HomeMy WebLinkAbout87-08CITY OF UKIAH
RESOLUTION NO. 87- 8
A Resolution of the City Council
of the City of Ukiah
Authorizing the Issuance and
Prescribing the Terms, Conditions
and Form of $2,890,000 Principal Amount of
City of Ukiah Electric Revenue Bonds, Series 1986 B
(Second Supplemental Resolution)
Adopted July 16, 1986
TABLE OF CONTENTS
Recital .................. ~ ..............................
ARTICLE I - Definitions
Section 1.01. Definitions ..............................
ARTICLE II - Issuance of Series 1986 B Bonds
Section 2.01.
Section 2.02.
Section 2.03.
Section 2.04.
Section 2.05.
Section 2.06.
Section 2.07.
Authorization and Purpose
of Series 1986 B Bonds
Principal Amount, Designati°n'
Denominations and Numbering of
Series 1986 B Bonds
Date and Maturity Date~'~'i~ ............
Maximum Interest Rates on and
Minimum Sinking Fund Account
Payments for Series 1986 B Bonds .......
Interest Payment Dates of
Series 1986 B Bonds
Redemption Prices and ~~ ...............
of Series 1986
Form of Series 1
Application of P
Sale of Series
Bonds ........
B Bonds
roceeds of 1986 B
ARTICLE III - Miscellaneous
Section 3.01.
Section 3.02.
Authority for the Second
Supplemental Resolution
Effective Date of the Seco~ ..............
Supplemental Resolution ................
Adoption ................................................
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CITY OF UKIAH
RESOLUTION NO. 8 ~-_~_
A Resolution of the City Council
of the City of Ukiah
Authorizing the Issuance and
Prescribing the Terms, Conditions
and Form of $2,890,000 Principal Amount of
City of Ukiah Electric Revenue Bonds, Series 1986 B
(Second Supplemental Resolution)
WHEREAS, the City Council of the City of Ukiah has
duly adopted Resolution No. 86-53 on June 4, 1986, which
Resolution No. 86-53 provided for the issuance of electric
revenue bonds for the purposes therein stated, and it is
desirable and necessary to authorize the issuance thereunder
of $2,890,000 principal amount of electric revenue bonds for
the purpose herein set forth;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Ukiah, As Follows:
ARTICLE I
DEFINITIONS
SECTION 1.01. Definitions.
(a) Ail terms which are defined in Section 1.01 of
Resolution No. 86-53 shall have the same definitions,
respectively, in the Second Supplemental Resolution that are
given to such terms in Section 1.01 of Resolution No. 86-53.
(b) Unless the context otherwise requires, the
terms defined in this subsection shall for all purposes hereof
and of Resolution No. 86-53 and of the Series 1986 B Bonds and
of any certificate, opinion, report, request or other document
mentioned herein or therein have the meanings defined herein,
the following definitions to be equally applicable to both the
singular and plural forms of any of the terms defined herein:
1986 Electric Project
"1986 Electric Project" means the unfunded electric
generation and transmission works constituting additions and
betterments to the Enterprise authorized at the special
revenue bond election held in the City on June 8, 1982,
including the acquisition and construction of a hydroelectric
generating unit to be installed at Coyote Dam, together with
related penstocks and outlet and control facilities, and the
acquisition and construction of a ll5-kV transmission line,
together with related transformers and switching gear.
1986 Electric Project Account
"1986 Electric Project Account" means the account by
that name established in Section 2.07(c).
Resolution
"Resolution" means Resolution No. 86-53 adopted by
the Council on June 4, 1986, under the Law.
Second Supplemental Resolution
"Second Supplemental Resolution" means this
Resolution No. 86-__ adopted by the Council on July 16, 1986,
under the Law and pursuant to Articles II and VIII of the
Resolution.
Series 1986 B Bonds
"Series 1986 B Bonds" means the Bonds authorized to
be issued by Article II of the Second Supplemental Resolution.
Series 1986 B 2006 Sinking Fund Account
"Series 1986 B 2006 Sinking Fund Account" means the
account by that name established in Section 2.03.
Series 1986 B 2018 Sinking Fund Account
"Series 1986 B 2018 Sinking Fund Account" means the
account by that name established in Section 2.03.
