HomeMy WebLinkAboutORD 571 (1973) ORDINANCE NO. 571
AN ORDINANCE OF THE CITY OF TUSTIN,
CALIFORNIA, PROVIDING FOR THE ISSUANCE
OF GENERAL OBLIGATION BONDS OF SAID
CITY IN THE AMOUNT OF $950,000.
WHEREAS, pursuant to Ordinance No. 546 of
the City of Tustin, California, a special municipal
election was duly and regularly held in said city on
the 19th day of September, 1972, at which election there
was submitted to the qualified voters of said city the
following bond proposition, to wit:
BOND PROPOSITION - CITY OF TUSTIN CIVIC
CENTER BONDS: Shall the City of Tustin incur
a bonded indebtedness in the principal sum of
$950,000 for the acquisition and construction
by said city of the following municipal improve-
ments (which have been approved by the City
Planning Commission and by the City Council
as constituting a City Plan): a civic center
complex including a city hall and public safety
facilities and including for all of the fore-
going land, with improvements, furniture, equipment,
facilities and all other property necessary
therefor.
and
WHEREAS, said proposition received the affirma-
tive vote and assent of more than two-thirds of all of the
qualified voters of said city voting on said proposition,
and said city is now authorized to issue bonds in the amount
and for the purpose set forth in said proposition=
NOW, THEREFORE, the City Council of the City of'
Tustin, California DOES ORDAIN as follows:
Section 1. That bonds of the City of Tustin,
-California, in the principal sum of $950,000 be issued.
and sold for the purpose set forth in the bond proposition
in the recitals hereof. Said bonds shall be designated
CITY OF TUSTIN 1973 CIVIC CENTER BONDS, shall be 190 in
!Inumber, numbered 1 to 190, both inclusive, and shall be of the--
denomination of $5,000 each. Said bonds shall be dated
April 1, 1973, and shall be payable in consecutive numerical
order on April 1 in each of the years and amounts as follows:
DATE AMOUNT
1975 $10,000
1976-1977 $20,000
1978-1985 $30,000
1986-1989 $40,000
1990-1993 $50,000
1994-1998 $60,000
Said bonds shall bear interest at a rate or rates
to-be hereafter fixed by resolution,-but not to exceed seven
per cent (7%) per annum, payable semiannually except that
interest for the first year shall be payable at the end of
said year. Said bonds and the interest thereon shall be
payable in lawful money of the United States of America at
the office of the City Treasurer of the City of Tustin,
California, in said City, or at the option of the holder
thereof, at the main office of the' paying.agent of the City,
Bank of America, N.T. a S. A., in the city of Los Angeles,
California or at the office of any co-paying agent in Chicago.
Illinois or New York, New York.
Sectzion 2. That the Mayor and the City Treasurer
of said city are hereby authorized and directed to sign all
of said bonds by their printed, lithographed or engraved
facsimile signatures, and the City Clerk of said city is
hereby authorized and directed to'countersign said bonds
and to cause the corporate seal of said city to be impressed,
imprinted or reproduced thereon, and the City Treasurer of
said city is hereby authorized and directed to sign the
.interest coupons of said bonds by his printed, lithographed
or engraved facsimile signature, and to number said interest
coupons of each of said bonds consecutively.
Section 3. That the proceeds of the sale of said
bonds (except premium, if any, and accrued interest) shall
forthwith be turned over to and placed in the municipal
treasury of said city to the credit of a fund hereby created
-and designated "City of Tustin 1973 Civic Center Bonds Acqui-
sition and Construction Fund", and the moneys in said fund
shall be applied exclusively to the acquisition and con-
struction of the municipal improvementSdescribed in the bond
proposition in the recitals hereof, except as provided in
Section 43628 of the Government Code°
SeCtion 4. That any premium or accrued interest.
