HomeMy WebLinkAboutReso 2896-1959RESOLUTION NO. 2896
RESOLUTION OF THE COUNCIL OF THE CITY OF SOUTH SAN FRANCISCO
AUTHORIZING THE ISSUANCE OF BONDS IN PARKING DISTRICT NO. 1
OF THE CITY OF SOUTH SAN FRANCISCO, IN THE SUM OF $405,000
PRINCIPAL AMOUNT OF SERIES A BONDS, PROVIDING THE TERMS AND
CONDITIONS FOR ISSUANCE OF SAID BONDS, AND PROVIDING FOR THE
PLEDGE OF PARKING RE~S AND THE LEVY OF AD VALOREM ASSESS-
MENTS IN PARKING DISTRICT NO. i OF THE CITY TO SECURE PAYMENT
OF THE PRINCIPAL AND INTEREST THEREOF
WHEREAS, the City of South San Francisco, State of California, ~s a c~.ty dul~or~anized ar~ edsting u~der and
pursuant to the provisions of the Constitution and Statutes of the State of California; and
WHEREAS, there now exists in the City serious traffic congestion and, in order to relieve said
congestion, the City has established and now operates on many of its public streets, parking meters for
the purpose of controlling, limiting and regulating the time for the use of said streets for public
parking; and
WHEREAS, there exists an immediate necessity that said controlled street parking be supolemented
by public off-street vehicular parking facilities in the City, and in order further to relieve said
traffic congestion and promote the w~lfare of the citizens and inhabitants of the City, it is necessary
that funds be raised by the City for the purpose of acquiring, constructing, establishing, improving,
extending, maintaining, operating and administering off-street vehicular parking facilities and places
within Parking District No. 1 of the City and, to that end, that bonds be authorized and issued for and
on behalf of Parking District No. 1 of the City as in this Resolution provided; and
WHEREAS, the City is authorized to take proceedings for the establishment of off-street parking
facilities in Parking District No. 1 of the City and to issue bonds for and on behalf of Parking District
No. 1 of the City t0' finance such facilities under the provisions of the Parking District Law of 1951; and
WHEREAS, all acts, conditions and things required by the Constitution and laws of the State of
California, and particularly the Parking District Law of 1951 of the State of California, to be done or
performed precedent to and in the issuance of bonds have been done, have happened and have been performed
in legal and due form, time and manner as required by law, and the Council is now authorized to issue and
sell bonds and, if necessary, to levy limited special ad valorem assessments upon the taxable real property
within the district which has been determined to be the district benefited thereby, all as more particularly
and finally provided by the proceedings for the establishment of Parking District No. 1 of the City of South
San Francisco (all of which said proceedings are by this reference incorporated in this Resolution and made
a part hereof);
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of South San Francisco as follows:
ARTICLE 1
Section 1.01.
DEFINITIONS; EQUAL SECURITY
Definitions.
The terms hereinafter in this Section 1.01defined shall, for all purposes of this Resolution, and
of any resolution supplemental hereto, and of any certificate, opinion or other document herein mentioned,
have the meanings herein specified.
(a) "City" means the existing municipal corporation known as the "City of South San Francisco,"
as the same is constituted by the provisions of the ConstitUtion of the State of California and the Statutes
of the State of California, as amended and now in effect and as hereafter amended.
(b) "Council" means the Council of the City provided for in the Government Code of the State
of California, or any other governing or legislative body of the City hereafter provided for by an amendment
to the laws of the State of California or by Charter.
(c) "Parking District Law" or "Law" means the Parking District Lawof 1951, Part 4, Division
18 of the Streets and Highways Code of the State of California.
(d) "Re'solution" means this Resolution adopted November 16, 1959, by the Council pursuant
to the Constitution and laws of the State of California, and particularly the Parking District Law.
(e) "Supplemental Resolution" means any resolution then in force and effect which has been
duly adopted by the Council in acbordance with the Parking District Law (or any amendment then in effect,
amendatory of or supplemental to said law), at a meeting of the Council duly convened and held and at which
a quorum was present and acted thereon, amendatory of or supplemental to this Resolution; but only if and to
the extent that such supplemental resolution is specifically authorized hereunder and under law.
(f) "District" means Parking District No. 1 of the City of South San Francisco finally formed
and established byOrdinance No. 437 of the City of South San Francisco, adopted by the Council of the City
of South San Francisco on July 27, 1959 and now in effect.
