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Resolution No. 825WJM&L: J: s 4/28/67 111967 RESOLUTION NO. 825 A RESOLUTION PROVIDING FOR THE ISSUANCE OF $2,700,000 PRINCIPAL AMOUNT OF BONDS OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT FOR IMPROVEMENT DISTRICT NO. U-1 AND FOR THE ISSUANCE OF SAID BONDS IN SERIES; PROVIDING FOR THE LEVY OF A TAX IN SAID IMPROVEMENT DISTRICT TO PAY THE PRINCIPAL OF AND INTEREST ON SAID BONDS; DESIG- NATING $900,000 PRINCIPAL AMOUNT OF SAID BONDS AS SERIES A, DESCRIBING THE AMOUNT, DATE AND NUMBERS OF BONDS OF SAID SERIES A AND OF THE COUPONS TO BE ATTACHED THERETO, FIXING THE MAXIMUM RATE OF INTEREST THEREON AND PRESCRIBING THE MATURITY THEREOF $2,700,000 BONDS OF SOUTH TAHOE PUBLIC UTILITY DISTRICT FOR IMPROVEMENT DISTRICT NO. U-1 SERIES A - $900,000 RESOLVED, by the Board of Directors of the South Tahoe Public Utility District, E1 Dorado County, California, that WHEREAS, the South Tahoe Public Utility District, herein called "District", is a public utility district duly organized and now existing under and pursuant to the provisions of the Public Utilities Code of the State of California; WHEREAS, on the 19th day of January, 1967, pursuant to Section 16407 of said Public Utilities Code, said Board did adopt pursuant to Division 20, Part ? (commencing with Section 71851) of the Water Code of the State of California, its Resolution No. 763, A Resolution of Intention to Form Improvement District Within the South Tahoe Public Utility District, Improvement District No. U-l, as amended, for the purpose of the acquisition, construction, completion and re- pair of the improvements, works and property therein described, and forming the area therein described into an. improvement district and incurring a bonded indebtedness of the District for such improvement district to finance the same; WHEREAS, said Board in said Resolution appointed Thursday, the 23rd day of February, 1967, at the hour of 7:30 o'clock P. M. of said day at the regular meeting place of said Board, Council Chambers, City Hall, South Lake Tahoe, California, as the time and place for a hearing on the question of the formation and extent of the proposed improvement district, the proposed improvements and the amount of the debt to be incurred, and directed the Clerk of said District to give notice of said hearing as required by law; WHEREAS, notice of said hearing was duly and regularly published and posted and mailed in the time, form and manner required by law~ as evidenced by affidavits on file with said Clerk~ whereupon said hearing was duly and regularly held and evidence taken at the time and place advertised in said notice; WHEREAS, persons interested and objecting to the formation of said improvement district, or to the extent thereof, or to the inclusion of their property therein, or to the acquisitions and improvements as proposed, or to the amount of the debt to be incurred, or to the issu- ance of bonds, or to the doing of any other things as proposed in said Resolution of Intention, filed written protests with the Clerk of said District prior to the time set for said hearing, and all persons in- terested desiring to be heard were given an opportunity to be heard and all matters and things pertaining to any of said matters were fully heard and considered by said Board; and WHEREAS, at the conclusion, of said hearing, and on the 2~rd day of February, 1967, said Board duly adopted its Resolution No. 776, A Res- olution Overruling Protests on Resolution No. 765, A Resolution of Intention to Form Improvement District Within South Tahoe Public Utility District, and its Resolution No. 777, A Resolution Ordering the Formation of Improvement District No. U-1 of the South Tahoe Public Utility District, Describing the Exterior Boundaries Thereof, and De- termining the Necessity of Incurring a Bonded Indebtedness Therefor, and said improvement district was thereby duly formed and now exists under the applicable laws of the State. NOW, '£HEREFORE, IT IS HEREBY DETERMINED and ORDERED, as follows: 1. All acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of the bonds have existed, happened and been performed in due time, form and manner as required by law, and the South Tahoe Public Utility District is now authorized pursuant to each and every requirement.of law to issue bonds for Improvement District No. U-1 in the manner and form as in this Resolution provided. 2. The bonds shall be issued in accordance with Chapter 6 of Part 7 of Division 20 of the Water Code of the State of California for the purpose of paying the cost of the acquisition, construction, com- pletion, repair and financing of the improvements, works and property described in the proceedings had pursuant to said ResolutionNo. 763, as amended, shall be in the total principal amount of $2,700,000, shall be designated "Bonds of the South Tahoe Public Utility District for Improvement District No. U-I", and shall be divided into series, the first series thereof to be known as "Series A" to be in the total , principal amount of $900,000, and to be issued and sold as herein pro- vided. Jurisdiction is expressly reserved to issue and sell the re- maining ~$1,800,000 principal amount of the bonds in series and at times and on terms and conditions then deemed advisable. 