HomeMy WebLinkAbout09 SUPL. FISCAL AGENT 07-01-02AGENDA REPORT
NO. 09
07-01-02
MEETING DATE: JULY 1, 2002 400-10
TO:
FROM:
SUBJECT:
WILLIAM A. HUSTON, CITY MANAGER
RONALD A. NAULT, FINANCE DIRECTOR
ADOPTION OF RESOLUTION NO. 02-63 APPROVING THE EXECUTION
AND DELIVERY OF A SIXTH SUPPLEMENTAL FISCAL AGENT
AGREEMENT AND OTHER MATTERS RELATED THERETO
SUMMARY:
In 1985 and 1986 the City created Assessment Districts 85-1 and 86-2 for the purpose of
providing a t ax exempt financing vehicle f or constructing the infrastructure necessary for the
build-out of Tustin Ranch. In February of 1996 the City Council approved the formation of the
Tustin Public Financing Authority to facilitate the reorganization of Assessment Districts 85-1
and 86-2, and the concurrent refinancing of the outstanding debt of the two Districts into
Reassessment District 95-1, made up of owner occupied residential property with fixed rate
bond assessments, and Reassessment District No. 95-2, made up of commercial and vacant
parcels with variable rate assessments. In keeping'with the City Council's policy as stated in the
East Tustin Development Agreement, as vacant parcels are developed as owner occupied
residential property, the variable rate debt is converted to fixed rate debt for the remaining life of
the original issue and the parcels become part of Reassessment District 95-1. All converted
assessment bonds have a provision for Mandatory Sinking Fund Redemptions during the first
ten years of the bonds. Adoption of Resolution No. 02-63 will correct an omission in the Fifth
Supplemental Fiscal Agent Agreement dated November 1, 2001, relating to the creation of the
Mandatory Sinking Fund for the $2,245,000 fixed rate bonds converted last November.
RECOMMENDATION:
Adopt Resolution No. 02-63 approving the execution and delivery of a Sixth Supplemental
Fiscal Agent Agreement and other matters related thereto.
FISCAL IMPACT:
None.
DISCUSSION:
This is a housekeeping item that amends the Fifth Supplemental Fiscal Agent Agreement
to include language that requires Mandatory Sinking Fund Redemptions for the converted
bonds beginning September 2, 2002. This language was erroneously omitted during the
November 2001 conversion.
R(~na~ A. Nault
Finance Director
Attachments
RAN:SixthSupplementalFiscalAgentAgreementStaffReport.doc
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RESOLUTION NO. 02-63
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN,
CALIFORNIA, APPROVING THE EXECUTION AND DELIVERY OF A
SIXTH SUPPLEMENTAL FISCAL AGENT AGREEMENT AND
OTHER MATTERS RELATED THERETO
WHEREAS, pursuant to a Fiscal Agent Agreement, dated as of February 1, 1996
(the "Original Agreement"), by and between the City of Tustin (the "City") and State
Street Bank and Trust Company of California, N.A. (the "Fiscal Agent"), the City issued
its Limited Obligation Improvement Bonds, Reassessment District No. 95-2 (Tustin
Ranch), Series A (the "Series A Bonds") in the aggregate principal amount of
$41,500,000;
WHEREAS, the Original Agreement was amended and supplemented pursuant
to a First Supplemental Fiscal Agent Agreement, dated as of September 1, 1996, by and
between the City and the Fiscal Agent, a Second Supplemental Fiscal Agent
Agreement, dated as of November 1, 1997, by and between the City and the Fiscal
Agent, a Third Supplemental Fiscal Agent Agreement, dated as of November 1, 1998,
by and between the City and the Fiscal Agent, a Fourth Supplemental Fiscal Agent
Agreement, dated as of November 1, 1999, by and between the City and the Fiscal
Agent, and a Fifth Supplemental Fiscal Agent Agreement, dated as of November 1,
2001, by and between the City and the Fiscal Agent (as so amended and
supplemented, the "Fifth Amended Original Agreement") (all capitalized terms used in
these recitals shall have the meanings ascribed thereto in the "Fifth Amended Original
Agreement");
WHEREAS, the Fifth Amended Original Agreement provides that the Fifth
Amended Original Agreement and the rights and obligations of the City, the Fiscal Agent
and the Owners of Fixed Rate Bonds may be modified or amended from time to time
and at any time, by a Supplemental Agreement which the City and the Fiscal Agent may
