HomeMy WebLinkAboutRES 1980-58 - Board above, divided by the number o-AP- months remaining in said period.
In the event that the transfer or transfers for each calendar month
as aforesaid are less than the amounts required for that month
because of lack of funds or for any other reason, the deficiency
shall be added to and become a part of the transfer or transfers
req uired for the following calendar month.
Such sums shall be transferred so that the full amount
required to pay, as it becomes due , the 'Interest on said bonds
and any maturity or installment of principal on said bonds shall
be set aside in the Bond Service Fund at least ten (1.0) days prior
to th e date the installment of interest and/or principal becomes due.
Notwithstanding the foregoing provisions of this Section
13 , any moneys required to be set aside, transferred to and placed
in the Bond Service Fund may be prepaid in whole or in part by
being earlier se, aside, transferred to and placed in the Bond
Service Fund, and in that event the monthly transfer which has been
so prepaid need not be made at the time appointed therefox . In
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any event at least ten (10) days prior to the due date of any in-
stallinent of 'Interest and/or principal on such bonds all sums required
for the p ay men+%.-_ thereof must be in the Bond Service rFund..
Money s in the Bond Service Fund may be temporarily invested
in any authorized investments provided that the maturities thereof
shall not be later than the date or dates on which money must be
available in the Bond Service Fund&
The interest coupons shall reci-te that they are payable
from the Revenue Fund, but said coupons notwithstanding suc-h recital
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shall be paid from the Bond Service Fund which is derived from
the Revenue Fund.,
If a ter all of the Bonds and any parity bonds have been
redeemed and cancelled or paid and cancelled there are moneys
remaining in the Bond Service Fund, said moneys shall be trans-
.A
f erred to the Surp lus Fund; provided, however, that if said moneys
are part of the proceeds of refunding bonds said moneys shall be
transferred to the fund or account created for the pavrnent of the
princip al of and interest on such refunding bonds .
Section 14. Reserve Fund . The Treasurer shall place into the
Reserve Fund, as soon as the monthly transfer is made as prescribed
in the foreg oing Section 13 of this Resolution, on or before the
twentieth day of each calendar month, an amount which is equivalent
to 10% of the deposit required for monthly 'Installments of prin-
cipal and interest payments for each corresponding month as provided
in the foregoing Section 13 of this Resolution, un til such time as
the funds and/or 'investments in the Reserve Fund shall aggregate a
debt service reserve i.n the sum of $19 , 3 00; provided, that the amount
to be transferred to the reserve fund i.n any fiscal year shall not
exceed $1, 930; and provided further that the transfers prescribed
by this Section 14 shall not commence until the month of October,
1982 . Thereafter, whenever -1L1--he Reserve Fund is drawn upon, the
Treasurer shall likewise transfer on or before the twentieth day of
each calendar month from the remaining moneys in the Revenue Fund
monthly deposits
an amount which is equivalent to 10% of the aforesaid
h
{l On account of Interest
Except as provided differently for the October 1 , 1981,
interest th.e twentieth da of April next
payment, beginning Ora �'
• interest a.vment date, and beginning on -
preced�.n.g any ootober �. p �.
o October next receding any April 1 interest
the twentieth day f p
patent dater the Treasurer shall transfer into -the Bond Service
will due and
Fund one-sixth (1/6th) of the interest w
payable on the outstanding andin bonds on such October lst and on such
,April l.st, respectively;l provided, that for the interest payable on
e shall be twelve approximately equal monthlyOctober Z, 1981, there PP
transfers , � nn �
be i in on October 20, 1980 , subject to adjustment,
•
inthe event the bonds are sold to Farmers Home Administration,
to take into account the fact that the authorized principal amount,
that event, win �.�.�. b e received in increments and interest payable
on October 1, 1981, wi l 1 not be known until all of such increments
have been received.
(2) On account of Principal
. and continuing Beginning on October 20 , 1981, a g on the twentieth
thereafter during day of each month g the term of the bonds, the
. Treasurer shall transf
er er to the Bond Service Fund an amount equal
to one-twelfth of principal which will mature and be payable on the
the following October 1;. prova.ded that for the
outstanding bond.s on g
period between the date of the bonds and the first maturity date ,
the monthly m.
thl sum transferred shall be the principal which matures on
,
said first maturity date, less the amount of any premium placed in
the Bond Service Fund pursuant to subsection (1) of section 11.
�.ce
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required for the payment of interest and principal, until such
time as the reserve in the amount of $19, 300 shall have been
restored, In the event that on the twentieth day of the calendar
month next preceding any principal and interest payment date there
shall be insufficient moneys in the Bond Service Fund to pay the
principal of and interest due on such date of the bonds , then
money s in said Reserve Fund shall be used to make such payment.
No payment need be made, into the Reserve Fund when and if
the amounts contained in the Reserve Fundr together with the Bond
Service Fund, are at least equal to the principal of, together
with interest then due or thereafter to become due, on the bonds
then outstanding. In that event, all moneys in the Reserve Fund
shall be used and withdrawn solely for said purposes or for the
retirement of al-I of the bonds then outstanding .
Moneys in. the Reserve Fund may be temporarily 'invested in
any authorized investments provided that the maturities thereof
shall not be later than the date cr dates on which money must be
available in said fund .
Section 15., M & 0 Fund. From moneys remaining in the
Revenue Fund on or before the 4L---wentie--'[.-.h day of each calendar montb ,,
after sa-LL.-isfaction of all claims, if a-ny, required to be discharged
in conform ty with Covenant 2 of Section 19 , and after setting aside
an.d transferring from the Revenue Fund all the sums required to be
set aside pursuant to Sections 13 and 14 the Treasu.-I-.er shall set
aside i.n the M & 0 Fund an amount necessary to pay from said M & 0
Fund the necessary and reasonable maintenance and operation costs of
the enterprise ..
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section 1.6 , Surplus Fund. Any moneys in excess of the
amount necessary to be set aside in conformity with Covenant 2 of
Section 19 and Sections 13-15 shall be set aside by the Treasurer
i.n the Surplus Fund.
After all covenants of 4L".he D3.-strict contained herein have
been duly performed, moneys in. the Surplus Fund shall be transferred
as .4-01 1OWS:
(1) First, to the Reserve Fund 'until such time as the
debt service reserve of s19, 300 has been achieved.
(2) There af ter, to .any. Of the following, as the District
in its discretion may determine.,
(a) to payment of the - cost and expense of construction
and installer Lion of improvements and extensions to the waterworks
system, or
(b) to the Reaemp"%:-ion Fund to be used for the
redemption of , any of said bonds. which are subject to call and redem --
tion prior to maturity,, or
(c) to the purchase f rom time to time in .the open
market of any outs Landing bonds (irrespective of the maturity or
number of such bonds) at. prices and in such manner, either at public
or -
rivate sale or o-LL-
herwise, as the District in its discretion may
p ,
determ.ine.. •
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Moneys in the surplus fund may be temporarily invested in
any authorized investments provided that the maturities thereof shall
not be later than the date or dates on which money must be available
in said �.znd .
