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HomeMy WebLinkAboutRES 1978-25 - Board Y, PLM: im 5/23/78 RESOLUTION N0. A RESOLUTION AMENDING RESOLUTION N0. 77-47 PROVIDING FOR THE ISSUANCE AND SALE OF EMERGENCY DROUGHT RELIEF PROMISSORY NOTE OF 1977 TRUCKEE-DONNER PUBLIC UTILITY DISTRICT RESOLVED, by the Board of Directors of the Truckee-Donner Public Utility District , Nevada County, California, as follows : WHEREAS , this agency has heretofore adopted, on October 17 , 1977 , its Resolution No. 77-47 entitled "A Resolution Providing for the Issuance and Sale of Emergency Drought Relief Promissory Note of 1977 ; Prescribing the Amount, Date , Form and Maturities Thereof; Fixing the Rate of Interest Thereon; and Providing for a Pledge of Revenues to Pay the Principal Thereof and Interest Thereon" , and WHEREAS , it now appears that certain modifications must be made to said Resolution No. 77-47 , NOW, THEREFORE, IT IS RESOLVED, DETERMINED AND ORDERED as follows : 1. Section 4 of the Resolution cited herein is amended as follows : "The Note shall be $251, 800 in aggregate principal amount , shall be dated as of the date of its delivery to the Govern- ment , shall be known as "Emergency Drought Relief Promissory Note of 1977" ("the Note") , and shall be paid in not to exceed 39 annual equal amortized installments of principal and interest commencing on the anniversary of its date in 1980, and on said date in each year thereafter until paid. " 2. Section 6 of said Resolution is amended to read as follows : "The Notes shall bear interest until paid at the rate of five percent (5%) per annum, the first year' s interest to be payable on the first anniversary of their date in 1979 and thereafter annually on said date in each year to the date of final maturity, together with such principal amount as is required under Section 5 hereof. " 3 . Exhibit "I" of said Resolution is hereby amended to read as set forth on Exhibit "I" hereto attached. F J PASSED AND ADOPTED by the Board of Directors of .the Truckee Donner Public Utility District at a Special Meeting thereof duly called and held 'in the District on the 25th day of May, 1978, b the following Y g roll ca--1 vote: . • AYES: Huber, Kuttel , Sutton, Maass NOES: None ABSENT: None TRUCKEE DONNER PUBLIC UTILITY DISTRICT Y (' Imes A. Maass, President ATTEST: f A. Milton Seymour, Clerk,/Thereof AM -- PLM: im 5/22/78 EXHIBIT FORM OF FULLY REGISTERED NOTE UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF NEVADA TRUCKEE-DONNER PUBLIC UTILITY DISTRICT EMERGENCY DROUGHT RELIEF PROMISSORY NOTE OF 1977 NO. R-1977-1 $251 , 800 The Truckee-Donner Public Utility District, in the County of Nevada, State of California, a public utility district organized and existing under the Constitution and laws of the State of California for value received hereby obligates itself to pay to the United States of America, Farmers Home Administration, or registered assigns (subject to prior redemption) , from the Emergency Drought Relief Promissory Notes of 1977 Note Fund, the aggregate principal amount of TWO HUNDRED FIFTY'-ONE THOUSAND EIGHT HUNDRED DOLLARS ($251 , 800) , together with interest thereon from date at the rate of FIVE PERCENT (5%) . per annum, payable on the anniversary of the date hereof, commencing in 1979 . Thereafter the principal amount shall be payable in not to exceed 39 annual equal amortized installments of principal and interest in the amount of dollars ($ ) , -commencing, on the anniversary of the date hereof in 1980, and thereafter on said date in each year until maturity. If, on presentation on any payment date , payment of the installment or installments of principal and interest hereof is not made in full ., the installment shall continue to bear interest at the rate stated herein until paid in full, The aggregate principal amount of the Notes shall not exceed the aggregate payments by the Government for the Notes , as said payments and the dates thereof are endorsed hereon by the Treasurer, and a principal amount of said Notes of the longest maturity equivalent to the difference between such aggregate principal amount and such aggregate payment shall be deemed unissued. Interest on this fully registered Note shall be determined on the Government ' s aggregate of payments for the Note from the respective dates of payment as endorsed hereon by the Treasurer. In such event the Note shall be paid in not to exceed 39 annual equal amortized installments , the last payment being adjusted to represent the amount required to pay the last installment of principal and interest , This Note is issued in total principal amount of Two Hundred Fifty-One Thousand Eight Hundred Dollars ($251 , 800) and is issued under and pursuant to the Constitution and Statutes of the State of California, in particular the Revenue Bond Law of 1941 and Article 9 thereof (commencing at Section 54610 of the Government Code of the State of California) , Resolution No. 77-47 , a Resolu- tion Providing for the Issuance and Sale of Emergency Drought Relief Promissory Note of 1977 ; Prescribing the Amount , Date, Form, and Maturities Thereof; Fixing the Rate of Interest Thereon; and Providing for a Pledge of Revenues to Pay the Principal Thereof and Interest Thereon, as amended , and Ordinance No. 7705 , an Ordinance Authorizing the Ex*ecution of Loan Agreement and Providing for the Issuance and Sale of Emergency Drought Relief Promissory Notes of 1977 to the United States of America Acting