enter into without the consent of any Bond Owners for the purpose of curing any
ambiguity, inconsistency or omission, or for curing or correcting any defective provisions
contained in the Fifth Amended Original Agreement;
WHEREAS, the City desires to amend the Fifth Amended Original Agreement to
cure an omission with respect to the Fifth Amended Original Agreement by entering into
a Sixth Supplemental Fiscal Agent Agreement with the Fiscal Agent (such Sixth
Supplemental Fiscal Agent Agreement, in the form presented to this meeting, being
referred to herein as the "Sixth Supplemental Agreement");
WHEREAS, the City has determined that all things necessary to cause the
authorization, execution and delivery of the Sixth Supplemental Agreement have in all
respects been duly authorized; and
WHEREAS, there have been prepared and submitted to this meeting the form of
the Sixth Supplemental Agreement;
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NOW, THEREFORE, BE IT RESOLVED by the City Council the City of Tustin as
follows:
Section 1. The Sixth Supplemental Agreement, in substantially the form
submitted to this meeting and made a part hereof as though set forth herein, be and the
same is hereby approved. The Mayor of the City, the Mayor Pro Tem of the City, or
such other member of the City Council as the Mayor may designate, the City Manager of
the City and the Director of Finance/Treasurer of the City, or such other officer of the
City as the City Manager or the Director of Finance/Treasurer may designate (the
"Authorized Officers") are, and each of them is, hereby authorized and directed, for and
in the name of the City, to execute and deliver the Sixth Supplemental Agreement in the
form submitted to this meeting, with such changes, insertions and omissions as the
Authorized Officer executing the same may require or approve, such requirement or
approval to be conclusively evidenced by the execution of the Sixth Supplemental
Agreement by such Authorized Officer.
Section 2. The Authorized Officers are, and each of them hereby is, authorized
and directed to execute and deliver any and all documents and instruments and to do
and cause to be done any and all acts and things necessary or proper for carrying out
the transactions contemplated by the Fifth Amended Original Agreement, the Sixth
Supplemental Agreement and this Resolution.
Section 3. All actions heretofore taken by the officers and employees of the City
with respect to the issuance and sale of the Group Four Bonds, or in connection with or
related to any of the agreements or documents referenced herein, are hereby approved,
confirmed and ratified.
Section 4. This Resolution shall take effect immediately upon its adoption.
APPROVED and ADOPTED by the City Council of the City of Tustin on
July 1,2002.
ATTEST:
Jeffery M. Thomas, Mayor
Pamela Stoker, City Clerk
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
I, Pamela Stoker, City Clerk of the City of Tustin, California hereby certify that the
foregoing is a full, true and correct copy of a Resolution duly adopted at a regular
meeting of the City Council of said City duly and regularly held at the regular meeting
place thereof on July 1,2002, of which meeting all of the members of said City Council
had due notice and at which a majority thereof were present; and that at said meeting
said Resolution was adopted by the following vote:
AYES' COUNCIL MEMBERS'
NOES: COUNCIL MEMBERS'
ABSENT: COUNCIL MEMBERS'
An agenda of said meeting was posted at least 72 hours before said meeting at
300 Centennial Way, Tustin, California, a location freely accessible to members of the
public, and a brief general description of said Resolution appeared on said agenda.
I further certify that I have carefully compared the same with the original minutes
of said meeting on file and of record in my office; that the foregoing Resolution is a full,
true and correct copy of the original Resolution adopted at said meeting and entered in
said minutes; and that said Resolution has not been amended, modified or rescinded
since the date of its adoption, and the same is now in full force and effect.
