Resolution 1981-09
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RESOLUTION NO.
81 - 9
A RESOLUTION PROVIDING FOR 'rHE
ISSUANCE AND PRESCRIBING THE TERMS,
CONDITIONS AND FORM OF $1,000,000
PRINCIPAL AMOUNT OF CITY OF GILROY
SEWER REVENUE BONDS of 1980, SERIES 1980-A
(INDUSTRIAL WASTEWATER TREATMENT
AND DISPOSAL FACILITIES PROJECT)
(Series Resolution 1980-A)
RESOLVED, by the City Council of the City of Gilroy, California,
that:
WHEREAS, this Council did duly adopt its Resolution No. 81-8
the "Indenture", on the 17th day of February, 1981, providing for the
issuance of sewer revenue bonds for the purposes therein stated; and
WHEREAS, it is necessary and desirable to authorize the issuance
under said Indenture of $1,000,000 principal amount of sewer revenue
bonds for the purpose of the funding, acquisition, construction,
improving and financing of the portion of the Enterprise as hereinafter
further set forth;
NOW, THEREFORE, IT IS RESOLVED, DETERMINED and ORDERED as follows:
ARTICLE I
DEFINITIONS; AUTHORIZATION AND PURPOSE; AUTHORITY
1.01. Definitions. All terms which are defined in Section 1.02
of the Indenture shall have the same meanings, respectively, in this
Series Resolution 1980-A as such terms are given in Section 1.02 of the
Indenture.
RESOLUTION NO. 81 - 9
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The terms herein defined, unless the context otherwise requires,
as used herein have the following meanings:
Bonds of Series 1980-A or Series 1980-A Bonds means the Bonds
authorized to be issued by Article II hereof.
Series Resolution 1980-A means this Resolution adopted by the
City Council pursuant to Articles II, III, and IV of the Indenture.
1.02. Authorization and Purpose. This Council hereby finds and
determines as follows:
(a) That all conditions, things and acts required
by law to exist, happen or be performed precedent to and
in the issuance of sewer revenue bonds for the purposes
hereinafter provided do exist, have happened and have been
performed in due time, form and manner as required by law,
and said Council is now authorized, pursuant to each and
every requirement of law, to issue Bonds in the manner and
form provided in the Indenture and in this Series
Resolution 1980-A.
(b) That the principal amount of the Series 1980-A
Bonds does not exceed the unissued balance of the
principal amount of Bonds authorized pursuant to Section
1.05 of the Indenture.
(c) That the purpose for which said Series 1980-A
Bonds are to be issued is to provide funds to pay the
costs and expenses of the acquisition, construction and
improvement of the portion of the Enterprise described in
the agreement referred to in Section 2.03 of the Indenture
as a specific condition precedent to issuance, which
purpose is a purpose for which said unissued balance of
Bonds were authorized.
(d) That the Series 1980-A Bonds are not required by
Section 18 of Article XI or other provisions of the
Constitution of the State of California to be authorized
at an election.
1.03. Authority for Series Resolution 1980-A. Series
Resolution 1980-A is adopted pursuant to the provisions of the Bond Law
and is supplemen:al to and is adopted in accordance with Articles II,
III and IV of the Indenture, Resolution No. 81-8, adopted by this
Council on Februlry 17, 1981.
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ARTICLE II
AUTHORIZATION AND FORM OF SERIES 1980-A BONDS
2.01. Principal Amount, Designation and Series. Pursuant to the
provisions of the Indenture, a Series of Bonds entitI~d to the benefit,
protection and security of such provisions is hereby authorized in the
aggregate principal amount of $1,000,000. Such Series of Bonds shall
be designated as "City of Gilroy Sewer Revenue Bonds of 1980, Series
1980-A (Industrial Wastewater Treatment and Disposal Facilities
Project)", the Series 1980-A Bonds.
2.02. Date and Maturities. The Series 1980-A Bonds shall be
dated March 1, 1981, unless the purchaser is an agency of the United
States of America, in which event said Bonds shall be dated the date of
delivery and payment therefor. Said Bonds shall mature on January 1 in
the years and in the principal amounts set forth in Exhibit "A" hereto
attached and by reference made a part hereof.
2.03. Denomination and Numbers. The Series 1980-A Bonds may be
issued in fully registered form, or in bearer form, registrable as to
principal only, in the denomination of $5,000 or any integral multiple
thereof, and shall be numbered as determined by the Treasurer.
