HomeMy WebLinkAboutCC Resolution 7253 (Civic Center-Northgate Assessment District)RESOLUTION NO. 7253
RESOLUTION AUTHORIZING ISSUANCE OF BONDS
CIVIC CENTER - NORTHGATE ASSESSMENT DISTRICT
The City Council of the City of San Rafael resolves:
Section 1. RECITALS. On May 7, 1984, the City
Council of the City of San Rafael adopted its resolution of
intention to order improvements in Civic Center - Northgate
Assessment District under the provisions of the Municipal
Improvement Act of 1913 (the "Act"). Proceedings taken under
the Act led to the levy of a special assessment by the City
Council against parcels of land within the assessment district
in the total amount of $4,435,920. These assessments will be
recorded in the office of the County Recorder of the County of
Marin and thereupon will become a lien on each parcel assessed.
The period within which parcel owners might pay their
assessments in cash without interest was waived, and there
remain unpaid assessments in the total amount of $4,435,920.00.
Section 2. ISSUANCE OF BONDS. The City Council
hereby authorizes the issuance of improvement bonds under the
provisions of the Improvement Bond Act of 1915 to represent
unpaid assessments. The bonds shall be designated, "Improvement
Bonds, Civic Center - Northgate Assessment District, City of San
Rafael, Marin County, California, Series No. 1985-2." Bonds
shall be issued in denominations of $5000 or integral multiples
thereof, and shall be dated December 30, 1985. Bonds shall
mature and shall bear interest at the rates set forth in the
table attached as Exhibit A.
Section 3. APPOINTMENT OF PAYING AGENT, REGISTRAR AND
TRANSFER AGENT. The City Council hereby appoints Bank of
America National Trust and Savings Association as paying agent,
registrar and transfer agent for the bonds in accordance with an
agreement between the the City and the Bank heretofore approved
by the City Council.
Section 4. FORM AND EXECUTION. Bonds shall be issued
as fully registered bonds in the form set forth as Exhibit B to
this resolution. The bonds shall be signed by the City ORIGINAL
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Treasurer and the City Clerk and the seal of the City shall be j
affixed. Both signatures and seal may be reproduced on the
bonds by facsimile, but upon its registration or reregistration
each bond shall be authenticated by the manual signature of the
registrar.
The paying agent shall assign to each bond
authenticated and registered by it a distinctive letter, or
number, or letter and number, and shall maintain a record
thereof which shall be available to the City for inspection.
Section 5. ESTABLISHMENT OF SPECIAL FUNDS. For
administering the proceeds of the sale of bonds and payment of
interest and principal on the bonds, there are hereby
established three funds to be known as the improvement fund, the
redemption fund and the special reserve fund, respectively, for
Civic Center - Northgate Assessment District.
Section 5.1. IMPROVEMENT FUND. Except as provided in
Section 5.3, proceeds of sale of the bonds, together with all
amounts paid on the assessments prior to bond issuance, shall be
deposited in the improvement fund to be maintained by the City
Treasurer. Disbursements from the improvement fund shall be
made by the City Treasurer in accordance with the budget of
estimated costs and expenses set forth in the engineer's report
heretofore approved by the City Council, which report and budget
are subject to modification by the City Council from time to
time as prescribed by the Act.
Section 5.2. REDEMPTION FUND. The redemption fund
shall be maintained by the City Treasurer. All payments of
principal and interest installments on the assessments, together
with penalties, if any, shall be deposited in the redemption
fund, which shall be a trust fund for the benefit of the
bondholders. Payment of the bonds at maturity, or at redemption
prior to maturity, and all interest on the bonds shall be made
from the redemption fund.
Section 5.3. SPECIAL RESERVE FUND. The special
reserve fund shall be maintained by the Treasurer. There shall
be deposited into the special reserve fund the amount of
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$443,592 from the proceeds of the sale of bonds. The special
reserve fund shall be administered as follows:
A. During the term of the bonds, the amount in
the special reserve fund shall be available for transfer into
the redemption fund in accordance with Section 8808 of the
Streets and Highways Code. The amount so advanced shall be
reimbursed to the special reserve fund from the proceeds of
redemption or sale of the parcel for which payment of delinquent
assessment installments was made from the special reserve fund.
