Resolution 10520RESOLUTION NO. 10520
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE OF BONDS
MARINA VILLAGE ASSESSMENT DISTRICT 84 -3
RESOLVED, by the City Council of the City of Alameda, County of Alameda,
California, that
WHEREAS, on August 21, 1984, this Council passed and adopted Resolution
Preliminary Determination and of Intention No. 10421 relating to the
acquisition and/or construction of public improvements under and pursuant to
the provisions of the Municipal Improvement Act of 1913, and therein provided
that serial bonds would be issued thereunder pursuant to the provisions of the
Improvement Bond Act of 1915, reference to said Resolution of Preliminary
Determination and of Intention hereby being expressly made for further
particulars;
WHEREAS, notice of the recordation of the assessment and of the time
within which assessments were to be paid in cash have been waived in writing
by the owners of all of the property to be assessed, which written waivers are
on file with the City Clerk of the City of Alameda, and a list of the
assessments remaining unpaid has been filed with the Director of Finance and
Treasurer of the City; and
WHEREAS, this Council duly considered said list and determined that the
same was an accurate statement thereof;
NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED, as follows:
1. List of Unpaid Assessments. The assessments now remaining unpaid
are as shown on said list and on Exhibit "A" attached hereto and by this
reference made a part hereof; the aggregate amount thereof is $38,000,000.00;
and for a particular description of the lots or parcels of land bearing the
respective assessment numbers set forth in said list, reference is hereby made
to the assessment and to the diagram recorded in the office of the
Superintendent of Streets of this City after confirmation thereof by this
Council.
2. Issuance of Bonds. Bonds in the aggregate principal amount of
$15,300,000.00 shall be issued as hereinafter provided upon the security of
said unpaid assessments in accordance with the provisions of the Improvement
Bond Act of 1915 (Division 10 of the California Streets and Highways Code) and
under and pursuant to the provisions of said Resolution of Intention and the
proceedings thereunder duly had and taken. Jurisdiction is hereby expressly
reserved to issue bonds upon the security of the balance of said unpaid
assessments as set forth in part 1 hereof, which balance is the difference
between $38,000,000.00 and $15,300,000.00, or $22,700,000.00. The bonds
herein provided to be issued shall be known as "Improvement Bonds, City of
Alameda, Marina Village Assessment District 84 -3, Series 85 -1 ", and shall be
dated Feburary 4, 1985. Said bonds shall be issued only in fully registered
form in denominations of $5,000:00 or any integral multiple thereof, and shall
mature in the amounts and on the dates and at the rates of interest set forth
in Exhibit "B" attached hereto and by this reference made a part hereof. Said
bonds shall be assigned a separate letter prefix for each maturity, and within
each maturity shall be numbered consecutively from 1 upwards.
3. Payment of Bonds and Designation of Agent. Said bonds shall bear
interest at the rate or rates determined by this Council at the time of sale
of said bonds (not to exceed twelve percent (12 %) per annum, or such higher
-2-
rate of interest as may be authorized by applicable law at the time of sale of
such bonds), payable commencing on January 2, 1986, and semiannually
thereafter oVJuly 2 and January 2 of each year to maturity.
Each bond shall bear interest from the interest payment date next
preceding the date on which it is authenticated and registered, unless
authenticated and registered (i) prior to an interest payment date and after
the close of business of the fifteenth day preceding such interest payment
date, in which event it shall bear interest from such interest payment date,
or (ii) prior to the close of business on the fifteenth day of the month
preceding January 2, 1986, in which event it shall bear interest from its
date; provided, however, that if at the time of authentication interest is in
default, each bond shall bear interest from the date to which interest has
been paid. Each bond will continue to bear interest after maturity at the
rate stated therein, provided it is presented at maturity and payment thereof
is refused on the sole ground that there is not sufficient money in the
redemption fund with which to pay same; if it is not presented at maturity,
interest thereon will run only until maturity.
Bank of America National Trust and Savings Association is hereby
designated as the Transfer Agent, Registrar and Paying Agent (hereinafter the
"Agent "). The principal and redemption premium of said bonds shall be payable
in lawful money of the United States of America at the office(s) of the Agent
in San Francisco, California upon the presentation and surrender of said bonds
as the same become due and payable. Interest on said bonds shall be paid to
the registered owner by check or draft mailed to the address entered in the
registry book provided for herein as of the fifteenth (15th) day immediately
preceding each interest payment date.
