HomeMy WebLinkAboutRES 1970-11 - Board Re soiut,i on •
9-")105
RESOLUTION NO. t /
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A RESOLUTION PROVIDING FOR THE ISSUANCE OF $130,000 PRINCIPAL
AMOUNT OF BONDS OF TRUCE DONNER PUBLIC UTILITY DISTRICT; PRE-
SCRIBING THE DATE AND FORM OF SAID BONDS; PRESCRIBING THE INTERE31"1'
RATE AND THE MATURITIES THEREOF AND SALE THEREOF TO UNITED
STATES OF ANER.ICA; AUTHORIZING THE ECECUTION OF SAID BONDS; PRO-
VIDING FOR THE LEVY OF TAXES FOR THE PAYMT THEREOF; AND PROVID-
ING FOR THE PLEDGING of REVENUES TO SECURE SUCH PAYMENT.
WHEREAS, Truckee Donner Public Utility District (hereinafter called -the
'"District ") has, pursuant to the Public Utility District Act (hereinafter called
the "District Act"") of California (Division 7, Section 15501 et seq, of the Public
Utilities Cade of the State of California), duly changed its name, its former name
having been "Truckee Public Utility District"; and
WHEREAS, the District is authorized, pursuant to the District Act, to
issue general obligation bonds to pay the cost of acquiring, constructing or com-
pieting the whole or any portion of any utility or works referred to in the District
Act, or for acquiring any works, land, structures, rights or other property necess�:try
or convenient to carry out the objects, purposes or powers of the District; axed
WHEREAS, the District owns and operates a public utility system (said
1)ublic utility system and all improvements, enlargements, extensions, betterments
or additions thereto, whenever and however made, being hereinafter called the
"'System"), consisting of electric transmission, distribution and service lines
and facilities; and
WHEREAS, the District is authorized, pursuant to Section 16578 of the
Di:itril,t Act, to accept loans from the United States of America (hereinafter called.
the "Government") without limitation by any other provisions of the District Act
requiring approval of indebtedness for the purpose of financing the construction,
maintenance and operation of any enterprise in which the District is author zed
to engage, and the Board of Directors (hereinafter called the "Board of Directors")
of the District is authorized to issue bonds to the Government evidencing loans
made by the Government to the District, and to do all things necessary in order
to avail the District of such loans; and
WHEREAS, the District, pursuant to the authority vested in it by
Section 16578 of the District Act, has heretofore entered into a certain loan
contract, dated as of October 28-, 1963, and a. certain agreement., dated as of
June 11, 1968, amending said loan contract (said loan contract, as so arnerided,
being hereinafter called the "original REA Loan Contract"), with the Goverranent,
acting thrcugh the Administrator of the Rural Electrification Administration (hereir,
after called the "Administrator"), providing for loans in an aggregate amount riot in
excess of $482)0001 by the Government to the District to finance the construction
by the District of certain improvements, enlargements, extensions, additions a1id
betterments of and to the System, which improvements, enlargements, extensions,
additions and betterments (hereinafter called the "Prior REA Pro jets") consist of
electric transmission, distribution and service lines and all substations arid
transformers, meters and other equipment necessary for the efficient operation
t.hereo f; and
WHEREAS, the loans provided for in the original REA Loan Contract are
evidenced by two series of the District's general obligation bonds, the first of
which :series (hereinafter called the "First 2% Series Bonds"), was issued, sold
and delivered by the District to the Government pursuant to Resolution No. 64-1-6
(hereinafter called the "First REA Bond Resolution") duly adopted by t t ie Pt:ar:? r�
Directors on August 25, 1964J. and the second of which series was issued, ;old "Ind
delivered by the District to the Government pursuant to Resolution No.
(hereinai-ter called the "Second REA Bond Resolution")., dull/ s,d.o tee b t,��e �c,ar d
of Directors on September 17, 1968; and
WHEREAS, the District in and by the First REA Bond Resolution, as amended
by the Second REA Bond Resolution, has pledged the net revenues of the System as
added ( ecurity for the payment of the First 2% Series Bonds and the Second 2%
--)
Series Borids, excluding, however, from the revenues of the System the revenues
(Jer-ived _from certain facilities (hereinafter called the "Donner Lake System"), as
more p:irticulariy described and provided for in the Second REA Bond Resolutiori; and
WHEREAS, the Board of Directors has determined and does duly t*urthe.r.
det,er�ltlllne that its electric facilities shall be further Improved arid erilarged in
I areas not
_)rder to furnish electric service to addit*onai consumers in rural
�*Olsrl
central station service (the facilities required to furnish service -to
stich cadd-Itional consumers being. hereinafter collectively called the "Third REA
Project"); and
WHEREAS) the Board of Directors on behalf of the District has applied
to the Government for an additional loan in an amount not in excess of $130,000
Lo f-iriance the construction of the Third REA Project and has heretofore approved
and authorized the execution of a certain agreement (hereinafter called the
''Amendment") between the District and the Government., 'which amends the Original
REA Loan Contract in certain respects, including an increase in the amount of
the loans provided for therein by said amount of $130,000 (the Original REA Loan
Conti-act, as amended by the kriendment, being hereinafter called the "Loan
Cunt rcact ); and
WHEREAS, the Amendment has been executed by and on behalf' of' the part ie.c.;
thereto; and
WHEREAS) the Loan Contract, as so amended, provides the terms and cuii-
ditions for the sale by the District and the purchase by the Government of an
-Odil- ioriai serie%s of the District's general obligation bonds (hereinafter calied
Lhe "Third 2% Series Bonds") in an aggregate principal amount not in excess of
$130,000 to finance the construction of the Third REA Project; and
WHEREAS, it is intended hereby to provide for the issuance sale and
.0
-Y o f the Third rd ?fib
Series Bonds as general obligation bonds of the District;
Lild
W[iEREAS, it is also *intended that the Third 2% Series Bonds issued
to this Resolution shall be secured equally and ratably with the First
oer-ies Bonds and the Second 2% Series Bonds by a first lien on and pledge of
the riet revenues of the System upon the same terms and conditions in respect or
thc--, rever,,ues> ot' the Donner Lake System provided for in the Second REA Bond
IiE` .1 1A t,i(.,)I I (tile term "System" as hereinafter used in this Resolution also beiric,
cfc}(-,iyied to exciude the Donner Lake System until such time as the District, hats
far i ti Ctiil the purchase price thereof); and
WIEEREAS, it is also intended hereby to amend the Second REA Bond
in certain respects and the Government., as the holder of the First
';�� "erLe.(-, Boridc_-. aiid the Second 2% Series Bonds has consented to such amendrient-,s;
NOW, THEI�FFORE, BE IT RESOLVED by the Board of Directors as follows:
OECTION 1 . Bonds (hereinafter called the "Third 2% Series Bonds") of
V
D,1 ,A i--i -i the ag ct it gre gate principal amount of $130,000 to be known as "Truckee
ub-1*A-c UtUity District Electric Bonds, Third 2% Series" shall be issued by
the t,() Pay the cost of the coristruction of the Third REA Project,,
2
?1_iIt i
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---_ ------
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SECTION The Third 2% Series Bonds shall be .issued to the Goverrirrieri i.
