HomeMy WebLinkAbout75-009COU~TY OF BUTTE
SUTTE COUNTY SERVICE AREA N0. 2b
RESpLUTION N0. 75-g
~2ESOLUTION AUTHORIZING AND PROVIDING ~OR THE ISSUANCE
OF $700,000 PRINCIPAI, AMOUNT OF BUTTE COUNTY SERVZCE
AREA NO. 26 1974 SEWER BONDS; PRESCRTBING THE -ATE,
DENOMINATION, INTEFtEST RATE, ~1TbRITY SCHEDUZE AND
REDEMPTION PROVISION FOR SAIA BONDS; PRESCRIBING THE FO~2MS
OF SAID BONDS AND OF THE COUPpNS TO B~ ATTACHED THERETO;
AUTHORIZING THE EXECUTION OF ~AID BONDS AND COUPONS;
AND PROVIDING FOR THE LEVY OF A TAX TO PAY THE
PRENCIPAL AND INTEREST TI-IEREOF.
WFFEREAS, all the requirements o£ I.aw have been
complied with in calling and hoZding the special bond election
held in Butte County Service Area No. 26 (hereinafter sometimes
called the "Area") on Tuesday, September 28, I971, at which
election a measure to issue boncls for the Area in the sum of
5700,000 for the object and purpose hereinafter stated was
subinitted to the qualified electors w~.thin the Area; and
this Board of Supervisors did duly and regularly canvass the
returns of said elec~ion and did as a result of such canvass
determine and declare, and does hereby ce~tify, that mo.r.e
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than two-~hirds of ~he votes cast at said election were cast
an ~avo~ of issuing said bonds, and the issuance of said bonds
was duly authorized;
NOW, THEREFORE, BE IT F2ESOLVED AND ORDEREb by
the Board of supervisors of the County of Butte, as follows:
Section 1. This Board of Supervisors o~ the
County of Butte has reviewed all proceedings heretofore
~aken and has found as a resul~ o~ such review and does
hereby find and determ~.ne that all acts, conditions and
t.h.ings required by law to exist, happen and be pex~formed
precedent to and in the issuance of said bonds have
existed, happened and been performed in due time, form and
manner as required by law, and ~his Board of Supe~visors
is now duly authorized pursuant to each and every rec~uirement
of 1aw to ~ssue said bonds for the Area in the manner and form
as in this resolution provided.
Section 2. Bonds for the Area shall be issued
for the purpose for which the same were authorized at
said special bond election held in the Area on September 28, 1971
as set forth in the following bond measure, to wit:
MEASURE: Shall Butte County Service
Area No. 26 incur a bonded
indebtedness in the sum of $700,000
for the purpose of the acquisition,
construction anfl aompletion of
facilities for the collection,treat-
ment and disposal of sewage of Butte
County Service Area No. 26 and its
inhab~.tants, comprising treatment
facilities, ou~fall lines, intercepting
lines, trunlc lines, pipes, pumps,
machinery, lands, easetnents, rights
of way, and other works, property or
structures, useful or necessary for
the colZection, treatment or disposal
of sewage of said Butte County
Service Area No. 26 and its
inhabitants?
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Section 3. Said bonds 5naii be issued as here-
inafter set forth, and sha11 be sold in accordance with
law at not less than their par value arid accrued interest.
Said bonds shall be $700,000 in aggregate principal amount and
shall be known as the "Butte Co~nty Service Area No. 26
1974 Sewer Bonds." Said bonds sha11 be dated January 1, 1975.
shall be o~ the denomination of $5,000 each, and shall bear
interest at the rate of five per cent (5~) per annum, payable
on January 1, 1976 and semiannually thereafter on January 1
and July l o~ each year. Said bonds shall mature and become
payable as set forth in ~he £ollowing schedule:
Principal Maturity Date (January 1)
Amount (both ears inclusive)
$ 5,000 1977 - 1980
I0,000 1981 - 1991
15,000 1992 - 1998
20,000 L999 - 2003
25,000 2004 - 2007
30,000 2008 - 2Q11
35,000 20~2 - 2014
40,000 2035
Except as provided in Section 4 hereof, said bonds shall be
issued ~n coupon form payable to bearer, shall be 140 in
number, numbered in consecutive numerical order from 1 upwards
in order of their respective maturities, and shall bear interest
from their da~e until paid. Such interest shall be evidenced
by coupons a~tached to each bond, and each of.said coupons
shall represent szx months' interest on the bond to which it
is attached (except the first of said coupons, which shall
represen~ tweive months' interest on the bond to which it is
attached). Said interest coupons shall be numbered in consecutive
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numerical order and shall be payable semiannually on January 1
and Ju~y 1 in each year until said bonds are paid (except that
the first coupon on each such bond shall be payable on
January 1, 1976). Both the principal of and interest on said
bonds shall be payable in lawful money of ~he United States of
America at the office of the County 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 ~ixed
maturity dates. Bonds maturing by their ~erms on or after
January 1, 1986 are subject to redemp~ion prior to their fixed
maturity dates, at the option of this Board of Supervisors, on
January 1, Z985, but not prior ~hereto, and on any interest
payment date thereafter prior to maturity, as a whole or in
part in inverse numerical o~der, a£ the principal amount thereof
and accrued interes~ to date of redemption.