ARTICLE II
ISSUANCE OF SERIES 1986 B BONDS
SECTION 2.01. Authorization and Purpose of Series
1986 B Bonds.
(a) The Council has reviewed all proceedings
heretofore taken relative to the authorization of the Series
1986 B Bonds and has found, as a result of such review, and
hereby finds and determines that all acts, conditions and
things required by law to exist, happen and be performed
precedent to and in the issuance of the Series 1986 B Bonds do
exist, have happened and have been performed in due time, form
and manner as required by law, and the City is now authorized,
pursuant to each and every requirement of the Law and the
Resolution, to issue the Series 1986 B Bonds in the form and
manner provided in the Resolution and herein, which Series of
Bonds shall be entitled to the benefit, protection and
security of the provisions of the Resolution.
(b) The purpose for which the Series 1986 B Bonds
are to be issued is to provide funds for the payment of the
Costs of Acquisition and Construction of the 1986 Electric
Project.
SECTION 2.02. Principal Amount, Desiqnation,
Denominations and Numbering of Series 1986 B Bonds. The
Series 1986 B Bonds shall be in the aggregate principal amount
of two million eight hundred ninety thousand dollars
($2,890,000). The Series 1986 B Bonds shall be designated as,
and shall be distinguished from the Bonds of all other Series
by the title, "Electric Revenue Bonds, Series 1986 B." The
Series 1986 B Bonds shall be issued as fully registered Bonds
in the denomination of five thousand dollars ($5,000) or any
integral multiple of five thousand dollars ($5,000) (not
exceedinq the principal amount of Series 1986 B Bonds maturing
at any one time), and shall be numbered as determined by the
Fiscal Agent.
SECTION 2.03. Date and Maturity Dates of and
Maximum Interest Rates on and Minimum Sinking Fund Account
Payments for Series 1986 B Bonds. The Series 1986 B Bonds
shall be dated August 1, 1986. The Series 1986 B Bonds shall
mature on the dates and in the principal amounts as set forth
in the following schedule, and shall bear interest at the
rates per annum determined at the time of the sale thereof,
but not in excess of nine and one-half per cent (9-1/2%) per
annum:
Maturity Maturity
Date Principal Date Principal
June 1 Amount June 1 Amount
1988 $ 25,000 1996 $ 45,000
1989 30,000 1997 45,000
1990 30,000 1998 50,000
1991 30,000 1999 55,000
1992 35,000 2000 60,000
1993 35,000 2001 65,000
1994 40,000 2006 405,000
1995 40,000 2018 1,900,000
Minimum Sinking Fund Account Payments are hereby
established for the mandatory redemption and payment of the
Series 1986 B Term Bonds maturing on June 1, 2006, which
payments shall become due during the years ending on the dates
and in the amounts as set forth in the following schedule:
Year Minimum Year
Ending Sinking Fund Ending
June 1 Account Payment June 1
Minimum
Sinking Fund
Account Payment
2002 $70,000 2005 $85,000
2003 75,000 2006 95,000
2004 80,000
Ail such Minimum Sinking Fund Account Payments shall
be deposited in a separate account in the Principal Fund,
which account is hereby established and shall be known as the
Series 1986 B 2006 Sinking Fund Account and which account the
City hereby agrees and covenants to cause to be maintained so
long as any Series 1986 B Term Bonds maturing on June 1, 2006,
are Outstanding. All money in the Series 1986 B 2006 Sinking
Fund Account shall be used and withdrawn by the Fiscal Agent
at any time, upon the Written Request of the City, for the
purchase of Series 1986 B Term Bonds maturing on June 1, 2006,
at public or private sale as and when and at such prices
(including brokerage and other charges, but excluding accrued
interest, which is payable from the Interest Fund) as it may
in its discretion determine, but not to exceed the principal
amount of such Series 1986 B Term Bonds, and all Series 1986 B
Term Bonds so purchased shall be cancelled. All money in the
Series 1986 B 2006 Sinking Fund Account on June 1 of each
year, beginning on June 1, 2002, shall be used and withdrawn
by the Fiscal Agent on such June 1 for the mandatory
redemption or Dayment of Series 1986 B Term Bonds maturing on
June 1, 2006, and the City hereby agrees and covenants with
the Holders of the Series 1986 B Term Bonds maturing on
June 1, 2006, to call and redeem in accordance with Article IV
of the Resolution or pay Series 1986 B Term Bonds maturing on
June 1, 2006, from Minimum Sinking Fund Account Payments
deposited in the Series 1986 B 2006 Sinking Fund Account
pursuant to this paragraph whenever on June 1 of any year,
beginning on June 1, 2002, there is money in the Series 1986 B
2006 Sinking Fund Account available for such purpose.
Minimum Sinking Fund Account Payments are hereby
established for the mandatory redemption and payment of the
Series 1986 B Term Bonds maturing on June 1, 2018, which
payments shall become due during the years ending on the dates
and in the amounts as set forth in the following schedule:
Year Minimum Year
Ending Sinking Fund Ending
June 1 Account Payment June 1
Minimum
Sinking Fund
Account Payment
2007 $100,000 2013 $160,000
2008 110,000 2014 170,000
2009 115,000 2015 185,000
2010 125,000 2016 200,000
2011 135,000 2017 215,000
2012 150,000 2018 235,000
Ail such Minimum Sinking Fund Account Payments shall
be deposited in a separate account in the Principal Fund,
which account is hereby established and shall be known as the
Series 1986 B 2018 Sinking Fund Account and which account the
City hereby agrees and covenants to cause to be maintained so
long as any Series 1986 B Term Bonds maturing on June 1, 2018,
are Outstanding. All money in the Series 1986 B 2018 Sinking
Fund Account shall be used and withdrawn by the Fiscal Agent
at any time, upon the Written Request of the City, for the
purchase of Series 1986 B Term Bonds maturing on June 1, 2018,
at public or private sale as and when and at such prices
(including brokerage and other charges, but excluding accrued
interest, which is payable from the Interest Fund) as it may
in its discretion determine, but not to exceed the principal
amount of such Series 1986 B Term Bonds, and all Series 1986 B
Term Bonds so purchased shall be cancelled. All money in the
Series 1986 B 2018 Sinking Fund Account on June 1 of each
year, beginning on June 1, 2007, shall be used and withdrawn
by the Fiscal Agent on such June 1 for the mandatory
redemption or payment of Series 1986 B Term Bonds maturing on
June 1, 2018, and the City hereby agrees and covenants with
the Holders of the Series 1986 B Term Bonds maturing on
June 1, 2018, to call and redeem in accordance with Article IV
of the Resolution or pay Series 1986 B Term Bonds maturing on
June 1, 2018, from Minimum Sinking Fund Account Payments
deposited in the Series 1986 B 2018 Sinking Fund Account
pursuant to this paragraph whenever on June 1 of any year,
beginning on June 1, 2007, there is money in the Series 1986 B
2018 Sinking Fund Account available for such purpose.
SECTION 2.04. Interest Payment Dates of Series
1986 B Bonds. Interest on the Series 1986 B Bonds shall be
payable on December 1, 1986, and semiannually thereafter on
June 1 and December 1 in each year. The Series 1986 B Bonds
shall bear interest from the interest payment date next
preceding the date of registration thereof, unless they are
registered on a day during the period from the sixteenth
(16th) day of the month next preceding an interest payment
date to such interest payment date, both inclusive, in which
event they shall bear interest from such interest payment
date, or unless they are registered on a day on or before the
fifteenth (15th) day of the month next preceding the first
interest payment date, in which event they shall bear interest
from August 1, 1986; provided, that if at the time of
registration of any Series.1986 B Bond interest is then in
default on the Outstanding Series 1986 B Bonds, such Series
1986 B Bond shall bear interest from the interest payment date
to which interest has previously been paid or made available
for payment on the Outstanding Series 1986 B Bonds.
