HomeMy WebLinkAboutE02 SpecimenBondNUMBER R-1 ***$4,125,000***
THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"). THIS BOND MAY BE TRANSFERRED ONLY IN
WHOLE TO A TRANSFEREE PERMITTED BY SECTION 2.05 OF THE INDENTURE WHO
DELIVERS TO THE TRUSTEE AND THE AUTHORITY AN EXECUTED
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM SET FORTH IN THE
INDENTURE. �\
UNITED STATES OF AMERICA
STATE OF CALIF��- "-
ORANGE COU
TUSTIN PUBLIC FINANC
Water Revenue Bond
(Subordinate
INTEREST RATE
I MATIJCT j
MUG SSUE DATE
4.820%
1, 20
FebjMry 14, 2024
REGISTERED OWNER: CA4TAL ONE P C U G LLC
PRINCIPAL AMOUNT: F MILLION ONARED TWENT
Y-FIVE
F$�T SAND DOLL4,125,000)
The TUSTIN P C NC1TaW HORITY, a public body corporate and politic,
duly organize xis nder N laws of the State of California (the "Authority"), for
value receiv , here ro to pa �o the Registered Owner specified above or registered
assigns ( ister Owner, o e Maturity Date specified above, the Principal Amount
specifi bov 1 I money`` e United States of America, and to pay interest thereon in
like mone m the Inte t Payment Date (as hereinafter defined) next preceding the
dat f authenticati f this Bond unless (i) this Bond is authenticated on or before an Interest
Pay t D aft e lose of business on the fifteenth day of the month preceding such
intere n e, i 'ch event it shall bear interest from such Interest Payment Date, or
(ii) this and is au en cated on or before September 15, 2024, in which event it shall bear
interest from the Or inal Issue Date specified above; provided, however, that if at the time of
authenticatio Bond, interest is in default on this Bond, this Bond shall bear interest from
the Interest Pa ent Date to which interest has previously been paid or made available for
payment on this Bond, at the Interest Rate per annum specified above, payable semiannually on
April 1 and October 1 in each year, commencing October 1, 2024 (collectively, the "Interest
Payment Dates"), calculated on the basis of a 360-day year composed of twelve 30-day months.
The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee")shall pay
If the Default Rate or the Taxable Rate (each as defined in the Indenture) is in effect, interest will be
computed by applying such alternate rate.
TUSTIN PUBLIC FINANCING AUTHORITY
Water Revenue Bond, Series 2024
(Subordinate Lien)
Page 1
principal of and interest on this Bond when due by wire transfer (or other form of electronic
payment) in immediately available funds to the Registered Owner hereof as of the Record Date
in accordance with such wire transfer instructions as shall be filed by the Registered Owner
with the Trustee from time to time, or, with the Registered Owner's consent, by another
commercially reasonable method of payment, to an account in the United States designated by
the Registered Owner. Payments of principal of this Bond shall be made without the
requirement for presentation and surrender of the Bond by the Registered Owner, provided
that principal of the Bond that is payable at final maturity shall be made only upon presentation
and surrender thereof at the corporate trust office (the "Trust Office") ofX Trustee in Los
Angeles, California, or such other place as designated by the Trustee..
This Bond is not a debt of the City of Tustin (the "City"), Orange Coun he State of
California, or any of its political subdivisions, and neither the City, n , sai tate, nor
any of its political subdivisions, is liable hereon nor in any event all le out
of any funds or properties of the Authority other than the ReveAVek
This Bond is one of a duly authorized issue of bonds of the Authority signated as the
"Tustin Public Financing Authority Water Revenue BoAt, Series 2024 (S;Vbordi ien)" (the
"Bonds"), in an aggregate principal amount of four m -- one hundred twktye thousand
dollars ($4,125,000), all of like tenor and date (except suchYIE,
ny, as may be
required to designate varying numbers, maturities or interest rateed pursuant to
the provisions of Article 4 of Chapter 5 of Di ' 'on 7 of Title 1 (coh section 6584)
of the California Government Code (the "B " , and pursunture of Trust,
dated as of February 1, 2024, by and be en th d t"Indenture"),
and a resolution of the Board of Di of the u adapted on February 6, 2024,
authorizing the issuance of the Bo Re ce is eby e to the Indenture (copies of
which are on file at the office of Au on nd all s Igments thereto for a description of
the terms on which the Bonds a issued, the provisions wiregard to the nature and extent of
the Revenues, and the rights th eunder of the owNond,
of the Bonds and the rights, duties and
immunities of the Truste nd t e rights and obligs of the Authority thereunder, to all of
the provisions of whic the egist ed Owner of by acceptance hereof, assents and
agrees.
The Bon ave uthority to aid in financing the acquisition and
construction e n im ements d facilities (the "2024 Project") which constitute part of
the water rprise of the to sold to the City by the Authority pursuant to an
Installment Agreee_nent, of February 1, 2024, by and between the Authority as
seller the a� purchaser e "Installment Sale Agreement"). The City's obligations
and the stall m Sale Agree ent will be subordinate to the City's obligations with respect
to payment of service on its City of Tustin (Orange County, California) 2016 Water
Refu B nd its City of Tustin (Orange County, California) Taxable Water
Refun 0!%eon , Series 2020.
