Res 01-072RESOLUTION NO. 01-072
A RESOLUTION OF THE CITY COUNCIL OF CITY OF POWAY, CALIFORNIA,
AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF A BOND PURSUANT TO
THE PROVISIONS OF THE IMPROVEMENT BOND ACT OF 1915 FOR
ASSESSMENT DISTRICT NO. 2001-1 (OLD COACH ROAD WATERLINE PROJECT)
AND APPROVING CERTAIN DOCUMENTS AND AUTHORIZING CERTAIN ACTIONS
IN CONNECTION THEREWITH
WHEREAS, this City Council has taken proceedings under the Municipal
Improvement Act of 1913, Division 12 of the California Streets and Highways Code (the
"Code"), for the formation of Assessment District No. 2001-1 (Old Coach Road
Waterline Project) (the "Assessment District") and has confirmed an assessment, which
assessment and a related diagram were recorded in the office of the City Engineer,
acting as the Superintendent of Streets, and with the County Recorder of the County of
San Diego; and
WHEREAS, a notice of assessment, as prescribed in Section 3114 of the Code,
has been recorded with the County Recorder of the County of San Diego, whereupon
the assessment attached as a lien upon the property assessed within the Assessment
District as provided in Section 3115 of the Code; and
WHEREAS, said proceedings provide that bonds would be issued pursuant to
the Improvement Bond Act of 1915, Division 10 of the Code (the "Act") to represent and
be secured by the unpaid assessments on the parcels within the Assessment District;
and
WHEREAS, this City Council has determined that the assessments upon the
security of which such bonds are to be issued is not to exceed $290,350.47; and
WHEREAS, it is necessary and desirable that the City sell a single bond (the
"Bond") to be issued to represent the unpaid assessments; and
WHEREAS, pursuant to Section 53635 of the Government Code of the State of
California, the City may invest in bonds of California local agencies, including bonds
issued by the City; and
WHEREAS, the City finds it necessary and desirable to purchase said Bond as
an investment on the terms and conditions herein set forth; and
WHEREAS, this City Council wishes to authorize the issuance of the Bond and
the sale thereof to the City on the terms approved hereby;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway
as follows:
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SECTION 1. Unpaid Assessments. The assessments now remaining
unpaid, and the aggregate thereof, are as shown on the list of unpaid assessments on
file in the office of the Treasurer of the City, acting as Superintendent of Streets, in the
aggregate amount of $290,350.47. For a particular description of the lots or parcels of
land bearing the respective assessment numbers upon which assessments remain
unpaid, severally and respectively, reference is hereby made to the assessment and to
the diagram recorded in the office of the Superintendent of Streets.
SECTION 2. Issuance of Bond. A single bond shall be issued upon the
security of said unpaid assessments in the aforesaid amount, in accordance with the
provision of Division 10 of the Streets and Highways Code of the State of California and
the proceedings thereunder duly had and taken, for the purpose of issuing the Bond.
Said Bond shall be designated "United States of America, State of California,
County of San Diego, City of Poway, Limited Obligation Improvement Bond,
Assessment District No. 2001-1 (Old Coach Road Waterline Project)", and shall be a
bond in the principal amount of $290,350.47 herein referred to as the "Bond") and shall
be payable in installments of principal. The Bond shall mature on September 2, 2016.
The Bond shall be in the form of a fully registered bond without coupons and
shall be initially dated the delivery date. The Bond shall be substantially in the form set
forth in Exhibit "A" hereto attached and by reference made a part hereof.
SECTION 3. Interest. The Bond shall bear interest at the rate of 5.75%
per annum, payable on March 2, 2002, and semiannually thereafter on September 2
and March 2 of each year.
The Bond shall bear interest from the interest payment date next preceding the
date of registration thereof unless: (i) it is registered as of an interest payment date, in
which event it shall bear interest from such interest payment date, or (ii) it is registered
on or prior to February 15, 2002, in which event it shall bear interest from the date
thereof. Interest on the Bond shall be paid by the Treasurer of the City (the "Treasurer")
by check mailed, or other form or method of payment acceptable to the registered
owner, on the interest payment date to the registered owner of the Bond as the name
and address appear on the register kept by the Treasurer at the close of business on
the fifteenth (15th) day of the month preceding the interest payment date.
