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Ordinance No. 389ORDINANCE NO 389 AN ORDINANCE OF THE CITY OF CYPRESS CALIFORNIA PROVIDING FOR THE ISSUANCE OF DRAINAGE BONDS OF SAID CITY IN THE AMOUNT OF $900,000 00 WHEREAS, pursuant to Ordinance No 367 of the City of Cypress, California a special municipal election was duly and regularly held in said City on the 9th day of April 1968 at which election there was submitted to the qualified voters of said City the following bond proposition to wit: Shall the City of Cypress incur bonded indebtedness in the principal sum of $900 000 for the acquisition and construction by said City of a certain municipal improve- ment, to wit storm drains, together with appurtenances and appurtenant works, and other works, property or structures necessary or convenient for the foregoing, and all expenses incidental to or connected with the authorization, issuance and sale of the bonds? and WHEREAS, said proposition received the affirmative vote and assent of more than two-thirds of all of the qualified voters of said City voting on said proposition and said City is now authorized to issue bonds in the amount and for the purpose set forth in said proposition. NOW THEREFORE, the City Council of the City of Cypress, California, DOES ORDAIN as follows. SECTION 1 That bonds of the City of Cypress, California, in the principal sum of $900 000 00 be issued and sold for the purpose set forth in the bond proposition in the recitals hereof Said bonds shall be designated "City of Cypress 1968 Drainage Bonds", shall be 180 in number numbered 1 to 180 both inclusive, and shall be of the denomination of $5,000 00 each 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 Principal Amount Year Each Year 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 $ 10 000 10,000 10,000 10 000 15 000 15 ,000 20,000 20,000 25,000 25 000 30,000 30,000 35 000 35,000 40,000 40,000 45 000 45 ,000 45 ,000 50,000 50,000 55 000 55 000 60,000 60 000 65,000 Ordinance No 389 Said bonds shall bear interest at a rate or rates to be hereafter fixed by resolution, but not to exceed six percent (6%) per annum, payable annually the first year and semiannually thereafter Said bonds and the interest thereon shall be payable in lawful money of the United States of America at the main offices of Security Pacific National Bank in the Cities of Los Angeles and San Francisco California or at the option of the holder, at any paying agent of the City in Chicago, Illinois or New York, New York SECTION 2 That the Mayor and the City Treasurer of said City are hereby authorized and directed to sign all of said bonds by their printed lithographed or engraved facsimile signatures, and the City Clerk of said City is hereby authorized and directed to countersign said bonds 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 said City to the credit of a fund hereby created and designated "CITY OF CYPRESS 1968 DRAINAGE BONDS, CON- STRUCTION FUND" and the moneys in said fund shall be applied exclusively to the acquisition and construction of the municipal improvement 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 such part of the principal thereof as will become due before the proceeds of a tax levied at the next general tax levy will be available 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 'CITY OF CYPRESS 1968 DRAINAGE BONDS, INTEREST AND REDEMPTION FUND " 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 UNITED STATES OF AMERICA STATE OF CALIFORNIA No $ The CITY OF CYPRESS a municipal corporation situated in the County of Orange, State of California, FOR VALUE RECEIVED, hereby acknowledges its indebtedness and promises to pay to the bearer the sum of THOUSAND DOLLARS ($ ) on the day of , 19 with interest thereon at the rate of percent ( %) per annum interest for the first year payable at the end of said year and interest thereafter payable semiannually on the days of and of each and every year from the date hereof until this bond is paid, on presenta- tion 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 main offices of Security Pacific National Bank in the Cities of Los Angeles and San Francisco, California, or at the option of the holder, at any paying agent of the City of Chicago Illinois or New York, New York Ordinance No. 389 This bond is issued by the City of Cypress under and in pursuance of and in conformity with the provisions of Article 1, Chapter 4, Division 4, Title 4 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 Califor- nia, and is authorized by a vote of more than two-thirds of all the qualified voters of said City of Cypress voting at an election duly and legally called, held and conducted in said City on the 9th day of April, 1968 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, to- gether 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 Cypress has caused this bond to be signed by the Mayor and the City Treasurer of said City by their facsimile 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 1st day of October, 1968 COUNTERSIGNED //jja�i CI' CLE OF THE�CITY OF CYPRESS (SEAL) z�t MAYOR OF THE CITY OF CYPRESS (COUPON FORM) On the day of the CITY OF CYPRESS, California will pay to the bearer, at the offices of Security Pacific National Bank in the Cities of Los Angeles and San Francisco, California or at the option of the holder, at any paying 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 1968 Drainage Bond Dated October 1 , 1968 No OF H CITY OF CYRPESS 19 Coupon No CITY TREASURER OF THE CITY OF CYPRESS Ordinance No 389 292 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, either as to principal only or as to both principal and interest and if registered in either of said forms, may be changed to registration in the other of said forms or discharged from registration Each registration, transfer after registration, 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 dis- cretion of said Treasurer So long as this bond is registered, no transfer 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 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 as to both principal and interest and its registration is changed to registration as to principal only, or 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 