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Reso 0055-05/1958 RESOLUTION NO. 55 RESOLUTION OF THE BOARD OF DIRECTORS OF SAN MARCOS COUNTY WATER DISTRICT PROVIDING FOR THE ISSUANCE OF BONDS OF SAID DISTRICT FOR IMPROVEMENT DISTRICT NO. 1 THEREOF IN THE AMOUNT OF $200,000 FOR THE ACQUISITION AND CONSTRUCTION OF CERTAIN DISTRICT IM- PROVEMENTS. WHEREAS, pursuant to resolution adopted by the Board of Directors of San Marcos County Water District on December 23, 1957, a special election was duly and regularly held in Improvement District No.1 of San Marcos County Water District, of San Diego County, California, on January 21, 1958, at which election there was submitted to the qualified voters of said Improvement District No. 1 the following proposition, to wit: BOND PROPOSITION: Shall the San Marcos County Water District incur a bonded indebtedness for Improvement District No.1 thereof in the principal sum of $200,000 for the purpose of the acquisition and construction of works and facilities for the collection, treatment and disposal of sewage, waste and storm water of the district and its inhabitants, including the necessary land, easements, rights of way, sewage trunk lines, works, machinery, and other property, together with all necessary engineering and legal services in connection therewith? and WHEREAS, said proposition received the affirmative vote of more than two thirds of all of the qualified voters voting at said election, and this Board is now authorized to issue bonds in the amount and for the purposes hereinabove specified; NOW, THEREFORE, the Board of Directors of San Marcos County Water District DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: Section 1. That bonds of San Marcos County Water District of San Diego County, California, in the principal sum of $200,000 be issued and sold for the purposes set forth in the bond proposition in the recitals hereof. Said bonds shall be designated !iBONDS OF SAN MARCOS COUNTY WATER DISTRICT FOR IMPROVEMENT DISTRICT NO.1, SEWER BONDS 19581i, shall be two hundred in number, numbered 1 to 200, both inclusive and shall be of the denomination of $1,000 each. Said bonds shall be dated June 1, 1958, and shall mature and be payable in con- secutive numerical order on June 1 in the amounts for each of the several years as follows: Years Inclusive Amounts Per Year 1961 to 1967 $ 2,000 1968 to 1974 3,000 1975 to 1979 4,000 1980 to 1983 5,000 1984 to 1986 6,000 1987 to 1989 7,000 1990 and 1991 8,000 1992 and 1993 9,000 1994 and 1995 10,000 1996 and 1997 11,000 1998 10,000 Said bonds shall bear interest at a rate or rates to be here- after fixed but not to exceed seven per cent (7%) per annum, payable annually for the first year and semiannually there- after on the first days of December and June of each year. Said bonds and the interest thereon shall be payable in lawful money of the United states of America at the Branch Office of Bank of America National Trust and Savings Association, Escondido, California, or at the Main Office of Bank of America National Trust and Savings Association in Los Angeles, California, or 2. at any fiscal agency of the district in Chicago, Illinois, or in New York, New York at the option of the holder. bonds will be coupon bonds registerable only as to both principal and interest. Said Section 2. That the President of this Board and the Auditor of said district are hereby authorized and directed to sign all of said bonds by their printed, lithographed or engraved facsimile signatures, and the Secretary of this Board is hereby authorized and directed to countersign said bonds and affix thereto the seal of said district, and the Auditor of said district is hereby authorized and directed to sign the interest coupons affixed to said bonds by his printed, lithographed or engraved facsimile signature, and to number said interest coupons affixed to each of said bonds consecu- tively. Section 3. That said bonds and the coupons for the interest thereon shall be issued in substantially the following form: UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF SAN DIEGO BOND OF SAN MARCOS COUNTY WATER DISTRICT FOR. IMPROVEMENT DISTRICT NO.1, SEWER BOND 1958 $1,000 No. SAN MARCOS COUNTY WATER DISTRICT, a public cor- poration situated in the County of San Diego, State of California, and organized and existing under the laws of the State of California, FOR VALUE RECEIVED, promises to pay to the bearer hereof out of the funds hereinafter described the sum of ONE THOUSAND DOLLARS ($1,000) on the first day of June, 19 , with inter- est thereon at the rate of per-cent ( %) per annum, payable semiannually on the first days of December and June of each and every year from the date hereof until this bond is paid, except that interest for the first year shall be payable in one installment at the end of said year, on presentation and surrender 3. of the respective interest coupons hereto attached. Both principal and interest are payable in lawful money of the United states of America at the Branch Office of Bank of America National Trust and Savings Association, Escondido, California, or at the Main Office of Bank of America National Trust and Savings Association in Los Angeles, California, or at any fiscal agency of the district in Chicago, Illinois, or in New York, New York, at the option of the holder. Unless this bond matures on or prior to June 1, 1973, it