HomeMy WebLinkAboutORD NO 1752 ORDINANCE NO. .. 1752 NEW SERIES
AN ORDINANCE OF THE CITY OF BAKERSFIELD
CALIFORNIA, PROVIDING FOR THE ISSUANCE
OF MUNICIPAL IMPROVEMENT
BONDS OF SAID CITY IN THE. AMOUNT OF
$ 2,525,000
WHEREAS, pursuant to 0rd~nance No. 1574 N.S~f the
City of Bakersfield , Cali£omnia, a speclal municipal
election was duly and regulamly held ~n maid city on the
28th day of September , 19 65, at which election the~e
was submitted to the qualified voters of said city the follow-
ins bond p~oposltlon, to wits
BOND PROPOSITION A - SEWER SYSTEM: Shall the
City of Bakersfield incur a bonded indebtedness in
the principal amount of $3,525,000 for the purpose
of the acquisition and construction by said city of
a certain municipal improvement, to wit: additions
to and improvements of the sewage collection and
disposal system of said city including trunk sewers
and sewage treatment facilities and the acquisition
of all lands, easements, pipe, pumps, machinery and
other property necessary therefor?
and
WHEREAS, said proposition received the affirmative
vote and assent of more than two-thirds of all of the
qual~ied voters of said city voting on said proposition,
and said city is authorized to issue bonds in the amount
and for the purpose set forth in said proposition; and
WHEREAS, it is necessary and desirable to issue
and sell the remaining $2,525,000 Sewer System Bonds at
this time;
NOW, THEREFORE, the City Council of the City of
Bakersfield, California, DOES ORDAIN as follows:
Section 1. That bonds of the City of Bakersfield,
California, in the prinoipal sum of $2,525,000 be issued and
sold for the purposes set forth in the bond proposition in
the recitals hereof. Said bonds shall be designated
'~MUNICIPAL IMPROVEMENT BONDS, 1966, SERIES B." Said bonds
shall be all in the denomination of $5,000 each, and shall
be 505 in number, numbered 1 to 505, inclusive. Said
bonds shall be dated October 1, 1968, and shall be payable
in consecutive numerical order on October 1 in the amounts
for each of the several years as follows:
®
Years Principal
Inclusive Amount
1970 $ 25,000
1971 25,000
1972 25,000
1973 55,000
1974 70,000
1975 70,000
1976 70,000
1977 70,000
1978 75,000
1979 75,000
1980 95,000
1981 95,000
1982 95,000
1983 145,000
1984 145,000
1985 145,000
1986 145,000
1987 145,000
1988 145,000
1989 155,000
1990 155,000
1991 165,000
1992 165,000
1993 170,000
Said bonds shall bear interest at a rate or rates
hereafter fixed by resolution, but not to exceed six'
per annum, payable annually the first yea= and
thereafter. Said bonds and the interest thereon
payable in lawful money of the United States of
the office of the City Treasurer of said city
Bakersfield, California, or at the option of the holder
the main office of Bank of America National Trust
Association, Los Angeles or San Francisco,.
or at any fiscal agent of the city in Chicago,
New York, New York.
Section 2. That the Mayor and the City Treasurer
are hereby authorized and directed to sign all
bonds by their printed, lithographed or engraved
signatures, and the City Clerk of said city is
authorized and directed to countersign said bonds and
e
to affix thereto the corporate seal of said city, and the
City Treasurer of said city is hereby authorized and directed
to sign the interest coupons of said bonds by his printed,
lithographed or engraved facsimile signature, and to number
said interest coupons of each of said bonds consecutively.
Section 3. That the proceeds of the sale of said
bonds (except premium, if any, and accrued interest) shall
forthwith be turned over to and placed in the municipal
treasury of the City of Bakersfield to the credit of the
following fund: $2,525,000 shall be placed in a fund
hereby created and designated "MUNICIPAL IMPROVEMENT BONDS,
1966, SEWER ACQUISITION A~ IMPROVEMENT FUND," and the
moneys in said fund shall be applied exclusively to the
acquisition and construction of the municipal improvements
described in the bond proposition in the recitals hereof,
except as provided in Section 43628 of the Government Code.