B. If -any assessment is prepaid before final
maturity of the bonds, the amount of principal which the
assessee is required to prepay shall be reduced by an amount
which is in the same ratio to the original amount of the special
reserve fund, together with accrued interest, as the original
amount of the prepaid assessment bears to the total amount of
assessments originally levied in Civic Center - Northgate
Assessment District. This reduction in the amount of principal
prepaid shall be balanced by a transfer from the special reserve
fund to the redemption fund in the same amount.
C. Whenever required to prevent the reserve fund
from exceeding the reserve limitations set by federal statute
and regulation, the City Treasurer is directed to transfer
accrued interest from the special reserve fund to the redemption
fund from time to time, and to establish pro rata credits
against annual installments of assessment principal and interest
in the same amount in the year following the year of transfer.
D. When the amount in the special reserve fund
equals or exceeds the amount required to retire the remaining
unmatured bonds (whether by advance retirement or otherwise),
the amount of the special reserve fund shall be transferred to
the redemption fund, and the remaining installments of principal
and interest not yet due from assessed property owners shall be
cancelled without payment.
Section 6. PAY14ENT ON BONDS. The principal and
interest on the bonds shall be payable at Bank of America
National Trust and Savings Association, Corporate Agency
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Division, P.O. Box 37000, San Francisco, CA 94137. Principal
and interest shall be paid by check, draft or warrant mailed to
the registered owner of each bond at the owner's address
appearing on the register maintained by the registrar on the
15th day preceding the date of interest payment or maturity of
each bond.
Section 7. REREGISTRATION. Any bond may be
registered to a new owner by completing the assignment
certificate on the reverse of the bond and delivering the bond
to the registrar. Upon reregistration, any bond may be replaced
by one or more bonds of the same maturity and aggregate amount
in denominations of $5000 or any integral multiple thereof.
Section 8. COVENANTS. In the event of a default in
the payment of any bond or any installment of interest thereon,
bondholders shall have the remedies set forth in the Improvement
Bond Act of 1915. In addition, the City Council makes the
following covenants, which shall constitute a contract with the
bondholders:
Section 8.1. FORECLOSURE OF LIENS. If any
installment of the principal or interest of any assessment
levied in Civic Center - Northgate Assessment District becomes
delinquent, the City Council shall cause an action to be filed
in the Superior Court of the County of Marin to foreclose the
lien of the delinquent assessment under the authority of Section
8830 and following of the Streets and Highways Code of the State
of California. This action shall be filed not later than one
hundred fifty (150) days after the date of delinquency.
Section 8.2. ARBITRAGE. During the term of the
bonds, the City will make no use of bond proceeds which, if such
use had been reasonably expected at the date the bonds are
issued, would have caused the bonds to be "arbitrage bonds"
within the meaning of Section 103(c) of the United States
Internal Revenue Code of 1954, as amended, and regulations of
the Internal Revenue Service authorized thereby.
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I, JEANNE M. LEONCINI, Clerk of the City of San Rafael,
California, hereby certify that the foregoing resolution was duly
and regularly introduced and adopted at a regular meeting of the
Council of said City held on the 16th day of December, 1985, by the
following vote, to wit:
AYES: COUNCILMEMBERS:Breiner, Frugoli, Nave, Russom & Mayor Mulryan
NOES: COUNCILMEMBERS:None
ABSENT: COUNCILMEMBERS:None
JE E M. LEONCINI City Clerk
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MATURITY SCHEDULE
City of San Rafael, Civic Center - Northgate A. D.
