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HomeMy WebLinkAbout57-49 - amending reso 57-37 issuance of bonds - sewer revenue bonds ot 1957 PUESOLUTZON NO A S0 ,U ZON ESO ,UZZ0N PROVIDING FOR ISSUANCE OF BONDS SE~R RE'iYENUE B0~IDS OF 1957 RESOLVED, by the City Council of the City of Ukiah, Mendocino County, California, as follows: 1. Section 11 .of Resolution No. 57-37, A Resolution Providing for the Issuance of Sewer Revenue Bonds, Fixing the Form of Bonds and Providing Covenants for their Protection, Sewer Revenue Bonds of 1957, duly' adopted and passed by this Council on May 9, 1957, is amended by the deletion therefrom of' the figures "50,000" from the line providing Principal Amount of Bond Maturity for the year 19~2 and substituting in the place thereof the figure~ '~'45,000". 2. Section 23 of said Resolution is amended in the firs sentence thez~eof by the amendment of tl~e title of' the Fund after the words "(Name of Entity)" to read "1957 Sewer Revenue Bond Con- struction Fund". 3. Section 27 of said Resolution is amended by deletJ, ng the world "operating" after, the words "to provide net~'. 4. Section 3~ of said Resolution is amended by adding at the end of subsection (b) thereof the following: ", to an amount that shall equal_ the maximum amount required to be paid for bond principal and interest in any fiscal year during the term of the bonds." 5. Section ~7 of said Resolution is amended by the deletion therefrom of tine wo?ds "or upon prior redemption as here- in provided, . 6. Section 52 of said Resolution is amended as follows: (a) by the insertion of the words "Providing for t~ Issuance" after the word :'resolution" in the sixth paragraph there f · (b) by amending the third paragraph from the end to read as follows: "IT IS HEREBY CERTIFIED A~D RECITED that all acts, con- ditions and things required by the Constitution and laws of the State of California to be done~ to happen and to be performed precedent to and in the issuance of this bond have been done, nave ~appened and ~ave been performed in ~egular and due form, time and manner as required by law; that the City is authorized by law to operate t~e Enterprise he~?ein referred to and t~e City Council, by ordinance duly adopted, established and has covenanted to maintain rates and charges for t~e services thereof sufficient, with other revenues received, to provide net revenues equal to not less than 1.35 times the aggregate amount of the principal of and interest on the bon~s of this issue ~nmch shall become due and payable with- in the next succeeding twelve (12) months~ and the City has created a special 1957 Sewer Revenue Bond Interest and Redemption Fund for the payment of sai~ principal and interest and has agreed to set aside in said fund each month, commencing with the date ~ereof, not less than aa equal aliquot part of the amount necessary to pay interest which shall become due on the ne~.~t succe ~' ~ emmn~ interest payment date, and, commencing twelve (12) months prior to the first maturity of the bonds, an equal aliquot part of the amount necessar to pay t~e ns~allment of principal which shall fall due at the i ~ next ensuing principal payment date." (c) by deleting from the title of the Reserve Fund the words "and interest" in the second paragraph from the end. 7. Section 53 of said Resolution is amended by the insertion of the figures "1957" before the words "Sewer Revenue Bond Interest and Redemption Fund'.~. 8. Section 5~ of said Resolution is amended to read as fol 1 ows: ~5~. Registration For~: The form of endorsement on said for registration shall be as follows: -2- This bond is registered in the name of the re- gistered owner whose name and address appear last in the space below, as to principal only or as to principal and interest as noted below, and the principal only or both the principal 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 City Treasurer. Date of Type of Name of Reg,- Address'of Regi- Signature Registry Registration* stered Owner Principal only stered Owner of Ti~eas- urer and interest Principal only and interest Pi~inc ipal only and interest Principal o-nly and interest *In the event registration is as to principal only, strike the words "and interest"- if as to principal and interest, strike the word "only". I hereby certify that the foregoing document is a ~:t.m.t,~'~ ~ true and correct copy of a resolution duly and regularly adopted and passed by the City Council of the City of Ukiah, California, at a meeting thereof held on the 3rd day of July, 1957, by the following vote of the members thereof: AYES, and in favor thereof, Councilmen: Runkel, Wagner & Mayor Rones NOES, Councilmen: None Mazzoni, ABSENT, Councils~en: I$~nme ~J~/~Ld.Z4./ A P PROVED: Mayor City Clerk of the City of Ukiah -3-