i ri -tccu t-(I.ance with law, with the provisions of this Resolution and pursua.ni� t.,) Uic
Loan Contract as amended by the Amendment). The Third 2% Series Bonds sharll.. be
tie�r�..�t.iable in form, of the character known as serial and shall be numbered from
both inclusive. Said Bonds numbered 1 to 18 both inclusive shall be
i n the denomi-nat i oil of $3,000 each; said Bonds numbered 19 to 28, both inclusive,
t t- I L be in 'the denomination of $5,000 each; said Bonds numbered 29 to 31, both
inclusive, shall be in the denomination of $6,000 each; and said Bond numbered 32
siiali be in the denomination of $8,000. All of said Third 2% Series Bonds shall
bens iriteres t at the rate of two per centum (2%) per annum from their date until
paid, payable st:mi.-annually .on the first day of May and November in each year with
Lhe t'irs l: i nstaliment of interest payable on November 1 . 1970. The principal arid
' titerL st on said Third 2% Series Bonds shall be payable in lawful money of the
(_tciited States of America at the United States Treasury, Washington, D. C. The
Third 2% .*)eries Bonds shall be dated May 1., 1970, and shall bear serial riurri ers
ai id s r�a.11 mature as follows*
BOND NUMBERS AMOUNT MATU Ri TY
1-18 $3,000 annually 5-1-1973 - 5-1-1990
i q.. 5 1000 annually 5-1-1991 - 5-1-2000
�' -31 6,000 annually 5-1-200,1 - --1.-2003
32 8,000 annually 5-1-2oo4
"Phe Third 2 Series Bonds shall be registered as to principal and interest in the
t .Ltrie (-)1' the thiited States of America.
SECTION 3. The Third 2% Series Bonds shall be substantially in the f u11cw i.n
f'"1111, the blanks in said form to be filled in with appropriate words or figures, to wit :
,.
w 3
s
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
TRUCKEE DONNER 'PUBLIC- UTILITY- DISTRICT
ELECTRIC BONDS
THIRD 2% SERIES
No.
For value received, the Truckee Donner Public Utility District, a public
utility district organized and existing under the Constitution and laws of the State
of California, hereby acknowledges itself indebted and promises to pay to the bearer
thousand dollars ($ on the f irst day
of 19 (unless this bond be sooner redeemed as hereinafter
provided), with interest thereon from the date hereof at the rate of two per ceritum
(2%) per annum, payable semi-annually on the first day of May and the first day of
November of each year, beginning November 1, 1970.
This bond is issued under and in strict compliance with the Constitution
and laws of the State of California and under and pursuant to proceedings of said
District duly adopted and taken.
This bond is subject to redemption, at the option of said District, prior
to the maturity date hereof, on any interest payment date, at par plus accrued
interest to the date of redemption. Notice of the redemption hereof shall be given
by said District by sending to the registered owner hereof 30 days notice in writing
by registered mail. After the date fixed for such redemption, interest on this bond
thereafter shall cease.
It is hereby certified, recited and declared that all acts, conditions
and things required by law to exist, happen and to be performed precedent to and
in the issuance of this bond have existed, happened and been performed in due time
furrri and manner as required by law,, and that the amount of this bond, together with
oil other indebtedness of said District, does not exceed any limit prescribed by
the Constitution or laws of the State of California, The full faith and credit
of Said District are hereby pledged for the punctual payment of the principal of
atid Lnterest on this bond.
IN WITNESS WHEREOF, said Truckee Donner Public Utility District has caused
this bond- to be executed in its name and on its behalf,, under its seal, signed by the
President of its Board of Directors and by its Treasurer, and countersigned by its
Clerk, and this bond to be dated the 1st day of May, 1970.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
by
rectors
Counters of its Boa ofDf
Countersiirried*
A.
o
Clerk of Truckee Donner Public Utility District
3A
Re,solution
1
Resodut t oil
�_,5
REG I SWj%TION STATEMENT
May 1, 1970
g'
This honi i.:. registered pursuant to the statute in such cases made and
P
rovided in the name of the UN& ITED STATES OF 1UIERICA and the interest and pr inc i-
I thereof are hereafter payable to such awner.
0
Treasurer of Truckee Donner Public Utiiity
District
SECTION 4. The Clerk f the District strict is directed to cause the Third 2%
o i
er i e s Bonds to be litho tho ra hed to cause the b lank s aces thereof to be f i I 1 ed in
S g F , P
to com 1 wf th the rovisfons hereof, -to procure their execution by the proper
p Y P
rl officers, and to deliver them to the Administrator of the Rural Electrification
Adfainistration of the United States of America.