SECTION 2.05. Redemption Prices and. Terms of Series
1986 B Bonds. Series 1986 B Term Bonds maturing on June 1,
2006, are subject to mandatory redemption by the City prior to
their maturity date on any June 1 on or after June 1, 2002, in
part solely from Minimum Sinking Fund Account Payments
deposited in the Series 1986 B 2006 Sinking Fund Account, upon
mailed notice as provided in the Resolution, at the principal
amount thereof and accrued interest thereon to the date of
redemption. Series 1986 B Term Bonds maturing on June 1,
2018, are subject to mandatory redemption by the City prior to
their maturity date on any June 1 on or after June 1, 2007, in
part solely from Minimum Sinking Fund Account Payments
deposited in the Series 1986 B 2018 Sinking Fund Account, upon
mailed notice as provided in the Resolution, at the principal
amount thereof and accrued interest thereon to the date of
redemption. Series 1986 B Bonds maturing on or after June 1,
1997, are subject to optional redemption by the City prior to
their respective maturity dates, as a whole or in part in
inverse order of maturity on any interest payment date on or
after June 1, 1996, from funds derived by the City from any
source other than Minimum Sinking Fund Account Payments, upon
mailed notice as provided in the Resolution, at the following
redemption prices (computed upon the principal amount of
Series 1986 B Bonds or portions thereof called for redemption)
together with accrued interest to the date of redemption, to
wit:
102.50% if redeemed on or after June 1, 1996, and
prior to June 1, 1997;
102% if redeemed on or after June 1, 1997, and prior
to June 1, 1998;
101.50% if redeemed on or after June 1, 1998, and
prior to June 1, 1999;
101% if redeemed on or after June 1, 1999, and prior
to June 1, 2000;
100.50% if redeemed on or after June 1, 2000, and
prior to June 1, 2001; and
100% if redeemed on or after June 1, 2001, and prior
to maturity.
SECTION 2.06. Form of Series 1986~B Bonds. The
Series 1986 B Bonds and the authentication and registration
endorsement and assignment to appear thereon shall be
substantially in the following forms, respectively:
[FORM OF SERIES 1986 B BONDS]
NO. $
Interest
Rate
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
MENDOCINO COUNTY
CITY OF UKIAH
ELECTRIC REVENUE BOND, SERIES 1986 B
Maturity Dated
Date as of
June 1, August 1, 1986
CUSIP
REGISTERED OWNER:
PRINCIPAL AMOUNT:
DOLLARS
The City of Ukiah, a municipal corporation duly
organized and existing under and pursuant to the Constitution
and laws of the State of California (the "City"), for value
received hereby promises to pay (but only out of the Net
Revenues and the Net Distribution Income hereinafter referred
to) to the registered owner set forth above on the maturity
date set forth above (subject to any right of prior redemption
hereinafter provided for) the principal sum set forth above,
together with interest thereon from the interest payment date
next preceding the date of registration of this Bond (unless
this Bond is registered on a day during the period from the
sixteenth (16th) day of the month next preceding an interest
payment date to such interest payment date, both inclusive, in
which event it shall bear interest from such interest payment
date, or unless it is registered on a day on or before the
fifteenth (15th) day of the month next preceding the first
interest payment date, in which event it shall bear interest
from August 1, 1986) until the principal hereof shall have
been paid at the interest rate per annum set forth above,
payable on December 1, 1986, and semiannually thereafter on
June 1 and December 1 in each year. The interest on and
principal of and redemption premium, if any, on this Bond are
payable in lawful money of the United States of America at the
principal corporate trust office of Bank of America National
Trust and Savings Association in San Francisco, California,
the Fiscal Agent of the City. The interest on this Bond due
on or before the maturity or prior redemption hereof shall be
payable only to the person whose name appears in the
registration books required to be kept by the Fiscal Agent as
the registered owner hereof on the fifteenth (15th) day of the
month next preceding each interest payment date, such interest
to be paid by check mailed to such registered owner at his
address as it appears on such books or at such other address
as he may have filed with the Fiscal Agent for that purpose,
and the principal of and redemption premium, if any, on this
Bond shall be payable only to the person whose name appears in
such registration books as the registered owner hereof, such
principal and redemption premium, if any, to be paid only on
the surrender of this Bond at the office of the Fiscal Agent
at maturity or on redemption prior to maturity.
