HomeMy WebLinkAbout81-056-~ C •
RES4LUTZON N0. 81-56
RESOLUTIQN OF THE BDARD OF SU~ERVZSORS OF THE
COUNTY ~F BUTTE, CALZFORNTA, AIITHORIZING
~SSUANCE OF BONDS UNDER THE TMPROVEMENT BOND
ACT OF 191.5
SOUTH OROVILLE ASSESSMENT DISTRICT
WHEREAS, ~his Board has here~ofore taken proceedi~gs
under the Municipal Improvernent Act of 1913, Division I2 of the
Califarn.ia Stree~s and Highways Code, and has confirm~d an assess-
z~ent upon the district described in a.ts Resolution of Tntent~on
No. 80-220; and
WHEREAS, said 19J.3 Act praceeda.ngs provide for the issuance
o~ improvement bonds pursuant to the Improvement Bond Act of ~915,
Division ZO of the Streets and Highways Code; and
TnTHEREAS, the assessment and diagram in said 1913 Act
groceedings have been recorded zn the office o~ the County Directo~
af Public Warks pur5uant to Section 10600 a~ the Stree~s and High-
t~rays Code and a notics of assessment ancl diagram, along with a list
o£ owners of praperty assessed, have been recorded with the County
Recorder pursuant to 5ecti~n 3114 af sa.~d Streets and Highways Code
and Sec~i.on 27288,7. a~ the Gavernment Code; and
WHEREAS, this Board, in antic~.pation of calling ~or sealed
bids for the purchase of said improvement bands, desires pursuant to
Sec~tion 8650.~. o~ the St~eets and Highways Code, to preliminarily
establish ~he denominatian o.f th~ improvement bonds and the amount
to mature each year which will be other and di~f~rent than that pro-
vi.ded in 5ection 8650 0~ said Code; and
-~.- OW~~~Il1JW~
WHEREAS, in antic~pation of recei~t o~ an offer from ~he
Farmers Home Administratian of the United 5tates Departm~~t of
Agriculture {FmHA) to purchase the subject bonds, this Board wishes
~o provide for issuance af a s~ng~e, fu~Iy registered bond and to
p~escrib~ th~ form thereof, to be issued to any succ~ssful bidder,
at the option of such bidd~r, in lieu of the serial coupon bands
whxch wi11 otherw~se be issued;
NOW, THEREFORE, the Board of Supervisors o~ the County of
But~e, Sta~e of California DOES HEREBY RESQLVE, DETERMZNE AND ORDER
as fallows:
Sectzon 1. ~n accordance with the proceedings hereto-
fo~e taken, improvement bonds to be designated 5eries ~981-1
will be issued pursuant to Section 8650.1 of said Improvement Bond
Ac~ of 1915.
The tatal amount o~ bonds to be issu~d is $12,5Q0.00, based
upon the tota~ assessmen~s levied by this Board on Novembez 18, 1980,
~pon th~ severa~ parce~s of land in this distrzct.
The bonds will be da~ed for the date of delivery, and they
wi1~ mature over a period af five (5) years. The maturity schedule
attached hereto as Exhibit A(and by th~s refere~ce incorporated
herezn} shal~ apply, providing foz bonds numbered 1 to 15,
inclus3ve, in the denaminat3ons of $500 and $1000, respectively,
a5 set forth in Exhibit A.
Said improvement bonds shall mature on July 2~~ the
specified year of maturity. The bonds sha11 bear interest at such
rate ar rates as are de~e~min~d bX ~h~ success~ul bid rec~ived for
~he purchase of the bonds on March 17, 1981, but not to exceed
ten percent (1Q%) per annu~. Each bond sha~~ have coupans attached
-2-
thereto repres~nting interest from the dat~ of the bond until
January 2, 1982, and each subsequent coupon caill represent ~nterest
to the next Ju~y 2 or January 2 until the maturity ot the bond.
Said bonds may be redeemed and paid in advance of matur~ty
upon the second day a~ January ar Ju~y in any year by giving the
natice provided by law and by paying ~OSo ot the princ~pal (except
as waived by FmHA} and accrued interest to the date o~ ~edemption.
Th~ bonds sha1~ be signed by the County Treasurer of
Butte County and by the County C1erk af said County, and 5aid Clerk
sha11 alsa affi~ the corporate s~al of the County to said bands.
The caupons affixed to said bonds may be signed by said Caunty
~reasurer by an engraved, printed a~ lithographed facsimile signature.
In a11 other respects, the bonds shall be issued in sub-
s~an~ia~ly the torm prescribed by Section 8652 of sazd Code, except
as provided by Section 2 af this resolution.
Section 2. Notwiths~anding any provision af the fore~
gaing Sectian ~ to the contrary, at the option of the successfu~
bidder for ~he bonds, the total bond issue of Seri~s 1981-1
may be represented by a sing~e, fu11y zegis~ered band to be iss~ed
in ~ieu of the serial co~pon bonds specif~ed by Sec~ion ~. Said
single, fu1Zy registered bond, if issued, shall be in substan~ially
the ~orm set fo~~h in Exhibit B, attachEd hereto and by this reference
incorporated herein.