RESOLUTION NO. 2896 (CONT'D):
(g) "Certificate of the City" and also the terms "statement of the City," "written request
of the City" and "written consent of the City" mean and shall mean, respectively, an instrument in writing
signed by the Mayor, or by any other officer (including the City Manager) of the City duly authorized by
the Council for that purpose, and also by the Clerk or any Deputy Clerk of the City, with the seal of the
City affixed. Any such instrument in writing and supporting opinions or representations, if any, may, but
need not, be combined in a single instz~ment with any other instrument, opinion or representation, and the
two or more so combined shall be read and construed so as to form a single instrument. Any certificate or
statement of the City may be based, insofar as it relates to legal, accounting, or engineering matters,
upon the opinion or representation of counsel, accountants, auditors, or engineers, unless the officer or
officers signing such certificate or statement know, or in the ex~rcise of reasonable care should have known,
that the opinion or representation with respect to the matters upon which such certificate or statement may
be based, as aforesaid, is erroneous. The same officer or officers of the City, or the same counsel,'
accountant, auditor, or engineer, or other persons, as the case may be, need not certify to all of the
matters required to be certified under any provision of this Resolution, but different officers, counsel,
accountants, auditors, engineers or Other persons may certify to different facts, respectively. Every
certificate or statement or request of the City, and every certificate or opinion of counsel, accountants,
auditors, engineers or other persons provided for herein shall include:
(1) a statement Zhat the person making such certificate or opinion or representation has
read the pertinent provisions of this ~esolution to which such statement, certificate, or opinion or
representation relates;
(2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements, opinions or re.presentations are based;
(~) a statement that, in the opinion of such person, he has made such exam/nation or
investigation as is necessary to enable him to express an informed opinion with respect to the subject-
matter referred to in the instrument to which his signature is affixed; and
(4) with respect to any statement relating to compliance with any provisions hereof, a
statement whether or not, in the opinion of such person, such provision has been complied with.
(h) "Opinion of Counsel" means a written opinion of counsel selected by the City (who may be
the City Attorney). Any opinion of such counsel may be based, insofar as it relates to factual matters
(information with respect to which is in the possession of the City) upon a certificate or opinion of, or
representation by, an officer or officers of the City, unless such counsel knows, or in the exercise of
reasonable care should have known, that the certificate or opinion or representation with respect to the
matters upon which his opinion may be based, as aforesaid, is erroneous.
(i) "Independent certified public accountant" and also the term "independent public accountant"
mean any registered or licensed certified public accountant or firm of such certified public accountants
duly licensed or registered or entitled to practi~e and practicing as such under the laws of the State of
California, appointed and paid by the City, and who, or each of whom
(1) is in fact independent, and not under domination of the City;
(2) does not have any substantial interest, direct or indirect, with the City; and
(3) is not connected with the city as an officer or employee of the City, but who may be
regularly retained to make annual or other similar audits of the books of the City.
(J) "Project", generally, means any one or more lots or parcels of land, including rights of
way, together with all parking places, garages and other buildings and improvements thereon for the storage
of automobiles and vehicles owned or operated by the City, or authorized to be acquired, constructed,
established, improved, extended, maintained, operated, or administered by the City, for off-street
vehicular parking facilities and places within the District, pursuant to the Parking District Law, including
the Project more particularly described in Section 3.O1 hereof in connection with the issuance of Series A
Bonds hereunder. Said term shall include, for all purposes of this Resolution and of any Supplemental
Resolution, each and every, all and singular, off-street vehicular parking facilities acquired, constructed,
established, improved, extended, maintained, operated, or administered in whoXe or in part from the proceeds
of any series of Bonds issued hereunder or from any Revenues. The term Project also includes all on-street
parking meters now or hereafter installed upon any and all public streets and ways within the District.
Nothing in this definition contained shall limit or restrict the use and application of
Revenues, to the extent permitted by law, howsoever and wheresoever derived, or the pledge thereof to the
equal and proportionate benefit of all of the Bonds Authorized hereunder, without preference or priority
of any one Bond over any other, or the Bonds of any series over the Bonds of any other series, irrespective
of the specific improvement or extension of the project, including any specific off-street parking facility,
comprising a part of the Project, for the acquisition, construction, establishment, improvement, extension,
maintenance, operation or administration of which the Bonds of such series are issued. The Council may,
however, limit and restrict the proceeds of the sale of Bonds of any series to the acquisition, construc-
tion, establishment, improvement, extension, maintenance, operation, or administration of any sDecific
designated improvement or extension of the Project, subject to such limitations as may be specified in this
Resolution or any SuDplemental Resolution or the Law with respect to the use and application of proceeds of
the Bonds of such series in excess of the amount required for such specific improvement.