The Bond shall continue to bear interest after maturity at the rate stated therein,
provided it is presented at maturity and payment thereof is refused on the sole ground
that there is not sufficient money in the Redemption Fund hereinafter referred to with
which to pay same. If the Bond is not presented at maturity, interest thereon shall run
only until maturity.
SECTION 4. Execution and Authentication. The Bond shall be signed on
behalf of the City by the Treasurer and the City Clerk and the corporate seal of the City
shall be affixed to the Bond. Such signatures and corporate seal may be reproduced on
DOCSOC\835003vl ~22468.0017
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Page 3
the Bond by engraved, printed or lithographed facsimile thereof, and such signing and
sealing shall constitute and be a sufficient and binding execution of the Bond. If any
officer whose signature appears on the Bond ceases to be such officer before the
delivery of the Bond to the purchaser, such signature shall be as valid as if such officer
remained in office until the delivery of the Bond.
Only such Bond as shall have printed or engraved thereon a certificate of
authentication and registration, substantially in the form set forth in Exhibit"A," hereto
attached and by reference made a part hereof, duly executed by the Treasurer, shall be
entitled to any rights, benefits or security under this resolution. No Bond shall be valid
or obligatory for any purpose unless and until such certificate of authentication and
registration shall have been duly executed by the Treasurer, and such certificate of the
Treasurer upon any such Bond shall be conclusive and the only evidence that such
Bond has been duly authenticated and delivered under this resolution.
SECTION 5. Manner and Place of Payment. The principal on the Bond
shall be payable in lawful money of the United States of America at the office of the
Treasurer in Poway, California. Interest on the Bond shall be paid by the Treasurer by
check as provided in Section 3 of this resolution or in a form or manner otherwise
acceptable to the owner thereof.
SECTION 6. Redemption Prior to Maturity. The outstanding Bond may be
redeemed and paid in advance of maturity upon the second day of March or September
in any year by giving the notice provided by law and by paying principal and accrued
interest without a premium. Such notice shall specify the Bond to be redeemed, the
redemption date and the place or places where amounts due upon such redemption will
be payable and, in the case of a Bond to be redeemed in part only, such notice shall
also specify the portion of the principal amount thereof to be redeemed.
If there shall be so called for redemption less than all of a Bond, the City shall
execute and the Treasurer shall authenticate and deliver, upon the surrender of such
Bond to the Treasurer, without charge to the owner thereof, for the unredeemed
balance of the principal amount of the Bond so surrendered, a Bond or Bonds of the
same maturity and of any authorized denomination. In the event the Bond is
surrendered for redemption, it shall be canceled and retired to the Treasurer or
destroyed as permitted by law and a certificate of destruction executed by the
Treasurer.
SECTION 7. Transfer and Reqistration. The Bond issued under this
resolution shall be subject to the provisions for registration and transfer contained in this
resolution and in the Bond. So long as any of the Bond shall remain outstanding, the
Treasurer shall maintain and keep, at its office in Poway, California, a bond register,
being sufficient books for the registration or transfer of the Bond, and, upon presentation
of the bond for registration or transfer at said office, the Treasurer shall register or
cause to be registered therein, and permit to be transferred thereon, under such
reasonable regulations as the City or the Treasurer may prescribe, any bond entitled to
registration or transfer. So long as the Bond remains outstanding, the City shall make
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all necessary provisions to permit the exchange of the Bond at said office of the
Treasurer. Notwithstanding the foregoing, the Bond may be transferred only upon
delivery of an opinion of a nationally recognized bond counsel firm as to the federal
income tax status of interest earned on the Bond.
SECTION 8.
Transfer of Bond.
(a) The Bond shall be transferable only upon the bond register of the
Treasurer referred to in Section 7 of this resolution by the registered owner thereof in
person or by his attorney duly authorized in writing, upon surrender thereof, together
with a written instrument of transfer satisfactory to the Treasurer duly executed by the
registered owner or his duly authorized attorney. Upon the transfer of any such Bond,
the Treasurer shall issue in the name of the transferee a new bond of the same
aggregate principal amount and maturity as the surrendered Bond.
