Resolution 10952CITY OF ALAMEDA
RESOLUTION NO. 10952
A RESOLUTION DETERMINING UNPAID REASSESSMENTS AND PROVIDING FOR
ISSUANCE OF REFUNDING "BONDS
MARINA VILLAGE ASSESSMENT DISTRICT NO. 84 -3
(Reassessment and Refunding for 1986)
RESOLVED, by the City Council of the City of Alameda (the "City "),
County of Alameda, California, that
WHEREAS, in proceedings heretofore undertaken pursuant to Resolution of
Preliminary Determination and of Intention No. 10421, this Council, on January
15, 1985, adopted Resolution No. 10520, A Resolution Determining Unpaid
Assessments and Providing for the Issuance of Bonds, and on October 15, 1985,
adopted Resolution No. 10764, A Resolution Determining Unpaid Assessments and
Providing for the Issuance of Bonds (Second Sale) (the "1985 Resolutions "),
pursuant to which 1985 Resolutions, bonds designated "Improvement Bonds, City
of Alameda, Marina Village Assessment District 84 -3 ", were issued Series 85 -1
and 85 -2 in the principal amounts of $15,300,000 and $9,100,000, respectively.
Said bonds of said series are herein called the "Series 85 -1 Bonds" and
"Series 85 -2 Bonds ", respectively, and said bonds are herein collectively
called the "Prior Bonds ".
WHEREAS, on June 3, 1986 this Council passed and adopted its Resolution
No. 10919, A Resolution of Intention to Levy Reassessments and to Issue
Refunding Bonds Upon the Security Thereof, Marina Village Assessment District
84 -3 (Reassessment and Refunding for 1986), under the provisions of the
Refunding Act of 1984 for 1915 Improvement Act Bonds, Division 11.5 of the
California Streets and Highways Codes (the "Act "), and therein provided that
reassessments would be levied and serial bonds would be issued thereunder
pursuant to the provisions of the Act to refund the Refunded Bonds, reference
to said Resolution
particulars;
WHEREAS, this
of Intention hereby
being
expressly made for further
City Council has determined that it is in the best
interest of the City to advance the maturity of the $24,395,000 outstanding
principal amount of the Prior Bonds by providing for reassessments and the
issuance of refunding bonds to refund, in advance, the presently outstanding
Prior Bonds pursuant to the Act and proceedings heretofore taken pursuant to
said Resolution of Intention.
WHEREAS, a list of the reassessments remaining unpaid has been filed
with the Finance Director of the City, a copy thereof is attached hereto as
Exhibit "A "; 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 Reassessments. The reassessments 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 $40,000,000
and for a particular description of the lots or parcels of land bearing the
respective reassessment numbers set forth in said list, reference is hereby
made to the reassessment and to the reassessment 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
$26,325,000 shall be issued as hereinafter provided upon the security of said
unpaid reassessments in accordance with the provisions of the Act and under
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and pursuant to the provisions of said Resolution of Intention and the
proceedings thereunder duly had and taken. A portion of the balance of said
unpaid reassessment secures and shall continue to secure bonds designated
"Improvement Bonds, City of Alameda, Marina Village Assessment District 84 -3,
Series 86 -1, dated July 15, 1986, and issued in the aggregate principal amount
of $6,300,000 pursuant to Resolution Providing for the Issuance of Bonds
(Change and Modification of 1986) adopted by this Council on July 1, 1986.
Jurisdiction is hereby reserved to issue bonds upon the security of the
remaining $7,375,000 of unpaid reassessments.
The bonds herein provided to be issued shall be known as "Refunding
Improvement Bonds, City of Alameda, Marina Village Assessment District 84 -3
(Reassessment and Refunding of 1986)" Series 86 -1 and shall be dated July 14,
1986. The bonds herein shall be in the principal amount of $26,325,000 (the
"Bond" or the "Bonds "). The Bonds shall be issued only in fully registered
form in denominations of $5,000 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. The
Bonds shall be numbered or otherwise identified in the manner to be provided
by the Agent designated pursuant to Section 4 hereof.
3. Payment of Bonds. The Bonds shall bear interest at the rate or
rates determined by this Council at the time of sale of the Bonds (not to
exceed twelve percent (12 %) per annum, or such higher rate of interest as may
be authorized by applicable law at the time of sale of the Bonds), payable
commencing on March 2, 1987, and semiannually thereafter on September 2 and
March 2 of each year to maturity ( "interest payment dates ").
