Resolution No. 139 P SO'. mON NO.
OF THE BOAtH) OF DIP~CTORS OF SO~H T~OE P~IC ~ILI~ DIS-
til, ~ DOR~O CO~, C~IF~A, PR~ING F~ T~
ANCE 0F $2,500,000 PRINCIP~ ~0~ OF "S0~ T~OE P~IC
~ILI~ DI~TRI~ 1959 ~ ~S"; F~INO ~ ~~ RA~
OF I~~T ON S~ BO~ ~ P~CRIBING ~ ~ITI~
T~~; A~HOR~ING T~ ~C~ION OF S~ ~S ~ 0F T~
C~O~ ~P~T~ T~O; PRO~ING FOR T~ ~ ~ A T~
TO PAY ~ PRINCIP~ ~ I~T ~~; ~ D~ING
N~I~ OF S~ OF $1,~,000 OF SA~ BO~S TO ~ GI~.
WHEREAS, the Board of Directors of South Tahoe Pub-
lic Utility District on the 20th day of February, 1959 duly
passed and adopted an ordinance, designated "Ordinance No. 43,"
calling and providing for and giving notice of a special elec-%y
tion to be held within the boundaries of said District on
Tuesday, March 24, 1959, for the purpose of submitting to
the qualified electors of said District the measure of incur-
ring a bonded indebtedness of said District in the principal
amount of $2,500,000 for the acquisition, construction and
completion by said District of the following pUblic utility,
to wit: improvement of the sanitamy sewage disposal system,
including the acquisition and construction of trunk sewers,
force mains, pumping stations, sewage effluent disposal facil-
ities, a new treatment plant, manholes, lands, easements,
rights of way, e~uipment, pipes, valves, fittin~and other
works, properties or structures necessary or convenient for
the improvement of the sanitary sewage disposal system of the
South Tahoe Public Utility District; and
WHEREAS, on the 30th day of March, 1959 said Board
of Directors duly canvassed the votes cast at said election
and found and determined that the votes of more than two-
thirds of the electors voting at said election were cast
in favor of said measure and in favor of the issuance of said
bonds:
NOW, THEREFORE, BE IT RESOLVED by the Board of
Directors of said South Tahoe Public Utility District as
follows:
Section 1. That all acts, conditions and things
required by law to exist, happen and be performed precedent
to and in the issuance of said bonds have existed, happened
and been performed in due time, form and manner as required
by law, and said South Tahoe Public Utility District is now
authorized pursuant to each and every requirement of law to
incur indebtedness in the manner and form as in this resolu-
tion provided.
Section 2~ That bonds of the South Tahoe Public
Utility District in the aggregate principal amount of
$2,500,000 to be known as "South Tahoe Public Utility District
1959 Sewer Bonds," shall issue to pay the cost of the acqui-
sition, construction and completion of the following public
utility set forth in the following measure, to wit:
MEASURE Shall the South Tahoe Public
(Improvement of Utility District incur a bonded
Sanitary Sewage indebtedness in the principal
Disposal System) amount of $2,500,000 bearing in-
terest at a rate not exceeding
6% per ann~m, payable annually the first year and
semiannually thereafter, for the acquisition, con-
struction and completion of the following public
utility, to wit: improvement of the sanitary sewage
disposal system, including the acquisition and con-
struction of trunk sewers, force mains, pumping
stations, sewage effluent disposal facilities, a
new treatment plant, manholes, lands, easements,
rights of way, equipment, pipes, valves, fittings
and other works, property or structures necessary
or convenient for the improvement of the sanitary
sewage disposal system of South Tahoe Public Util-
ity District?
Sectio~ ~. Said bonds shall be issued in whole or
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in part as hereinafter set forth and shall be sold in accord-
ance with law at not less than their par value and accrued
interest. Said bonds shall be negotiable in form, and of
the character known as serial, and shall be 2500 in number,
numbered consecutively from 1 to 2500, both inclusive, of the
denomination of $1,000 each. Said bonds shall be dated July
1, 1959 (which is hereby fixed and determined to be the date
of the issue of such bonds). All of said bonds shall bear
interest from their date until paid at the rate or rates
designated by the Board of Directors of South Tahoe Public
Utility District at the t~ne of the sale of said bonds, but
not to exceed six per cent (6%) per annum, payable annually
the first year, to wit, July 1, 1960, and semiannually there-
after on January 1 and July 1 of each year. Such interest
shall be evidenced by coupons attached to each bond, and each
of said coupons shall represent six months' interest on the
bond to which it is attached, except that the first coupon
shall represent interest from July 1, 1959 to July 1, 1960.