—3—
4. Form. The bonds shall be substantially in the form set forth in
Exhibit xC" hereto.
5. Execution. Said bonds shall be executed on behalf of the City and
under its official seal by its Director of Finance and by its City Clerk,
whose signatures shall be reproduced on the bonds by engraved, printed or
lithographed facsimile thereof, and the official seal may be placed on the
bonds in like manner; such signing and sealing shall constitute and be a
sufficient and binding execution of each and every one of said bonds. The
bonds shall then be delivered to the Agent for authentication by it.
If any officer whose signature appears on said bonds ceases to be such
officer before the authentication and delivery of said bonds to the purchaser
thereof, such signature shall be as valid as if such officer had remained in
office until the authentication and delivery of said bonds.
6. Authentication. Only such of the bonds as shall bear thereon a
certificate of authentication substantially in the form below, manually
executed by the Agent, shall be valid or obligatory for any purpose or
entitled to the benefits of this Resolution, and such certificate of the Agent
shall be conclusive evidence that the bonds so authenticated have been duly
executed, authenticated and delivered hereunder and are entitled to the
benefits of this resolution. The Agent's certificate of authentication on any
bond shall be deemed to be executed by it if signed by an authorized officer
Or signatory of the Agent, but it shall not be necessary that the same officer
Or signatory sign the certificate of authentication on all of the bonds issued
hereunder.
[FORM OF CERTIFICATE OF AUTHENTICATION AND REGISTRATION]
This is one of the bonds described in the Resolution Determining Unpaid
Assessments _4nd Providing for Issuance of Bonds, which has been registered
on
By
Authorized Officer
7. Preparation and Delivery of Bonds. The Director of Finance of the
City of Alameda is hereby directed to cause said bonds to be prepared in
accordance with this resolution and to deliver same upon their completion and
execution to the Agent who shall authenticate and deliver said bonds to the
purchaser thereof, upon receipt of the purchase price therefor, and upon the
performance of the conditions contained in the accepted bid for the bonds.
8. Improvement Fund. Said Director of Finance shall keep an
improvement fund designated by the name and/or number of the improvement or
assessment district, into which shall be placed the proceeds received from the
sale of said bonds, including any premium (except that any interest accrued
from the date of the bonds to the date of delivery thereof shall be placed in
the redemption fund provided for herein). All monies in said fund shall be
withdrawn only upon checks or warrants of the City of Alameda and shall be
applied exclusively to the payment of the cost of the acquisitions and/or
construction of the improvements described in the proceedings under and
pursuant to said Resolution of Intention, as now or hereafter changed or
modified by appropriate legal proceedings, and all expenses incidental
thereto. Any surplus remaining after payment of all costs and all legal
charges, claims and expenses shall be used as set forth in said proceedings.
9. Wedg0pt1On Fund. Said Director of Finance shall keep a redemption
fund designated by the name of the bonds, into which shall be placed any
accrued interest for the period from the date of said bonds +O the date of
delivery thereof and all sums received from the collection of unpaid
assessments provided for in Section 10 hereof, and of the interest and
penalties thereon, and from which fund disbursement shall be made to pay the
principal or advance redemption price of the bonds and the interest due
thereon.
10. Collection of Unpaid Assessments. The unpaid assessments shown on
said list, together with the interest thereon, shall be payable in annual
series corresponding in number to the number of serial maturities of the bonds
issued. An annual proportion of each unpaid assessment shall be payable in
each year preceding the date of maturity of each of the several series of
bonds issV8d. sufficient to pay the bonds when due, and such proportion of
each unpaid assessment coming due in any year, together with the annual
interest thereon, shall be payable in the same manner and at the same time and
in the same installments as the general taxes on real property are payable,
and become delinquent at the same times and in the same proportionate amounts
and bear the same proportionate penalties and interest after delinquency as do
the general taxes on real property. All sums received from the collection of
Said unpaid assessments and of the interest and penalties thereon shall be
placed in the redemption fund provided for herein.
