HomeMy WebLinkAbout00921 - CITY NATIONAL BANK PARK LIBRARY BONDS City National Bank, L.A. - paying
A G R E E M E N T NO. agent for 73 Park & Library Bonds
AGREEMENT #921 (Original 3-27-73)
Res 10655, 3-27-73
THIS AGREEMENT, made and entered into this 27th day of March, 1973, by and
between the City of Palm Springs, of the State of California, hereinafter called
the "City" and City National Bank, Los Angeles, California, a national banking
association, hereinafter called the "Principal Paying Agent."
W I T N E S S E T H, T H A T
WHEREAS, the 1973 Park and Library bonds to be issued by the City, in the
principal amount of $5,000,000.00, provided that the same are payable or collectible
as to principal and interest at the Principal Paying Agent of the City it Los
Angeles, California and in the case of coupon bonds, both such principal and
interest shall also be payable, at the option of the holder, at any co-paying
agent of the City, in the Borough of Manhattan, City of New York, or in the City of
Chicago, Illinois.
WHEREAS, it is desirable that there be an arrangement whereby such bonds, or
coupons pertaining thereto, may be presented for payment or collection at, and be
honored by, said Principal Paying Agent or said other co-paying agents designated
in the City of New York or in the City. of Chicago; and to have the Principal Paying
Agent provide certain accounting and reporting services for bonds and coupons paid
under this agreement, and also to cremate or destroy such bonds and coupons and
provide a cremation or destruction certificate therefor to the City.
WHEREAS, it is mutually desirable that an agreement be entered into between
these parties to provide for such services;
NOW, THEREFORE, the parties above named in consideration of the mutual covenants
herein contained, agree as follows :
SECTION 1. The Principal Paying Agent shall cause any coupon bonds of the City
and any coupons pertaining to such bonds to be honored in accordance with the terms
thereof, upon the presentation of the same for payment or for collection upon maturity,
to the Principal Paying Agent or to the other designated co-paying agents in the
City of New York, or in the City of Chicago, named in this Section which may be
designated for that purpose, and shall cause to be made available, at any such paying
agents so designated, all funds necessary in order so to honor such bonds and coupons;
provided that this section shall not in any instance require payment or disbursement
of any funds in excess of the amount then on deposit in the "Bond and Coupon Redemp-
tion Account", hereinafter referred to, nor shall this section require payment or
disbursement of interest on bonds registered as to principal and interest. Such
interest on bonds registered as to principal and interest shall be paid by the
Principal Paying Agent from funds deposited pursuant to Section 3 hereof. The other
designated co-paying agents in this Section referred to are the following: Chase
Manhattan Bank, in the City of New York, and American National Bank and Trust Co. ,
in the City of Chicago.
SECTION 2. When any bond or coupon is honored pursuant to Section 1 hereof,
the paying agents forthwith shall cause such bond or coupon to be cancelled, or shall
cause payment of interest to be noted on the bond in accordance with the terms thereof.
SECTION 3. The City shall semi-annually, at least one (1) day prior to each
applicable maturity date, deposit in trust with the Principal Paying Agent in an
account designated "Bond and Coupon Redemption Account" sums in cash sufficient to
pay bonds and interest maturing. The City shall provide to the Principal Paying
Agent a copy of Notice of Redemption on bonds to be called, if applicable. The funds
required to pay the bonds and coupons, as shown by the Notice of Redemption and/or
at all regular maturity dates, shall be paid by the Treasurer of the City for deposit
in the Principal Paying Agents "Bond and Coupon Redemption Account".
The Bank will secure the balance in said "Bond and Coupon Redemption Account"
from time to time as required by Part 9, Chapter I, Title 12 of the Code of Federal
Regulations of the United States of America.
SECTION 4. The Principal Paying Agent shall provide such other services with
respect to the Bonds as required by-City of Palm Springs Ordinance No. 943
adopted January 31, 1973. (Attached hereto and marked Exhibit "A".)
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SECTION 5. When any money has been paid or disbursed by the Principal Paying
Agent Pursuant to Section 1 hereof, the Principal paying Agent shall forthwith
reimburse to itself the amount thereof by charge against said "Bond and Coupon
Redemption Account".
SECTION 6. The Principal Paying Agent shall notify the Treasurer "promptly"
of all charges against the Bond and Coupon Redemption Account and make monthly
reports of the details of redemption. The report shall include bond numbers, maturity
dates, denominations and amount of bonds paid as well as the coupon maturity dates
and maturity numbers, the number of coupons paid, the denomination of such coupons
and the amount of coupons paid.
SECTION 7. The Principal Paying Agent shall maintain records according to each
bond issue and shall report to the City monthly the following information as to both
bonds and interest: Previous balance matured and outstanding, maturities during the
month, payments made during the month and new balance of matured and outstanding
at the end of the month. The total of said new balances so reported shall balance
to the cash on hand in the "Bond and Coupon Redemption Account".
SECTION 8. The Principal Paying Agent will maintain the "Bond and Coupon
Redemption Account" under its control, subject to the right of the City to have re-
funds made as requested; provided that funds will only be claimed for bonds not
presented for payment after the expiration of five years from the maturity of the bonds
and for coupons not presented for payment after the expiration of five years from the
final maturity date of the related bond issue. The request from the City for refund
shall designate the amount and the particular maturity or maturities and the
particular issue or issues and the amount with respect to bonds and coupons, in order
that the Principal Paying Agent and its co-paying agents will know which bonds and
coupons they are no longer authorized to pay.