Section 17. Investments. Except as hereinbefore provided,
obli ati.ons purchased as investments of moneys in any of the funds
In which investments are authorized shall be deemed a' t all times to
he a part of such funds. Any 'income re al i zed from such investments
shall he credited to the Revenue Fund, a-n. d. -any loss or expense re-
sulting from such investment. shall be charged to the Revenue Fund.
The Treasurer shall sell at the best price obtainable or present
for redemp-3-on any 6b1a.gat3.ons so purchased whenever ilk: may be
nece-ssary to do so in order to provide coneys to meet any paymen*'C:
or transfer f-rom such funds. For the puzpose of deterrninin,g at an
given. time the balance in any such funds, any such investments
constituting a part of such funds shall be valued at the then
est imated or appraised near et value of such investments,
Set pion 18 . Warr'a.n The Dlstric t spreserve. and
rotect the security of the bonds and the ri h is of `he bondholders
and warrant and defend their rights aca�ns t all claims and demands
of all persons,
'
� 1�
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Section 19. Covenan.%..S,'. So long as any of the bonds
410p-n ana a
g npaia , the District a mkes
issued he.reunaer arE� outstared"
t ."
ollowi,ng co an .s wol
th the bod-I)no1o"ers uc ner -IL--he - provisions
he fvenL1:
L
41
of the Revenue Bond Law of l Z I t to he performed. by the Distric t
or its proper officers, agents or ezaoloyees) which covenants are
necessary, convenaen-1C.- and desirable to secure -L-:he bonds and tend
4-
at said covenant!
L.
to make them more mare--Lable* provided, however h
do nc t. require the Dis-trict to expend any funds other than the
revenues received or recez-vable from the enterprise.
Covenant Punctual Pa)22, e"7)L.. The District covenants
ill duly and punctua l ly pav or cause 4L-.o be pa id -L-he,.-. prin-
w I A.
AC h a t i4-
• X
c1pal O.L and interest on eve,:.-y Dona issued hereund e.r, on the date,
at t h e p lace and in the manner *mem"doned in the bonds and coupons
a n accordance w I'th this zesolu`�'-_.icn. , and that the pavments 1* n-`Z.-.o
na
A:.he -Bond Sery ice' Fund and the '.'.Rleserve F*-und will be rrade, all in
s trice c o n.Xo rm.1 L_ the resolu-
wi# h he terms o said bonds and of 'L'-h
L
the
L. fai hf u 1.1 y observe and 'oer.Lorm all of
i..ion that-'C., and -I- 3.t. W
S
-oor dL.i on sr coven em en- L
ants and recu..'..i..' 0.;.. the r e so lut ion and all
-resolutions supp lemental .here"L:o 'and Of the bonds issued hereunder,
a-m e o 17'0 1 T lance is
that t f such payment and per of the essence of
and
the District' s contract Wa_J*L-_h -IL-.he bondholders .
Covenant 2, Discharae Cle.L-mas * The District covenants
that in order to -fully preserve ana Tz),:_-otect -IC-he Prioril--y a.nd secur-
r. L -he. revenue# T%und ' end
I-rict shall -,D v from I%L.
ii-y o-,:� the binds the Disl_
I XMS Lor Tabor, materials* and supplies fur-
discharge all 1a';,%?'u1 cla '
"
nished for or in connection with the enterptise which if unpaid ,
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• •
S • I
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may become a lien or charge upon the revenues prior or supera.ar
to the lien' of the bonds and impai-r the security of the bonds.
The District shall also pay from the. Revenue Fund all taxes and
assessments or other governmental charges la*wfully levied. or .
assessed upon. or in respect of the e.nterpri%se or upon any part
thereof or upon any of the revenues therefrom. .
Not-withstanding the order of priority for transfers
from the Revenue Fund as prescribed by Section 12 above, any payments
required for the full and faithful discharge of this Covenant 2
shall constitute a fir st priority to be discharged in advance of-
any other transfers prescribed by sections 12---1 6 above.
Covenant 3. Commence Acauisi tion and Construction, The
District covenants that as soon as funds are available therefor,
the Di s t:rict.. wi.ll commence ._.the accomplishment of the purposes for
which the bonds are issued. and will continue the same to completion
with all practical dispatch and in an economical manner.
Covenant o eras e Winter rise in �f.ficient. ana z.conornica
... -
an n e.r. The District covena.n is and agrees to oper ate the enterprise
• in an e,f i.cient and economical manner and �.o operate, nai.n tai.n and
reserve the en ter'pri se in. good repair and wo rki.ng order.
Covenant 5. Acainst sale, Eninent Domain. Except as
hereinf �..he Di.stric t covenanis thatthe enterprise shad l
Proviced
not be mort a ed "or otherwise encumbered , sold , leased , pledged,
any charge vlaced thereon , or disposed of as a whole or substan-
tially as a whole unless such sale or other disposition can be
so arranged as to provide for a. continuance of payments into the
. 2 3- '
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r I elating to the enterprise. Said books shall. at all times be sub-
ject to the inspection of the holders of not less than 1 0% of the
outstanding bonds or the it representatives authorized in writing.
The District covenants that it will comply with all book-
keeping-, accounting, auditing and annual reporting requirements of
the State Controller o f the State of California..
The District covenants that it will cause the books and
accounts of the enterprise t.o be audited annually by an independent
certified public accountant or. licensed public accountant and will ,
make available for inspecti on by the bondholders at the off ice of
the- Treasurer a copy of the repor t of such accountant or accountant:
The Dis tr i c t covenants that i t will cause to be prepar ed
annually, not more than a o days af ter the close of each fiscal year
0
a suns nary st�te_nient showing the amount of gross revenues and the
amount- of all other funds collected which are requ* ired to be pledge
or o therwise made available as security for payment of principal of
7
an interest on the bonas, the disbursements from such revenues and
other funds in. reasonable detail., and a general stateznent of the
financial and physical condition o,.: the enterprise. The Dis trict
furnisn . bond-
. �'�' p � � �
holder.holderib
Coven ant S . Co llec t ion of Chara.! .s The Distric t coven-
ants. that,, except to the extent that the District is required under
agreements and/or contracts existing on the date of delivery of the.
bonds , no *%,syater- or other service from the en ter may be furnishe
or rendered to the United states of America , the State of California
the District, any municipal or -oublic corporation or person at rates
-26-
•
or
than ..-lar service , excer-)L-
- n thoseothercharother persons si-ini
lower ILL- C.
that charges to the D� sz-&-r *:L water used for 'ire hyaAL:s maycj- for wat ran
be mma d e a' r a t e s l ow er than -IL-.hose charced Private vex.-sons, and ra ll
•
0 j- sha-11 bea, reasonaSle
the D i ic
s
ra4L-.es Lor service rencer.-ea
or other real property
ch4a:r-ae for the serv; ce r e* ndered No buildinc
0-1: the enjf.-..err.)rise shall be furnished free to thB Dis tric-1C., but the
h`11 pay into the Revenue F=d the reasonable rental value
Distric4-
O-f any property so used , and reasonable and proper charges for
r cuarters furn i shed to -IL--'he en ter-prise shall be
service rence-
• r the Dis ed ot rict from the Revenue F und . The District covenants
Pala �o
shall a-"- all t *
.-Lines during 'L---h-e period anv-. f the bonds are
* t
h a t a.
outstanding main tain and en.,-orce valid recrulations for ;the pa ;ient
of hills water servi that and al.: such regulations shall at all
hills I for •
times during such period prov�de that the C:J- shall discontinue
ter- hi�.�. �a�s not been paid wil:hin
w a ter service to any user whose wa-LL-
e
the time fixed b said reaulationst %,.lnich sha-1%2. not be more than. .