City Treasurer may issue in exchange herefor a new bond with such coupons attached, identical with this bond, except for the previous notations on the regis- tration 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 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 instrument negotiable by delivery as if it had never been registered Each request for registration, transfer, change or discharge must be in form satisfactory to the City Treasurer and must be made in writing, signed by the registered owner, or by his agent duly authorized in writing or by the bearer as the case may be Date of In Whose Name Manner of Signature of Registration Registered Registration City Treasurer (TO BE INSERTED ON FACE OF BOND) Unless this bond matures on or prior to October 1 1985 it is re- deemable prior to maturity in accordance with the provisions for redemption endorsed hereon (REVERSE OF COUPON) If 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 Ordi nan ra Nn 'FAQ (REVERSE OF BOND) PROVISIONS FOR REDEMPTION Unless this bond matures on or prior to October 1, 1985, it is redeemable in the manner and subject to the terms and provisions and with the effect set forth in Ordinance No 389 (adopted by the City Council of said City on September 10, 1968) at the option of said City Council on October 1, 1985, or on any interest payment date thereafter prior to maturity, upon at least thirty (30) days prior notice in a financial newspaper or journal of national circulation published in the City and State of New York, at a redemption price equal to the principal amount hereof, and accrued interest to the redemption date plus the following premiums if redeemed at the following times: REDEMPTION DATES On or after And prior to October 1 October 1 Premium 1985 1986 3% 1986 1987 2-3/4% 1987 1988 2-1/2% 1988 1989 2-1/4% 1989 1990 2% 1990 1991 1-3/4% 1991 1992 1-1/2% 1992 1993 1% 1993 Maturity 1/2% SECTION 6 The bonds maturing on or prior to October 1, 1985, shall not be subject to call or redemption prior to maturity The bonds maturing on or after October 1 1986, or any of them, may be called before maturity and redeemed at the option of the City Council of said City on October 1, 1985, or on any interest payment date thereafter prior to maturity, at a redemption price for each redeemable bond equal to the principal amount thereof and accrued interest to the redemption date plus the following premiums if redeemed at the following times. REDEMPTION DATES On or after And prior to October 1 October 1 Premium 1985 1986 3% 1986 1987 2-3/4% 1987 1988 2-1/2% 1988 1989 2-1/4% 1989 1990 2% 1990 1991 1-3/4% 1991 1992 1-1/2% 1992 1993 1% 1993 Maturity 1/2% 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 7 Notice of the intended redemption shall be published by one (1) publication in a financial newspaper or journal of national circu- lation, published in the City and State of New York, said publication to be at least thirty (30) days but not more than sixty (60) days prior to the redemption date The notice of redemption shall (a) state the redemption date, (b) state the redemption price, (c) state the number 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, (d) require that such bonds be surrendered with all interest coupons maturing subsequent to the redemption date at the main offices of the Security Pacific National Bank in the Cities of Los Angeles '1 Qo 29'1 and San Francisco, California, or at the option of the holder at any paying agent of the City in Chicago Illinois or New York, New York, (e) require that bonds which at the time of call are registered so as to be payable other than to bearer shall be accompanied by appropriate instruments of assignment duly executed in blank. and (f) 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 (hereinafter referred to as 'bondholder") of notice of such redemption shall not be a condition precedent to redemption, and failure 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 shallbe 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 receive such notice of call and redemption SECTION 8 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 "CITY OF CYPRESS 1968 DRAINAGE BONDS REDEMPTION FUND' and prior to the publica- tion 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 in this Ordinance 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 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 pro- vided for herein upon presentation and surrender thereof Each bond presented 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 proceeds of refunding bonds, said moneys shall be trans- ferred 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 presentation and surrender of said bonds and all interest coupons maturing after the redemption date, at the place specified in the notice of redemption and, if any of said bonds be regis- tered, upon the appropriate assignment thereof in blank, such bonds shall 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 City Treasurer and shall not be reissued Ordinance No. 389 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 SECTION 10 That any of said bonds may be registered either as to principal only or as to both principal and interest, and the form of regis- tration 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 of the members of the City Council of said City, and shall cause this Ordinance to be posted in three (3) public places in the City, there being no newspaper of general circulation, printed and published in said City SECTION 12 This Ordinance shall take effect thirty (30) days after its adoption PASSED AND ADOPTED by the City Council of the City of Cypress at a regular meeting held on the 10th day of September, 1968 ATTEST. /LL v CITY CLERK OF CITY OF CYPRESS STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS MAYOR OF THE CITY OF CYPRESS I, DARRELL ESSEX, City Clerk of the City of Cypress, DO HEREBY CERTIFY that the foregoing Ordinance was adopted at a regular meeting of the said City Council held on the 10th day of September 1968 by the following vote. AYES 5 COUNCILMEN Harvey, Kanel, Kanode, Noe, and Bowen NOES. 0 COUNCILMEN. None ABSENT. 0 COUNCILMEN: None CITY CLERK OF THE CITY OF CYPRESS Ordinance No. 389