(b) The Treasurer may deem and treat the person in whose name the
outstanding Bond shall be registered upon said bond register of the Treasurer as the
absolute owner of the Bond, whether the Bond shall be overdue or not, for the purpose
of receiving payment of, or on account of, the principal, or redemption price, if any, of
and interest on the Bond and for all other purposes. All such payments so made to any
such registered owner or upon his order shall be valid and effectual to satisfy and
discharge the liability upon the Bond to the extent of the sum or sums so paid, and
neither the City nor the Treasurer shall be affected by any notice to the contrary.
SECTION 9. Regulations with Respect to Exchanqes and Transfers. In
all cases in which the privilege of exchanging or transferring the Bond is exercised, the
City shall execute and the Treasurer shall authenticate and deliver the Bond in
accordance with the provisions of this resolution. All Bonds surrendered in any such
exchanges or transfers shall be canceled and retired by the Treasurer or destroyed as
permitted by law. For every such exchange or transfer of the Bond, whether temporary
or definitive, the Treasurer may impose a charge sufficient to reimburse them for any
tax, fee or other governmental charge required to be paid with respect to such
exchange or transfer (other than such as may have been imposed by the City), which
sum or sums shall be paid by the person requesting such exchange or transfer as a
condition precedent to the exercise of the privilege of making such exchange or
transfer. The Treasurer shall be required to make any such exchange or registration of
transfer during the fifteen days immediately preceding any March 2 or September 2.
SECTION 10. Bond Mutilated, Destroyed, Stolen or Lost. In case the Bond
shall become mutilated or be destroyed, stolen or lost, the City shall execute and the
Treasurer shall authenticate and deliver a new Bond of like maturity and principal
amount as the Bond so mutilated, destroyed, stolen or lost, in exchange and
substitution for such a mutilated Bond, upon surrender and cancellation of the mutilated
Bond or in lieu of and in substitution for a destroyed, stolen or lost Bond, upon filing with
the Treasurer evidence satisfactory to the Treasurer that the Bond has been destroyed,
stolen or lost and proof of ownership thereof, and upon furnishing the Treasurer with
indemnity satisfactory to each, complying with such other reasonable regulations as the
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Treasurer may incur. All mutilated Bonds so surrendered to the Treasurer shall be
canceled and retired by the Treasurer or destroyed as permitted by law.
SECTION 11. Preparation of Definitive Bond; Temporary Bond. The
definitive Bond shall be typed, lithographed or printed on steel engraved borders. Until
the definitive Bond is prepared, the City may execute, in the same manner as is
provided in Section 4, and the Treasurer may authenticate and deliver, in lieu of a
definitive Bond, but subject to the same provisions, limitations and conditions as the
definitive bond, except as to exchangeability for the Bond, a temporary Bond (which
shall be registered as to principal and interest), substantially of the tenor of the definitive
Bond in lieu of which such temporary Bond is issued and with such omissions or
insertions of and variations from the terms and conditions thereof as may be appropriate
to the temporary Bond. The City at its expense shall prepare and execute, and the
Treasurer upon the surrender of such temporary Bond for exchange and the
cancellation of such surrendered temporary Bond, without charge to the holder thereof,
shall authenticate and deliver in exchange therefor, at the office of the Treasurer in
Poway, California, a definitive Bond of the same aggregate principal amount and
maturity as the temporary Bond which shall in all respects be entitled to the same
benefits and security as the definitive Bond issued pursuant to this resolution. Any
temporary Bond surrendered in exchange for a definitive Bond shall be canceled and
retired by the Treasurer or destroyed as permitted by law.
SECTION 12. Redemption Fund. The City shall keep a redemption fund
designated by the name of the Bond (the "Redemption Fund"). All sums received by the
Treasurer from the collection of the assessments and of the interest and penalties
thereon shall be deposited in the Redemption Fund. The City shall disburse moneys
from the Redemption Fund to pay the Bond and the interest due thereon.