SECTION 9. The Principal Paying Agent shall periodically cremate or destroy
the bonds and coupons as theretofore reported to the Treasurer under Section 6 and
furnish a cremation or destruction certificate to the City.
SECTION 10. The Principal Paying Agent shall assume full liability JRJ,,ip ,4rect/ p
payments made by it and errors in reporting payments made by it whic`Y"Principal
Paying Agent's negligence. The City will not be called upon to deposit additional
funds, once sufficient funds have been deposited to cover maturing bonds and
coupons and not withdrawn pursuant to Section 8 above.
SECTION 11. The City shall pay to the Bank fees pursuant to this agreement at
the rates set forth in the following schedules.
SCHEDULE A
For the payment of bonds of $5,000.00 denomination and coupons therefrom:
$1.25 for each bond paid at or prior to maturity;
.10 for each coupon paid at maturity, with a
minimum of $25.00 for each maturity.
SCHEDULE B
For accounting, storage and cremating or destroying bonds and coupons :
$.05 for each bond cremated or destroyed;
.01 for each coupon cremated or destroyed;
SCHEDULE C
For custody, safekeeping, clipping of coupons, and payment of registered
bonds :
.001% of the face value of the registered bond.
$.25 per check for payment of interest on registered bonds.
The Principal Paying Agent shall reimburse all designated co-paying agents
for the same or similar services as provided in Schedules A and B above.
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SECTION 12. In addition to the fees provided in Section 11, the City shall
reimburse the Principal Paying Agent for stationery, postage, telephone, wire
service, express, insurance and other incidental out-of-pocket expenses necessarily
incurred by said Principal Paying Agent in the performance of its duties as herein
provided.
SECTION 13. During the term of this agreement, the Principal Paying Agent may
change the designation of the co-paying agents in the City of New York and the City
of Chicago, at which bonds of said City or coupons pertaining to such bonds may be
payable and thereupon the Principal Paying Agent shall cause such bonds or coupons
to be paid or honored as provided by Section 1 of this agreement; provided however,
that no co-paying agent in the City of New York, state of New York, or in the City
of Chicago, State of Illinois, shall be designated unless said Principal Paying
Agent has satisfactory arrangements with such New York or such Chicago co-paying
agents to enable them to perform the services provided by this agreement, and
provided further that such designation shall not be made until such time as a
satisfactory agreement has been entered into by the said Principal Paying Agent and
such New York or Chicago co-paying agents with respect to the services to be preformed
under this agreement.
SECTION 14. At least ten (10) days prior to the first payment or disbursement
of principal or interest on any issue of bonds under the provisions of this agreement,
the City shall furnish one specimen bond, for each issue, to the Principal Paying
Agent and to the designated co-paying agents in the City of New York and City of
Chicago.
SECTION 15. The Treasurer of the City, upon six months written notice to the
Principal Paying Agent may terminate this agreement.
SECTION 16. The Principal Paying Agent, upon six months written notice to the
City, may terminate this agreement, provided, however, that upon default by the
City under any of the provisions of this agreement, or upon default by the City in
the payment of principal or interest of any issue or issues with respect to which
the Bank has undertaken or performed any services as required to be rendered by
Section 1 hereof, the Bank may immediately terminate this agreement in its entirety
upon giving the City written notice.
SECTION 17. Upon termination of this agreement by either party hereto any
funds remaining in the "Bond and Coupon Redemption Account" shall be paid to the
Treasurer of the City. Bonds and coupons paid prior to termination shall be
cremated or destroyed and a cremation or destruction certificate furnished to the
City as specified in Section 9 hereof.
SECTION 18. The terms and conditions of this agreement are intended for the
mutual benefit of the City and the Principal Paying Agent, exclusively, and are not
intended to give any third party any rights or claims, contractual or otherwise,
hereunder.
SECTION 19. The City agrees that the Principal Paying Agent shall not be
required to honor any request made by anyone other than the City to make payment
or to stop payment on any lost, destroyed, mutilated or stolen bearer Bond or
coupon, or to pay any bond or coupon, the ownership of which is disputed. The
City may in such instances instruct the Principal Paying Agent what it should do
under the circumstances and hereby agrees to hold the Principal Paying Agent
harmless from any and all claims whenever the Principal Paying Agent acts in
accordance with such instructions.
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IN WITNESS WHEREOF, the parties hereto have caused these presents to be
duly executed, the day and year first above written.
CITY OF PALM SPRINGS p
by 1'�-€ ffF fI ' C i
Dallas J. Flicek
ATTEST: City Treasurer
tF. D.' ALESHIRE
ity Clerk CITY NATIONAL BANK
By: JUDITH SUMICH (Principal Paying Agent)
Deputy City Clerk
by
is ,resident
APPR VED AST PG)t
M**:1
A'aymond E. Ott
ity Attorney ##Corp
te Ti us Officer
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CITY NATIONAL BANK
Beverly Hills, California
SECI3ET7ARY. 4S CERaI'ga,p. AYE
p hereby certify that 3 am the Secretary of the
City National Bank, a national banking association, Beverly
Hills, California, and that Michael K. ,aones is a vice President
of the Sant; and that Carol Vanes is a. Corporate Trust Officer
of the Bark and that a. specimen signature of the aforesaid
persons is set forth upon Exhibit °'A° attached hereto,
IN tvT.TNE'SS WHEREOF, a have hereunto set my hared and
the corporate sea.? of said Bank this 9th delay of February,
1973.