received from the sale of said bonds shall forthwith be
turned over to and placed in said treasury in the interest
and redemption fund hereinafter created° That for the
purpose of paying the principal and interest of said bonds,
the City Council of sa~d city shall at the time of fixing
the general tax levy, and annually thereafter until said
bonds are paid or until there is a sum in the treasury of
s&id city set apart for that purpose sufficient to meet all
payments of principal and interest on said bonds as they
become due, levy and collect a tax sufficient to pay the
interest on said bonds as it falls due and to constitute
a sinking fund for payment of the principal on or be[ore
maturity~ Said tax shall be in addition to all other
taxes levied for municipal purposes and shall be levied
and collected as other city taxes, and shall forthwith be
turned over and paid into a fund of the city to be known
as "City of Tustin 1973 Civic Center Bonds, Interest and
Redemption ~nd." Said fund shall be used for no other
purpose than the payment of said bonds and interest therea
on until said bonds and interest are fully paid°
Section 5. That said bonds and the coupons for
the~interest thereon shall be issued in substantially the
following form:
UNITED STATES OF AMERICA
STATE OF CALIFORNIA '-
CITY OF TUSTIN 1973 CIVIC CENTER BONDS
NO.~ $5~000
The CITY OF TUSTIN, a municipal corporation
situated in the County of Orange, State of California,
FOR VALUE RECEIVED, hereb~ acknowledges its indebtedness
and promises to pay to ~he bearer hereof the sum of FIVE
THOUSAND DOLLARS ($5,000) on the 1st day of April,
197 , with interest thereon at the rate of per
cent"'T %) per annum~ interest payable semiannually
on the first days of October and April of each and every
year from the date hereof except that interest for the
first year shall be paid at the end of said year, until this
bond is paid, on presentation and surrender of the respec-
tive interest coupons hereto attached. Both principal and
interest are payable in lawful money of the United States of
America at the office of the City Treasurer of the City of
Tustin,- California, in said city or, at the main office of
the paying agent of the city, Bank of America, N. T. & S. A.
in Los Angeles, California, or at the office of any co-paying
'agent in Chicago, Illinois or New York, New York, at the
option of the holder hereof.
This bond is issued by the City of Tustin under
and in pursuance of and in conformity with the provisions
of Article 1, Chapter 4, Division 4, Title 4 of the Government
Code of the State of California, and acts supplementary
thereto, and in pursuance of the laws and Constitution of
the State of California, and is authorized by a vote of more
than two-thirds of all the qualified voters of said City of
Tustin voting at an election duly and legally called, held
and conducted in said city on the 19th day of September, 1972.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that
all acts, conditions and things required by law to exist,
happen and 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<law, and that the amount
of this bond, together with all othe~ indebtedness of said
City, does not exceed any debt limit prescribed by the laws
or Constitution of the State of 'California.
IN WITNESS WHEREOF, said City of Tustin has
caused this bond to be signed by the Mayor and the City
Treasurer of said city by their facsimile signatures,
countersigned by the City Clerk of said city and sealed
with the corporate seal.of said city, and the interest
coupons hereto attached to be signed by .the City Treasurer
by his facsimile signature, and has caused this bond tO be
dated the first day of April, 1973,
Mayor of the City of Tust~n~'
California
~ity Treasurer of t'he City~'6f
Tustin, California
COUNTERSIGNED:
City Clerk of the City of
Tustin, California
( SEAL )
(COUPON FORM) '
On the first day of . April
the CITY OF TUSTIN,
California, will pay to the
bearer, at the office of the
City Treasurer of said city,
in said city, or at the option Coupon No.
of the holder hereof', atthe
main office of the paying agent
of the city, Bank of America,
N. T. & S. A. in the City of
Los Angeles, California, or at
the office of any co-paying agent
in Chicago, Illinois or New
York, New York the sum of $
in lawful money of the United
States of America, being the
interest then due on its 1973
Civic Center Bonds. No.
Dated: April 1, 1973
City Treasurer of the City 0f
Tustin, California
Substantially the following provisions for
reg/i.$~ation shall be printed on the reverse side of
each bond:
PROVISIONS FOR REGISTRATION
This bond may be registered in the name of
any person as the registered owner hereof, only
as to both principal and interest, and, if regis-
tered, may be discharged from registration.
Each registration, transfer after registra-
tion, or discharge from registration of this
bond shall be entered by the City Treasurer in
books kept for the purpose and noted by said
Treasurer in the registration blank below.
Upon registration, all unmatured coupons per-
taining hereto shall be surrendered to the City
Treasurer and shall be preserved by said
Treasurer.
So long as this bond is registered, no
transfer hereof shall be valid for any purpose
unless made by the registered owner and entered
and noted as herein provided, and the principal
hereof and any redemption premium shall be pay-
able only to the registered owner, or to his
order. Interest on this bond, if registered,
shall be payable to the person whose name appears
upon the registry books as the registered owner
hereof at the close of business on the tenth day
preceding the interest payment date, or to his
order. If this bond is registered and if it is
discharged from registration, there shall be
attached hereto coupons representing interest
hereon to become due thereafter to the date of
maturity hereof. In lieu thereof, and upon
surrender and cancellation hereof, the City
Treasurer may issue in exchange herefor a new
bond, with such coupons attached, identical with
this bond, except for the previous notations on
the registration blank hereon, and except that
the signatures on the new bonds shall be those of
the persons holding the offices at the time of
affixing such signatures. The issuance of any
such new bond or new coupons shall be at the
expense of the registered owner.