is redeemable prior to maturity in accordance with the provisions for redemption endorsed hereon. Except to the extent that the principal of this bond and the interest thereon may be paid from water revenues of said district as permitted or required by law, the principal of this bond and the interest thereon are payable exclusively out of taxes levied upon the taxable property in Improvement District No.1 of said San Marcos County Water District, and neither San Marcos County Water District nor any officer thereof is holden for the payment thereof otherwise. This bond is issued under and in pursuance of and in conformity with the provisions of the County Water District Law, being Division XII of the Water 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 of the qualified voters of said Improvement District No. 1 voting at an election duly and regularly called, held and conducted in said Improvement District on January 21, 1958. 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, happened and been performed in due time, form and manner as required by law. IN WITNESS WHEREOF, sald San Marcos County Water District has caused this bond to be signed by the President of its Board of Directors and the Auditor of said district by their facsimile signatures, and countersigned by the Secretary of said Board, and sealed with the corporate seal of said district, and has caused the interest coupons hereto attached to be signed by the facsimile signature of the Auditor of said district, and has caused this bond to be dated this first day of June, 1958. President of the Board of Directors of San Marcos County Water District COUNTERSIGNED: Auditor of San Marcos County Water District Secretary of the Board of Directors of San Marcos County Water District (SEAL) 4. (COUPON FORM) Coupon No. On the 1st day of SAN MARCOS COUNTY WATER DISTRICT, Sane 19__ Diego County). California, will pay to the bearer hereof at the Branch Office of Bank of America National Trust and Savings Association) Escondido, Cali- fornia, or at the Main Office of Bank of America National Trust and Savings Association in Los Angeles, California, or at any fiscal agency of the district in Chicago, Illinois, or in New York, New York, at the option of the holder) the sum of $ in lawful money of the United states of America, being the interest then due on "Bond of San Marcos County Water District for Improvement District No.1, No. Sewer Bond 1958, dated June 1, 1958. Taxes levied for the payment of this coupon are to be levied exclusively upon the taxable property in Improvement District No. 1 of San Marcos County Water District. Auditor of San Marcos County vJater District. (REVERSE OF COUPON) If the bond to which this coupon is 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 June 1) 1973, it is redeemable in the manner and subject to the terms and provisions, and with the effect) set forth in Resolution No. (adopted by the Board of Directors of San Marcos County Water District on 1958) at the option of said Board on June 1, 1973) or on any interest payment date thereafter prior to maturity, upon at least thirty (30) days' prior notice in a newspaper of general circulation in San Marcos County '~'Jater District and in a newspaper of general circulation in the City of Los Angeles, California, at a redemption price equal to the principal amount thereof plus the following premiwns (percentage of par value) if redeemed at the following times: 5. REDEMPTION DATES AND PREMIUMS On or after June 1 And prior to June 1 Premium 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1988 1993 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1988 1993 fvIaturity 4 rb 3-3/4% 3-l¡2~b 3-l/4r¿ 3 % 2-3/49b 2-1/2% 2-1/4% 2 % 1- 3/41; 1-1/2% 1-1/4% 1 % Section 4. That the proceeds of the sale of said bonds shall forthwith be placed in a fund of said district hereby created and designated "IMPROVEMENT DISTRICT NO.1, SEWER BONDS, 1958, CONSTRUCTION FUND11, and the moneys in said fund shall be applied exclusively to the acquisition and construction of the improvement described in the bond proposi- tion set forth in the recitals hereof. Section 5. That so far as possible the interest on and principal of said bonds shall be paid from the revenues of the San Marcos County Water District. If the San Marcos County Water District has no revenue or if the revenues of the district are, or in the judgment of this Board of Directors are likely to be, inadequate to pay the interest on or prin- cipal o~ said bonds as it becomes due, an annual tax shall be levied and collected upon all taxable property within Im- provement District No. 1 of San Marcos County Water District sufficient to pay the interest on said bonds as the same falls due and also to constitute a sinking fund for the payment of the principal of said bonds on or before maturity, all as provided in the County Water District Law, being Division XII of the Water Code of the state of California. All moneys 6. derived from such tax and all other moneys allocated and designated for the payment of said bonds and the interest thereon shall be placed in a fund of the district designated nIMPROVEMENT DISTRICT NO.1, SEWER BONDS, 1958, INTEREST AND REDEI\'IPTION FUND:1, and until all of said bonds, and all in- terest thereon, has been fully paid the moneys in said fund shall be used for no other purpose than the payment of said bonds and the