Said bonds shall mature and be payable in consecutive numer-
ical order, from lower to higher, as follows, to wit:
Principal
Amount
Maturity Date
~0,000 1962
25,000 1963
25,000 1964
30,000 1965
30,000 1966
~;000 1967
000 1968
45,000 1969
50,000 197o
55,000 1971
60,000 1972
65,000 1973
70,000 1974
75,000 1975
80,000 1976
90,000 1977
95,000 1978
100,0oo 1979
110,000 1980
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Principal
· Amount
Maturity Date
$120,000 1981
125,000 1982
1 5,ooo 1983
1~5,000 1984
155,000 1985
165,000 1986
175,000 1987
185,o0o 1988
195,000 1989
Both the principal of and interest on said bonds shall be
payable at the office of the Treasurer of the County of E1
Dorado, State of California, at Place~ville, California (the
designated Treasurer of South Tahoe Public Utility District),
in lawful money of the United States of America.
Section 4. Said bonds and coupons shall be substan-
tially in the form set forth in Ordinance No. 43 of this
Board of Directors adopted on the 20th day of February, 1959,
the blanks being suitably filled in to indicate serial numbers
and date of payment.
Section 5. The President of the Board of Directors
of said District is hereby authorized and directed to sign
each of said bonds and the Clerk of said District is hereby
authorized and directed to countersign each of said bonds and
to affix thereto the seal of said District. The Treasurer of
said District is~hereby authorized and directed to execute
each of the coupons attached to said bonds by his facsimile
signature and such signing, countersigning and sealing shall
be a sufficient and binding execution of said bonds and cou-
pons by said District. .
Section,,6. The Board of Directors (unless funds
are otherwise provided from revenues) shall annually levy
and collect a tax sufficient to pay the annual interest on
such bonds and also to pay such part of the principal as
will fall due within the succeeding year and as may be
necessary to provide for the sinking fund payments of the
next succeeding fiscal year.
Section 7. The Clerk of the Board of Directors is
directed to cause a sufficient number of blank bonds and cou-
pons of suitable Quality to be lithographed, printed or en-
graved, and to cause the blank spaces thereof to be filled
in to comply with the previsions hereof, and to procure their
execution by the proper officers, and to deliver them, when
so executed, to the Treasurer of E1 Dorado County (the desig-
nated Treasurer of South Tahoe Public Utility District)~ who
shall safely keep the same until they shall be sold by the
said Board of Directors, whereupon he shall deliver them to
the purchaser or purchasers thereof, on receipt of the pur-
chase price. Said President and Clerk are further authorized
and directed to make, execute and deliver to the purchaser of
said bonds a signature and no-litigation certificate in the
form usually required by purchasers of bonds of public cor-
porations generally, certifying to the genuineness and due
execution of said bonds and further certifying to all facts
within their knowledge relative to any litigation which may
or might affect said District, said officers or said bonds,
and said County Treasurer is hereby authorized and directed
to make, execute and deliver to the purchaser of said bonds
a receipt in the fo~ usually required by purchasers of bonds
of public corporations evidencing the payment of the purchase
price of said bonds, which receipt shall be conclusive evi-
dence that said purchase price has been paid and has been
received by said District. Any purchaser or subsequent taker
or holder of said bonds is hereby authorized to rely upon
and shall be Justified in relying upon any such signature
and no-litigation certificate or receipt with respect to said
bonds executed pursuant to the authority of this resolution.
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Section 8. $1,250,000 principal amount of said
bonds, numbered and maturing as follows:
Bond Numbers
(Inclusive)
Maturity Date
1 - lO 1962
21 - 30 1963
46 - 60 1964
71 - 85 1965
101 - 115 1966
131 - 145 1967
166 - 185 1968
206 - 230 1969
251 - 275 1970
301 - 325 1971
356 - 385 1972
416 - 450 1975
481 - 515 197~
551 - 585 1975
626 - 665 1976
706 - 750 1977
796 - 845 1978
891 - 940 1979
991 - 1045 1980
1101 - 1160 1981
1221 - 1280 1982
1346 - 1415 1983
1481 - 1550 1984
1626 - 1705 1985
1781 - 1860 1986
1946 - 2035 1987
2121 - 2210 1988
2306 - 2405 1989
shall be offered for public sale by the Board of Directors
of South Tahoe Public Utility District on the 16th day of
July, 1959, and the Clerk of said Board of Directors is
hereby authorized and directed to cause notice of the sale
of said bonds to be published once in the LAKE TAHOE NEWS,
a weekly newspaper of general circulation printed, published
and circulated in said District, and such notice shall be
substantially in the following fo~m, to wit:
OFFICIAL NOTICE OF SALE
SOUTH TAHOE PUBLIC UTILITY' DISTRICT
1959 SEWER~OMDS
NOTICE IS HERE~ GIVEN that sealed proposals will
be received by the Board of Directors of South Tahoe Public
Utility District, of E1 Dorado County, State of California,
at the office of said District, Clarke Building, Tahoe Valley,
South Tahoe, E1 Dorado County, California, on
THURSD.A_Y~ JULY 16, 1959
6
at the hour of 2:00 P.M. for the purchase of $1,250,000 prin-
cipal amount of bonds of said District designated "South
Tahoe Public Utility District 1959 Sewer Bonds," more partic-
ularly described below:
ISSUE $1,250,000, consisting of 1250 bonds of
the denomination of $1,000 each. Said
bonds are part of an issue in the aggregate principal amount
of $2,500,000 authorized at an election held in said District
on March 24, 1959. The remaining bonds of said authorized
issue will not be offered for sale prior to January l, 1960.