This Bond is one of a duly authorized issue of Bonds
of the City designated as its "Electric Revenue Bonds" (the
"Bonds") issued and to be issued in various series under and
pursuant to the Revenue Bond Law of 1941 (being Chapter 6 of
Part 1 of Division 2 of Title 5 of the Government Code of the
State of California, as amended) and all laws amendatory
thereof or supplemental thereto, including without limitation
Article 8 of Chapter 3 of Part 1 of Division 2 of Title 5 of
the Government Code of the State of California (the "Law"),
and under and pursuant to Resolution No. 86-53 adopted by the
City Council of the City on June 4, 1986, and is one of a
series of Bonds of various maturities designated as "Electric
Revenue Bonds, Series 1986 B" (the "Series 1986 B Bonds") in
the aggregate principal amount of Two Million Eight Hundred
Ninety Thousand Dollars ($2,890,000) issued under and pursuant
to the Law and said Resolution No. 86-53 and Resolution
No. 86- supplemental thereto adopted by the City Council of
the City on July 16, 1986 (collectively the "Resolutions"),
all of like tenor and date (except for such variations, if
any, as may be required to designate varying numbers,
denominations, maturities, interest rates or redemption
provisions). All the Series 1986 B Bonds are equally and
ratably secured in accordance with the terms and conditions of
the Resolutions (copies of which are on file at the office of
the City Clerk of the City and at the above-mentioned office
of the Fiscal Agent), and reference is hereby made to the Law
and to the Resolutions and any and all amendments thereof and
supplements thereto for a description of the terms on which
the Series 1986 B Bonds are issued and for the rights of the
registered owners of the Series 1986 B Bonds; and all the
terms of the Law and the Resolutions are hereby incorporated
herein and constitute a contract between the City and the
registered owner from time to time of this Series 1986 B Bond,
to all the provisions of which the registered owner of this
Series 1986 B Bond, by his acceptance hereof, agrees and
consents. Each taker and subsequent registered owner hereof
shall have recourse to all the provisions of the Law and the
Resolutions and shall be bound by all the conditions and terms
thereof.
The Series 1986 B Bonds are issued to provide funds
for the acquisition and construction of additions and
betterments to the electric generation and transmission system
of the City (the "Enterprise"), as more particularly described
in the Resolutions. The Series 1986 B Bonds are special
obligations of the City and are payable, as to interest
thereon, principal thereof and any premiums upon the
redemption thereof, solely from the Net Revenues of the
Enterprise (the "Net Revenues"), as that term is defined in
the Resolutions, and the Net Distribution Income (the "Net
Distribution Income"), as that term is defined in the
Resolutions, and the City is not obligated to pay them except
from the Net Revenues and the Net Distribution Income. All
the Bonds are equally secured by a pledge of and charge and
lien upon the Net Revenues and the Net Distribution Income,
and the Net Revenues and the Net Distribution Income
constitute a trust fund for the security and payment of the
interest on and principal of and redemption premiums, if any,
on the Bonds as provided in the Resolutions. The general fund
of the City is not liable and the full faith and credit or
taxing power of the City is not pledged for the payment of the
interest on or principal of or redemption premiums, if any, on
the Bonds, and no tax or assessment shall ever be levied or
collected to pay the interest on or principal of or redemption
premiums, if any, on the Bonds. The Bonds are not secured by
a legal or equitable pledge of or charge, lien or encumbrance
upon any property of the City or any of its income or receipts
except the Net Revenues and the Net Distribution Income, and
neither the payment of the interest on or principal of or
redemption premiums, if any, on the Bonds is a general debt,
liability or obligation of the City. Additional Bonds payable
from the Net Revenues and the Net Distribution Income may be
issued which will rank equally as to security with the Series
1986 B Bonds, but only subject to the conditions and
limitations contained in the Resolutions.
The City has covenanted that, so long as any Bonds
are outstanding, it will fix, prescribe and collect rates,
fees and charges in connection with the electric service
provided by the Enterprise so as to yield Net Revenues at
least equal to the amounts thereof prescribed by the
Resolutions and which, together with the Net Distribution
Income, are sufficient to pay the interest on and principal of
and redemption premiums, if any, on the Bonds in accordance
with the provisions of the Resolutions.
Series 1986 B Bonds maturing on June 1, 2006, are
subject to mandatory redemption by the City prior to their
maturity date on any June 1 on or after June 1, 2002, in part
solely from Minimum Sinking Fund Account Payments deposited in
the Series 1986 B 2006 Sinking Fund Account (as defined and
provided in the Resolutions), upon mailed notice as
hereinafter provided, at the principal amount thereof and
accrued interest thereon to the date of redemption.