(k) "Acquisitions and improvements for the Parking District" means the acquisitions and im-
provements described in said Ordinance No. 437.
(1) "Revenues" shall mean any and all rates, fees and other charges received or receivable in
connection with, and any and all income and receipts of whatever kind or character derived by the City from
the operation of, the Project, or arising from the Project, including any such revenues as may have been or
may be impounded or deposited in any fund created for the security or for the protection of the Bonds, or
for the purpose of providing for the payment of the Bonds or the interest thereon. The term "Revenues"
also includes all income, revenues and receipts from on-street parking meters within the District now owned
or controlled by the City or hereinafter installed within the District.
(m) "Gross revenues from on-street parking meters" means all gross revenues or funds derived
by the City from all parking meters now owned or controlled by the City, or hereafter acquired or controlled
by the City, and located on public ways within the Parking District.
454
RESOLUTION NO. 2896 (CONT'D):
(n) "Necessary and reasonable on-street parking meter expenses" means the necessary and
reasonable costs of acquiring any parking meters to be located on public ways within the Parking District
and which have not already been acquired, the necessary and reasonable cost of acquiring any Parking
meters to replace meters now or hereafter located on said public ways within the Parking District, and
the necessary and reasonable costs of installation, maintenance, operation, repair and servicing of any
parking 'meters located on said public ways within the Parking District and the necessary and reasonable
costs of collecting the revenues therefrom, but without allowance for depreciation or obsolescence.
(o) "Net revenues from on-street parking meters" means the gross revenues from on-street
parking meters after deducting therefrom the necessary and reasonable on-street parking meter expenses.
(p) "District parking places" means the public parking places provided by the "acquisitions
and improvements for the Parking District" and by the City-owned lands described in Ordinance No. 425
which, for all purposes of said Parking District, 'shall be held, used and treated in all respects the
same as the parking places~ to be acquired with the proceeds of the Bonds.
(q) #Gross revenues from the operation of the District parking places" means all gross
revenues derived from the District parking places and includes all fees, tolls, rates, rentals and other
charges received fer, or in connection with, the use and operation of the District parking places and all
other income and receipts derived by the City from the operation of, or arising from, the District parking
places.
(r) "Necessary and reasonable maintenance and operation costs of the District parking places"
means the necessary and reasonable expenses of the management, operation and repair of the District parking
places and other expenses reasonably necessary to maintain and preserve the District parking places in
good repair and working order, but does not include depreciation or obsolescence, or extensions or other
capital improvements.
(s) "Net revenues from the operation of the District parking places" means the gross
revenues from the operation of the District parking places remaining after the payment therefrom of the
necessary and reasonable maintenance and operation costs of the District parking places.
(t) "Bonds" means the Bonds of Parking District No. 1 of the City authorized by and at any
time outstanding pursuant to the Parking District Law and to this Resolution or to any Supplemental Resolu-
tion and shall include the written evidence of any obligation issued by the City for or on 'behalf of Parking
District No. 1 of the City, payment of which is secured by a pledge of the Revenues or any part of the
Revenues and assessments authorized to be levied in said District.
(u) "Independent Engineer" means any individual or firm of engineers having special knowledge
and experience in the handling of vehicular traffic and in the operation of vehicular parking facilities,
appointed and paid for by the Oity and ~ho, or each of wh~m
(i) is in fact independent and not under domination of the City;
(ii) does not have any substantial interest, direct or indirect, with the City;
(iii) is not connected with the City as an officer or employee of the City, but
who may be regularly retained to make annual or other periodic reports to the City.
(v) "Fiscal Year" means any twelve-month period beginning on July 1 and ending on the next
succeeding June 30.