DATE
MATURITIES
All of said bonds are dated July 1, 1959.
Said bonds mature (without option of prior
payment) as follows:
Principal
Amount
Maturity Date July 1
(All years inclqsive)
$ lO,O00 1962 and 1963
15,000 1964 to 1967
20,000 1968
25,000 1969 to 1971
30,000 197Z
35,000 1973 to 1975
4o'
ooo 1976
45,000 1977
50,000 1978 and 1979
55,000 198o
60,000 1981 and 1982
70,000 1983 and 1984
80,000 1985 and 1986
90,000 1987 and 1988
100,000 1989
INTEREST RATE Maximum six per cent (6%) per annum, pay-
able annually the first year, to wit, on
July l, 1960, and semiannually thereafter on January i and
July I in each year. Bidders must specify the rate of inter-
est which the bonds hereby offered for sale shall bear. Bid-
ders will be permitted to bid different rates of interest
and to split rates irrespective of the maturities of said
bonds, except that no bond may bear more than one rate of
interest or more than one coupon to evidence any interest
payment. The interest rate stated in each bid must be in
a multiple of one-eighth or one-twentieth of one per cent
(1%) per annum, payable as aforesaid.
PAYMENT Both principal and interest of said bonds
are payable in lawful money of the United
States of America at the office of the Treasurer of E1 Dorado
County (the designated Treasurer of the District), in Placer-
ville, California°
REGISTRATION
Coupon bonds will be issued by the District.
Such bonds are registrable only as to both
principal and interest.
PURPOSE Said bonds are authorized by vote of two-
OF ISSUE thirds of the qualified voters voting at a
special election for the purpose of author-
izing bonds for the acquisition, construction and comple~n of
improvements to the sanitary sewage system in said Dist~i6t.
7
SECURITY Said bonds are general obligations of
South Tahoe Public Utility District and
the Board of Directors has power and is obligated (unless
funds are otherwise provided from revenues) to cause annual
ad valorem taxes to be levied upon all property in said
District subject to taxation by said District for the pay-
ment of both the principal of and interest on said bonds
without limitation of rate or amount.
TAX EXEMPT In the event that prior to the delivery
STATUS of the bonds the income received by pri-
vate holders from bonds of the same type
and character shall be declared to be taxable under any
Federal Income Tax Laws, either by the terms of such laws or
by ruling of a Federal Income Tax authority or official which
is followed by the Internal Revenue Service, or by decision
of any Federal Court, the successful bidder may, at his option,
prior to the tender of said bonds by the District, be relieved
of his obligation under the contract to purchase the bonds
and in such case the deposit accompanying his bid will be re-
turned.
LEGAL OPINION The legal opinion of Messrs. Orrick,
Dahlquist, Herrington & Sutcliffe of San
Francisco, California, approving the validity of said bonds
will be furnished to the successful bidder without charge.
A copy of the legal opinion, certified by the official in
whose office the original is filed, will be printed on each
bond without charge to the successful bidder.
TERMS OF SALE
Highest Bid The bonds will be awarded to the highest
bidder considering the interest rate or
rates specified and the premium offered, if any. The highest
bid will be determined by deducting the amount of the premium
bid (if any) from the total amount of interest which the Dis-
trict would be required to pay from the date of said bonds to
the respective maturity dates at the coupon rate or rates
specified in the bid, and the award will be made on the basis
of the lowest net interest cost to the District. The lowest
net interest cost shall be computed between the dates afore-
said on a 360-day year basis. The purchaser must pay accrued
interest from the date of the bonds to the date of delivery.