Section 4. That any premium or accrued interest
received from the sale of said bonds shall forthwith be
turned over to and placed in said treasury in the interest
and redemption fund hereinafter created. That for the
purpose of paying the principal and interest of said bonds,
the City Council of said city shall at the time of fixing
the general tax levy, and annually thereafter until said
bonds are. paid or until there is a sum in the treasury of
said city set apart for that purpose sufficient to meet all
payments of principal and interest on said bonds as they
become due, levy and collect a tax sufficient to pay the
interest on said bonds as it falls due and to constitute a
sinking fund for payment of the principal on or before
e
maturity. Said tax shall be in addition to all other taxes
levied for municipal purposes and shall be levied and
collected as other city taxes, and shall forthwith be turned
over and paid into a fund of the city to be known as
"MUNICIPAL IMPROVEMENT BONDS, 1966, INTEREST AND REDEMPTION
FUND." To the extent that, pursuant to Charter provision
or otherwise moneys are actually placed in said fund from a
source oth~ than said annual tax levy, the tax hereinbefore
required to be levied may be reduced, and if all of the
moneys required to be raised by any such tax levy have
actually been placed in said fund from some other source, the
tax levy hereinbefore required for such year need not be made.
Said fund shall be used for no other purpose than the payment
of said bonds and interest thereon until said bonds and
interest are fully paid.
Section 5. That said bonds and the coupons for
the interest thereon shall be issued in substantially the
following form:
6/65 ""' ' :'
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF KERN
CITY OF BAKERSFIELD
MUNICIPAL IMPROVEMENT BOND, 1966, SERIES B
No. $
The CITY OF BAKERSFIELD , a municipal
corporation situated in the County of Kern,
State of California, FOR VALUE RECEIVED, hereby
acknowledges its indebtedness and promises to pay
to the bearer hereof the sum of THOUSAND
DOLLARS ($ ) on the first day of
October , 19 , with interest thereon at the
rate of per cent ( %) per annum, inter-
est for the first year payable at the end of said
year and interest thereafter payable semiannually on
the first days of April and October
of each and every year from the date hereof until
this bond is pald~ on presentation and surrender of
the respective interest coupons hereto attached.
Both principal and interest are payable in lawful
money of the United States of America at the office
of the City Treasurer of the City.of Bakersfield,
California, in said city, or at the option of the
holder hereof, at the main office of Bank of America
National Trust and Savings ~sociation, Los Angeles
or San Francisco, California, or at any fiscal agent
of the city in Chicago, Illinois, or New York,
New York.
This bond is issued by the City of Bakersfield
under and in pursuance of and in conformity with
the provisions of Article l~ Chapter 4, Division 4,
Title ~ of the Government Code of the State of
California, and acts supplementary thereto, and in
pursuance of the laws and Constitution of the State
of California, and is authorized by a vote of more
than two-thirds of all the qualified voters of said
City of Bakersfield voting at an election duly
and legally called, held and conducted in said city
on the 28th day of September, 1965.
IT IS HEREBY CERTIFIED~ RECITED AND DECLARED
that all acts, conditions and things required by
law to exist, happen and be performed precedent
to and in the issuance of this bond have existed,
--- happened and been performed in due time, form and
manner as'required by law~ and that the amount of
this bond., together with all other indebtedness of
said city, does not exceed any debt limit prescribed
by the laws or Constitution of the State of California.
IN WITNESS WHEREOF, said City of Bakersfield
has caused this bo~d to be signed by the M~yor and
the City Treasurer of said city by their facsi~ile
signatures, countersigned by the City Clerk of said
city and sealed with the corporate seal of said
city, and the interest coupons hereto attached to
be signed by the City Treasurer by his facsimile
signature, and has caused this bond to be dated the
first day of October, 1968.