through the Farmers Home Administration, the "Government" , the "Indenture" , and under and pursuant to the proceedings therefor of said District duly had and taken. Both principal and interest are payable solely from the Revenues as defined in said Indenture , and the Truckee-Donner Public Utility Di strict is not obligated to pay the principal hereof or interest hereon except from the Revenues of an Enter- prise consisting of the District ' s system, works and facilities used for or useful for the purpose of obtaining , treating and supplying water for domestic use, irrigation , sanitation , indu�- trial use , fire protection, recreation, or any other public or private uses of the District and its inhabitants . The Note constitutes a first and prior lien upon said Revenues , except that Additional Notes or obligations may be issued on a parity of lien in accordance with the Indenture hereinbefore referred to, or subordinate as to the lien thereof. All of the Revenues to be derived from the charges of the Enterprise , including Revenues from improvements , additions , and extensions thereto which may hereafter be constructed or acquired w ithin said District , are pledged to pay the principal of and interest on the Notes , and to provide (1) a Note Fund, (2) a Reserve Fund, (3) operation and maintenance funds , and (4) a Surplus Fund, as provided in said Indenture. The District has created a special Emergency Drought Relief Promissory Notes of 1977 Note Fund for the payment of said principal and interest and has agreed to set aside in said fund, at the times as in said Indenture provided, the amount necessary to pay interest and principal as it shall fall due. For the further protection of the payment of the Notes and the interest thereon when due, the District has created a special Reserve Fund, into which it has agreed to pay, on the first day of July next following the completion of the project for which the Notes were issued and for the next successive 9 years , a sum equal to 1/10 of the amount required to equal the average annual amount of principal and interest on the Notes to be paid during their term, which fund shall be used solely as a guarantee for the payment of the principal of and interest on the Notes . Both the principal hereof and interest hereon are payable by the Treasurer of the District, Truckee , California, by check, draft , or warrant mailed to the registered owner at its address as it appears on the register maintained in the office of said Treasurer. The principal hereof is subject to call and redemption, in whole or in part , . at the option of the District , upon payment to the registered owner hereof of the principal so redeemed, as provided in the Indenture providing for the issuance hereof. Payments made on the obligation evidenced by this instrument, regardless of when made , shall be applied first to interest due through the date of payment and next to principal except that payments made from security depleting sources shall , after payment of interest to the payment date, be applied to the principal last to become due hereunder and shall not affect the obligation of the District to pay the remaining installments as scheduled. This Note is transferable by the registered owner hereof in person or by its attorney duly authorized in writing at the office of the Treasurer of the District , Truckee , California. This Note may be exchanged for fully registered Notes of denominations and in the manner provided in the Indenture providing for the issuance hereof. (ii) This Note is given as evidence of a loan to Truckee-Donner Public Utility District made by the United States of America, pursuant to the Consolidated Farm and Rural Development Act , and shall be subject to the present regulations of the Farmers Home Administration and to its future regulations not inconsistent with the express provisions hereof or of the Indenture providing for the issuance hereof. 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 Note have existed, happened, and been performed in due time , form, and manner as required by law and that the amount of this Note , together with all obligations of said District, does not exceed any limit prescribed by the Constitution or Statutes of said State and that the District is authorized by law to operate the Enter- prise herein referred to , and the Legislative Body has established and has covenanted to maintain rates and charges sufficient with other Revenues received to pay the amount of principal and interest as it shall become due. IN WITNESS WHEREOF, the Truckee-Donner Public Utility District has caused this Note to be executed under its official seal , signed by its President and countersigned by its Clerk, and this note to be dated the day of I9780 President, Truckee-Donner Public Utility District (SEAL) COUNTERSIGNED: Clerk, Truckee-Donner Public Utility District t ENDORSEMENT OF PAYMENT The United States of America, Farmers Home Administration, has duly paid for the purchase hereof, on dates and in amounts as follows . Date of Payment Amount of Payment Signature of the Treasurer TRANSFER FOR VALUE RECEIVED, the undersigned hereby sells , assigns , and transfers unto the within note and hereby irrevocably constitutes and appoints attorney to transfer said note on the registry books kept for that purpose with full power of substitution in the premises . Dated: WITNESS : (iv) . .. .. ......... ..- ..... .. '++Wry-:....+w._....r1r.4rr'__ •r -F♦ .