The cost of printing the bonds will be ~orne by the District.
Right of
Rejection
The District reserves the right, in its
discretion, to reject any and all bids and
to waive any irregularity or informality
in any bid.
Promp% Award The Board of Directors of South Tahoe
Public Utility District will take action
awa~ding the bonds or rejecting all bids not later than 24
hour~ after the expiration of the time herein prescribed for
the r~ceipt of proposals, unless such time of award is
waived by the successful bidder.
Prompt Deliver2
Delivery of said bonds will be made to
the successful bidder at the off~ of the
8
Treasurer of E1 Dorado county (the designated Treasurer of
the District), in Placerville, california, as soon as the
bonds can be prepared, which it is estimated will be within
30 days from the date of sale.
Right of The successful bidder shall have the right,
C~ance!lation at his option, to cancel the contract of
purchase if the District shall fail to
~ender the bonds for delivery within 60 days from the date
of sale, and in such event the successful bidder shall be
entitled to the return of the deposit accompanying his bidj
Form of Bi.d All bids must be for not less than all of
the bonds hereby offered for sale, and
for not less than the par value thereof and accrued interest
to date of delivery. Such bids, together with bidder's check,
must be enclosed in a sealed envelope addressed to the ~oard
of Directors of South Tahoe Public Utility District of E1
Dorado County, Clarke Building, Tahoe Valley, E1 Dorado
County, California, and endorsed "Proposal for South Tahoe
Public Utility District 1959 Sewer Bonds," and must be mailed
in time to be received by said Board of Directors prior to
2:00 PoMo (California Daylight Saving Time) on Thursday, July
~6, 1959, or must be delivered to said Board of Directors at
its office at the above address, prior to said time on said
date°
Bid Check With each bid must be submitted a certi-
fied check or cashier's check for $5,000,
drawn on a bank or trust company authorized to transact and
transacting business in the State of California, payable to
the order of the Treasurer of E1 Dorado County, tO secure
the District from any loss resulting from the failure of the
bidder to comply with the terms of his bid. In addition,
bidders are requested (but not required) to supply an esti-
mate of the total net interest cost to the District on the
basis of their respective bids, which shall be considered as
informative only and not binding on either the bidder or the
District. Checks of the unsuccessful bidders will be returned
by the District by mail upon the award of the bonds. No in-
terest will be paid upon the deposit made by any successful
bidder.
Official
$~t a..t emeD.t
The District has prepared an official
statement relating to the bonds, a copy
of which will be furnished upon request.
There is no controversy or litigation pending or threatened
concerning the validity of the above issue, the corporate
existence of the District or the title of the officers to
t~eir respective offices, and the District will furnish to
the successful bidder a no-litigation certificate certifying
to the foregoing as of and at the t~e of the delivery of
the bonds.
Dated: June 11, 1959o
Clerk of South Tahoe Pubilc"Util"lty
District of E1 Dorado County
State of California
9
Se~tio.n. 9. This resolution shall take effect
from and after its passage and approval.
PASSED AND ADOPTED this llth day of June, 1959,
by the following vote:
AYES: Directors
NOE~:
Attest:
~resi~ent 0~' the Board of DirectOrs of
South Tahoe Public Utility District
of E1 Dorado County, State of California
O'l&rk of'South Tah'oe"Public '
Utility District and Secretary
of the Board of Directors thereof
10
CLERK' S CERTIFICATE
I, , Clerk of South
Tahoe Public Utility District, do hereby certify that the
foregoing is a full, true and correct copy of a resolution
duly adopted at a meeting of said Board of
Directors duly and regularly held at the regular meeting
place thereof on the . day of , 1959,
of which meeting all of the members of said Board of Direc-
tors had due notice and at which a majority thereof was
present; that at said meeting said resolution was introduced
by Director , and read in full~ and was
thereupon, upon motion of Director
seconded by Director ........ , adopted by the fol-
lowing vote:
AYES: Directors
NOES:
ABSENT:
That I have carefully compared the s~me with the
original minutes of said meeting on file and of record in
my office and that said resolution is duly entered of record
in Book of , at pages to
inclusive, and said resolution is a full, true and correct
copy of the original resolution adopted at said meeting and
entered in said minutes. That said resolution has not been
amended, modifie~ or rescinded since the date of its adoption
and the same is now in full force and effect°
WITI~S my hand and the seal of said District this
day of ~ , 1959.
Clerk 'of the Soubh Tahoe 'Public
Utility District and Ex-Officio
Secretary of the Board of Directors
thereof