HomeMy WebLinkAbout75-008BUTTE COUNTY SERVICE AREA N0. 26
RESOLUTION N0. 75-8
~ RESOLUTION AUTHORT2ING AND PROVIDING FOR TfiE ISSUANCE
OF $1,500,000 PRINCIPAL AMOUNT QF BUTTE COUNTY SERVICE
AREA N0. 26 1975 SEWER B~NDS; PRESCRISING THE DA.TE,
DENOMINATION AND INTEREST RATE FOIt 3AID BOIVDS AND
PRESCRIBIIVG TTiE MATU1tITY SCHEDt3LE ANI7 REDEMPTION
PROVISION FOR $400,000 PRINCIPAL AMOUNT OF SATD BOND~
TO CONSTITi3TE S~RIES A THEREOF; PRESCRIBING THE FOItMS
OF SAID SERIES 1~, BONDS AND OF THE COUPONS fi0 BE ATTACHED
THERETO; AUTHORTZING mHE EXECUTION OF SA.ID BONDS AND
COUPONST AND PROVIDING ~'OR THE LEVY OF A TAX TO PAY THE
PRINCIPAL AND INTEREST THEREOF. c
WHEREAS, all the requirements ot law have been
comp~.ied with in calling and holding the special bond election
held in Butte County Service Area No. 26 (hereinafter sometimes
called the ".Area") on Tuesday, r4arch 5, 1974, at which
election a measure to issue bonds for the A.rea in the sum af
$1,500,000 for the object and purpose hereinafter stated was
submitted to ~he qualified electors within the Area; and
tliis Board of Supervisors did duly and regularly canvass the
returns of said election and did as a reSult of such canvass
determine and declare~ and does hereby certify, that more
7.S ~
' ~ ~ .i~ . _.,
than two-thirds of the votes cast at said election were cast
in favor of issuing said bonds, and the issuance of said bonds
was duly authorized;
NOW, THEREFORE, BE IT RESOLVED AND ORDERED by
the Board of Supervisors of the County of Butte, as follows:
Section ~. This Board of Supervisors ot the
County of Butte has reviewed alI proceedings heretofore
taken and has found as a result of such review and does
hereby find and determine that all acts, 'conditions and
things required by law to exist, happen and be per~ormed
precedent to and in tl~e issuance of said bonds have
existed, happened and been pertormed in due time, form and
manner as required by law, and this Board of Supervisors
is naw duly authorized.pursuant to each and every requirement
o~ law to issue said bonds for the Area in the manner and form
as in this resolution .provided.
Section 2. Bonds for the Area sha~.l be issued
~or the purpose for which the same were authorized at
said special bond elect•ion held in the Area on March 5. 1~74
as set forth in the following bond measure, to wit:
i-iEASi7~E: Shall Butte County
. Service Area iSTo. 26 incur a
bo:~ded ir.2ebtedness in ~he sL:m of
$1,5C0,000.00 for the pnr~os~ o=
• the acguisition, constructi~n
and comple~.ion of faciliti~s ~or the
co~lec~ion, treatment and dis~cosal o.i.
sewage oi Butte County S2rvic~ Ar2a
No. 26 and its inhabi~anLS, compris~n5 ~
., 4reatmer.± facilitias, outiall lir_es,
i.~.terce~.tiz~.g ~ines, collectcr s~~,:~~s,
. '~:1:::...1-'.Ilc.~~ ^=2oc~ „m-~5~ .".Ic~C_ni~c~-/r
lands, easements,:righ~s of 4tay, and ~
otner works, pro~erzy or s~ructures,
us~ful ar necessary for the collec~ior.,
treatsaent or 8isnosal of sa~aace o~ said
• . Bu~te County Service P.rea PTo. 2G ar.d
its:inhabztan~s?
~ • 2 _
Section Said bonds sha11 be is ~d as here--
inafter set forth, and shal~ be sold in accordance.with
law at not less than their par va~ue and accrued interest.