Each Bond shall bear interest from the interest payment date next
preceding the date on which it is authenticated and registered, unless
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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 March 2, 1987, 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.
4. Designation of Agent. Bank of America National Trust and Savings
Association is hereby designated as the Transfer Agent, Registrar and Paying
Agent (hereinafter the "Agent "). The Agent shall be employed by the City for
the purpose hereof pursuant to a separate agreement acceptable to and approved
and executed by the Finance Director of the City and by a duly authorized
representative of the Agent. The principal and redemption premium of the
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 the Bonds as the same become due and payable. Interest on the
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.
5. Form. The Bonds shall be substantially in the form set forth in
Exhibit "C" attached hereto and made a part hereof.
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6. Execution. The Bonds shall be executed on behalf of the City and
under its official seal by its Finance Director 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 the Bonds. The
Bonds shall then be delivered to the Agent for authentication by it.
If any officer whose signature appears on the Bonds ceases to be such
officer before the authentication and delivery of the 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 the Bonds.
7. 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 within - mentioned Resolution of
Issuance, which has been registered on
By
Authorized Officer
8. Preparation and Delivery of Bonds. The Finance Director of the
City is hereby directed to cause the 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 the 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.
9. Cost of Issuance Fund. The Finance Director shall establish a
special cost of issuance fund to be designated by the name and /or number of
these reassessment proceedings (the "Cost of Issuance Fund ") into which shall
be placed from a portion of the proceeds of the sale of the Bonds the sum of
$135,000 which represents the total of the sums identified in the Reassessment
Report heretofore approved and adopted by the City Council as the costs
incurred in the issuance of the Bonds. All monies in said fund shall be
withdrawn only upon checks or warrants of the City and shall be applied
exclusively to the payment of the costs of conducting said reassessment
proceedings and the issuance of the Bonds. Any sums remaining in the Cost of
Issuance Fund after payment of all costs and legal charges shall be
transferred to the Redemption Fund provided for herein.
10. Prior Bonds Refunding Escrow Funds. The Finance Director shall
establish two special funds to be designated respectively as the Series 85 -1
Bonds Refunding Escrow Fund and the Series 85 -2 Bonds Refunding Escrow Fund
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(the "85 -1 and 85 -2 Escrow Funds ") to be held in trust by the Finance Director
for the benefit of the owners of the Series 85 -1 and Series 85 -2 Bonds. Said
Escrow Funds shall be subject to and administered by the Finance Director
according to the instructions set forth in Exhibit "D" hereto.
11. Redemption Funds. Said Finance Director shall keep a redemption
fund designated by and for the name of the Bonds (the "Redemption Fund "), into
which shall be placed any accrued interest for the period from the date of the
Bonds to the date of delivery thereof, and all sums received from the
collection of unpaid assessments and reassessments provided for in Section 12
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.
12. Collection of Unpaid Reassessments. The unpaid reassessments 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 reassessment shall be payable in
each year preceding the date of maturity of each of the several series of
bonds issued, sufficient to pay the bonds when due, and such proportion of
each unpaid reassessment 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 installment 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 reassessments and of the interest and penalties thereon shall be placed
in the respective Redemption Funds provided for herein.
13. Redemption Prior to Maturity. Each Bond, or any portion thereof in
the amount of five thousand dollars ($5,000.00) of any integral multiple
thereof, outstanding may be redeemed and paid in advance of maturity upon the
second day of March or September in any year by giving at least 60 days notice
and by paying the principal amount thereof together with a premium equal to 3%
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 Division 10 of the Streets and Highways
Code, providing for an alternative procedure for the advance payment of
assessments and the calling of Bonds, shall apply to Bonds issued pursuant to
the provisions hereof.
The Finance Director shall call for redemption and retire Bonds upon
prepayment of reassessments 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 reassessments to Bonds
outstanding.
14. 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 such owner's 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.
15. 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 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 such exchange or registration of transfer 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 interest payment date.
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16. 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. Allsuch 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.
17. 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 reassessments is delinquent, in like
manner in which it becomes or may become the purchaser of property so for the
nonpayment of general taxes, and shall transfer from available surplus funds
into the Redemption Funds for the Bonds, as an advance recoverable upon sale
or redemption of the property, the amount of the delinquent unpaid
reassessment installment upon which said sale is made. The City shall also
pay and transfer from available surplus funds into said Redemption Funds, as
an advance recoverable upon sale or redemption of the property, the amount of
an future delinquent unpaid reassessment installments on such property pending
redemption.