11. Redemption Prior to Maturity. Each bond outstanding may be -
redeemed and paid in advance of maturity upon the second day of January or
—6—
July in any year by giving at least 60 days notice and by paying the principal
amount thereof together with a premium equal to 5% of the principal plus
interest to the date of advanced maturity, unless sooner surrendered, in which
event said interest will be paid to the date of payment, all in the manner and
as provided in the Improvement Bond Act of 1915.
The provisions of Part 11.1 of the Improvement Bond Act of 1915 are
applicable to the advance payment of assessments and to the calling of said
bonds.
The Director of Finance shall call for redemption and retire bonds upon
prepayment of assessments in amounts sufficient therefor, or whenever
sufficient surplus funds are available therefor in the redemption fund. In
selecting bonds for retirement, the lowest numbered bonds of the various
annual maturities shall be chosen pro rata in a manner intended to disturb as
little as possible the relationship of unpaid assessments to bonds outstanding.
12. Exchange of Bonds. Any bond, upon surrender thereof at the office
of the Agent, together with an assignment duly executed by the registered
owner thereof or his attorney or legal representative in such form as shall be
satisfactory to the Agent, may, at the option of such owner, be exchanged for
an aggregate principal amount of bonds equal to the principal amount of the
bond so surrendered, and of any authorized denomination or denominations.
The City shall make provision for the exchange of bonds at the office of
the Agent.
13. Negotiability, Registration and Transfer of Bonds. The Agent shall
keep books for the registration, and for the registration of transfers, of
bonds as provided in this resolution which shall at all times be open to
inspection by the City. The transfer of any bond may be registered only upon
such books upon surrender thereof to the Agent together with an assignment
duly executed by the owner or his attorney or legal representative in such
form as shall be satisfactory to the Agent. Upon any such registration of
transfer the City shall execute and the Agent shall authenticate and deliver
in exchange for such bond a new bond or bonds registered in the name of the
transferee, of any denomination or denominations authorized by this
resolution, and in an aggregate principal amount equal to the principal amount
of such bond or bonds so surrendered.
In all cases in which bonds shall be exchanged the City shall execute
and the Agent shall authenticate and deliver at the earliest practicable time
bonds in accordance with the provisions of this resolution. All bonds
surrendered in any such exchange or registration of transfer shall forthwith
be cancelled by the Agent. The City or the Agent may make a charge for every
such exchange or registration of transfer of bonds sufficient to reimburse it
for any tax or other governmental charge required to be paid with respect to
such exchange or registration of transfer, but no other charge shall be made
to any owner for the privilege of exchanging or registering the transfer of
bonds under the provisions of this resolution. Neither the City nor the Agent
shall be required to make such exchange or registration of transfer of bonds
during the fifteen (15) days immediately preceding any January 2 or July 2.
14. Ownership of Bonds. The person in whose name any bond shall be
registered shall be deemed and regarded as the absolute owner thereof for all
purposes and payment of or on account of the principal, and redemption
premium, if any, of any such bond, and the interest on any such bond, shall be
made only to or upon the order of the registered owner thereof or his legal
representative. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such bond, including the redemption premium, if
any, and interest thereon to the extent of the sum or sums so paid.
15. Advances from Available Surplus Funds. The City shall be the
purchaser of property upon which payment of an annual installment of principal
and interest due upon any of said unpaid assessments is delinquent, in like
manner in which it becomes or may become the purchaser of property sold for
the nonpayment of general taxes, and shall transfer from available surplus
funds into the redemption fund for said bonds, as an advance recoverable upon
sale or redemption of the property, the amount of the delinquent unpaid
assessment installment upon which said sale is made. The City shall also pay
and transfer from available surplus funds into said redemption fund, as an
advance recoverable upon sale or redemption of the property, the amount of any
future delinquent unpaid assessment installments on such property pending
redemption.