- J-e-r- bill two m �..
cnhs 1rrom tzhe 6a ,-e he wa L 11 heca-tite c el n uent.
Covenant Rates *M---nd Charges. The District shall and
OWO
hereb 4-
y that tha shall prescr�._De , revise and collect such
•
charges for the services and fec�.1i L-,-1es oz. the en terp-rise which,
-
after making allowances for con-41-1-incenc.3-e r-.s 'n d error in the esti
xra -es , shall he at leas-" sufficient J--o pay -IL--he fol.lowa' nts
na a0mou
in the order set forth;
(
and princ ' val o' the outs-IL-anding.06- L a) The in'LLeres"* 4=
•
bonds as they become due and payable;
27 .
.+
x
{b) All pawyrments required far compliance with this
resolve Lion including pad-men is required to be Tr,ad e int-o the Reserve
• Fund;
4
• {c pyrnents rewired to wee t. and other ob .. .gions
Of. the District which -.re charges , li* ens , encumbrances upon or
from .he revenues of the enterpayable riser p
(d) All curren t . expenses f-or the necessary and reason-
le rain tena.nce and a er a l- casts of . e •.en ter r .se l and e
p p
charges shall be so f i that the gross revenues shall be at leas4t:
1. 20 times. �.�e �c�un�� payable under {a) , and in addit; on shall be
1 tomes h e ..noun is payable under c and {d} .
Covenant. 10. No Priori t.v L o.w. Ar'd itiaree 1. �..�anas i The
4
i s tric t c ovenants the t no additional bands shall be issuedpursu.�
ant to sa .d Revenue haw or any oer o she . te o
• . . .orn .aa �;� any pr .ar ty pxr�en a principalor interest
out of. the revenues o the e.n terprise over the bonds hereby authori---
zed to be .issued *and payable out of- -s c id revenues.
-Covenant .11. Limi is . on Aca i tuna l Debt. 'the District
covenants that, except far bands .issued .o refund these bands, no
additional ; n6ebted.ness eve d enced b ' revenue bonds , revenue rates
or an ether evidences of. indebtednesspayable cut of the Revenue
y
Fund and rangy; ng on a parity with these bonds shall be created or
incurred unless
E'i.rst.: The Di stri c k. is not in del cult 'under the terms
of th-is resolution .
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be
a-m pr o v en, e n or extension is resDectively J4.
each aaddition t
-e or opinion of..- a qualified
operat:* a:11 cas shouYn b the ce T-tiA'icaLL
Lon Y
independe.n the District- and
engineer employed by
(b3 Pn allowcance .or earns ngs �.ri s�.ng f-rom any increase
0
•
h h
In the chrarces made f or serviceiron en terprise whic as
X
be come e'.L.'L e cjL---a-ve prior to 4 6-1,..he incu.rr�Lng oA. such accli-l'--ional indebj-.e&-.
or any part'- c1A. such fiscal year or last
w" ch, dur *
n e s s buL. :Ln g
a . ..comple jL:ed 12 mon-th period , was not J-n ef'.JLecjC--, i n an amoun t equal
he net -revenues would have been.
to 0/ h e ra M o u n t- by wh i ch --
IOU-
I
incr ea sed such increase in charges had been in effect Gurzng
J-he whole o.'L. such I SCIal . ear or lc-.sj- com-�.)l ete' 12 month per od ,*
MA
Cato or o-pin� on o' a qualified independent
a s s h o-vm by 'h e c e -AL. Z
enc.3,.neer employed by the District.
12 Arbi --ri ct coven ants '0'
Covena L. - No L-raEe,. The Dis L-
of each holder c.'L the bonds assued '.rn e r e un 6 e...r that the
t h e e n e.L
D i s r c jk-.- shall make no use o ' the proceeds 01 the bonds which will
cause -,,-.-h em -tL--o be " arbi--�L-.rag e bonds"' under Section 103 (c) of the U.S .
1954 ,. as' amended, and the ao-Dlicable regula-
Internal Revenue Code o.,-
tions promulcated thereunder by the Int-ernal Revenue Servi I ce. The
that he Board of D rectors and the
Di s'L'--rict f ur-Lher cov enanL the
L
Dis-'C:rict' s o.."--ficers, employees and other agents shall take approprIate
S _rCUM
-'-hat on the bas,.L of the fac-,L:s, estimates and ca' stances
ac-tion so L-
in existence on the date o.E 'issue of the bonds it is reasonablY
expected -1L--hi-=-'C the Croce of the bonds will be used in manner'.. that
will no ,- cause the bonds to be taxable ax-I)i-,,L-rage bonds" under
Section 103 (c) of said Internal Revenue Code of 1954 , as amended,
and it-.h e appl*�.cable regulations promulgated thereunder,..
3 0-
e r
• •w
t
t
• Section 20o Lost, r�tol.en Destroved. or Mutilated Bonds.
s�'C . ---
4
In the event that an bond nterest coupon pertaining thereto
�' or any
is Jost stolen destroyed or mutilated , the District will cause to
beissued a new bond. or couvon similar to the original to replace
the same ire -such Tri�r�ner and upon such reasonable terns and condi-
tions - - 1nc1udan the p-vment:
-of costs .nd the posting of a surety- �..
' u e t bond necessary,c e s s ar a s may from
bond if the District deems such s r �. .�
L.Ine_ to time be de,-'Lzermined and prescribed by resolution. The
Dis4L-Xict may a.0 thorO.ze such new bond or coupon or coupons to be
� in such ;nanner a s ii: determines in said
signed �.nd. authe.n� • c�� ted
resolution
Section 21. Cancellation of Bonds . A 1.1 bands and coupons
surrendered to the T're a.surer or any pang agent of the District for
iDa ment upon maturi ty or for redemption shal 1. upon payment therefor
ed immediately. An bonds urcha.sed. b the District as
he cance.11y p �'
authorized herein together with all unpaid coupons pertaining thereto
sha-1l be cancelled forthwith. All of the cancelled bonds a..nd interest
coupons sha ll be transfe r red to and shall remain in the custody of
the Treasurer and shall not be reissued.
section 22. Consent of Bondholders. P..nv act relating to
she amendment,, waiver or mod if icatio of an . of the said provisions
r
consented to b bondholders holding seventy--five
o� �h�s re sol.ut ion � g
in a are ate ri.nci.pal amount o� the outstanding
per cen �. (75%) g� g �' ,..
bonds ,
exclusive of bonds , if anv, owned by the Di.s tr�.ct, shall he ,
t e h l.ders of all. of the bonds and -interest coupons ,
hind Ong upon h o
such coupons s be attached to bonds or detached there`jro*M
whether su p .
of be deemed an infri.ngemen4L: ofany of the provisions
and. shall n
.31.
of this resolution wh4a Lever the character of such act may be,,. and
may be cone and perf ormed as fully - rand freely as if" expressly per-
-1 on
miJZ.-ted by -14---he terms of -1C.-his resoluto'.. and such consent
relating to such specified matters has been given , no bondholder
or holder - of any interest coupon, whe'Ll:her attached to a bond or
detached therefrom, shall have any righlt". 0.',- interest to object
to such action or in any manner to cues Lion the propriety thereof
J_
or to enDoin or restrain the District.. or any officer thereof from
taking any act-ion pursuant theretoo.
