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Resolution 2186 1 . 4 . JHHW:RJH:sc 05/29/80 RESOLUTION NO. 2186 A RESOLUTION DETERMINING UNPAID ASSESSMENTS AND PROVIDING FOR ISSUANCE OF BONDS FALLEN LEAF LAKE FOREST SERVICE PERMITTEES ASSESSMENT DISTRICT 1979-1 RESOLVED, by the Board of Directors of the South Tahoe Public Utility District, E1 Dorado County, California, that WHEREAS, on August 16, 1979, this Board passed and adopted Resolution of Intention No. 2156 relating to the acquisition and/or construction of public improvements under and pursuant to the provisions of the Municipal Improvement Act of 1913, and therein provided that serial bonds would be issued thereunder pursuant to the provisions of the Improvement Bond Act of 1915, reference to said Resolution of Intention hereby being expressly made for further particulars; WHEREAS, notice of the recordation of the assessment and of the time within which assessments were to be paid in cash was duly published and mailed in the manner provided by law, and the time so provided for receiving payment of assessments in cash expired, and the Clerk and ex officio Secretary of this District, the official who has been designated by this Board as Collection Officer for cash payments of said assessments, filed with the Treasurer of El Dorado County and ex officio Treasurer of the South Tahoe Public Utility District, on JUNE 4 , 1980, a list of all assessments which remained unpaid; and WHEREAS, this Board duly considered said list and determined that the same was an accurate statement thereof; NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED, as follows: ,,2/ 1. List of Unpaid Assessments. The assessments now remaining unpaid are as shown on said list and on Exhibit "A" attached hereto and by this reference made a part hereof; the aggregate amount thereof is $385,666.00; and for a particular description of the lots or parcels of land bearing the respective assessment numbers set forth in said list, reference is hereby made to the assessment and to the diagram recorded in the office of the District Engineer of this District after confirmation thereof by this Board. 2. Issuance of Bonds. Bonds in the aggregate principal amount of $385,666.00 shall be issued -as hereinafter provided upon the security of said unpaid assessments in accordance with the provisions of the Improvement Bond Act of 1915 (Division 10 of the Street and Highways Code) and under and pursuant to the provisions of said Resolution of Intention and the proceedings thereunder duly had and taken. The bonds herein provided to be issued shall be known as "Improvement Bonds, South Tahoe Public Utility District, Fallen Leaf Lake Forest Service Permittees Assessment District 1979-1, Series 1979-1", and shall be dated July 2, 1980. Said bonds shall be issued as coupon bonds, registrable as to principal and interest or as to principal only, be numbered and of the denominations and mature in the amounts and on the dates set forth in Exhibit "B" attached hereto and by this reference made a part hereof. 3. Interest. Said bonds shall bear interest from their date at the rate or rates determined by-this Board at the time of sale of said bonds (not to exceed 10% per annum), payable commencing on January 2, 1981, and semiannually thereafter on July 2 and January 2 of each year to maturity. 2 Each bond will 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 with which to pay same; if it is not presented at maturity, interest thereon will run only until maturity. 4. Payable. The principal of and interest on said bonds shall be payable in lawful money of the United States of America at Bank of America National Trust and Saving Association, the Paying Agent of this District, at its corporate agency division in San Francisco, California. Principal and interest on any fully registered bonds and principal on any bonds registered as to principal only shall be paid to the registered owner by check or warrant mailed to the address entered in the registry book provided for herein. 5. Form. The coupon bonds, the registration endorsement thereon and the coupons to be attached to such bonds shall be substantially in the forms set forth in Exhibit "C" attached hereto and incorporated herein by reference, the blank spaces therein to be filled in to conform to the provisions of this resolution. 6. Execution. Said bonds shall be executed on behalf of the District and under its official seal by said Treasurer and by its Clerk and ex officio Secretary, and the coupons attached to the coupon bonds shall be executed by said Treasurer, whose signature may be reproduced on the bonds and on the coupons by engraved, printed or lithographed facsimile thereof, and the official seal may be placed on the bonds in like manner; such signing and sealing shall constitute and be a sufficient and binding execution of each and every one of said bonds and of any coupons thereon, respectively. 