16. Reserve Fund. Upon placement of the proceeds from the sale of said
bonds in the improvement fund, the Director of Finance shall forthwith
transfer the sum of $1,071,000.00 from said fund into a special reserve fund,
which shall be designated by the name and/or number of the improvement or
assessment district. The money in said special fund shall be administered by
the City in accordance with and pursuant to the provisions of Part 16 of the
Improvement Bond Act of 1915; provided, that proceeds from redemption or sale
of the properties with respect to which payment of delinquent assessments and
interest thereon was paid from the reserve fund, shall be credited to the -
reserve fund; and provided, further, that for the purposes of (1) assuring
that the bonds to be issued will not become arbitrage bonds as defined in the
Internal Revenue Code of 1954, as amended (Title 26 of the United States Code)
and regulations promulgated thereunder by the Department of Treasury, and (2)
providing for reduction of the amount of money in the reserve fund during the
term of the bonds pursuant to Section 8887 of the California Streets and
Highways Code, all proceeds from investment of monies in the reserve fund
shall be credited upon the assessments. In the event that the crediting of
any portion of such proceeds upon assessments not theretofore paid in full in
cash would result in monies in the bond redemption fund remaining therein for
a period of more than twelve (12) months, then any portion of such proceeds
which would otherwise remain in the bond redemption fund for a period of more
than twelve (12) months shall be used to call bonds prior to their maturity
date on the earliest call date next succeeding the deposit thereof in the
redemption fund.
17. Investment of Funds. Monies in the redemption fund, the reserve
fund and the improvement fund shall, whenever practicable, be invested in
legal investments for the City of Alameda under applicable law for the monies
held pursuant to this resolution at the time when any of such monies are to be
invested therein. Any income therefrom or interest thereon shall accrue to
and be deposited in the fund from which said monies were invested, except as
otherwise provided in Section 16.
18. Covenant to Foreclose. The City hereby covenants with and for the
benefit of the holders of the bonds that it will order, and cause to be
commenced within 150 days following the date of delinquency, and thereafter
diligently prosecuted, an action in the superior court to foreclose the lien
of any assessment or installment thereof not paid when due, pursuant to and as
provided in 'Sections 8830 through 8835, inclusive, of the Streets and Highways
Code of the State of California.
19. Additional Series of Bonds. Prior to the issuance of any additional
series of bonds to be secured by the lien of assessment specified in Part 1
hereof, the City agrees that Mills— Carneghi - Bautovich, Inc., or other
appraiser mutually acceptable to the City and Stone & Youngberg, as managing
underwriter, ( "Underwriter ") will be directed by Underwriter to prepare a
current appraisal of the property within the assessment district. The City
further agrees that no further series of bonds will be issued if the total
assessment indebtedness represented by assessment bonds then outstanding plus
assessment bonds proposed to be sold exceeds forty percent (40 %) of the
appraised value as determined by said appraisal on a parcel -by— parcel basis;
provided, however, such assessment indebtedness may exceed forty percent (40%)
on parcels upon which development (including buildings or structures) has
occured or which, in the opinion of Underwriter and the City, are otherwise
considered, in light of existing circumstances, to adequately secure such
assessment indebtedness.
20. Apportionment of Assessments. If any lot or parcel within the
assessment district upon which there is an unpaid assessment against which a
bond has been issued is divided, the provisions of Part 10.5 of the Streets
and Highways Code shall apply. Pursuant to said Part 10.5, the City agrees to
provide written notice as provided in said Part to Stone & Youngberg, as
managing underwriter ("Underwriter'). The City agrees that Underwriter may, at
its option 'ind expense, obtain a written appraisal of any or all of the
proposed new parcels and deliver a copy of said appraisal to the City in care
of the Superintendent of Streets within the 14-day period following the notice
given by the City under said Part 10.5. Said appraisal shall be obtained from
the firm of Mills-C8rOgBhi-88UtOViCh` Inc„ or such other appraiser mutually
acceptable to the City and Underwriter.
Based upon said appraisal, Underwriter may request a public hearing
pursuant to said Part 10'5 upon said proposed apportionments. Said hearing
shall be conducted in accordance with the provisions of Part 10 of the Streets
and Highways Code. At said hearing, the City shall consider whether the
proposed assessments to be apportioned exceed forty percent (407) of the value
of the divided parcel at the time of division as determined by said appraisal.