Bondholders may consent,by. affirma-L--ive vote at a
t without a meet
in I mee-LL_a_ng or may consent in wr i. .in Ing, all
as hereinafter provided
.1.---er 4- waive-9- o-T- modificalions shall be mace
No such amendmen �_, L
which wJIL11 Pe=1`1Z: 1a) a change in the maturity or* term 'of redemp-
tion of -IL--he principal of any bond or any ins to llmen t of i.n serest
tb'er eon; (b} a rec.00OICion in the principal amount of or redemption
price or rate of interest. upon lanY bond wit-hout the consent of the
holder of such bond ; or (c) a reduc tion of the percentage of the
pr in c ipa l amount o-.,F- bonds the vote or consent of which is required
to effect any such amendment&
(a.) Calling Bondholders )..�-f.-eetin2. If the District shall
desire to obtain Cony such consent it may call a meeting ofbond-
holaers , by resolujL_.ion , foll-. the purpose oJL considering t-he action,
the consent to which is desired .
(b) Notice of. Meeti No-tice specifying, the purpose,
place, dat--_e, ca.nd hour Of such meeting shall be published once in
a financial. newspaper or D ournal' of national. Lio
n published
3 2-
F 1
f •
41
i
in the City and county of San Francis co, California , not less than
sixty ( 60) days prior. to the date fixed for the meeting. Such
notice shm-11 set forth the nature of the proposed action, consent
to which is desired.. If cany of the bonds ' shall be so registered
as to be payable otherwise than to bearer, the Treasurer shall,,
on or be.�ore � I ` public lica.,i�on 'of such notice mail a similar
.� she .2..rst p
s
notice, pos tack e prepal , to the respective reg is .e red owners
thereof at their addresses appearing on the. bond. registrar books..
The place*, date and hour of hod ding such meeting and the date or
dates of publishing and mailing such nati.ce shall be detern fined by
the DaL s tri c t♦ in its discretion.
' 'he actual. receipt by any bondholder of no Lice of any
such meeting shall not be a condi,Cion precedent to the holding of
such neeting , and failure- to receive such notice shall not. affect
the validity of the proceedings Lherea.t. A certificate by said
Treasurer, approved by resolution of the that the meeting
has been called and twat notice thereof has been given as herein .
usfive as against all parlw:ies and it shallprov .aed shad. . be coric .
of e o e.n to a.n ba ►c holder to show that. he failed to receive
n b p
notice of such meeting.
(c 'oLi.n Qualifi cations. P-n bondholder may , prior
Lo. an such meeting ,, deliver his bore or binds to and agency
� g
designated by the District for the purpose. , and shall thereupon
be entitled to receive an appropriate receipt for the bond or.
e call ' for --he redeliver o.f su
ch bond or
g
bonds so depositd ,
bonds at an time often the meeting* 'the `areas-brer shall prepare
v 'to the chairman of the meeting a l�.sL of the Hennes and
and deliver
�3 3
-
addresses of the registered owners of bonds , with a state zrien4L_ of
A_ ties ahe�.d. and ceposited
k-h ema-I-_uri 4- nd serial numbers of the bonds
by each of such bondholders , and no bondholder shall be entitled
01
to vote at sil-ch meeting unless his name appears upon such list or
4
unless he shall present his bond or bonds at the meeting or a
certificate of deposit thereofi, sa4L_isf actory to the District, exe-
cuted b�r a bank or trust company* No bondholders shall be perritted
to vote with resp ect to a larger aggregate principal amount of bongs
than i s set against his name on such list, unless he shall produce
4L-..he bonds on which he desires to vote, or a cer4C_ificate of deposit
thereof as above provided..
(o.) 1ssueroiP.Tned Bonds. The D ist rict covenants that it
will presen'L. at the meeting a ce.-r-tificate , signed a n a verified y
one memh>er- of. she Board and by the Treasurer s4C_aIL'-_I* n9 the ma turn-ICies
and serial numbers of all bonds owned by , or held for account -ofr
the 'District daLrectly or -inclirec-C-1yo No person. sha.2-1 be permitted
•
at .the m4eeL�-_ing to vote or consenjE.: with re spec-l:_ to any bond appear
ing upon such certa*.JI_:7i ca IL-.-e, or any bond which i t 'shall be established
n is owned by 4L--he District, directly' Or
._a
at or p r or to the -ineeticT
(in thy. r*esolution ref erred to as
indirecL-ly/I and no such bond
lot ---ermining whet-her a
Ssuer-owned bonds" ) shall be counted in det-
quorum is present at the mee4L--ingw
a roceclure. A represents . least
(e) Quorum an Lion of a4
#
(75%) in ac are gate principal amount of the
seven,,-y-.L iv e per ceni.
L
bonds then ou,'L'--standing (exclusive of issuer-owne ' bonos shall be
A_ meeting of bondholders,
necessary `0 consti4-ute a q uorum a any
but less than a quorum mav adDourn the meeting from time to t*:i-m e
-34-
ri
and the meeting may be held as so adjourned without further notice,
whether such -d *
Dourm-rent shall have been had by a Quor= or by less
,
than a quorum, The District shall , by an instrunient in writing
• cappoint a -1Ce.4rnporary chairman of -14-.--he rneeta.ng , and the meeting .-shall
be organized by she election of a permanent chaairiian sand a secretary
Al: anv -nee tin each bondholder shall be entitled to vote as afore-
son or by proxy duly appoin.4C.-
smaid , and such vote may be. given in per
e d by aLn instrument in -rwyritinc presented at the meeting. The
J. its 'uly authorized representative, may attend any
strjcL�, by a m
of the bondholders , but sha.1....1 not be required *to do' :so' .
