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HomeMy WebLinkAbout76-126CDUNTY OF BUTTE BUTTE COUNTY SERVICE AREA NO. 26 RESOLUTION NO. 76-f26 RESOLUTION PROVIDING FOR THE ISSUANCE OF 'I'HE $T7TTE COUNTY SERVICE A.REA NO. 26 1975 SEWER BOND, SERIES C, IN THE PRI~7CIPAI, AMOUNT OF $89,000; PRESCRIBING THE FORbI OF SAID BONb AND THE MATURITY OF THE INST.~,LLMENTS OF PRTNCIPAL THEI2~OF; AI3D FIXING THE RATE OF INTEREST ON SAID BOND. WHEREAS, this Board of Supervisors by Resolution No. 75-8 adopted on January 21, 1975, has duly authorized the issuance of $1,500,000 principal amount of Butte County Ser- vice Area No. 26 1975 Sewer Bonds, and $400,000 principal amount of said bonds, constiituting Sera.es A thereof, were duly issued, sold and delivered, and $808,000 principal amount of said bonds, constituting Series S thereof, were duly issued, sold and delivered; N~W, THEREFORE, BE IT RE80Z~7ED AND ORI?ERED by the Board of Superva.sors of the County of Butte, as follows: Section 1. Resolution No. 75-8 adopted b~r ~his Board of Supervisors on January 21, 1975 is hereby incorporated herein by reference and made a part hereof, except only as herein specifically otherwise provided. Section 2. $89,OOd princ~.pa1 amount of the Butte County Service Area No. 26 1975 Sewer Bonds shall be issued and so~cl as hereina~ter provided and said $89,000 p~a~ncipal amoun~E _ __ i ~ _ _ _:_; ~_ : __ _ _ _ ____ --- of bonds sha11 be issued as one single bond as hereinafter provided, and such bond is hereby designated for convenience as the Series C bond, and the remaining $203,000 principal amount of said authorized issue of bonds shall be issued and sold and desiqnated as this Board of Supervisors sha11 here- after determine. The Series C bond shall be dated ~Ianuary 1, 1975, shall be issued without coupons and sha11 be ful3.y registered, shall be in ~he form hereinafter provided, and shall be numbered Cizl. Both th~ principal of and interest on the Series C bond shall be payable in lawful money of ~he United States af America at the office of the Treasurer of the County of Butte, in Oroville, Caiifornia, and shall be pay- able in installments to the registered owner thereof by wrarrant mailed by said Treasurer to the registered. owner at his address as it app~ars on the books of ~egistration here- inafter referred to (except that the final instal~ment due on the Series C bond shall be paid only upon surrender thereof.) The Series C bond sha11 bear interest from its date of delivery and initial regis~ration at the rate o~ fiva percent (5~) per annzun, payable an Januarp l, 1976, and semi- annual].y thereafter on January 1 and July 1 of each year until payment of said principal amount is made in fu11. Principal of the Series C bond shall be payable in annual installments on January 1 of each year commencing in ~he year 1978. The said principal (and interest thereon) Snaii be payable a.n installments as follows: Equal annual. installment of $2,252.64, less interest paid the previous July 1(representing principal and interest) shall be payable on January 1 in each of the years 1978 to 2015, inclusive, unf.il the px-a.ncipal of the Series C 2 bond and the interest thereon are fully paid. The principal of the Series C bond, or any part thereof, shall be subject to call and redemption, at the option o~ this Board ot Supervisors, on any interest payment date upon payment to the registered owner thereo~ of the whoZe or part of the principal of the Series C bond so redeemed. Said pzepayments sha~l, after payment of interest then due, be applied to the znstaliments of principal last to become due under the Series C bond and shall not af~ect the ob~igation of the County of Butte to pay the remaining annual installments as scheduled herein which shaZl continue to be d~e and owing until al~ principal of and interest due on the Series C bond has been paid in full. Notice nf any such rademption shall be mai~ed by the County of Butte to the registered owner of the Series C bond at his address appearing on the books of registration hereinafter referred ta. After the date fixed for such re- demption, if the Caunty of Butte shall have duly mailed notice of such redemption and shall have provided funds available for the payment of principal and accrued interest on the Series C bond or part thereof so called for redemption, interes~ on the Series C Sond or part thereof so called for redemp~ion shall cease. The Series C band shall be surrendered upon payment in fnll of the principal thereof and interest therean and shall be cancelled and sha11 not be reissued. Section 3. The Series C bond shall be in substan- tially the following form, the blanks in sazd form to be filed in with appropriate words or figures, namely: 3 UNITED STATES OF AMERICA STA~E ~F CALIFORNIA COUNTY 0~' BUTTE BUTTE COUNTY SERVICE AREA NO. 26 1975 SE[VER BOP3D, SERTES C No. CR1 $89,000 The Board of Supervisors of Butte County, State of California, for and on behal~ of BUTTE COUNTY SERVICE AREA N0. 