Se r pry 01-1AMES P. BEd GUERC10
(SPAL)
1! � ` �
SPECIMEN SIGNATURES
nfa CNAr T JONEs
�CAPCS4o JANES
February 02 ,, 1973
EIMI.3IT "A"
CITY NATIONAL BANK
Beverly Hills, California
SECR'r S � I �A?_j1 � P
I hereby certify that 1 am the Secretary of the
City National Bank, a national banking association-:, Beverly
Hills, California, and that the attached is a true copy of
ARTICLE VIII of the Bylaws which are presently in full force
and effect.
IN WITNESS WHEREOF, I have hereunto set my hand and
the corporate seal of said Bank this 9th day of February,
197Z
Seo bta.sey JAMES P e DEL Gt3iERCxo
(SEAL)
ARTICLE V A w l
Executionn of
All agreements, indentures, mortgages, deeds,, conveyances,
transfers, certificates, declarations,, receipts, discharges,
releases, sa-tisfactions, settlements, petitions, schedules,
accounts, affidavits, bonds, undertakings, proxies az:id other
instruments or documents may be signed, eizecuted, acknowledged,
verified, delivered or accepted in behalf of the Association
by the President, or any Vice president, or the Secretary, o.a:
the Cashier, or by any Assistant Vice President acting together
with. an-Y Vase President, or, if in connection wi "t7 -the exercise
of fiduciary powers of the Association, by any of said officers
or by any gust Offi.cer. Any stash. instrtt;tients may also be
exacuted, ackpo-wledged, -verified, delivered, or accepted in
behalf of the Association in such Other manner and by such other
officers as the Board of Directors may from time -to time direct.
?die provisions of this Article are supplementary to any other
provision of 'these Lylaws�
ORDINANCE NO. 943
AN ORDINANCE OF THE CITY OF PALM
SPRINGS, CALIFORNIA, PROVIDING
FOR THE ISSUANCE OF 1973 PARK AND
LIBRARY BONDS OF SAID CITY IN THE,
AMOUNT OF $5, 000, 000
WHEREAS, pursuant i.o Ordinance No. 932 of the City
of Palm Springs, California, a special municipal election
was duly and regularly held in said City on the 7th day of
November, 1972, at which election there was submitted to the
qualified voters of said City the following bond proposition,
to-wit:
Shall the City of Palm Springs incur
bonded indebtedness of $5, 000, 000 for Park-
Recreation-Library purposes involving land
acquisition, park improvements and building
construction at: Polo Grounds (new Pavilion,
Library, Community Building, Swimming Com-
plex; ) Frances Stevens School (Senior Center; )
DeMuth Park (Little 'League Fields; ) and
Desert Highland Park (Community Building) ?
and
WHEREAS, said proposition received the affirmative
vote and assent of more than two-thirds of all of the quali-
fied 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; and
WHEREAS, it is desirable that $5,000,000 of said
authorized bonds be issued and sold;
NOW, THEREFORE, the City Council of the City of Palm
Springs DOES ORDAIN as follows:
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SECTION 10 Authorization of Bonds.
That: bonds of the City of Palm Springs , California,
in the principal sum of $5, 000, 000 be issued and sold for
the purpose set forth in the bond proposition in the re-
citals hereof. Said bonds shall be designated. "City of
Palm Springs 1973 Paris and Libraay Bonds" . Said bonds
shall be payable in consecutive numerical order on March
1, in the amounts for each of the several years as here-
inafter set forth-
Principal .Amount ?ears
Maturing in Each Year (inclusive)
$100, 000 1974-1976
$1 25, 000 1977•-1980
$1 50, 000 1981-190 3
1175, 000 1984-1935
$200®000 1986-1988
$225,000 1989-1990
$250, 000 1991--1992
$275, 000 1993w.199n.
$300,000 1995
$325, 000 1996-•1997
$350, 000 1998
Said bonds shall bear interest at a rate or rates to be
hereafter finned by resolution, but not to exceed seven percent
(7%) per annum, payable on September 1, 1973 and on March fit_
and September 1 in each year semia,nn.v,ally t>ere- ftDx.
The bonds may be issued. as Qaupon ?ponds in the denomin-
ation of $5, 000 or as fully registered bonds without coupons
in the denomination of $5,000 or any multiple thereof, so long
as no fully registered bond shall have_.>nAz d-pa1 maturing On
more than one year. The forms ,erf' said bonds are set Zo1-th in
Exhibit "A" hereof"
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Both the principal of aid interest on the bonds shn ! ]
be payable in lawful money of the United States of
at the principal paying agent of the City in the City of
Los Angeles, State of California (herein Vrincipal paying
agent") . In the case of coupon bonds, both such prinnipRl
and interest shall also be payable, at the option of He
holder, at any paying agent of the City, in the Borough oC
Manhattan, City of New York, New York, or in the City oF
Chicago, Illinois .
The coupon bonds shall be date& as of March 1, 1973,
shall be numbered 1 to 1000, inclusive, in consecutive no
merical order, and shall bear interest from March 1 , 1973 .
Payment of interest on the coupon bonds due on or before
maturity of such bonds shall be made only upon presentation
and surrender of the coupons representing such interest as
the same respectively fall due.
The fully registered bonds shall be daW as of March
1, 1973, and shall bear interest from the interest payment
date next preceding the date of authentication thereof up .
less such date of authentication is an interest payment date,
in which event they shall bear interest from such date of
authentication, or unless such date of authentication is
prior to the first interest payment date, in which event the''�
shall bear interest from March 1, 1973, provided, however ,
that if, at the time of authentication of any fully registered
bond, interest is in default on outstanding bonds, such fully
registered bond shallibear interest from the interest pay,
ment date to which interest has previously been paid on made
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available for payment on the outstanding bonds . payinerit o?:
the interest on any fully registered bond shall be made to
the person appearing on the bond registration books of L.he
principal paying agent as the registered owner thereoff
such interest to be paid by check or draft mailed to the
registered owner at his address as it appears on such a :--
gistration books or at such address as he may have filed
with the principal paying agent for that purpose.