Dated: July 1,2002
Pamela Stoker, City Clerk
SIXTH SUPPLEMENTAL
FISCAL AGENT AGREEMENT
by and between the
CITY OF TUSTIN
and
STATE STREET BANK AND TRUST COMPANY
OF CALIFORNIA, N.A.,
as Fiscal Agent
Dated as of July 1, 2002
RELATING TO
CITY OF TUSTIN
LIMITED OBLIGATION IMPROVEMENT BONDS
REASSESSMENT DISTRICT NO. 95-2 (TUSTIN RANCH)
FIXED RATE BONDS, GROUP FOUR
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SIXTH SUPPLEMENTAL FISCAL AGENT AGREEMENT
THIS SIXTH SUPPLEMENTAL FISCAL AGENT AGREEMENT (this "Sixth
Supplemental Agreement") is made and entered into as of July 1, 2002 by and between the CITY
OF TUSTIN, a general law city and municipal corporation organized and existing under and by
virtue of the laws of the State of California (the "City"), and STATE STREET BANK AND
TRUST COMPANY OF CALIFORNIA, N.A., a national banking association organized and
existing under and by virtue of the laws of the United States of America, as fiscal agent (the
"Fiscal Agent").
W ! T N E S S E TH:
WHEREAS, pursuant to a Fiscal Agent Agreement, dated as of February 1, 1996 (the
"Original Agreement"), by and between the City and the Fiscal Agent, the City issued its Limited
Obligation Improvement Bonds, Reassessment District No. 95-2 (Tustin Ranch), Series A (the
"Series A Bonds") in the aggregate principal amount of $41,500,000;
WHEREAS, the Original Agreement was amended and supplemented pursuant to a First
Supplemental Fiscal Agent Agreement, dated as of September 1, 1996, by and between the City
and the Fiscal Agent, a Second Supplemental Fiscal Agent Agreement, dated as of November 1,
1997, by and between the City and the Fiscal Agent, a Third Supplemental Fiscal Agent
Agreement, dated as of November 1, 1998, by and between the City and the Fiscal Agent, a
Fourth Supplemental Fiscal Agent Agreement, dated as of November 1, 1999, by and between
the City and the Fiscal Agent, and a Fifth Supplemental Fiscal Agent Agreement, dated as of
November 1, 2001, by and between the City and the Fiscal Agent (as so amended and
supplemented, the "Fifth Amended Original Agreement") (all capitalized terms used in these
recitals shall have the meanings ascribed thereto in the "Fifth Amended Original Agreement");
WHEREAS, the Fifth Amended Original Agreement provides that the Fifth Amended
Original Agreement and the rights and obligations of the City, the Fiscal Agent and the Owners
of Fixed Rate Bonds may be modified or amended from time to time and at any time, by a
Supplemental Agreement which the City and the Fiscal Agent may enter into without the consent
of any Bond Owners for the purpose of curing any ambiguity, inconsistency or omission, or for
curing or correcting any defective provisions contained in the Fifth Amended Original
Agreement;
WHEREAS, the City desires to amend the Fifth Amended Original Agreement to cure an
omission with respect to the Fifth Amended Original Agreement; and
WHEREAS, the City has determined that all things necessary to cause the authorization,
execution and delivery of this Sixth Supplemental Agreement have in all respects been duly
authorized;
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NOW, THEREFORE, in consideration of the covenants and provisions herein set forth
and for other valuable consideration the receipt and sufficiency of which is hereby
acknowledged, the parties hereto do hereby agree as follows:
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PART I
SPECIFIC AMENDMENTS
Part 1.1. Amendment to Section 16.07. Section 16.07 of the Fifth Amended Original
Agreement is hereby amended by adding thereto a subsection (c), which shall read in full as
follows:
(c) Mandatory Sinking Fund Redemption. The Group Four Bonds shall be subject to
mandatory sinking fund redemption, in part, on September 2 in each year, commencing