3 If any officer whose signature appears on said bonds or on any coupons thereon ceases to be such officer before the delivery of said bonds to the purchaser thereof, such signature shall be as valid as if such officer had remained in office until the delivery of said bonds. 7. Preparation and Delivery of Bonds. The Finance Officer is hereby directed to cause said bonds to be prepared in accordance with this resolution and to deliver same upon their completion and execution to the purchaser thereof, upon receipt of the purchase price therefor, and upon the performance of the conditions contained in the accepted bid for the bonds, as .determined by this Board. 8. Improvement Fund. Said Finance Officer shall keep an improvement fund designated by the name and/or number of the improvement or assessment district, into which shall be placed the proceeds received from the sale of said bonds, including any premium (except that any interest accrued from the date of the bonds to the date of delivery thereof shall be placed in the redemption fund provided for herein). All moneys in said fund shall be withdrawn only upon checks or warrants of the South Tahoe Public Utility District and shall be applied exclusively to the payment of the cost of the acquisitions and/or construction of the improvements described in the proceedings under and pursuant to said Resolution of Intention, as now or hereafter changed or modified by appropriate legal proceedings, and all expenses incidental thereto: Any surplus remaining after payment of all costs and all legal charges, claims and expenses shall be used as set forth in said proceedings. 4 9. Redemption Fund. Said Finance Officer shall keep a redemption fund designated by the name of the bonds, into which shall be placed any accrued interest for the period from the date of said bonds to the date of delivery thereof and all sums received from the collection of unpaid assessments provided for in Section 11 hereof, and of the interest and penalties thereon, and from which fund disbursement shall be made to pay the principal or advance redemption price of the bonds and the interest due thereon. 10. Bond Register. The Finance Officer shall keep or cause to be kept a register showing the series, number, date, amount, rate of interest, the last known holder of each bond, and the number and amount of each interest coupon paid, and shall cancel or cause to be canceled each bond and coupon paid. 11. Collection of Unpaid Assessments. The unpaid assessments shown on said list, together with the interest thereon, shall be payable in annual series corresponding in number to the number of serial maturities of the bonds issued. An annual proportion of each unpaid assessment shall be payable in each year preceding the date of maturity of each of the several series of bonds issued, sufficient to pay the bonds when due, and such proportion of each unpaid assessment coming due in any year, together with the annual interest thereon, shall be payable in the same manner and at the same time and in the same installments as the general taxes on real property are payable, and become delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do the general taxes on real property. All sums received from the collection of said unpaid assessments and of the interest and penalties thereon shall be placed in the redemption fund provided for herein. 5 12. Redemption Prior to Maturity. Each bond outstanding may be redeemed and paid in advance of maturity upon the second day of January or July in any year by giving at least 60 days notice and by paying the principal amount thereof together with a premium equal to 5% of the principal plus interest to the date of advanced maturity, unless sooner surrendered, in which event said interest will be paid to the date of payment, all in the manner and as provided in the Improvement Bond Act of 1915. The provisions of Part 11.1 of the Improvement Bond Act of 1915 are applicable to the advance payment of assessments and to the callir19 of said bonds. The Finance Officer shall call for redemption and retire bonds upon prepayment of assessments in amounts sufficient therefor, or whenever sufficient surplus funds are available therefor in the redemption fund. In selecting bonds for retirement, the lowest numbered bonds of the various annual maturities shall be chosen pro rata in a manner intended to disturb as little as possible the relationship of unpaid assessments to bonds outstanding. 