SECTION 5. The Third 2' Series Bonds shall be Bold by the Board of
Directors at the par value thereof subject to = the credit for accrued interest,
_' all in accordance with the provisions of the Loan Contract. All. credit memoranda
rn e b
iza � received upon the issuance of such Bonds from the Government shall b held y the
)uoq District until the next interest payment date on such Bonds with respect to which
such credit memoranda may have been issued, and on such next interest payment
y date following the receipt of such credit memoranda, such credit memoranda shall
I'�44U be delivered to the Government in payment of the interest represented thereby,
f p T
t.SU 00 SECTION 6. The President of the Board of Directors is hereby au tho r-
ouc ' ized and directed, as such officer, to sign each of the Third 2% Series Bonds
Pu-e on behalf of the District, and the Clerk of the District, is hereby authorized
>.t a� and directed to countersign each of such Bonds and affix the seal of the Di.s-
TA Itrict thereto. Such signing,, counter-signing and sealing shall be a sufficient
and binding execution of the Third 2% Series Bonds by the District. In case
Y any of such officers whose signatures or countersignatures' appearing on such
)4X9a Bonds or coupons shall cease to be such officer before the delivery of such Bonds
to the Government, such signatures or countersignatures shall nevertheless be
PTtS1 valid and sufficient for all purposes the same as if they had remained in office
until the delivery of the Third 2%,Serie.s Bonds,
iT s
1
SECTION 7. Until definitive Third 2% Series Bonds are ready for
dfI.ivery, the District may execute and deliver in lieu thereof one or more type..
4 written, printed, or lithographed interim certificates substantially in the fo
of said Bonds as set forth in Section 3 above with such insertions variations
and orni ns ions as may be appropriate and with the following language added
�i,i)d is certificate is issued solely for the convenience of the District
t�
This
+,aPT pending preparation and execution of definitive Bond hereby re pre
sented and acceptance of this ertiff nlieun h
p e i c q cate i of said Bond shall
not in any way prejudice the rights and privileges of the holder hereof,
j or in any way limit or impair the obligations of the District, but all
c such rights, privileges and obligations shall be determined as if a
properly execur nd and otherwise valid definitive Bond had been delivered
in place hereof.
----- , SECTION s. 1n case any of the Third. 2% Series Bonds shall become niuti4ft
lated or be destroyed or lost, the District shall cause to be executed and de.-
livered a new Bond of like date and tenor in oxchange and substitution for and
upon cancellation of, the mutilated Bond , of fn lieu of and substitution for the
Bond so destroyed or lost, and if any such Bond so mutilated, destroyed or lost
stial.l have matured, the Dintrict may pay the same in lieu of delivering a new
bot1d in stabstitution therefor. The applicant for such substituted DoM or P �►a -»
ment slit-ill furnitili evidence satisfactory to the District of the destruction or
loss of any drwtroyod or lost Bond and shall also furnish indemnitySatisfactory
Y
to the Dictri.ct and co,,aply with the reduiremovir s of the District in connection
th a rew i t h
i
f ,
Any of ��1� Third 2 Series Bonds at hr -
L ° t _ time outstanding
t;i,) redemption at the option of the District as a whole or in part,
A ;r ` r5e ntuneri cr ai order, on any interest payment date at the amount
principal
_� Y ;•; .1' f:�ius accrued interest thereon to the date of redemption. Notice of the.6
of any of the Bonds shall be given by the District by notice in writ iri�r
art to the registered owner not less than 30 days prior to the date fixed for such
deint tl ioll. The Clerk of the District shall at all times maintain a record showing
navies and addresses of the holders of the Third 2 Series Bonds and of the s ' .`� e r ia1
Lxnbers of said Bonds held by each such holder. After the date fixed •
xed. for such
der ,t;ion of any of said Bonds, interest on such of the Bonds shall cease.
rt1 SECTION 10. All Th
ird rd 2% Series Bonds issued pursuant to this Resolution
1.
be returned or surrendered to the District by reason of the a ent or
� l�r� .t;he r e o �,iempt -thereof", or for exchange or for any other reason, shall be forthwith
, ricel.l.ed and cremated and a certificate in respect of such cancellation and c.remat.iorl
. o 1,,utea by the Clc.rk of the District shall be affixed to the appropriate '
>u' R District*
records of
d�
)J(
r� SECTION 11. In order to secure equally and ratably the payment of the
� roc pai of and interest on the First 2% Series Bonds the Second 2 Series Bonds
jo the Third 2% Series Bonds (the First 2 Series Bonds the Second 2 `
°� , Series Bonds
TqT: .. tree Third 2% Series Bonds being hereinafter sometimes collectively
called the
according to their tenor and effect without reference priority,.� preference, p y, or
, tin,,.t ion as to the lien or otherwise of any of the said Bonds over any other
said Bonds by reason of the priority in time of the execution, deliver� thereof, y' or
44��, uritY , or the assignment or negotiation thereof, or otherwise, and further
aq secure the due performance of the covenants, agreements and provisions in this
Jo olution contained, and for the uses and purposes and upon the terms con.dition:>
a r•c)visos herein expressed and declared the District '_ ,. p , ict does hereby irrevocably
-�-� : hee� assign and set over unto the Government, and its assigns all revenues to
Tzauz ,extent herein provided derived b the District f � .
� � Y from the sale o f electric.,t�r�.r.. e ne r t;y)
,ther service rendered or furnished by the District by or through the System
g �
r deducting therefrom the actual cast of the operation and maintenance of the
rya - er•ties of� the District from which such revenues shall. be derived provided.� . . J p i.ded,
.4-Uu� .ever, that there shall not. at any time be included in such cost of operation
1o0a ` Maintenance any amount to pay or make provisions for the payment of the rinc i�-
' r interest p
i o o on any 'indebtedness of the District maturing more than one
a after the date of the incurrence thereof, or any allowance for de reciati.on
- -. � = SCenCe p
� uout y,boble (the revenues specified in this paragraph as being P g p g pledged hereby
J--S-r ,� hereinafter called the "Revenues"}, and a. first, prior and paramount lien
.p
aLwu c., tte Revenues for such purpose is hereby created.
SECTION 12
. The Second REA Bona Resolution is amended by g
deletin there-
section 12 thereof (relating to certain .acceleration of payments),
ion 3 SECTION 1
d 3. In order to provide increased sinking fund payments re qu..red
:� nriect ion with the execution and delivery of the Third 2 Series Bonds
. au ` ,
.3 f er 12 of the First REA Bond Resolut
ion and section 13 of the Second REA Bond
} Spuo
Olutlon are superseded by a new section numbered and reading as follows
aP U%.
