Reso 0502-12/1978 RESOLUTION NO. 502
RESOLUTION OF THE BOARD OF DIRECTORS
OF SAN MARCOS COUNTY WATER DISTRICT,
CALIFORNIA, PROVIDING FOR THE ISSUANCE
AND SALE OF BONDS OF SAID DISTRICT FOR
ASSESSMENT DISTRICT NO. 76-3 THEREOF
IN THE TOTAL AMOUNT OF $1,213,380.14
WHEREAS, by Resolution No. 488 of the San Marcos County Water
District, this Board of Directors confirmed an assessment on lands
lying within Assessment District No. 76-3 of the San Marcos County
Water District, and by said resolution ordered the assessment and diagram
recorded and filed as required by the Municipal Improvement Act of 1913;
and
WHEREAS, said assessment and diagramwere recorded and filed as so
required on October 20, 1978; and
WHEREAS, the total assessment so confirmed was $1,213,380.14 and
WHEREAS, by Resolution No. 477 of said District this Board of
Directors resolved that serial bonds, bearing interest at a rate not to
exceed eight percent (8%) per annum shall be issued under and as provided
in the Improvement Bonds Act of 1915, i.e., Division 10 of the California
Streets and Highways Code, to represent assessments not paid within
thirty (30) days after recordation of said assessments; and
WHEREAS, this Board of Directors has heretofore adopted its
Resolution No, 499 finding and determining that assessments in the amount
of $1,213,380.14 remain unpaid; and
WHEREAS, this Board of Directors deems it proper and the necessity
thereforeappears that bonds to represent said unpaid assessments be issued
and sold in the form and manner as hereinafter provided;
NOW,THEREFORE, the Board of Directors of the San Marcos County Water
District DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
SECTION 1. Bonds of said District in a total ~ount of $1,213,380.14
shall be issued and sold to represent assessments not paid within thirty (30)
days after recordation of the assessment and diagram. Said bonds shall
be designated "IMPROVEMENT BOND, SAN MARCOS COUNTY WATER DISTRICT, COUNTY
OF SAN DIEGO, STATE OF CALIFORNIA, ASSESSMENT DISTRICT NO. 76-3." Said
bonds shall be in the principal amount of $1,213,380.14 numbered
consecutively from 1 through 243 inclusive, dated January 2, 1979, in
the denomination of $5,000 (except Bond No. 1, which shall be in the
principal amount of $3,380.14), shall bear interest from their date at
a rate or rates to be hereafter fixed (but not to exceed eight percent (8%)
per annum), and shall mature in consecutive numerical order over a period
commencing July 2, 1980 and ending July 2, 1999 according to the following
schedule:
Principal Principal
Year Maturing Year Maturing
1980 $ 3.380.14 1990 $ 60,000
1981 30 000 1991 65.000
1982 30 000 1992 70.000
1983 35 000 1993 75 000
1984 35 000 1994 80.000
1985 40.000 1995 85 000
1986 40 000 1996 90.000
1987 45 000 1997 lO0 000
1988 50.000 1998 110,000
1989 55 000 1999 115,000
Interest on the bonds for the first twelve months will be payable on
January 2, 1980; and thereafter interest will be payable semiannually
on July 2 and January 2 of each year.
SECTION 2. Both the principal of and the interest on the bonds are
payable at the offices of the San Marcos County Water District in San Marcos,
California, or at the principal offices of the paying agent, Security Pacific
National Bank, in Los Angeles and San Francisco, California.
SECTION 3. The Auditor of the District and the Secretary are hereby
authorized and directed to sign all of said bonds. Said Secretary is
further authorized and directed to affix the seal of the District to said
bonds, and to number said interest coupons affixed to each of said bonds
consecutively. The signature of said Auditor on the bonds and coupons
may be an engraved, printed or lithographed signature, and the seal may
also be placed in like manner on the bonds.
SECTION 4. Said bonds shall be issued in substantially the form
set forth in Section 8652 of the Streets and Highways Code' and the coupons
for said interest thereon shall be in substantially the following form:
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(INTEREST COUPON FORM)
On the Second day of the SAN MARCOS , 19
COUNTY WATER DISTRICT, California, will pay
to the bearer, COUPON NO.
at the offices of the Dsitrict in San Marcos,
California or at the principal office of the
paying agent, Security Pacific National Bank,
in the cities of Los Angeles and
San Francisco, California, the sum of $
in lawful money of the United States of
American, being the interest then due on
its Improvement Bond No.
Dated: January 2, 1979
Auditor of the San Marcos
County Water District
(REVERSE SIDE OF COUPON)
If the bond to which this'coupon is attached is
attached is redeemable and is duly called for redemption
prior to the maturity date of this coupon, this coupon
will be void.
SECTION 5. Substantially 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 persons
as the registered owner hereof, both as to principal and
interest, but, if registered, may not be discharged from
registration.
Each registration or tranfer after registration of
this bond shall be entered by the Auditor in books kept by
him for the purpose and noted by him in the registration
blank below. Upon registration all unmatured coupons
pertaining hereto shall be surrendered to the Auditor.
So long as this bond is registered, no transfer hereof
shall be valid for any purpose unless made by the registered
owner and entered 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 bond, if registered, 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
preceding the interest payment date, or to his order.
Each request for registration or transfer must be in
form satisfactory to the Auditor and must be made in writing,
signed by the registered owner, or by his agent duly authorized
in writing, or by the bearer, as the case may be.
Date of In Whose Name Signature of
Registration Registered Auditor
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SECTION 6. The proceeds of the sale of said bonds shall forthwith
be placed in a fund of said District hereby created and designated
"Assessment District No. 76-3 Construction Fund", and the moneys in said
fund shall be used only for the purposes authorized in the Municipal
Inmprovement Act of 1913.
SECTION 7. This Board of Directors does hereby call for sealed
bids on the said bonds proposed to be issued to be received up to the
time specified in the notice hereinafter.set forth.
SECTION 8. The Secretary shall cause a notice inviting such bids
to be given by mailing copies thereof to such persons and investment
bankers known by the Secretary to have an interest in purchasing such
bonds. Said notice shall be in substantially the form attached hereto
as Exhibit "A".
ADOPTED, SIGNED AND APPROVED this 18th day of December, 1978.
(SEAL)
ATTEST:
S~er~ca~~C°unty
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STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
I, JAMES F. McKAY, Secretary of the San Marcos County Water
District, California, DO HEREBY CERTIFY that the foregoing resolution
was duly adopted by the Board of Directors of said District at a meeting
of said Board of Directors held on the 18th day of December, 1978, and
that it was so adopted by the following vote:
AYES: DIRECTORS: Keebaugh, Ferguson, Mahr, Blanchard
NOES: DIRECTORS: None
ABSENT: DIRECTORS: None
ABSTAIN: DIRECOTRS: Smith
ounty
(SEAL)
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STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
I, JAMES F. McKAY, Secretary of the San Marcos County Water
District, California, DO HEREBY CERTIFY that the foregoing is a full,
true and correct copy of Resolution No. 502 of the Board of Directors
of said District, and that the same has not been amended or repealed.
DATED: December 20 , 1978
r~S.~n~s County
(SEAL)
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