HomeMy WebLinkAboutRES 1980-58 - Board (3) RESOLUTION NO. 8058
OF THE
TRUCKEE DONNED. PUBLIC UTILITY DISTRICT
RESOLUTION AUTHORIZING THE ISSUANCE OF SERIES 1980-1 WATER REVENUE BONDS
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OF SAID DISTRICT, IN THE PRINCIPAL AMOUNT OF $321,500 AND PROVIDING
THE TERMS MID CONDITIONS FOR THE ISSUANCE OF SAID BONDS
WHEREAS, pursuant to Resolution No. 8009, a special election was held
in the Truckee Donner Public Utility District on June 3, 1980, for the pur-
pose of submitting to the qualified voters of said District the proposition
of issuing water revenue bonds of said District in the principal amount of
not to exceed $350,000, pursuant to the Revenue Bond Law of 1941 (Chapter 6,
Part 1 , Division 2, Title 5 of the Government Code of the State of California)
for the following purposes to wit.:
The installation and construction of improvements to the public water
system of the District, including but not limited to water trans mis-
s ion and distribution mains and lines, pumping facilities, pressure
regulation facilities, and appurtenant facilities, and further includ-
ing acquisition of any necessary lands, easements or rights-of-way,
and;
WHEREAS, said. proposition was approved by more than a majority- of all
votes cast by 'those voting on said prole.xDsition at said special election, and
the Truckee Donner Public Utility District is now authorized to issue said
bonds, as provided in said Revenue Bond Iaw of 1941; and
WHEREAS,, this Board of Directors deems it necessary to issue and sell
the first $321 ,500 principal amount of said bonds, to be designated Series
1-980-1 Water Revenue Bonds; and
WHEREAS, there is presently outstanding a promissory note of this
Disti_ict designated "E;mergency Drought Relief Promissory Note of 1977," in
the principal amount of $251,800, dated July 11, 1978 , payable as to the prin-
cipal thereof and the interest thereon f rom the revenues - continued next page
of the water system of the District, as provided by Resolution NO.
77-47 , the resolution authorizing issuance and sale of said promis-
sory note, adopted October 17 , 1977 , and as subsequently amended; and
WHEREAS , this Board wishes to 'issue the Series 1980-1 water
revenue bonds on a parity with said promissory note; and
WHEREAS, pursuant to said Resolution No. 77-47 , and specifically
the Provisions of paragraph 31 of said resolution, this District may
issue said Series 1980-1 water revenue bonds on a parity with said
promissory note, provided that the conditions specified by said para-
graph 31 are satisfied; and
WHEREAS, this Board has found and determined, by Resolution
No, adopted the same date as this resolution, that the
revenues of the water system have been and are sufficient for the
prescribed period of time to satisfy said conditions and that said
Series 1980-1 water revenue bonds may therefore be issued on a parity
with said promissory note*
NOWT THEREFORE, the Board of Directors of the Truckee-Donner
Public Utility District DOES HEREBY RESOLVE, DETERMINE AND ORDER as
follows:
Section 1. Definitions. As used in this resolution the
following terms shall have the following meanings :
(a) "District" means the Truckee-Donne'r Public Utility
District.,
(b) "Board of Directors" or "Board" means this Board of
Directors of said District.
(c) "Treasurer" means the Treasurer of the Truckee-Donner
Public Utility District.
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(d) "Revenue Bond Law" means the Revenue Bond Law of 1941
as cited i.n the recitals hereof.
(e) "The bonds" ' or "said bonds" means the revenue bonds or
bond authorized by this resolution.
(f) "Enterprise" means the entire waterworks system of the
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District, including, without lima-tation, all works and facilities to
be installed and constructed with funds derived from the sale of the
bonds herein proposed to be issued and all improvements and extensions
to said system later constructed or acquired.
(g) "Gross revenues of the enterprise" means all revenues ,
as defined in Section 54315 of the Government Coder received by the
District from the services and facilities of the enterprise, including
interest earned on the investment of revenues received, but excluding
customer deposits or receipts of a similar nature*
(h.) "Net revenues of the enterprise" means the amount of the
gross revenues of the enterprise less the necessary and reasonable main-
tenance and op eration costs of the enterprise.
i� "Necessary and reasonable maintenance and operation
costs of the enterp rise" means the amount required to pay the reasonable
expenses of management, repair and other costs necessary to operate,
maintain and preserve the enterprise in good repair and working order
excluding depreciation*
(j ) "Maximum annual debt service" shall be the maximum sum
obtained for any fiscal year hereafter by totaling the following for
such fiscal year:
(1) The principal amount of all outstanding serial
bonds of this issue and any outstanding parity serial bonds
payable in such fiscal year; and
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(2) The interest which would be due during such fiscal
year on the aggregate principal amount of bonds which would
be outstanding i.n such f iscal year if the bonds are retired as
scheduled, but deducting and excluding from such aggregate
amount the amount of bonds already retired.