Each discharge hereof from registration
shall be effected by an entry on the registry
books, and a notation in the blank below, that
this bond is payable to bearer, whereupon this
bond shall become an unregistered bearer instru-
ment, negotiable by delivery as if it had never
been registered. Each request for registration,
transfer, or discharge must be in form satis-
factory to the City Treasurer and must be made
in writing, signed by the registered owner, or
by his agent duly authorized in writing, or by
the bearer~ as the case may beo
Date of In Whose Name Signature of
Registration Registered City Treasurer
[TO BE INSERTED ON FACE
OF BOND]
Unless this bond matures on or prior to
April 1, 1991, it is redeemable prior to
maturity in accordance with the provisions
for redemption endorsed hereon.
[REVERSE OF COUPON]
If the bond to which this coupon is
attached is redeemable and is duly
called for redemption on a date
prior to the maturity date of this
coupon, this coupon will be void.
... [RE~RSE OF BOND]
PROVISIONS FOR REDEMPTION
Unless this bond matures on or prior to
April 1, 1991, it is redeemable in the
manner and subject to the terms and provisions,
and with the effect, set forth in Ordinance
NO. 571 (adopted by the City Council of
said city on February 20, 1973 ) at the option
of said City Council on April 1, 1988, or on
any interest payment date thereafter prior to
maturity, upon at least thirty (30) days' prior
notice in a financial newspaper or journal of
national circulation, published in the City and
State of New York, at a redemption price equal
to the principal amount hereof, plus accrued
interest and a premium equal to one-half of
one percent (1/2%), of the principal amount of
said bond per year or fraction of a year from
the date of redemption to the date of maturity
provided however, that in no event shall such
premium exceed five per cent (5%) of such
principal amount.
Section 6. The bonds maturing on or prior to
April 1, 1991 shall not be subject to call or redemp-
tion prior to maturity. The bonds maturing on or after.
April 1, 1992 or any of them,'may be called before
maturity and redeemed at the option of the City Council
of said city on April 1, 1988 or on any interest pay-
ment date thereafter prior to maturity, at a redemption
price for each redeemable bond equal to the principal
amount thereof, plus accrued interest and a premium
equal to one-half of one percent (1/2%) of the prin-
cipal amount of said bond per year or fraction of a year
between the date of redemption and the maturity date.
provided however, that such premium shall in no event
exceed five percent (%5) of the principal amount. All'
or any of the bonds subject to call may be called for
.-redemption at any one time. If less than all of the
bonds are redeemed at any one time, .such 'bonds shall be
redeemed only in inverse order of maturity and number
beginning with the highest numbered bond. The interest
payment date on which bonds which are called are to be
presented for redemption is hereinafter sometimes called
the "redemption date."
Section 7. Notice of the intended redemption
shall be published by one (1) publication in a 'financial
newspaper or journal of national circulation, published
in the City and State of New York, said publication to be
at least thirty (30) days but not more than sixty (60)
days prior to the redemption date. The ~notice of redemp-
tion shall (a) state the redemption date; (b) state the
redemption price; (c) state the numbers and dates of
maturity of the bonds to be redeemed; provided, however,
/
that whenever any call includes all of the bonds of a
maturity, the numbers of such maturity need not be Stated;
(d) require that such bonds be surrendered with all interest
coupons maturing subsequent to the redemption date at the
office of the City Treasurer of said city, in said city, or
at the option of the holder thereof, at the main office of
the paying agent of the city, Bank of America, N. T. & S. A.
in the City of Los Angeles, California, or at the office of
any co-paying agent in Chicago, Illinois, or New York, New
York; (e) give notice that further interest onlsuch bonds
will not accrue after the designated redemption.date.
If any of the bonds designated for redemption shall
be registered so as to be payable otherwise than to bearer,
the City Treasurer shall, on or before the date of the
publication of said notice of redemption, mail a similar
notice, postage prepaid, to the respective registered owners
thereof at the addresses appearing on the bond registry
books.
The actual receipt by the holder of any bond
(hereinafter referred to as "bondholder") of notice of
such redemption shall not be a condition precedent to
redemption, and failure to receive such notice shall not
affect the validity of the proceedings for the redemption
of such bonds or the cessation of interest on the date
fixed for redemption.
The notice or notices required by this section
s~11 be given by the. City Treasurer. Acertificate by
said City Treasurer that notice of call. and redemption
has been given to holders of registered bonds ~s herein
provided shall be conclusive as against all parties,
and no bondholder whose registered bond is called for
redemption may object thereto or object to the cessation
of interest on the redemption date fixed by any claim or
showing that he failed to actually receive such notice
of call and redemption.