18. Reserve Funds. Upon placement of the proceeds from the sale of the
Bonds in the Escrow Fund, the Finance Director shall forthwith transfer the
total sum of $1,763,800 from the special reserve funds heretofore created and
maintained with respect to the Prior Bonds, into a new special reserve fund,
which shall be designated by the name of these reassessment proceedings and of
the series of the Bonds (the "Reserve Fund"). There shall be deposited to the
Reserve Fund, the amount of $1,783,800. The balance of funds remaining in
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said special reserve funds with respect to the Prior Bonds (which balance
shall be certified by the Finance Director in writing to the City on the date
of delivery of the Bonds) shall be transferred to the Escrow Funds created
pursuant to Section 10 hereof and applied to the costs of said refunding. The
moneys in the Reserve 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 reassessments and interest thereon was
paid from the Reserve Funds, shall be credited to the Reserve Funds; 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 reassessments not theretofore paid in full in cash would result
in moneys in the respective Redemption Funds remaining therein for a period of
more than twelve (12) months, then any portion of such proceeds which would
otherwise remain in said Redemption Funds 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 said Redemption
Funds.
19. Investment of Funds. Monies in the Redemption Fund and the Reserve
Fund shall, whenever practicable, be invested in legal investments for the
City 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 provided in Section 18 hereof.
20. Covenant to Foreclose. The City hereby covenants with and for the
benefit of the owners 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 reassessment or installment hereof 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.
21. Non - Arbitrage Covenant. The City hereby covenants with the owners
of the Bonds that it will make no use of the proceeds of the Bonds at any time
during the term thereof which, if such use had been reasonably expected on the
date the Bonds were issued, would have caused the 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 the Bonds, as determined by the Finance Director, said Finance
Director 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 the Bonds at the time of delivery of and payment for the
Bonds.
23. No Federal Guarantee. The City shall take no action nor permit nor
suffer any action to be taken if the result of the same would cause the Bonds
to be a federally guaranteed obligation within the meaning of section 103(h)
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of the Code. For purposes of this resolution, the term "Code" means the
Internal Revenue Code of 1954, as amended, or any internal revenue code which
is enacted in lieu of the Internal Revenue Code of 1954. Any section
reference herein to the Code shall be deemed to be and shall refer to any
section of similar import enacted in lieu or in amendment of such section or
contained in any internal revenue code enacted in lieu of the Internal Revenue
Code of 1954.
24. Amendment. Without the consent of the Owners of the Bonds, the
City hereafter may amend this resolution to add, modify or delete provisions
if the same is necessary or desirable, in the opinion of Bond Counsel, to
assure the exemption of interest on the Bonds from Federal income taxation so
long as such Amendment will not adversely affect the rights of the owners of
the Bonds.
25. Authority of Finance Director. All actions mandated by this
resolution to be performed by the Finance Director may be performed by the
designee thereof including, but not limited to, the Deputy or Assistant
Finance Director, or such other official of the City duly authorized by the
City Council of the City to perform such action or actions in furtherance of
the requirements hereof, or by an agent of the City pursuant to an agreement
between the City and such agent in furtherance of the purposes hereof,
including, but not limited to, the establishment and administration of the 85-
1 and 85 -2 Escrow Funds described in Section 10 hereof, to which purpose said
Finance Director is hereby authorized and directed to execute an agreement in
substantially the form set forth in Exhibit "D" hereto.
26. Certified Copies. The City Clerk shall furnish a certified copy of
this resolution to the Finance Director, to the Agent and to the Auditor of
the County of Alameda.
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* * * * * * * * * * * *
PASSED AND ADOPTED by the City Council of the City of Alameda at a
regular meeting thereof this 1st day of July , 1986 , by the following
vote:
AYES: CounCil08mbers Corica, Lucas, Monsef and President Diament - 4.
NOES: None.