Said bonds sha~l be $1,500,000 zn aggregate principal amolxnt and
shall be known as the "Butte County Service Area No. 26
1975 Sewer Bonds." Said bonds shall be dated ~anuary 1, 1975.
sha11 be of the denamination of $5,000 each, and shall bear
interest at the rate o~ five per cent (5~) per annum, paya:ble
on January 1, 1976 and semiannually thereafter on January 1
and July 1 0~ each year, $400,000 principal amount of sa:id
authorized issue of bonds shal~ be issued and sold as here:inafter
provided and said $400;000 principal amount of bonds are hereby
d2signated for convenience as the Series A bonds, and the
remaining $T,100,000 principal amount of said authorized
issue of bonds sha11 be issued and sold and designated as
this Board of Supervisors sha11 hereafter detezmine. Said Series A
bonds shalZ mature and become payable as set ~orth in the
following schedule:
Principal ~ Maturity Date (January 1)
Amount (both years inclusive)
$ 5,000 1977 - 1992
1Q,000 1993 - 2003
15,000 2004 - 2009
20,000 2010 - 2015
Except as prov~ded in Section 4 hereof, said 5~ries A bonds'shall be
issued in coupon fornt payable to bearer, shall be gp in
number, numbered in consecutive numerical order from A1 upwards
in order of their respective maturities, and shall bear interest
from their date until paid. Such interest shall be evidenced
by coupons a~tached to each Series A band, and each of said coupons
shall represent six mon~hs' interest on the bond to which it ~
is a~tached {except the first of said coupons, which sha1Z ~"
rep_res~nt twelve months' interest on the bond ~o which it is
at~ached}, Said interest_coupons shall be numbered in consecutive
3
numerical order and shall be payable semiannually on January 1
and Ju1y 1 in eac~ year until said bonds are paid (except that
the first coupon on each such bond shall be payable on
January l, 1976}. Both the principal of and in~erest on said
bonds shall be payable in lawful money of the United States of
America at the office of the County Treasurer of Butte County,
in Oroville, California.
Series A bonds maturing by their terms on oz prior to
January 1, 1985 are not subject to redemption prior to their fixed
maturity dates. Series A bonds maturing by their terms on or after
January I, 1986 are subject to redemption prior to their fixed
maturity dates, at the option of ~his Board of Supervisors, on
January~l, 1985, but not prior thereto, and on. any interest
payment date thereafter prior to maturity, as a whole or in
part in inverse numerical order, at the principal amount thereof
and accrued interest to date of redemption.
Whenever funds are available for the call and
redemption of any of said bonds then subject to call and redemption,
this Board of Supervisors shall deterntine the numbers of said
bonds to be called and redeemed, and the date of redemption
thereof, Notice ot any such redemption shall be published
by this Board of Supervisors once a week for three successive
weeks in a newspaper of general circulation printed and pub~ished
in the County of Bu~te, State of Calitornia. The notice of
redemption shall set forth the bond numbers and principal amount
of said bonds so to be called and redeemed. Similar notzces
4
sha~l be ma~led at the same time bX thzs Board of Supervisors
to the respective r~gistered owners of any of said bonds called
£or redemption at their addresses appearing on the registration
book in the office of the Treasurer of the County of Butte;
prpvided that such mailing shall not be a candition preceden~
to such redemption and failure to mail or receive any such
notice shall not affect the validity of the proceedings
for the redemption of any o~ said bonds. The first publication
of such notice of redemption shall be no~ less than thirty (30}
days nor mqre than sixty ~60) days prior to the date fixed for
such redemption. A~ter the date fixed for such redemption, if
this Board of~Supervisors shall have duly published notice of
such redemption and shall have provided funds available for
payment of the principal and accrued interest on said bonds so
called, interest on such bonds shall cease. All of said bonds
and coupons surrendered upon call for redemption shall be
cance~led and shall not be reissued.
Sec~ion 4. Notwithstanding anything to the '
cantrary herein con~ained, the initial purchaser of said Series A bonds
may elect to receive, in lieu of coupon bonds as provided in,
5ection 3, fully registered bonds in the denomination o£ $5,d00
issued pursuant to this section, which fully registered bonds
sha~l be numbered from RA,1 upwards in the order of their respective
maturities, and shall bear interest from their date of ~nitidl ~~
re~istration and delivery. Said bonds issued in fully regi,stered
form sha11 be exchangeable at the expense of the Area at any. time.