SECTION 13. The District shall, on or before the first of each month
any commencing with the month of August 1970, pay over and deposit out of the
J 'I Revenues for the preceding - •
� u R p g month the sum of $2,220 a month to and inc.luo'.1 n
he month of February l 2 and the sun of $2,470sz t Y 97 , a month therear�'ter, pale
�'`� .��. amounts o f' an ' plus t
a amo y deficiencies ienc ies in said amounts in the previous months due to
''�� '� jade case ies o r' revenues i
i , n one or more banks (each of which is herein Some-
times referred to as a "Depositary") which shall have been approved b the
r
r• or pp Y
holde holders of not less than a majority in principal amount of the
� u a p
•xa Bonds t the time outstanding (hereinafter collectively called the "Ma.`ori u
�ldhol�de.rs�° �n �, � � �
Bo ) special sinking fund or funds in the
p-�a� ,r Depositary o r
Depositaries (such special sinking fund or funds being hereinafter
�� ,� collect-, �e��Y
�n called the "Special Revenue Fund") to be held for the benefit of ail of the._'l s
� T o shall from time (hereinafter �� �
sod h t o time hold any of the Bonds sometimes
T sod collect i veiy called the "Bondholders") upon and subject to the terms and con-
���. ,dj bons in this Resolution contain
ed, until there shall have been accumulated
iri the Speciai Revenue Fund an amount of money (here"ina-fter called "Current
Requirements") sufficient for the a ent of (1) the i � � ._rAba P Ym portion of the .�r�.�1c 1 .���1
� - t' sand interest on theL _
u
Bonds which shall have become due but which shall be
11lipaid, i_f any, and (2) the portion of the principal of and. interest t cl
_ D o n h
�puo
}rids which shy,l_L become due during the next two months. The District. shai.
a.iso pay into the Special Revenue Fund all of -the remaining Revenues it
r«��t� it there sh4 . . � , y,
iillt ali have been accumulated in the Special Revenue Fund are urrio-u i t,
T of money (hereinafter called "Reserve Re uirements" whi �, ' '' ;rnr
Requirements") which shall be s u.f f 1 c�...l�t.
T PTIF t'or the payment of the portion of the principal •
p p nc'pal o f and the interest on the
rotes which shall become due during the next succeeding calendar year. Any-
4 PUT., 11
g Y ,�
revenues remaining after the Current Requirements and Reserve Requirements
t.t()I!
fia.11 h .ve been met ma3 used by the District in the g 3ra1 conduct cat'
1 t,Ls bu3 mess; provided, nowever, that if the amount in �t.._.r Special. Revenue
l{` �jl� s r�rtvinpYa reached the maximum, hereinbefore prescribed, shall at any time
time h
�
��e r•eat'ter fall below a sum equal to the total. of the Current Requirements
w d the Reserve Re uirements the District shall be obligated to resume making
r. ri q
} i' the Revenues in the monthly amounts rovided in this section
a ,,,lid payment, o y p
ntc.� the SP ec ia.l Revenue Fund until the maximum amount herei.nbefore spec�fie�3 �
:Y
i been accumulated therein it being the intention he
pall nave age n b , g
before any of the Revenues may be employed by the District in the ger,errri.f
conduct of its business the total amount in the Special Revenue Fund siu-,ii Ipito
all times, so long as any of the Bonds shall be outstanding, be maintained in t
an amount equal to the total of the Current Requirements and the Reserve
Requirements. t
E
6
i
14* Any portion ion of the Special ial Revenue Fund maintained in any
SECTION pe
nor-itar shall be secured continuously by (a) the pledge to the District by such
c '.tar of bonds of the Government having an aggregate market value at least
� � Y � ands
o the amount on deposit in the articular Special Revenue Fund (all b E�
dual t e p p
��e Government pledged as such security to be either deposited with the District
t P g
held b a trustee or agent satisfactory factory to the District and the Majority Bond-
-} ' he Y �, t
r, (b) de osit insurance mmainta.ined by the Depositary with the Federal Deposi ide �, P 1
ante Corporation or other similar agency of the Government, in an amount equal
. ��sur
to the amount on deposit pa Pe
sit in the particular Special Revenue Fund., or that part thereof
l
out
secured as herein otherwise provided, or (c) a surety bond or bonds payable to
,
the District and the Bondholders which shall be in form., sufficiency and substance
n
is f a�:tor to the District and the Majority Bondholders* The Bonds of the Govern
►t y
os
de iteda or the deposit insurance maintained, or the surety bond or bonds
ant �'
delivered pursuant to this Section 14 to secure each such portion of the Special
iced maintained or delivered as the case
venue Fund, shall be deemed to be depos ,
f the benefit and security of the Bondholders, and in case there shall be
y be, or Y
efault b Depositary with respect to any such Special. Revenue Fund, such
y d Y any P rY
finds f
of the Government insurance, or the surety bond or bonds shall inure to the
i Z)4 benef
it of the Bondholder s and the terms and conditions of this Resolution shall
&,)Ply thereto with the same force and effect as they apply to the moneys 'n any
Such Special Revenue Fund.