(f) * Vote Reauired. AJL-- any such meeting held as afore-
-he consider 0--�_ion and actin o.,_
said -IL-here shall he submitted 'or' t
the bondholders a statement of proposed action, con'sen4L: to which
--o and aoproved
is aesi.-I-_ed, and if such action shall be consented t. A.
b bondholders holdi.na at l.�eas-Lt. - seventy-f ive per cent (75%) in
aggregate - arnount of the bonds then oujC-st-anding (exclusive of issuer--
tl,.-)e cha..irsian and secrej L.-ar o-" the meeting shal l so
oNsm e a C= y L
c e-P-4-i -cy in writing to -4-.he District, and s-och cel--tificate s'l")all
Cons t- L.
i4�ute complete evidence of consent of bondholders under the
P
provisions of -IL--his resolu-IC-ion . A cer-C_ificate siane8 and verified
wof
by the chairman and secs etas y of any such meet-ing shall be conclu�
sive evidence and the only competent evidence of matters stated in
I such certificate relating to" o proceedings taken at such meeting.
(g) Wr i t-4E-en Consent of Bondholders .. If the District
shall desire to obtain any such consent in writing . ' ,writhout. a
meeting of bondholders , the Board 'nay , by resolution ion propose the
• � 3 5-
IOn I
to whic,h consent•
is cesired. A copy of such resolu`L
to geolk.,.her •with a request to bondholders f or. their con sent to the
act prop
0 & shall be published once in. a f ina.ncial
a osed thereint
a
new spaper or journal o f nation&I circulation publishea in the city
shall
and County of San Francisco, Califo lr nia- if any of the bands
be so reg i stered as to be p cayable otherwise 'than to bearer, the
Treasurer sha l l, on or before the public=`L.xon of such resolution
and request, ma*l a copy thereof to each registered owner at the
address appearing on the bond registry boo kso
The C-ctual receipt by any bondholder of such resolution
X the.1. he proceedings for
the valid 0
M- e c d n d request shall - not a
a ' d Treasu.A-Av.-surer A cerjLzif icate s :Lsuch consen". Y
-sC-he cb-,--aining o `
a-on
-1--ha-` said resolut' and
apiDroved by resolution of the Board, L_
recuest has. been published C-Ind mai led as here in provided shall be
• L.0 any
nst all parties , -a-no' i-lk: shall not bt open
conclusive-.as agai
and
bondholder 'IC-o show that he failed toreceive such resolut Ion
consentab
l: beccompriedb roof 0'
Each wriLLencons . saM
ownership -of the bonds for which such consent 'is give.n. Proof Of
shall be prescribed by
ownership shall be made in - s-uch mann:e-r as
e .resolution lDro-�>osi, ng the action. Anv such written consent
shall he binding upon the holder of JL--he bonds giving such consent
s ea holder (whe4L--her or not such subsequent holder
and on any su.0 ,uen
has notice thereof) unless such consenAL-1- is revoked �.n writing by
the holder givi: ng such consent or by the suhsequ.ent . holder. T& be
effective , cany revocation' of consent miust be filed be-Fore the
adopt•
ion of- the resolution accepting consents as hereinafter provide
-36-
r
L +
r -
M
A ter the holders of at least seventy-five per cent - (75%)
i n agg g
re ate principal a u.
mon t of the bonds then outs tanding (exclu--
sine of issuer-ownea
bonds) shall have consented in writing, the
Board shall. adopt a resolution accepting such consents and such
R
resolut ion sh.a.11 const itute complete evidence of the consent of
bondholders under tha..s resolution.
(h) Publication of Consent, Not--ice specifying she
a encMent, waiver or mod i ioa tion that has receiver, the consent of
bondholders as required by this section shall h>e pu-blishea once 'in
a financia*1 newspaper or. journal. Mof national. circulation published
in the city and County of San Francisco, California , not less than
. sixes ( 60) days f of l o-wrincr the ?n 1 action in the proceedings .lor
L.he obtaining of such consent. laid no .ice s only nor the infor-
rn
~ ~ ' `L. of bondholders and. failure to* pubolish such notice or an
defect therein shalrl not of f ec t the validity of the proceedings
then etof ore taken in the ob to i n ing of such consent.
Section _2 3. pond and Coumon Fo-rms. Except as hereafter
-cw ided 3.n this Section 23 and as provided by Section. 24 , said
bonds shall be payable to beaker, shall be issued in negot.ia.bl.e
fors, and shallc�be �neotia.ble and the form of said bonds and
,
.merest cou ons thereof shall be subs tantial.ly as follows
- .37-------------
N
(FORM OF COUPON BOND)
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
NEVADA COUNTY
TRUCKEE-DONNER PUBLIC UTILITY DISTRICT
SERIES 1980-1 WATER REVENUE BOND
No., $1, 000
The Truckee-Donner Public Utility District, a public
corporation organized and existing under the Constitution and laws
of the State of California (herein. called the "District") for value
received, hereby promises to pay (but only out of the Revenues herein-
after referred to) to the bearer hereof, or, if this bond be registered,
to the registered owner hereof , on October 1 , 198 , the principal sum
of one Thousand Dollars ($1., 000) together with interest thereon from
the date hereof until the principal hereof shall have been paid, at the
rate of percent %) per annum, payable on October 1 , 1981, and
semiannually thereafter on April 1 and October 1 in each year . Unless
this bond is registered, interest due on or before the maturity of
this bond shall be payable only according to the tenor, and upon presen-
tation and surrender, of the annexed interest coupons as they severally
become due. Both the principal hereof and interest hereon are payable
at the office of the Truckee-Donner Public Utility District,, P. 0. Box
309 , Truckee, California 95734 , in lawful money of the United States of
America.
This bond is one of a duly authorized issue of Truckee-
Donner Public Utility District Series 1980-1 Water Revenue Bonds (herein
called the "Bonds") aggregating Three Hundred Twenty-one Thousand,
Five Hundred Dollars ($321., 500) in p rincipal amount, all of like tenor
-38-
and date (except for such variationsr if any, as may be required to
des agnate varying numbers and maturities) and is issued pursuant to the
Cons IC-itution and laws of the State of California, including the
Revenue Bond Law of 1941 (her e.;.I-n called the "Law" ) , and pursuant
to Resolution No& adopted by the Board
of Directors of the District on August 18 , 1980
(herein called the '"Resolution"' ) , and the vote of the qualified
electors of. the District voting at a special election duly called
and he ld for that purpose , au-IC.-horizIng the issuance of the bonds.
Reference is hereby made to the Resolution, to any resolutions
supp lemental thereto and to the Law for a,de s ri ption of the terms
on which the Bonds are i.s.sued� -IL---he Drovisions, with regard to the
nature and extent: of the Revenues , as that te.-T-m i s defined in the
Resolution, and the rig hts of the holders and registered owners of
the Bonds and of the bearers of. the a-ppur-I[_-enan--II.- coupons , and all the
terms of the Resolution and the Law are hereby incorporated herein
and con st* tL., %.to a contract between the District and the holder or
regis j--ered owner from time to time of this Bond, and to all the pro-
is Bond,
vi s i on s thereof the ho`lo.er or registel--ed owner o�.