[facsimile signature]
~Yor of the 'CitY of
[facsimile signature]
City Treasurer of the City of'
COUNTERSIGNED:
MARIAN S, IRVIN
City Clerk of'the CitY'Of
Bakersfield, California
(SEAL)
....... (c0 0N F0 )
... On 'the first day of
'the CITY 0FBAKERSFIELD 19'
California, will pay to the
bearer, at the office of the
City Treasurer of said city, Coupon No.
in said city, or at the option
of the holder hereof, at the
main office of Bank of America
National Trust and Savings Associ-
ation, Los Angeles or San
Francisco, California, or at any
fiscal agent of the city in Chicago,
Illinois,.or New York, New York
the sum of
in lawful money of the United
States of America, being the
interest then due on its
MUNICIPAL IMPROVEMENT BONDS, No.
1966, SERIES B,
Dated October 1 _, 19..~8
[facsimile siqnature]
City Treasurer of the City of
Bakersfield, California
6/6]5 '
Substantially the f~ll0wing provisions for regis-
tration shall be printed on:~he reverse side of each bond:
PROVISIONS FOR ~EGISTRATION
This bond may be registered in the name of
any person as the registered owner hereof, either
as to principal only or as to both principal and
inter~st, and, if registered in either of said
forms, may be changed to registration in the other
of said forms or disc.hsrged from registration.
Each registration, transfer after registra-
tion, change of form of registration, or discharge
from registration of this bond shall be entered by
the City Treasurer in books kept for the purpose
and noted by said Treasurer in the registration
blank below. Registration as to principal only
shall not affect the negotiability by delivery of
the coupons pertaining hereto. Upon registration
as to both principal and interest, all unmatured
coupons pertaining hereto shall be surrendered
to the City Treasurer and may be preserved or
cancelled in the discretion of said Treasurer.
So long as this bond is registered, no trans-
fer hereof shall be valid for any purpose unless
made by the registered owner and entered and
noted as herein provided, and the principal hereof
and any redemption premium shall be payable only
to the registered owner, or to his order. Interest
on this bond~ if registered as to both principal
and interest, shall be payable to the person whose
name appears upon the registry books as the regis-
tered owner hereof at the close of business on
the tenth day preceding the interest payment date,
or to his order. If this bond is registered as
to both principal and interest and its registra-
tion is changed to registration as to principal
only, or if it is discharged from registration,
there shall be attached hereto coupons represent-
ing interest hereon to become due thereafter to
the ,date of maturity hereof. In lieu thereof,
and upon surrender and cancellation hereof, the
....... City Treasurer may.issue ~n exchange herefor a
new bond, with such coupons attached, identical
with this bond, except for the previous notations
on the registration blank hereon, and except that
6/65
the signatures on the new bond shall be those
of the persons holding the offices at the time
of affixing such signatures. The issuance of
any such new bond or new coupons shall be at the
expense of the registered owner.
Each discharge hereof from registration shall
be effected by an entx-j on the registry books,
and a notation in the blank below, that this bond
is payable to bearer, whereupon this bond shall
become an unreglstered bearer instxaunent, negoti-
able by delivery as if it had never been regis-'
tered. Each request for registration, transfer,
change or discharge must be in form satisfactory
to the City Treasurer and must be made in w~iting,
si~ned by the registered owner, or by his agent
duly authorized in writing, or by the bearer, as
the case maybe.
Date of In Whose Name Manner of Signature of
Registration Reztstered Registration 01t¥ Treasurer
~/6&-i
[TO BE INSERTED ON FACE
OF ROND ]
Unless this bond matures on or prior to
October 1, 1979 it is redeemable prior to
maturity in accordance with the provisions
for redemption endorsed hereon.
[ oF COUPON ]
If the bond to which'this coupon is
attached is redeemable and is duly
called for redemption on a date
prior to the maturity date of this
coupon, this coupon will be void.
[ REVEaSE oF BOND ]
PROVISIONS FOR REDEMPTION
Unless this bond matures on or prior to
October 1, 1979 it is redeemable in the
manner aha subject to the terms and provisions,
and with the effect, set forth in Ordinance
No. (adopted by the Cit~ Council of
said city on } at the option
of said City Council on October 1, 1979,'
or on any interest payment date thereafter
prior to maturity, upon at least thirty ($0)
days. prior notice in a financial newspaper
or Journal of national circulation, published
in the City and State of New York, at a redemp-
tion price equal to the principal amount hereof,
plus accrued interest, plus a premium equal to
1/4 of 1% for each year or fraction of a year
from the redemption date to the maturity date of
the bond.