ABSENT/ABSTAIN: Councilmember Hanna -
0D to FmFOl
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The City Of Alameda
EXHIBIT A
LIST OF UNPAID REASSESSMENTS
CITY OF ALAMEDA
MARINA VILLAGE ASSESSMENT DISTRICT 84 -3
(Reassessment and Refunding for 1986)
Reassessment Assessor's Unpaid
No. Parcel No. Amount ($)
1 -2 -1 074 - 1334 - 027 -00 308,332
1 -2 -2 074 - 1334 - 027 -00 1,267,102
1 -2 -3 074 - 1334 - 027 -00 647,170
1 -2 -4 074 - 1334 - 027 -00 806,239
1 -2 -5 074 - 1334 - 027 -00 308,332
1 -2 -6 074 -1334- 027 -00 186,307
1 -2 -7 074 - 1334 - 027 -00 -0-
1-2-8 074 - 1334 - 027 -00 -0-
1-2-9 074 - 1341 - 006 -00 17,882
1 -2 -10 074 - 1341 - 006 -00 20,771
1 -2 -11 074 - 1341 - 006 -00 22,074
1 -2 -12 074 - 1341 - 006 -00 22,074
1 -2 -13 074 - 1341 - 006 -00 17,882
1 -2 -14 074 -1341- 006 -00 20,771
2 -1 074 -1340- 003 -00 -0-
3-1-1 074 -1341- 004 -00 17,867
3 -1 -2 074 - 1341 - 004 -00 20,960
3 -1 -3 074 - 1341 - 004 -00 22,310
3 -1 -4 074 - 1341 - 004 -00 22,310
3 -1 -5 074 -1341- 004 -00 17,867
3 -1 -6 074 -1341- 004 -00 20,960
3 -1 -7 074 - 1341 - 007 -00 17,867
3 -1 -8 074 -1341- 007 -00 20,960
3 -1 -9 074 - 1341 - 007 -00 22,310
3 -1 -10 074 - 1341 - 007 -00 22,310
3 -1 -11 074 - 1341 - 007 -00 17,867
3 -1 -12 074 - 1341 - 007 -00 20,960
EXHIBIT A
A -1
Reassessment Assessor's Unpaid
No. Parcel No. Amount ($)
3 -1 -13 074 - 1341 - 008 -00 17,867
3 -1 -14 074 - 1341 - 008 -00 20,960
3 -1 -15 074 - 1341 - 008 -00 17,882
3 -1 -16 074 - 1341 - 008 -00 20,771
3 -1 -17 074 - 1341 - 009 -00 17,867
3 -1 -18 074 -1341- 009 -00 20,960
3 -1 -19 074 - 1341- 009 -00 22,074
3 -1 -20 074- 1341 - 009 -00 22,074
3 -1 -21 074 - 1341 - 009 -00 17,867
3 -1 -22 074 - 1341 - 009 -00 20,960
3 -1 -23 074 - 1341 - 010 -00 17,867
3 -1 -24 074 - 1341 - 010 -00 20,960
3 -1 -25 074 - 1341 - 010 -00 22,310
3 -1 -26 074 - 1341 - 010 -00 22,310
3 -1 -27 074 -1341- 010 -00 17,867
3 -1 -28 074 - 1341 - 010 -00 20,960
3 -1 -29 074 - 1341 - 011 -00 17,867
3 -1 -30 074 -1341- 011 -00 20,960
3 -1 -31 074 - 1341 - 011 -00 26,250
3 -1 -32 074 - 1341 - 011 -00 26,250
3 -1 -33 074 - 1341 - 011 -00 17,867
3 -1 -34 074 -1341- 011 -00 20,960
3 -1 -35 074 -1341- 012 -00 17,882
3 -1 -36 074 -1341- 012 -00 20,771
3 -1 -37 074 - 1341 - 012 -00 17,867
3 -1 -38 074 - 1341 - 012 -00 20,960
3 -1 -39 074-1341-013-00 17,867
3 -1 -40 074 - 1341 - 013 -00 20,960
3 -1 -41 074 - 1341 - 013 -00 17,867
3 -1 -42 074 -1341- 013 -00 20,960
4 -1 074- 1340 - 006 -00 4,887,931
4 -2 074 - 1340 - 007 -00 2,984,172
5 -1 074 - 0906 - 053 -00 2,417,626
EXHIBIT A
A -2
Reassessment Assessor's Unpaid
No. Parcel No. Amount ($)
5 -2 074 - 0906 - 054 -00 1,165,778
5 -3 074 -0906- 055 -00 2,693,273
6 074 - 1340 - 001 -00 831,297
7 -1 -1 074 - 1340 - 004 -00 402,030
7 -1 -2 074 - 1340 - 005 -00 211,365
7 -1 -3 074 - 1340 - 010 -00 2,416,613
7 -1 -4 074 - 1340 - 011 -00 122,274
7 -1 -5 074- 1340 - 012 -00 443,431
7 -1 -6 074- 1340- 013 -00 663,513
8 074 - 0960 - 050 -00 -0-
9-1 074 - 1340 - 008 -00 143,816