(k) "Parity bonds" means revenue bonds , revenue no-ILI_-es or other
similar evidences of indebtedness , issued for acquisition, construction
and financing of extensions of, additions to, and improvements of the
enterprise, payable out of the revenues derived from the enterprise and
which, as provided in this resolution and the resolution authorizing
issuance of such parity bonds , rank on a parity with the bonds of this
issue.
(1) "Subsequent resolution" means any resolution authorizing
issuance of any p arity bonds.
Cm) "Fiscal year" means the year period beginning on January 1
and ending Decerrber 31 of that calendar year.
(n) "Authorized investments" mean any securities in which the
District may legally invest funds sub3ect to its control.
(o) "Drought relief note" means the outstanding Drought
Relief Promissory Note of 1977 , referred to in the recital clauses of
this resolution, or any securities which may hereafter be issued in
exchange for said note as prescribed by the resolution authorizing
issuance thereof.
Section 2. Equal of Bonds , Pled!ge_ of Revenues. Pursuant
to the Revenue Bond Law of 1941, and this resolution, -L--he outstanding
bonds of this Series 1980-1, together with the. drought relief note,
shall be equally secured by a pledge, charge and lien upon the gross
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revenues of the enterprise without priority for number, date of bonds
or note, date of sale, date of execution, or date of delivery, and the
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payment of the interest. on and principal of said outstanding bonds
and drought relief note and any premiums upon the redemption of any
thereof shall be and are secured by an exclusive pledge, charge and lien
upon the gross revenues of the enterprise, and all of the gross revenues
of the enterp rise (inc luding revenues of improvements and extensions later
constructed or acquired and revenues of existing systems, plants, works
or undertakings to be acquired, improved or extended or for the acquisi-
tion, imp rovement or extension of which said Series 1980-1 bonds are to
be issued.) are hereby pledged, charged and assigned for the security
of said outstanding bonds and drought, relief note; and such gross
revenues shall constitute a trust fund. for the security and payment of
the 'interest on and the principal of said outstanding bonds and drought re
lief note. So long as any of the bonds or interest thereon are unpaid
and any installment of the drought relief note or the interest thereon
are unp aid, said gross revenues shall not be used for any other purpose ,
fitted by +,,--his resolution and any subsequent resolution, and
exC.ept as permi
shall be held in trust for the benefit of the holders of the bonds and
the droug ht relief note; and said gross revenues shall be applied first
'7-47 , as amended , and then pursuant to this
pursuant to Resolution No. I
resolution, or to this resolution as modified pursuant to provisions
herein, and any subsequent resolution.
Nothing in. this resolution or in any subsequent resolution
shall p reclude: (a) the redemption prior to maturity of any bonds
sub j ect to call and redemp tion and payment of said bonds from proceeds
of r efunding bonds issued under sa id Revenue Bond Law of 1941 as the
same now exists or as hereafter amended, or under any other law of the
State of Californi-a; or (b) the issuance, subject to the limitations con-
tained herein, of additional indebtedness evidenced by revenue bonds,
revenue notes or any other evidences of indebtedness payable out of the
revenues of the enterprise and ranking on a parity with such bondso
Any bond for the payment and discharge of which upon or prior
to maturity, or upon r edemption p rior to maturity, provis ion has been
made through the setting apart i.n the Bond Service Fund or Redemption
Fund or in a special trust fund or account created pursuant to this reso-
lution to insure the payment or redemption thereof (as the case may be)
of money sufficient for the purpose, or through the irrevocable segre-
gation for that purpose in some fund or trust account of moneys suffi-
cient therefor, shall be deemed to be no longer outstanding and unpaid
within the meaning of any provision of this resolution..
Sec-i
on 3 , Amount, Issuance, Purpose and Nature of Bonds .