It is expressly acknawl~dg~d that the ~orm of single,
fully ~egistered bond is authorized herein in anticipatian of a b~d
fram FmHA for ~he bonds of Ser~es 1981-1. Zn the event ~hat ~mHA
is the successful baddex for said bonds and elects ~o receive a
_~_
single, fu~ly registered bond as authorized hereby, the County
Treasurer is expressly autha~ized to make such additions or correction
to the ~orm of such bond as may be necessary or appropr~ate to achiev~
campliance wath any requirements of FmHA.
Section 3. The proceeds fram the sa~e of the bonds 5hall
be placed in the fund hereby created, puxsuant ta Sections ~0602 and
10424 of the Streets and Highways Code, wh~ch shall be called "South
Orovi~le Assessment Dist~ict Construction Fund" and the moneys in
sa~d fund shall b~ ~sed only for the purpases authorized in said ~913
Act proceedings.
Section 4. Said bonds shalX be payable at the office
o£ the Coun~y Treasur~r of said Coun~y. Said bonds shal~ be paid
out of the redemption fund cr~ated purs~ant ~o Section 8671 of the
Streets and Highways Code. ~n a~l respects no.~ recited herein,
said bonds shall be gaverned by ~he p~ovisions o£ thE Tmprovement
Bond Act of ~9~5, Divisian ~0 a£ the Streets and Highways Code.
*
~
~
I HEREBY CERTIFY that ~he foregoing resolution was duly
and regu~ar~y adopted by the Boa~d of Supervisors of the County of
Butte, State o~ California, at a regular meeting thereof, held o~
the 3rd day o~ March, 1981, by the following vate, to wit:
AYES: Su.pervi.sars Dolan, Lemke, 5araceni, Wheeler and Chaix:man Mosel.ey
NOES : Superva.sars Non.e
ABSENT:
CLARK A. NELSON, County Clerk,
County af te, State of Ca1.i~o~nia
By
Supe~visors None
-4-
MA~UR~TY SCHEDULE
. SOUTH QROVSLLE ASSESSMENT DTSTRICT
YEAR OF BOND D~NOMZNATION YEARLY
MATURITY NUMBERS AMOUNT
198~ Z . $ 5D0.00
2 - 3 ~,000.00 $2,500.OD
1983 4 500.00
~ - ~ ~,ooo.oo a,~oa.oo
1984 7 SQO.QO
8 - 9 1,000.00 2,500.OQ
1985 10 50Q.00
~~ - ~2 1,OOd.OQ 2,50~.00
1986 ~3 500.0~
~4 - 15 ~,QOD.00 2,500.00
TOTAL $12,50~.00
EXHIBTT A
(Form a~ Sing~e, F~lly Reg~st~red Bond}
UNZTED STATES OF AM~RICA
STATE OF CAL~FORNIA
IMPROVEMENT BOND
COUNTY OF BUTTE
SOUTH ~ROVILLE ASSESSMENT D25TRICT
SERIES NQ. ].98].-1
BOND NO. R-~.
$12,5Q0.00
Under and by v~.rtue of the Improventent Bond Ac~. of 19~5, Division
10 of ~he Streets and Highways Code, the Caunty o~ Butte wil1., out of
~h~ redemp~.ion fund ~'or the payment of the bonds issued upon ~he unpaid
assessmants made for the work ancl impravements more £ully described
in Resalu.tion af Intention No. 80-220, nassed by ~he legisla~iv~ body
of said County, on ~he 14th day of October, 1980, pay to the UN~TED
STATES OF AMERICA, FARMERS HOME ADM~N~STRATTON, or registered assigns,
-~he su~rt of TWELVE THOUSAND FIVE HUNDRED DOLLARS ($12,504.00), b~ing
the aggregate of the principal amoun~ of the serial bonds in la.eu o£
which this bon,d is issued, in the principal installments, on, the dates,
as follows:
Maturity Date
(~u3.y 2 }
1982
1.983
19$4
z~8~
i9s6
Bond Nu~nbers
~(Inclu:s'ive)
Denominations
Principal Amvunt
Maturing Annually
1 $ 5~0.00
2 - 3 l,OD0.00
4 50Q.00
5 - 6 1,000.00
7 504.00
8 - 9 1,0OO.OQ
a.o ~oa. o0
zl ~ ~.2 1, ooo. o0
13 500.40
I,4 ~ 15 1, D00. 4Q
~ Z,SOQ.00
2,500.00
2,~oo.oa
2,5oo.aa
2,50D.00
wi~th interest thereon from ~he date hereof at ~he rate of £i.ve percent
(5~) per annum, all as is hereinafter specified, and at the otfice of
~he Treasurer of the County o~ But~e, Oraville, California.
This bond is issued in ~a.eu of and repre5en~s ~he bonds above
clesigna~.ed, al~ of like date, tenor and effec~, bu~ di~fering in
amounts and maturities; is issued by said Caunty under sa~d law for
the purpose o~ providing means for paying for the wark and irnprovements
aescrib~d in said r~solu~.ion of intentian; is secured by the moneys
in said redemption fund and by the unpaid assessments made ~ar the
payment of said work and imp~ovements; and, inc~.uding principal. and
interest, is payab~e exclusively out o~ said fund.
