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HomeMy WebLinkAboutResolutions - No. 3249CITY OF LO DI RESOLUTION NO. `' � PROVIDING FOR THE ISSUANCE OF $740,000 PRINCIPAL AMOUNT OF "CITY OF LODI 1965 MUNICIPAL A4PROVEIVIENT BONDS, SERIES B," BEING PART OF AN ISSUE OF 57,200,000 PRINCIPAL ANKJCNr AUTHORIZED AT AN ELECTION HELD IN SAID CITY ON JUNE 8, 1965; PRESCRIBING THE DATE AND FORM OF SERIES B BONDS OF SAID ISSUE AND OF THE COUPONS TO BE ATTACHED THERETO AND PRESCRIBING THE MATURITIES THEREOF AND REDEMPTION PROVI— SIONS THEREFOR; FIXING THE MAXIMUM RATE OF INTEREST ON SAID SERIES B BONDS; AND DIRECTING NOTICE OF SALE OF SAID SERIES B BONDS TO BE GIVEN VdIEREAS, the City Council of the City of Lodi heretofore on August 18, 1965, duly passed and adopted its Resolution No. 2851, as amended by Resolution No. 2869 adopted on October 6, 1965, providing for the issuance of $7,200,000 principal amount of "City of Lodi 1965 Munici— pal Improvement Bonds" (therein and herein called the "Bonds"), as set forth in the records of this City Council; and VdIEREAS, in and by said Resolution No. 2851, as amended, said authorized Issue of Bonds was divided into series; and WHEREAS, pursuant to proceedings heretofore duly had and taken pursuant to said Resolution No. 2851, as amended, Series A Bonds of said authorized issue in the principal amount of $5,500,000 were issued and sold and the unmatured portion thereof is now outstanding; and said Resolution No. 2851, as amended, provided that the remain— ing $1,700,000 principal amount of the Bonds may be divided into one or more series, as the City Council shall deter— mine; and VMEREAS, the City Council has determined, and does hereby declare, that it is necessary and desirable that $740,000 principal amount of said remaining $1,700,000 principal amount of the Bonds be issued and sold for the purposes for which they were authorized by the electors; NOW, TIEREFORE, BE IT RESOLVED by the City Coun— c i 1 of the City of Lodi, as follows: Section 1. Resolution No. 2851, adopted by the City Council on August 18, 1965, as amended as above recited, is incorporated herein by reference and all of the provisions thereof are made a part hereof and shall be applicable to said $740,000 principal amount of said remaining $1,700,000 principal a-�cunt� of the Bonds, except only as herein otherwise expressly provided; provided, however, that Section 6 of said Resolution No. 2851 is hereby amended to insert the following paragraph at the end thereof, to wit: All of the provisions of this section with respect to the exchange of coupon Bonds and fully registered Bonds shall be applicable only to the Bonds of Series A. 2 Section 2. $740,000 principal amount of the Bonds shall be and constitute an additional series of said issue, to be designated "Series B." The Series B Bonds shall be issued as coupon Bonds in the denomination of $5,000, registrable as to principal only or as to both principal and interest and subject to discharge from regis- tration, and shall be numbered from B1 to B148, both lnclu- sive, in consecutive numerical order of their maturities. The Series B Bonds shall be dated May 1, 1969 (which is hereby fixed and determined to be the date of issue of the Series B Bonds). All of the Series B Bonds shall bear interest from their date until paid at the rate or rates designated by the City Council of the City of Lodi at the time of the sale of said bonds, but not to exceed six per cent (5$) per annum. Interest on the Series B Bonds shall be payable annually the first year and semiannually thereafter. Such interest shall be evidenced by couaons attached to each Series B Bond, which shall be numbered in consecutive numer- ical order from 1 upwards in the order Of their respective maturities, and each of said coupons shall represent six months' interest (except the first coupon on the Series B Bonds, which shall represent twelve months' interest) on the Series B Bond to which it is attached. The interest ccunans on the Series B Bonds shall be payable annually the first year on May 1, 1970 and thereafter semiannually on May 1 and November 1 in each year until and at the respec- tive maturity dates of the Series B Bonds. 3 The Series B Bonds shall mature serially in consecutive numerical order, from lower to higher, on May 1 in each of the years, as follows: Principal Maturity Date (May 1) Amount (both years inclusive, $10,000 1,970 15,000 1971 - 1973 20,000 1974 - 1977 25,000 1978 - 1981 30,000 1982 - 1985 35,000 1986 - 1987 40,000 1988 - 1990 45,000 1991 - 1992 50,400 1993 55,000 1994 Both the principal of and interest on the Series B Bonds shall be payable in lawful money of the United States of America at the San Srancisco Main Office of Bank of America National Trust and Savings Association, the Paying Agent of the City in San Srancisco, California, or at holder's option, at the principal office of First National City Bank, the Paying Agent of the City in New York, New York, or at the office of The First National Bank of Chicago, the Paying Agent of the City in Chicago, Illinois. Series B Bonds maturing by their terms on or before May 