SECTION 13. Bond Proceeds. From the proceeds from the sale of the
Bond, the Treasurer shall place the accrued interest, if any, in the Redemption Fund,
and the balance shall be placed in the Improvement Fund to pay the Incidental
Expenses, as set forth in the Engineer's Report for Assessment District No. 2001-1 (Old
Coach Road Waterline Project) prepared by Harris & Associates and heretofore
approved by this City Council (the "Engineer's Report") and the amount to reimburse the
City for the moneys advanced by the City for the acquisition and construction of the
Improvements, and the moneys in said funds shall be used only for the purposes set
forth herein and as permitted by the Act.
SECTION 14. Improvement Fund. The Treasurer shall deposit in a special
fund hereby created and designated the "Assessment District No. 2001-1 (Old Coach
Road Waterline Project) Improvement Fund" (the "Improvement Fund") the amounts set
forth in Section 14 hereof. All moneys in the Improvement Fund shall be applied
exclusively to reimburse the City for amounts paid by the City for the costs of the
Improvements and acquisitions described in the Resolution of Intention, as now or
hereafter amended or changed by appropriate change and modification proceedings,
and all Incidental Expenses. Any surplus remaining in the Improvement Fund after
reimbursement to the City and all Incidental Expenses shall be retained in the
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Improvement Fund and used to pay maintenance and operation costs of the water
system improvements for the benefit of Assessment District No. 2001-1 (Old Coach
Road Waterline Project).
SECTION 15. Treasurer. This City Council hereby appoints the Treasurer
to act as paying agent, transfer agent and registrar for the Bond (the "Treasurer").
SECTION 16. Cumulative Remedy. This City Council covenants that,
pursuant to Part 14 (commencing with Section 8830) of Division 10 of the Streets and
Highways Code of the State of California, when delinquencies reported by the Auditor of
the County of San Diego equal 2% of the total amount of assessments levied by the
City, it will order and cause to be commenced and thereafter diligently prosecute an
action in the Superior Court of California in and for the County of San Diego to foreclose
the lien of any and all such delinquent assessments or of any interest thereon.
SECTION 17. Unpaid Assessments as Trust Fund. The unpaid
assessments shown on the assessment roll on file in the office of the Superintendent of
Streets are determined by this City Council to be correct, and said unpaid assessments,
together with the interest thereon, shall remain and constitute a trust fund for the
redemption and payment of the Bond and of the interest which may be due thereon.
An installment of each assessment shall be payable in each year preceding the
date of maturity of each of the several series of Bond which have been issued, sufficient
to pay the Bond when due.
SECTION 18. Definitions. For the purpose of this Resolution, the following
terms shall have the following meanings:
Assessment City. The term "Assessment District" means that certain
district of land designated as "Assessment District No. 2001-1 (Old Coach Road
Waterline Project)", and having the boundaries described in the Final Engineer's Report
approved by the City.
Bond Counsel. The term "Bond Counsel" means an attorney or firm of
attorneys of nationally recognized standing in matters pertaining to the tax-exempt
status of interest on tax-exempt obligations issued by states and their political
subdivision and acceptable to the City.
Bond Year. The term "Bond Yea¢' means the twelve (12) month period
commencing on the Delivery Date and ending March 2, 2002 and each twelve-month
period thereafter until the Bond is no longer outstanding.
Delivery Date. The term "Delivery Date" means the date the Bond is
delivered to the initial purchaser.
Improvements. The term "Improvements" means those public
improvements set forth in the Engineer's Report relating to the Assessment District.
DOCSOC\835003v 1~2468.0017
Incidental Expenses. The term "Incidental
incidental expenses set forth in the Engineer's Report.
Resolution No. 01-072
Page 7
Expenses" means those
Treasurer. The term "Treasure(' means the person at any time acting as
the City Treasurer, and his successors from time to time.
SECTION 19. Incontestability. After the sale and delivery of the Bond by
the City, the Bond shall be incontestable by the City.
