Resolution No. 162 RESOLUTION NO. 162
DIRECTING SALE OF $1,250,000 PRINCIPAL AMOUNT OF
BONDS OF SOUTH TAHOE PUBLIC UTILITY DISTRICT
WHEREAS, the Board of Directors of South Tahoe
Public Utility District, by Resolution No. 139 duly passed
and adopted on June ll, 1959, duly authorized the issuance
of $2,500,000 principal amount of bonds designated "South
Tahoe Public Utility District 1959 Sewer Bonds," all
dated July 1, 1959; and
WHEREAS, this Board of Directors has heretofore
issued and sold bonds of said issue in the aggregate prin-
cipal amount of $1,250,000 and this Board of Directors now
deems it advisable to sell the remaining $1,250,000~prlncipal
amount of bonds of said authorized issue,
NOW, THEREFORE, BE IT RESOLVED by the Board of
Directors of South Tahoe Public Utility District as
follows:
1. $1,250,000 principal amount of said bonds
shall be sold by this Board of Directors on January 14,
1960. Said bonds to be issued and sold shall be numbered
and shall mature and become payable as follows:
1
Bond Numbers
(Inclusive)
11 - 20
31 - 45
61 - 70
86 - lO0
116 - 130
146 - 165
186 - 205
231 - 250
276 - 3OO
326 - 355
386 - 415
451 - 480
516 - 550
586 - 625
666 - 7O5
751 - 795
846 - 890
941 - 99O
1046 - 11o0
1161 - 1220
1281 - 1345
1416 - 1480
1551 - 1625
1706 - 1780
1861 - 1945
2036 - 2120
2211 - 2305
2406 - 2500
Principal Amo~nnt
$10,000
15,000
10,000
15,000
15,000
20,000
20,000
20,000
25,000
30,000
30,000
30,000
35,000
40,000
40,000
45,000
45,000
50,000
55,OOO
60,000
65,000
65,000
75,000
75,000
85,000
85,000
95,000
95,OOO
Maturity Date
1)
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
2. 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 form~ to wit:
3
OFFICIAL NOTICE OF SALE
$1~ 250, 0,00 SOUTH TAHOE PUBLIC UTILITY DISTRICT
1.9~9 SEWER BONDS
NOTICE IS HEREBY 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
THURSDAY, JANUARY 14, 1960
at the hour of 8:00 o'clock P.M. (P.S.T.) for the purchase
of 91,250,000 principal amount of bonds of said district
designated "South Tahoe Public Utility District 1959 Sewer
Bonds," more particularly described below:
ISSUE: 91,250,000 consisting of 1250 bonds of the
denomination of 91,000 each. Said bonds
are all of the remaining bonds of an issue in the aggregate
principal amount of 92,500,000 authorized at an election
held in said district on March 24, 1959, of which 91,250,000
principal amount have heretofore been issued and sold and
are now outstanding°
DATE:
All of said bonds are dated July 1, 1959o
MATURITIES:
Said bonds mature (without option of prior
payment) as follows:
Principal
Amount
Maturity Date
( uly l)
(All years inclusive)~
910,000
15,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
55,000
60,000
65,000
75,000
85,000
95,000
1962
1963
1964
1965 - 1966
1967 - 1969
1970
1971 - 1973
1~74
1975 - 1976
1977 - 1978
1979
198o
1981
1982 - 1983
1~84 - 1985
1986 - 1987
1988 - 1989
4
INTEREST Maximum six per cent (6%) per annum, payable
RATE: annually the first year on July l, 1960,
and semiannually thereafter on January i and July 1
in each year~'. Bidders must specify the rate of interest
which the bonds hereby offered for sale shall bear. Bidders
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 the bid must be in a multiple of
1/8 or 1/20 of one per cent (1%) per annum, payable as afore-
said.
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 Placerville,
California.
EXECUTION AND Coupon bonds will be issued by the District.
REGISTRATION: Said bonds will be executed by the manual
signature of at least one officer authorized
to execute the bonds. Said 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 bond election for the purpose of
authorizing bonds for the acquisition, construction and
completion of improvements to the sanitary sewage system in
said District.