S,
accby his' " entance hereof , consen-1-s and agree ach taker and
-her cl
Sub set holder hereof and of. said couvons , . whe-%L-
say cou-
pons are a -
ttached hereto car dedetached. heref.-Arom, shall have re.--course to 11 of pro
rov.'.".sions of the Law and t'.',-)e Resolu4-ion
-tL.. . -A..
and be bouhd by all the terms and Bondi Lionsthereof ..
i on prior* to their -fixed
The. Bonds are suh�ect o r e a e-ni p t
2.0.1 0 any
, maturity dates , at - the opt* f the District, on ai.n�erest
payment date prior to maturity, as a whole or in part in inverse
numerical order, at the principal amount. thereof and accrued
interest to date of redemption.
The Bonds are issued to provide funds for the construc-
tion of imp rovements to the water system of the District as more
particularly described in the Resolution. The Bonds are special
obligations of the District and are payable, as to the principal thereof
and interest thereon, from the gross revenues of said Enterprise (which,
as more particularly defined in the Resolution, are therein and herein
called the "Revenues" ) . All of the Bonds are equally secured by a pledge
-C * 11 o the Revenues', and the
o.L , and charce and lien upon, a f
OWO
Revenues cons`C-i t-ute a -IC-rust fund for the security and payment
0' ' he Bonds . Additional bonds
of -�,Che inJC_e]r_est on and principal
Payable ,r-�rom the Revenues may be .3.s_,_:;ued on a pari-'Ey wit.-h the
Bonds o:`_ this aut-horizea issue but 0111 Y subD ect to . the condi
os and -imi' tons contained xn the Reso futon ti
The p.-C-incipal of and 3MI.--erest on this Bond are payable
, ro JL---he Revenues, and -L--he Dist--rict ohl * gated
solely M 3-s not I
The general fund of the
to pay i t except- from -IC--he RevenLles.
Districl- is not liable, gand -IL-.he credit or `,-axin power of the
Dis-,L:rict is not pledged for the �aymi en-L_ of -IC-he bonds or their
interest. The fonds are no-LL: secured by a legal or equitable
pledge ofZj or charge, li''en or encumbrance- u-oon, any. of the prop
Pts, except'
arty of the Di.s t:li ct or any of iL-s income or, recei
the Re* venues .
Q •ri 0 n o ro -P A to o •r( r-i 0
tjl ro Ln k U) wf� 43 a) (1) 0 1:� :3 0 0
9 4-4 p 0 4 0
4J Ul di ra
,r: ul •. En 4 td •ri 4 H 0 4) tl >i 0 4 4
LO aj
4-( 4-J rO 4 J rq 0) ro 0) A 9
U) tU r A W •r-i 9 •H •H 0 44 4J 9 9 (U •ri qj
w w r U m to
4-J 4-) Q �-1 49 >I J
4-J 4J fu U) rcl a 4J 0 4J
0 u a) 'In'$ -P �4 (D 0 �A d) to V) lu 4) Qj 4) A) w
(1) qj (A ai U 4n ci > 0 -P 0 m
IN WITNESS WHEREOF, the Truckee-Donner Public Utility
District has caused this Bond to be executed under its of f icial seal,
signed by its President and its r.11reasurer , and countersigned by its
Secretary, and has caused the 'Interest coupons attached hereto to be
signed by its Treasurer and this Bond to be dated
19800
President, Truckee-Donner Public
Utility District and of the Board of
(SEAL) Directors thereof .
Treasurer, Truckee-Donner Public
Utility District
Countersigned
Secretary, Truckee Donner
Public Utility District and of
the Board of Directors thereof
-42-
(FOR.'L OF SINGLE. FULLY REiGISTERED BOND, MULTIPLE ADVANCES)
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
NEVADA COUNTY
TRUCKEE-DONNER PUBLIC UTILITY DISTRICT
SERIES 1980-1 WATER REVENUE BOND
No. R1 $321, 500
The Truckee-Donner Public Utility District, a public corpora-
tion organized and existing under the Constitution and laws of the
State of California (herein called the "District") for value received
hereby promises to pay (but only out of the Revenues hereinafter re-
ferred to) to the registered owner hereof , the principal sum of
Three Hundred Twenty-One Thousand, Five Hundred Dollars ($321, 500)
or a principal. amount in the sum of the periodic advances as endorsed
hereon not exceeding $321, 500 whichever i s less, in the years and in-
stallments as follows.
Bonds Princip al Amount Total
Years Maturi Maturin2 Annuall ---Maturities
1981
1982 $ 11500 $ 11500
1983-2003 2-106 51000 105f000
2004-2013 107-206 10 ,000 100 , 000
2014-2018 207-281 15 , 000 75 , 000
2019-2020 282-321. 20 , 000 40 , 000
with interest thereon at the rate of five percent (5%) per annum,
payable on October 1, 1981 and semi-annually thereafter on April 1 and
October 1 in each year the said interest to be payable as to each advance,
of princ ipal from the date of such advance. Both the principal hereof
4 3-
-------------- -------
•
and interest hereon are payable at the off ice of the Truckee-Donner
Public Utility District , P . 0. Box 309 , Truckee, California 95734f
in lawful money of the United States of America.
This bond constitutes a duly authorized Truckee-Donner
Public Utility District Series 198 0-1 Water Revenue Bond (herein called
the "Bond") •aggr egat ing Three Hundred Twenty-one Thousand, Five Hundred
Dollars ($3?l , boo} in principal amount, and is issued pursuant to the
Constitution and laws of the State of Calif orn i' a, including. the Revenue
Bond Law of 1941 (herein called the "Law") and pursuant to Resolution
No., adopted by the Board of Directors of the District on
.............
August 18 , 1980 (herein called the "Resolution" ) and the vote of the
r of the District voting at a special election duly
qualified electo e0006,
called and held for that purpose, authorizing the issuance of Bonds.
Reference 'i* s hereby made to -the Resolution, to any resolu-
tions supplemental thereto and to the L aw for a cl es c r ipti on o f
the tenns on which the onissued the r)rovsions with regard
IS
to the nature and ex•
tent of the Revenues, as that -term 2-s Qe-
f ined in the Resoj�tion, and the rights of the registered owner
of *this Bo4ndi and all the te.rms of thEi Resolution and the Law
are hereby- 3-ncorporated herein and *c.on stitu te a contract between
th& District and the registered owner from time - to time of this
Bond, and to all th.e provision-� thereof. the registered owner of
this Bond, by his acce-otance hereof , consents and agrees . Each
taker and subsequent holder hereof shall have recourse to all
of the provisions of the Law and the. �esqlution and shall be
bound by all Of the terms and conditions 'hereof *
�4 4-
Any installment of principal of this Bond is subject to
redemption in multiples of $1 , 000 prior to its fixed maturity date,
at the o ption of the District on any interest pal,yTnent date prior to
maturity, at the principal amount thereof and accrued. interest to
date of redemption.
