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86R-117 CITY OF ANAHEIM RESOLUTION NO. .86R-117 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM, CALIFORNIA AMENDING RESOLUTION NOS. 86R-9l AND 86R-92 OF THE CITY COUNCIL WHEREAS, the City Council of the City of Anaheim (the "City") at its meeting on March 4, 1986, adopted Resolutions, desig- nated as Resolution No. 86R-9l and Resolution No. 86R-92, each relat- ing to the issuance of Water Revenue Bonds of the City; and WHEREAS, it is in the best interest of the City to adopt the fOllowing resolution amending in certain respects Resolution No. 86R-9l and Resolution No. 86R-92j NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ANAHEIM DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. Subsection (x) of Section 1 of Resolution No. 86R-9l is hereby amended to read, in its entirety, as follows: (x) "Registrar" means Bank of America National Trust and Savings Association. SECTION 2. The first paragraph of Section 5 of Resolution No. 86R-91 is hereby amended to read, in its entirety, as follows: SECTION 5. Description of the 1986 Bonds. The 1986 Bonds shall all be in the denomination of $5,000 or any integral multiple of $5,000, and numbered consecutively from 1 upwards. The 1986 Bonds shall be designated "WATER REVENUE BONDS, 1986 SERIES". The 1986 Bonds shall be pay_ able on April 1 in each year of maturity in the amounts for each of the several years, shall bear interest payable semi-annually on the first days of April and October of each year, commencing October 1, 1986, as follows: Principal Interest Year Amounts Rate 1987 $ 30,000.00 5.000% 1988 70,000.00 5.250 1989 70,000.00 5.500 1990 75,000.00 5.700 1991 80,000.00 5.900 1992 85,000.00 6.000 1993 90,000.00 6.100 1994 95,000.00 6.200 1995 100,000.00 6.400 1996 300,000.00 6.500 1997 325,000.00 6.600 1998 345,000.00 6.700 1999 365,000.00 6.800 2000 390,000.00 6.850 2001 415,000.00 6.900 2004 1,405,000.00 5.750 2009 2,920,000.00 5.750 The City Council hereby determines that the maximum rate of interest which may be paid on the 1986 Bonds equals the highest interest rate set forth above. Each 1986 Bond shall bear interest from the inter- est payment date next preceding the date of its authentication, unless such 1986 Bond is authenticated on an interest payment date, in which event from such interest payment date, or unless such 1986 Bond is authenticated as of a day during the period from the day after the record date immediately preceding an interest payment date to such interest payment date, inclusive, in which event such 1986 Bond shall bear interest from such interest payment date; provided, however, that if the date of authentication of any 1986 Bond shall be prior to September 15, 1986, such 1986 Bond shall bear interest from March 1, 1986; provided, further, that if, as shown by the records of the Registrar, interest on the 1986 Bonds shall be in default, 1986 Bonds issued in exchange for 1986 Bonds surrendered for transfer or exchange shall bear interest from the interest payment date to which interest has been paid in full on the 1986 Bonds surrendered or if no interest has been paid, March 1, 1986. SECTION 3. Section 6 of Resolution No. 86R-91 is hereby amended to read, in its entirety, as follows: SECTION 6. Place of Payment. Each 1986 Bond shall bear interest from its date until the principal sum thereof has been paid; provided however, that if at the maturity -2- date of any 1986 Bond or if the same is redeemable and has been duly called for redemption, funds are available for the payment or redemption thereof in full accordance with the terms of this Resolution, said 1986 Bonds shall then cease to bear interest. The 1986 Bonds and the interest thereon shall be payable in lawful money of the United States of America. The principal of the 1986 Bonds and any premium upon the redemption thereof shall be payable at the Corporate Agency Service Genter of Bank of America National Trust and Savings Association in San Francisco, California, or at any other paying agent of the City in New York, New York. Interest on the 1986 Bonds shall be payable by check or draft mailed to the registered owner on the registration records maintained by the Registrar, determined as of the close of business on the 15th day of the calendar month immediately preceding an interest payment date (including the date on which the principal of a 1986 Bond is to be pa i d) . SECTION 4. The fir s t par a g rap h 0 f See t ion 8 0 f Resolution No. 86R-91 is hereby amended to read, in its entirety, as follows: SECTION 8. Registration and Transfer. The 1986 Bonds shall be issued in fully registered form. The 1986 Bonds shall be transferable only upon the books of the City, which shall be kept for such purposes at the Corporate Agency Service Center in San Francisco of the Registrar, by the registered owner thereof in person or by his attorney duly authorized in writing, upon surrender thereof together with a written instrument of transfer satisfactory to the Registrar duly executed by the registered owner or his duly authorized attorney. Upon the transfer of any such regis- tered 1986 Bond, the Registrar shall issue in the name of the transferee a new registered Bond or 1986 Bonds of the same aggregate principal amount and maturity as the surren- dered 1986 Bond. The Registrar may, with the concurrence of the City, designate an additional office where transfer of registered 1986 Bonds may be effected by the Registrar provided in this Section. SECTION 