HomeMy WebLinkAboutResolution 1970 - 0106RESOLUTION NO.70-106-7
RESOLUTION OF THE BOARD OF DIRECTORS OF
THE ORANGE COUNTY SANITATION DISTRICT
NO.7 PROVIDING FOR THE ISSUANCE AND
SALE OF BONDS IN THE PRINCIPAL AMOUNT
OF $3,500,000.
WHEREAS,in accordance with the provisions of
the County Sanitation District Act,this Board on December
16,1969,adopted the report required by Section 4748 of
the Health and Safety Code of the State of California,of
Boyle Engineering as engineer of such District;and
WHERE2~S,on February 11,1970,this Board adopted
a resolution calling and ordering a special election in the
District to be held on March 24,1970,for the purpose of
submitting to the qualified electors of the District the
proposition of incurring a bonded indebtedness in the amount
of Six million dollars ($6,000,000)for the purposes stated
in the report;and
WHEREAS,the election was duly held on March 24,
1970;and
WHEREAS,this Board duly canvassed the returns
of the election and adopted its resolution finding and
•determining that at such election more than two thirds
•(2/3)of the total votes cast were in favor of incurring
such bonded indebtedness;and
NOW,THEREFORE,it is hereby RESOLVED,DETERMINED
AND ORDERED by the Board of Directors of Orange County
Sanitation District No.7 as follows:
Section 1 That bonds of Orange County Sanitation
District No.7 of Orange County,California,in the amount
of Three million five hundred thousand dollars ($3,500,000)
•be issued and sold in accordance with the provisions of the
Health and Safety Code of the State of California governing
the issu~ance of bonds.Such bonds shall be designated
“Orange County Sanitation District No.7,1970 Sewer Bonds,
Series A.”Such bonds shall be issued for the objects and
purposes set forth in the resolution calling the special
election of March 24,1970,shall be in the denomination
of $5,000 each and shall be dated August 1,1970.Such
bonds shall be 700 in number,numbered one through 700
inclusive.Such bonds shall bear interest at a rate or
rates to be hereafter fixed by the Resolution of Award,
but not to exceed seven percent (7%)per annum,annually
the first year and semiannually thereafter.The principal
of and interest on such bonds shall be payable in lawful
money of the United States of I~merica at the office of
the County Treasurer of Orange County,located at the
City of Santa Ana,California.
Section 2 The principal amount of such.bonds
to be sold hereunder does not exceed the principal amount
of bonds authorized at the election held March 24,1970.
Section 3 Such bonds shall be payable in
consecutive numerical order on August 1 in the amounts
for each of the several years as follows:
2.
1971 $25,000 1981 $200,000
1972 50,000 1982 200,000
1973 75,OclO 1983 225,000
1974 100,000 1984 250,00Q
1975 125,OQO 1985 250,000
1976 150,000 1986 275,000
1977 150,000 1987 300,000
1978 150,000 1988 300,000
1.979 175,000 1989 325,000
1980 175,000
Section 5 The Chairman of the Board of Directors
of Orange County Sanitation District No.7 of Orange County
•is hereby authorized and directed to sign all such bonds
and to affix thereto the seal of the Board.The Auditor of
the District is hereby authorized and directed to countersign
said bonds,and the coupons attached thereto.All such sig
natures and countersignatures may be printed,lithographed,
engraved or otherwise mechanically reproduced except that
one of said signatures or countersignatures to such bonds
shall be manually affixed.The coupons of such bonds shall
be numbered consecutively and shall bear the number of the
bond to which they are attached.Such bonds and the coupons
thereon shall be substantially in the form as described in
Exhibit”A”hereto.
Section 6 The proceeds of the sale of such bonds
shall be placed in the treasury of the County of Orange to
the credit of Orange County Sanitation District No.7 of
Orange County,and all premiums and accrued interest received
3.
shall be paid into the fund to be used for the payment of
principal and interest on the bonds,and the remainder of
the proceeds of the sale shall be paid into the construction
fund of the District and shall be applied exclusivel~’to
the objects and purposes mentioned in the resolution of this
Board adopted February 11,1970,calling the specialelection
at which such bonds were authorized.