No fully registered Bond maturing in more than a single year
shall be issued, unless an agency of the United States of America is
the purchaser and Holder of all of said Bonds of Series 1980-A, in
which event a single fully registered Bond representing Series 1980-A
in its entirety may be issued at the time of delivery and payment
therefor to mature in installments on the dates and in the amounts as
herein set forth.
2.04. Interest. The Series 1980-A Bonds shall be of the form
and character known as "Serial" and shall bear interest from the dates
specified in Section 3.02 of the Indenture at such rate or rates, not
exceeding ten percent (10%) per annum, as may be fixed by this Council
at the time of their sale. S ch interest shall be payable semiannually
on January 1, and July 1, of each year to Maturity, beginning on July
1, 1981. Interest coupons attached to bearer Bonds of Series 1980-A
shall be numbered in consecutive numerical order, and each such coupon
shall represent six months' interest on the Series 1980-A Bond to which
it is attached, except the first such coupon which shall represent
interest to July 1, 1981.
2.05. Places of Payment. The interest and principal (and
redemption premiums, if any) of the Bonds of Series 1980-A shall be
payable at the principal corporate trust office of the Fiscal Agent, in
San Francisco, California, and at the respective named offices of any
Paying Agents which may from time to time be appointed, except that
registered principal and registered interest shall be paid only by the
Fiscal Agent.
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2.06. Call and Redemption of Series 1980-A Bonds. Series 1980-A
Bonds maturing by their terms on or before January 1, 1988, are not
subject to call or redemption prior to their respective maturity
dates. The principal of Series 1980-A Bonds maturing by their terms on
or after January 1, 1989, is subject to call and redemption prior to
the respective stated maturities, at the option of the Entity, as a
whole or in part, in inverse order of Stated Maturities and by lot
within anyone maturity from available funds on any Interest Payment
Date on or after July 1, 1988, at the principal amount thereof and
accrued interest thereon to the date fixed for redemption, plus a
premium of one-fourth of one percent (1/4 of 1%) of such principal
amount for each whole year and for any remaining fraction of a year
between the dates fixed for redemption and their respective Stated
Maturities.
2.07. Form of Series 1980-A Bonds. The form of the bearer Bonds
of Series 1980-A and the interest coupons to be attached thereto shall
be substantially as provided in Exhibit "B" hereto attached and made a
part hereof. The form of the fully registered Bonds of said Series,
the Certificates of Authentication and Registration and the form of
Corresponding Bearer Bond Endorsement shall be substantially as
provided in Exhibit "Cn hereto attached and made a part hereof.
Suitable modifications shall be made to the form there set forth in the
event that a single fully registered Bond is issued to represent said
Series.
2.08. Registrar. The Fiscal Agent for the Series 1980-A Bonds
at its principal corporate trust office in San Francisco, California,
is hereby designated and appointed Registrar.
ARTICLE III
FUNDS AND ACCOUNTS
3.01. Establishment of Project Fund. A project Fund is hereby
established for the Series 1980-A Bonds.
3.02. Application of Proceeds - Series 1980-A Bonds. Upon the
receipt of payment for the Series 1980-A Bonds, the Treasurer shall set
aside and deposit or cause to be deposited the proceeds received from
such sale in the following respective Accounts and Funds and in the
following order of priority:
(a)
deposit in
of premium
Series.
The Treasurer shall pay to the Fiscal Agent for
the Bond Account any amount received on account
or accrued interest upon the sale of said
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(b) The Treasurer shall allocate the remainder of
the proceeds to the project Fund for the purpose of paying
the remaining costs and expenses of the Project.
3.03 Project.
(a) The Project the costs and expenses of which are
to be paid from the proceeds of the Bonds of Series 1980-A
consists of the acquisition of the portion of the
Enterprise referred to in Section 1.02(c).
(b) The total estimated cost of the Project is
equal to the aggregate principal amount of the Bonds of
Series 1980-A.
ARTICLE IV
MISCELLANEOUS
4.01. Use of Proceeds Certificate. The Treasurer is authorized
to certify on behalf of the Entity the use of proceeds of the Bonds
reasonably expected, including the facts and estimates upon which the
expectations are based, on the date of delivery.
4.02. Effective Date. This Resolution shall take effect upon
adoption.