26, a county service area duly established and existing under the County Service Area Law of tne State of California and located in Butte County, 8tate o~ CaZifornia, for value received hereby promises to pay (solely out of the revenues hereinafter mentioned) to or registeaced assa.gns, the principal sum of EIGHTY N~NE THOUSAND DOLF~ARS ($89,000) at the times and in the amounts as herein provided, together with interest on ~he unpaid principal balance hereof at the rate of five per cent (5$) per annum. Both principal and interest shaZ1 be paid by warran~ mailed by the County Treasurer of ~utte Cnunty to the registered owner at his address as it appears on the books of registration herein referred to; except that the final installment due on this bond shall be paid only upon su~render hereof. Interest shall be payabl.e from the dat2 of delivery and initial registration of this bond on January 1, 1976 and semi-annuaI.ly thereafter on January 1 and July 1 of last year. The principal (and interest thereon) shall be payabie in equal annual ins~allments of $2K252,b4, less interest paid the previous July ]. (representing principal and interest) on January 1 in each of the years 1978 to 2015, 4 both inclusive, until the principal and interest are fully paid. Each payment made on the indebtedness evidenced by this bond sha11 be applied first to interest camputed to the due date of such payment and then to principal. The principal of this bond is subjeat to call , and redemptian, in whole or in part, at the.option of the County of Butte, on any interest payment date upon payment to the regxstered owner thereof of the ~hole or part of said principal so red2eme~. Said prepayments sha~l, after payment of interest, be applied to the instaZlments of principal last to become due under the bond and shall not aff~ct the obligation of the County of Butte to pay the remaining installments as scheduled herein. This bond shall be registered d5 to principa~ and interest in an appropriate book in the o~fice of ~he County Treasurer of the County of Butte, in Oroville, California, and in the space provided on the back of this bond, and is transferable by the registered owner hereof, in person or by h~s attorney duly authorized in writing, at said office; provided that no transfer of this bond shall be valid until it ~as been duly entered in said book and duly nnted in the appropria~e space on the back of this bond. This bond is one of a duly authorized issue of honds aggregat~ng One Million Five Hundred Thousand Dollars ($1,500,000) in principal amount, a11 of ~ike tenor and date (except for such variations, if any, as may be required to designate varying series, denominations, numbers or maturities) and is issued under and pursuant to the provi- sions of the Constitution and statutes of the State of California, and under and pursuant to proceedings of ~he Board of Supervisors of Butte County duiy adopted an~ 5 taken and a vote and assenti of more than two-thirds of all of the qualified electors of Butte County Service Area No. 26 voting at a special election du~y called and heZd tor that purpose. *[This bond is given as evidence af a loan to the County of Butte made by the United States of ,8lmerica pursuant to the Consolidated Farm and Rural Development Act, and shall be subject to ~he present regulations of the Farmers Home Administration and to its future regulations not inconsxstent with the express provisions hereof.] It is hexeby cer~ified, recited and declared that all acts, conditions and things required by law ta exist, happen and to be performed precedent to and in the issuance of this bond have existed, happened and been.per~ormed in due time, foxm and manner as required by law, and that the amount of this bond~ togethsr with all other indeb~edness of Butte Count~ Service Area No. 26, does not exceed any limit pre- scribed by ~he Constitution ar statutes of the State of California, and that prpvision has been made as required by the sta~utes of said S~ate for the levy an8 collection qf an annual tax on the taxable property in said Area for the payW ment of ~he principa~ 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 co~lected upon the taxable property 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 nexther said County nor any officer thereof is holden otherwise for the payment ~hereof. zN WITNESS WHEREOF, the Board of Supervisors of * To be insexted.;if the bond is purchased by the Farmers Home Administration. 6 Butte County has caused this bond to be signed by its Chairman and countersigned by its Clerk and its seal to be hereto affixe8, and this bond to be dated January 1, 1975. [ SEA,L] ~ Chairman of ~lte Soard of Supervisors of Butte County Countersigned: ~ C1er c of tYte Boa~d of Supervisors of Butte County REGISTRATION This bond is registere8 in the name o£ the owner last entered beZow and both the principal hereof and interest hereon are payable to such owner. (Np writing below except by the County Treasurer of the County of Butte.) Da~e of Name and Address of S,ignature of County Treasurer Registratian _Regis~ered Owner of the County of Butte Section 4. ~'his resolu~ion shall take effect immediately. 7 PASSED AND ADOPTED July 27, 1976 by the following vote. AYES: Svparvisors Ladd, Madigan, McKillop, Richter and Chairrrtan Cameron NOES : None ABSENT : None i~ ~ [~G3~~C~/ Chairman of the Board of Snpervisors of ~he County of Butte [SEAL] ATTEST: C[.ARK A. N~LSON, COUNTY CLERK '~_~~G%~-~~ ~ .~%C_~ - Clerk of the Board of Supervisors of the County ot Butte 8