SEPT 2
MATURITY PRINCIPAL INTEREST
DATE AMOUNT RATE
1987
$5,920.00
6.50%
1988
60,000.00
7.00
1989
65,000.00
7.50
1990
70,000.00
7.75
1991
75,000.00
8.00
1992
80,000.00
8.25
1993
85,000.00
8.50
1994
95,000.00
8.75
1995
100,000.00
9.00
1996
110,000.00
9.10
1997
120,000.00
9.20
1998
130,000.00
9.30
1999
145,000.00
9.40
2000
160,000.00
9.40
2001
175,000.00
9.50
2002
190,000.00
9.50
2003
205,000.00
9.50
2004
225,000.00
9.60
2005
250,000.00
9.60
2006
275,000.00
9.60
2007
300,000.00
9.70
2008
330,000.00
9.70
2009
360,000.00
9.70
2010
395,000.00
9.70
2011
430,000.00
9.70
TOTAL: $4,435,920.00
EXHIBIT A
United States of America
State of California
County of Marin
REGISTERED REGISTERED
Number $
IMPROVEMENT BOND
CITY OF SAN RAFAEL
CIVIC CENTER - NORTHGATE ASSESSMENT DISTRICT
SERIES NO. 1985-2
INTEREST RATE MATURITY DATE BOND DATE CUSIP NUMBER
December 30, 1985
Under and by virtue of the Improvement Bond Act of 1915,
Division 10, of the Streets and Highways Code, (the "Act"), the City
of San Rafael, County of Marin, State of California, (the "City"),
will, out of the redemption fund for the payment of the bonds issued
upon the unpaid portion of assessments made for the acquisition,
work and improvements more fully described in proceedings taken
pursuant to Resolution of Intention No. 6811, adopted by the City
Council of the City of San Rafael on the 7th day of May, 1984, as
later amended, pay to
or registered assigns, on the maturity date stated above, the
principal sum of , in lawful money of the
United States of America 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 prior to March 2, 1986, in which event
it shall bear interest from its date, until payment of such
principal sum shall have been discharged, at the rate per annum
stated above, payable semiannually on March 2 and September 2 in
each year commencing on March 2, 1986. Both the principal hereof
and redemption premium hereon are payable at the principal corporate
trust office of Bank of America National Trust and Savings
Association -Corporate Agency Division, or its successor, as Transfer
Agent, Registrar and Paying Agent, in San Francisco, California, and
the interest hereon is payable by check or draft mailed to the owner
hereof at the owner's address as it appears on the registration
books of the Bank, or at such address as may have been filed with
the Bank for that purpose, as of the fifteenth day immediately
preceding each interest payment date.
j(n T B
REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND
SET FORTH IN THE REVERSE SIDE HEREOF WHICH SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH HEREIN.
This bond 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 Authorizing Issuance of Bonds (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 Bank.
IN WITNESS WHEREOF, said City of San Rafael has caused
this bond to be signed in facsimile by the Treasurer of said City
and by its Clerk, and has caused its corporate seal to be reproduced
in facsimile hereon all as of the 30th day of December, 1985.
CITY OF SAN RAFAEL
Clerk Treasurer
Jeanne M. Leoncini Ransom Coleman
(SEAL)
Certificate of Authentication and Registration
This is one of the Bonds described in the within
mentioned Resolution of Issuance, which has been
authenticated and registered on
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
as paying agent, transfer agent and registrar
By
Authorized Officer
0
(REVERSE OF BOND)
CITY OF SAN RAFAEL
CIVIC CENTER - NORTHGATE ASSESSMENT DISTRICT
ADDITIONAL PROVISIONS OF THE BOND
This bond is one of several annual series of bonds of
like date, tenor and effect, but differing in amounts, maturities
and interest rates, issued by the City of San Rafael under the Act
and the Resolution of Issuance, for the purpose of providing means
for paying for the improvements described in said proceedings, and
is secured by the moneys in said redemption fund and by the unpaid
portion of said assessments made for the payment of said
improvements, 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 said office of the Bank, 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. 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.
Bonds shall be registered only in the name of an
individual (including joint owners), a corporation, a partnership
or a trust.
Neither the City nor the Bank shall be required to make
such exchange or registration of transfer of bonds during the
fifteen (15) days immediately preceding any interest payment date.
The City and the Bank may treat the owner hereof as the
absolute owner for all purposes, and the City and the Bank shall
not be affected by any notice to the contrary.
This bond or any portion of it in the amount of $5,000
or any integral multiple thereof, may be redeemed and paid in
advance of maturity upon the second day of March or September in
any year by giving at least 60 days' notice by registered mail to
the registered owner hereof at such owner's address as it appears
on the registration books of the Bank and by paying principal and
accrued interest together with a premium equal to three percentum
of the principal.
I hereby certify that the following is a correct copy of
the signed legal opinion of STURGIS, NESS, BRUNSELL & SPERRY a
professional corporation, Emeryville, California, on file in my
office.
City Clerk
Jeanne M. Leoncini