HomeMy WebLinkAboutCC Res 4299 1994-05-09
-
RESOLUTION NO. ~
RESOLurION OF THE ClTY COUNCIL OF THE CITY OF SEAL BEACH
PROVIDING FOR THE BORROWING OF FUNDS FOR FISCAL nAR.
1!JM-1995 AND THE ISSUANCE AND SALE OF 1994 TAX AND
REVENUE ANTIOPATlON NOTES 'l'HEREPOR
--------------------------
I
WHEREAS, pursuant to Sections 53850 et stq. of the Government Code of the State
of California (the "State"), this City Council (the "Council") has found. and determined that
moneys are needed for the requirements of the City of Seal Beach (the "City"), a municipal
corporation duly organized and existing under the laws of the State, to satisfy obligations
payable from the General Fund of the City, and that it Ja necessary that said sum be
borrowed for such purpose at this time by the issuance of temporary notes therefor in
anticipation of the receipt of taxes, revenue and other moneys to be received by the City for
the General Fund of the City during or allocable to the fiscal year of the City beginning July
1,1994 and ending J1me 30, 1995 ("Fiscal Year 1994-1995");
NOW, THEREFORE, the City Coundl of the City of Seal Beach hereby finds,
determines, declares and resolves as follows:
Section 1. Rerfn1. Tftle and COI'I't'!tt All of the recitals herein set forth are true and
correct, and the CouncllIO finds and detennines.
Section 2. 1,Imlntfnn on Mmmum AmounL The principal amount of notes Issued
pursuant hereto, when added to the interest payable thereon, shall not exceed eighty.five
percent (85") of the estimated amount of the uncollected taxes, revenue and other moneys
of the City for the General Fund of the City attributable to Fiscal Year 1994-1995, and 'I
available for the payment of said notes and the interest thereon (as hereinafter provided).
Section 3. IsllUanl'e and T_R of NoteR. Solely for the purpose of anticipating taxes,
revenue and other moneys to be received by the City for the General Fund of the City
during or allocable to Fiscal Year 1994-1995, and not pursuant to any common plan of
financing, the City hereby determines to and shall borrow the prfndpal amount of not to
exceed Two Mi1lion Five Hundred Thousand Dollars ($2,500,000) by the Jasuance of
temporary notes under Sections 53850 et seq. of the Government Code of the State,
designated "City of Seal Beach (Orange County, California) 1994 Tax and Revenue
Anticipation Notes" (the "Notes"). The Notes shall be dated the date of issue, shall mature
(without option of prior redemption) not more than one year from their date of issue, and
shall bear interest from their date, payable at maturity and computed on a 3O-day
month/36(kfay year basis. Both the principal of and interest on the Notes shall be payable in
lawful money of the United States of America, as desaibed below.
Section C. Form of NoteR! Book Ilntv Only ~tem. The Notes shall be Jasued in
funy registered form, without coupons, and shall be substantially In the form and substance
set forth In Exhibit A attached hereto and by reference incorporated herein, the blanks in
said form to be filled In with appropriate words and figures. The Notes shall be numbered
from 1 co1lSecUtively upward, shall be In the denomination of $1,000 each or any Integral
multiple thereof.
"CUSIP" identification numbers shall be imprinted on the Notes, but such numbers I
shall not constitute a part of the contract evidenced by the Notes and any error or omission
with respect thereto shall not constitute cause for refusaI of any purchaser to acx:ept delivery
of and pay for the Notes. In addition, failure on the part of the City to use such CUSIP
numbers in any notice to registered owners of the Notes shall not constitute an event of
default or any violation of the City's contract with such registered owners and shall not
impair the effectiveness of any such notice.
Except as provided below, the owner of all of the Notes shall be The Depository Tnut
Company, New York, New York ("DTC"), and the Notes shall be registered in the name of
Cede &z: Co., as nominee for DTC. The Notes shall be initially executed and delivered in the
form of a single fully registered Note In the full aggregate principal amount of the Notes.