In determining values of parcels of land which are undeveloped or upon which
construction is in progress, the City may receive written evidence of
construction financing obtained by the owner of such parcels for purposes of
construction thereon and to be secured in whole or in part thereby.
In the event that the proposed apportionment of the assessments results
in any parcel bearing an assessment exceeding forty percent (407) of its
appraised value as determined by the City, the City, in its discretion may
direct the modification of any such assessment in accordance with Section 8733
of said Part 10 of the Streets and Highways Code and in accorandance with the
benefits to be received by such parcel in such fashion as the resulting
assessment does not exceed forty percent (40%) of said appraisal, or require -
the owner of said parcel to make a sufficient payment in cash to reduce the
apportioned assessment to level that does not exceed forty percent (40 %) of
said appraisal.
21. Non - Arbitrage Covenant. The City hereby covenants with the owners
of the bonds that it will make no use of the proceeds of said bonds at any
time during the term thereof which, if such use had been reasonably expected
on the date said bonds were issued, would have caused said bonds to be
arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue
Code of 1954, as amended, and the Treasury Regulations promulgated thereunder.
22. Certificate as to Non - Arbitrage. On the basis of the facts,
estimates and circumstances now in existence and in existence on the date of
issue of said bonds, as determined by the City Treasurer, said City Treasurer
is authorized and directed to certify that it is not expected that the
proceeds of said issue will be used in a manner that would cause such
obligations to be arbitrage bonds. Such certification shall be delivered to
the purchaser of said bonds at the time of delivery of and payment for said
bonds.
23. Certified Copies. The City Clerk shall furnish a certified copy of
this resolution to the Director of Finance, to the Agent and to the Auditor of
the County of Alameda.
* * * * * * * * * * * * * **
LIST OF UNPAID ASSESSMENTS
CITY OF ALAMEDA
MARINA VILLAGE ASSESSMENT DISTRICT 84 -3
Assessment Assessor's Amount of
Number Parcel No. Assessment Unpaid
1 074 - 0906 - 014 -02 $ 3,639,010
2 074 -0906- 014 -04 -0-
3 074- 0906- 014 -05 920,557
4 074- 0906 - 020 -05 7,059,767
5 074 - 0906- -21 -00 5,844,242
6 074 -0906 - 047 -00 824,396
7 074- 0906- 048 -00 2,007,506
8 074- 0906- 050 -00 -0
9 074- 0906- 051 -00 1,034,006
10 074- 0906- 052 -00 95,081
11 074 -1334- 001 -00 1,467,273
12 074-1334-002-00 -0-
13 074 - 1334- 003 -00 361,956
14 074 -1334- 004 -00 2,764,914
15 074 -1334- 005 -00 398,693
16 074 -1334- 006 -00 11,178,504
17 07401334- 007 -00 404,095
EXHIBIT A
$15,300,000.00 IMPROVEMENT BONDS
SERIES 85 -1
CITY OF ALAMEDA
MARINA VILLAGE ASSESSMENT DISTRICT 84 -3
Maturity Date Principal Interest
(July 2) Amount Rate ( %)
1986 $ 5,000.00 7.00%
1987 320,000.00 7.50%
1988 345,000.00 8.00%
1989 370,000.00 8.50%
1990 405,000.00 8,75%
1991 440,000.00 9.00%
1992 480, 000.00 9.25%
1993 525,000.00 9.50%
1994 575,000.00 9.75%
1995 630,000.00 10.00%
1996 690,000.00 10.10%
1997 760,000.00 10.20%
1998 840,000:00 10.30%
1999 925,000.00 10.40%
2000 1,020,000.00 10.50%
2001 1,130,000.00 10.50%
2002 1,245,000.00 10.60%
2003 1,380,000:00 10.60%
2004 1,525,000.00 10.60%
2005 1,690,000.00 10.60%
EXHIBIT B
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF ALAMEDA
NUMBER
A-
IMPROVEMENT BOND
CITY OF ALAMEDA
MARINA VILLAGE ASSESSMENT DISTRICT 84 -3
SERIES 85 -1
INTEREST RATE MATURITY DATE BOND DATE CUSIP
JULY 2,
Under and by virtue of the Improvement Bond Act of 1915, Division 10 of
the California Streets and Highways Code (the "Act "), the City of Alameda,
California (the "City ") will, out of the redemption fund for the payment of
the bonds issued upon the unpaid portion of assessments made for the
acquisition, work and improvements more fully described in proceedings taken
pursuant to Resolution of Preliminary Determination and of Intention No
10421, adopted by the City Council of the City on the 21st day of August,
1984, pay to
on the maturity date stated above, the principal sum of
or registered assigns
