Resolution No. 1043RESOLUTION NO. 1 0 4 3
A RESOLUTION PROVIDING FOR ISSUANCE AND SALE OF $900,000 PRINCIPAL
AMOUNT OF BONDS OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT FOR
IMPROVEMENT DISTRICT NO. U-l; DESIGNATING SAID BONDS AS SERIES
"B", DESCRIBING THE AMOUNT, DATE AND NUMBERS OF BONDS OF SAID
SERIES "B" AND OF THE COUPONS TO BE ATTACHED THERETO, FIXING
THE MAXIMUM RATE OF INTEREST THEREON AND PRESCRIBING THE
MATURITY THEREOF
IMPROVEMENT DISTRICT NO. U-1
SERIES "B" -- $900,000
RESOLVED, by the Board of Directors of the South Tahoe Public
Utility District, E1 Dorado County, California, that
WHEREAS, on May 4, 1967~ said Board adopted its Resolution
No. 825, A Resolution Providing for the Issuance of $2,?00,000
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;
Designating $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;
NOW, THEREFORE, IT IS HEREBY DETERMINED and ORDERED, ss
follows:
1. The second series of "Bonds of the South Tahoe Public -
Utility District for Improvement District No. U-l", shall be known
as "Series B", to be in the total principal amount of $900,000,
and to be issued and sold as herein provided. Jurisdiction is
expressly reserVed to issue and sell the remaining $900,000
principal amount of the bonds in series and st the times and on
terms and conditions then deemed advisable.
2. Series B Bonds shall be dated June 2, 1968, 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 I to 900, inclusive, and of the denomi-
nation of $1,000 each; or shall be 180 in number, numbered consecu-
tively from I to 180, inclusive, 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.
Series B 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 InclusiveI
$1,o~o 5,000
Denominations Denominations
Principal Year of
Amount Maturity
Callable
1 - 10 1 - 2
11 - 20 3 - 4
21 - 35 5 - 7
36 - 55 8 - 11
56 - -8b 12 - 16
81 - ll0 17 - 22
111 - 140 23 - 28
141 - 175 29 - 35
176 - 210 36 - 42
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 - 110
$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 "
45,000 1981 "
45,000 1982 "
50,000 1983 "
50,000 1984 "
55, o00 1985 "
55,000 1986 On and After
7/2/1978
551 - 610 111 - 122 60,000 1987
611 - 675 123 - 135 65,000 1988
676 - 745 136 - 149 70,000 1989
746 - 820 150 - 164 75,000 1990
821 - 900 165 - 180 80,000 1991
3. Series B Bonds shall bear interest at the rate of not to
exceed six and one-half percent (6-1/2%) per annum from their date
until paid. Said interest shall be payable on January 2, 1969 and
semiannually thereafter on the 2nd day of July and the 2nd day of
January of each year to the date of maturity. Attached to each
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said bond shall be interest coupons payable at the times the respec-
tive interest payments thereon become due and for the amount thereof,
as determined from the accepted bid for the purchase of the bonds.
4. Bidders for the purchase of Series B 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 excee~ two and one-half per cent (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 for a given period to be split and represented by more
than one coupon.
5. Series B Bonds maturing by their term on or before July
1985 shall not be subject to call prior to their respective fixed
dates of maturity. Series B 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 there-
of and accrued interest thereon to the date of redemption, plus
redemption 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
for each whole twelve (12) months, and for any remaining fraction of
a twelve (12) month period, from the date fi×ed 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 B 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 sub-
stantially as provided in E×hibit "A" hereto attached and made a part
hereof by reference.
y. In all other respects the provisions of said Resolution
No. 825 shall be applicable to Series B bonds insofar as not in-
consistent with the foregoing provisions of this Resolution, includ-
ing particularly the provisions of Section 7 through l~ inclusive.