SECTION 2. Execution of Bonds.
The bonds shall be executed on behalf of the City with
the facsimile signatures of the Mayor and the City Treasurer
of the City, under its seal attested by the manual signature
of the City Clerk of the City . Such seal may be in the £oxsn
of a facsimile of the City °s seal and may be imprinted or
impressed upon the bonds. The bonds shall then be delivered
to the principal paying agent for authentica- ion by it-_ U1
case any of the officers who shall have signed or attested
any of the bonds shall cease to be such officer or officers
of the City before the bonds so signed or attested shall
have been authenticated or delivered by the principal paying
agent or issued by the City, such bonds may nevertheless be
authenticated, delivered and issued and, upon such authen
tication, delivery and issue, shall be as binding upon the
City as though those who signed and attested the same :had
continued to be such officers of the City, and also any
bond may be signed and attested on behalf of the City by
such persons as at, the actual date of the execution of such
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bond shall be the proper officers of the City although at
the nominal date of such bond any such person shall not have
been such officez of the City.
Only such of the bonds as shall bear thereon a certi-
ficate of authentication in the form hereinbefore recited,
executed by the principal paying agent, shall be valid or
obligatory for any purpose or entitled to the benefits of
this Ordinance, and such certificate of the principal pay-
ing agent shall be conclusive evidence that the bonds so
authenticated have been duly authenticated and delivered
hereunder and are entitled to the benefits of this Ordinance.
The coupons to be annexed to the bonds shall bear the
facsimile signature of the present Treasurer of the City
or the facsimile signature of any future 'Treasurer there-
of, and the City may use for that purpose the facsimile
signature of any person who shall have been such Treasurer,
notwithstanding the fact that he may have ceased to be
such at the time when any of the 'bonds shall be authenti-
cated, delivered or issued.
The principal paying agent shall, prior to the authen-
tication and delivery by it of each coupon bond, detach
and cancel all coupons thereto appertaining then matured
and shall deliver the sane to or upon the order of the
City.
SECTION 3 . Transfer of Coupon Bonds and Coupons
All coupon bonds and coupons shall be negotiable and
transferable by delivery. The Eity and any paying agent
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may treat the bearer of any coupon bond, whether or not
such bond shall be overdue, and the bearer of any coupon,
whether or not such coupon shall be overdue, as the ab-
solute owner of such bond or coupon for the purpose of
receiving payment thereof and for all other purposes
whatsoever, and the City and any paying agent shall not
be affected by any notice to the contrary.
SECTION 4. Transfer of Fully Registered Bonds.
Any fully registered bond without coupons may, in
accordance with its terms, be transferred, upon the books
required to be kept pursuant to the provisions of Section
6, by the person in whose name it is registered, in per-
son or by his duly authorized attorney, upon surrender of
such fully registered bond for cancellation, accompanied
by delivery of a written instrument of transfer in a form
approved by the principal paying agent, duly executed.
Whenever any bond shall be issued under this Ordinance
as a fully registered bond without coupons, there shall be
reserved by the principal paying agent unissued an aggre-
gate principal amount of coupon bonds, of the same series
and maturity and of the denomination of $5,000, equal to
the principal amount of such registered bond, and in such
case the serial number or numbers ' of the coupon bond or'
bonds so reserved, together with an appropriate statement
as to such reservation, shall be endorsed on such regis-
tered bond.
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Whenever any fully registered bond or bonds without
coupons shall be surrendered for transfer, the City shall
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execute and the principal paying agent shall authenticate
and deliver a new fully registered bond or bonds of the
same series and maturity, for like aggregate principal
amount, which shall have endorsed thereon the same cou-
- pon bond serial number or :numbers so reserved,
No transfers of fully registered bonds shall be re-
quired to be made during the fifteen (15) days next pre...
ceding each interest payment date
SECTION 5 . Exchange of bonds .
Fully registered bonds without coupons may be ex-
changed at the office of the principal paying agent for
a like aggregate principal amount of co upon bonds (or
for a like aggregate principal amount of fully regis-
tered bonds of other authorized denominations) of the
same series and maturity, and coupon bonds may be ex-
changed at said office of the principal paying agent For
a like aggregate principal amount of fully :registered
bonds of authorized denominations of the sage series
and maturity. All coupon bonds surrendered for exchange
and delivered in exchange ,shall_ have attached thereto
all unmatured coupons appertaining thereto ;togethsr
with any matured, coupons in default appertaining ng there-
to) . The principal paring agent shall preserve coupon
bonds surrendered to it for exchange , and may subsem
quently reissue said coupon bonds in exchange for a like
aggregate principal amount of :Cully registered bonds , as
hereinabove provided, after detaching all matured inter-
est coupons appertaining thereto. he City may charge
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a stun not exceeding the maxlimum amount permitted by law
for each new bond issued aapori any excKaan.ge except: as
hereinafter provided. No charge shall be -made to any
holder of bonds initially de livered. in coupon form for
exchanging sucta bonds in coupon form for bonds in fully
registered form, and Do vharge shall be made., to any
registered owner of bonds initially delivered in. £-ally
registered form for exchanging such bonds in :fully regis
tered form for bonds in cosapon. farm. The foregoing
sentence shall not apply e:o later exchanges when the
bonds presented for exchange are not thdse initially
delivered, but have been delivered in a previous exchange
or transfer. Fox any exchange ';.-he principal paying
agent shall also require the payment by the bondholder
requesting such exchange of any tax or other govern-
mental charge required to be paid. veith respect to such
exchange.