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I hereby certify that the foregoing resolution was duly and
regularly adopted by the City Council of the,City of Gilroy,
California, ata regular meeting thereof held on the 17th day of
February, 1981, by the following vote of the members thereof:
AYES, and in favor thereof, Councilmembers: ALBERT, CH"l\lINGHAM,
HUGHAN, LINK, PAT~, ~AYLOR and GoonRICH.
NOES, Councilmembers:
None
ABSENT, Councilmembers:
None
y
APPROVED:
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YEAR
-
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
.
Total
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EXHIBIT "AU
CITY OF GILROY
SEWER REVENUE BONDS
SERIES 1980-A
MATURITY SCHEDULE
PRINCIPAL AMOUNT
MATURING
JANUARY 1
$10,000
15,000
20,000
25,000
30,000
35,000
40,000
50,000
65,000
85,000
95,000
110,000
125,000
140,000
155,000
$1,000,000
'll;
EXHIBIT "A"
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WITNESS WHEREOF, the City of Gilroy, by its City Council, has
this bond to be executed in its behalf and under its official
by the printed, lithographed or engraved facsimile signature of
its Mayor and countersigned by its City ClerK, and this bond to be
qated the first day of March, 1981.
Mayor
City of Gilroy
COUNTERSIGNED:
City Clerk
City of Gilroy
( SEAL)
EXHIBIT "e"
(iv)
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FORM OF CERTIFICATE OF AUTHENTICATION
AND REGISTRATION
This bond is one of the Bonds described in the within-
mentioned Indenture and Series Resolution 1980-A and authenticated and
registered this day of .
Bank of America National Trust
and Savings Association
By
Authorized Officer
FORM OF CORRESPONDING BEARER BOND ENDORSEMENT
This registered bond is issued in lieu of or in exchange for
bearer bond(s) of this Series, interest rate, and maturity,
numbered
in the denomination of $5,000 each, not contemporaneously outstanding,
aggregating the face value hereof; and bearer bond(s) of this Series
and of the same interest rate and maturity, aggregating the face value
hereof (and bearing the above serial number(s) which has (have) been
reserved for such bearer bond(s)), will be issued in exchange for this
registered bond and upon surrender and cancellation thereof and upon
payment of the charges, if any, all as provided in the within-mentioned
Indenture.
EXHIBIT "C"
(v)
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ASSIGNMENT FORM: The form of assignment on said registered Bonds
shall be substantially as follows:
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned do(es) hereby sell, assign,
and transfer unto
the within registered bond and hereby irrevocably constitute(s) and
appoint(s) ,
attorney, to transfer the same on the registry books of the Registrar
with full power of substitution in the premises.
Dated:
Note: The signature(s) to this Assignment must correspond with the
name(s) as written on the face of the within registered bond in
every particular.
EXHIBI'I' "C"
(v i)
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EXHIBIT "B"
FORM. OF BEARER BOND
.
CITY OF GILROY
SEWER REVENUE BOND of 1980,
SERIES 1980-A
(INDUSTRIAL WASTEWATER TREATMENT
AND DISPOSAL FACILITIES PROJECT)
No.
$5,000
KNOW ALL MEN BY THESE PRESENTS, that the City of Gilroy, in the
County of Santa Clara, State of California, hereinafter referred to as
"City", for value received, promises to pay to bearer (or if this bond
is registered as herein provided, to the registered owner hereof), on
January 1, ,
FIVE THOUSAND DOLLARS ($5,000)
together with interest thereon from date at the rate of
percent ( %) per annum, as evidenced by coupons attached hereto at
the time of issuance, payable semiannually on January 1, and Jul~ 1, in
each year, beginning July 1, 1981.
This bond is one of a duly authorized issue of bonds of the City,
designated "City of Gilroy Sewer Revenue Bonds of 1980" (the "Bondslt)
issued and to be issued in various series pursuant to the City of
Gilroy Sewer Revenue Bond Ordinance, (the "Law"), and under and
pursuant to Resolution No. , adopted on February 17, 1981 (the
"Indenture"), and a series resolution authorizing each such series.