10 074- 1340 - 009 -00 95,877
11 -1 074 - 1334 - 017 -00 1,256,207
11 -2 074 - 1334 - 018 -00 32,685
12 074 - 1334 - 002 -00 -0-
13-1 074 - 1341 - 001 -00 17,882
13 -2 074 - 1341 - 001 -00 20,771
13 -3 074 - 1341 - 001 -00 26,250
13 -4 074- 1341 - 001 -00 26,250
13 -5 074 -1341- 001 -00 22,074
13 -6 074 - 1341 - 001 -00 22,074
13 -7 074 - 1341 - 001 -00 26,250
13 -8 074 - 1341 - 001 -00 26,250
13 -9 074 - 1341 - 001 -00 17,882
13 -10 074 - 1341 - 001 -00 20,771
13 -11 074 - 1341 - 002 -00 17,867
13 -12 074 -1341- 002 -00 20,960
13 -13 074 - 1341 - 002 -00 22,310
13 -14 074 -1341- 002 -00 22,310
13 -15 074 -1341- 002 -00 17,867
13 -16 074 -1341- 002 -00 20,960
13 -17 074- 1341 - 003 -00 17,867
13 -18 074- 1341 - 003 -00 20,960
EXHIBIT A
A -3
Reassessment Assessor's Unpaid
No. Parcel No. Amount ($)
13 -19 074 -1341- 003 -00 22,310
13 -20 074 - 1341 - 003 -00 22,310
13 -21 074 - 1341 - 003 -00 17,867
13 -22 074 - 1341 - 003 -00 20,960
13 -23 074 - 1341 - 005 -00 17,882
13 -24 074- 1341 - 005 -00 20,771
13 -25 074 - 1341 - 005 -00 26,250
13 -26 074- 1341 - 005 -00 26,250
13 -27 074 - 1341 - 005 -00 22,074
13 -28 074 - 1341 - 005 -00 22,074
13 -29 074 - 1341 - 005 -00 17,867
13 -30 074 - 1341 - 005 -00 20,960
14 -1 -1 074 - 1334 - 011 -00 425,999
14 -2 -1 074 - 1334 - 025 -00 -0-
14-3-1 074- 1334 - 008 -00 18,522
14 -3 -2 074 - 1334 - 009 -00 222,260
14 -3 -3 074 - 1334 - 010 -00 823,671
14 -3 -4 074 -1334- 012 -00 311,600
14 -3 -5 074- 1334 - 015 -01 449,968
14 -3 -6 074 - 1334 - 016 -00 509,891
14 -3 -7 074 - 1334 - 019 -00 162,337
15 -2 -1 074 - 1334 - 014 -02 440,163
16 -1 -1 074 - 1334 - 006 -04 383,508
16 -1 -2 074 - 1334 - 006 -04 78,445
16 -2 -1 074 - 1334 - 026 -00 1,246,401
16 -2 -2 074 - 1334 - 026 -00 886,863
16 -2 -3 074 -1334- 027 -00 203,739
16 -2 -4 074 -1334- 027 -00 191,754
16 -2 -5 074 - 1334- 027 -00 -0-
16-3 074 - 1334 - 006 -06 2,439,417
16 -5 -1 074 - 1334 - 020 -02 435,805
16 -5 -2 074- 1334 - 021 -01 3,235,850
16 -5 -3 074 - 1334 - 023 -00 611,216
EXHIBIT A
A -4
Reassessment Assessor's Unpaid
No. Parcel No. Amount ($)
16 -5 -4 074 - 1334 - 024 -00 605,768
17 074 -1334- 007 -00 407,477
TOTAL 40,000,000
EXHIBIT A
A -5
EXHIBIT B
$26,325,000
CITY OF ALAMEDA IMPROVEMENT BONDS
MARINA VILLAGE ASSESSMENT DISTRICT NO. 84 -3
(REASSESSMENT AND REFUNDING FOR 1984)
(ALAMEDA COUNTY, CALIFORNIA)
Maturity Date Principal Interest
(September 2) Amount Rate
1987 $ 5,000.00 5.50%
1988 5,000.00 6.00%
1989 5,000.00 6.50%
1990 5,000.00 6.75%
1991 5,000.00 7.00%
1992 990,000.00 7.00%
1993 1,055,000.00 7.25%
1994 1,135,000.00 7.50%
1995 1,220,000.00 7.75%
1996 1,315,000.00 7.90%
1997 1,415,000.00 8.00%
1998 1,530,000.00 8.00%
1999 1,655,000.00 8.00%
2000 1,785,000.00 8.10%
2001 1,930,000.00 8.10%
2002 2,085,000.00 8.125%
2003 2,255,000.00 8.20%
2004 2,440,000.00 8.20%
2005 2,640,000.00 8.20%
2006 2,850,000.00 8.20%
The net interest cost of the bonds based on the above maturity schedule and a
discount of 2.75% is 8.261 %. The average interest rate is 8.071 %.
