RES 88015 - Laserfiche WebLink

If any Bond is mutilated, lost, stolen or destroyed, the City may execute and the Paying Agent may authenticate and deliver a new Bond or Bonds in replacement thereof in the same aggregate principal amount and of the same case of a lost, stolen or destroyed Bond, the City and the Paying Agent may require satisfactory evidence of the loss, theft or destruction of the bond and ~ndemnification prior to authenticating and delivering a new Bond. The City and the Paying Agent may charge the owners of mutilated, lost or destroyed Bonds for their reasonable fees and expenses in connection with replacing such Bonds. Redemption of Bonds A pro erty owner ma, at any time, pay the balance due on his assessment in full by depositing wi~t~ the Finance girector the total of the unpaid assessment, plus the interest on the unpaid assessment, plus a premium of three percent (3%) on the unpaid assessment, plus the unpaid principal and interest posted on the current tax roll and any delinquent amounts and any costs of calling Bonds, less the proportionate amount credited from the Reserve Fund (the "Prepaid Assessments"). Using these Prepaid Assessments the Finance Director is required to advance the maturity of and redeem Bonds in accordance with the provisions of the 1915 Act. Development or sale of parcels within the Assessment District may result in Prepaid Assessments. The Bonds may be called by the Finance Director and redeemed in advance of maturity, on any Interest Payment Date, by giving notice at least 60 days prior to the date fixed for such advance maturity as provided by the 1915 Act and by paying to the registered owners the pfinci al amount of the Bonds so redeemed, together w~th a premium equal to three percent (3% ~ of such principal amount, plus interest to the date of advanced maturity or redemption, or, if any Bond is sooner surrendered, then interest to the date of payment of that Bond. Fully re istered Bonds issued in denominations greater than 2t;5 000 will be subject to redemption an~ payment in advance of matufi in increments of $5'000. If less than the entire Bond is redeemed, a Bond representing ~e unredeemed porti~'~ shall be reissued to the registered owner thereof. Determination of which Bond or Bonds are to be redeemed will be made by the Finance Director in accordance with the 1915 Act as it now exists or as it may be amended from time to time. As of January 1, 1988 the Finance Director will be required to select Bonds for retirement in such a way that the ratio of outstanding Bonds to issued Bonds shall be a proximately the same in each maturity insofar as possible. Within each maturity Bonds shafiP!~e selected for retirement by lot. Refunding Bonds Pursuant to the Refunding Act of 1984 for 1915 Act Bonds, Division 11.5 of the Streets and Highways Code of the State of California, the City may issue refunding bonds for the purpose of redeeming the Bonds. Upon issuing refunding bonds the City could require that the Bonds be exchanged for refunding bonds on any basis which the City determines is for the benefit of the City. As an alternative to exchanging the refunding bonds for the Bonds, the City could sell the refunding bonds and utilize the roceeds to pay the principal of and interest and redemption remium if any on the BonoPs as they become due or advance the maturity of the Bonds an~pay the ~rinci;~tl of and interest and redemption p~'emium thereon. Purpose of the Bonds The Bonds are issued for the purpose of providing funds for the acquisition of a new street called Koll Center Parkway, and a new street called Koll Center Drive; the improvement of the south side of the Arroyo del Valle from Valley Avenue to Interstate Highway 680; the improvement of an area along the east side of the Interstate Highway 680; the installation of a system of gas, electricity, and telephone service utility improvements