Section 7 The Board of Dizectors shall annually,
at least fifteen days before the first day of the month in
which the Board of Supervisors of Orange County is required
by law to levy the amount of taxes required by law for
county purposes,furnish to the Board of Supervisors a
written.statement of the amount necessary to pay the in
terest on the bonds for that year and such portion of the
principal thereof as is to become due before the time for
making the next general tax levy,and the Board of Super
visors,in accordance with the duty imposed upon them by
the provisions of the County Sanitation District Act,shall
annually,at the time and in the man~er of levying other
county taxes,levy and cause to be collected a tax upon
the taxable real property in the Orange County Sanitation
District No.7 based upon the last equalized assessment
roll of the County,sufficient to pay the interest on the
bonds for that year and such portion of the principal
thereof as is to become due before the time for making
the next general tax levy.Such tax shall be collected
at the same time and in the same manner as the general
tax levy for county purposes,and when collected shall
be paid into the treasury of Orange County to the credit
4.
of the District and shall be used for the payment of the
principal of arid interest on the bonds and for no other
purpose.The principal of and interest on the bonds shall
be paid by the County Treasurer in the manner now or here
after provided by law for the payment of principal and
interest on the bonds of the County.
Section 8 The bonds maturing on or prior to
August 1,1983,shall not be subject to call or redemption
prior to maturity.The bonds maturing on or after August 1,
1984,or any of them,may be called before maturity and
redeemed at the option of the Board of Directors of said
District on August l,°1983,or on any interest payment
date thereafter prior to maturity,at a redemption price
for each redeemable bond equal to the principal amount
•
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thereof,plus a premium equal to 1/2%of 1%of said
•
principal for each year or a portion of a year from
the date of redemption to the date of maturity provided
•
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that in no case shall said premium exceed 4%.All or
any of the bonds subject to call may be called for redemp
tion 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 by lot within a
•maturity.The interest payment date on which bonds
which are called are to be presented for redemption is
hereinafter sometimes called the ~redemption date.”
Section 9 Notice of the intended redemption
shall be published by one (1)publication in a financial
newspaper or journal of national circulation,published
in the City and State of New York,said publication to
5.
be at least thirty (30)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 numbers of such maturity need not be stated;
Cd)require that such bonds be surrendered with all interest
coupons maturing subsequent to the redemption date at the
office of the County Treasurer of Orange County;(e)give
notice that further in~erest on such bonds will not accrue
•after the designated redemption date.
a -
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 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
(hereinafter referred to as ~bondholder”)of notice of
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•such redemption shall not be a condition preêedent to
redemption,and failure to receive such notice shall
not affect-the validity of the proceedings for the redemp
tion of such bonds or the cessation of interest on the
date fixed for redemption.
6.
The notice or notices required by this section
shall be given by the Treasurer.A certificate by said
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 bond
holder whose registered bond is called for redemption’
•may object thereto or object to the cessation of in-
•terest on the redemption date fixed by any claim or showing
that he failed to actually receive such notice of call and
•redemption.
Section 10 Prior to the time the Board of
Direct~rs ~determines to call and redeem any of said bonds
f
•there’shall be established in the treasury of said Dis—
trict a Redemption Fund to be described or known as “1970
Sewer Bonds,Series A Bond Redemption Fund”and prior to
the publication of the notice of a redemption there must
be set aside in said Redemption Fund moneys available •for
the purpose and sufficient to redeem,at the premiums
payable as iii this Resolution provid~d,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 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 In
terest and Redemption Fund provided for herein upon ~resenta
•tion and surrender thereof.Each bond presented must have
attached thereto or presented therewith all interest coupons
7.
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
District;provided,however,that if said moneys are part
of the proceeds of refunding bonds,said moneys shall be
transfe~red to.the fund created for the payment of prin
cipal of and interest on such refunding bonds.
Section 11 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,
th~bonds designated for redemption shall become due and
•payable on the date fixed for redemption thereof,and
upon presentation and surrender of said bonds and all in
terest ~oupons maturing after the redemption date,at the
•
place specified in the notice of redemption,such bonds
shail be redeemed and paid at said redemption price out
of the 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 Treasurer and shall not
be reissued.
All interest coupons pertaining to any redeemed
bonds,which coupons have matured on or prior to the time
.8.
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.
Section 12 Noneys in any fund created pursuant
to this resolution shall be deemed at all times to be a
part of such fund and the interest and income accruing
thereon and any profit realized from the liquidation of
such investment shall be credited to such fund and any
loss resulting from the liquidation of any such investment
shall be from such fund.