September 2, 2002, at a Redemption Price equal to the principal amount of the Group Four
Bonds to be redeemed, without premium, plus accrued interest thereon to the date of redemption,
in the aggregate respective principal amounts in the respective years as follows:
Sinking Fund Principal Amount
Redemption Date to be
(September 2) Redeemed
2002 $127,000
2003 142,000
2004 150,000
2005 161,000
2006 172,000
2007 185,000
2008 197,000
2009 211,000
2010 225,000
2011 241,000
2012 210,000
2013 224,000
If some but not all of the Group Four Bonds are redeemed pursuant to Section 16.07(a),
the principal amount of Group Four Bonds to be redeemed pursuant to Section 16.07(c) on any
subsequent September 2 shall be reduced, by $5,000 or an integral multiple thereof, as designated
by the City in a Written Certificate of the City filed with the Fiscal Agent at least 45 days prior to
such redemption date; provided, however, that the aggregate amount of such reductions shall not
exceed the aggregate amount of Group Four Bonds redeemed pursuant to Section 16.07(a). If
some but not all of the Group Four Bonds are redeemed pursuant to Section 16.07(b), the
principal amount of Group Four Bonds to be subsequently redeemed pursuant to Section 16.07(c)
shall be reduced by the aggregate principal amount of the Group Four Bonds so redeemed
pursuant to Section 16.07(b), such reduction to be allocated as nearly as practicable on a pro rata
basis in amounts of $5,000 or integral multiples thereof, as designated by the City in a Written
Certificate of the City filed with the Fiscal Agent at least 45 days prior to such redemption date.
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PART 2
MISCELLANEOUS
Part 2.1. Effect of Sixth Supplemental Agreement. This Sixth Supplemental
Agreement and all of the terms and provisions herein contained shall form part of the Sixth
Amended Original Agreement as fully and with the same effect as if all such terms and
provisions had been set forth in the Fifth Amended Original Agreement. The Fifth Amended
Original Agreement is hereby ratified and confirmed and shall continue in full force and effect in
accordance with the terms and provisions thereof, as heretofore amended and supplemented, and
as amended and supplemented hereby. If there shall be any conflict between the terms of this
Sixth Supplemental Agreement and the terms of the Fifth Amended Original Agreement (as in
effect on the day prior to the effective date of this Sixth Supplemental Agreement), the terms of
this Sixth Supplemental Agreement shall prevail.
Part 2.2. Preparation of New Group Four Bonds. Group Four Bonds modified to
conform to the amendment contained in this Sixth Supplemental Agreement shall be prepared
and executed by the City and authenticated by the Fiscal Agent. Such new Group Four Bonds
shall be substantially in the form set forth in Exhibit J.
Part 2.3. Execution in Several Counterparts. This Sixth Supplemental Agreement
may be executed in any number of counterparts and each of such counterparts shall for all
purposes be deemed to be an original; and all such counterparts, or as many of them as the City
and the Fiscal Agent shall preserve undestroyed, shall together constitute but one and the same
instrument.
Part 2.4. Effective Date of Sixth Supplemental Agreement. This Sixth Supplemental
Agreement shall take effect immediately upon its execution by the parties hereto.
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IN WITNESS WHEREOF, the City has caused this Sixth Supplemental Agreement to
be signed in its name by its officer thereunto duly authorized, and the Fiscal Agent has caused
this Sixth Supplemental Agreement to be signed in its corporate name by its officer thereunto
duly authorized, all as of the day and year first above written.