` SECTION 15. The District shall apply the money in the Special. Revenue Fund
the a ent of the principal of and interest on the Bonds in order in which the
for p ym
c 1 and for no other purpose) provided, however (a) that the
-ame Shall become due only y p p
payment date specified in the Bonds may use all or any part of the
_,-,-,. District o n any paym
d in excess of the total of the Current Require-
-_. money remaining in the Special Fun �
J serve Requirements for the payment
of all or any part of the pr i n-
nt; and the Re q pa3
` remaining i n unpaid d and an such payments nt s s hall be applied on
�11 0�� the Bonds then reme g pa y
nds last becomi.n due and (b)
account of the payment of the principal of the Bo g � �
p _ t an mode remaining in the Special Revenue Fund in excess of the Current
a,�
that �' Y
Requirements may be invested as provided in Section 1�4 hereof. �
�equ Y €
a�4 ri - of Directors may invest in bonds of the Dover.n•-
�_ OECTION lb. The Board y
' excess of the Current Requirements* j
ent any moneys in the Special Revenue Fund in e
All bonds In which funds in the Special Revenue Fund shall have been invested shall r
PaT:: th District to ether with the interest received therefrom, as part
i be tie 1 d by e , g
Special i al Revenue Fund. I f a of the moneys in the Special Revenue Fund -hall
os
; o f the �pe �Y
invest
ed in such bonds the Board of Directors shall) on or before the several
be
c the principal of and interest on the Bonds, sell such of
dates t or the payment of p per-
n� �
bonds as shall be required to be sold to provide moneys which) together with
.s the q
the moneys, if any, in the Special Revenue Fund, shall be sufficient for the pay•-
�.s y
is of the principal a,l of and interest on the Bonds which shall become due and pay-
i� 4 ��n P p
o
o n the next following i n interest and principal. payment date, and the proceeds
P able g
such sales of such bonds shall be paid into the Special Revenue Fund. In addition
Pu of ds
the sale of an such bonds to pay the principal of or interest on the Bon ,
T��� t° Y in the a
Board of Directors may at any time sell all or any of such bonds so held
the r aid into
ec ial Revenue Fund and the proceed. of such sale of such bonds shall.be p
Sp ti
be either reinvested in bonds of the Government
the Special Revenue Fund and may
a
a�
ash i n the Special Revenue Fund*
or held i n c
Y
that the moneys in the Special ial. Revenue Fund. shall,
a
SECTION a`�. In the event y .
aP
r it ai i t,i me be le c.'s than the total of the Current Requirements and the Re;� .'ry R��qu.i.r•f
IL
• cn-ts for the ayment of all or any part of the principal of the Bonds then remaining
g
m P
ur1 .id the Board of Directors shall, at the time of fixink; the general tax levy,
? �
provided) le and collect annually
f 4
a
and �_n the manner or such ge
P.) neral tax levy pro , levy
ate
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.ach year until the � .
Bonds are paid or� Unt it �
and or #Spec i.,11 1: FC the moneys in the Sec
� c��.t�uc �and s �ti i��.l he in ,.... P is�. Ecvc�nue
Cxcc.,�,, of Current Re jairernerit; »'
oerve I�egti i reni��t�L y, �� t.zx st�rCic q stn�� �� .. r
lent to inc re-i a the S e
4uti C. T��e t:�xe�s ��c rc i�� required Pee f:�I Reve ntic Fuld
q ui r�.�l t o be 1 ev�.cd and cohall
c o such
collected t ed �sha i l !)e ira add .
ion to all other taxes levied for D• i
District purposes and sh,ai�. he
I � ��'3e time arid in the same man col l cc t ed a `
ner as other District taxes t r
ed for no purpose other thanare collected and sr��,
fax' the payment of in �1 fie .
serest and principal on the ,
a Eonc.,,,
SECTION 18, The District shall cause to be re
� a roraulgate a schedule of rates prepared and shall adopt
and charges for electricP and
e System to its consumer energy to be furnl,s •
s calculated to provide the by
P e funds s.uffisient to a
quf rE�men t s as specified � meet
f n this Resolution and t the �
to provide for all expenses
eraCion and maintenance of th
�� a System, includin °f
e� said rates shall, whenever � reasonable reserves thercfc� .
necessary, be revised b th r
o� id requirements, Y e Dlstrfct to meet
DD
10� SECTION 19, Except to secure ecure the Bonds and loan
a District, the District shalls made by. the Government
not, without the co ..nt to
od Oders, hereafter charges ass consent of the Majority Bond"
g , assign, pledge
e Y
crt real 0 � P 8 , mortgage or otherwise
�� � Y� r personal,, tangible or encumber any of i t s
� arising � intangible, wherever
fi s' ve f g therefrom, r situate, or the
c0
SECTION
.��, 20. The District sh•
interest all duly and punctuall
04 on the Bonds at the date Y PaY the pr .nclpa1 of
according to s and places and in the man
g the true intent and m net provided there-
earring thereof, and aI so
due hereunder, all other surfs b
xa ecom..
I L'
SECTION 21, The District shall at all times
11 be out s t and ing, take or c so long as any of the B
� cause to be taken all suchands
be necessary to preserve action as from tir:��►
P e its corporate
� to time
P existence and to reset
Anchises, rights of way, preserve and
easements permits and , renew al l
licenses now or hereafter
� fed or upon it conferred a ter .
� , and shall complywith t° i t
a�.1la��s ordinances
�.
tions, and requirements a # ances
applicable to it or its , re
without the approval in w property. The District s
� writing of the Ma or shall ..
taken ,any steps far .ty Bondholders take
reorganization or to c in suffer to
oration, or to sell
consolidate date with or ter e
• 11, lease, or trans into any other• a
rope rt ie s far for make an a r
p P or any part thereof. Y � cement therefor) any of
SECT ' ' f
ION 22, The District
shall at all times maintain and P:eserve i
Y pert and t s .
`condition,t f on Parcel thereof in good
c , and shall from time d repair workingorder
r.
e to time mn;t�e al I needfu e r
gals, and replacements and 1 and proper repairs
f
useful and proper al ter
P rs,
lrnprovemej�t s, and shall, 4t ions, additions �.�.
subject to contin , bette�:�cntn ,;y�
contingencies beyond
all times keep its plants an y nd its reasonable
� Properties in cons' control
tenable diligence to furnish xnuous operat ion and use t
� the consumers sery � all � a
electric energy and other ed hY it with an ,ade
� er services furnished b quote supply
y the District,
SECTION 23. Except
.
B P as specifically authorized
pity Bondholders the D�.stric in writir�,� �.r� advance .. -
t shall
Z purchase a by t h e
events to be incorporated ll materials a ui m
in or used in connection ' P ant
t and not subject ctfon with an o
t j ct to any condition Y f its propert .cs o ..
or other al sales areecnent ch
0$ agreement reservin to • at ter n�ortga ,�• bailment
g the seller an right ri t
y g , title, or lien.