5
after the tirst payment of interest thereunder, upon 90 days'
notice, a~ the request of the registered o~ner and upon
surrender of such fully registered bonds at the office of the
County Treasurer of the County of Butte, for the parallel
numbered bon@s issued in coupon form as provided in Section 3,
and such bonds issued in exchange in coupon form shall have
attached thereto coupons representing interest from the date
to which interest has previously been paid on the fully
registered bonds. Any fully registered bands so surrendered
shall be cancelled, and shall not be reissued.
~ Section 5. Said Series A bonds in coupon form and
the coupons to be attached thereto and said Series A bonds in
fu11y registered form shall be in substantially the following
forms, ~espectively: ~
6
[Form of Coupon Bond~
UNZTED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF BUTTE
BIJTTE CflUNTY SERVICE AREA N0. 26 I975 SEWER BOND SERIES A
No. A
$5,000
The Soard of Supervisors o~ Butte County, State
of California, for and on behalf of SUTTE COUNTY SERVICE AREA
N0. 26, a county service area duly establ.ished and exzsting
under the County Service Azea Law of the State of California
and located in Butte County, State of California, for value
received hereby promises ~o pay (solely out of the revenues
hereinafter mentioned) to the bearer hereof (or if this bond
be registered, to the registered holder hereof) on
JANUAR3.' 1,
(subject to any zight of prior redemption hereinafter reserved)
the principal sum af ~
FTVE THOUSAND DOI,LARS ($5,000)
together with interest thereon at the rate of five per cent
(5~) per annum until paymen~ of said principa~ sum in full,
payable annually .the first year on January ~., 1976 and thereafter
semiannually on January 1 and ~Iuly 1 of each year. Unless this
bond is registered, such interest, at or prior to maturity,
shali be payable-only o~n presentation and surrender of the
proper interest coupons hereto at~ached as they respec~ively
become due. Both the principal of and interest on this bond
are payable in lawful money of the United States of America
at the office o£ the Caunty Treasurer of Butte County, in Oroville,
California.
" ~ Bonds maturing by their terms on or prior to
January 1, 1985 are not subject to redemption prior to their
fixed maturity dates. Bonds maturing by their terms on
or after January 1, I986 are subject to redemption prior to
tlieir Eixed maturity dates, at the option of the ~ounty of Butte,
on January l, 1985, but not prior thereto, and on any interest
payment date thereatter pzior to maturity, as a whole or in
part in inverse numericaI, order, at the principal amount
thereof and accrued interest to date of redemption.
7
This bond zs one af a duly authorized issue of bonds
aggregating One Million Five Fiundred Thousand Dollars ($1,500,000)
in principal amount, all of like tenor and date (except for
such variations, if any, as may be required to designate varying series,
numbers or ma~urities) and is issued under and pursuant to
the pravisions of the Constitution and statutes of the
State of California, and under and pursuant to proceedings
of the Board of Supervisors of Butte County duly adopted and
taken and a vote and assent o£ more than two-thirds of all of
~he qualified electors of Butte County Service Area No. 26
voting a~ a special election duly called and held for that
purpose. _
This bond may be registered as to principal and
interest and thereafter the principal and interest hereof
shall be payable on~y to tne registered owner.
It is hereby certified, reci~ed and ~eclared that
all acts, conditions and things required by law to exist,
happen and to be performefl precedent to and in the issuance of
this bond have existed, happened and been pertormed in due
time, form and manner as required by law, and that the amount
of this bond, together with a11 other indebtedness of Sutte
County Service Area No. 26, does not exceed any limit prescribed
by the Constitution or statutes of the State of California,
and that provision has been made as required by the sta~utes of
said State for the levy and collection o~ an annual tax on the
taxable property zn said Area for the payment of ~he principa~
of and interest on this band as the same become due. This
bond and the interest hereon are payable o~ly from the
revenues derived from taxes levied and collected upon the
taxable property within said Area, and the issue o~ bonds of
which this bond is one does not constitute a general obligation
or indebtedness of the.County of Butte, and neither said County
nor any officer ~hereof is holden otherwise for the payment thereof.