I
I
I
;' )
.,"t-.
Resolution Number ~~~
The City may treat DTC (or its nominee) as the sole and exclusive owner of the Notes
registered in its name for all purposes of this Resolution, and the City shall not be affected
by any notice to the contrary. The City shall not have any responsib1l1ty or obligation to any
participant of DTC (a "Particlpant"), any person cla1m1ng a beneficial ownership interest in
the Notes under or through DTC or a Participant, or any other person which is not shown
on the register of the City as being an owner, with respect to the accuracy of any records
maintained by DTC or any Participant or the payment by DTC or any Participant by DTC or
any Participant of any amount in respect of the principal or interest with respect to the
Notes. The City shall pay all pr1nctpal and interest with respect to the Notes only to DTC,
and all such payments shall be valid and eHect1ve to fully satisfy and discharge the City's
obligations with respect to the principal and interest with respect to the Notes to the extent
of the sum or sums so paid. Except under the conditions noted below, no person other than
DTC shall receive a Note. Upon delivery by DTC to the City of written notice to the effect
that DTC has determined to substitute a new nominee in place of Cede &: Co., the term
"Cede &: Co." in this Resolution shall refer to such new nominee of DTC.
If the City determines that it is in the best interest of the benef1daI owners that they
be able to obtain Notes and delivers a written cert1ftc:ate to DTC to that eHect, DTC shall
notify the Particlpants of the avallabllity through DTC of Notes. In such event, the City
shall issue, transfer and exchange Notes as requested by DTC and any other owners in
appropriate amounts. DTC may determine to discontinue providing its services with
respect to the Notes at any time by giving notice to the City and discharging its
responsib1lIt1es with respect thereto under applicable law. Under such circumstances (if
there is no successor securities depository), the City sha1I be obligated to deliver Notes as
described in this Resolution. Whenever DTC requests the City to do so, the City w1ll
cooperate with DTC in taking appropriate ac:t1on after reasonable notice to (a) make
available one or more separate Notes evidencing the Notes to any DTC Participant having
Notes credited to its DTC account or (b) arrange for another securities depository to
maintain custody of Certificates evidencing the Notes.
Notwithstanding any other provision of this Resolution to the cOntrary, so long as
any Note is registered in the name of Cede &: Co., as nominee of DTC, all payments with
respect to the prindpal and interest with respect to such Note and all notices with respect to
such Note shall be made and given, respectively, to DTC as provided as in the
representation letter delivered on the date of 1ssuanc:e of the Notes.
Sec:t1on 5. UIIl!! of Prorl!..dll. The moneys so borrowed shall be deposited in the
General Fund of the City and used and expended by the City for any purpose for which it is
authorized to expend funds from the General Fund of the City.
Sec:t1on 6. Sl!rurlty. The principal amount of the Notes, together with the interest
thereon, sha11 be payable from taxes, revenue and other moneys which are received by the
City for the General Fund of the City for F1sca1 Year 1994-1995. As security for the payment
of the prindpal of and interest on the Notes the City hereby covenants to provide for the
Repayment Fund described below (a) an amount equal to twenty-flve pen:ent (25,,) of the
aggregate prindpal amount of the Notes, from "unrestrlc:ted moneys", as hereinafter
defined, to be received in December, 1994, (b) an amount equal to twenty-flve pen:ent (25")
of the aggregate pr1nctpal amount of the Notes, from unrestr1c:ted moneys to be received in
February, 1995, (c) an amount equal to fifty percent (SO") of the aggregate prindpal amount
of the Notes, from unrestricted moneys to be received in April, 1995, and (d) an amount
equal to all interest due on the Notes at maturity, from unrestricted moneys to be received
in May, 1995 (all such pledged amounts desc:r1bed in clauses (a) through (d) above being
hereinafter called the "Pledged Revenues"). The prindpal of the Notes and the interest
thereon shall constitute a first Hen and charge thereon and sha1I be payable from the
Pledged Revenues. To the extent not so paid from the Pledged Revenues, the Notes shall be
paid from any other moneys of the City lawfully available therefor. In the event that there
are Insuffident unrestricted moneys received by the City to permit the deposit into the
Repayment Fund of the full amount of the Pledged Revenues to be deposited in any month
by the last business day of such month, then the amount of any defldency sha11 be satisfied
and made up from any other moneys of the City lawfully available for the repayment of the
Notes and interest thereon. The term "unrestricted moneys" sha1I mean taxes, income,
revenue, cash receipts, and other moneys intended as receipts for the General Fund of the
City for Fisc:al Year 1994-1995 and which are generally available for the payment of CUlTent
expenses and other obligations of the City.