1, 1981, shall not be subject to redemption prior to their fixed maturity dates. Series B Bonds maturing by their terms on or after May 1, 1982, shall be subject to redemption prior to their fixed maturity dates, at the option of the City, as a whole, or in part in inverse numerical order from higher to lower, on May 1, 1981 (but not prior thereto), and on any date 4 thereafter prior to their fixed maturity date or dates, at the principal amount thereof and accrued interest thereon to date of redemption, together with a premium equal to the sum of (a) a basic premium of one-quarter of one per cent (1/4 of 10,/o�f the principal amount of each bond so redeemed plus (b) a supplemental premium of three- eighths of one per cent (3/8 of 1%) of the principal amount of each bond so redeemed for each whole year and for any fraction of a year remaining from the date of redemption to the date of maturity of such bonds. Notice of such redemption shall be given by publication of such notice once a week for two (2) succes- sive calendar weeks in a newspaper of general circulation or a financial journal printed and published in San Fran- cisco, California, the first publication of which shall be at least thirty (30) days but not more than sixty (60) days prior to the date fixed for such redemption. After the date fixed for such redemption, if the City shall have duly published notice of such redemption and shall have provided funds for the payment of principal of and interest on the Series B Bonds so called for redemption, together with the premium then due thereon, interest on such Series B Bonds shall thereafter cease. Section 3. The Series B Bonds and the coupons attached thereto and the registration endorsement to appear thereon shall each be substantially in the following form, the blanks in said forms to be filled with appropriate words or figures, namely: 5 [Form of Series B Bond] UNITED STATES OF AMERICA STATE OF CALIFORNIA SAN JOAQUIN OOLNIY CITY OF LODI 1965 MUNICIPAL IMPROVEMENT BOND. SERIES a No. B $5,000 The CITY OF LODI, a municipal corporation organized and existing under the Constitution and laws of the State of California, hereby acknowledges itself indebted and for value received promises to pay to the bearer (or ifthis bond be registered, to the registered owner hereof), on the first day of May, 19 (subject to any right of prior redemption hereinafter reserved), the principal sum of FIVE THOUSAND DOLLARS ($5,000) together with interest thereon from the date hereof until payment of said principal sum in full at the rate of per cent (-%) per annum, payable on May 1, 1970 and semiannually thereafter on May 1 and November I of each year. Unless this bond be registered as to principal and interest, such interest on or prior to maturity shall be payable only on presenta- tion and surrender of the proper interest coupons hereto attached as they respectively become due. Both the prin- cipal of and interest on this bond are payable in lawful money of the United States of America at the San Francisco Main Office of Bank of America National T -rust and Savings Association, in San Francisco, California, or at holder's option, at the principal office of First National City Bank, in New York, New York, or at the office of The First National Bank of Chicago, in Chicago, Illinois. This bond is one of a duly authorized issue of bonds of said City aggregating Seven million Two Hundred Thousand Dollars ($7,200,000) in principal amount, all of like tenor (except for such variations, if any, as may be required to designate varying series, numbers, dates, denom- inations, maturities, interest rates or redemption provi- sions) and is one of the bonds of Series B of said author- ized issue and is issued under and pursuant to the Consti- tution and statutes of the State of California, and under and pursuant to the ordinances and proceedings of said City duly adopted and taken and a vote and assent of more than two-thirds of all the qualified electors of said City voting at a special election duly called and held for that purpose. This bond may be registered in the name of the owner hereof in conformity with the provisions endorsed hereon, and unless so registered shall be transferable by delivery. Bonds maturing by their terms on or before May 1, 1981, are not subject to redemption prior to their fixed maturity dates. Bonds maturing by their terms on or after May 1, 1982, are subject to redemption prior to their fixed maturity dates, at the option of said City, 2s a whole, or in part in inverse numerical order from higher to lower, on May 1, 1981 (but not prior thereto), and on any date thereafter prior to their fixed maturity date or dates, at the principal amount thereof 2nd accrued interest thereon to date of redemption, together with a premium equal to the sum of (a) a basic premium of one-auarter of one ner cent (,-/U of 1%) of the prir.eipa? amount of each bond so redeer,ed rlus (b) a supolemental premium of three-eight!is of one per cent (3/8 of 1%)Df the principal amount of each bond so redeemed for each whole year and for anv fraction of a year remaining from the date of redemption -to the date of maturity of such bond. Notice of such redemption shall be given by publication of such notice once a week for two (2) succes- sive calendar weeks in a newsoaner of general circulation or a financial journal printed and published in San Fran- cisco, California, the first publication of which shall be at least thirty (30) days but not more than sixty (60) days prior to the date fixed for such redemption. After the date fixed for such redemption, if said City shall have duly published notice of such redemption and shall have provided funds for the payment of principal of and interest on the bonds so called for redemntion. together with the premium then due thereon, interest on such bonds shall thereafter cease. It is hereby certified, recited and declared that all conditions, things and acts 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 manner as required by law, and that the amount of this bond, together with all other indebtedness of said City, does not exceed anv limit prescribed by the Constitu- tion or statutes o'' said State, and that provision has Seer. made as require? by the Constitution and statutes of said State for the collection of an annual tax sufficient to pay the principal of and interest on this bond as the same becoae due. The full faith and credit of said City are hereby pledged for the punctual payment of the principal of and interest on this bond. IN WITNESS WHEREOF, the City of Lodi has caused this bond to be executed under its official seal, signed by its Mayor and its Treasurer, and countersigned by its City Clerk, and has caused the interest coupons attached hereto 7 to be signed by its Treasurer, and this bond to be dated the first day of May, 1969. Mayor of the City of Lodi [SEAL] Treasurer of the City of Lodi Countersigned: City Clerk of the City of Lodi [Form of Interest Coupon] Coupon No. The CITY OF LODI on the first day of, 19� w i 11 (unless the within -mentioned bond be regis- tered as to principal and interest, and subject to any right of prior redemption reserved in said bond) pay to the bearer at the San Francisco Main Office of Sank of America National Trust and Sav- ings Association, in San Francisco, California, or at holder's option, at the principal office of First National Citv Bank. in New York, New York, or at the office of The First National Sank of Chicago, in Chicago, Illinois, the sum set $ forth hereon in lawful money of the United States of America, being interest then due on its 1965 Municipal Imurovement Bond, Series B, dated May 1, 1969, No. B Treasurer of the City of Lodi 8 [Form of Registration Certificate] This bond may be registered in the name of the owner on books kept by the San Francisco Paving Azent of the City, as to principal only, such registration -being noted hereon by said Paying Agent in the registration blank below, after which no transfer shall be valid unless made on said books by the registered owner or attorney duly authorized and similarly noted in the registration blank below, but it may be discharged from registration by being transferred to bearer, after which it shall be transferable by delivery, but it may be again registered as before. The registration of this bond as to principal shall not restrain the negotiability of the coupons by delivery, but the coupons may be surrendered and the interest made payable only to the registered owner, in which event said Paying Agent shall note in the registration blank below that the bond is registered as to interest, as well as principal. At the request of the registered owner, this bond, if converted into a bond registered as to both prin- cipal and interest, may be reconverted into a coupon bond at the expense of the owner and such coupon bond may again be converted into a bond registered as to both principal and interest as hereinabove provided. Upon reconversion of this bond, if -registered as to principal and interest, into a coupon bond, coupons representing the interest to accrue hereon to date of maturity shall be attached hereto by said Paying Agent and said Paying Agent shall note in the registration blank below whether the bond is registered as to principal only or payable to bearer. IQRTE: There must be no writing in the space below �- except by the San Francisco Paying Agent. DATE OF I N W USE NAME MANNER OF SIGNATURE OF REGISTRATION: REGISTERED: REGISTRATION: PAYING AGENT: Section 4. The Series B Bonds may be registered as to principal only or as to both principal and interest in the manner set forth in the registration certificate herein contained pertaining to such bonds. Series B Bonds registered as to both principal and interest may be dis- charged from registration and converted into coupon bonds. A person in whose name a Series B Bond Shall be registered shall be deemed the absolute owner and, so long as the Same shall be registered as to principal and interest, payments of or on account of the principal and interest thereof shall be made only to the registered owner. Payment of the principal of a Series B Bond registered as to principal only shall be made only to the registered owner of such Series B