EXHlBIT B
The interest is gayable sem~annual~y, ~a wi~: On the second
days of January and July in ~ach year hereaf~er, pravided that the
first interest is payable on the second day of January, ~982.
The bonds r~presented by this band will con~inue to bear interes~
a~ter their respec~ive maturity dates at th~ ~ate above stated;
provided this bond is prese~ted on such dates and payment is
zefused ~pon the sol~ ground that there is not sufficien~ money
in ~said redemption fund with which to pay same. If the bond is
not presented on the app~icable matu~~ty date, interest thereon
w~~1 run un~il maturity.
Both principal and in~eres~ sha~~ be paid to the registered
owner hereaf by check, draf~ or warrant mailed to th~ address
entered in ~he books maintazned by the Treasurer for the regis~
tration and trans~er of this bond, excep~ that the final instal~~
ment due hereon wi11 be paid only upon th~ surr~nder o£ this bond
to ~he Treasurer.
The County may redeem and pay in advance of matur~ty, upon
th~ second day of January or Ju~y in any year, such partion of the
princ~pal amoun~ hereo~ as would represent the principa~ amoun~ of
the apprapriate seria~ band o~ the series of bonds in ~ieu of
which ~his sing~e bond has been issued, as d~te~ined by reference
to the matuxity schedule (and related bond numbers) set to~th abov~.
Such redemption shall be acca~plished by paymen~ o~ the amounts
prescribed and in th~ manner prescribed in the xesoZution.providing
for the issuance hereof and the related provisians a~ the Imprave-
men~ Bond Act of 19~5. Such redempt~on sha~l be recorded by the
County Treasuxer on the record of redemptinn provided h~reaf~er
on ~his bond at the time thexeaf.
This bond sha~1 nat become valid or obligatory for any purpose
until registered as tv principal and interest in the regist~y books
af the Treasurer and in the space provided on the back of this bond.
This band may be transferred by the registered owner, in person or
by duly authorized attorney in writing, upon surrender a~ this bond
for registration o~ such transfer, together with a duly executed
wri~ten instrument of transfer in the form h~xeon ar in a form
approv~d by the Treasure~. No ~ransfer shall be valid un~il
entered in sa~d registry books and endorsed upon the back of ~his
bond by ~he Treasurer.
This bond may be exchang~d at the expense of the Co~nty ~or
serial coupon bonds o~ ~ike series, of denominations and ma~urities,
and in the manner pravided in the resolution providin~ for the
issuance hereaf, upon 90 days notice.
This bond is given as evide~ce of a laan to the County made by
the United S~ates ot America pursuant ta the Conso~idated Farm and
RuraZ Deve~oprnent Act, and shall be subject ~a the present regula-
tions of th~ Farmers Home Administration and to its future regula~
tio~s not incansistent with th~ express pravisions hereaf.
~2W
TN WITNESS WHEREOF, the Caunty of Butte has caused this bond to
be sign~d by the Treasur~r of the County of Butte, and by its C1erk,
and has caused its Clerk to af~ix he~eto ~ts corporate seal, all on
the day of , 1981.
Treasurer, County of Butte
Caunty Clerk, County of Bu~te
( SEAL )
_ ~.~
REGISTRATION
This Bond has been initially registered on the date first
herein, set forth in tha nam~ of th~ person f~.rst herein set forth,
and both ~he principal. of and interest on this Band are payable
sole.ly to such reg~stered owner; prova.ded that this Bond may b~
transferred on the registrat~.on b~oks kept by the County T~easurer
b~ such registered ownez or agent duly authorized in w~iting, or
by a:ny successor regis~~red owner, whereupon the prior registratian
nat~d he~ean sha11. be cancelled by said Treasu~er and the name of
the new registezed owner sha11 b~ inserted herean, a.nd therea~tar
bath the principal af and in~erest on this Bond shall be payable
sal.ely to such registered owner.
NOTE: There mu5t be no writing in the space below except
~y the Treasurex~ of ~.he Coun~y of Butte.
Date of Name and Address of Signature of
Regis~.ration Re istered Owner Counf.y Treasurer
RECORD O~' REDEMPTTON ~N ADVANCE OF MATURITY
OF BONDS REPRESENTED BY THIS BOND
Band Date a~ Principal Date
Number~s) Ma~urity Amount Redeemed
ASS3GNMENT
Signature o~
County Tr~asurer
_, . _._. ; _
FOR VALUE RECETVED, the unders~.gned do(~s} hereby sell, assign
and transfer unto •
the wi~hin registered bond, tagether with accrued inter~st th~,~ean,
and hereby irr~vacably constitute(s) and appoin~(s)
as attorney to transfer the same on the r~gistry
boaks kept for that purpose by the Coun~.y Treasurex, wa.~h full power
of subs~.itution in ~h~ prem~.ses.
Dated: , 1981
(End o~ Form. of SingZe, Ful~y Registered Bond}