IN WITNE5S WHEREOF, the Board of Superv~sors of
Butte County has caused this bond to be signed by its
.Chairman and counte~signed by its Clerk and its seal to be
hereto affixed, and has caused the inte'rest coupons attached
hereto to be signed by zts C1erk, and this bond to be dated
January 1, 1975.
[SEAL] Chairman of the Board of Supervisors
of Butte County
Counters~gned:
Clerk of the Board of Supervisors
of Butte Caunty
[Form of Coupon]
CouQon No.
On . ~
the Board of Snpervisors
of Butte Caunty, fot and
on behalf of BUTTE COUNTY
SERVICE AREA N0. 26, will
(unless.the within mentioned
bond be registered).pay, solely
out of the revenues referred
to in said bond, to the
bearer at the o~fice of the
County Treasurer of Butte .
County, in Oroville, California,
the sum set forth hereon in
lawful money of the Uni~ed States S
of America, being interest then
due on its 1975 Sewer Bond, Series A, A
dated January 1, 1975, No.
Clerk of the Board of 5upervisors
of Butte County
. 9
_ ...._ .. r.~
,__ _,_ ~~.~..'~ , .__.. _ _....
~Form of Fully Registered Bond]
UNITED STATES OF AMERTCA
STATE OF CALIFORNIA
COUNTY OF BUTTE
BUTTE COi3N~'Y SERVICE AREA NO. 26 1975 SEWER BOND, SERIES A
No. RA $5.000
The Board of Supervisors of Butte County, State
of California, for and on behalf of BUTTE COUNTY SERVICE AR~A
N0.25, a co~nty service area duly established and existing
undez the Coun~y~Service Area Law ot the State of Caiifornia
and located in Butte County, State of California, for value
received hereby promises to pay (so~lely out of the revenues
hereinafter menti.oned) to the registered owner hereof on
~ JANUAI2X ].,
(subject to any right of prioz~ redemption hereina£ter reserved)
Ghe.principal sum of ~
FIVE THOUSAND DOLLARS ($5,000)
together with interest thereon from the date of initial re-
gistration hereof (as set forth on the reverse hereof) at the
rate of five per cent (5~) per annum until payment of said
principal sum in tu11, payab~.e annually ~he first year on
,7anuary 1, 1976 and thereafter semiannually on ~anuary 1 and
July 1 of each year. Both the principal of and interest on
this bond are payable in lawful money of the Oni~ed States of
America at the office of the County Treasurer of Butte County,
in Oroville, California.
Bonds maturing by their terms on or prinr to
January 1, 1985 aze not subject to redemption prior to their
£ixed maturity dates. Bonds maturing by their terzns on
or a£ter January 1, 1486 are subject to redemption prior to
their fixed maturity dates, at the option of the County of Butte,
on January l, 1985, but not pzior thereto, and on any interest
payment date thereafter prioz to maturity, as a whole or in
part in inverse numerical order, at the principal amount
thereof and accrued in~erest to date of redemp~ion.
, 10
This bond ~s one ot a duly authorized iss~e of bonds
aggregating One Million Five fIundred Thousand Dollars ($1,500,000)
in principal amount, all of like tenor and date {except for
suc~ variations, if any, as may be required to designate varying series,
numbers or maturities) and is issued under and pursuant to
the provisions of the Constitution and statutes of the
State of California, and under and pursuant to proceedings
of the Board of Supervisors of Butte Cour~ty duly adopted and
taken and a vote and assent of more than two-thirds of all of
the qualified electoxs of Butte County Service Area ~o. 26
. voting at a special election duiy cailed and held for that
purpose.
This bond is transferable on the registration
books kept by the County of Butte by the registered owner or
ayent duly authorized in writing, after which it shall be
registered in the name of ~he new owner, and both the principal
of and interest on this bond shall be payable only to the
registered owner.