3. Series A Bonds shall be dated July 2, 1967, shall be negotiable in form and of the character known as "serial", and at the option of the bond purchaser shall be either 900 in number, numbered consecutively from 1 to 900, inclusive, and of the denomination of $1,000 each; or shall be 180 in number, numbered consecutively from 1 to 180, in- clusive, and of the denomination of $5,000 each. Bidders for said bonds must indicate in the bid proposal whether the denomination of bonds will be $1,000 or $5,000 as provided herein. A bid which is silent as to number and denomination shall be conclusively presumed to be for bonds in the denomination of $5,000 each. 3 Series A Bonds shall mature serially in the order of serial numbers and have maturity dates on July 2 in each of the years and amounts, as follows: Bond Numbers (Both Inclusive) $'1; ooo $5, ooo Denominations Denominations 1 - 10 1 - 2 11 - 20 3 - 4 21 - 35 5 - 7 36 - 55 8 - 11 56 - 80 12 - 16 81 - !10 17 - 22 111 - 140 23 - 28 141 - 175 29 - 35 176 - 210 36 - ~2 211 - 250 43 - 50 251 - 295 51 - 59 296 - 340 60 - 68 341 - 390 69 - 78 391 - 440 79 - 88 441 - 495 89 - 99 496 - 550 100 - il0 551 - 610 lll- 122 611 - 675 123 - 135 676 - 74.5 136 - 149 746 - 820 150 - 164 821 - 900 165 - 180 Principal Year of Amount Maturit~ Callable $10, 000 1971 Non 10,000 1972 " 15,000 1973 " 20,000 1974 " 25,000 1975 " 30,000 1976 " 30,000 1977 " 35,000 1978 " 35,000 1979 " 40, 000 1980 " 45, 00o 1981 " 45, 00o 1982 " 50,000 1983 " 50, oo0 1984 " 55,000 1985 " 55,000 1986 On and after 7/2/1978 60, 0oo 1987 " 65,000 1988 " 70, ooo 1989 " 75, 0o0 1990 " 80, 0o0 1991 " series A Bonds shall bear interest at the rate of not to ex- ceed five percent (5%) per annum from their date until paid. Said in- terest shall be payable on July 2, 1968 and semiannually thereafter on the 2nd day of January and the 2nd day of July of each year to the date of maturity. Attached to each said bond shall be interest coupons payable at the times the respective interest payments thereon, become due and for the amount thereof, as determined from the accepted bid for the purchase of the bonds. Bidders for the purchase of Series A Bonds must specify the rate or rates of interest which the bonds shall bear. Bidders may bid different rates of interest irrespective of the maturities of the bonds, provided that the spread from the lowest to the highest rate shall not exceed two and one-half percent (2-1/2%) per annum. The interest rates stated in the bid may be in multiples of any fraction of one percent. Bidders shall not be permitted to cause the interest 4 for a given period to be split and represented by more than one coupon° 5. Series A Bonds maturing by their terms on or before July 2, 1985 shall not be subject to call prior to their respective fixed dates of maturity. Series A Bonds maturing on or after July 2, 1986, shall, by their terms, be subject to call and redemption, at the option of the District, as a whole or in part, in inverse numerical order on July 2, 1978, or on any interest date thereafter and prior to their respective dates of maturity, at the principal amount thereof and accrued interest thereon to the date of redemption, plus a redemp- tion premium equal to one-half of one percent (1/2 of 1%) of such principal amount plus one-quarter of one percent (1/4 of 1%) for each whole twelve (12) months, and for any remaining fraction of a twelve (12) month period, from the date fixed for redemption to the maturity date of said bonds; provided, however, that in no event shall the premium paid on prior redemption of any bond exceed the coupon rate applicable to said bond. 6. The form of Series A Bonds, and of the interest coupons which shall be attached thereto at the time of their issuance, and the form of endorsement on the bonds for registration shall be substantially as provided in Exhibit "A" hereto attached and made a part hereof by this reference. 7. If, upon presentation at maturity, payment of the bonds herein authorized or of any interest coupons thereof, is not made in full accordance with the terms hereof, the bonds or coupons, or both, shall continue to bear interest at the rate stated in the bond until paid in full. 8. The principal and interest on. the bonds herein authorized shall be payable in lawful money of the United States of America at the Bank of America N. T. & S. A., Main Office, San Francisco, California, the Paying Agent and Registrar of the Treasurer, or at the designated corre- spondent banks of said Paying Agent in New York, New York, or Chicago, Illinois. 5 9. In the event of call of any bond for redemption, the Treasurer shall cause thirty (30) days prior notice thereof to be given by mail, and in. addition shall publish such notice once at least thirty (30) days prior to the date of call in a financial paper published in San Francisco or in a financial paper published in New York. The Treas- urer shall mail such notice by registered mail thirty (30) days prior thereto to the last known holder or holders of any bearer bonds so called, as shown by the records in his office. Notice of redemption of any registered bonds shall be given to the registered owners by registered mail at least thirty (30) days prior to the date of callo No interest shall accrue on said bonds called for redemption or on. any interest coupons thereon after the redemption date specified in said notice. 