Section 13 Any of the bonds may be registered
only to both principal and interest,and 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 14 That bonds in the total amount of
Three million five hundred thousand dollars ($3,500,000)
of the Orange County Sanitation District No.7,heretofore
ordered to be issued by this Board,be sold and that sealed
bids or proposals for the purchase of such bonds be
received up to the time stated in the notice hereinafter
set forth.
.9.
Section 15 The Secretary of this Board shall
cause Notice of Sale of~these bonds stating the terms of
sale as herein provided to ~be published once in the Tustin
News,a newspaper printed and published in the County of
Orange and having general publication in the Orange County
Sanitation District No.7,at least l0~days prior to the
sale of °such bonds.
Section 16 The Secretary is hereby authorized
and directed to cause to be furnished to prospective
bidders copies of the Official Notice of Sale and Official
Statement.The failure in whole or part to comply with
this Section shall not in any manner affect the validity
of the sale.
Section 17 The notice shall be substantially
as follows:
OFFICIAL NOTICE OF SALE
ORANGE COUNTY SANITATION DISTRICT NO.7
1970 SEWER BONDS,SERIES A
$3,500,000 .
NOTICE IS HEREBY GIVEN that sealed proposals
for the purchase of $3,500,000 par value general obligation
bonds of Orange County Sanitation District of Orange County,
California,will be received by the Secretary of the Board
of Directors of such District at the place and up to the
time below specified:
10.
TIME:Tuesday,July 28,1970
10:00 o’clock a.rn.
PLACE:Office of the County Treasurer
of the County of Orange
630 North Broadway
Santa Ana,California
MAIL BIDS:Should b&addressed to the
District,do Secretary of
the Board of Directors
Orange County Sanitation District No.7
do Office of the County Treasurer
=of the County of Orange
•630 North Broadway
Santa Ana,California
Said bids will be presented to said Board at a
special meeting thereof to be held at 4:30 P.M.on the
same day.
ISSUE:Such bonds are general obligation bonds
of the District,and were.authorized by an election held
within said District on March 24,1970.The bonds herein
offered for sale are issued pursuant to the Health and
Safety Code of the State of California.
DENOMINATIONS AND NUMBERS:The bonds will be
all in the denomination of $5,000 each.The bonds will
be 700 in number,numbered 1 through 700 inclusive.
11.
MATURITIES;The bonds will mature in consecutive
numerical order on August 1,in the amounts for each of the
several years as follows:
1971 $25,000 1981 $200,000
1972 50,000 1982 200,000
1973 75,000 1983 225,000
1974 100,000 1984 250,000
1975 125,000 1985 250,000
1976 150,000 1986 275,000
1977 150,000 1987 300,000
•1978 150,000 1988 300,000
1979 175,000 1989 325,000
1980 175,000
INTEREST:The bonds shall bear interest at a rate
or rates to be fixed upon the sale thereof but not to exceed
seven percent (7%)per annum,payable semiannually on the
1st days of August and February of each year,following
their date.
REGISTRATION:The bonds are to be registered only
as to principal and interest with the privilege of discharge
•from registration.
V
V
NEGOTIABLE:The bonds will,by their terms,be
payable to bearer and will be negotiable instruments.
CALL AND REDEMPTION:The bonds maturing on or
prior to August 1,1983,shall not be subject to call or
redemption prior to maturity.The bonds maturing on or
after August 1,1984,or any of them may be called before
maturity and redeemed at the option of the Board of Directors
12.
of the District on August 1,1983,or on any interest
payment date thereafter prior to maturity,at a redemp—
tion price for each redeemable bond equal to the prin
cipal amount thereof,plus a premium equal to 1/2%of
1%of said principal for each year or a portion of a
year from the date of redemption to the date of maturity,
provided that in no case shall said premium exceed 4%.
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 by lot within a
maturity.
PURPOSE OF ISSUE:The proceeds of the bonds
will be used for the same purposes as were approved by thee
voters in the election held March 24,1970,to wit,to
acquire,construct and extend sewage facilities to serve
lands in the Orange County Sanitation District No.7 in
accordance with the plans and specifications set forth
in the engineer’s report.
SECURITY:The bonds are issued pursuant to the
County Sanitation District Law (Chapter 3,part 3,division
5 of the Health and Safety Code).Under the County Sanita
tion District Law,the Board of Directors of the District
has power and is obligated to cause the levy of an annual
tax upon the real property in the District subject to
taxation without limitation of rate or amount,for the
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payment of the bonds and the interest thereon.