Under and pursuant to said Revenue Bond Law of 1941, revenue bonds of
the District in the amount 6f $321, 500 shall be issued as Series 1980-1,
for the purpose stated in the recitals hereof. Said revenue bonds shall
be and are special obligaticns of the District and shall be and are
secured by a pledge of and 1 ien upon., and shall be and are a charge
upon, and shall be and are payable as to the principal thereof - and
interest thereon and any premiums upon the redemption of any thereof
solely f morn, the gro,ss revenues of the enterprise, such gross revenues
being hereby pledged, charged and assigned for the security of the
bonds.
Section 4 . No General District Liabilit The general fund
of the District is not liable for the payment of the bonds or their
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interest, nor is the credit or taxing power of the District pledged
for the p ayment of the bonds or their interest, The holder of the
bonds or coup ons shall not compel the exercise of the taxing power by
the District or the forfeiture of any of its property. The principal
of and interest on the bonds and any premiums upon the redemption of
any thereof are not a general obligation debt of the District nor a
legal or equitable pledge, charge, lien, or encumbrance, upon any of its
pro pertyt or upon any of its income, receipts , or revenues except the
gross revenues of the enterprise which are, under the terms of this reso-
lution and said Revenue Bond Law, pledged to the payment of said bonds
and interest.
Section 5 , Descri tion of Bonds. The bonds shall be i.n the
principal sum of $321, 500. The bonds shall be in the denomination of
$1, 000, except Bond No. 1, and shall be 321 in number, numbered 1 to
321, inclusive. In the event that the purchaser requests , a single
fully registered bond payable in installments may be issued in lieu of
the 321 bonds of the denominations described hereinabove. In such case,
references herein to "bonds" shall be construed to refer to said single
fully registered bond -
. The bonds shall be designated "Series 19801,
WATER REVENUE BONDS, " shall be dated the date of delivery, and shall be
payable in consecutive numerical order on October 1st in each year
of maturity in. the amounts for each of the several years as follows :
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Principal Amount
Annually
YehLrs --Bonds Maturi Matur2-ng _
1981
1982 $ 11500 - 00
2 - 1 -06 5f000 - 00
1983-2003
2004-2013 107 - 206 10 , 000 . 00
2014-2018 207- 281 15r000 . 00
2019-20 yam/0 282 - 321 20 , 000- 00
Section 6. Interest* Said bonds shall bear interest at a
rate or rates to be herea f ter fixed by resolution following receipt
of bids, but not to exceed ten percent (10%) per annum, payable semi-
annually on the lst day of April and October of each year; provided
If
that the first interest payment date shall be Oc fobs-l-_ lr 1981, and
shall constitute interest for t he period from the date of the bonds
until said interest payment da te. Each bond shall bear interest from
the date interest is payable. thereon until the princi,pal sum thereof
has been paid, provided, however, that if at the maturity date of
redeemable and has been duly called for re-
any bond., or if the same is
demption. funds are available for the payment or redemption thereof in
full accordance with the terms of this resolution, said bonds shall then
cease to b ear interest. Said bonds and the interest thereon shall be
payable in lawful money of the United States of America at the office
of the District Treasurer , Truckee, California 95734 .
Sect •
ion 7 , Execution o-jl-:7 Bonds .- The President of the Board of
Directors of the District an d the Treasurer are hereby authorized
and directed to sign all of the bonds by their printed , lithographed
or engraved facsimile signatu res, and the District Secretary is hereby
author •ized •and directed to manually countersign the bonds and to affix
thereto the corporate seal of the District. The Treasurer is hereby
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WA i W"&NIAM-941--
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further authorized and directed to sign the interest coupons of
the bonds by his printed, lithographed or engraved facsimile sig-
nature.
Section 8. Registration . The bonds may be registered either
as to principal only or as to both principal and interest and the
form of registration may be changed or any registered bond may be
discharged from registration in the manner and with the effect set
forth in the provisions for registration contained in the form of
bond set forth herein.
Section 9, Redemption of Bonds. The bonds are subject to
call and redemption, at the option of the District on any 'Interest
payment date prior to maturity, at a redemption price for each
redeemable bond equal to the principal amount thereof .