Bond, but the bearer of any coupon appertaining to an unregistered Series B Bond or to a Series B Bond registered as to principal only or registered to bearer shall be deemed the absolute owner o£ such coupon and the bearer of any unregistered Series B Bond or a Series B Bond registered to bearer shall be deemed the absolute owner of such Series B Bond and the City and the Paying Agent, or any Alternate Paying Agent, shall be fully pro- tected in making payment of such unregistered Series B Bond or coupon to the bearer thereof. In all cases in which the privilege of transfer- ring, registering or reconverting a Series B Bond is exPr- cised, the Paying Agent may make a charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid by the City or the Payinr Agent in connection therewith, and in addition may charge a reason- able sum for its costs and expenses in the reconversion 10 ":T"- -_:'i -- --.•; :�;"-. h-� .,moi of any such Series B Bond registered as to both principal and interest into a Series B Bond registered as to prin- cipal only, or into a Series B Bond the principal and interest of which is payable to bearer, not exceeding $1 per $1,000 principal amount Of Series B Bonds so converted or such larger amount as may be permitted by law, which sum or sums shall be paid by the person requesting such transfer, registration or reconversion. Section 5. The proceeds of the sale of the Series B Bonds shall be deposited as follows: (a) A11 moneys received on account of any premium paid on the Series B Bonds and interest accrued on the Series B Bonds from their date to the date of delivery and actual payment of the purchase price thereof shall be deposited in the City of Lodi 1965 Municipal Improvement Bond Interest and Sinking Fund provided for in Section 7 of said Resolution No. 2851, as amended. (b) The balance of the proceeds of the sale of the Series B Bonds shall be deposited in the "1965 Storm Drainage Improvements Fund" established by Section 8(c) of said Resolution No. 2851, as amended, by which a record shall be kept of the disbursement of the proceeds of the sale of $1,840,000 principal amount or the Bonds, including the proceeds of sale of $1,100,000 principal amount of the Series A Bonds (except premium and accrued interest received on such sale) and $740,000 principal amount of the Series B Bonds (except premium and accrued interest received on such sale). 11 Section 6. A 11 of the Series B Bonds shall be offered for public sale by the City Council on Wednesday, April 16, 1969, and the City Clerk is hereby authorized and directed to cause a notice of the sale of the Series B Bonds to be published once in the LODI NEWS -SENTINEL, a newspaper published in the City, and she is further author- ized and directed to open bids for the Series B Bonds and report the results of such opening to the City Council, all in accordance with said notice, which such notice shall be substantially in the following form, to wit: 12 OFFICIAL NOTICE OF SALE $740,000 CITY OF LODI 1965 MUNICIPAL IMPROVEMENT BONDS, SERIES B NOTICE IS HEREBY GIVEN that sealed proposals w i 1 1 be received and opened by the City Council of the City of Lodi, San Joaquin County, State of California, at the office of Messrs. Orrick. Herrincton, Rowley & Sutcliffe, Tenth Floor, 405 Montgomery Street, San Fran- cisco, California, the City's bond counsel, on WEDNESDAY, APRIL 16, 1969 at the hour of 2:00 o'clock P.M. (P.S.T.) for the purchase of $740,000 principal amount of bonds of the City desig- nated "City of Lodi 1965 Municipal Improvement Bonds, Series B" (hereinafter called the "bonds"), more particu- larly described below. The bonds are part of an author- ized issue of $7,200,000 aggregate principal amount author- ized at an election held in the City on June 8, 1965, of which $5,500,000 principal amount was sold on October 6, 1965. No additional bonds of this authorized issue will be offered for sale prior to February 1, 1970. ISSUE AND $740.00a principal amount of coupon DENOMINATION: bonds numbered consecutively from B1 t o 818, both inclusive, of the denom- ination of $5,000. DATE : The bonds are dated May 1, 1969. MATURITIES : The bonds mature serially in consec- utive numerical order, from lower to higher, on May 1 in each of the years, as follows: Principal Maturity Date (May 1) Amount (both years inclusive) $10,000 1970 15,000 1971 - 1973 20,000 1974 - 1977 25,000 1978 - 1981 30,000 1962 - 1985 35,000 1986 - 1987 40,000 1988 - 1990 45,000 1991 - 1992 50,000 1993 55,000 1994 13 REDEMP1710M Bonds maturing by their terms on or before May 1, 1981, are not subject to redemption rarior to their fixed maturity dates. Bonds maturing by' their terms on or after May 1, 1982, are subject to redemption prior to their fixed maturity dates, at the option of the City, as a whole, or in part in inverse numerical order from higher to lower, on May 1, 1981 (but not prior thereto), and on any date thereafter prior to their fixed maturity date or dates, at the principal amount thereof and accrued interest thereon to date of redemption, together with a premium equal to the sum of (a) a basic premium of one-quarter