EXHIBIT B
EXHIBIT C
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF ALAMEDA
NUMBER $
REFUNDING IMPROVEMENT BOND
CITY OF ALAMEDA
MARINA VILLAGE ASSESSMENT DISTRICT 84 -3
(Reassessment and Refunding for 1986)
SERIES 86 -1
INTEREST RATE MATURITY DATE BOND DATE CUSIP
REGISTERED OWNER:
PRINCIPAL AMOUNT:
DOLLARS
Under and by virtue of the Refunding Act of 1984 for 1915 Improvement
Act Bonds, Division 11.5 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
reassessments made for the refunding bonds more fully described in proceedings
taken pursuant to Resolution of Intention No. 10919 adopted by the City
Council of the City on the 3rd day of June, 1986, pay to the Registered Owner
named above or registered assigns on the maturity date stated above, in lawful
money of the United States and in like manner pay interest at the rate per
annum stated above, payable semiannually on March 2 and September 2 in each
year commencing March 2, 1987. 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 (ii) prior to the close of business on the fifteenth day of the month
preceding March 2, 1987, 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 corporate agency division of Bank of America
National Savings and Trust 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
C -1
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET
FORTH ON THE REVERSE SIDE HEREOF WHICH SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS THOUGH FULLY SET FORTH HEREIN.
This Bond will continue to bear interest after maturity at the rate
above stated provided that it is presented at maturity and payment hereof 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 hereon will run only until maturity.
This Bond shall not be entitled to any benefit under the Act or 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 the Bond to be signed
in facsimile by the Finance Director of said City and by its City Clerk and
has caused its corporate seal to be reproduced in facsimile hereon all as of
July 14, 1986.
CITY OF ALAMEDA
[ SEAL]
City Clerk Finance Director
EXHIBIT C
C -2
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
Authorized Officer
EXHIBIT C
C -3
REFUNDING IMPROVEMENT BOND
CITY OF ALAMEDA
MARINA VILLAGE ASSESSMENT DISTRICT 84 -3
(Reassessment and Refunding for 1986)
SERIES 86 -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, entitled "A Resolution
Determining Unpaid Reassessments and Providing for the Issuance of Refunding
Bonds ", adopted by the City Council of the City on Tuesday, July 1, 1986 (the
"Resolution of Issuance "), in the aggregate principal amount of Twenty -six
Million Three Hundred Twenty -Five Thousand Dollars ($26,325,000) for the
purpose of providing means for paying for the refunding of bonds as more
particularly described in said proceedings, and is secured by the moneys in
said redemption fund and by the unpaid portion of said reassessments made for
the payment of said refunding, 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,
and for the same aggregate principal amount, will be issued to the transferee
in exchange herefor.
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 March 2 or September 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, or any portion of it in the amount of five thousand dollars
($5,000) or any integral multiple thereof, may be redeemed and paid in advance
of maturity upon the 2nd day of March or September 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 3
percentum of the principal.