Section 7. ~~yml!l\t Fund. There is hereby aeated a special fund to be held by the
City designated the "1994 Tax and Revenue Anticipation Note Repayment Fund" (the
"Repayment Fund") and applied as c:lirected in this Resolution. Any money placed in the
Resolution Number 'P.99
Repayment Fund shall be for the benefit of the holders of the Notes, and until the Notes
and all interest thereon are paid or until provision has been made for the payment of the
Notes at maturity with interest to maturity, the moneys in the Repayment Fund shall be
applied solely for the purposes for which the Repayment Fund is created.
During or prior to the months of December, 1994, February, 1995, April, 1995, and
May, 1995, the City shall deposit an Pledged Revenues in the Repayment Fund. On the date
of final maturity of the Notes, the moneys in the Repayment Fund, to the extent necessary
to pay the principal of and interest on the Notes at maturity, shall be transferred by the City I
to orc the moneys in the Repayment Fund necessary to pay the principal of and interest on
the Notes at maturity. To the extent said moneys are insufficient therefor, an amount of
moneys from the City's General Fund which will enable payment of the full principal of
and interest on the Notes at maturity shall be transferred, or caused to be transferred, by the
City to the DTC. DTC will thereupon make payments of and interest on the Notes to the
DTC Participants who will thereupon make payments of principal and interest to the
benefic:la1 owners of the Notes. Any moneys remaining in the Repayment Fund after the
Notes and the interest thereon have been paid, or provision for such payment has been
made, shall be transferred to the City's general fund.
Section 8. D~QlIlt lIftd InvHtml!'nt of Fund. All moneys held by the City in the
Repayment Fund, if not invested, shall be held in time or demand deposits as public funds
and shall be secured at an times by bonds or other obligations which are authorized by law
as security for public deposits, of a market value at least equal to the amount required by
law.
Moneys in the Repayment Fund shaD, to the greatest extent possible, be invested by
the City directly, or through an investment agreement, in investments as permitted by the
laws of the State as now in effect and as hereafter amended, and the proceeds of any such
investments shall be deposited in the Repayment Fund and shall be part of the Pledged
Revenues.
Section 9. J!...rutlon of Noh-lI The City Manager of the City, the Finance Director
and any authorized designee of the City are hereby separately authorized to execute the I
Notes by manual signature, and the City Clerk of the City Is hereby authorized to
countersign the same by facsimile signature and to affix the seal of the City thereto either
manually or by facsimile Impression thereof, and said officers are hereby authorized to
cause the blank spaces thereof to be filled in as may be appropriate.
Section 10. Covl!'Ilantllllftd Warrantll!''' It is hereby covenanted and warranted by the
City that an representations and recitals contained in this Resolution are true and correct,
and that the City and Its appropriate officials have duly taken an proceedings necessary to be
taken by them, and will take any aclditional proceedings necessary to be taken by them, for
the prompt collection and enforcement of the taxes, revenue, cash receipts and other
moneys pledged hereunder in accordance with law and for carrying out the provisions of
this Resolution.