President oF South TaHoe PUblic
Utility District
I hereby certify that the 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 duly held on the ~th day of
April~ 1968, by the following vote:
AYES~ and in favor thereof~ Directors:
NOES~ Directors:
ABSENT~ Directors:
Wakeman~ Kortes~ Fesler~ ~ Ream
None
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 B
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 interes-~ereon from da~e at the rate of .... % per
annum, as evidenced by interest coupons attached hereto"~t the time
of issuance, said interest payable January 2, 1969 and semiannually
thereafter on the ~nd day of July and the 2nd day of January 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 pa~ble to bearer.
Bonds maturing by their terms on or before July ~, 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 re-
demption, 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 redemption premium equal to one-half of one
percent (1/2 of 1%) of such principal amount plus one-quarter of one
percent (1/~ of 1%) for each whole twelve (12) months, and for any
remaining fraction of a twelve (l~) month period, 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 published 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 shall accrue on
said bonds called for redemption or on any interest co~pons thereon
after the redemption date specified in said notice.
If, upon presentation at maturity, payment of this bond or any
interest 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. A., 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 there-
of. If registered as to principal and interest, the principal here-
of and interest hereon shall be payable only to such registered owner.
If registered as to principal only, the principal hereof shall be pay-
able only to such registered owner.
This bond is one of Series B in the total principal amount of
I900,000, being part of an issue in the total principal amount of
2,y00, O00, all of like date and tenor except as to number, maturity,
interest and prior redemption provisions, all issued by the District
for the purpose of paying the cost of the acquisition, construction,
completion and repair of sanitary sewer improvements, works and prop-
erty within the boundaries and for Improvement District No. U-1 of
said District, as set forth and described in Resolution No.
Providing for the issuance hereof, adopted by the Board of Directors
of said District on April 4, 1968, 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 1640y of the Public Utilities
Code of the State of California, as amended, and Division 20, Part Y
(commencing with Section y1851) of the Water Code of the State of
California, as amended.
Taxes levied for the payment of this bond and the interest there-
on will be levied exclusively upon the taxable property in Improvement
District No. U-1. Neither the District nor any of its officers is to
be held otherwise liable for the principal or interest hereof.
There is a mandatory duty on the part of the Board of 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 interest 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 requirements of the Constitution and laws of the State of Cali-
fornia 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 issuance 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.
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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, lithographed or engraved signatures hereon, and counter-
signed 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 signature of the Treasurer, all as
of June 2, 1968.
....... presid~n~
COUNTERSIGNED:
....... Treasurer- _4
Cl~rk '~nd e~officl~-S6breSa'ry ....
INTEREST COUPON FORM
No.
On the 2nd day of July (January), 19 , the South
Tahoe Public Utility District will p~earer
(un.less bond is registered as to principal and inter-
est) at the Bank of America N. T. & S. A., Main Office,
San Francisco, California, or at its correspondent
banks in New York, New York, or Chicago, Illinois,
~ ~ ~ for
the sum of Dollars ~
interest, s~bj~ct' to any prior red~-m~ioh'~r~'ght re-
served, then due on its Bond for Improvement District
No. U-l, dated June 2, 1968. Taxes levied for the
payment of this coupon will be levied exclusively upon
the taxable property within Improvement District No.
U-1 of said District.
Bond No.
, Series B.
.... Tre~BUre,r ............
RESISTRATION FORM
This bond is registered in the name of the registered owner
whose name and address appear last in the space below, as $0
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principal only or as to prinoipal and interest, as noted below, and
the principal only or both the principal of and interest on this bond
are payable accordingly to such registered owner.
NOTE:
There must be no writing in the space below except by the
Registrar.
Date of Type of Name of Address of
Registry Registration* Registered Owner Registered Owner
P~f~ciPa'I only ..........
and Interest
Principal only
and Interest
~'~'in~ipaI 6nly ......
and Interest
P~Yn~iPal ohly ...............
and Interest
Signature of
Re$1strar
In the event registration is as to principal only, strike the
words "and interest"; if as to principal and interest, strike
the word "only".
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