This bond is exchangeable at the expense ot the
County of But~e at ariy time after the £irst payment of interest
hereunder, upon 90 days' notice, for the parallel numbered
coupon bond, payable to bearer, which shall have attached
thereto coupons representing intezest from the date to
whic~ interest has been paid on this bond.
* This bond is given as evidence of a loan ta
the County of~Butte made by the United States of Amer~ca pursuant
to ~he Consolida~ed Farm and Rural Development Act, and shall
be subject to the present regulations of the ~armers Home
Administration and to its future regulation~ not inconsistent
with the express provisions hereof.
It is hereby cert~fied, recited and declared that
all acts, conditions and things required by law to exist,
happen and to be performed precedent to and in the issuance of
this bond have existed, happened and been performed in due
time, form and manner as required by ~aw, and that the amount
of this bond, together with a11 other indebtedness of Butte
County Service Area No. 26, does not exceed any limit prescribed
~ by the Constitution or statutes o£ the State of Cal~fomia,
and that provision has been made as required by the statutes of
. said State for the Ievy and collection of an annual tax on the
taxable'property in said A~ea for the payment of the principal
of and interest on this bond as the same become due. This
bond and the interest herean are payable only from the
revenues derived from taxes levied and collected upon the
taxable property within said Area, and the issue of bonds of ~
which this bond is one daes not constitute a general obligation
or indebtedness.of the County of Butte, and neither said
County nor any offieer thereof is hoZden otherwise far the
payment thereof.
* To be printed only if the bonds are purchased by the
United States of America, Farmers Home Administration.
li
_ _...~ _ _ __ _ _ _ __. ~~ l l _
~ . . ~ ;
IPi WITPIESS WHEREQF, the Boarfl of Supervisors of
Butte Coun~y has caused this bond to be signe~ by its
Chaizman and~co~ntersigned by its Clerk and its seaZ to be
hereto affixed and this bond to be dated January ]., 1975.
[SEAL] Chairman of the Board of Supervisors
o~ Butte County
Coun~ersigned:
Clerk of the Board of 5upervisors •
of Butte County
[Form of Registration Endorsement]
This bond has been initially registered an the
date first herein set forth in the name of the person fa.rst
herein set forth, and both the principal of and interest on
this bond are payahle solel.y to such registered owner; provided
that this bond may be transferred on the registration books
kep~ by the County Treasurer o~' Butte County by such registered
owner or agent duly authorized in writing or by any successor
xegis~ered owner, whereupon ~he prior registration noted hereon
shall be cancelled by said Treasurer and the name of the new
registered owner shall be inserted hereon, and thereafter both
the principal of and interest on this bond shall be payable solely
to such registered owner.
NOTE: There must b~ no writing in the space be~.ow except
by the County Treasurer of Butte Coun~y.
Narne and Address of Signature of
Da-~e of Registration Registered Owner County Treasurer
12
Section".6. The Chairman of this Board of
Sur~ervisors is hereby aexthorized and directed to execute
eac?i of said bonds, and th e Clerk of thzs Board of
Super'visors is hereby authorized and directed ~.o connter-
sign each of said bonds and to affix ~e seal of this
Board of Supervisors thereto. Said szgnature of said
Chairman may be by printed, engraved, 3.ithographed or
atherwise mechanically reprodLCed facsimile signaLUre.
Said Clerk is hereby authorized and directed to sign each
of sa~d interest coupons by printed, engraved, lithographed
or otherwise mechanical.ly reproduced facsimi.le signature.
Such signir-g and sealing as her2an provide8 shall be a
suificient and bznding execut~.or_ of sai3. bonds and coupnns
by this Board of Supervisors. Zz any.officer whose signa-
ture appears on said bonds or coupons ceases to b~ such
officer before the delivery of such bonds, his signature
shall be as effective as if he had remained in of~ice until
such delivery. -
Section 7. A fund is hezeby created to be
designated "~3utte County S.e~vice Area No. 26 Sewer.. ~-
Tmnrovement Fund," which shall be kept b~ tne County Treasurer
o~ Butte Coun~.y, as and canstituting the designa~ed depositary
oi the Area for a11 its funds. A11 proceeds o~ saZe of any
oi said bonds (except premium ar_d accrued interest) shall,
when receiv'ad, be u'ePosi~ed with said depositary to the
credit of said I~proveme~t Fund a*~sd shall be applied exclusively
to the purpose and object for 4~hich the aforesaid boncls were
authorized to be issued. Uiher. said purnose and object has
been accompZished, any moneys remaining ir. said ~mprovem.ent
resul.ting fro~ ~he sa~e o~ said bonds
rur:d/s!~all be tra~isferred to ~~e Bond T~c ~und hereinafter
in 52ction b provicied.