Series 1986 B Bonds maturing on June 1, 2018, are subject to
mandatory redemption by the City prior to their maturity date
on any June 1 on or after June 1, 2007, in part solely from
Minimum Sinking Fund Account Payments deposited in the Series
1986 B 2018 Sinking Fund Account (as defined and provided in
the Resolutions), upon mailed notice as hereinafter provided,
at the principal amount thereof and accrued interest thereon
to the date of redemption. Series 1986 B Bonds maturing on or
after June 1, 1997, are subject to optional redemption by the
City prior to their respective maturity dates, as a whole or
in part in inverse order of maturity on any interest payment
date on or after June 1, 1996, from funds derived by the City
from any source other than such Minimum Sinking Fund Account
Payments, upon mailed notice as hereinafter provided, at the
following redemption prices (computed upon the principal
amount of Series 1986 B Bonds or portions thereof called for
redemption) together with accrued interest to the date of
redemption, to wit:
102.50% if redeemed on or after June 1, 1996, and
prior to June 1, 1997;
102% if redeemed on or after June 1, 1997, and prior
to June 1, 1998;
101.50% if redeemed on or after June 1, 1998, and
prior to June 1, 1999;
101% if redeemed on or after June 1, 1999, and prior
to June 1, 2000;
100.50% if redeemed on or after June 1, 2000, and
prior to June 1, 2001; and
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100% if redeemed on or after June 1, 2001, and prior
to maturity.
If less than all the Series 1986 B Bonds of any one maturity
date are to be redeemed at any one time, the Fiscal Agent
shall select the Series 1986 B Bonds or portions thereof of
such maturity date to be redeemed in any manner that it deems
appropriate and fair.
Notice of redemption of this Series 1986 B Bond or
any portion hereof shall be mailed not less than ten (10) days
nor more than thirty (30) days before the redemption date to
the registered owner hereof, but failure to receive such
notice shall not affect the sufficiency of such proceedings
for redemption. If notice of redemption has been duly given
as aforesaid, then this Series 1986 B Bond or the portion
thereof to be redeemed shall, on the redemption date
designated in such notice, become due and payable at the
above-described redemption price, and from and after the date
so designated interest on this Series 1986 B Bond or the
portion thereof to be redeemed shall cease to accrue and the
registered owner of this Series 1986 B Bond shall have no
rights in respect hereof except to receive payment of the
redemption price of this Series 1986 B Bond or the portion
thereof to be redeemed, and upon surrender of this Series
1986 B Bond if redeemed in part only, the City shall execute
and the Fiscal Agent shall deliver to the registered owner
hereof at the expense of the City a new Series 1986 B Bond or
Bonds of authorized denominations equal in aggregate principal
amount to the unredeemed portion of this Series 1986 B Bond so
surrendered.
If an event of default, as defined in the
Resolutions, shall occur, the principal of all Bonds may be
declared due and payable upon the conditions, in the manner
and with the effect provided in the Resolutions; except that
the Resolutions provide that in certain events such
declaration and its consequences may be rescinded by the
registered owners of at least twenty-five per cent (25%) in
aggregate principal amount of the Bonds then outstanding.
The Series 1986 B Bonds are issuable in the form of
fully registered Bonds in the denomination of five thousand
dollars ($5,000) or any integral multiple of five thousand
dollars ($5,000) (not exceeding the principal amount of Series
1986 B Bonds maturing at any one time). The registered owner
of any Series 1986 B Bond or Bonds may surrender the same
(together with a written instrument of transfer satisfactory
to the Fiscal Agent duly executed by the registered owner or
his duly authorized attorney) in exchange for an equal
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aggregate principal amount of Series 1986 B Bonds of the same
maturity date of any other authorized denominations in the
manner, subject to the conditions and upon payment of the
charges provided in the Resolutions.
The registration of this Series 1986 B Bond is
transferable on the registration books kept by the Fiscal
Agent by the registered owner hereof or by his duly authorized
attorney upon surrender of this Series 1986 B Bond together
with a written instrument of transfer satisfactory to the
Fiscal Agent duly executed by the registered owner or his duly
authorized attorney, and thereupon a new Series 1986 B Bond or
Bonds of the same maturity date of authorized denominations in
the same aggregate principal amount will be issued to the
transferee in exchange therefor in the manner, subject to the
conditions and upon payment of the charges provided in the
Resolutions. The City and the Fiscal Agent may deem and treat
the person in whose name this Series 1986 B Bond is registered
as the absolute owner hereof for the purpose of receiving
payment of, or on account of, the interest hereon and
principal hereof and redemption Dremium, if any, hereon and
for all other purposes.