1. 11
The Bond is issued to provide funds for the construction
of imp rovements to the Water system of the District as more
par t i cularly described in the Resolution,, The Bond is a special
obligation of the District and is payable, as to the principal
thereof and interest thereon, from the gross revenues of said
water system (wh�..ch, as more particularly def ined 'in the Resolution,
are therein and herein called the "Revenues" ) . All installments
of the Bond are equally secured by a pledge of , and charge and lien
upon, all of the Revenues, and the Revenues constitute a trust fund
for the security and payment of the interest on and principal of the
Bond. Additional bonds payable from the Revenues may be issued on a
parity with this Bond, but only subject to the conditions and limi-
tations contained in the Resolution..
The principal o' and i.n Ceres t on tnas Bohd are, payable
solely f-rom the Revenues, and the D * s`ric`C.- obligated .,-'--o
L_ Is not
pay 3.t except. prom the Revenues * Lhe general fund o.'L-' 1.:.he
District is not liable , and the credat or -taxing power of -,--,he
District is not pledged for the pay ; ent o-l".' the Bond or its
i.n serest. The Bond is o-L
secured by a legal or equitable...
- n
pledge of,* or charge:, lien or encurLbrance upon,, any of the
-s income or receipts ,
property of the .strict or any. o.-rL iL_
except the Revenues .
The Dis4Crict covenan-'C's tha-L--., so long as any Installment
zt will f ix prescribe and collect
is ou-,-s-A-andingj
O.-LE this Bond
h the services and
rr-MIC-es, fees and charges 'in connec-,C:ion wit
eld Revenues
T'nterprise so as to -Yi
urnished by 1:_he
f acilij-
�-o the amounts thereof prescribed by the Resolu
at least equal
t i o n a n d s u f ff i c i en t t-o Pay the Drincival of and interest on the
2.ons o.-L' the Resolution*Bond in accordance with the prov* s
-rat* on books kept
Thi s Bond is tr,=nsf erable on the re isg -,LL.
owner or cagent duly. authorized
the DI* s*'-riC bY 4he registered.
a'ter which it shall he -1--egistered In the name of
in writ ing. a-
al of- . and interest on this
the neW owner , and bojL--.h the pr I* nc * p
Bond shall be payable onl y to therecis tlered owner&
X of the
The rights and cb1.I* ga4%-_ions 04. t-he Dis-A.:ric4" ca::.na
C. a 'if ied or amended i owner of the Bond may De mOc amended at any
registe' red
-,Cime in 1---h e mLanner, to the exteAn"I.: anc. upon -IL-.he terms prow idedL
in the Resolutions,
This Bond is as evidence ol a loan J-L o 4-L_he his tr 'c`
Ca.+-es o 4c A. erica pursuan' -1-o the Consolidaed
t
mace by the Uni-ICed St
FaZTL- and Rural DevelopmenjL: Act and shall be subjec-1-- to the
present regula-'Cions O.L L-he Farners H,on, e Adm s tra t).n a. ion and to
its -I:uture regul ations not incon s i s Len C.. with the exDress pro-
hereo
Va.Si.on s
this Bond is exchangeable
As providea in the ResolULIOnj
L. any time aster the first pay-
at the expense of the D3 strict a 4
-c interest hereunder, upon 9 0 d ays notice 'Lor . the paralle-I
m e.n t 0
numbered coupon bond , p ayable to bearer, -which shall have
4 6 -
'ttached JZ-1hereto coupons representing interest from -'C-he date
to wnicn interest has been paid on this Bond .
IT IS HEREBY- Cl:_'ARTIFIED -"Lhcat all of the conditions , things
and acts required to exist, to have happened or IL---o have been
L n the i,,.ssua-nce of this Bond do exist,
ID e Lor-n ed pr6cedent -;�-.o and a-
a or have been per.L orned D..n due Lime, form and
have hCaLppene '
manner as requa-red by law and that the amount of this Bond,
to ether with all other i' ndeb-L:edness of AL--he District, does no.t
0
exc eed a n
*bed by the Cons t itot on or laNqs of the
Y
,n3--,L-. pre sc r i 4=-
_S4_ i.s -,,-he* -mount of Bonds
Late c.'L Calizo.".r_nla , ai-ind not in excess of
p.e.:r1_-MiJL-_JL-_ed to be 1`711zsued under the Resoluta-on .
-Donn-er. Public Utility
'"l-N WI TRESS WHEREOF, -Truck'ee
District has caused thy.s Bond to be executed under its Official
b�7 its 'President and its Treasurer and co
seal, . signed untersigned by
its Secretary, and this Bond to be dated 19800
president of the Truckee-Donner Public
Utility Distr ict and of the Board of
(SEAL) Directors thereof
Treasurer, Truckee-Donner Public
Utility District
Countersigned :
Secretary, Truckee-Donner
Public Utility District-
and of the Board of
Directors thereof
4 7-
4
(ON REVERSE OF BOND)
(FORM OF INSTALLMENT ADVANCE REGISTER)
INSTALLMENT LOAN ADVANCES BY PURCHASER
The purchaser advances to the Truckee-
Donner Public Utility District the respective
amounts of princi al on the respective dates
herei.naiter designated, the sum of which
amounts con.sti Lutes the aggregate principal
amount of the w.3rthin single bond, as '0110ws
Date of , Mount of S ignati-1,.re of
Advance Advance DiVtric C. Treasurer
JU+iMrw
•
(F0P,,_M OF AS I Ni MENT) r
ASS1 NM.'c..:NT OF IN STA.LL�M- ENl BOND
For value received,
S i. n a n
hereziby s g
transfers unto
�- e within n bond , together w�.th accrue interest
�h •
on herebyirrevocably constito tang �nc�there �
. a oa.ntin - .�..= -
g
to transfer said bond on the boo}cs o
attorney
•
onner Public Utility District at
the Truckee-Donner .
the o-f .c e of the Di stri ct war th full. power of
substitution in the premises.
•
44
(FORM OF REGISTRATION END0101USE-M—ENT)
ENDORSE.IvMNT
This Bond has been initially registered on the date first
herein set forth in the. name of the person f,irst herein set forth,
and both JL--he Principal of and interest on this Bond are payable
solely to such registered owner; provided that this Bond may be
transferred on the ---egistration books kept by the Treasurer of
the District by such registered owner or agent duly authorized in
w iting, or by any successor registered owner, whereupon the
prior registration noted hereon shall be cancelled by said Treas-
urer and the name of the new regis�.ered owner shall be inserted
hereon , and thereafter both the principal of and interest on this
Bond shall be payable solely to such registered owner .
NO T E There must be no writincz i.n the space below except by
the Treasurer of the Truckee-nonne r* Public Utility
District.