Section 8. Each year at the time this Board of
Supervisors of Butte County fixes and levies t~es for Butte
County purposes, it shall also fix and levy th at amount of .
taxes upon all taxable property within the Area which is
required for the payment o€ the princigal of and interest on
saad bonds becoming due and payable before the next annual
levy and collection, of Bu~te County taxes. Such t~ shall
be known as the °County Service Area ~ Sewer Bond Tax, Butte
County Service Area No~. ?.6," and s~al3 be annually levied
and collacted by the same o~fzcers and at the.same.time and
in the same manner that a11 other Butte County taases are
levied and coZlected. AlI such callectians shal3 be paid.~,
. into the '°$utte County Service Area ~Io. 26 ':~ Sewer Bond Tax Fund"
which fund shal]. be l~ep~~by the Coun~y ~'reasurer of Butte County.
and shall' be used sole-ly for the payment of the
principal of and.znterest on~said bonds. There sha11
likewise be deposited in said fu~c~ any moneys received on
accoun~ of any premium. received on the sale of said bonds and
on accounf. of interes~ accrued on said bonds for their'da~.e
to the date of delivery and actual payment of the purchase price
thereof.
Section 9. The Clerk of this Board of Supervisors
is hereby authorized and directed to cause a sutficient
number of blanlt bonds and coupons of suitable quality to be
lithographed, printed ar engxaved, and to cause the 1~1ank spaces
thereof to be fa.lled in to comply with the provisions nereof,
and to procure their execution by the prope~' officers, and •
to deliver the~n, when so executed, to the Cou~ty Treasurer.o.f
But~e Coun~.y, who shall safely keep the same•un~i1 they ~sha11 .
be sold by this Board of Supervisors, whereupon said Treasurer
Srall r?,'±~^..<>.>r t?;=~~ tn ~-h.P D'•.lYCti1~S?Z' O'~' ?~17.?_'C~<.15'~'1"S thereof~ Oi?
receip~ of ~he purchase price ~hereof, The Cliairman of this
Board of Supervisors and said Clerk are furtlzer authorized
and directed to make, execute and deliver to any purchaser of
sai~ bonds a signature and no-litiga~ion cestificate in the
form customari~y reguired by purchasers of bonds of public
districts, certi£yzng to the genuineness and due execution
of the bonds then delivered to such purchaser and further
certifying to all £acts within their knowledge relatzve to
any then pending litigation which may or might effect the
Area, Butte County, said officers or said bonds, and said
Treasurer is hereby authorized and directed to make, execute
and deliver to any purch aser of said bo~ds a recei.pt in the
form customariZy required by purchasers o£ bonds of public
districts, evidencing th~ payment o£ the purchase price of the
bonds then delivered to suah purchaser, which receipt shall be
conclusive evidence that said purchase price has been paid
and has been received by this Board of Supervisors. Any
purchaser or subsequent taker or holder of any of said bonds
is hereby authorized to r~ly upon and shall be justified in
relying upon any such signature and.no-litigation certificate
and any such receipt with respeot to any of said bonds executed
and delivered pursuant to the authority of this resolution.
Section 10. This resolution shall take effect
immediately.
15
PASSED P.r?b ~DOPTED January 21, 1975 by the
following vote:
AYES: Supervisors Cameron, Madigan, MeKillop, Richter & Chairman Ladd
rTOES None
ABS~NT : None
~
airman o the Board f Supervisors
ot ~he Coun~y of flu~~e ~
[SEAL]
ATTEST:
CLARIC A. NELSON, COUNTY CLERK
~~
C1erk of the Board of Supervisors
of.the County of Butte
16