The rights and obligations of the City and of the
registered owners of the Bond's may be amended at any time in
the manner, to the extent and upon the terms provided in the
Resolutions, but no such amendment shall (1) extend the
maturity of this Series 1986 B Bond or reduce the interest
rate hereon or otherwise alter or impair the obligation of the
City to pay the interest hereon or principal hereof or any
premium payable on the redemption hereof at the time and place
and at the rate and in the currency provided herein without
the express written consent of the registered owner of this
Series 1986 B Bond, or (2) permit the creation by the City of
any pledge of or charge and lien upon the Net Revenues and the
Net Distribution Income superior to the pledge, charge and
lien created by the Resolutions for the benefit of the Bonds,
or (3) reduce the percentage of Bonds required for the written
consent to an amendment of the Resolutions, or (4) modify any
rights or obligations of the Fiscal Agent without its prior
written assent thereto; all as more fully set forth in the
Resolutions.
The Series 1986 B Bonds do not constitute an
indebtedness of the City within the meaning of any
constitutional or statutory debt limitation or restriction,
and neither the City Council of the City nor the City nor any
councilmember, officer or employee thereof shall be liable for
the payment of the interest on or principal of or redemption
premiums, if any, on the Series 1986 B Bonds otherwise than
from the Net Revenues and the Net Distribution Income.
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This Series 1986 B Bond shall not be entitled to any
benefits under the Resolutions or become valid or obligatory
for any purpose until the certificate of authentication and
registration hereon endorsed shall have been signed by the
Fiscal Agent.
It is hereby certified that all acts, conditions and
things required by law to exist, to have happened and to have
been performed precedent to and in the issuance of this Series
1986 B Bond do exist, have happened and have been performed in
due time, form and manner as required by law and that the
amount of this Series 1986 B Bond, together with all other
obligations of the City, does not exceed any limit prescribed
by the laws of the State of California and is not in excess of
the amount of Series 1986 B Bonds permitted to be issued under
the Resolutions.
IN WITNESS WHEREOF, the City of Ukiah has caused
this Series 1986 B Bond to be executed in its name and on its
behalf by the facsimile signature of its Mayor and attested by
the facsimile signature of its City Clerk, and has caused its
seal to be reproduced hereon, and has caused this Series
1986 B Bond to be dated August 1, 1986.
(Seal)
City
CITY OF UKIAH
Mayor
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[FORM OF FISCAL AGENT'S CERTIFICATE OF AUTHENTICATION
AND REGISTRATION TO APPEAR ON SERIES 1986 B BONDS]
This is one of the Bonds described in the
within-mentioned Resolutions which has been authenticated and
registered on
·
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION,
as Fiscal Agent
By
Authorized Officer
[FORM OF ASSIGNMENT TO APPEAR
ON SERIES 1986 B BONDS]
For value received the undersigned do(es) hereby
sell, assign and transfer unto the within
Bond and do(es) hereby irrevocably constitute and appoint
attorney to transfer the same on the bond
register of the Fiscal Agent, with full power of substitution
in the premises.
Dated:
SIGNATURE GUARANTEED BY:
Note: The signature(s) to this Assignment must
correspond with the name(s) as written on the face of the
within Bond in every particular, without alteration or
enlargement or any change whatsoever, and the
signature(s) must be guaranteed by a member firm of the
New York Stock Exchange or a commercial bank or trust
company.
14
SECTION 2.07. Application of Proceeds of Sale of
Series 1986 B Bonds. Upon the receipt of payment for the
Series 1986 B Bonds when the same shall have been duly sold by
the City, the Fiscal Agent shall set aside and deposit or
cause to be deposited the proceeds of sale of the Series
1986 B Bonds in the following respective accounts or funds, in
the following order:
(a) The Fiscal Agent shall deposit in the Interest
Fund a sum equal to the amount of accrued interest
received for the Series 1986 B Bonds.
(b) The Fiscal Agent shall deposit in the Bond
Reserve Fund a sum sufficient to increase the deposit
therein to the Required Bond Reserve.