SECTION 20. Contract with Bondholders. The provisions of this resolution
and of any other resolution supplementing or amending this resolution shall constitute a
contract between the City and the holder of the Bond (herein referred to as the
"bondholder~'), and such provisions shall be enforceable by any bondholder for the equal
benefit and protection of all bondholders similarly situated by mandamus, accounting,
mandatory injunction or any other suit, action or proceeding at law or in equity that is
now or may hereafter be authorized under the laws of the State of California in any
court of competent jurisdiction. Said contract is made under and is to be construed in
accordance with the laws of the State of California.
No remedy conferred hereby upon any bondholder is intended to be exclusive of
any other remedy, but each such remedy is cumulative and in addition to every other
remedy and may be exercised without exhausting and without regard to any other
remedy conferred by law.
No waiver of any default or breach of duty or contract by any bondholder shall
affect any subsequent default or breach of duty or contract or shall impair any right or
remedies on said subsequent default or breach. No delay or omission of any
bondholder to exercise any right or power accruing upon any default shall impair any
such right or power or shall be construed as a waiver of any default or acquiescence
therein. Every substantive right and every remedy conferred upon the bondholder may
be enforced and exercised as often as may be deemed expedient. In case any suit,
action or proceeding to enforce any right or exercise any remedy shall be brought or
taken and should said suit, action or proceeding be abandoned, or be determined
adversely to the bondholder, then, and in every such case, the City and the bondholder
shall be restored to their former positions, rights and remedies as if such suit, action or
proceeding had not been brought or taken.
SECTION 21. Cessation of Aqreements. When all of the Bond and all
interest to accrue thereon have been fully paid and discharged, the agreements in this
resolution contained shall cease and terminate, and the City shall be under no further
obligation to do or perform any of the covenants, conditions or agreements in this
resolution contained.
SECTION 22. Partial Invalidity. If any section, subsection, sentence,
clause or phrase of this resolution shall be for any reason held by a court of competent
jurisdiction to be unconstitutional, invalid or unenforceable, such holding shall not affect
the validity of the remaining portions hereof. This City Council hereby declares that it
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Resolution No. 01-072
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would have passed this resolution and each section, subsection, sentence, clause or
phrase hereof irrespective of the fact that any one or more sections, subsections,
sentences, clauses or phrases be declared to be unconstitutional, invalid or
unenfomeable, and such holding shall not affect the validity of the remaining portions
hereof. This City Council hereby declares that it would have passed this resolution and
each section, subsection, sentence, clause or phrase hereof irrespective of the fact that
any one or more sections, subsections, sentences, clauses or phrases be declared to
be unconstitutional, invalid or unenforceable.
SECTION 23. Liberal Construction. This resolution shall be liberally
construed to the end that its purpose may be effected. No error, irregularity or
informality and no neglect or omission herein or in any proceeding had pursuant hereto
which does not directly affect the jurisdiction of this City Council shall void or invalidate
this resolution or such proceeding or any part thereof, or any act or determination made
pursuant thereto.
SECTION 24. No City Obligation. Pursuant to Streets and Highways Code
Section 8769, this City Council provided in the Resolution of Intention that the City will
not obligate itself to advance available funds from the City treasury to cure any
deficiency which may occur in the Redemption Fund to be established for the payment
of the Bond.
SECTION 25. Approval of the Sale and Delivery of the Bond. The sale of
the Bond to the City at par is hereby approved. The Treasurer is hereby authorized and
directed to authenticate the Bond and to deliver it to the City upon payment of the
purchase price thereof.
SECTION26. Division of the Bond. The provisions of Part11.1
(commencing with Section 8760) of the Act, providing an alternative procedure for the
division of land and the Bond, shall apply.
SECTION 27. Future Actions. The officers of the City are hereby
authorized and directed, jointly and severally, to do any and all things and to execute
and deliver any and all documents which they may deem necessary or advisable in
order to consummate the sale and delivery of the Bond, and otherwise to effectuate the
purposes of this Resolution; and such actions previously taken by such officers are
hereby ratified and confirmed.
SECTION 28. Authority to Act. Any action authorized or directed in this
Resolution to be taken or performed by the Mayor or the City Manager may be taken or
performed by their designee with the same force and effect as if taken or performed by
the Mayor or the City Manager, respectively.