13. Registration Book. The Finance Officer shall keep or cause to be kept an appropriate book showing at all times which of said bonds are registered and in whose names, and, upon presentation of bonds for such purpose, the Finance Officer shall, pursuant to such reasonable regulations as the Finance Officer may prescribe, register or transfer or cause to be registered or transferred, in said registry book, any of said bonds presented for such purposes. 14. Registration and Transfer of Coupon Bonds. Each coupon bond herein authorized may be registered as to both principal and interest or as to %WV 6 principal only, upon the written request of the holder and upon presentation of the bond to the Paying Agent for such purpose. (a) Principal and Interest. When a coupon bond is presented for registration as to both principal and interest, the coupons shall be removed therefrom and canceled (or preserved in a place of safekeeping, at the option of the Finance Officer), and the number of the bond, the name and address of the holder in whose name it is to be registered, the date of such registration and a notation that the bond is registered as to both principal and interest shall be entered in the registry book, and appropriate endorsement thereof shall be made by the Paying Agent in the space provided therefor on the back of the bond. Until such registration is discharged as hereinafter provided, the interest when due shall be payable only to the registered owner and the principal when due shall be payable only to such owner upon surrender of the bond to the Paying Agent. (b) Principal Only. When a coupon bond is presented for registration as to principal only, the entries specified in the preceding paragraph shall be made in the registry book and on the bond, except that a notation in said book and on said bond shall indicate that the bond is registered as to principal only. In such case, the coupons remain negotiable and transferable by delivery and shall not be removed from the bond. Interest on such bond shall be paid to or upon the order of the person presenting the coupons for payment; principal, however; shall be paid only to the registered owner upon surrender of such bond to the Paying Agent. (c) Transfer. A registered coupon bond may be transferred only by the registered owner, in person or by attorney duly authorized in writing, by a 7 written instrument of transfer in form acceptable to the Finance Officer, and by the Paying Agent endorsing such transfer on the bond and in the registry book. No transfer shall be required to be made during the fifteen (15) days next preceding an interest payment date. (d) Discharge from Registration. A registered coupon bond may be discharged from registration upon written request of the registered owner. In such case, the Paying Agent shall transfer the bond to bearer by appropriate endorsement on the bond and in the registry book, cause all unmatured coupons that have been removed from the bond to be reattached to the bond (such coupons to be reprinted, if necessary), and deliver the bond and coupons to the owner, and thereupon negotiability and transferability by delivery shall be restored. (e) Reregistration. Coupon bonds that have been discharged from registration are subject to successive registrations and transfers in the manner heretofore provided. (f) Charges. The person requesting registration, transfer or discharge from registration of coupon bonds shall, as a condition precedent to the exercise of such privilege, pay the reasonable charges of the Paying Agent therefor, if any, including any cost of reprinting the coupons and any tax or other governmental charge required to be paid with respect thereto. 15. Advances from Available Surplus Funds. The District shall be the purchaser of property upon which payment of an annual installment of principal and interest due upon any of said unpaid assessments is delinquent, in like manner in which it becomes or may become the purchaser of property sold for the nonpayment of general taxes, and shall transfer from available surplus 8 funds into the redemption fund for said bonds, as an advance recoverable upon sale or redemption of the property, the amount of the delinquent unpaid assessment installment upon which said sale is made. The District shall also pay and transfer from available surplus funds into said redemption fund, as an advance recoverable upon sale or redemption of the property, the amount of any future delinquent unpaid assessment installments on such property pending redemption. 