SECTION 6 . Bond Registerfl
The principal payinct agentwill keep or cause to be
kept, at the office of the principal paying agent, suffi-
cient books for the registrratioaA and transt-sr of the bonds ,
which shall at all t1imes be open to inspect§.on by the CIJ..ya
and, upon presentation .fair such pu.a:pose, u;he principal pay-
ing agent shall , under saach reasonable regt ,,.a:t.ions as it
may prescribe, register oz: tran.sfeA c or: cause to be :reg_i.sm
tered or trans ferjred, on said bco7�sa bonds is hereinbefor-e
provided.
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SECTION 7 . Authentication and Delivery of Bonds .
The principal paying agent, upon the execution and
delivery to it by the City of the initial issue of the
bonds, as hereinabove provided, and without any further
action on the part of the City, shall authenticate bonds
in an aggregate principal amount of five million dollars
($5, 000, 000) , and shall deliver them to or upon the
written order of the City Said order shall be signed
by the City Treasurer. Thereafter, the principal pay-
ing agent shall authenticate and deliver bonds in ex-
change for outstanding bonds in the manner and in ac-
cordance with the provisions herein prescribed.
SECTION 80 Improvement Fund.
The proceeds of the sale of said bonds (except pre-
mium, 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 Created by Resolution
No. 10567 of the City and designated CITY OF PALM
SPRINGS 1973 PARK AND LIBRARY BONDS IMPROVEMENT FUND
and the money's in said fund shall be applied exclusively
to the acquisition and construction of the municipal im-
provements described in the bond proposition in the re-
citals hereof except as provided. in. Section 43628 of the
Government Code. Said moneys may also be used to .reim-
burse the General Fund of the City for expenditures made
by City for the acquisition and construction of said
municipal improvements made following the authorization
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of the bands, but prior to receipt of said bond proceeds.
SECTION 9. Interest and Redemption Fund.
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 redemp-
tion fund hereinafter created. That for the purpose of
paying the principal and interest on 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 suf-
ficient 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 muni-
cipal 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 PALM SPRINGS
1973 PARK AND LIBRARY BONDS, INTEREST AND REDEMPTION FUND.
Said fund shall be used for no other purpose than the pay-
ment of said bonds and interest thereon until said bonds
and interest are fully paid.
SECTION 10. Redemption of Bonds.
The bonds maturing on or prior to March 1, 1983,
@hall not )De subject to call or redemption prior. to
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maturity. The bonds maturing on or after March 1, 1984,
or any of them, may be called before maturity and redeemed
at the option of the City on Parch 1, 1983, or on any
interest payment date thereafter, prior to maturity, at
a redemption price .for each redeemable bond equal to the
principal amount thereof, plus a redemption premium of
one-fourth of one percent (1/4 of 1%) for each year or
fraction of a year from the redemption date to the maturity
thereof.
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 11. Notice of Redemption.
Notice of redemption (except as provided below) shall
be given by publication at least once prior to the redemp-
tion date in a financial. newspaper or journal circulated
in Los Angeles, California, such publication to be not
less than thirty (30) nor more than sixty (60) days before
such redemption date. Each notice of redemption shall state
the redemption date, the place of redemption and the re-
demption price, shall designate the serial numbers of -the
bonds to be redeemed by giving the individual numbers of
each bond or by stating that all bonds between two stated
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numbers , both inclusive, have been called for redemption,
and shall require that such bonds be then surrendered with,
in the case of coupon bonds , all interest coupons maturing
on or subsequent to the said redemption date for redemp-
tion at the said redemption price , and shall also state
that the interest on the bonds in such notice designated
for redemption shall cease to accrue from and after such
redemption date and that on said date there will become
due and payable on each of said bonds the principal. amount
thereof to be redeemed, interest accrued thereon to the
redemption date and the premium thereon (such premium
to be specified) . If any of the coupon bond serial num-
bers so chosen shall be the serial numbers of coupon bonds
then reserved against outstanding registered bonds , such
notice shall specify the respective serial numbers of
such reserved coupon bonds , and if the serial numbers of
all the coupon bonds reserved against any particular regis-
tered bond shall not have been chosen so that less than the
whole of the principal of such registered bond shall be
redeemable, the said notice shall also state that such
registered bond is to be redeemed in part and, that upon
the presentation of such registered bond for redemption
there will be issued in lieu of the unredeemed portion of
the principal thereof a new registered bond or bonds of
the same character, series , interest: rate and maturity of
an aggregate principal amount equal to such unredeemed
portion.
12 -
�x
• 10
A similar notice shall also be snared to the original
purchaser of the bonds, or, if the original purchaser is a
, syndicate, to the managing member of such syndicate, and
to the respective registered owners of any bonds designa-
ted for redemption at their addresses appearing on the
bond registration books at least thirty (30) days but
not more than sixty (60) days prior -to the redemption
date, which notice shall, in addition to setting forth
the above information, set forth, in the case of- each
registered bond called only in part, the portion of the
principal thereof which is to be redeemed; provided that
neither failure to mail such notice nor 'any defect in
any notice so mailed shall affect the sufficiency of the
proceedings for the redemption of such bonds .