10.
Section 6 · The bonds matuming on or prior to
October 1, 1979, shall not be subject to call or re-
demption prior to maturity. The bonds maturing on or after
October 1, 1980, or any of them, may be called before
maturity and redeemed at the option of the City Council of
said city on October 1, 1979, or on any interest payment
date thereafter prior to maturity, at a redemption price
for each redeemable bond equal to the principal amount
thereof, plus accrued interest, plus a premium equal to
1/4 of 1% for each year or fraction of a year from the
redemption date to the maturity date of the bond.
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 only in inverse order of maturity and number
beginning with the highest numbered bond. The interest
payment date on which bonds which are called are to be
presented for redemption is hereinafter sometimes called
the 'redemption date."
Section ? . Notice of the intended redemption
shall be published by one (1) publication' in a financial
newspaper or Journal of national circulation, published
11.
in the City and State of New York, said publication to be
at least thirty (B0) days but not more than sixty (60)
days prior to the redemption date. The notice of redemp-
tion shall (a) state the redemption date; (b) state the
redemption price; (c) state the numbers and dates of
maturity of the bonds to be redeemed; provided, however,
that whenever any call includes all of the bonds of a
maturity, the nmmbers of such maturity need not be stated;
(d) reqmire that such bonds be surrendered with all in-
terest coupons maturing subsequent to the redemption date
(except'that no coupons need be surrendered on bonds
registered as to both principal and interest) at the office
of the City Treasurer of said city in Bakersfield, California,
or at the option of the holder thereof, at the main office of
Bank of America National Trust and SaYings Association, Los
Angeles or San Francisco, California, or at any fiscal agent
of the city in Chicago, Illinois, or New York, New York;
(e) give notice that further interest on such bonds will
not accrue after the designated redemption date.
If any of the bonds designated for redemption
shall be registered so as to be payable otherwise than to
bearer, the City Treasurer shall, on or before the date of
the 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 books.
The actual receipt by the holder of any bond (herein-
after referred to as "bondholder") of notice of such redemption
12.
6/66 -~A
shall not be a condition precedent to redemption, and fail-
ure 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 section
shall be given by the City Treasurer. A certificate by said
City Treasurer that notice of call and redemption has been
given to holders of registered bonds as herein provided shall
be conclusive as against all parties, and no bondholder whose
registered bond is called for redemption may object thereto
or object to the cessation of interest on the redemption date
fixed by any claim or showing that he failed to actually re-
ceive such notice of call and redemption.
Section . Prior to the time the City Council
determines to call and redeem any of said bonds there shall
be established in the treasury of said city a Redemption Fund
to be described or known as "MUNICIPAL IMPROVEMENT BONDS, 1966,
REDEMPTION FUND" (hereinafter sometimes referred to as
'.'Redemption Fund"),
and prior to the publication of the notice of a redemption
there must be set aside in said Redemption Fund money avail-
able for the purpose and sufficient to redeem, at the premiums
payable as in this provided, the bonds designated
in such notice of redemption. Said moneys must be set aside
in said fund solely for that purpose and shall be applied on
or after the redemption date to payment (principal and premium)
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 coupons maturing after
the redemption date, and shall be used only for that purpose.
Any interest coupons due on or prior to the redemption
date shall be paid from the Interest and Redemption Fund
provided for herein upon presentation and surrender thereof.
Any interest due on or prior to the redemption date upon
bonds registered as to both principal and interest shall be
- paid from said 'Interest Fund. Each bond presented (if un-
registered or registered as to principal only) must have
attached thereto or presented therewith all interest coupons
maturing after the redemption date. If after all of the
bonds have been redeemed and cancelled or paid and cancelled
there are moneys remaining in said Redemption Fund, said
moneys shall be transferred to the general fund of said city;
provided, however, that if said moneys are part of the pro-
ceeds of refunding bonds, said moneys shall be transferred
to the fund created for the payment of principal of and
interest on such refunding bonds.