5. The f 0 u r t h par a g rap h 0 f S e c t ion 9 0 f Resolution No. 86R-91 is hereby amended to read, in its entirety, as follows: Allor any of the 1986 Bonds subject to redemption at the option of the City may be called for redemption at any one time. If less than all of the 1986 Bonds are redeemed at the option of the City at anyone time, the City shall -3- select the maturity or maturities to be redeemed. If less than all 1986 Bonds of a maturity are to be redeemed, the particular 1986 Bonds or $5,000 principal portions of 1986 Bonds of such maturity to be redeemed shall be selected by lot by the City. SECTION 6. The first paragraph of subsection (a) of Section 9 of Resolution No. 86R-9l is hereby amended to read, in its entirety, as follows: (a) Notice of Redemption. The Registrar shall, at least 30 days but not more than 60 days prior to the redemption date, mail by first class, postage prepaid a notice to the registered owners thereof at the addresses appearing on the registration records maintained by the Registrar, as of the date of such notice, a notice of the intended redemption of 1986 Bonds. The notice of redemp- tion shall (a) state the redemption date; (b) state the redemption price; (c) state the numbers and date of matu- rity of the 1986 Bonds to be redeemed; provided, however, that whenever any call includes all of the outstanding 1986 Bonds subject to redemption, the numbers of the 1986 Bonds need not be stated; (d) require that such 1986 Bonds be surrendered at the Corporate Agency Service Center of Bank of America National Trust and Savings Association in San Francisco, California, or at the option of the holder, at any other paying agent of the City in New York, New York; and (e) give notice that further interest on such 1986 Bonds will not accrue after the designated redemption date. If this Resolution is amended to permit the 1986 Bonds to be issued in coupon form, a similar notice of the intended redemption shall be published once in a newspaper of general circulation in the City of Anaheim, California, and once in a daily newspaper or financial journal pub- lished in or near the Borough of Manhattan, New York, said publications to be at least 30 days but not more than 60 days prior to the redemption date. SECTION 7. paragraph (1) of subsection A of Section 14 of Resolution No. 86R~9l is hereby amended to read, in its entirety, as follows: (1) one-sixth of the interest which will become due and payable on the outstanding 1986 Bonds and Parity Bonds (other than the 1971 Bonds and the 1980 Bonds) within the next ensuing six months, except that, with respect to any interest payment date, the monthly sum allocated shall be the interest which will become due and payable on such interest payment date less any portion of such interest -4- which has been provided for (a) py transfers required with respect to the 1986 Bonds pursuant to Section 14 (c) hereof, or by any Parity Bond Resolution, and (b) in the case of any other Parity Bonds, any transfers required with respect to such Parity Bonds by any other Parity Bond Resolution; and SECTION 8. The fir s t par a g rap h 0 f S e c t ion 1 6 0 f Resolution No. 86R-91 is hereby amended to read, in its entirety, as follows: SECTION 16. R&R Account. Fourth, so long as any of the 1986 Bonds are outstanding, there shall be allocated to the R&R Account an amount equal to 2% of the Revenues received in the preceding calendar month until a balance is established, or reestablished, therein equal to 1% of the depreciated book value of the land, general plant and equipment which constitute the net utility plant of the Enterprise or such other balance as the consulting engineer may recommend. The moneys contained in the R&R Account shall be used for transfer to the Bond Service Account, to the Bond Service Fund, to the 1980 Sinking Fund or to the Sinking Account, as the case may be, to prevent default in payment of the principal and interest on the 1986 Bonds or any Parity Bonds, or for extraordinary maintenance and repairs, renewals and replacements to the Enterprise, but not for additions to and extensions of the Enterprise. -5- SECTION 9. Section 4 of Resolution No. 86R-92 is hereby amended to read, in its entirety, as follows: SECTION 4. The City Council hereby appoints Bank of America NT&SA, in the City of San Francisco, California, as paying agent of the City for the Bonds. ADOPTED, SIGNED AND APPROVED this twenty-fifth day of March, 1986. ~t!~~ Attest: Leonora N. Sohl, _-"Ci ty Clerk A'>:~/. /4/_' I l .. // ___ ,~~_./( ~ City Clerk -6- CLERK STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SSe CITY OF ANAHEIM ) I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing Resolution No. 86R-117 was introduced and adopted at a regular meeting provided by law, of the City Council of the City of Anaheim held on the 25th day of March, 1986, by the following vote of the members thereof: AYES: COUNCIL MEMBERS: Kaywood, Overholt, Bay, Pickler and Roth NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS: None AND I FURTHER certify that the Mayor of the City of Anaheim signed said Resolution No. 86R-117 on the 25th day of March, 1986. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the City of Anaheim thi.s 25th day of March, 1986. &~q //( ~ CITY CLERK OF THE CITY OF ANAHEIM (SEAL) I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing is the original of Resolution No. 86R-117 duly passed and adopted by the Anaheim City Council on March 25, 1986. -, /~~~~ </7/ ~ _~ , CITY CLERK ~