Whenever funds are available for the call and
redemption of any of said bonds then subject ~o ca13 and redemption,
this Board of Supervisors shall detex~mine the numbers of said
bonds to be called and redeemed, and the date of redemption
thereof. Notice of any such redemption shall be published
by this Board of Supervisors once a week for three successive
weeks in a newspaper of general circulation printe3 and published
in the County of Butte, State of California. The notice of
redemptipn shall set forth the bond numbers and principal amount
of said bonds so to be called and redeemed. Simi~ar notices
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shall be mailed at the same time by this Board of Supervisors
to the respective registered ow~ers of any of said bonds called
for zedemption at their addresses appearing on the registration
book in the office o~ the Treasurer of the County of Butte;
provided ~ha~ such mailing shall not be a condition precedent
to such redemption and failure to maii or receive any such
notice sha11 not affect the validity of the proceedings
for the redemption of any of said bonds. The first publication
of such notice of redemption shall be not 1~ss than thirty (30)
days nor more than sixty (60) days prior to the date fixed for
such redemption. After the date ~ixed for such redemption, if
this Board of Supervisors shall have duly published notice of
such redemption and shall have provided funds available for
payment o€ the principal and accrued interest on said bonds so
called, interest on such bonds shall cease. AIl of said bonds
and coupons surrendered upon call ~or redemption shall be
cancelled and shall not be reissued.
Section 4. Notwithstanding anything to the
contrary her~in contained, the initial purchaser of said bonds
may elect to receive, in lieu of coupon bonds as provided in
Section 3, tully registered bonds in the denomination ot $5,000
issued pursuant to this section, which fu11y registered bonds
shall be numbered from Rl upwards in the order ot their respective
maturities, and sha11 bear interest from thair date of initial
registration and delivEry. Said bonds issued in ~ul~y registered
form shall be exchangeabie at the expense of the Area at any tim~
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after the first payment of interest thereunder, upon 90 days`
notice, at the xequest of the registered owner and upon
surrender of such fully registered bonds a~ the office of the
County Treasurer of the County of Butte, tor the parallel
numbered bonds issued in coupon form as provided in Section 3,
and such bonds issued in exchange in coupon form shall have
attached thereto caupons representing interest from the date
to which interest has previously been paid on the fulZp
registered bonds. Any fuliy registered bonds so surrendered
sha11 be cancelled, and shall not be reissued.
Section 5. Said bonds in coupon form and the coupons
to be attached thereto and said bonds in fully registered form
shall be in substantially the following forms, respectively:
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[Form o~ Coupon Bond]
UNITED STATES QF AMERICA
STATE OF CALIFORI~TIA
COUNTY OF BUTTE
BUTTE COTJNTY SERVTCE AREA NO. 26 1974 SEWEk~ BOND
No.
$5,000
The Board of Supervisors of Butte County, S~ate
of California, for and on behalf of BUTTE COUNTY SERVICE AREA
N0. 26, a county service area duly established and exis~ing
under the County Service Area Law of the State of California
and located zn Butte County, State of California, for value
received hereby promises to pay (solely ou~ of the revenues
hereina~ter mentioned) to the bearer hereo£ (or if this bond
be registered, to the registered holder hereof) on
JANUARY 1,
(subject to any right af prior redemption hereinafter reserved)
the principal sum vf
FIVE THOUSAND DOLLARS ($5,000)
together witlz interest thereon at the rate of five per cent
(5~? p~r annum until payment ot said principal sum in full,
payabie annual].y the fi.rst year on January 1, 1976 and thereaftez
semiannually on 3anuary 1 and Ju].y 1 of each year. Unless this
bond is regis~e~ed, such interest, at or p~ior to maturity,
shall be payable only an presentation and surrender of the
proper inte~est coupons hereto attached as they respectively
became due. Both the principal of and interest on this bond
are payable in lawfu]. money of the United States of America
at the office of the County Treasurer o~ Butte County, in Oroville,
California.