Section 8. Prior to the time the City C0uncil
determines to call and redeem any of said bonds there
-.~hall.lbe~etablished in the treasury of said city a
Redemption Fund to be descri.bed or known as "City
Tustin 1973 Civic Center Bonds Redemption Fund" and prior to
the publication of the notice of a redemption there must
be set aside in said Redemption Fund moneys available
· for the purpose and sufficient to redeem, at the premiums
payable as in this Ordinance provided, the bonds desig-
nated in such notice of redemption. Said moneys must be
set aside in said fund solely for that purpose and shall
be applied on or after the redemption date to payment
(principal and premium) for the bonds to be redeemed upon
presentation and surrender of such bonds and all interest
coupons maturing after the redemption date, and shall be
used only for that purpose. Any interest coupons due on
or prior to the redemption date shall be paid from the
Interest and Redemption Fund provided for herein upon
presentation and surrender thereof. Any interest due
on or prior to the redemption date upon registered
bonds shall be paid from said interest Fund. Each
bond presented (if unregistered) must have attached
thereto or presented therewith all interest coupons
maturing after the redemption date. if after all of
the bonds have been redeemed and cancelled or paid and
cancelled there are moneys remaining in said Redemption
Fund, said moneys shall be transferred to the general
fund of said city; provided, however, that if said moneys
are part of the proceeds of refunding bonds, said moneys
shall be transferred to the fund created for the payment
of principal of and interest on such refunding bonds.
Section 9. When notice of redemption has been
given, substantially as provided for herein, and when the
amount necessary for the redemption of the bonds called for
redemption (principal and premium) is set aside for that
purpose in the Redemption Fund, as provided for herein, the
bonds designated for redemption shall become due and payable
on the date fixed for redemption thereof, and upon presen-
tation and surrender of said bonds and (except as to
registered bonds) all interest coupons maturing after the
redemption date, at the place specified in the notice of
redemption, such bonds shall be redeemed and paid at said
redemption price out of the Redemption Fund, and no
i'nterest will accrue on such bonds called for redemption
.13.
or on any interest coupons thereof after the redemption
date specified in such notice, and the holders of said
bonds so called for redemption after such redemption
date shall look for the payment of such bonds and the
premium'thereon only to said Redemption Fund. All bonds
redeemed and all interest coupons thereof shall be can-
celled forthwith by the City Treasurer and shall not be
reissued.
All interest coupons pertaining to any redeemed
bonds, which coupons have matured on or prior to the time
fixed for redemption, shall continue to be payable to the
respective holders thereof but without interest thereon.
All unpaid interest payable at or prior to the date fixed
.~for redemption upon registered bonds shall continue to be
-payable to the respective registered owners of such bonds,
or their order, but without interest thereon.
Section 10. That any of said bonds may be
registered only as to both principal and interest~ and
any registered bond may be discharged from registration,
in the manner and with the effect set forth in the pro-
visions for registration contained in the form of bond
set forth herein.. The City Treasurer and the .paying agent
shall hold all coupons submitted with bonds upon registra-
tion for attachment in case of deregistration.
Section 11. That the City Clerk shall certify
to the passage and adoption of this ordinance byI a vote
of at least two-thirds of all the members of ~he City
Council of said city, and shall cause this ordinance
to be published once in the Tustin News, a newspaper
Of general circulation in said city.
Section 12. This ordinance shall take effect
thirty (30) days after its adoption.
ADOPTED, SIGNED AND APPROVED this 20th day of February , 1973.
· ~' Mayo 'f the City of Tustin,
fornia
ATTEST:
(SEAL)
STATE OF CALIFORNIA)
COUNTY OF ORANGE )ss
CITY OF TUSTIN )
RUTH C. POE, City Clerk and ex-officio Clerk of the City
Council of the City of Tustin, California, does hereby
certify that the whole number of members of the City Council
of the City of Tustin is five; that'the above and fore-
going Ordinance No. 571 was duly and regularly introduced
and read at a regular meeting of the City Council held on
the 5th day of February , 197 3 , and was given
'~ts second reading ~nd duly passed and adopted 'at a regular
meeting held on the 20th day of February , 1973, by
~he following vote:
AYES: COUNCILMEN MILLER, SALTARELLI, LANGLEY, WELSH
NOES: COUNCILMEN NONE-
ABSENT: COUNCILMEN WOODRUFF
Ci of Tustin, California~a_