TAX EXEMPT STATUS In the opinion of bond counsel,
interest on the bonds is exempt from income taxes of the
13.
United States of America under present federal income tax
laws and also from personal income taxes of the State of
California under present state income tax laws.
TERMS OF SALE
INTEREST RATE:The maximum rate bid may not
exceed seven percent (7%)per annum,payable annually
the first year,and semiannually on August 2.and February 1
of each year thereafter.Each rate bid must be a multiple
of 1/20 of one percent.No bond shall bear more than one
interest rate,and alL bonds of the same maturity shall
bear the same rate.Each bond must bear interest at the
rate specified i’n the bid from its date to its fixed
maturity date.Only one coupon will be attached to each
bond for each installment of interest thereon,and bids
providing for,additional or supplemental coupons will be
•rejected.The rate on any maturity or group of maturities
shall not be more than one percent (1%)higher than the
interest rate on any other maturity or group of maturities.
AWARD:All bids shah be for not less than all
of the bonds hereby offered and for not less than the par
•
value thereof and accrued interestto the date of delivery.
•The bonds shall be sold for cash only.Each bid shall state
the total price offered for the bonds,the premium,if any,
and the interest rate or rates not to exceed those specified
•herein,at which the bidder offers to buy.Each bidder
shall state in his bid the total net interest cost in dollars
and the average net interest rate determined thereby,which
shall be considered informative only and not a part of the
bid.
14.
HIGHEST BIDDER The bonds will be awarded to
the highest responsible bidder or bidders considering the
total price offered,the interest rate or rates specified
and the premium offered,if any.The net cost to the
District will be determined by deducting the amount of the
premium bid,if any,from the total amount of interest
which the District would be required to pay from the date
of said bonds to the respective maturity dates there6f at
the coupon rate or rates specified in the bid.The award
will be made to the bidder or bidders offering the lowest
net cost to the District.In the event that two or more
bidders.have bid the same lowest net cost to the District
the award shall be made by lot.Interest shall be computed
on a 36O~-day year basis.The purchaser must pay accrued
interest from the date of the bonds to the date of delivery.
The cost of printing the bonds will be borne by the District.
RIGHT OF RE~IECTION:The District reserves the
right,in its discretion,to reject any and all bids and,
to the extent not prohibited by law,°to waive any irregu
larity or informality in any bid.
PROMPT AWARD:The District will take action
awarding the bonds or rejecting all bids not later than
twenty-six (26)hours after the expiration of the time
herein prescribed for the receipt of proposals;provided,
however,that the award may be made after the expiration
of the specified time if the bidder shall not have given
to the Board notice in writing of the withdrawal of such
proposal.
15.
PLACE OF DELIVERY AND FUNDS FOR PAY~TNT:
Delivery of the bonds will be made to the successful
bidder at such place as is agreeable to both the
successful bidder and the District.
PROMPT DELIVERY.,CANCELLATION FOR LATE DELIVERY:
.It is expected that the bonds will be delivered to the
successful bidder within thirty (30)days from the date
of sale thereof.The successful bidder shall have the
right,at his option,to cancel the contract of purchase
if the District shall fail to execute the bonds and tender
them for delivery within sixty (60)days from the date
herein ~fixed for the receipt of bids,and in such event
the successful bidder shall be entitled to the return of
the check accompanying his bid.
FORM OF BID:Each bid,together with the bid
check,must be in a sealed envelope,addressed to the
District with the envelope and bid clearly marked:
“Proposal for Orange County Sanitation
District No.7 1970 Sewer Bonds,Series A~
BID CHECK:A certified or cashier’s check on a
responsible bank or trust company in the amount of $15,000,
payable to the order of the District,must accompany each
proposal as a guaranty that the bidder,if successful,
will accept and pay for the bonds in accordance with the
terms of his bid.The check accompanying any accepted
proposal shall be applied on the purchase price,or,if
such proposal is accepted but not performed,unless such
failure of performance shall be caused by any act or
omission of the District,shall then he cashed and the
16.
proceeds retained by the District.•The check accompanying
each unaccepted proposal will be returned promptly.
CHJ~NGE IN TAX EXEMPT STATUS:At any time before
the bonds are tendered for delivery,the successful bidder
may disaffirm and withdraw the proposal if the interest
received by private holders from bonds of the same type
and character shall be declared to be taxable income under
present federal income tax laws,either by a ruling of the
Internal Revenue Service or by a decision of any federal
court,or shall be declared taxable or be required to be
taken into account in computing any federal income taxes,
by the°terms of any federal income tax law enacted sub
sequent to the date of this notice.