10. The bonds herein authorized shall be executed on behalf of the District by the President and by the Treasurer by their printed, engraved or lithographed signatures and countersigned by the manual signature of the Clerk and ex-officio Secretary, who shall affix thereto the corporate seal of the District, (which may be by its printed, engraved or lithographed facsimile seal) and the interest coupons shall be executed and authenticated by the printed, engraved or lithographed facsimile signature of the Treasurer, who by such signatures shall ratify the execution of the same. ll. Any bond is subject to registration either as to principal and interest or as to principal only, upon written request of the bondholder and presentation of the bond to the Registrar for registration. (a) Principal and Interest. Upon presentation and request for registration as tO principal and interest, the Registrar shall cut off the coupons and destroy them. It shall maintain a book in which it shall enter the numbers of all registered bonds and the names and addresses of the owners of registered bonds. Un~til such registration is cancelled as herein provided, the in- terest and principal thereof shall be payable only to the registered owner. There shall be provided on the back of each 6 bond a suitable blank showing the name and address of the regis- tered owner, the date of registration or transfer, the type of registration and the signature of the Registrar; (b) Principal Only.. The bonds may be registered as to principal 0nly. When bonds are registered as to principal only, a notation shall be made to that effect in the registration book and on the bond. The coupons shall not be detached and the interest on such bonds shall be paid upon presentation of such coupons in the same manner as unregistered bonds. Principal, however, shall be paid only to the registered owner upon presen- tation of such bond; (c) De-registration. The registration of any unmatured bond may ~e cancelled uPOn written request of the registered owner. Upon receipt of such request, the Registrar shall cancel the registration in the bond registry book and on the back of the bond, cause all unmatured coupons to be reprinted and re-attached to the bond, and deliver the bond and attached coupons to the owner. Until such bond is re-registered, the principal thereof shall be payable to bearer, and the interest shall again be paid upon surrender of proper coupons. The cost of reprinting the coupons shall be paid by the person requesting de-registration; and (d) Re-registration. De-registered bonds are subject to re-registration in the same manner as previously unregistered bonds. 12. At the time of making the general tax levy after the issuance of the bonds herein authorized or any series thereof, and annually thereafter until the bonds are paid or until there is a sum in the treasury set apart for that purpose sufficient to meet all sums coming due for the principal and interest thereon, the Board of Directors shall, at the time of fixing, and in the manner provided for the gen- eral District tax levy, levy and collect each year upon the taxable property situated in Improvement District No. U-l, and upon that property only, a tax sufficient to pay the interest on the bonds as it falls due, and also such part of the principal as will become due before the proceeds of a tax levied at the next general tax levy will be available. The taxes are a lien on all taxable property in Improve- ment District No. U-1 and shall be of the same force and effect as the lien for other District taxes and their collection shall be en- forced by the same means as provided for the enforcement of the lien of District taxes. The Treasurer shall hold such taxes in trust in a fund separate and apart from all other District funds and which shall be designated "Bonds of South Tahoe Public Utility District for Improvement District No. U-1 - Bond Fund", and use and apply the same solely to the payment of bond principal and interest. There shall be deposited in said fund' subject to the maximum provided'by law, from the Dr0ceeds of the bonds, a 'sum equal to interest on the. bonds coming due before the proceeds of the tax levied at the next general tax levy after sale thereof are available therefor. Said fund may be main- tained at the office of the Paying Agent of the Treasurer or the correspondent banks above named. 