EXHIBIT C
C -4
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: $26,325,000 Refunding Improvement Bonds, City of Alameda,
Marina Village Assessment District 84 -3 (Reassessment and
Refunding for.1986)
We have acted as bond counsel in connection with the issuance by the
City of Alameda (the "Issuer ") of $26,325,000 Refunding Improvement Bonds,
Marina Village Assessment District 84 -3 (Reassessment and Refunding for 1986),
dated July 14, 1986 (the "Bonds ") pursuant to Division 11.5 of the California
Streets and Highways Code (the "Act ") and the Resolution entitled "A
Resolution Determining Unpaid Reassessments And Providing For The Issuance Of
Refunding Bonds" (the "Resolution ") of the Issuer adopted Tuesday, July 1,
1986. 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 chartered city and municipal corporation 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 reassessments
levied upon the lands benefited by the improvements acquired and /or
constructed with the Jroceeds of the bonds being refunded with the proceeds of
the Bonds and by the moneys in the redemption fund established pursuant to the
Resolution.
EXHIBIT C
C -5
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 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
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
EXHIBIT C
C -6
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.
EXHIBIT C
C -7
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
Savings and Trust Association, as Transfer Agent, Registrar and Paying Agent,
with full power of substitution in the premises.
Dated:
Signature guaranteed:
NOTE: Signature(s) must be
guaranteed by a member firm of the
New York Stock Exchange or a
commercial bank or trust company.
NOTE: The signature to this
Assignment must correspond with the
name as it appears upon the face of
the within -Bond in every particular,
without alteration or enlargement or
any change whatsoever.
EXHIBIT C
C -8
EXHIBIT D
INSTRUCTIONS WITH RESPECT TO REFUNDED BONDS REFUNDING ESCROW FUNDS
MARINA VILLAGE ASSESSMENT DISTRICT 84 -3
(Reassessment and Refunding for 1986)
Reference is hereby made to the within Resolution Determining Unpaid
Reassessments and Providing for the Issuance of Refunding Bonds adopted by the
City Council of the City of Alameda on Tuesday, July 1, 1986, the provisions
of which are incorporated herein by this reference as if fully set forth
herein, including, but not limited to, definitions of terms not otherwise
defined in this Exhibit. Said Resolution is hereinafter called the
"Resolution of Issuance ".
(a) Purpose. The purpose of these instructions is to provide for the
creation, administration and disposition of certain funds for advance maturity
and retirement of the Prior Bonds as defined in the Resolution of Issuance and
the Finance Director of the City of Alameda is hereby authorized and directed
to carry out these instructions in trust for the owners of the Prior Bonds.
(b) Redemption of Prior Bonds. On January 2, 1987, the Prior Bonds are
subject to call and advanced redemption in accordance with the provisions of
the resolutions providing for their issuance. As defined in the Resolution of
Issuance, the Prior Bonds consist of the Series 85 -1 Bond and the Series 85 -2
Bonds, issued pursuant to the 1985 Resolutions, respectively, as also defined
in the Resolution of Issuance. No later than 60 days before January 2, 1987,
the Finance Director shall cause or have caused to be given notice of the
advanced maturity of the Series 85 -1 Bond and the Series 85 -2 Bonds pursuant
to the applicable terms of the 1985 Resolutions, respectively, and to the Bank
of America, National Trust and Savings Association, as Agent under said
Resolutions for said Bonds.
(c) Escrow Funds. In furtherance of the purposes hereof, the Finance
Director shall establish two funds, designated the "Series 85 -1 Bonds
Refunding Escrow Fund" (the "85 -1 Escrow Fund ") and the "Series 85 -2 Bonds
Refunding Escrow Fund" (the "85 -2 Escrow Fund ") and herein collectively called
the "Escrow Funds." Said funds shall be established no later than May 15,
1986, or such other later date as may be specified for the delivery of the
Bonds provided to be issued pursuant to the Resolution of Issuance.
(d) Deposits. To the Escrow Funds, the Finance Director shall cause to
be deposited the following, all as more particularly set forth on Attachment I
hereto and hereby made a part of with respect to the 85 -1 and 85 -2 Escrow
Funds, respectively:
(i) Federal Securities, as defined in the Act referenced in the
Resolution of Issuance, purchased or caused to be purchased by the
Finance Director with proceeds of the sale of the Bonds at prices set
forth on "Attachment 1" hereto;
EXHIBIT D
D -1
(ii) The balance of the proceeds of the sale of the Bonds not
used to purchase the Federal Securities, if any, as certified by the
Finance Director to the City on the date of the delivery of the Bonds;
(iii) The balance of the redemption funds referenced in the
Resolution of Issuance held by the City with respect to the Prior Bonds,
as said balance is certified by the Finance Director to the City on the
date of the delivery of the Bonds;
(iv) The balance of the improvement funds held by the City with
respect to the Prior Bonds as said balance is certified by the Finance
Director to the City on the date of the delivery of the Bonds; and
(v) The balance of the special reserve funds held with respect
to the Prior Bonds not otherwise used to establish reserve funds for the
Bonds and as such balance is certified by the Finance Director to the
City on the date of the delivery of the Bonds.