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LEGAL OPINION:The unqualified opinion of
O’Melveny &Myers,attorneys,approving the validity of
the bonds will be furnished the successful bidder at or
prior to the date of delivery of the bonds,at the
expense of the District.A copy of such legal opinion
ce~tified by an officer of the District by his facsimile
signature will be printed on the back of each bond unless
the purchaser requests that such printed copy be omitted.
No charge will be made to the purchaser for such printing
or certification.
•NO LITIGATION CERTIFICATE:At the time of
payment for and delivery of said bonds the District will
furnish the successful bidders a certificate that there
is no litigation pending affecting the validity of the
bonds.
17.
ADDITIONAL BONDS:No additional bonds of said
District will be sold prior to January 28,1971.
ADDITIONAL INFORMATION:Requests for information
concerning the District and copies of the Official Notice
of Sale of the bonds and the Official Statement of the
District in relation to the offering may be obtained from
the following:
Bartle Wells &Associates
260 California Street
San Francisco,California 94111
GIVEN by order of the Board of Directors of
Orange County Sanitation District No.7 adopted June
23,1970
Secretary/of the oard of Directors
of Orange County Sanitation District
No.7 of Orange County,California
NOW,THEREFORE,BE IT RESOLVED that this Board
approves the forego3.ng resolution.
ADOPTED this 23rd day of June ,1970.
~CJ~t c.~dfx&~
Chairmax~!of the Board of Directors
of Orange County Sanitation
District No.7.
ATTEST:
.
~ta,~ofsa~oard.
EXHIBIT A
UNITED STATES OF ANERICA
STATE OF CALIFORNIA
COUNTY OF ORANGE
ORANGE COUNTY SANITATION DISTRICT NO.7
1970 SEWER BONDS,SERIES A
No.$____________
ORANGE COUNTY SANITATION DISTRICT OF ORANGE COUNTY,
CALIFORNIA,a district created and existing by virtue of the
County Sanitation District Act,now Chapter 3,part 3,divi
sion 5 of the Health and Safety Code of the State of California,
FOR VALUE RECEIVED,hereby acknowledges itself indebted and
-
promises to pay to the bearer hereof on the 1st day of
August,______________,the sum of $5,000 with interest there
on from the date hereof at the rate of
___________
percent
C %)per annum,payable annually the first year and semi
annually on the 1st days of February and August thereafter,
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 County Treasurer of the County of Orange,
in the City of Santa Ama,State of California.
This bond is one of a series of 700 bonds of like
tenor and date,except as to maturity and except that the
interest rates thereof may differ,numbered respectively
19.
from 1 to 700,inclusive,amounting in the aggregate to
Three million five hundred thousand dollars ($3,500,000).
This bond is issued by the Board of Directors of
Orange County Sanitation District No.7 of Orange County,
California pursuant to a resolution of the Board of Direc
tors of the District,adopted
_________________________-
and to the County Sanitation District Act.
It is hereby certified,recited and declared that
all of the proceedings of the Board of Directors of Orange
County Sanitation District No.7 of Orange County,California,
in the matter of the issuance of this bond fulfill the
requirements of the County Sanitation District Act and the
Constitution of the State of California.
This bond is in the form prescribed by resolution
of the Board of Directors of Orange.County Sanitation Dis
trict of Orange County,California,and the money for the
redemption of this bond and the payment of interest thereon
shall be derived from an annual tax upon the taxable real
property in the District,and all of such property in the
District shall be and remain liable to be taxed for such
payments.
IN WITNESS WHEREOF,the Board of Directors of
Orange County Sanitation District of Orange County,Califor—
nia,has caused this bond to be signed by its Chairman by
his facsimile signature and countersigned by the Auditor
of the District,and the seal of the District to be affixed
20.
thereto,and the interest coupons hereto attached to be
signed by the Auditor by his facsimile signature,this
1st day of August,1970.
COUNTERSIGNED:
CHAIRMAN OF THE BOARD OF DIRECTORS
OF ORANGE COUNTY SANITATION DIS
TRICT NO.7 OF ORANGE COUNTY,
CALIFORNIA
AUDITOR OF ORANGE COUNTY
DISTRICT NO.7 OF ORANGE
CALIFORNIA
(SEAL)
SANITATION
COUNTY,
21.