17. Covenant to Foreclose. The District hereby covenants with and for the benefit of the holders of the bonds that it will order, and cause to be commenced within 120 days following the date of delinquency, and thereafter diligently prosecuted, an action in the superior court to foreclose the lien of any assessment or installment thereof not paid when due, pursuant to and as provided in Sections 8830 through 8835, inclusive, of the Streets and Highways Code of the State of California, provided that the alternate method of tax apportionment (Sections 4701 through 4717 of the California Revenue and Taxation Code) is no longer applied by the County of E1 Dorado to special assessments for which bonds have been issued pursuant to the Improvement Bond Act of 1915, for any reason whatsoever. 18. Non-Arbitrage Covenant. The District hereby covenants with the holders of the bonds that it will make no use of the proceeds of said bonds at any time during the term thereof which, if such use had been reasonably expected on the date said bonds were issued, would have caused said bonds to be arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, and the Temporary and Proposed Treasury Regulations promulgated thereunder. 9 19. Certificate as to Non-Arbitrage. On the basis of the facts, estimates and circumstances now in existence and in existence on the date of issue of said bonds, as determined by the Finance Officer, said Finance Officer is authorized to certify that it is not expected that the proceeds of said issue will be used in a manner that would cause such obligations to be arbitrage bonds. Such certification shall be delivered to the purchaser of said bonds at the time of delivery of and payment for said bonds. 20. Certified Copies. The Clerk and ex officio Secretary shall furnish a certified copy of this resolution to the Treasurer, the Finance Officer and to the Auditor of the County of E1 Dorado. e C4 l P ent South Tahoe Public Utility District ATTE T: erk nd ex officio Secretary I hereby certify that the foregoing is a full, true and correct copy of Resolution No. 2186 duly and regularly adopted by the Board of Directors of the South Tahoe PuSl c Utility District, E1 Dorado County, California, at a meeting thereof duly held on the 4th day of JUNE 1980, by the following vote: AYES, and in favor thereof, Directors: OLSON, KASHUBA, WYNN, MADDEN & JONES NOES, Directors: NONE ABSENT, Directors: NONE \\-14 le and ex o icio Secretary South hoe Public Utility District 10 LIST OF UNPAID ASSESSMENTS SOUTH TAHOE PUBLIC UTILITY DISTRICT FALLEN LEAF LAKE FOREST SERVICE PERMITTEES ASSESSMENT DISTRICT 1979-1 Assessment Assessor's Amount of Number Parcel No. Assessment Unpaid 1 14-120-050 $ 10,924 3 14-120-070 10,924 4 14-120-080 10,924 8 14-130-030 10,924 9 14-130-040 .10,924 10 14-130-050 10,924 11 14-130-010 10,924 12 14-130-060 4,924 14 21-170-080 4,924 15 21-170-070 10,924 18 21-170-100 10,924 19 21-170-110 10,924 20 21-170-160 10,924 21 21-170-150 10,924 22 21-170-140 10,924 24 21-180-100 10,924 25 21-180-090 10,924 26 21-180-080 10,924 27 21-180-070 10,924 30 21-180-050 10,924 33 21-180-010 10,924 34 21-180-030 10,924 35 21-180-040 10,924 36 21-180-110 10,924 37 21-180-120 10,924 38 21-180-130 10,924 39 21-180-140 10,924 40 21-180-150 10,924 41 21-180-160 10,924 42 21-180-180 10,924 43 21-180-270 10,924 44 21-180-260 10,924 45 21-180-250 10,924 46 21-180-240 10,924 48 21-150-010 5,250 49 21-140-060 5,250 50 21-140-050 5,250 51 21-140-010 5,250 52 21-270-010 5,250 TOTAL $385,666 EXHIBIT "A" s $385,666 IMPROVEMENT BONDS SERIES 1979-1 SOUTH TAHOE PUBLIC UTILITY DISTRICT FALLEN LEAF LAKE FOREST SERVICE PERMITTEES ASSESSMENT DISTRICT 1979-1 Coupon Maturity Bond Numbers Principal Date (Inclusive) Denomination Amount (July 2) 1 $ 5,666 $ 5,666 1981 2 5,000 5,000 1981 3 - 5 5,000 15,000 1982 6 - 8 5,000 15,000 1983 9 - 11 5,000 15,000 1984 12 - 15 59000 20,000 1985 16 - 18 5,000 15,000 1986 19 - 23 1,000 5,000 1986 24 - 26 5,000 15,000 1987 27 - 31 1,000 5,000 1987 32 - 35 5,000 20,000 1988 36 - 40 1,000 5,000 1988 41 - 44 5 , 000 20 , 000 1989 45 - 49 1,000 5,000 1989 50 - 54 5,000 25,000 1990 55 - 59 1,000 5,000 1990 60 - 64 5 , 000 25 , 000 1991 65 - 69 1,000 5,000 1991 70 - 75 5,000 30,000 1992 76 - 80 1,000 5,000 1992 81 - 88 5,000 40,000 1993 89 - 96 5,000 40,000 1994 97 - 105 5,000 45,000 1995 EXHIBIT "B" ` w COUPON BOND FORM. The coupon bonds shall be substantially in the following orm: UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF EL DORADO SOUTH TAHOE PUBLIC UTILITY DISTRICT IMPROVEMENT BOND FALLEN LEAF LAKE FOREST SERVICE PERMITTEES ASSESSMENT DISTRICT 1979-1 SERIES 1979-1 BOND NO. Under and by virtue of the Improvement Bond Act of 1915, Division 10 of the Streets and Highways Code, the South Tahoe Public Utility District, in the County of E1 Dorado, State of California, will, on the second day of July, 19 out of the redemption fund for the payment of the bonds