Dollars
in lawful money of the United States and in like manner to pay interest at the
rate per annum stated above, payable semiannually on January 2 and July 2 in
each year commencing January 2, 1986. This Bond bears interest from the
interest payment date next preceding its date of authentication and
registration unless it is authenticated and registered (i) prior to an
interest payment date and after the close of business of the fifteenth day
preceding such interest payment date, in which event it shall bear interest
from such interest payment date, or (11) prior to the close of business on the
fifteenth day of the month preceding January 2, 1986, in which event it shall
bear interest from its date, until payment of such principal sum shall have
been discharged. Both the principal hereof and redemption premium hereon are
payable upon presentation and surrender hereof at the principal corporate
agency division of Bank of America National Trust and Savings Association as
Transfer Agent, Registrar and Paying Agent (the "Agent ") in San Francisco,
California, and the interest hereon is payable by check or draft mailed to the
owner hereof at such owner's address as it appears on the registration books
of the Agent, or at such address as may have been filed with the Agent for
that purpose, as of fifteenth day immediately preceding each interest payment
date.
EXHIBIT C
1
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET
FORTH IN THE REVERSE SIDE HEREOF WHICH SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS THOUGH FULLY SET FORTH HEREIN.
This 15Qnd will continue to bear interest after maturity at the rate
above stated, provided, it is presented at maturity and payment thereof is
refused upon the sole ground that there are not sufficient moneys in said
redemption fund with which to pay same. If it is not presented at maturity
interest thereon will run until maturity.
This Bond shall not be entitled to any benefit under the Act or the
Resolution Determining Unpaid Assessments and Providing for the Issuance of
Bonds (the "Resolution of Issuance "), or become valid or obligatory for any
purpose, until the certificate of authentication and registration hereon
endorsed shall have been dated and signed by the Agent.
IN WITNESS WHEREOF, the City of Alameda has caused this Bond to be
signed in facsimile by the Director of Finance of said City and by its Clerk
and has caused its corporate seal to be reproduced in facsimile hereon all as
of Feburary 4, 1985.
[SEAL]
CITY OF ALAMEDA, CALIFORNIA
City Clerk Director of Finance
CERTIFICATE OF AUTHENTICATION AND REGISTRATION
This is one of the Bonds described in the within mentioned Resolution of
Issuance, which has been registered on
By
Bank of America National Trust and Savings
as Transfer Agent, Registrar and Paying Agent
Authorized Officer
EXHIBIT C
2
IMPROVEMENT BOND
CITY OF ALAMEDA
MARINA VILLAGE ASSESSMENT DISTRICT 84-
SERIES 85 -1
This Bond is one of several annual series of bonds of like date, tenor
and effect, but differing in amounts, maturities and interest rates, issued by
said City under the Act and the Resolution of Issuance in the aggregate
principal amount of Fifteen Million Three Hundred Thousand Dollars
($15,300,000.00) for the purpose of providing means for paying for the
improvements and acquisitions described in said proceedings, and is secured by
the moneys in said redemption fund and by the unpaid portion of said
assessments made for the payment of said improvements and acquisitions, and,
including principal and interest, is payable exclusively out of said fund.
This Bond is transferable by the registered owner hereof, in person or
by the owner's attorney duly authorized in writing, at said office of the
Agent, subject to the terms and conditions provided in the Resolution of
Issuance, including the payment of certain charges, if any, upon surrender and
cancellation of this Bond. Upon such transfer, a new registered Bond or
Bonds, of any authorized denomination or denominations, of the same maturity,
for the same aggregate principal amount, will be issued to the transferee in
exchange therefor.
Bonds shall be registered only in the name of an individual (including
joint owners), a corporation, a partnership or a trust.