This Flond Jd the interest hereon and all other Bonds and the interest thereon are
special obligatlk4oWf the Authority, and are payable from, and are secured by a charge and lien
on the Revenues as defined in the Indenture, consisting primarily of installment payments to be
made by the City under the Installment Sale Agreement as the purchase price for the 2024
Project. As and to the extent set forth in the Indenture, all of the Revenues are exclusively and
irrevocably pledged in accordance with the terms hereof and the provisions of the Indenture, to
the payment of the principal of and interest on the Bonds.
The rights and obligations of the Authority and the owners of the Bonds may be
modified or amended at any time in the manner, to the extent and upon the terms provided in
Exhibit A
Page 2
the Indenture, but no such modification or amendment shall extend the fixed maturity of any
Bonds, or reduce the amount of principal thereof, or extend the time of payment, or change the
method of computing the rate of interest thereon, or extend the time of payment of interest
thereon, without the consent of the owner of each Bond so affected.
The Bonds are subject to redemption, at the option of the City on or after April 1, 2034,
as a whole on any date or in part on any Interest Payment Date, from any available source of
funds, at a redemption price equal to the principal amount of the Bonds to be redeemed,
together with accrued interest thereon to the date fixed for redemption, witho premium.
The Bonds are also subject to mandatory redemption from sinking ac nt payments
made by the Authority, on April 1, 2025, and on April 1 in each year thereafter to including
April 1, 2044, at a redemption price equal to the principal amount thereof to be redeemed
together with accrued interest thereon to the redemption date, out premium, as set forth in
the following table: Wow
Redemption Date Principal
(April 1) Amount
2025
2026
2027
2028
2029
2030
2031
2032
$105,000
135,000
140,000
145,000
155,000
160,000
170,000
180,000
I As providedhe Indenture, notice of redemption shall be mailed by the Trustee by
first class mail not les than thirty (30) nor more than sixty (60) days prior to the redemption
date to the respective ovrhers of any Bonds designated for redemption at their addresses
appearing on there .stration books of the Trustee, but neither failure to receive such notice nor
any defect in the no ce so mailed shall affect the sufficiency of the proceedings for redemption
or the cessatio crual of interest thereon from and after the date fixed for redemption.
If this Bond is called for redemption and payment is duly provided therefor as specified
in the Indenture, interest shall cease to accrue hereon from and after the date fixed for
redemption.
If an Event of Default, as defined in the Indenture, shall occur, the principal of all Bonds
may be declared due and payable upon the conditions, in the manner and with the effect
Exhibit A
Page 3
provided in the Indenture, but such declaration and its consequences may be rescinded and
annulled as further provided in the Indenture.
Ownership of this Bond may be transferred in whole only and only to a (i) an affiliate of
the Registered Owner or (ii) a bank, trust, custodian, insurance company or other financial
institution or an affiliate thereof, in each case that executes and delivers to the Trustee a
representation letter in substantially the form attached to the Indenture as Exhibit B.
Nothing herein limits the right of the Registered Owner to sell or as 'gn participation
interests in the Bond, in minimum amounts of $250,000, to one or more enti ' 'sted in (i) or (ii)
above, provided that any participation, custodial or similar agreement unde'NqoLhich multiple
ownership interests in the Bond are created shall provide the method by which Xowners of
such interests shall establish the rights and duties of a single enti servicer or other
fiduciary or agent acting on behalf of all of such owners (a loan e vi r them behalf
with respect to the rights and interests of the Registered Ow clud wit the
exercise of rights and remedies of the Registered Owner o ehal of su owners upon the
occurrence of an event of default under the Indenture.
The Authority and the Trustee may treat the tere er her a4Ehe absolute
owner hereof for all purposes, and the Authority andW
ee 1 not b ffected by any
notice to the contrary.
It is hereby certified that all of the t dition an r Oixired to exist, to have
happened or to have been performed p eden iss e of this Bond do exist,
have happened or have been performe ue an e, f m and manner as required
by the Bond Law and the laws o State of Cali is a at the amount of this Bond,
together with all other indebted so e Authority, s of exceed any limit prescribed by
the Bond Law or any laws of th tate of California, and is in excess of the amount of Bonds
permitted to be issued under th ndenture.
This Bond shall t e Y
ed to an be filunder the Indenture or become valid or
obligatory for any pu ose u til ertificate authentication hereon endorsed shall have
been signed by the e.
J
Exhibit A
Page 4
IN WITNESS WHEREOF, the Tustin Public Financing Authority has caused this Bond to
be executed in its name and on its behalf with the facsimile signature of its Chair and attested to
by the facsimile signature of its Secretary, all as of the Original Issue Date.
TUSTIN PUBLIC FINANCING
AUTHORITY
By
hair
Attest:
By 15i[x �
Secretary Z
AUTHENTICATION
,,"9�
n-me dNn*r>
TRUSTEE'S CERTIFICATE OF
Exhibit A
Page 5
NEW YORK MELLON
ANY, N.A., as Trustee
Authorized Signatory
ASSIGNMENT
For value received, the undersigned do(es) hereby sell, assign and transfer unto
(Name, Address and Tax Identification or Social Security Number of Assignee)
the within Bond and do(es) hereby irrevocably constitute(s) and appoint(s)
attorney, to transfer the same on the registration books of the Trustee
the premises.
Dated:
Signature Guaranteed:
Notice: Signature guarantee shall be made by a Notice:
guarantor institution participating in the Securiti resF
Transfer Agents Medallion Program or in such o r
guarantee program acceptable to the Trustee. e
Exhibit A
Page 6
in
F assignment must
ritten on the face of
without alteration or