of one per cent (1/4 of 1%)of the principal amount of each bond so redeemed plus (b) a supplemental premium of three-eighths of one per cent (3/8 of 1%)f the principal amount of each bond so redeemed for each whole year and for any fraction of a year remaining from the date of redemption to the date of maturity of such bonds. INTEREST RATE: Maximum six per cent (6%) per annum, payable annually the first year on May 1, 1970 and semiannually there- after on May 1 and November 1 in each year. Bidders must specify that rate of interest which the bonds hereby of- fered for sale shall bear. Bidders may specify any number of separate interest rates irrespective of the maturities of the bonds, and the same rate or rates may be repeated as often as desired; provided, however, that (i) the dif- ference between the highest and lowest coupon rates spe- cified in any bid shall not exceed two per cent (2R); (11) each interest rate specified must be in a multiple of 1/20 of one per cent and a zero rate of interest cannot be spe- cified; (iii) no bond shall bear more than one rate of interest, no interest payment shall be evidenced by more than one coupon and supplemental coupons will not be per- mitted; (iv) each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; (v) all bonds of the same maturity shall bear the same rate of interest; (vi) the difference between the highest and the lowest annual installments of principal and interest shall not exceed $37,000; and (vii) any pre- mium must be paid in bank funds as part of the purchase price, and no bid will be accepted which provides for the cancellation and surrender of any interest coupon ox fox the waiver of interest or other concession by the bidder as a substitute for immediately available bank funds. Bids which do not conform to the terms of this paragraph w i 11 be rejected. PAYMENT: Both principal and interest are pay- able in lawful money of the United States of America at the San Francisco `!aim Office of Bank of America National Trust and Savings Association, in San Francisco, California, or at holder's option, at the principal office of First National City Bank, in New York, New York, or at the office of The First National Bank of Chicago, in Chicago, Illinois. 14 EXECUTION AND Coupon bonds w i 1 1 be issued by the REGISTRATION: City. The bonds w i t t be executed by the manual signature of at least one official authorized to execute the bonds. The bonds are registrable as to principal only or as to both principal and interest. Registered bonds are subject to de -registration and re -registration as provided in the resolution authorizing the issuance of the bonds. PURPOSE OF ISSUE: The bonds are authorized by vote of two-thirds of the oualified voters voting -at a speciai bond election for the purpose of authorizing bonds for the acquisition, con- struction and completion of storm drainage improvements for the City of Lodi. SECURITY: The bonds are general obligations of the City of Lodi and the City has power and is obligated to levy ad valorem taxes for the payment of the bonds and the interest thereon upon all property within the City of Lodi subject to taxa- tion by the City (except certain personal property, which is taxable at limited rates), without limitation of rate or amount. TAX EXEN*T STATUS: In the event that prior to the delivery of the bonds the income received by private holders from bonds of the same type and character shall be declared to be taxable under any Federal income tax laws, either by the terms of such laws or by ruling of a Federal income tax authority or offi- cial which is followed by the Internal Revenue Service, or by decision of any Federal court, the successful bidder may, at his option, prior to the tender of the bonds by the City, be relieved of his obligation under the contract to purchase the bonds and in such case the deposit accompanying his bid will be returned. LEGAL CPITIICN; : ie lei�al opinion of Messrs. Orrick, Herrington, Fowley 6 Sutcliffe of San Francisco, California, approving the validity of the bonds will be furnished to the success- ful bidder without charge. A copy of the legal opinion, certified by the officer i -n whose office the original is filed, w i i i be printed on each bond without charge to the successful bidder. TERNS CF SALE Highest Bid: The bonds will be awarded to the highest bidder considering the interest rate or rates specified and the premium offered, i f any. The highest bid w i 1 1 be determined by deducting the amount of the premium bid (if any) from the total amount of interest which the City would be required to pay from the date of the bonds to their respective 15 maturity dates at the coupon rate or rates specified in the bid, and the award w i 11 be made on the basis of the lowest net interest cost to the City. The purchaser must pay accrued interest from the date of the bonds to the date of delivery. A 1 1 interest w i 11 be computed on a 360 -day year basis. The cost of printing the bonds w i 11 be borne by the City. Right of The City Council reserves the right, Rejection: in its discretion, to reject any and all bids and to waive any