Neither the City nor the Agent shall be required to make such exchange
or registration of transfer of Bonds during the fifteen (15) days immediately
preceding any January 2 or July 2.
The City and the Agent may treat the owner hereof as the absolute owner
for all purposes, and the City and the Agent shall not be affected by any
notice to the contrary.
This Bond may be redeemed and paid in advance of maturity upon the 2nd
day of January or July in any year by giving at least 60 days' notice by
registered mail to the registered owner hereof at such owner's address as it
appears on the registration books of the Agent and by paying principal and
accrued interest together with a premium equal to 5 percentum of the principal.
LEGAL OPINION
I hereby certify that the following is a correct copy of the signed
legal opinion of Jones Hall Hill & White, A Professional Law Corporation, San
Francisco, California, addressed to the City of Alameda and on file in my
office, dated the date of delivery of and payment for the Bonds therein
described.
City Clerk
OPINION: $15,300,000.00 Improvement Bonds, City of Alameda, Marina
Village Assessment District, Series 85 -1
Members of the Council:
We have acted as bond counsel in connection with the issuance by the
City of Alameda (the "Issuer ") of $15,300,000.00 Improvement Bonds, Marina
Village Assessment District 84 -3, Series 85 -1, dated Feburary 4, 1985, (the
"Bonds ") pursuant to Division 10 of the California Streets and Highways Code
(the "Act ") and Resolution No. (the "Resolution'') of the Issuer adopted
January 15, 1985. We have examined the law and such certified proceedings and
other papers as we deem necessary to render this opinion.
As to questions of fact material to our opinion, we have relied upon
representations of the Issuer contained in the Resolution and in the certified
proceedings and other certifications of public officials furnished to us,
without undertaking to verify such facts by independent investigation.
Based upon our examination, we are of the opinion, as of the date
hereof, that:
1. The Issuer is a municipal corporation and chartered city duly
organized and validly existing under the Constitution and the laws of the
State of California.
2. The Bonds constitute valid and binding special obligations of
the Issuer enforceable in accordance with their terms.
3. The Bonds are secured by the unpaid portion of special
assessments levied upon the lands benefited by the improvements to be acquired
and/or constructed with the proceeds of the Bonds and by the moneys in the
redemption fund established pursuant to the Resolution. Principal of and
interest on the Bonds are payable exclusively out of said fund. Installments
of principal and interest of the assessments levied for the payments of the
Bonds are collected on the tax roll on which general taxes on real property
are collected.
4. Under existing laws, regulations, rulings and judicial
decisions, interest on the Bonds is exempt from income taxation by the United
States of America and from personal income taxation imposed by the State of
California.
The rights of the owners of the Bonds and the enforceability thereof may
be subject to bankruptcy, insolvency, moratorium and other similar laws
EXHIBIT C
4
affecting creditors' rights heretofore or hereafter enacted and their
enforcement may be subject to the exercise of judicial discretion in
accordance with general principles of equity.
Respectfully submitted,
A Professional Law Corporation
ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of
this Bond, shall be construed as though they were written out in full
according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JF TEN - as joint tenants with right of
survivorship and not as tenants
in common
UNIF GIFT MIN ACT - Custodian
(Cust) (Minor)
under Uniform Gifts to Minors
Act
(State)
Additional abbreviations may also be used though not in the above list.
ASSIGNMENT
For value received the undersigned do(es) hereby sell, assign and transfer unto
the within — mentioned Bond and hereby irrevocably constitute(s) and appoint(s)
attorney, to transfer the same on the books of the Bank of America National
Trust and Savings Association as Transfer Agent, Registrar and Paying Agent
with full power of substitution in the premises.
Dated:
Signature(s) must correspond exactly
to name(s) on face hereof
Signature Guaranteed
EXHIBIT C
6
I, the undersigned, hereby certify that the foregoing Resolution
was duly and regularly adopted and passed by the Council of the
City of Alameda in regular meeting assembled on the 15th of January, 1985,
by the following vote to wit:
AYES: Councilmembers Gorman, Hanna, Lucas, Monsef and President Diament - 5.
NOES: None.
ABSENT: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
official seal of said City this 16th day of January, 1985.
City Cle k of the Q ty bf Alameda