CITY OF TUSTIN
By:
Ronald A. Nault
Finance Director
STATE STREET BANK AND TRUST
COMPANY OF CALIFORNIA, N.A.,
as Fiscal Agent
By:
Authorized Officer
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EXHIBIT J
FORM OF GROUP FOUR BOND
No. R-1
CITY OF TUSTIN
LIMITED OBLIGATION IMPROVEMENT BONDS
REASSESSMENT DISTRICT NO. 95-2 (TUSTIN RANCH)
FIXED RATE BOND, GROUP FOUR
NOMINAL INTEREST RATE
REGISTERED OWNER:
PRINCIPAL AMOUNT:
MATURITY DATE
DATED DATE
September 2, 2013
STATE STREET BANK AND TRUST COMPANY OF
CALIFORNIA, N.A., AS TRUSTEE
Under and by virtue of the Refunding Act of 1984 for 1915 Improvement Act Bonds
(Division 11.5 of the California Streets and Highways Code) (the "Act"), the City of Tustin,
County of Orange, State of California (the "City"), will, out of the redemption fund for the
payment of the bonds issued upon the unpaid portion of reassessments made for the refunding
bonds more fully described in proceedings taken pursuant to Resolution No. 95-118 adopted by
the City Council of the City on November 20, 1995, pay to the Registered Owner identified
above or registered assigns (the "Registered Owner"), on the Maturity Date identified above or
on any earlier redemption date, the Principal Amount identified above in lawful money of the
United States of America; and pay interest thereon at, except as provided below, the nominal
Interest Rate identified above in like lawful money from the date hereof payable semiannually on
March 2 and September 2 in each year, commencing March 2, 2002 (each such date an "Interest
Payment Date"), until payment of such Principal Amount in full. This Group Four Bond shall
bear interest from the Interest Payment Date next preceding the date of authentication of this
Group Four Bond, unless this Group Four Bond is authenticated on or before an Interest Payment
Date and after the fifteenth calendar day of the month preceding such Interest Payment Date (the
"Record Date"), in which event it shall bear interest from such Interest Payment Date, or unless
this Group Four Bond is authenticated on or prior to November 7, in which event it shall bear
interest from the Dated Date identified above; provided, however, that if, at the time of
authentication of this Group Four Bond, interest is in default, this Group Four Bond shall bear
interest from the Interest Payment Date to which interest hereon has previously been paid or
DOCSI.A1:421425. I J-I
made available for payment. The Principal Amount hereof is payable upon surrender hereof
upon maturity or earlier redemption at the principal corporate trust office (the "Trust Office") of
State Street Bank and Trust Company of California, N.A., as fiscal agent and paying agent (the
"Fiscal Agent" and "Paying Agent", respectively), in Los Angeles, California. Interest hereon is
payable by check of the Paying Agent mailed by first class mail, postage prepaid, on each Interest
Payment Date to the Registered Owner hereof at the address of the Registered Owner as it
appears on the Registration Books of the Paying Agent as of the close of business on the Record
Date.
This Group Four Bond shall not be entitled to any benefit under the Act, the Resolutions
authorizing the issuance of the bonds, adopted by the City Council of the City on January 15,
1996, September 2, 1997, August 17, 1998, November 1, 1999, and October 15, 2001 (the
"Resolutions of Issuance") or the Fiscal Agent Agreement, dated as of February 1, 1996, by and
between the City and the Fiscal Agent, as amended and supplemented by the First Supplemental
Fiscal Agent Agreement, dated as of September 1, 1996, by and between the City and the Fiscal
Agent, the Second Supplemental Fiscal Agent Agreement, dated as of November 1, 1997, by and
between the City and the Fiscal Agent, the Third Supplemental Fiscal Agent Agreement, dated as
of November 1, 1998, by and between the City and the Fiscal Agent, the Fourth Supplemental
Fiscal Agent Agreement, dated as of November 1, 1999, by and between the City and the Fiscal
Agent, and the Fifth Supplemental Fiscal Agent Agreement, dated as of November 1, 2001 by
and between the City and the Fiscal Agent (as so amended and supplemented, the "Agreement"),
executed pursuant to the Resolutions of Issuance, or become valid or obligatory for any purpose,
until the certificate of authentication hereon shall have been dated and signed by the Paying
Agent. Capitalized undefined terms used in this Group Four Bond shall have the meanings
ascribed thereto in the Agreement. Notwithstanding anything to the contrary contained herein, or
in the Agreement, the actual rate of interest to be borne by the Group Four Bonds (including this
Group Four Bond) shall be adjusted as of each September I to a rate per annum such that the sum
of (i) the product of such rate (expressed as a decimal) times the principal amount of Group Four
Bonds Outstanding as of the close of business on such September 1, plus (ii) the amount to be
deposited, pursuant to the Agreement, on the following September 3, in the Redemption Account
(Group Four) established under the Agreement from amounts transferred by the Authority
Trustee from the Surplus Fund established under the Authority Indenture, is equal to the product
of the nominal rate (express as a decimal) times the principal amount of Group Four Bonds
Outstanding as of the close of business on such September 1.