SECTION 29. Validity. If any section, subsection, sentence, clause or
phrase of this Resolution shall be for any reason held by a court of competent
jurisdiction to be unconstitutional, invalid or unenforceable, such holding shall not affect
the validity of the remaining portions hereof. The City Council hereby declares that it
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Resolution No. 01-072
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would have passed this Resolution and each section, subsection, sentence, clause or
phrase hereof irrespective of the fact that any one or more sections, subsections,
sentences, clauses or phrases be declared to be unconstitutional, invalid or
unenforceable, and such holding shall not affect the validity of the remaining portions
hereof.
SECTION 30. Liberal Construction. This Resolution shall be liberally
construed to the end that its purpose may be effected. No error, irregularity or
informality and no neglect or omission herein or in any proceeding had pursuant hereto
which does not directly affect the jurisdiction of the City Council shall void or invalidate
this Resolution or such proceeding or any part thereof, or any act or determination
made pursuant thereto.
SECTION 31.
upon its adoption.
Effective Date. This Resolution shall take effect immediately
PASSED, ADOPTED AND APPROVED by the City Council of the City of Poway
at a regular meeting this 31st day of July 2001.
ATTEST:
Lori ~nne Peoples, City Cle~
Michael P.-'Cafa~ayor
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Resolution No.
Page 10
01-072
STATE OF CALIFORNIA )
)ss.
COUNTY OF SAN DIEGO )
I, Lori Anne Peoples, City Clerk of the City of Poway, do herby certify under
penalty of perjury that the foregoing Resolution No. 01- 072 was duly adopted by the
City Council at a meeting of said City Council held on the 31st day of July 2001, and
that it was so adopted by the following vote:
AYES:
NOES: NONE
ABSTAIN: NONE
ABSENT: HIGGINSON
EMERY, GOLDBY, REXFORD, CAFAGNA
nne'~eoples,'~ity (~lerk
City of Poway
n:\city\admnserv\director~general\agenda\old coach res authorizing bond issue.doc
DOCSOC\835003vl~22468.0017
Resolution No. 01-07~
Page 11
EXHIBIT A
$290,350.47
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF POWAY
LIMITED OBLIGATION IMPROVEMENT BOND
ASSESSMENT DISTRICT NO. 2001-1
(OLD COACH ROAD WATERLINE PROJECT)
No. 1 $290,350.47
Pursuant to the Municipal Improvement Act of 1913, Division 12 of the Streets
and Highways Code and under and by virtue of the Improvement Bond Act of 1915,
Division 10 of the Streets and Highways Code (the "Act"), City of Poway, County of San
Diego, State of California (the "City"), will, out of the redemption fund for the payment of
the bond issued upon the unpaid portion of assessments made for the work and
improvements on certain streets and rights of way in Assessment District No. 2001-1
(Old Coach Road Waterline Project) (the "Assessment District") more fully described in
the resolution of intention adopted by the City Council of the City with respect to the
Assessment District (the "Resolution of Intention"), pay to the City of Poway, or
registered assign, the principal sum of Two Hundred Ninety Thousand Three Hundred
Fifty Dollars and Forty-Seven Cents ($290,350.47), in lawful money of the United States
of America on September 2 in each of the years and installments of principal as follows:
Payment Date Sept 2
Principal Amount
2OO2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
$12,713.72
$13,444.76
$14,217.84
$15 035.36
$15 899.90
$16
$17
$18
$19
$21
$22
$23,515.65
$24,867.80
$26,297.69
$27,809.82
814.14
780.95
803.36
884.55
027.91
237.02
$290,350.47
DOCSOC\835003vl'x22468.0017
Resolution No. 01-072
Page 12
and in like manner will pay interest from the interest payment date next preceding the
date on which this bond is authenticated, unless this bond is authenticated and
registered as of an interest payment date, in which event it shall bear interest from such
interest payment date, or unless this bond is authenticated and registered on or prior to
February 15, 2002, in which event it shall bear interest from its date, until payment of
such principal sum shall have been discharged, at the rate of 5.75% per annum,
payable semiannually on September 2 and March 2 in each year commencing on
March 2, 2002. The principal installments hereof and the interest hereon are payable
by check mailed to the owner hereof at the owner's address as it appears on the
records of the Treasurer of the City, acting as transfer agent, registrar and paying agent
(the "Treasurer"), or by other form or method or at such address as may have been filed
with the Treasurer for that purpose, as of the fifteenth day of the month immediately
preceding each interest payment date.