Section 11. Tranllfer of Notell. Any Note may, in accordance with Its terms (but only
if: (1) the City determines to no longer maintain the book entry only status of the Notes; or
(2) orc determines to discontinue providing such services and no successor securities
depository is named; or (3) DTC requests the City to deliver Note certificates to partk:ular
DTC Participants), be transferred, upon the books required to be kept pursuant to the
provisions of Section 13 hereof, by the person in whose name it is registered, in person or by
his duly authorized attorney, upon surrender of such Note for cancellation at the office of
the City, accompanied by delivery of a written instrument of transfer in a form approved by
the City, duly executed.
Whenever any Note or Notes shall be surrendered for transfer, the City shall execute
and deliver a new Note or Notes, for like aggregate principal amount.
Section 12. &cltanp of Note.. Notes may be exchanged at the office of the City for a
like aggregate principal amount of Notes of authorized denominations and of the same
maturity.
SectIon 13. Note Rqlllter. The City shall keep or cause to be kept sufficient books for
the registration and transfer of the Notes if the book entry only system is no longer in effect
and, In such case, the City shall register or transfer or cause to be registi!red or transferred,
on said books, Notes as herein before provided. While the book entry only system is in
effect, such books need not be kept, as the Notes will be represented by one Note registered
in the name of Cede & Co., as nominee for DTC.
I
I
I
I
:",3 Resolution Number ~9f
Section 14.. T"'lIlporaQ' Notll!ll. The Notes may be Initially issued in temporary form
exchangeable for definitive Notes when ready for delivery. The temporary Notes may be
printed, lithographed or typewritten, shall be of such denominations as may be determined
by the Oty, and may contain such reference to any of the provisions of this Resolution as
may be appropriate. Every temporary Note shall be executed by the Oty upon the same
conditions and in substantially the same manner as the definitive Notes. If the ety issues
temporary Notes it wlll execute and furnish delinitive Notes without delay, and thereupon
the temporary Notes may be surrendered, for canceDatlon, in exchange therefor at the office
of the Oty, and the ety shall deliver in exchange for such temporary Notes an equal
aggregate prlndpal amount of definitive Notes of authorized denominations. Until so
exchanged, the temporary Notes shall be entitled to the same benefits pursuant to this
Resolution as definitive Notes executed and delivered hereunder.
Section 15. Not.... Mutilat...d. Lost. DlI!lItrQy...d or Stolen. If any Note shall become
mutilated the ety, at the expense of the registered owner of said Note, shall execute and
deliver, a new Note of like maturity and principal amount in exchange and substitution for
the Note so mutUated, but only upon surrender to the Oty of the Note so mutilated, Every
mutUated Note so surrendered to the ety shall be canceled by it and delivered to, or upon
the order of, the ety. If any Note shall be lost, destroyed or stolen, evidence of such loss,
destruction or theft may be submitted to the ety and, if such evidence be satisfactory to the
Oty and indemnity satisfactory to it shall be given, the ety, at the expense of the registered
owner, shall execute and deliver a new Note of like maturity and prindpal amount in lieu
of and in substitution for the Note so lost, destroyed or stolen. The ety may require
payment of a sum not exceeding the actual cost of preparing each new Note issued under
this Section 15 and of the expenses which may be incurred by the ety in the premises. Any
Note issued under the provisions of this Section 15 in lieu of any Note alleged to be lost,
destroyed or stolen shall constitute an original additional contractual obligation on the part
of the ety whether or not the Note so alleged to be lost, destroyed or stolen be at any time
enforceable by anyone, and shall be equally and proportionately entitled to the benefits of
this Resolution with all other Notes issued pursuant to this Resolution.
Section 16. Tax eov...nantA. (a) No Arbitrare. The ety shall not take, nor permit nor
suffer to be taken any action with respect to the proceeds of the Notes which, if such action
had been reasonably expected to have been taken, or had been deliberately and intentionally
taken, on the date of issuance of the Notes (the "Cosing Date") would have caused the
Notes to be "arbitrage bonds" within the meaning of section 148 of the Internal Revenue
Code of 1986 (the "Code").