Bonds maturing by their terms on ox prior to
January ~, 1985 are nnt subject to redemption prior to their
fixed maturity dates. Bonds maturing by their terms on
or after January 1, ~.986 are subject to ~edemption prior to
their fixec3 maturity dates, at the option of the ~ounty of Butte,
on January 1, 1985, but not prior thereto, a.nd on any interest
payment da~e thereafter prior to maturity, as a who~.e or in
part in inverse numerical order, at the principal amount
thereof and accrued interest to date of redemption.
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This bond is one of a duly authorized issue of
bonds aggregating Seven Hundred Thousand Dollars ($700,000)
in principal amount, all of like tenor and date (excep~ for
such variations, if any, as may~be required to designate varying
numbers or maturities) and is issued under and pursuant to
the provisions of the Constitution and statufies of the
State of California, and under and pursuant to proceedings
af the Board of Supervisors of But~e County duly adopted and
taken and a vote and assent of more ~han two-thirds of a11 0~
the qualified electors of Butte County Service Area No. 26
voting at a special election duly called and held for that
purpose.
Th~s bond may be regis~ered as to principaZ and
interest and thereafter the principal and interest hereof
shall be payable only to the registered owner.
Tt is hereby certified, recited and declar~d that
all acts, conditions and things required by law to exist,
happen and to be per£ormed precedent to and in the issuance of
this bond have exis~ed, happened and been performed in due
time, form and manner as required by law, and that the amount
of this bond, together with ai1 o~her indebtedness of Butte
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 statutes of
said State for the levy and collection of an annual tax on the
taxable property in said Area for the payment o£ the principal
of and interest on this bond as ~he same become due. This
bond and the interest hereon are•payable only 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 Countv
nor any o~ficer thereof is holden othe~wise for the payment thereof_
TN WITNES5 WHEREOF, the Board of Supervisors o~
Bu~te County has caused this bond to be signed by its
Chairman and countersigned by its Clerk and its seal to be
hereto aftixed, and has caused the interest coupons attached
hereto to be signed by its Clerk, and this bond to be dated
January 1, 1975.
~gE~~~ Chairman of the Board of Supervisors
of Butte County
Countersigned:
C~ ~. ~.-~ ; ; :....
Clerk of the Board of Supervis~ors
of Butte County
[Form of Coupon]
Coupon No.
On
the Board of Supervisors
of Butte Caunty, for and
on behalf of BUTTE COUNTY
SERViCE AREA NO_ 26, will
(unless the within mentioned
bond be registered) pay, salely
out of the revenues referred
to in said bond, to the
bearer at the office of the
County Treasurer of Butte
County, in Oroville, California,
the sum set forth hereon in
lawful money of the United Sta~es
of America, being interest then
due on its ~.974 Sewer Bond,
dated ~Tanuary 1, 1975,
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No.
C1erk of ~he Board of Superv~.sors
of Butte County
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[Form of Fully Registered Bond]
UNITED STATES OF AMERICA
STATE OF CA~IFORNIA
COUNTY OF BIITTE
BUTTE COUNTY SERVICE AREA N0. 26 197~ SEWER BOND
No. R $5,000
The Board of Supervisors of Butte County, State
of California, for and on behalf of BUTTE COUNTY SERVICE AREA
N0.26, a county service area duly established and existing
under ~he County Service Area Law of the State of California
and located in Butte County, State of California, for value
received hereby promises to pay (solely out of the revenues
hereinafter mentioned) to the xegistered owner hereof on
JANUARY 1,
(subjec~ to any right of prior redemption hereinafter reserved)
the principal sum o~
FTVE THOUSAND DOLLARS ($5,000)
together with interest thereon from the date of initial re-
gistration hereo~ (as set forth on the reverse hereof) a~ the
rate of five per cent {5~) per annum until payment of said
principai sum in full, payable annually the f~rst year on
January 1, 1976 and thereafter semiannually on 3anuary 1 and
~uly 1 of each year. Both the principal o~ and interest on
this bond are payable in lawful money of the United States of
America at the of£ice of ~he County Treasurer of Butte County,
in Oroville, California.