This Group Four Bond is one of several annual series of Limited Obligation Improvement
Bonds, Reassessment District No. 95-2 (Tustin Ranch), Fixed Rate Bonds, Group Four (the
"Group Four Bonds") of like date, tenor and effect, but differing in amounts, maturities and
interest rates, issued by said City under the Act and the Agreement for the purpose of providing
means for paying for the refunding of the bonds as more particularly described in said
proceedings, and is secured by the moneys in the redemption fund (as may be limited by the
Agreement) and by the unpaid portion of the Reassessments made for the payment of said
refunding, and, including principal and interest, is payable exclusively out of said fund.
Notwithstanding the foregoing, the Group Four Bonds shall be payable solely from and secured
solely by the Reassessments (including prepayments thereof) on the parcels of real property
DOCSI.A 1:421425. I J-2
within the Reassessment District designated by the City, pursuant to the Agreement, to be
represented by the Group Four Bonds (the "Designated Parcels (Group Four)"), together with
interest and any penalties on such Reassessments, and any other amounts (including proceeds of
the sale of the Group Four Bonds) held in any account established under the Agreement for the
Group Four Bonds. Reassessments (including prepayments thereof) on parcels of real property
within the Reassessment District other than the Designated Parcels (Group Four), together with
interest and any penalties on such Reassessments, and any amounts held in any fund or account
established under the Agreement other than such accounts established specifically for the Group
Four Bonds, secure certain other Bonds issued or to be issued under the Agreement and shall not
constitute a source of payment for the Group Four Bonds.
Reference is hereby made to the Agreement and all agreements supplemental thereto for a
description of the rights thereunder of the owners of the Group Four Bonds, of the nature and
extent of the Reassessments, of the rights, duties and immunities of the Fiscal Agent and the
Paying Agent and of the rights and obligations of the City thereunder; and all of the terms of the
Agreement are hereby incorporated herein and constitute a contract between the City and the
Registered Owner hereof, and to all of the provisions of which Agreement the Registered Owner
hereof, by acceptance hereof, assents and agrees.
The Group Four Bonds maturing on or after September 2, 2009, shall be subject to
optional redemption, in whole or in part, on any Interest Payment Date on or after September 2,
2008, at the following respective redemption prices (expressed as percentages of the principal
amount of the Group Four Bonds to be redeemed), plus accrued interest thereon to the date of
redemption:
Redemption Dates
Redemption Price
September 2, 2008 and March 2, 2009
September 2, 2009 and March 2, 2010
September 2, 2010 and thereafter
102%
101
100
The Group Four Bonds shall be subject to mandatory redemption, in whole or in part, on
any Interest Payment Date, from and to the extent of any prepayments of principal of the
Reassessments on Designated Parcels (Group Four), as more particularly set forth in the
Agreement, at the following respective redemption prices (expressed as percentages of the
principal amount of the Group Four Bonds to be redeemed), plus accrued interest thereon to the
date of redemption.
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Redemption Dates
Redemption Price
March 2, 2002 through March 2, 2006
September 2, 2006 and March 2, 2007
September 2, 2007 and March 2, 2008
September 2, 2008 and thereafter
103%
102
101
100
The Group Four Bonds shall be subject to mandatory sinking fund redemption, in part, on
September 2 in each year, commencing September 2, 2002 at a redemption price equal to the
principal amount of the Group Four Bonds to be redeemed, without premium, plus accrued
interest thereon to the date of redemption, in the aggregate respective principal amounts specified
in the Agreement.