(b) Rebate ReQuirement. The ety shall take any and all actions necessary to assure
compliance with section 148(f) of the Code, relating to the rebate of excess investment
earnings, if any, to the federal government.
(c) Private Activity Bond Limitation. The ety shall assure that proceeds of the Notes
are not so used as to cause the Notes to satisfy the private business tests of section 141(b) of
the Code.
(d) Private Loan Financinr Umltation. The ety shall assure that proceeds of the
Notes are not so used as to cause the Notes to satisfy the private loan financing test of
section 141(c) of the Code.
(e) Federal Guarantee Prohibition. The ety shall not take any action or permit or
suffer any action to be taken if the result of the same would be to cause any of the Notes to
be "federally guaranteed" within the meaning of section 149(b) of the Code.
m Maintenanc... of Tax-Exl!lJlPiion. The ety shall take all actions necessary to assure
the exclusion of interest on the Notes from the gross income of the owners of the Notes to
the same extent as such interest is permitted to be excluded (rom gross income under the
Code as in effect on the Cosing Date.
(g) Small Issuer Exf!lllPtion (rom Bank Nondl!durtlhlllty Restriction. The ety hereby
designates the Notes for purposes of paragraph (3) of section 265(b) of the Code and
covenants that the Notes do not constitute private activity bonds as defined in section 141 of
the Code and that the aggregate lace amount of all tax-exempt obligations issued by the ety
(including all subordinate entities of the ety and all entities which may issue obligations
on behalf of the ety) during the calendar year 1994 wlll not exceed $10,000,000, excluding,
however, private activity boncIs, as defined in section 141 of the Code (other than qualified
501(c)(3) bonds as defined in section 145 of the Code) and current refunding obligations
having a principal amount not in excess of the refunded obligation.
Resolution Number ic:2JjtJ
I
Section 17. Sale of Notell. Kelling, Northcross & Nobriga, IDe., the financlaI advisor
to the City (the "Financial Advisor"), on behalf of the City, is authorized to identify a
purchaser for the Notes and to negotiate an interest rate and purchase price for the Notes, so
long as the net interest cost to the City does not exceed. five percent (5%). The definitive
principal amount of Notes to be issued shall be determined by the Financial Advisor, on
behalf of the City, at the time of sale of the Notes to the purchaser identified. The City
Manager, Finance Director or any authorized designee of the City is hereby authorized and
directed to accept an offer from such purchaser, for and in the name of the City, by notice to
such purchaser. The City Manager, Finance Director or any authorized designee of the City I
is hereby authorized to execute a Note purchase agreement or other document in
connection with such award.
Section 18. Prellmfnuy Official Statement. The Financial Advisor is hereby
authorized to prepare a Preliminary Offidal Statement and an Official Statement relating to
the Notes, to be used in connection with the oHering and sale of the Notes, DIstribution by
the Financial Advisor of said Pre1iminary Official Statement to prospective purchasers of
the Notes is hereby approved. The City Manager, Finance Director or any authorized
designee of the City are hereby authorized and directed to approve any changes in or
additions to a final form of said Official Statement deemed advisable by any of them, and to
execute a statement at the time of delivery of the Notes to the Purchaser to the effect that
the Final Official Statement does not contain any untrue statement of a material fad or
omit to state a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not
misleading. The Mayor of the City, City Manager, Finance Director or any authorized
designee of the City is hereby authorized and directed to execute and deliver the final
Official Statement for and in the name and on behalf of the City.