Bonds maturing by their terms on or prio'r to
~anuary 1, 1985 are not subject to redemption prior to their
fixed maturity dates. Bonds maturing by their terms on
or after January l, 1986 are subject to redemption prior to
their fixed maturity dates, at the optian of the County of Butte,
on January l, 1985, but not prior thereto,~ and on any interest
payment date thereafter p~ior to maturity, as a whole or in
part in inverse numerical order, at the principal amount
~hereof and accxued interest to date of redemption.
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This bond is one of a duly author~zed issue of
bonds aggregating Seven Hundred Thousand Dollars ($700,000)
in principal amount, all of like tenor and date (exaept for
such variations; if any, as may be required to designate varying
numbers or maturzties) and is issued unde~ 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 County duly adopted and
taken and a vote and assent of more than two-thirds of a11 of
the quali~ied electors af Butte County Se~vice Area No. 26
vo~ing at a special election duly called and held for that
purpose.
This bond is transferable an the registration
books k~pt by the County of Butte by the registered owner or
agent duly authorized in writing, af~er which it shall be
registered in the name o£ the 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 of the
County of Sutte at any time after the first payment of interest
hereunder, up.on 90 days' notice, far the parallel numbered
coupon bond, payable ~o bearer, whzch shall have attached
thereto coupons representing interest from the ~ate to
which interest has been paid on this bpnd.
* This bond is given as evidence of a loan to
the County of Bu~te made by the Unitefl States of Amer~ca pursuant
to ~he Consolidated ~arm and Rural Development Act, and shall
be subject to ~he present regulations of ~he Farmers Home
Adzninistration and to its future regulations not inconsistent
with the express provisions hereof.
It is hereby certified, recited and declared tha~
a11 acts, conditions and things required by 1aw to exist,
happen and to be performed preceden~ to and in the issuance of
th~s bond have existed, happened and beeri performed in due
time, form and manner as required by law, and that the amount
of this bnnd, together with a11 othe.r indebtedness of Butte
County Service Area ~o. 26, does not exceed any limit prescribed
by the Constitution or statutes of ~he State of California,
and that provision has been made as required by the statutes of
said State for the levy and collection of an annual tax on the
taxable property in said Area for the payment of the principal
of and interest on this bond as the same become due. This
bond and the interest hereon are payable only from the
revenues derived from taxes levied and collected upon the
taxable proper~y within said Area, and the issue of bonds of
which this bond is one does not constitute a general obligation
or indebtedness of the County of Butte, and neither sazd
County nor any otficer thereof is holden otherwise for the
payment thereof.
* To be printed only if the bonds are purchased by the
United S~ates of America, Farmers Home Administration.
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IN WITNESS WHEREOF, the Hoard of Supervisors of
Butte County has caused this bond to be signed by its
Chairman and countersigned by its Clerk and its seal to be
hereto affixed and this bond to be dated January 1, 1975.
[SEAL]
Countersigned:
Chairman of the Board of Supervisors
of Butte County
Clerk of the Board of Supervisors
of Butte County
[Form of Registration Endorsement]
This bond has been znitially registered on the
date first herein set forth i.n the name of ~he person ~irst
herein set forth, and both the principal of and interest an
this bond are payable solely to such regis~ered owner; provided
that this bond may be transfexred on the registration books
kept by the County Treasurer of Butte County by such registered
owner or agent duly authorized in writing or by any successor
registered owner, whereupon the 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 intex~est on this bond sha11 be payable so~ely
to such registered owner.
NOTE: There must be no writing in the space below except
by the County Treasurer of Butte County.
I3ame and Address of Sig.nature of
Date of Registration Re istered Owner County Treasurer
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: Sect'ion~6_ ~he Chairman of this Board of
Supervisors is nereby authori2ed and directed to ex~cute
e~ch of said bonds, and the Clerk of this Board of
Supervisors is hereby autharized and directed to counter-
sign each of said bonds and to affix the seal of this
Board of Supervisors thereto. Said signature of said
Chairrnan may be by printed, engraved, 1ith.ographed or
otherwise mechanically reproduced facsimile signature.
Said Ci.erk is hereby authorized and directed to sign each
of saa.d interest coupons by printed, engraved, lithographed
or otherwisa mechanically reproduced facsiIaile signature.