(c) The Fiscal Agent shall transfer the remainder
of the proceeds of sale of the Series 1986 B Bonds to the
Treasurer of the City who shall deposit such proceeds in
a separate account in the Acquisition and Construction
Fund, which account is hereby established and shall be
known as the "1986 Electric Project Account" and which
account the City hereby agrees and covenants to maintain
until the completion of the acquisition and construction
of the 1986 Electric Project. The money in the 1986
Electric Project Account shall be used and disbursed in
the manner provided by law for the purpose of paying the
Costs of Acquisition and Construction of the 1986
Electric Project. Any balance of the money remaining in
the 1986 Electric Project Account after the completion of
the acquisition and construction of the 1986 Electric
Project (which completion shall be evidenced by a
Certificate of the City filed with the Fiscal Agent)
shall be transferred by the Treasurer of the City to the
General Fund of the City and shall be used for any lawful
purpose of the City.
ARTICLE III
MISCELLANEOUS
SECTION 3.01. Authority for the Second Supplemental
Resolution. The Second Supplemental Resolution is adopted
pursuant to the provisions of the Law and is supplemental to
and is adopted in accordance with Articles II and VIII of the
Resolution.
SECTION 3.02. Effective Date of the Second
Supplemental Resolution. The Second Supplemental Resolution
shall take effect from and after its passage and approval.
15
SECTION 2.07. Application of Proceeds of Sale of
Series 1986 B Bonds. Upon the receipt of payment for the
Series 1986 B Bonds when the same shall have been duly sold by
the City, the Fiscal Agent shall set aside and deposit or
cause to be deposited the proceeds of sale of the Series
1986 B Bonds in the following respective accounts or funds, in
the following order:
(a) The Fiscal Agent shall deposit in the Interest
Fund a sum equal to the amount of accrued interest
received for the Series 1986 B Bonds.
(b) The Fiscal Agent shall deposit in the Bond
Reserve Fund a sum sufficient to increase the deposit
therein to the Required.Bond Reserve.
(c) The Fiscal Agent shall transfer the remainder
of the proceeds of sale of the Series 1986 B Bonds to the
Treasurer of the City who shall deposit such proceeds in
a separate account in the Acquisition and Construction
Fund, which account is hereby established and shall be
known as the "1986 Electric Project Account" and which
account the City hereby agrees and covenants to maintain
until the completion of the acquisition and construction
of the 1986 Electric Project. The money in the 1986
Electric Project Account shall be used and disbursed in
the manner provided by law for the purpose of paying the
Costs of Acquisition and Construction of the 1986
Electric Project. Any balance of the money remaining in
the 1986 Electric Project Account after the completion of
the acquisition and construction of the 1986 Electric
Project shall be transferred by the Treasurer of the City
to the General Fund of the City and shall be used for any
lawful purpose of the City.
ARTICLE III
MISCELLANEOUS
SECTION 3.01. Authority for the Second Supplemental
Resolution. The Second Supplemental Resolution is adopted
pursuant to the provisions of the Law and is supplemental to
and is adopted in accordance with Articles II and VIII of the
Resolution.
SECTION 3.02. Effective Date of the Second
Supplemental Resolution. The Second Supplemental Resolution
shall take effect from and after its passage and approval.
15
PASSED AND ADOPTED on July 16, 1986, by the
following vote:
AYES:
Councilmembers Schneiter, Shoemaker, Hickey, and
Mayor Henderson
NOES: None
ABSENT: Councilmember Kier
(Seal)
Approved: ~
City of Ukiah
Attest:
16
CITY CLERK'S CERTIFICATE
I, Yvette S. Hayes, City Clerk of the City of Ukiah,
hereby certify as follows:
The foregoing is a full, true and correct copy of a
resolution duly adopted at a regular meeting of the City
Council of the City of Ukiah duly and regularly and legally
held at the regular meeting place thereof on July 16, 1986, of
which meeting all the members of said City Council had due
notice and at which a majority thereof was present.
At said meeting said resolution was adopted by the
following vote:
AYES:
NOES:
Councilmember Schneiter, Shoemaker, Hickey, and
Mayor Henderson
None
ABSENT: Councilmember Kier
I have carefully compared the same with the original
minutes of said meeting on file and of record in my office and
the foregoing is a full, true and correct copy of the original
resolution adopted at said meeting and entered in said minutes
and said original resolution has not been amended, modified or
rescinded since the date of its adoption and the same is now
in full ~and effect.
(Seal) ~--'
C'c~t ~llt ~ k U~ ~ ~ ~