Coupon No.
On the First day of __________,19
ORANGE COUNTY SANITATION DISTRICT NO.7
OF ORANGE COUNTY,CALIFORNIA,HEREBY
PROMISES TO PAY TO the bearer hereof
at the office of the County Treasurer
of the County of Orange in the City
of Santa Ana,State of California,
the sum of
in lawful money of the United States
of America,being the interest then
due on its 1970 Sewer Bonds,Series
A,dated August 1,1970
$______________
Bond No.
AUDITOR OF ORANGE COUNTY SANITATION
DISTRICT NO.7 OF ORANGE COUNTY,
CALIFORNIA
22.
(TO BE INSERTED ON FACE OF BOND]
Unless this bond matures on or prior to
August 1,1983,it is redeemable prior to
maturity in-accordance with the provisions
for redemption endorsed hereon.
REVERSE 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.
REVERSE OF BOND]
PROVISIONS FOR REDEMPTION
Unless this bond matures on or prior to
August 1,1983,it is redeemable in the
manner and subject to the terms and provi
sions,and with the effect,set forth in
Resolution No.(adopted by the Board
of Directors on )at the option
of said Board of Directors on August 1,
1983,or on any interest payment date
thereafter prior to maturity,upon at
least thirty (30)dayst 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 a premium equal to l/2~of
1%of said principal for each year or a
portion of a year from the date of redemp
tion to the date of maturity,provided
that in no case shall said premium exceed
4%.
23.
Substantially the following provisions for
registration shall be printed on the reverse side of
each bond:
PROVISIONS FOR REGISTRATION
This bond may be registered in the name
of any person as the registered owner hereof only
as to both principal and interest,and,if
registered may be discharged from,registra
tion.
Each registration,transfer after
registration,or discharge from registra
tion of this bond shall be entered by the
Treasurer in books kept for the purpose and
noted by said Tre~asurer in the registration
blank below.Upon registration all unmatured
coupons pertaining hereto shall be surrendered
to the Treasurer and may be preserved or can
celed in the discretion of said Treasurer.
So long as this bond is registered no
transfer hereof shall be valid for any pur
pose 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 shall
be payable to the person whose name appears
upon the registry books as the registered
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
and if it is discharged from registration,
there shall be attached hereto coupons
representing interest hereon to become due
thereafter to the date of maturity hereof.
In lieu thereof,and upon surrender and.
cancellation hereof,the Treasurer may
issue in exchange therefor a new bond,with
such coupons attached,identical with this
bond,except for~the previous notations on
the registration blank hereon,and except
that 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.
24.
Each discharge hereof from registration
shall be effected by an entry on the registry
books,and a notation in the blank below,that
this bond is payable to bearer,whereupon this
bond shall become an unregistered bearer in
strument,negotiable by delivery as if it had
never been registered.Each request for
registration,transfer,or discharge must
be in form satisfactory to the Treasurer
and must be made in writing,signed by the
registered owner,or by his agent duly au
thorized in writing,or by the bearer,as
the case may be.
Date of In Whose Name •Signature of
Registration Registered Treasurer
25.
STATE OF CALIFORNIA
SS.
COUNTY OF ORANGE
I,J.Wayne Sylvester,Secretary pro tern of the Board of
Directors of County Sanitation District No.7,of Orange County,
California,DO I~REBY CERTIFY that the foregoing resolution was
duly adopted by the Board of Directors of said agency at the
adjourned regular meeting of said Board held on the 23rd day of
June,1970,and that it was so adopted by the following vote:
AYES:Director Clifton C.Miller,Lorin Griset,Ellis
N.Porter,Howard Rogers,Don B.Smith and Wm.
Hirstein
NOES:Directors NONE
ABSENT:Directors NONE
Sec ~~p~mft~oard of
Directors of County Sanitation District
No.7,of Orange County,California~
STATE OF CALIFORNIA)
SS.
COUNTY OF ORANGE
I,J.Wayne Sylvester,Secretary pro tern of the Board of
Directors of County Sanitation District No.7,of Orange County,
California,DO HEREBY CERTIFY that the above and foregoing is a full,
true and correct copy of Resolution No.70-106-7,of said Board,and
that the same has not been amended or repealed.
S®~ë~ary~ro t~f’of the Bosrd of
Directors of County Sanitation District
No.7,of Orange County,California