In case of the redemption of all of the bonds then
outstanding, or of all of the bonds of any maturity,
notice of redemption shall be given by publication and
mailing in the same manner as for partial redemption of
bonds, except that the notice of redemption need not specify
the serial numbers of the bonds to be redeemed.° If at the
time of giving notice of redemption no bonds subject to
redemption are outstanding except registered bonds , publi-
cation of such notice shall be deemed to have been waived
if such notice shall have been mailed to each registered
owner of such bonds at his address as it appears on the
registration books or at such address as he may have filed
with the principal^paying agent for -that purpose.
4-C
13
• � �I
Notice of redemption of bonds shall be given by the
City or, at the request of the City, by the principal pay-
ing agent for and, on behalf of the City .
SECTION 12 . Effect of Redemption.
Notice of redemption havi.aig been duly given as afore-
said, and moneys for payment of the redemption price being
held by the principal pa.yin.g agent, the bonds so called
for redemption shall, on the redemption date designated in
such notice, become due and payable at the redemption price
specified in such notice, interest on the bonds so called
for redemption shall cease to accrue, the coupons for in-
terest thereon maturing subsequent to the redemption date
shall be void, and the holders of said bonds shall have
no rights in respect thereof except to receive payment of
the redemption price thereof,
All unpaid interest installments represented by cou-
pons which shall have matured on or prior to the date of
redemption designated in such notice shall continue to be
payable to the bearers severally and respectively upon the
presentation and surrender of such coupons ,
All bonds redeemed pursuant to the provisions of this
Section and the appurtenant coupons , if any, shall be can-
celled upon surrender thereof and 'delivered to the City.
SECTION 13. Rescission of Nota.ce of Redemption.
The City mav, at its option!, prior to the date fined
for redemption in any notice of redemption rescind and can-
cel such notice of� redemption.
1� A
0
S1iICTII0J4 J/j
Ord. 003
The CKy herby cooper LN K the yurchaser of W bonds that Ch,,
City Will MaQ, Uy 0=0 to hO Made, M USC Of 010 pTocend; of the hoods,,
Which, if such Use bud Woo reabOnably capectod ok Lhc date of 15 ue of
such ubligatious, won3o have caosed thu bonds w he nrbiange bundri
wjWjQ r4c men"ing of the QuernS Revenue Cosh. The CLLy hoichy
fumbw obligates itself M CoWyly With the roq&rwaaw of Section
103 (d) of said Internal Rownuo Coder
SECTION IS. Publication,
That the City Clerk shall cernify to the passage and adoption of
this Ordinance by a vote of n WEZ too-PhArK of all Q the members
of !he City Council K said City, and sUall cause this Ordinance to be
published at least once in We DESURT SUN, a newspaper of general
circulation publisbcd and c0culaved in rhe City, said publication
shall be made 0hiu Cikwen (15) days aft3r such passage and adoption.
No other notice of sued passage and adopriun need be given,,
SECTION 16. Effective Data.
This Ordinance shall Vake efEecr thirty (30) days after its adoption.
ADOPTED this day of Ja cla 1973.
A'Y.—j,Sz Councilmen Foster, Garcia, Purcell, Schiecht and Mayor Wiefels
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, G&LIFORNII/11
F.D. ALUSHIRE
City Clerk
By_ ___
Deputy City Clerk Mayor
APPROVED AS TO FORM: CONTENTS APPROVED:
City Attorney Director of Community Services
Date 1-24-73 Date— 1-24-73
15
i/
) s
COAT YP'` 01" B '.VET
1
1, ,IUDI'. U SUMICU. [)t: ;ty City Clank of Re Wry of Palm Springs,,
Colihorni&, - tip W eby c, � W q War hp faye;ning G dinvnce was introduced
at a regn.lat_ meetiog of QV C.i-Ly Coy+. W held 00 the 10th day of January,
1973, and theleaCter at an ed,jo"rned regular meeting of said City Council,
duly hald on the 31st; day January, L973, was duly passed and adopted
by said City Coancil and signed and approved by the Mayor of said City.
JUDITIT SUMTCH
(SEAL) Deputy City Clerk
1
EXHIBIT "A''
(COUPON BOND)
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF PALM SPRINGS
1973 PARK AND LIBRARY BONDS
No. $5 ,000
The CITY OF PALM SPRINGS , a municipal corporation
situated in the County of Riverside , State of California,
FOR VALUE RECEIVED, hereby ack.nowleges its indebtedness and
Promises to pay to the bearer hereof the sum of FIVE 'THOUSAND
DOLLARS ($5 ,000) on the day of 19
with interest thereon at the�rate of — �`,
percent ( e•) per a.nnum, interest payable semiannu-
ally on the 1st days of September and march of each and every
year from the date hereof until this bond is paid, on presen-
tation and surrender of the respective interest coupons here-
to attached. Both principal and interest are payable in law-
ful money of the United States of America at the office of
in the
City of Los .Angeles , Cal:ifor.niap (herein "principal paying
agent") or, at the option of the holder hereof at any paying
agent of the City in the Borough of Manhattan, City of New
York, New York, or in the City of Chicago, Illinois .
This bond is issued by the City of Palm Springs under
and in pursuance of and in conformity with the provisoes of
Article I , Chapter 4 , Division. 4 , 'Title 4 of the Government
Code of the State of California, and acts supplementary (here-
to, and in pursuance of the laws and Constitution of the State
of California, and is authorized by a vote of more than two-
thirds of all the qualified voters of said City of Palm Springs
voting at an election duly and legally called, held and con-
ducted in said City on the 7th day of November 1972 .