Section 9. When notice of redemption has been
given, substantially as provided for herein, and when the
amount necessary for the redemption of the bonds called for
redemption (principal and premium) is set aside for that
purpose in the Redemption Fund, as provided for herein, the
bonds designated for redemption shall become due and payable
- on the date fixed for redemption thereof, and upon presen-.
tation 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~such bonds shall be
'redeemed and paid at said redemption price out of the
14.
Redemption Fund, and no interest will accrue on such
bonds Called for redemption or on any interest coupons
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 and the premium thereon only to
said Redemption Fund. All bonds redeemed and all interest
coupons thereof shall be cancelled forthwith by the City
Treasurer and shall not be reissued.
All interest coupons pertaining to any redeemed
bonds, which coupons have matured on or prior to the time
fixed for redemption, shall continue to be payable to the
respective holders thereof but without interest thereon.
All unpaid interest payable at or prior to the date fixed
for redemption 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.
15.
Section 10. That any of said bonds may be regis-
tered either as to principal only or as to both princ-.ipal and
interest, and the form of registration of any registered bond
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 11. That the City Clerk shall certify to
the passage and adoption of this ordinance by a vote of at
least two-thirds of all the members of the City Council of
said city, and shall cause this ordinance to be published
once in THE BAKERSFIELD CALIFORNIAN, a newspaper of general
circulation in said city.
Section 12. That the City Clerk shall cause a copy
of this ordinance to be posted as provided in Section 1 of
Ordinance.~ No. 527 N.S. of said city.
Section 13. This ordinance shall take effect
thirty (30) days after its adoption.
ADOPTED, SIGNED AND APPROVED this 3rd day of
September , 1968. ~~' ~~..
Mayor of the-:'Ci~ of '-
ATTEST:
STATE OF CALIFORNIA )
COUNTY OF KERN { SS.
CITY OF BAKERSFIELD
I, MARIAN S. IRVIN , City Clerk of
the City of Bakersfield , Cali£ornla, DO HEREBY
CF~TIFY that the foregoing ordinance was introduced at
a regular meeting of the City Council
du--fy held on the 19th day of __~, 1962,
and thereafter at ~ ~eetingreg of
said City Council du-~held on the 3rd day of
September , 19 68 ,.was duly passed and adopted by
'sa y ouncll an-~slgned and approved by the Mayor of
said City, and that said ordinance was passed and adopted
by the 'following vote, to wit:
AYES: CounCilmen Hosking~ Rees~ Rucker~Stiern,
Vetter~ Whittemore
NOES: Councilmen None
ABSENT: Councilmen Heisey
'(SEAL) ~
__ . Bakersfield, California
: · .~ .,,.:, ,.~"-..'~' . . ·
.: .:-' '' "-'377...' ~.-
%,-
?-
Aff av ! of®r nan es
STATE O1~ CALIFORNIA,~ ss.
County of Kern ~
MARIAN S. IRVIN, being duly sworn, deposes and says:
That she is the duly appointed, acting and qualified City Clerk of the City of Bakersfield; and
that on ............ ..S..e.~J;..e...m...b..e.~....4.. ............................................. 19...6...8.. she posted on the Bulletin Baard
at the City Hall, a ~ull, true and co.rrect copy of an ordinance passed by the Council of said City
at a meeting thereof duly held on ............. .S._e~..t...e...m..b...e...r.....3. .......................... 19....6...8., which ordinance
was numbered ........ ..1..7...5..2. ...................... New Series, and entitled:
AN ORDINANCE OF THE CITY OF BAKERSFIELD,
CALIFORNIA, PROVIDING FOR THE ISSUANCE
OF MUNICIPAL IMPROVEMENT BONDS OF SAID
CITY IN THE AMOUNT OF $2,525,000
Subscribed and sworn to before me this
.....5..t...h....day of .......... ,.5...e..D...t..e...m...b.~.r ............... ,19..6..8.....
Notary Public in and for the County of Kern, State of California
OFFICIAL SEAL .:
WALTER W. SMITH
1'4L) ~ A~'~' ~',JBI_IC-CALIFORNIA
~ : ~..~...-.~ KERN COUNTY
WALTER W. SMITH
MY Commission Expires June 8, 1969