irregularity or informality in any bid. Prompt Award: The City Council w i 11 take action awarding the bonds or rejecting all bids not later than 24 hours after the expiration of the time herein Drescribed for the re- ceipt of proposals, unless such time of award is waived by the successful bidder. Delivery Delivery of the bonds w i 11 be made and Payment: to the successful bidder at the San Francisco Main Office of Bank of America National Trust and Savings Association, in San Francisco, Cali- fornia, as soon as the bonds can be prepared, which is estimated to be within thirty (30) days of the date of sale, but not prior to the date of the bonds. Payment For the bonds must be made in immediately available San Francisco funds. Right of The successful bidder shall have the Cancellation: right, at his option, to cancel the contract of purchase if the Citv shall fail to execute the bonds and tender the same for delivery within sixty (60) days of the date of sale, and in such event the successful bidder shall be entitled to the return of the deposit accompanying his bid. Form of Bid: A11 bids must be for not less than all of the bonds hereby offered for sale and for not less than the par value thereof and accrued interest to date of delivery. Each bid, together with bidder's check, must be enclosed in a sealed envelope addressed to the City Council of the City of Lodi and endorsed "Proposal for City of Lodi 1965 Municipal Improvement Bonds, Series B." A 11 bids w i 1 1 be opened by the City Clerk at the time and place first in this notice referred to, and the results of the bid opening w i 11 be reported by the City Clerk to the City Council at its meetina to be held at 8:00 P,M. (P.S.T.) on said date. A 11 bids must either be mailed to the City Clerk, care of Messrs. Orrick, Herrington, Rowley & Sut- cliffe, Attention: Carlo S. Fowler, Esq., Tenth Floor, 405 Montgomery Street, San Francisco, California 9L104, in time to be received by 2:CC P.M. (P.S.T.) on April 16, 1969, or delivered to the City Clerk at said place by said time on such date. 16 Bid Check: With each bid must be submitted a certified check or cashier's check for $25,000 drawn on a bank or trust company transacting business in the State of California, payable to the order of the Treasurer of the City of Lodi to secure the City from any loss resulting from the fail- ure of the bidder to comply with the terms of his bid. Checks of all bidders (except the successful bidder) will be returned by the City by mail promptly following the sale date above specified. No interest will be paid upon the deposit made by any bidder. Estimate of Net Bidders are requested, but not Interest Cost: required, to supply an estimate of the total net interest cost to the City on the basis of their respective bids, which shall be considered as informative only and not binding on either the bidder or the City. Official The City has caused an official Statement : statement to be prepared, a copy of which will be furnished upon request addressed to Stone & Youngberg, 1314 Russ Building, San Francisco, California 94104, the City's financing consultant. There is no litigation pending concerning the validity of the above issue, the coroorate existence of the City, or the title of the officers thereof to their respective offices, and the City will furnish to the suc- cessful bidder a no -litigation certificate certifying to the foregoing as cf and at the time of the delivery of the bonds. Dated: March 19, 1969 City Clerk of the City of Lodi, State of California 17 Section 7. This resolution shall take effect from and after its passage and approval. PASSED AND ADOPTED this 19th day of March, 1969, by the following vote: AYES : Councilmen - BROWN, CULBERTSON, KIRSTEN, SCHAFFER and HUNNELL NOES : Councilmen - None ABSENT: Councilmen - None APPFOVED : i SEkY,� 1 ayorof th�e�t y o 0 City C10rk 18 CITY CLERK'S CERTIFICATE I, BESSIE L. BENNETT, City Clerk of the City of Lodi, California, do hereby certify as follows: The foregoing is a full, true and correct copy of a resolution duly adopted by the City Council of said City at a regular meeting of said City Council duly and regularly and legally held at the regular meeting place thereof on March 19, 1969, of which meeting all of the members of said City Council had due notice and at which a majority thereof was present. At said meeting said resolution was introduced by Councilman Culbertson and read in full, and was thereupon, upon motion of Councilman Culbertson seconded by Councilman Schaffer , adopted by the following vote : AYES : Councilmen - BROWN, CULBERTSON, KIRSTEN, SCHAFFER and HUNNELL NOES : Councilmen None ABSENT: Councilmen None I have carefully ccmvared the same with the original minutes of said meeting on file and of record in my office and said resolution is a full, true and correct copy of the oriainal resolution adopted at said meeting and entered in said minutes. The original resolution has not been amended, modified or rescinded since the date of its adoption and the Same is now in full force and effect. Dated: March 19, 1969. City ClerkofAhe City of LOT11 State of California