This bond is one of Series 1980-A aggregating ONE MILLION DOLLARS
($1,000,000) in principal amount, all of like tenor (except for such
variations as required to designate varying denominations, numbers,
maturities, interest rates, or redemption provisions or provisions for
negotiability), issued by the City to provide funds for the
acquisition, construction, improving and financing of an Enterprise
consisting of facilities for the collection, treatment and disposal of
industrial wastewater and sewage, issued under the Indenture and
Resolution No. , entitled "A Resolution Providing for the
Issuance and Prescribing the Terms, Conditions and Form of $1,000,000
principal Amount of City of Gilroy Sewer Revenue Bonds of 1980, Series
1980-A, (Industrial Wastewater Treatment and Disposal Facilities
Project)", adopted by the City Council of the City on February 17, 1981
(the "Series Resolution 1980-A"), to which reference is hereby made for
the obligations, duties, rights and privileges herein created.
EXHIBIT liB"
( i)
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Both the principal hereof and interest hereon are payable in
lawful money of the United States of America at the principal corporate
trust office of Bank of America National Tru~t and Savings Association,
the Fiscal Agent in San Francisco, California, or successor, and at the
respective named offices of any paying Agents which may from time to
time be appointed, except that if this Bond is registered, the
principal hereof shall be paid only upon surrender of this Bond to the
Fiscal Agent.
Bonds of Series 1980-A maturing by their terms on or prior to
January 1, 1988,' are not subj ect to call or redempt ion pr ior to the ir
fixed maturity dates. The principal of bonds of Series 1980-A maturing
on or after January 1, 1989, is subject to call and redemption at the
option of the City, on any interest payment date on or after July 1,
1988, and prior to stated maturity, as a whole or in part, in inverse
order of stated maturities and by lot within anyone maturity, from
funds derived by the City from any available source at the principal
amount thereof and accrued interest to the date fixed for redemption,
plus a premium of one-fourth of one percent (1/4 of 1%) of such
principal amount for each whole year and for any remaining fraction of
a year between the dates fixed for redemption and their respective
stated maturities.
Not less than thirty (30) days nor more than sixty (60) days
prior to the day of call of any Bonds, notice of redemption shall be
published once in one or more Financial Newspapers of general
circulation in San Francisco and Los Angeles, California, and a similar
newspaper in each city in which a Paying Agent has been appointed, and
such notice shall be mailed by registered or certified mail to the
registered holder of any bearer bond so called, and to the registered
owner of any registered bond. No interest shall accrue on Bonds called
for redemption or on the interest thereon after the redemption date
specified in said notice.
This bond is registrable as to principal only, with the privilege
of discharge from registration and successive registration, upon
written request of the holder or duly authorized attorney and
presentation of the bond to the Fiscal Agent, the Registrar therefor,
at its principal corporate trust office in San Francisco, California,
or successor, and upon payment of the charges, if any, as in said
Indenture provided.
Subject to the limitations and conditions, and upon payment of
any charges, as provided in the Indenture, bearer bonds of Series
1980-A may be exchanged for a like aggregate amount of fully registered
bonds of said Series of authorized denominations, and fully registered
bonds of Series 1980-A may be exchanged for a like principal amount of
bearer bonds of said Series or for a like aggregate principal amount of
fully registered bonds of other authorized denominations of said Series.
EXHIBIT "B"
( i i)
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This bond is a special obligation of the City, and the principal
hereof, interest hereon and redemption premiums, if any, are payable
solely from the Revenues of the Enterprise hereinabove referred to, as
those terms are defined in the Indenture. The City is not obligated to
pay the principal hereof, the interest hereon or redemption premiums,
if any, except from the Revenues, and the general fund of the City is
not liable and the full faith and credit or taxing power, of the City
is not pledged to the payment hereof. The Bonds constitute a first and
prior lien upon the Revenues except that additional bonds may be issued
on a parity of lien therewith, subject to the conditions and
limitations as in the Indenture provided.
All of the Revenues of the Enterprise, including those derived
from improvements, additions and extensions hereafter made thereto, are
pledged to pay the principal hereof and interest hereon and redemption
premiums, if any, and to provide (1) a Revenue Fund, and (2) a Gross
Revenues Account, a Bond Account, and a Surplus Account, therein.
The rights and obligations of the City and of the holders and
registered owners of the Bonds may be modified or amended at any time
in the manner, to the extent and upon the terms provided in the
Indenture, but no such modification or amendment shall (1) extend the
maturity of this bond, or reduce the interest rate hereon, or otherwise
alter or impair the obligation of the City to pay the interest hereon,
or principal hereof, or any premium payable on the redemption hereof,
at the time and place and at the rate and in the currency provided
herein, without the express written consent of the holder or registered
owner of this bond, or (2) reduce the percentage of bonds required for
consent to an amendment or modification; all as more fully set forth in
the Indenture.