Such signi~g and sealing as herein provided shall be a
su~ficient and binding execution of said bonds and coupons
by ~his Board of Sugervisors. If any_officer whosa signa-
ture appears ori said bonds or coupons ceases to be sv.ch
officer before the delivery of such bonds, his signature
shal~ be as effec~ive as if he had remained in off.ice unti~
such delivery. ~
' Section 7. A~und is hereby created to be
designated "Butte County Service Area No. 26 Szwer
Tmprovement Fund," ~Shich sha11 be ]cept by the County Treasurer
of g~tte County, as and constituting the deszgnat~d. depositary
of the Area for a11 ats funds. A11 proceeds of sale of any
of said bonds (except premium and accrued interest) sha11,
~vhen received, be deposited with said depositary ~o `t~he .
credit o~ said Improvement Fund an~ shall be applied exclusivzly
to t~.~ purpose and object for which t.he aforesaid bonds ~~ere
authorized to be issued. When said purpose and object has
been accomplished, any money's remaining in said Improvement
resulting from th.e sale of said bonds
Fund/sha11 be transferred to the Bond Ta.x Fund Ycereina~ter
in SecLion 8 prov.icied. '
Section 8. ~ach year at the time 'this Board of~ -
Supervisors of gutte Coun~y fixes and levies t~es for Bu~~~
County nuzposes, it shall also fix and levy that amount of
. tases upon all ~axable proper~y within the Area wh~ch is
required for the payment of the principa~ of and, interest on
said bonds becoming due and payable before the next annual
levy and colZection of Butte Cotinty taxes. Such ~ax shall
be kno~an as the "County Service Area Sewer Bond ~ax, Butte
County Service Area No. 26," and shal2'be annual~y levied
and collected by the same officers and at ~he.same time and
in the same manner that al~ qther $~tte County ~taxes are
levied and collected. All such coZlectians shall be paid.~
into the ~~gutte County Service Area No. 26 ` Sewer Bond Tax Fund"
whi.ch fund shall be kept by the County Treasu-rer of Su~te County,
- and shall be used solely for the paymen.t of the
principal of and.interest on.said bonds. There shall :
likewise be d~posi~ed in said fu~d any moneys rec~ived on
account of ar;y premium received on the sale of said bonds ar_d
on account of interes~ accrued on said bonds for their date
to the date of delivery and actual payment of the purchase pric~
tinereof .
Section 9. The Clerk of thi.s Board.o~ 5uperv~.sors .
is hereby authorized and directed to cause a su£ficient
number of blank bonds and caupons of suitable qua~.ity to be
lit~ographed, printed or engraved, and ~o cause the bZank spaces
tnereof to be filled in to comply with the provisions hereof, -
and to procure their execution by the proper office~s, a~-cd
to deliver them, when so executed, to the Co~nty Treasurer_o~ '
But~e Coun±y, who shal~. safely keep the same until they'~sha1~ .
be sold by thi.s Board of Supervisors, whereupon saa.d Treasurer
ct-,~1? fl;~l?-,*r.,-r }:~~r~; ~n tn.o t~lll"Ci'ic'152Y' O~ Pu.rC~1?S~I"S th2T't'O~~ O_T?
. receipt o~ the purchase price thereof. The Ckiairman oL ~.is
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Board of Supervisors and said Clerk are further authorized
and directed to make, execute and deliver to any purchaser of
said bonds a signature and no-litigation certificate in the
form customari~y required by purchasers of bo~ds of public
districts, certifying to the genuineness and due execution
of the bonds then delivered to such purchaser and further
certifying to all facts within their knowledge relative to
any then pending Iitigatioz~, 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 purchaser of said bonds a receipt in the
form customarily required by purchasers of bonds of public
districts, evidencircg ~h.e payment of the puarchase price of the
bonds then delivered to such purchaser, which receipt shall be
conclusive evidence that said purchase price has been paid
and has been received by this Board o~ Supervisoxs. Any
purchaser or subsequent talcer or holder of any of said bonds
is hereby authorized to xely upon and shall be justified in
relying upon any such signature and na--J.itigation certifica~e
and any such receipt with respect to any of said bonds executed
and delivered pursuant to the authority of this resolution.
Sect9.on I0. This resolution shall take effect
immediately.
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PASSED ,AAtD ~1DOPTED January 21, 1975 by the
following vote:
AYES: Supervisors Cameron, Madigan, McKillop, Richter & Chairman Ladd
PTOES None
ABS~l~T : [~one
Ch rman of ~he Board of pervisors
of the County of k3utte ~
[SEAL]
ATTEST:
CLA12K Ao N~LSON, COUNTY CLERK
~~ ~ ~ ~
Clerk of the Board of Supervisors
of the County of Butte
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