The Fiscal Agent on behalf and at the expense of the City shall mail (by first class mail)
notice of any redemption to the respective owners of any Group Four Bonds designated for
redemption, at their respective addresses appearing on the Registration Books, at least 30 but not
more than 60 days prior to the redemption date; provided, however, that neither failure to receive
any such notice so mailed nor any defect therein shall affect the validity of the proceedings for
the redemption of such Group Four Bonds or the cessation of the accrual of interest thereon. The
redemption price of the Group Four Bonds to be redeemed shall be paid only upon presentation
and surrender thereof at the Trust Office of the Paying Agent. From and after the date fixed for
redemption of any Group Four Bonds, interest on such Group Four Bonds will cease to accrue.
The Group Four Bonds are issuable as fully registered Bonds without coupons in
denominations of $1,000 or any integral multiple thereof. Subject to the limitations and upon
payment of the charges, if any, provided in the Agreement, Group Four Bonds may be exchanged
at the Trust Office of the Paying Agent for a like aggregate principal amount and maturity of
fully registered Group Four Bonds of other authorized denominations.
This Group Four Bond is transferable by the Registered Owner hereof, in person or by his
attorney duly authorized in writing, at the Trust Office of the Paying Agent, but only in the
manner, subject to the limitations and upon payment of the charges provided in the Agreement,
and upon surrender and cancellation of this Group Four Bond. Upon such transfer a new fully
registered Group Four Bond or Group Four Bonds, of authorized denomination or
denominations, for the same aggregate principal amount and of the same maturity will be issued
to the transferee in exchange herefor. The City, the Fiscal Agent and the Paying Agent may treat
the Registered Owner hereof as the absolute owner hereof for all purposes, and the City, the
Fiscal Agent and the Paying Agent shall not be affected by any notice to the contrary.
The Agreement and the rights and obligations of the City and of the owners of the Bonds
and of the Fiscal Agent may be modified or amended from time to time and at any time in the
manner, to the extent, and upon the terms provided in the Agreement.
The Bonds (including the Group Four Bonds) are Limited Obligation Bonds because,
under the Agreement, the City is not obligated to advance funds from the City treasury to cure
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any deficiency which may occur in the redemption fund for the Bonds; provided, however, the
City is not prevented, in its sole discretion, from so advancing funds.
IN WITNESS WHEREOF, said City has caused this Group Four Bond to be signed in
its name and on its behalf by the facsimile signatures of its Treasurer and City Clerk, and has
caused its corporate seal to be reproduced in facsimile hereon all as of the 2nd day of July, 2002.
CITY OF TUSTIN
By:
Treasurer
(S E A L)
Attest:
By:
City Clerk
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CERTIFICATE OF AUTHENTICATION
This is one of the Group Four Bonds described in the within-mentioned Agreement and
registered on the Registration Books.
Date:
STATE STREET BANK AND TRUST
COMPANY OF CALIFORNIA, N.A., as
Fiscal Agent
By:
Authorized Signatory
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ASSIGNMENT
For value received the undersigned hereby sells, assigns and transfers unto
whose address and social security or other tax
identifying number is , the within-mentioned Group Four Bond and
hereby irrevocably constitute(s) and appoint(s) attorney, to
transfer the same on the registration books of the Paying Agent with full power of substitution in
the premises.
Dated:
Signature Guaranteed:
Note: Signature(s) must be guaranteed by an eligible
guarantor.
Note: The signature(s) on this Assignment must
correspond with the name(s) as written on the face of
the within Group Four Bond in every particular without
alteration or enlargement or any change whatsoever.
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TABLE OF CONTENTS
Page
PART 1
SPECIFIC AMENDMENTS
Part 1.1. Amendment to Section 16.07 ......................................................................................... 3
PART 2
MISCELLANEOUS
Part 2.1. Effect of Sixth Supplemental Agreement ....................................................................... 4
Part 2.2. Preparation of New Group Four Bonds .......................................................................... 4
Part 2.3. Execution in Several Counterparts ................................................................................. 4
Part 2.4. Effective Date of Sixth Supplemental Agreement ......................................................... 4
EXHIBIT ,; FORM OF GROUP FOUR BOND ..................................................................... J-1
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