13. There shall be, and there is hereby provided, a fund to be kept by the Assistant Treasurer of said District, to ibe designated as the "South Tahoe Public Utility District, ImprOvement District No. U-1 Special Improvement Fund", and the proceeds of the sal$ of the bonds herein authorized, other than the funded inter~st referred to in the preceding section, shall be paid into said fund as soon as the same shall have been collected, and the money in such fund shall~be used only ~pon the order of said Board of Directors and applied exclusively to the Purpose for which said indebtedness was created. When said purpose has been accomplished, any moneys re- maining in Said Improvement~Fund shall be transferred to said Bond Fund° The proceeds of the sale of said bonds may be expended for the purpose for which the indebtedness was created in any territory annexed to Improvement District No. U-lo 14o The Clerk and ex-officio Secretary is directed to cause said bonds to be lithographed, printed or engraved, according to the pro- visions hereof, and the bid of the successful bidder, and to procure their ex'ecution by the proper officers and to deliver them, when So executed, to the Assistant Treasurer who shall safely keep the same until delivery to the purchaser or purchasers thereof, on receipt of the purchase price. Said President, Treasurer and Clerk and ex-officio Secretary are further authorized.and directed to make, 8 execute and deliver to the purchaser or purchasers of said bonds a signature and no-litigation certificate in the form usually required by purchasers of municipal bonds generally, certifying to the gen- uineness 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, Improvement District No. U-l, said officers or said bonds, and said Assistant Treasurer is fur- ther authorized and directed to make, execute and deliver to the purchaser of said bonds a Treasurer'~ receipt in the form usually required by purchasers of municipal bonds, which receipt shall be conclusive evidence 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 certificat& and Treasurer's receipt with respect to said bonds exe- cuted pursuant to the authority of this Resolution. ATTEST: Clerk-and eX-Officio secretary~ ~resident~ ! hereby certify ~hat ths foregoing is a full, true and correct copy of a resolution duly and regularly adopted~ by the Board of Directors of the South Tahoe Public Utility District, E1 Dorado County, California, at a meeting thereof , 1967 , by the duly held on the 4th day of May following vote: AYES, and in favor thereof, Directors: NOES~ Directors: ABSENT, Directors: None Kortes Fesler Nelikean )~I~I~X Wa keman Hega rty ~lerk and ~ Off icl y South Tahoe Public Utility District EXHIBIT "A" BOND FORM UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF EL DORADO BOND OF SOUTH TAHOE PUBLIC UTILITY DISTRICT FOR IMPROVEMENT DISTRICT NO. U-1 SERIES A No. $ ,000.00 KNOW ALL MEN BY THESE PRESENTS, that the South Tahoe Public Utility District, a public utility district, in the County of E1 Dorado, State of California, hereinafter referred to as ~District", for value received, has obligated itself to pay to the bearer (or, if this bond is registered, to the registered owner hereof), on the 2nd day of July, 19 , the sum of THOUSAND DOLLARS with interest ther'~on from date at the rate of ~ per annum, as evidenced by interest coupons attached hereto at the time of issuance, said interest payable July 2, 1968 and semiannually thereafter on the 2nd day of January and the 2nd day of July in each year, all as more particularly set forth in the resolution providing for the issuance hereof. The holder of this bond has all the rights of a holder of a negotiable instrument payable to bearer° Bonds maturing by their terms on or before July 2, 1985~ are not subject to call prior to their respective fixed dates of maturity. Bonds maturing on or after July 2, 1986, are subject to call and redemption, at the option of the District, as a whole or in part~ in inverse numer~.cal order on July 2, 1978, or on any interest date thereafter and prior to their respective dates of maturity at the principal amount thereof and accrued interest thereon to the date of redemption, plus a redemption Premium equal to one-half of one percent (1/2 of 1%) of such prin.sipal amount plus one-quarter of one percent (1/4 of 1%) for each whole twelve (12) months, and for any remaining fraction of a twelve (12) month per- iod, from the date fixed for redemption to the maturity date of the bonds; provided, however, that in no event does the premium paid on prior redemption exceed the coupon rate applicable to the bond called. The Treasurer must cause thirty (30) days prior notice of redemption to be given by mail, and in addition must publish such notice once at least thirty (30) days prior to the day of call in a financial paper pub- lished in San Francisco or in a financial paper published in New York~ The Treasurer must mail such notice by registered mail thirty (30) days prior thereto to the last known holder or holders of any bearer bonds so called, as shown by the records in his office. Notice of redemption of any registered bonds must be given to the registered owners by registered mail at least thirty (30) days prior to the date of call. No interest accrues on said bonds called for redemption or on any interest coupons thereon after the redemption date specified in said notice. If, upon presentation at maturity, payment of this bond or any in- terest coupon thereof, or both, is not made in full accordance with the terms of the resolution providing for the issuance hereof, said bond or coupon, or both, continue