(e) Opinion of Accountant. At the time of the delivery of the Bonds,
the Finance Director shall cause to be obtained an opinion of a certified
public accountant pursuant to Section 9616 of the Act to the effect that the
proceeds and investments in the Escrow Funds are in amounts sufficient,
together with interest or other gain from such investments, to pay principal
and interest and redemption premiums on the Prior Bonds maturing in the years
1987 through the years of their respective, final maturities as of January 2,
1987.
(f) Disposition. All deposits referred to in (d) above , together with
an interest or gain thereon, shall be retained by the Finance Director in the
Escrow Funds and applied solely to the payment of principal and premium and
interest on the Prior Bonds as of January 2, 1987, that being the earliest
possible redemption date for said Prior Bonds. Any balance remaining in the
Escrow Funds after all of the Prior Bonds shall have been paid shall be paid
to the City , free and clear of the liens of the Prior Bonds and the Escrow
Funds shall thereupon be terminated and closed.
(g) Investment of Any Remaining Money. The Finance Director may invest
and reinvest in Federal Securities any money, if any, remaining, from time to
time, in the Escrow Funds until needed for the payment of the Prior Bonds in
accordance with (f) hereof, provided, however, that such money shall be
invested or reinvested in United States Treasury Securities -State and Local
Government Series, if available, maturing no later than January 2, 1987, at an
interest rate of 0 %, or for such maturities or at such interest rates as shall
be approved in an opinion of nationally recognized bond counsel stating that
such investment will not affect, for Federal income tax purposes, the
exemption from Federal income taxes of interest on the Prior Bonds or the
Bonds. Any interest income resulting from investment or reinvestment of money
pursuant hereto shall be paid to the City promptly after, and only upon, the
payment and redemption in full of the Prior Bonds.
(h) Substitution of Federal Securities. The City may at any time
direct the Finance Director to substitute Federal Securities then issued by
the United States of America for any or all of the Federal Securities then
deposited in the Escrow Funds, or either of them, provided that any such
EXHIBIT D
D -2
direction and substitution shall be accompanied by a certification of an
independent certified public accountant as provided in the Act that the
Federal Securities then to be so deposited in the Escrow Funds, together with
interest to be derived therefrom, shall be in a amount at all times at least
sufficient to make the payments as specified in (d) hereof, and, further, to
be accompanied by an opinion of nationally recognized bond counsel that the
substitution will not affect, for Federal income tax purposes, the exemption
from Federal income taxes of the interest on the Prior Bonds or on the Bonds.
In the event that, following any such substitution, there is an amount of
money or Federal Securities in excess of the amount required to make payments
as required by (d) herein, such excess shall be paid to the City.
(i) Unclaimed Funds. Notwithstanding any other provision hereof, any
money held by the Finance Director hereunder in trust for the payments
specified in (f) hereof and remaining unclaimed for four (4) years after the
principal of all of the Prior Bonds shall have been called for redemption and
after the date of redemption shall then be repaid to the City upon its written
request, and the owners of the Prior Bonds shall thereafter be entitled to
look only to the City for the repayment thereof. In such event, the owners of
the Prior Bonds secured hereby shall thereafter be deemed to be unsecured
creditors of the City, without interest.
EXHIBIT D
D -3
ATTACHMENT 1
DEPOSITS TO ESCROW FUNDS
Series 85-1 Bonds Series 85-2 Bonds
Sources Escrow Fund ($) Escrow Fund ($)
1. Federal Securities and Cash*
2. Prior Bonds Redemption Funds
3. Prior Bonds Improvement Funds
4. Prior Bonds Reserve Funds
TOTAL
1. Federal Securities and Cash*
2. Prior Bonds Redemption Funds
3. Prior Bonds Improvement Funds
4. Prior Bonds Reserve Funds
*Federal Securities Prices
applicable to No. 1 above
Series 86-1
Series 86-1
Series 86-I
Series 86-I
EXHIBIT D
D-4
ATTACHMENT 1