issued upon the unpaid portion of the assessments made for the acquisition, work and improvements more fully described in the proceedings taken pursuant to Resolution of Intention No. 2156, adopted by the Board of Directors of the South Tahoe Public Utility District on the 16th day of August, 1979, pay to r bearer (or, if this bond is registered as herein provided, to the registered owner hereof) the sum of DOLLARS ) with interest thereon from the 2nd day of July, 1980, at the rate of percent ( per annum, all as is hereinafter specified, at Bank of America National Trust and Savings Association, the Paying Agent of the South Tahoe Public Utility District, at its corporate agency division in San Francisco, California. This bond is one of several annual series of bonds of like date, tenor and effect, but differing in*interest rates,*amounts and maturities, issued by the South Tahoe Public Utility District under said law for the purpose of providing means for paying for the acquisition, work and improvements described in said proceedings, and is secured by the moneys in said redemption fund and by the unpaid portion of the assessments made for the payment of said acquisition, work and improvements, and, including principal and interest, is payable exclusively out of said fund. The interest is payable semiannually, to wit: On the second days of January and July in each year hereafter, upon presentation of the proper coupons therefor; provided, that the first of said coupons is for the interest to the second day of January, 1981, and thereafter the interest coupons are for the semiannual interest. EXHIBIT "C" 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 is not sufficient money in said redemption fund with which to pay same; if it is not presented at maturity, interest thereon will run until maturity. This bond may be registered as to principal and interest or as to principal only, with the privilege of transfer, discharge from registration and successive registration, upon written request of the owner and presentation of the bond to the Paying Agent and payment of the charges, if any, all as set forth in the resolution providing for the issuance hereof. This bond may be redeemed and paid in advance of maturity upon the second day of January or July in any year by giving the notice provided in said law and by paying principal and accrued interest together with the premium equal to five per centum of the principal. IN WITNESS WHEREOF, the South Tahoe Public Utility District has caused this bond to be signed by the Treasurer of E1 Dorado County and ex officio Treasurer of the District and by its Clerk and ex officio Secretary, has caused the coupons attached hereto to be signed by said Treasurer, and has caused said Clerk and ex officio Secretary to affix hereto its official seal, all on the 2nd day of July, 1980. Clerk and ex officio Secretary of the Treasurer of E1 Dorado County and ex South Tahoe Public Utility District officio Treasurer of the South Tahoe (SEAL) Public Utility District COUPON FORM. The coupons to be attached to the coupon bonds shall be substantially in the following form: THE SOUTH TAHOE PUBLIC UTILITY DISTRICT, Due 2, 19_ County of E1 Dorado, California, will, on the due date hereof, unless the bond specified herein is redeemed prior thereto, pay to bearer the sum hereon at $ Bank of America National Trust and Savings Association, the Paying Agent of the South Tahoe Public Utility District, at its corporate agency division in San Francisco, Coupon No. California, as interest on its IMPROVEMENT BOND designated FALLEN LEAF LAKE FOREST SERVICE PERMITTEES ASSESSMENT DISTRICT 1979-1, SERIES 1979-1, dated July 2, 1980. Bond No. Treasurer of the South Tahoe Public Utility District EXHIBIT "C" (ii) i rf REGISTRATION FORM: The form of endorsement for registration on the coupon bonds shall be substantially as follows: This bond is registered in the name of the registered owner last entered below and both the principal of and interest on this bond are payable only to such owner, unless registered as to principal only, in which event the principal is so payable; provided, however, that this bond may be registered to bearer and thereby discharged from registration and the negotiability hereof restored. Note: No writing below except by the Paying Agent of the South Tahoe Public Utility District. Date of Type of Name and Address Signature of Registry Registration of Registered Owner Paying Agent Principal only and Interest Principal only and Interest Principal only and Interest Principal only and Interest * If registration is as to principal only, strike the words "and Interest"; if as to principal and interest, strike the word "only". EXHIBIT "C" (iii)