Section 19. ~pPIII~t for Bond OnmIlI!I SR'VIres: Flnanclal AdvlfllH' SI!l'Vi~I!~ ~lItJ1
of lIIIIu8ftC'e. The City Counell hereby approves that certain agreement for bond counsel
services by and between the City and Jones Hall Hill & White, A Professional Law
Corporation, in substantially the form presented at this meeting, and the Mayor of the City,
City Manager, Finance Director or any authorized designee of the City are hereby authorized I
and directed to sign said agreement for and on behalf of the City. The City Council hereby
approves that certain agreement for fInancta1 advisory services by and between the City and
Kelling, Northaoss & Nobriga, Inc., in substantially the form presented at this meeting, and
the Mayor of the City, City Manager, Finance Director or any authorized designee of the City
are hereby authorized and directed to sign said agreement for and on behalf of the City. All
costs incurred by the City in connection with the issuance of the Notes, including but not
limited to printing of any Official Statement, rating agency costs (except rating service fees),
bond counsel fees and expenses, financial advisory fees and expenses, underwriting
discount and costs, paying agent fees and expenses, the cost of printing the Notes, and any
compensation owing to any officers or employees of the City for their services rendered in
connection with the issuance of the Notes, shall be payable solely from the proceeds of the
Notes.
Section 20. EYeC'UtlolI of ClolIllIl n......m..llts. The Mayor, the City Oerk" the City
Manager, the Finance Director, the Treasurer and other officers of the City are authorized
and directed to execute such certificates, agreements and other dosing documents as are
necessary to consummate the transactions contemplated by this Resolution.
alASSED
thisr day of
A
NOES:
D ADOPTED by'the City Council of the City of Seal Beach, CaUfomla,
Y""'a,~Jl4a~~
I
-~'\\\\\\\\'
f..::1' ot .~!.~~ ';'111
t-~" ~-t.o,po"4,,;..'of~III}.
~/"'''' 'Q....'S- y~
[SEAL] "': ~:~~
~ 0 : . <~
~ . ..-:iJ
'3-.0 Q:~2
,," ..~ .".' ~'1
~f;z,^...O.,~ \..,f.t..'~OI
(II ~~ -_. 11. ..- ":
~"1\~~~~1~ ~~
-tt:u", ( dA ",Job
- Mayor
Att~
'~~}jl /~tJ
City Oerk
I
I
I
Resolution Number P99
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
I, Joanne, M, Yea, City Clerk of Seal Beach, California, do her,py certify that the
foregoing resolution is the original copy of Resolution Numb~fin file in the office of
the City Clerk, passed, approved and adopted by ~.iity Councu of ~ty of Sear
Bea~, ,t a regular meeting thereof held on the - day of 1 .
19~. '
, ,"j
,
Resolution Number
i?99
EXHIBIT A
CITY OF SEAL BEACH
(ORANGE COUNTY, CALIFORNIA)
1991 TAX AND REVENUE ANTICIPATION NOTE
INTEREST RATE:
MATURITY DATE:
ISSUE DATE:
July -I 1994
CUSIP:
REGISTERED OWNER:
PRINCIPAL SUM:
CEDE &.:00.
TWO MILLION FIVE HUNDRED THOUSAND DOLLARS
The CITY OF SEAL BEACH, Orange County, State of California (the "City"),
acknowledges itself indebted, and promises to pay, to the Registered Owner stated above, or
registered assigns (the "Owner"), on the Maturity Date stated above, the Principal Sum
stated above, in lawful money of the United States of America, and to pay interest thereon
in like lawful money at the rate per annum stated above, payable on the Maturity Date
stated above, c:ak:ulated on the basis of 360-day year comprised of twelve 3O-day months.
Both the principal of and interest on this Note shall be payable at maturity to the Owner.
It is hereby certified, recIted and declared that this Note is one of an authorized issue
of notes in the aggregate principal amount of Two Million Five Hundred Thousand Dollars
($2,500,000), all of like tenor, issued pursuant to the provisions of Resolution No. _ of
the City Council of the City duly passed and adopted on May -11994 (the "Resolution"),
and pursuant to ArtIcle 7.6 (commencing with Section 53850) of Chapter 4, Part 1, Division
2, Title 5, of the California Government Code, and that all conditions, things and acts
required to exist, happen and be performed precedent to aIUi in the issuance of this Note do
exist, have happened and have been performed in regular and due time, form and manner
as required by law, and that this Note, together with all other indebtedness and obligations
of the City, does not exceed any limit presaibed by the Constitution or statutes of the State
of California.