IT IS HEREBY CERTIFIED and RECITED that all acts, conditions and
things required by the Constitution and laws of the State of California
to be done, to happen and to be performed precedent to and in the
issuance of this bond have been done, have happened and have been
performed in regular and due form, time and manner as required by law;
and that the City is authorized by law to operate the Enterprise herein
referred to.
EXHIBIT "B"
( iii)
.
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IN WITNESS WHEREOF, the City of Gilroy, by its City Council, has
caused this bond to be executed in its behalf and under its official
seal by the printed, lithographed or engraved facsimile signature of
its Mayor and countersigned by its City Clerk, and has caused the
interest coupons to be executed and authenticated by the facsimile
signature of its Director of Finance, and this bond to be dated the
first day of March, 1981.
Mayor
City of Gilroy
COUNTERSIGNED:
City Clerk
City of Gilroy
(SEAL)
EXHIBIT "B"
( i v)
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Interest Coupon Form. The coupons shall be substantially in the
following form:
CITY OF GILROY On
Santa Clara County, California,
will pay to bearer the sum
hereon (subject to any right of
prior redemption of the bond $
herein designated) at the Fiscal Agent,
Bank of America National Trust and
Savings Association, at its principal
corporate trust office in San Number
Francisco, California, or successor
and at the respective named offices of
any Paying Agents which may from time Coupon No.
to time be appointed upon surrender
hereof, as interest on CITY OF GILROY
SEWER REVENUE BOND OF 1980,
SERIES 1980-A.
,
,
Dated:
, 19
Director of Finance
Registration Form. The form of registration endorsement on the
bearer bonds shall be substantially as follows:
This bond is registered in the name of the registered owner last
entered below and the principal thereof is payable only to such owner,
coupons evidencing interest remaining payable to bearer; provided that
this bond may be registered to bearer and thereby discharged from
registration and the negotiability hereof restored.
NOTE: There must be no writing in the space below except by the
Registrar.
Date of
Registry
Name of
Registered Owner
Address of
Registered Owner
Signature
of Registrar
EXHIBIT "B"
(v)
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EXHIBIT "Cn
FORM OF REGISTERED BOND
,
CITY OF GILROY
SEWER REVENUE BOND OF 1980,
SERIES 1980-A
(INDUSTRIAL WASTEWATER TREATMENT
AND DISPOSAL FACILITIES PROJECT)
No. R-
KNOW ALL MEN BY THESE PRESENTS, that the City of Gilroy, in the
County of Santa Clara, State of California, hereinafter referred to as
"City", for value received, promises to pay to
, or registered assigns, on January 1,
,
FIVE THOUSAND DOLLARS ($5,000)
together with interest thereon at the rate of percent ( %)
per annum from the interest payment date next preceding the date of
registration of this bond, unless this bond is registered on an
interest payment date, in which event it shall bear interest from such
date, or unless this bond is registered prior to July 1, 1981, in which
event it shall bear interest from the date hereof, payable semiannually
on January 1, and July 1, in each year, beginning July 1, 1981.
This bond is one of a duly authorized issue of bonds of the City,
designated "City of Gilroy Sewer Revenue Bonds of 1980" (the "Bonds")
issued and to be issued in various series pursuant to the City of
Gilroy Sewer Revenue Bond Ordinance, (the "Law"), and under and
pursuant to Resolution No. , adopted on February 17, 1981 (the
"Indenture"), and a series resolution authorizing each such series.
This bond is one of Series 1980-A aggregating ONE MILLION DOLLARS
($1,000,000) in principal amount, all of like tenor (except for such
variations as required to designate varying denominations, numbers,
maturities, interest rates, redemption provisions or provisions for
negotiability), issued by the City to provide funds for the
acquisition, construction, improving and financing of an Enterprise
consisting of facilities for the collection, treatment and disposal of
sewage industrial wastewater and issued under the Indenture and
Resolution No. , entitled "A Resolution Providing for the
Issuance and Prescribing the Terms, Conditions and Form of $1,000,000
Principal Amount of City of Gilroy Sewer Revenue Bonds, Series 1980-A,
(Industrial Wastewater Treatment and Disposal Facilities Project)",
EXHIBIT "C"
( i)
.