� SECTION 24. 1
The District shall take out r as the respective �E
d, and maintain insurance risks ,
of such c1�3sses and re
Ske such chap cis fn in such amounts and from x
respect thereof. as from time to 4 :
ned to be advisablethe hi,ajarity Bondho .d
to safeguard theear. sh{ill have de.
interests of the Bon�ih •� -��
upon request of the F or' Bondholders he D
.� ity Bondholders submitstx�ct
request a schedule of i to the lio�zdhol.der d
} its insurance in effo
t and also originals or ct on the da*e specified
lu
duplicate on i.na in :uc� •�:..
g 1 s. of such insurance s Sted. If the District shallrance policies as
at any time f�.i 1 � may
or. refuste to tal-e 0"t or m .,
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dill d
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a
r cc or to m „e cl-ia ;es ire res,pcct thereof upon appropriate re ,ue:st Y su ;
nd��olc Bondholder or Bondholders :� take out such in
r �dcr or Bondholders, such Fro y set
o
on behalf and in the name of the District and the District shall pay the cost
o�eo f
of �e District in an respect to
SECTION 25. In the event of the failuret Y P
• dconditions herei.�n contained with respect to the pro-
_ ly with the covenants an p �
tl of insurance, the p�ayn:cnt of taxes, Assessments, and other char�,es, thw kcep
in repair and free of liens and other claims or to comply with
of its properties P �
b they covenant .contained in this Resolution, any bondholder or Bondholders shall
t (without rc udice to an other ri hts ari.sin b reason of such deg� _ }� the rid �t prejudice Y � � Y
to advance or expend moneys for the purpos6 of procuring such insurance, or
�f a ricnt of insurance premiums, rases, assessments, or other charges, or to
the
P y
the ro erti.es of the District from sale or, forfeiture far any unpaid tax or
F
. e �' �
essment or otherwl.se, or to redeem the same from any tax or other sale, or to purow
�e a� y tax title thereon, or to remove or purchase any mechanics' liens or ether x
wnbl once thereon, or to make repairs thereon, or to comp with any other covenant 3
fit
ein contained, or to prosecute or defend any suit in relation to the properties �
t
the Distract, or in any manner to protect the properties of the District and the �
"lle thereto and all sums so advanced for any of the Aforesaid purposes with in--
to
st thereon at the rate of f ive per centum (5%) per annum shall be deemed a
irge upon the Revenues in the same manner as the Bonds at the time outstand ink; are
x
ed and shall. be forthwith aid to the Bondholder or Bondholders making such ad-
. ur P
a or advances upon demand. It shall, not be obligatory for any Bondholder in*.
ing any such advances or expenditures to inquire into the validity of any such �
�
title, or of any of such taxes or assessments or sales therefor, or of any such
panics' liens or otLe r encumbrance
t n
SECTION 26, The District 'shall not: without the approval in writing of the .
Bondholders, (a) s ruct make lease purchase, or otherwise acquire an
z ,�ri ty construct,, ,- , p , +q Y
. tensions or additions to the System, or enter into any contract in respect the Veof,
t such extensions or additions ions as may be financed with loans evidenced by .the
cp Y
ds; (b) enter into any contract or contracts for the operation or maintenance of
or an art of the. S stem for the purchase of electric energy or for the use by
1 Y P Y P gY
s of an art of the System; of (c) incur an ex enses for le al. en ineering,
er Y P Y � Y P legal, b
e�
;rvisory, accounting, or other similar services for the system, except such reason**
e expenses as are incurred in the rout ine -course of business,
ut {
Fug SECTION 27. The District shall at all times keepproper books records: and
� P F � a
ouzits in which full and true entries will ba made of all of the dealings, business,
J,e affairs of the District in accordance with good accounting practice. The District
f
11 furnish to each Bondholder: (a) not less than once each month, a statement of
rations for the preceding month, including, without limitation, an analysis of the
) ' revenues, d rn- accounts 'n month and if
� item s r e s, expenses, an consumer aCC rits for the preceding : ,
erected by the Majority Bondholders, such statement shall be in such form and include
rein such information as may be specified in such direction; and (b) within thirty
e �
0) days after the close of each fiscal year full and complete reports, certified by
ti s Treasurer, of its financial condition as of the end of such fiscal year and of its
a stem operations for such period, and if requested by the' Majority
Bondholders such
,d
its shall be audited and certified by independent public accountants sati.sf�%story
)pj
such Bondholder or Bondholders. Any Bondholder, through its agents, representatives, I
I a.
ountant$, or attorneys, shall at all times during reasonable business hours have
cogs to, and the right to inspect and make copies of, any or all books, records, and
punts and any or all invoices contracts leases a rolls cancelled checks, staLe'r.
pl � s � , pay
to, and other doc timents and papers of every kind belonging to or in the posses s ioii
the District or in anywise pertaining to its business or the System.
b
SECTION 28. The District hereby covenants and agrees for the bans f i t of
3 f
• 'M Doc►dholders, that it will from time to time adopt such further rcSOlu lltiol ; ar M.-3 �,�,
cuts, deliver or record such f urthcr instrument; and further ,sstirances or do and
,f
form such acts and things as may now or hdreafter be authoried, by law o r a s r,Zl;y }
sonably be required to comply with the terms and conditions of this Resolution an(I
t Loan Contract or with any laws of the State of cal iforni A now or hereafter en.�c tc-4. �� z
uo
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e
SI ON 2 An Bo:zdho d .."1 Y 1 or may, at any time or times in succession with
Mice to or the consent of the District and upon such terms as such Bondholder
Prescribe, grant to any person, fires, or corporatiban who shall have becon ac ob 1 i-
to a a or .nee art o f t)� �
� pay 11 y p f � principal pal of or interest on any fond held by or ,
btedness owed to such Bo�ndholdt'r or who may be affected b the Iien hereby
� Y y Y � r:
ed, an extension of the time for the.-payment or such principal or interest, and
. any such extcnsion the District will remain liable far the payment of such Ro:n(l
ebtedness to the- same extent as thou h it had at the time of' such extension con--
� a
thereto in writing,12
SECTION 30.- In the event than 'an properties erties of the District (other than.