interest thereon. Section 6. The bonds maturing on or prior to June 1, 1973, shall not be subject to call or redemption prior to maturity. The bonds maturing on or after June 1, 1974, or any of them, may be called before maturity and re- deemed at the option of the Board of Directors of the dis- trict on June 1, 1973, or on any interest payment date there- after prior to maturity at a redemption price for each re- deemable bond equal to the principal amount thereof, plus the following premiums (percentage of par value) if redeemed at the following times: REDEMPTION DATES AND PREMIUMS On or after And prior to June 1 June 1 Premium 1973 1974 4 % 1974 1975 3-3/4%, 1975 1976 3-1/2% 1976 1977 3-1/4% 1977 1978 3 % 1978 1979 2-3/4% 1979 1980 2-1/2% 1980 1981 2-l/49b 1981 1982 2 % 1982 1983 1- 3/4~6 1983 1988 1-1/2% 1988 1993 1-1/4rb 1993 Maturity 1 % Allor any of the bonds subject to call may be called for re- demption at any one time. If less than all of the bonds are redeemed at any one time, such bonds shall be redeemed only 7. 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 herein- after sometimes called the I!redemption date 11. Section 7. Notice of the intended redemption shall be published by two (2) publications in a newspaper of general circulation in San Marcos County Water District and in a news- paper of general circulation in the City of Los Angeles, Cali- fornia, the first 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 maturing subsequent to the redemption date at the Branch Office of Bank of America National Trust and Savings Association, Escondido, California, or at the Main Office of Bank of America National Trust and Savings Association in Los Angeles, California, or at any fiscal agency of the district in Chicago, Illinois, or in New York, New York, at the option of the holder; (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. If any of the bonds designated for redemption shall be registered so as to be payable otherwise than to bearer, the Auditor of the district shall, on or before the date of the first publication of said notice of redemption, mail a similar notice, postage prepaid, to the respective registered owners thereof at the addresses appearing on the bond registry books. 8. The actual receipt by the holder of any bond (here- inafter referred to as Pbondholder::) of notice of such redemp- tion shall not be a 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 of interest on the date fixed for redemption. The notice or notices required by this section shall be given by the Auditor of the district. A certificate by said Auditor that notice of call and redemption 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 interest on the redemption date fixed by any claim or showing that he failed to actually re- ceive such notice of call and redemption. Section 8. Prior to the time the Board of Directors determines to call and redeem any of said bonds there shall be established in the treasury of the district a redemption fund to be described or known as :lIMPROVEMENT DISTRICT NO. I J SE\'JER BO~1)S, 1958, REDEMPTION FUND, I! and prior to the redemption date there must be 'set aside in said Redemption Fund moneys avail- able 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 must 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 9. 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 áfter the redemption date. If after all of the bonds have been redeemed and cancelled or paid and can- celled there are moneys remaining in said Redemption Fund, said moneys shall be transferred to the general fund of said district; provided, however, that if said moneys are part of the proceeds of refunding bonds said moneys shall be trans- ferred 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 nec- essary for the redemption of the bonds called for redemption (principal and premium) is set aside for that purpose in 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 coupons maturing after the re- demption date~ at the place specified in the notice of redemp- tion, and if any of said bonds be registered, upon the appro- priate assignment thereof in blank, such bonds shall be re- deemed and paid at said redemption price out of the Redemption Fund, and no interest will accrue on such bonds called for re- demption 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 in- 10. terest coupons thereof shall be cancelled forthwith 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 o~mers shall con- tinue to be payable to the respective registered owners of such bonds, or their order, but without interest thereon. ADOPTED, SIGNED AND APPROVED this 13th day , 1958. of May ATTEST: (~.19 t:!,··Á--4_/L!!,..[;-?/I- Secretary'or the Board of Directors of San Marcos County Water District (SEAL) STATE OF CALIFORNIA COUNTY OF SAN DIEGO ~ SS. ) I, ANNA D. CHARLTON, Secretary of the Board of Directors of San Marcos County Water District, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Board of Directors of said district at a n adjourned regular meeting of said Board held on the 13th day of····· May , 1958, and that it was so adopted by the following vote: AYES: Directors Mahr, Hazeltine, Trussell, Smith, and Wells NOES: Directors None ABSENT: Directors None (SEAL) I"J ~ (I:. I ., LL-'V·v.t.-L£.L- ' " . f,l-tL-J,..C;;î./'- Secretary o' San Marcos County Water District and of the Board of Directors thereof. 11.