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adopted by the City Council of the City on February 17, 1981 (the
"Series Resolution 1980-A"), to which reference is hereby made for the
obligations, duties, rights and privileges herein created.
Both the principal hereof and interest hereon are payable in
lawful money of the United States of America at the principal corporate
trust office of Bank of America National Trust and Savings Association,
the Fiscal Agent in San Francisco, California, or successor, by check,
draft or warrant mailed to the registered owner at the registered
owner's address as it appears on the register maintained by the Fiscal
Agent as Registrar, or successor, except that the principal hereof
shall be paid only upon the surrender of this Bond to the Fiscal Agent.
Bonds of Series 1980-A maturing by their terms on or prior to
January 1, 1988, are not subject to call and redemption prior to their
fixed maturity dates. The principal of bonds of Series 1980-A maturing
on or after January 1, 1989, is subject to call and redemption at the
option of the City on any interest payment date on or after
July 1, 1988, and prior to stated maturity, as a whole or in part, in
inverse order of stated maturities and by lot within anyone maturity,
from funds derived by the City from any available source at the
principal amount thereof and accrued interest to the date fixed for
redemption, plus a premium of one-fourth of one percent (1/4 of 1%) of
such principal amount for each whole year and for any remaining
fraction of a year between the dates fixed for redemption and their
respective stated maturities.
Not less than thirty (30) days nor. more than sixty (60) days
prior to the day of call of any Bonds, notice of redemption shall be
published once in one or more Financial Newspapers of general
circulation in San Francisco and Los Angeles, California, and a similar
newspaper in each city in which a Paying Agent has been appointed, and
such notice shall be mailed by registered or certified mail to the
registered holder of any bearer bond so called, and to the registered
owner of any registered bond. No interest shall accrue on Bonds called
for redemption or on the interest thereon after the redemption date
specified in said notice.
Subject to the limitations and conditions, and upon payment of
any charges, as provided in the Indenture, fully registered bonds of
Series 1980-A may be exchanged for a like principal amount of bearer
bonds of said Series or for a like aggregate principal amount of fully
registered bonds of other authorized denominations of said Series, and
bearer bonds of Series 1980-A may be exchanged for a like aggregate
amount of fully registered bonds of said Series of authorized
denominations.
EXHIBIT "C"
(ii)
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This bond is a special obligation of the City and the principal
hereof, interest hereon and redemption premiums, if any, are payable
solely from the Revenues of the Enterprise hereinabove referred to, as
those terms are defined in the Indenture. The City is not obligated to
pay the principal hereof, the interest hereon or redemption premiums,
if any, except from the Revenues, and the general fund of the City is
not liable and the full faith and credit or taxing power, of the City
is not pledged to the payment hereof. The Bonds constitute a first and
prior lien upon the Revenues except that additional bonds may be issued
on a parity of lien therewith, subject to the conditions and
limitations as in the Indenture provided.
All of the Revenues of the Enterprise, including those derived
from improvements, additions and extensions hereafter made thereto, are
pledged to pay the principal hereof and interest hereon and redemption
premiums, if any, and to provide (1) a Revenue Fund, and (2) a Gross
Revenues Account, a Bond Account, and a Surplus Account therein.
The rights and obligations of the City and of the holders and
registered owners of the Bonds may be modified or amended at any time
in the manner, to the extent and upon the terms provided in the
Indenture, but no such modification or amendment shall (1) extend the
maturity of this bond, or reduce the interest rate hereon, or otherwise
alter or impair the obligation of the City to pay the interest hereon,
or principal hereof, or any premium payable on the redemption hereof,
at the time and place and at the rate and in the currency provided
herein, without the express written consent of the holder or registered
owner of this bond, or (2) reduce the percentage of bonds required for
consent to an amendment or modification: all as more fully set forth in
the Indenture.
IT IS HEREBY CERTIFIED and RECITED that all acts, conditions and
things required by the Constitution and laws of the State of California
to be done, to happen and to be performed precedent to and in the
issuance of this bond have been done, have happened and have been
performed in regular and due form, time and manner as required by law;
and that the City is authorized by law to operate the Enterprise herein
referred to.
This bond shall not be entitled to any benefit under the
Indenture or Series Resolution 1980-A, or become valid or obligatory
for any purpose, until the certificate of authentication and
registration hereon endorsed shall have been signed by the Registrar.
EXHIBIT "C"
(iii)