Each installment of principal will continue to bear interest after maturity at the
rate above stated; provided, it is presented at maturity and payment thereof is refused
upon the sole ground that there are not sufficient moneys in said redemption fund with
which to pay same. If it is not presented at maturity, interest thereon will run until
maturity.
This Bond shall not be entitled to any benefit under the Act or the Resolution of
Issuance of the Limited Obligation Improvement Bonds for Assessment District No.
2001-1 (Old Coach Road Waterline Project), Resolution No. (the "Resolution of
Issuance"), or become valid or obligatory for any purpose, until the certificate of
authentication and registration hereon endorsed shall have been dated and signed by
the Treasurer.
This Bond is the only Bond issued by the City under the Act and the Resolution
of Issuance, for the purpose of providing means for paying for the work and
improvements described in the Resolution of Intention, and is secured by the moneys in
the redemption fund established by the Resolution of Issuance and by the unpaid
portion of assessments made for the purpose of said work, and, including principal and
interest, is payable exclusively out of said fund.
This Bond is transferable by the registered owner hereof, in person or by the
owner's attorney duly authorized in writing, at the office of the Treasurer in Poway,
California, subject to the terms and conditions provided in the Resolution of Issuance,
including the payment of certain charges, if any, upon surrender and cancellation of this
Bond; provided that this Bond may only be transferred upon the delivery to the City of
an Opinion of Bond Counsel as to the federal tax status of interest on this Bond. Upon
such transfer, a new registered bond or bonds, of any authorized denomination or
denominations, of the same maturity, for the same aggregate principal amount will be
issued to the transferee in exchange therefor.
DOCSOC\835003vl x,22468.0017
Resolution No. 01-072
Page 13
Neither the issuing agency nor the registration agent shall be required to make
such exchange or registration of transfer of bonds during the 15 days immediately
preceding any interest payment date.
The Treasurer may treat the owner hereof as the absolute owner for all
purposes, and the Treasurer shall not be affected by any notice to the contrary.
This Bond or any portion of it may be redeemed and paid in advance of maturity
upon the 2nd day of March or September in any year by giving at least 30 days' notice
by registered mail to the registered owner hereof at the owner's address as it appears
on the registration books of the Treasurer by paying principal and accrued interest,
without premium.
IN WITNESS WHEREOF, said City has caused this Bond to be signed by the
Treasurer of said City and its Clerk by their manual signatures, and sealed with the
corporate seal of the City hereon all as of the day of ,2001.
City Clerk of the City of Poway
[SEAL]
Treasurer of the City of Poway
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Resolution No.
Page 14
01-072
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sell(s),
transfer(s) unto
[PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE]
assign(s) and
[Please print or typewrite name and address including postal zip code of assignee]
the within Bond of the City, County of San Diego, California, and does hereby
irrevocably constitute and appoint
__ Attorney to transfer said Bond on the books of
__., as Treasurer, Transfer Agent, and Registrar, with full power of substitution in
the premises.
Dated:
NOTICE: The signature to this assignment
must correspond with the name as written
upon the face of the within Bond in every
particular without alteration or enlargement, or
any change whatsoever.
DOCSOC\835003vI'x22468.0017
Resolution No. 01-072
Page 15
AUTHENTICATION AND REGISTRATION
This is one of the bonds
Issuance, which was registered on
Name of
Registered Owner
City of Poway, California
described in the within mentioned Resolution of
,2001 to:
Address of
Registered Owner
City of Poway
13325 Civic Center Drive
Poway, California 92064
By:.
Treasurer of the City of Poway
DOCSOC\835003vl ~22468.0017