Unless this bond matures on or prior to March 1, 1903,
it is redeemable prior to maturity in accordance with the pro-
visions for redemption endorsed hereon.
The bonds are issuable as coupon bonds in the denomination
of $5,000 and as fully registered bonds without coupons in de--
nominations of $5,000 and any authorized multiple thereof.
Subject to the limitations and conditions and upon payment of
the charges , if any, as provided in. Ordinance No .
(adopted by the City Council of the City on
1973) fully registered bonds may be exchanged for a like ag-
gregate principal amount of coupon bonds of the same series
and maturity or for a like aggregate Principal amount of fully
registered bonds of the same series and maturity of other
authorized denominations, and coupon boards may be exchanged
for a like aggregate principal amount of fully registered bonds
of the same series and maturity of authorized denominations .
I m 4_c
This bond and the coupons appertaining hereto are negotiable
and transferable by delivery, and the City and any paying agent
may treat the bearer hereof , or the bearer of any coupon ap-
pertaining hereto, as the absolute owner hereof or of such coupon
as the case may be , for all purposes , whether or not this bond or
such coupon shall be overdue , and the City and any paying agent
shall not be affected by any notice to the contrary.
Neither this bond nor any coupons appertaining hereto
shall be entitled to any benefit under the Ordinance , or
become valid or obligatory for any purpose, until the certi-
ficate of authentication hereon endorsed shall have been
signed by the principal paying agent.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all
acts , conditions and things requried 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, together will 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 Palm Springs 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 facsimile corpo-
rate seal of said City, and the interest coupons hereto at-
tached to be 'signed by the City Treasurer by his facsimile
signature, and has caused this bond to be dated the lst day of
March , 1973 .
Mayor, City of Palm Springs
Treasurer, City of Palm Springs
COUNTERSIGNED:
City Clerk, City of Palm Springs
(SEAL)
I
�W
- 2 -
(COUPON FORM)
On the day of 19
the City of Palm Springs , Ca-
lifornia, unless the bond here-
in mentioned shall have been
called for previous redemption
and payment of the redemption
price duly provided for, will
pay to bearer_ at the principal
paying agent of the City, in
the City of Los Angeles , Cali-
fornia, or, at the option of
the holder, at the paying a-
gents of the City in the Borough
of Manhattan, City of New York,
New York , or in the City of
Chicago, Illinois , the sum of $
in lawful money of the United
States of America, being in-
terest then due on its 1973
Park and Library Bonds , Bond No.
Dated: March 1, 1973 .
City Treasurer, City of Palm
Springs , California
(REVERSE OF COUPON BOND)
PROVISIONS FOR REDEMPTION
Unless this bond matures on or prior to March 1,
1983, it is redeemable in the manner and subject to
the terms and provisions and with the effect set forth
in the within mentioned Ordinance at the option of said
City Council on March 1, 1983 , or on any interest pay-
ment date thereafter prior to maturity, upon at least
thirty (30) days ' prior notice in a financial news-
paper or journal circulated in the City of Los Angeles ,
California, at a redemption price equal to the princi-
pal amount hereof, plus a redemption premium of one-
fourth of one percent (1/4 of 1%) for each year or
fraction of a year from the redemption date to the ma-
turity date of this bond.
(FORM OF PRINCIPAL PAYING .AGENTS
CERTIFICATE OF
AUTHENTICATION TO ,APPEAR ON COUPON BONDS)
h
This is one of the bonds described in the within-
mentioned Ordinance .
a
Principal Paying Agent 4-c
By
Authorized Officer
lip
(FULLY REGISTERED BOND)
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF PALM SPRINGS
1973 PARK AND LIBRARY BONDS
No. R $
The CITY OF PALM SPRINGS, a municipal corporation,
situated in the County of Riverside, State of California,
FOR VALUE RECEIVED, hereby promises to pay to
or registered
assigns , on March 1, 19_, the principal sum of',
Thousand Dollars ($ ) in lawful money of the United
States of America; and to pay interest thereon in like
money from the interest payment date next preceding the date
of authentication of this bond (unless this bond is authen-
ticated on an interest payment date , in which event it shall
bear interest from such date of authentication, or unless this
bond is authenticated prior to September 1, 1973, in which
event it shall be interest from March 1, 1973) until payment
of such principal sum, at the rate of per-
cent ( o) per annum, payable on ,september 1, 1973
and semiannually thereafter on March 1 and September 1 in
each year. Both the principal hereof and interest hereon are
payable at the office of
in the City of Los Angeles , state of California (herein "prin-
cipal paying agent") .
This bond is issued by the City of Palm Springs under
and in pursuance of and in conformity with the provisions of
Article I , 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 California, and is authorized by a vote of more than
two-thirds of all the qualified voters of said City of Palm
Springs voting at an election duly and legally called, held
and conducted in said City on the 7th day of November, 1972 .
Unless this bond matures on or prior to March 1, 1983 ,
it is redeemable prior to maturity in accordance with the pro-
visions for redemption endorsed hereon.
The bonds are issuable as coupon bonds in the denomination
of $5 ,000 and as fully registered bonds without coupons in de-
nominations of $5,000 and any authorized multiple thereof . Sub-
ject to the limitations and conditions and upon payment of the
charges , if any, as provided in Ordinance No. adopted by
the City Council of the City on , 1973 , fully
registered bonds may be exchanged for a like aggregate princi-
pal amount of coupon bonds of the same series and maturity or
for a like aggregate principal amount of fully registered bonds
of the same series and maturity of other authorized denomina-
tions , and coupon bonds may be exchanged for a like aggregate
principal amount of fully., registered bonds of the same series
and maturity of authorized denominations .