All or any of the bonds subject to call may be called for
redemption at any one time. If less than all of the bonds are
redeemed at any one time, such bonds shall be redeemed in 'inverse
order of maturity and by lot in each maturity . The interest payment
date on which bonds are to be presented for redemption is hereinafter
sometimes called the "redemption date. "
(a) Notice of Redemation. Notice of the 'Intended redemption
shall be published by one insertion in a newspaper of general cir-
culation i.n the City and County of San Francisco, California, said
publication to be at least 30 days but not more than 60 days prior
to the redemption date. The notice of redemption shall (i) state
the redemption date; (ii) state the numbers and date of maturity of
the bonds to be redeemed, provided, however , that whenever any call
includes all of the outstanding bonds subject to call the numbers
of the bonds need not be stated; (iii) require that such bonds be
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surrendered with all interest coupons maturing subsequent to the re-
demption date (except that no coupons need be surrendered on bonds
at the off ice of the
registered as to both principal and interest)
District Treasurer, Truckee, California 95734 ; (iv. ) require that bonds
which at the time of call are registered so as to be payable otherwise
than to bearer shall be accompanied by appropriate 'Instruments of assign
anent duly executed in blank; and (v. ) give notice that further
interest on such bonds w--*Lll not accrue after the designated redemp-
tion date .
The Treasurer shall , on or before the date of publication
of said notice of redemption, mail a similar notice, postage pre-
paid to any person, firm or corporation that originally purchased
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any of said bonds from the District.
If any of the bonds designated for redemption shall be
registered so as to be payable otherwise than to bearer, the
Treasurer shall, on or before the date of publication of said
notice of redemption, mail a similar notice, postage prepaid, to
the respective registered owners thereof at the addresses appearing
on the bond registry book.
The actual receipt by the holder of any bond (hereinafter
refer-red to as "bondholder" ) of notice of such redempt ion shall
not be a condition precedent to redemption, and failure to receive
such notice shall not affect the validity of the proceedings for the
redemption of such bonds or the cessation of interest on the date
fixed for redemption. The notice or notices required by this
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section shall be given by the Treasurer . A Certificate by the
Treasurer that notice of call and redemption has been given to
original purchasers and to holders of registered bonds as herein
provided shall be conclusive as against all parties , and no bond-
holder whose bond or registered bond is called for redemption may
object -thereto or object to the cessation of interest on the
redemp tion date fixed by any claim or showing that he failed to
actually receive such notice of call and redemption .
(b) RedemTDtion Fund. Prior to the redemption date there
shall be established by the Treasurer a redemption fund to be
described or known as "SERIES 1980-1 WATER REVENUE BOND REDEMPTION
FUND (herein sometimes referred to as "Redemption Fund") and
prior to the redemption date there shall be set aside in sad
Redemption Fund moneys available for the purpose and sufficient
to redeem the bonds designated in such notice for redemption .
Said moneys must be set aside in said fund solely for that purpose
and shall be app lied on or after the redemption date to payment
for the bonds to be redeemed upon presentation and surrender of ,
such bonds and (except as to bonds registered as to both principal
and interest) all interest coup ons maturing after the redemption
date, and shall be used only for that purpose.
Any Interest coupon due on or prior to the redemption date
shall be p aid from the Bond Service Fund upon presentation and
surrender thereof . A interest nterest due on or pr for to the redemption
date upon bonds registered as to both Prind.pal and interest
shall be paid from said Bond Service Fund. Each bond presented
(if unregistered or registered as to principal only) must have
attached thereto or presented therewith all interest coupons maturing
after the redemp tion date. If, after all of the bonds have been
redeemed and cancelled or paid 'and cancelled, there are moneys
remaining i.n said Redemp tion Fund, said moneys shall be transferred
to the Surplu s Fund; p rovided, however, that if said moneys are part
of the proceerdU-3 of refund,ing bonds said moneys shall be transferred
to the fund or account created for the payment of principal of and
interest on such refunding bondso
Money s in the Redemption Fund may be temporarily invested
tments provided that the maturities thereoA-
in any authorized inve s
shall not be later than the date or dates on which money must be
avai
lable in said fund.
(c) Effect of the Notice of Redemption. When notice of
redemption has been given, and when the amount necessary for the
ion o bonds called for redemption is set aside for that
redempt * f the bon
purpose in the Redemp tion Fund, the bonds designated for redemption
shall become due and payable on the redemption date, and upon pre-
sentation and surrender of said bonds and (except as to bonds
registered as to both principal and interest) all interest coupons
maturing after the redemption date, at the place specified in the
notice of redemption, if any of said bonds be registered, upon the
appropr iate a s s i g nmen t thereof in blank, such bonds shall be
redeemed and paid at said redemption price out of the Redemption
Fund, and no 'Interest will accrue on such bonds called for
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redemption or on any interest coupon thereof after the redemption
date specified in such notice, and the holders of said bonds so
called for redemption after such redemption date shall look for
the payment of such bonds only to said Redemption Fund. All bonds
redeemed and all interest. coupons thereof shall be cancelled forth-
with by the Treasurer and shall not be reissued.
