemption date specified in such notice, and the holders of said bonds so called for redemption after such redemption date shall look for the payment of such bonds and the premium thereon only to said Redemption Fund. All bonds redeemed and all interest coupons thereof shall be cancelled forth- with by the City Treasurer and shall not be reissued. All interest coupons pertaining to any redeemed bonds, which coupons have matured on or prior to the time fixed for redemption, shall continue to be payable to the respective holders thereof but without interest thereon. All unpaid interest payable at or prior to the date fixed for redemption upon bonds registered in such manner that the interest is payable only to the registered owners shall continue to be payable to the respective registered owners of such bonds, or their order, but without interest thereon. SECTION 10.0 That any of said bonds may be registered either as to principal only or as to both principal and interest, and the form of registration of any registered bond may be changed or any registered bond may be discharged from registration, in the manner and with the effect set forth in the provisions for registration contained in the form of bond set forth herein. SECTION 11. That the City Clerk shall certify to the passage and adoption of this ordinance by a vote of at least two-thirds of all the members of the 3'7'7 City Council of said city, and shall cause this ordinance to be published once in the COASTLINE DISPATCH a newspaper of general circulation in said city. SECTION 12. This ordinance shall take effect thirty (30) days after its adoption. ADOPTED, SIGNED AND APPROVED this 13th day of October, 1964. Mayor of the City of San Juan Capistrano, California f ATTEST: City Clerk of the City of San Juan Capistrano, California. (SEAL) STATE OF CALIFORNIA ) COUNTY OF ORANGE ) as. CITY OF SAN JOAN CAPISTRANO) I, ERNEff A. THOMPSON, City Clerk of the City of San Juan Capistrano, Califonia, DO HEREBY CERTIFY that the foregoing ordinance was introduced at a regular meeting of the City Council duly held on the 28th day of September, 1964, and thereafter at a regular meeting of said City Council duly held on the 13th day of October, 1964, was duly passed and adopted by said City Council and signed and approved by the Mayor of said City, and that said ordinance was passed and adopted by the following vote, to wit: AYES: Councilmen: CHERMAK, BATHGATE, BBCHHEIM, OLSVARES and DURNFORD NOES: Councilmen: NONE ABSENT: Councilmen: NONE City Clerk of the City of San Juan (SEAL) Capistrano, California