- 1 -
This bond is transferable by the registered owner hereof,
in person or by his attorney duly authorized in writing, at the
office of the principal paying agent but only in the manner,
subject to the limitation's and upon payment of the charges
provided in the Ordinance, and upon surrender and cancellation
of this bond. Upon such transfer a new fully registered bond
or bonds without coupons , of the same series and of authorized
denomination or denominations, for the same aggregate principal
amount will be issued to the transferree in exchange herefor.
The City and the principal paying agent may treat the
registered owner hereof as the absolute owner hereof for all
purposes, and the City and the principal paying agent shall not
be affected by any notice to the contrary.
This bond shall not be entitled to any benefit under the
Ordinance or become valid or obligatory for any purpose, until
the certificate of authentication hereon endorsed shall have
been signed by the principal paying agent.
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 man-
ner as required by law, and that the amount of this bond, to-
gether with all other indebtedness of said City, does not ex-
ceed any debt limit prescribed by the laws or Constitution of
the State of California.
IN WITNESS WHEREOF, said City of Palm Springs 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 facsimile corpo-
rate seal of said City, and the interest coupons hereto at-
tached to be signed by the City Treasurer by his facsimile
signature, and has caused this bond to be dated the 1st day
of March, 1973.
Mayor, City of Palm Springs
Treasurer, City of Palm Springs
COUNTERSIGNED:
City Clerk, City of Palm Springs
(SEAL)
2 4-c
(REVERSE OF FULLY REGISTERED BOND)
PROVISIONS FOR REDE14PTION
Unless this bond matures on or prior to March 1, 1983 ,
it is redeemable in the manner and subject to the terms and
provisions and with the effect set forth in the within
mentioned Ordinance at the option of said City Council on
March 1, 1983 , or on any interest payment date thereafter
prior to maturity , upon at least thirty (30) days ' prior
notice in a financial newspaper or journal circulated in the
City of Los Angeles , California, at a redemption price equal
to the principal amount hereof, plus a redemption premium of
one-fourth of one percent (1/4 of 10) for each year or
fraction of a year from the redemption date to the maturity
date of this bond.
,y
(FORM OF PRINCIPAL PAYING AGIENT 'S
CERTIFICATE OF AUTII'ENTICATION AND REGISTRATION
TO APPEAR ON REGISTERED BONDS)
This is one of the bonds described in the within-mentioned
Ordinance and authenticated and registered
PRINCIPAL PAYING AGENT
,
By
Authorized Officer
(FORM OF CORRESPONDING COUPON BOND ENDORSEMENT)
Notice : No writing below except by the Principal
Paying Agent
This registered bond is issued in lieu of or in
exchange for coupon bond(s) of this issue , series ,
interest rate and maturity , numbered
in the denomination of $5,000 each not contempora-
neously outstanding aggregating the face value here-
of; and coupon bond(s) of this issue and series and
of the same interest rate and maturity aggregating
the face value hereof (and bearing t-he above serial
number(s) which has (have) been reserved for such
coupon bond(s) ) will be issued in exchange for this
registered bond and upon surrender and cancellation
thereof and upon payment of charges , all as pro-
vided in the with in-pmentioned Ordinance .
(FORM OF ASSIGNMENT)
For value received the undersigned do (es) hereby sell,
assign and transfer unto
the within-mentioned registers-d To'arid and hEceby irrevocably
constitute and appoint attorney,
to transfer the same on" the books of-th'e—Pr pal Paying
Agent with full power of substitution in ;the premises .
Dated:
NOTE: The signatures) to this Assigppgpt: must correspond with
the name (s) as written on the face of the within regis-
tered bond in ,every partieulay, without alteration or
enlargement pr any change whatNoever,
4- c
! i
RESOLUTION NO. 10655
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, APPROVING AGREEMENT BETWEEN THE CITY
OF PALM SPRINGS AND CITY NATIONAL BANK, LOS ANGELES,
TO ACT AS PRINCIPAL PAYING AGENT FOR THE 1973 PARKS
AND LIBRARY GENERAL OBLIGATION BOND ISSUE.
WHEREAS, the sale of 1973 Parks and Library General Obligation Bonds
was awarded to City National Bank by the City Council on February 28,
1973; and
WHEREAS, the City of Palm Springs Ordinance 943 providing for the
issuance of 1973 Parks and Library Bonds further provided that the
same are payable or collectible as to principal and interest in the
City of Los Angeles, California, and in the case of coupon bonds ,
both such principal and interest shall also be payable, at the option
of the holder, at any co-paying agent of the City in the City of
New York or in the City of Chicago; and
WHEREAS, the City Treasurer has recommended acceptance of City National
Bank, Los Angeles, to act as said Principal Paying Agent and to provide
certain accounting and reporting services, as contracted in Agreement
No. 921 ,
NOW THEREFORE BE IT RESOLVED, that the City Council of the City of
Palm Springs does hereby approve Agreement No. by 921 , subject to the
terms and conditions set forth therein, and here authorizes the City
Treasurer to execute said agreement on behalf of the City of Palm
Springs.
ADOPTED this 27th day of March 1973.
,
AYES: councilmen Beirich, Foster, Garcia, Schlecht and Mayor Wieiels
NOES:, None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
F. D. ALESHIRE
City Clerk
By /s/ J. Sumich /s/ F.D. Aleshire
Deputy City Clerk City Manager
APPROVED AS TO FORM: CONTENTS APPROVED:
X441
y Attorney — City Treasurer
Date - 1/- 7? Date 3 73
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