to bear interest at the rate stated herein until paid in full. Both principal and interest are payable in lawful money of the United States of America at the Bank of America N. T. & S. Ao, Main Office, San Francisco, California, the Paying Agent and Registrar of the County Treasurer and ex-officio Utility District Treasurer, or at the designated correspondent banks of said Paying Agent in New York, New York, or Chicago, Illinois. This bond may be registered, de-registered and re-registered in the manner provided in the resolution authorizing the issuance thereof. If registered as to principal and interest, the principal hereof and interest hereon shall be payable only to such registered owner. If registered as to principal only, the principal hereof shall be payable only to such registered owner. This bond is one of Series A in the total principal amount of 900,000, being part of an issue in the total principal amount of 2,700,000, all of like date and tenor except as to number, maturity, in- terest and prior redemption provisions, all issued by the District for the purpose of paying the cost of the acquisition, construction, comple- tion and repair of sanitary sewer improvements, works and property within the bouK~daries and for Improvement District NOo U-1 of said District, as set forth and described in Resolution NOo Providing for the issuance hereof, adopted by the Board of Directors of said District on May 4, 1967, to which reference is hereby made for the obligations, duties~ rights and privileges thereby created, and as authorized and in strict accordance with the Constitution of the State of California and Section 16407 of the Public Utilities Code of the State of California, as amended, and Division 20, Part 7 (commencing with Section 71851) of the Water Code of the State of California, as amended~ Taxes levied for the payment of this bond and the interest thereon will be levied exclusively upon the taxable property in Improvement Dis- trict Noo U-lo Neither the District nor any of its officers is to be held otherwise.liable for the principal or interest h~reofo There is a mandatory duty on the part of the Board ~f Directors of said District to annually levy a tax upon all taxable property within Improvement District No° U-l, unlimited as to rate or amount and for such number of years as are necessary to pay all of the principal of and in- terest on this bond, and to use the proceeds thereof only for the payment of said principal and interest. It Is Hereby Certified and Declared that all the provisions and re- quirements of the Constitution and laws of the State of California and the ordinances, resolutions and orders of the Board of Directors of said South Tahoe Public Utility District have been duly and regularly and fully complied with by the proper officers of said District in the issu- ance of this bond; that all acts and things and conditions required by law to be done precedent to, and in the issuance of, this bond have been done and have been performed in regular and due form, and in strict accordance with the provisions of the law authorizing this bond° ii IN WITNESS WHEREOF, the South Tahoe Public Utility District, by its Board of Directors, has caused this bond to be executed on its behalf by the President and Treasurer of said District by their printed, litho- graphed or engraved signatures hereon, and countersigned by the manual signature of the Clerk and ex-officio Secretary of said District, who has affixed hereto the corporate seal of the District, and has caused the interest coupons to be executed and authenticated by the facsimile signa- ture of the Treasurer, all as of July 2, 1967o President COUNTERSIGNED: Treasurer Clerk and ex-officio Secretary No. INTEREST COUPON FORM $ On the 2nd day of July (January), 19~__., the South Tahoe Public Utility District will pay to bearer (unless bond is registered as to principal and interest) at the Bank of America N. T. & S. Ac, Main Office~ San Francisco~ California, or at its correspondent banks in New York, New York, or Chicago, Illinois, the sum of Dollars ($ ) for interest, subject to any prior re- demption right reserved, then due on its Bond for Improvement District Nco U-l, dated July 2, 1967o Taxes levied for the payment of this coupon will be levied clusively upon the taxable property within Improvement District No~ U-1 of said District° Bond NCo , Series Ac Treasurer REGISTRATION FORM This bond is registered in the name of the registered owner whose name and address appear last in the space below, as to principal only iii or as to principal and interest~ as noted below~ and the principal only or both the principal of and interest on this bond are payable accord- ingly to such registered owner° NO TE ~ There must be no writing in the space below except by the Registrar° Date of Registry Type of Name of Registration* Registered Owner Principal only and Interest Principal only and Interest Princ'lpal only and Interest Principal only and Interest Address of Registered Owner Signature of Registrar In the event registration is as to principal only~ strike the words "and interest'~ if as to principal and interest~ strike the word" .... !~ only . iv