The principal amount of the Notes, together with the interest thereon, shall be
payable from taxes, revenue and other moneys which are received by the City for the
General Fund of the City for Fiscal Year 1994-1995. As security for the payment of the
principal of and interest on the Notes the City has pledged, from "unrestricted moneys", as
hereinafter defined (a) to be received in December, 1994, an amount equal to 25% of the
aggregate principal amount of the Notes, (b) to be received in February, 1995, an amount
equal to 25% of the aggregate principal amount of the Notes, (d to be received In April, 1995,
an amount equal to 50% of the aggregate principal amount of the Notes and (d) to be
received in May, 1995, an amount equal to interest on the Notes at maturity (all such
pledged amounts desaibed in clauses (a) through (d) above being hereinafter called the
"Pledged Revenues"). The principal of the Notes and the interest thereon shall constitute a
first lien and charge thereon and shall be payable from the Pledged Revenues, and to the
extent not so paid shall be paid from any other moneys of the City lawfully available
therefor. As used herein, the term "unrestricted moneys" means the taxes, Income,
revenue, cash receipts and other moneys, Intended as receipts for the qeneral Fund of the
City for Fiscal Year 1994-1995 and which are generallyavallable for the payment of CUIlent
expenses and other obligations of the City.
The Notes are issuable as fuUy registered notes, without coupons, in denominations
of $1,000 each or any Integral multiple thereof. Subject to the limitations and conditions as
provided in the Resolution, Notes may be exchanged for a like aggregate principal amount
of Notes of other authorized denominations and of the same maturity.
The Notes are not subject to redemption prior to maturity.
, The City has designated the notes as "qualified tax-exempt obligations" for purposes
of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
This Note is transferable by the Owner hereof, but only under the c:ircumstances, in
the manner and subject to the limitations provided in the Resolution. Upon registration of
such transfer a new Note or Notes, of authorized denomination or denominations, for the
I
I
I
I
I
I
Re~bl~t:ion Number .f;z.ff
same aggregate principal amount and of the same maturity will be issued to the transferee
in exchange for this Note.
The City may treat the Owner hereof as the absolute owner hereof for all purposes
and the City shall not be affected by any notice to the contrary.
IN WITNESS WHEREOF, the City of Seal Beach has caused this Note to be executed
by the Finance Director of the Oty and countersigned by the City Clerk of the City and its
ofBdal seal to be affixed hereto aD as of this _ day of July, 1994-
ClTY OF SEAL BEACH
By:
[SEAL]
Countersigned:
City Clerk
Resolution Number ~~~
ABBREVIATIONS
The following abbreviations, when used in the inscrip60n on the face of this Note, I
shall be construed as though they were written out in full according to applicable laws or
regulations:
TEN COM-
TEN ENT -
rr TEN
as tenants in common
as tenants by the entireties
as joint tenants with
right of survivorship
and not as tenants in
common
UNlF GIFT MIN ACf
_ Custodian
_ Minor
Uncler Uniform Gifts to
Minors Act
------------------
(State)
ADDmONAL ABBREVIATIONS MAY AlSO BE USED
THOUGH NOT IN THE LIST ABOVE
ASSIGNMENT
For value received, the undersigned do(es) hereby seD, assign and transfer unto
I
(Name, Addreu and Tax Idmtlfk:alion or SocIal Security Number of Aulpee)
the within Note and do(es) hereby irrevocably constitute and appoint
, attorney, to transfer the same on the registration books of the Oty with full
power of substitution in the premises.
Dated:
Signature Guaranteed:
NonCE: Sipatareb) mutt be paranl8ecl by an NonCE: The alpature on thia Aulpment mWlt
eUs1b1e puIlntor _pond with the IIUM(.) .. written on
the face of the within Note In every
particulllr without ~lion or ealargement
or any chaJI&e wbataoevlIr,
I