Date of Name and Address of Signature of
ReE.istra-Cion Registered owner Dis trio-1L-.. Treasurer
(END OF SINGLE FULLY REGISTERED BOND FORM)
•
ection Sin S�le Bond Ov-ion to Bidaer Other Than
S 24 . -t
FmHA, The provisions o:IA_r Section 23 , permitting a successful
bidder to elect to receive , i.n lieu of coupon bonds in -'IC-he form
provided in said section, a single fully registered bond maturing
in ins tad.lments are included to confori to those requirements of
the Farmers Home Administration, United States Departnte' nt of
Agriculture (hereinafter "FnHA") , necessary to perrzut F7rM to
participate in the offferi ng for public sale of the obligation to
be evidenced by coupon bonds or by a single bond payable in. in-
stallments . F"m�.A is expected to issue a Letter of Conditions to
30 days
Truckee-Donner Public Utility District wi thin the next
whereby FmHA will aaree to enter a bid to purchase said single
installment bond at par value and at an interest rate of five per
cent per annum, sub e-ct to the terms and conditions contained
in said Letter. Although i.t i.s not ant-I' CIPated that any success-
ful bidder other than Fnu-iA will desire to elect to receive the
any such success-
s Ing l e in s-IC-al lnent bond provided for in Section 23,
f ul bidder will have the right. to -do so, subject only to the re-
q U)._r e ment that such purchaser shall execute an agreement with
Ttuckee-Donner Public Utility District. incorporating like terms
and condi"Cions as are contained in the Letter of. Conditzions to be
issued by PmHA to the Truckee-Donner Public Utility District.
co 0 * of said Letter of Conditions shall be available on request
pa-es
from the secretary of the Board of Directors of Truckee-Donner
Public Utility D i s t r i ct t o any pe.-r-son who files a d.eclaration of
in-l-ent*on to submit a bid and of a desire to make the election
I.-
. ....
so
-
provided for i.n. Section 23 .
Section 25 . Mu],.ti-�)le Advance Bond . Any successful
bidder who elects to receive the single fully registered bond
maturing in ins tad.lments , as provided in Section 23, may also
elect to advance -IL:.he purchase price on a multiple advance basis,
as more fully set forth, in the Letter of Conditions referred to
in Sect-
-,-- * on 24 . AnY purchaser whoe so lects may then also elect
1
to avoid the payment of accrued interest otherwise due by the terms
of the sJ..ngle fully registered bond, from the date of said bond
'I s Ma
to -IL-.he date that any -advance J'_ de to Truckee-Donner Public
utility
District under the Letter of Conde.ions, by executing an
election and waiver at -lk--he time of any such advance covering the Pay-
3-on
ment of accrued interest that would otherwise be due and the port'
of the interest payment for the period from -L--he date of the single
bond to the date of. delivery of the advance covered by AL-1he election
and waiver.
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t t-h o (D rt- m (D o
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cn o rt ��i (f) cn 0 0 0 :j W V) C1
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t7 to fu r; P- Fj f)) (D
trtD .cD r' �C rt• o X,tin rt (D - (D 0 o "
0 t:` A� n p
rt 0 0 ,. i rt 01
C3 rh a N m m 0 0of D c :J (I m
r# :r,. P-" I a n (t �:j tj :1 a 0 m a C6
� rt :f
tD Fi m .Cu cb P•M H cn (D f-h :j
0 ? n x 4 0 " m P-m � 0
� o '� � cD � �� � o� � tom-� �► t �w 0 m o
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District Treasurer regardless of whether said assignee or subsequent
holder has received actual notice of said election and waiver .
If a court of competent D urn.sd.i.ction holds the - provi-
sions of this section permitting the election and waiver to be in�
valid , unen�orceable, void or voidable for any reason whatsoever,
each and all of the remaining terms , provisions , Pronii' ses, covenants .
and cohditions of this Resolution and the single fully registered
bond shall not be affected thereby and shall b e valid and enforceymm.
able to the fullest extent permitted by law.
Section 26 . Proceedin!js Constitute Contract. The pro-
visions of this resolution -and of the resolutions providing for the
sale of the bonds and awarding the bonds and fixing the interest rate
or rates thereon shall constitute a contract between the District and
the bond-holders and the provisions thereof shall be enforceable by
any bondholder for the -eq ual -benefit and protection of all bondholders
sindlarly situated by mandamus , accounting, mandatory- injunction or
any other suit, action or proceeding at law or equity that is now
or may hereafter be authorized under the laws of the State of Califor-
nia in any court of competent Durisdic tion. Said contract is made '
under and is to be construed i.n accordance with the laws of the State
of California .
No r erred'y conferred hereby upon any bondholder is inten-
ded to be exclusive of any other remedy, but each such remedy is
rp
cumulative and in addition to every other remedy and may be exercised
without exhausting and without regard to any other remedy conferred
by the Revenue Bond Law of 1941 or any other law of the State of
re
Ccal i f orn i a No waiver of any def a-ult or breach of duty or contract
4
by any bondholder shall affect any subsequent default or breach.
No delay or omission of any bondholder to exercise any right or power
accruing upon any default shall impair any such right or power or shall
be construed as a waiver of any such default or acquiescence therein.
Every substantive right and every remedy conferred upon the bond.-
holders may be enforced and exercised as often as may be deemed ex-
pedient. In any case any suit, action or Proceeding to enforce any
r igh t or exercise any r emedy shall, be brought or taken and. the bond
holder shall prevail , said bondholder shall be entitled to receive
from the Revenue Fund reimbursement for reasonable costs , expenses ,
outlay s and attorney ' s fees and should sc-.I* d suit, action or proceed-
ing be abandoned, or be determined adversely to the bonaho .der s then,
and in every such case, the District C-..nd -L--he bondholders shall be
restored to their former positions , rights and remedies as if such
suit, -action or proceeding had not been brought or taken.
After the issuance and delivery of the bonds this resolow
l.ution shall be irrep ealabl.e, but shall be subject to modification
to the extent and in -IL--.he manner P roviced in this resolution, but
tc no greater extent and in no other manner
g
Section 27 . Future Contracts . No'thin herein contained
shall be deemed to restrict or prohibit the *District from making
contracts or creating bonded or other indebtedness payable f rom the
general fund of the District or from taxes or any source other than
the revenues of the enterprise as defined herein.. From and after
-54 -
4b
the sale of the bonds, the general fund of the District shall not include the
revenues of the enterprise, and no contract or other obligation payable from the
general fund of the District shall be payable from the revenues of the enter-
prise, except as provided herein.
Section 28. SeVerability- If any convenant, agreement or provisions,
1.
or any portion thereof, contained in this resolution, or the application thereof
held to be unconstitutional, invalid or unen-
to any person or circumstance, is
forceable, the remainder of this resolution and the application of any such
covenant, agreement or provisions, or portion thereof, to other persons or cir-
cumstances, shall be deemed severable and shall not be affected thereby, and this
resolution and the bonds issued pursuant hereto shall remain valid and the bond-
holders shall retain all valid rights and benefits accorded to them under this
resolution and the Constitution and laws of the State of California.
Section 29. Effective Date. This resolution shall take effect upon
adoption.
PASSED AND ADOPTED by the Board of Directors of the T-ruckee Donner
Public Utility District at a Regular Meeting thereof duly called and held with-
in the District on August 18, 1980, by the following roll call vote:
AYES: Duffy, Huber, Maass, Sutton and Kuttel
NOES: None
ABSENT: None
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
K,W, Kuttelff President
ATTEST:
m. Craig, 6_ u ty Dstrict Clerk