SECURITY: Said bonds are general obligations of South
Tahoe Public Utility District, and the Board
of Directors has power and is obligated to (unless funds are
otherwise provided from revenues) cause annual ad valorem
taxes to be levided upon all property in said District subject
to taxation by said District for the payment 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 of
STATUS: the bonds the income received by private
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 re-
lieved of his obligation under the contract to purchase the
bonds and in such case the deposit accompanying his bid will
be returned.
LEGAL OPINION: The legal opinion of MessrSo 0trick, Dahl-
quist, 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°
5
TERMS OF SALE
HIGHEST BID: The bonds will be awarded to the highest bid-
der 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 of the bonds 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 aforesaid 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 borne
by the District.
RIGHT OF
REJECTION:
The South Tahoe Public Utility District
reserves the right, in its discretion, to
reject any and all bids and to waive any
irregularity or informality in any bid.
PROMPT AWARD: The Board of Directors of South Tahoe Public
Utility District will take action awarding
the bonds or rejecting all bids not later than 24 hours after
the expiration of the time herein prescribed for the receipt
of proposals unless such time of award is waived by the
successful bidder.
PROMPT DELIVERY: Delivery of said bonds will be made to the
successful bidder at the office of the
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 of the date of sale thereof°
RIGHT OF The successful bidder shall have the right,
CANCELLATION: at his option, to cancel the contract of
purchase if the District shall fail to
execute the bonds and tender the same for
delivery within sixty i(60) days from the date of sale thereof,
and in such event the successful bidder shall be entitled
to the return of the deposit accompanying his bid.
FORM OF BID: 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 a~
accrued interest to date of delivery. Each bid, together
with bidder's check, must be enclosed in a sealed envelope
addressed to the Board of Directors of South Tahoe Public
Utility District, E1 Dorado County, California, 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 8:00 P.M. (P.S.T.) on
Thursday, January 14, 1960, or must be delivered to said Board
of Directors at its office at the above address prior to
said time on said date.
6
BID CHECK: With each bid must be submitted a certified
check or cashier's check for $5,000 drawn
on a bank or trust company 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 re-
quired) to supply an estimate 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 unsuccess-
ful bidders will be returned by the District by mail upon
the award of the bonds. No interest will be paid upon the
deposit made by the successful bidder.
0FFIC IAL
STATEMENT:
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 thereof to their respective offices, and the
District will furnish to the successful bidder a no-
litigation certificate certifying to the foregoing as of
and at the time of the delivery of the bonds.
Dated:
December 21 . ,1959 ·
6~~bf BoOth Tahoe Public Utility
District of E1 Dorado County, State of
California
3~
from and after its passage and approval.
PASSED AND ADOPTED this 21st
1959, by the following vote:
This resolution shall take effect
AYES: Directors
NOES: None
ABSENT:
day of December
GERSICK, PANKOST and WAKEN
Directors GOERI NGE~/~/~~/~WALL.//. ~~_~_~
Acting fresi'dent bf the Board of Directors of
South Tahoe Public Utility District of
E1 Dorado County, State of California
CleYk of Sb~th TahOe Public '"Uttl'l'ty
District and Secretary of the Board
of Directors thereof.
SECRETARY'S CERTIFICATE
I, EARL F. PANKOST , 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 by the Board of Directors of said District at
a regular meeting of said Board duly and regularly and legally
held at the regular meeting place thereof on the 21st day
of December ,1959, of which meeting all of
the members of said Board had due notice and at which a
majority thereof was present; that at said meeting said
resolution was introduced by Director PANKOST
and read in full, and was thereupon, upon motion of
Director PANKOST , seconded by Director
WAKEMAN
AYES:
NOES:
ABSENT:
..... , adopted by the following vote:
Directors GERSICK, PANKOST and WAKEMAN
None
Directors GOERINGER and WALL
That I have carefully compared.the same 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 2 of Minutes ,, at pages ll5 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,
modified or rescinded since the date of adoption and the same
is now in full force and effect.
WITNESS my hand and the seal of the said District
this 22nd day of
[Seal]
Dec ember ,1959 o
Cl%~l~k-of ~ South Tahoe PUbliC '~tility
District and Ex-Officio Secretary of
t~. Board of Directors thereof