Y
nner Lake System). shall be taken under the power of eminent. domain all pro- � .f
and avails therefrom, except to. the extent that all Bondholders shall 'consent,
f gq
her use and application icatio�n hereof b the District shall forthwith be paid into
� pp Y • P
F ,
hecial Revenue Fund. .
o
SECTION 31. The District shall 'not at an time employ or enter into an cones
� Y P Y Y
for, the employment of any manager or superintendent of the System, unless such� Y
ent or such contract shall first have, been approved b the Ma orit Bondholders,
gf� Y .� Y
ire such� periods as the District shall be- Ln* default. in the making of a payment �
nts of principal of or inte'rost on- one or more of the Bonds the Majority Bond-
shall , at any t im' a give notice to the District that in their opinion, an
transmissions .and distribution system transmission line or generating plant,
Is part of the System,,.is not beinS efficiently o erated and shall request the
Uti.on of the employment of any such manager or superintendent y
or of an such
Operator, engineer or employee or shall request the termination' of any ope-
� Contract in respect of any such traunsmissfon and distribution system, trans-
line or generat inS plant#which is part of the System' s the District shall t
to such empl.oyemant or operating contract, within. thirty (30)� days after the date
notice. All contracts i n rem pect of the employment o a su h
aY pf any c manager or
Iritendent, or an such chief o orator engineer Y operator, or employee, or for the opera- � �Y
�Y
any such transmission and,distributions stem transmission n
system, line or gen
Plant, which ispart of the Systems shall containprovisionspermit� . to coca ._
a Sri th the foregoing covenants '
SECTION 32,, The District shall well .and truly observe and perform all of the x'
is . z
b_ agreements, terms, and conditions contained in the Loan Contract on its part. �Ay
observed or perform+ed
E.4
.
1
SECTION 33. if one or more of the following events (hereinafter called r
f default")t ) shall happen, that is to sa a : , s
Y
P h+
{a) default shell be made in the payment of an installment of or on
�� p Ym . Y
ftcount of interest on or principal of an Bond or Bonds when and as the
MA
Y
shall be required to be made - &nd such default sha on� ,� 11 continue inue for th f rty ,
(30) d
sys,
g
(b) default shall be made ion the due ob-servance or performance of an
they of the covenants condi ons
o , , , or a greetnents on the part of the District
Y of the Bonds or in this Resolution contained, and such default shall
"ftt inue fora of thin (30) a
period yf ter written notice specifying
h default fault and requiring the $anceee to be remedied shall have been.given to
s.
e nis t ric t by any Bondholder
(c) the District shall file apetition in bankru tc or be ad 'ut':cared bankruptcy _1
bankrupt or insolvent, or shall mak an ass rn n
t ign e t for the benefit of its
t hors, or shell consent to the appointment of a receiver ofitself
��► � pI� or oftil a
o property
(d) a receiver for the District or any substantial al portion o f its s ro�)� , Y
�p Y p P ..
h
ty Shall l be appointed and the order appointing t in such rece ivc r shall not b
� .. hP g
F r�''
teted within 30 days after the entry thoreof•. tl
r z
(C) the District shall forfeit or otherwise ba derived of its cor-
rate charter or franchises, permits or licenses required to carr on t{
Y t,
xi4, r ` material portion cif its business., or f
}
o
k
f� a final judament shall be onto-red against the District and shall
in unsAt l s f i ed or without a sta in respect thereof for period of 30
LN
t� . Y P
Ys
9
#.
.ems e
i
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aft i.
5
s
such case arty Bondholder may, b notice in writing to the Dis-
, in ������ a=zci every y Y� Y �
1�i d livery of co thereof to the other Bondholders, declare all unpaid prin-- T
a e y a copy
j.
wof and accrued intel-est on any or all notes held by such llondholder to be due
r' ,y
able in.nicdiztel •• and a n any such declaration all such unpaid princf.p, I aild
�j interest so declared to be due, and payable shall. become and be due and -pays"e P Y
,Gi,�cl'a t c 1 an •t:h inr� contained Isere in or in an Bona or Bonds to the cant r<�ry
� i r � � Y, anything Y
• proviucu, rivwc'vez•, �«�� �1 � atty �1tit: �� �: �« �►.+�•��d p4....�..��al
Itnstanalr► ,
accrued interest on any of the Bonds shall have been so declared to be due
payable, all a r. nts in respect of principal and fnt.eres which shall have be
due and a fabl e by the terms of such Fond or Bonds :hall be paid to the re v Pec t-
; ot1diiold crs, and all other def aul.is hereunder and under the Bonds shall have: been �
1 good or secured to the satisfaction of all of the Bondholders then and in every
case, the Bondholder or Bondholders who shall have declared the principal of
=` terest oil notes held b y such Bondholder or Bondholders to rbe due and payable r:,ol)
in
ittcn notice to the District and delivery of a copy there6l to the other Bond-
n ers, annul such declaration or declarations and waive such default or defaults and
consequences thereof but no such waiver shall extend to or affect any subsequent
r,} tilt or impair any right consequent thereon.