All interest coupons pertaining to any redeemed bonds,
which coupons have matured on or prior to the redemption date,
shall continue to be payable to the respective holders thereof
but without interest thereon. All. unpaid interest payable at or
prior to the redemption date upon bonds registered in such manner
that the interest is payable only to the registered owners shall
continue to be payable to the respective registered owners of
such bonds, or their order , but without interest thereon.
Section 10 . Fund s* Under and pursuant to said Revenue
Bond Law there are hereby created the following funds (in addition
to the Redemp tion Fund) , which shall be applied pursuant to this
resolution and under and pursuant to said Revenue Bond Law:
(1) Water Revenue Bonds , Acquisition and Construction Fund
(herein sometimes referred to as "Acquisition and Construction Fund") ;
(2) Water Revenue Bonds , Bond, Service Fund (herein sometimes
referred to as "Bond Service Fund" ) ;
(3) Water Revenue Bonds , Reserve Fund (herein sometimes
referred to as "Reserve Fund") ;
(4) Water Revenue Bondst Maintenance and operation Fund
(herein sometimes referred to as "M & 0 Fund" ) ;
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t '
(5)
Water Revenue Bonds, Surplus Fund (herein sometimes
referred to as "Surplus Fund") .
Pursuant h 23 of Resolution 7 7-�4 7 , the District
nt to paragraph ra� �
has previously established the "Truckee-Donner Public Utility
�
District water Revenue Fund therein
. called "the Revenue Fund"
,
a s the Revenue Fund*
and likewise referred to in this resolution
Sect.�on 1�..
' Disposition of Band Proceeds. The proceeds of
the sale
of the bonds shall be received by the 'Treasurer and
deposited as follows
(1) The premium, any,, shall. be placed in the Bond Service
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Fund+
(2) The amount provided in the band issue for funded inter-
est if any, shall be placed in the Bond Service Fund.
(3) The amount provided in the bond issue for funded reserve,
if an shall be laced in. the Reserve Fund.
�► p
t rov'ded * n the bond issue for funded work-
(4) The amoun p
•
ing capital , if and, shall be placed in the M & 0 Fund.
T balance shall. be laced in the Acquisition and Con-
struction he b p
Fund,
The District may p �'deposit mane . received from any source in
the Acquisition and Construction Fundf The moneys set aside and
Fund shall. remain therein
placed in the Acquisition and Construction
p
until from time to time expended for the purposes for which the
bands were issued .
e Acquisition and Construction Fund may be in--
Moneys �.n the q
' rued investments, rov. ded that the maturity
vested in any authorized p
-l4.
, i s
or maturities thereof shall not be later than the date or dates
on which moneys must be available to meet scheduled Acquisition
and Construction Fund expenditures . If any sum remains in said
Acquisition and Construction truc t�_on Fund after the full accomplishment
of h purposes t e to for which the bonds were 'issued, it shall be trans-
ferred
and placed in. the Revenue Fund.
�e ` Revenue Fund, As prescribed by Paragraph 23 of
�,.rctl.Vn �..�i Re"�en p
Resolution
7 7-4 7 the Treasurer shall, on or before the first day
of each.
calendar month following receipt of gross revenues of the
enterprise, set aside the gross revenues in the Revenue Fund , and
said revenues
shall be held in. trust by the Treasurer* After first
prescribed bparagraphs 2�4 and 25 of Resolution
making the transfers p �
�. all s from the Revenue Fund to transfer moneys 7� �� , the Treasurer shall �'
the Funds
and in the amounts and priority specified in Sections
13-1 6 as qualified by Covenant 2 of Section 19 .
his Section .2f of Sect,ons
Notwithstanding any provision of t
13-1 6r or o n�f a other section of this resolution to the contrary,
this hoard hereby expressly ex s l reserves the right to amend any and all
y
this resolution as necessary or prudent in connection
erovIs ions of y
with the subsequent issuance b the District of any or all of the
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rind
remaining $28 , 500principal amount of the presently authorized
e
$350 , 000 water revenue- bonds.
Section on 13 . Bond Service Fund . on or before the twentieth
ar month so lon f. the bonds - are outstand-
day of each calend g as any o
Ong, the Treasurer shall set aside out of the Revenue Fund into the
Bond. Service Fund, the following amounts
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s