SECTION 34. If one or more of the events of default shall happen the Majority
orders, for itself or themselves and as the agent of agents of the other Bond
rs personally or attorney or trustee selected by such Bondholder or Bondholdc�r:,
4.. e , P Y Y Y f
to or their discretion may, in so far as not prohibited by law:
E4 (a) collect and receive all moneys then on deposit in the Special
Revenue Fund and apply said moneys rat ab 1 iirs t tv the pty►mrt of in
R Pp Y Y Y� ,
y deb t ed ne s s secured b the Revenues pledged herein other r than the principal
Y .v
or interest on the Bonds; second to the ratable payment of interest '
091
o t i f P Ym y.:
.t which shall have accrued on the Bonds and which shall be unpaid! third, to
the ratable payment of or on account of the unpaid principal of the Bonds; F
r
and the balance, if any, shall be paid to whosoever shall be entitled there--
Co; -and the Board of Directors, by the adoption of this Resolution, does x
herebyapprove such anent of the moneys in the Special ial Revenue Fund to
�'�' payment Y P .:
L
such Bondholders and does hereby expressly authorize and direct the appro'-
riate officers of the District, upon written demand of such Bondholders, J,
R forthwith to sign and deliver all necessary written orders or other docu-
ent s in writing ing for such payment to such Bondholders of all moneys in the
� � F Y Y
.s
Special Revenue Fund to be applied as aforesaid;
(b) proceed to enforce the rights of the Bondholders under this Reso-
P g -
lut ion by mandamus or by a suit or suits in equity or at law, whether for t
:f the specific performance of any covenant or agreement contained in this
:solution or in the Bonds or in aid of the exercise of an right
R : Y other ht g t
}
or power herein or by law or by statute granted or for the enforcement of
any other appropriate legal or equitable remedy as may be deemed most
effectual to protect and enforce the rights of the Bondholders hereunder
Y
and to levy or cause to be levied taxes in amounts suf f icient to protect
such rights;
(c) upon application to a court of competent jurisdiction, have �
appointed, as a mutter of right, a receiver of the System, including, all
tolls rents revenues issues income receipts, profits, bencfi.ts and
additions derived, received or had thereof or therefrom, with power to
operate and maintain the System, collect, rec'eive' and apply all reventxc,
inco:ile, prof its -nd receipts arising therefrom, and prescribe all rates,
to11 s and charges, in the same way and manner as the District might do;
{' hencver all defaults in the payment of principal of and interest on the �
w P Y P P �
notes and any other defaults is under this Resolution shall have been made
good, such r^.cc iver shall. be discharpcd by the Court ,and sh. 11 surrend r
j
Fj
control of the business 4and possession of the property in his hands to the �f `
.e
District; and
ft
y (d) take possession and control of the System and proceed to o ��'rate
�' Y F op orate
the same and to collect and rcce i.ve the -income thereof and a f t.er paying
all necessary at,J proper operat i.ner expenses and all other proper d i sbUr.se
me iiL& or 1 iab i l i.t ie: made or incurred in connection with such operation, tulle
the surplus, if any there shall. tie, as follows: First, in the paym oat~ of all j
r
OLItsta;id iiig pa.t due interest on the Bonds, so fa-A.- as said net rcvenuc.s wA.11 =z
0
co, �'1 n d p. � finer pro rata the: interest due on each Bonet when thereea is not
� tj
i
j
• �1ut i re - 10 -
t 1
M
v,q
Y r
y
R
h 1
x° 4
t. I
PaY in
full all of the interest due on all the Bonds and
f r
f any sums shall remain � y
su n after the payment of interest ��s a.�ore_
} 4 � in the
4, payment of the principal of the Bonds which b the terms
.�,•: :2 be � Y
S sail due and payable i n accordance d
�` pa3�3 or ante with the terms thereof, and
' when the money available is not sufficient
to pay in full• �.
taxes and charges,legal and all arrears of interest and ail
!!! principal �
P
} Y: P e Bonds have been paid in full, the control of the
y 6
ft
ythe possession of the system shall then be restored to the
Y i The privilege herein ranted shall be a c n '
�Y o tznu often
Ong one so
fi t as ion therefor shall arise.
•i
3 .•' ^Sk 9
t A
s
All of the provisions of this
i Resolution shall constitute a
� C
In
e District and the Bondholders and no amendment ', , alteration or
3
h ` this Resolution
F 5 shall be made which shall in any manner impair
' ,
."�ZY ` �• the rights
� ht•'ram •
TT�MM�WMM .4 �ig of the holders of the Bonds then outstanding,
y MMM
P
�V'er36* y right ght or remedy herein conferred upon or reserved to
Shall be cumulative and shall. be n ad
dition ion t
3 o every other right
hereunder or now or hereafter existing at law or in equity or by
r s:
pursuit of any right of remedy shall not be construed as an
Ed v hT ry. 1 L
The ro37* proper officers of the District are hereby- authorized �k
} directed, for and on behalf of the District
and in i i s name to do
acts and things and to execute and deliver all instruments why c�h
` their discretion deem} } , m necessary or advisable to carry out arid giVe
tht T
terms and provisions of this Resolution.
Y^fYT F
F -y
UMION 38 If anparagraph,
y section, subdivision, sentence, clause,
f this Resolution shall for any reason be held illegal or inval id r
such decision shall not affect the validity of the remaining �
}: s Resolution and} � the a d Bo r of Directors hereby declares that �t would
r•' t hi s Resolution 1r/�ut� • i i
on and each and everparagraph,
} y section, subdivision,
Phrase or portion hereof and authorized the issuance of the Bond
o irrespective of the fact that a one or moreparagraphs � -
� ny , ,
sentences, clauses, phrases or portions of this Resolution may be held >>
f4 or unenforceable
;UICTION 39-a This Resolution shall take effect immediately, F
AND ADOPTED THIS 7th day of July
1970. ,
F {
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SF t
}t
T,.
President, Board of Director of `�:rur�kee rcrr
Public Utility District �
a'
CERTIFICATE
G y
t
i
T i
_ 7 � Clerk of TRUCK• � DONNER PUBLIC a
i_ /� C UTILITY DI�T�. �;P
call
ed the "District") do hereby certify that the attached Resolut i0fl
e and correct copy of the Resolution dui adopted b the Board �>f'
Y p y
,
j Distrir=t at a meeting of the Board of Directors of,the Distri.:v=t
an held
s., pursuant to and in accordance with the bylaws of the District.
W the Mate of California on the7 day of
said Res
y olution is still in full force acid effect. �E
x
q aREOF, i have hereunto subscribed rly rta e a_ C��v�}� .r �� � -k,. � -
ai o the District.
i
8
,j
Clerk o True ee Donner Public Utility Di:>Se
i a I
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..w,...+.._;.�..-....... .. uv., ..::,...: :..y --. ,:.: Tt'Wetf'ek-�.::n '•a.°ws•A`r yy Ac'2`v'r_y.,�yt,...�-"+7:cj1?v.,:y..x..,; h.:- .,.T.:b,,.e-„Yyy,':W`^°"g,.r"°P'4Cv+U SIG
X.
r
�a
Vote on Resolution No. 7011 was in order. Resolution
j No. 7011 passed and adopted this 7th day of July, 1970 , b the
YY
d +0
r+ following roll call Vote
i
AYES; Doyle , Ropeown
,
a
Loehr , Stone ,
a
Moore
4
NOES : r •
AB S TA I N:
No further business appearing, the meeting was
adjourned,
i
Secretary
LL
OM
J 7
I.
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F •
2 S .
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=`krz
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4
y �y
is 4. � � ��•
C
Page 114