(w) "Good merchantable title" means such title, whether fairly deducible of record, or
based on prescriptive rights, as in the oninion of Counsel is satisfactory and sufficient for the
needs and operation of the City within sa~d District, without regard to (a) easements or rights of
way or conditions in deeds of record or reservations for reads, streets, sewers, or public utility
facilities, (b) taxes or liens created by assessment of governmental body, payment of which is due
in installments over a period of years, and no installment of which is overdue, (c) taxes for the
then current year which are not then delinquent, (d) undetermined liens and charges then incident
to the proposed construction of said improvements or extensions of the Project, (e) zoning ordinances,
servitudes, conditions and restrictions which do not impair or materially interfere with the use of
said improvements or extensions of the Project, and (f) such possible adverse rights or interests
as in the opinion of Counsel are unimportant and may be disregarded.
(x) "Parking Place Commission" means the parking place commission of the District appointed
under the Parking District Law.
Section 1.02. Equal Security..
In consideration of the acceptance of' the Bonds, the creation of which is authorized hereunder,
by those who shall hold the same from time to time, this Resolution shall be deemed to be and shall
constitute a contract between the City and the holders and registered owners from tim~ to time of the
Bonds and interest coupons appertaining thereto, and the covenants and agreements herein set forth
to be performed by the City on behalf of the District shall be for the equal and proportionate benefit,
security and protection of all holders and registered owners of the Bonds and interest coupons without
preference, priority or distinction as to security or otherwise (except as to maturity and redemption
provisions, sinking funds, or other funds which may be established for the Bonds of any series authorized
hereunder) of any of the Bonds or interest coupons over any of the others by reason of number, date
of bonds, of sale, of execution, or of delivery or negotiation thereof, or otherwise for any caase
whatsoever, except as expressly provided therein or herein.
ARTICLE 11
Section 2.01. Limitations as to the Issuance of Bonds.
The Bonds shall be issued hereunder, within the powers of the City and the Council under the
Constitution and laws of the State of California, and particularly the Parking District Law, in order
to obtain funds with which to acquire, construct, establish, improve, extend, maintain, operate and
administer the Project.
RESOLUTION NO. 2896 (CONT,D):
The City will not issue any Bonds secured by any Revenues, except as in the Law and this Resolution
provided, so long as any Bonds or coupons issued under this Resolution are outstanding and unpaid. Bonds
issuable under the Law and this Resolution maybe issued in series as from time to tLme shall be established
and authorized by the Council. The aggregate principal amount of Bonds which may be issued by the City and
secured by this Resolution and outstanding at any one time is not limited, except as provided by the law and
this Resolution (subject to the right of the Council to fix from time to time by anySupplemental Resolution
a limitation of indebtedness) and the ~aw and this Resolution, subject to the covenants, agreements, provisions
and conditions herein contained, constitutes a continuing agreement with the holders of all of the Bonds
issued or to be issued hereunder and then outstanding, to secure the full and final payment of the principal
of and premiums, if any, and the interest on all bonds which may from time to time be executed and delivered
hereunder.
Section 2.02 Terms of Series A Bonds.
An initial series of Bonds to be issued under this Resolution, limited in the aggregate principal
amount to not exceeding Four Hundred Five Thousand Dollars ($405,000) at any one time outstanding, is here-
by created, and such bonds are designated generally as "Bonds of Parking District No. 1 of the City of South
San Francisco, Series A." The SeriesA Bonds shaH. be issued initially as coupon Bonds, payable to bearer,
with the privilege of registration as to both principal and interest, in substantially the form hereinafter
set forth. The Series A Bonds shall be dated December 1, 1959, shall be issued in the denomination of $1,000,
and shall be numbered from A1 to A405, both inclusive. The Series A Bonds shall bear interest at such rate
or rates, not exceeding six per cent (6%) per annum, as maybe, prescribed by the Council at the time of the
sale of said Bonds and set forth in a Supplemental Resolution of the Council. Such interest shall be evidenced
by coupons attached to each Bond, and each of said coupons (except the first coupon) shall represent six
months' interest on the Bond to which it is attached. The first interest coupon shall reoresent interest
from December 1, 1959 to January 1, 1960 and each subsequent interest coupon shall be payable semi-annually
on the first day of July and the first day of January in each year thereafter until the Bonds are paid.
Each of such ~oupons shall be numbered in the order of its respective maturity.
The Series A Bonds shall mature and become payable on July 1st in each year in consecutive numerical
order from lower to higher (each Bond to mature for its full face amount and not for any fraction thereof)
as follows, to wit:
Bond Numbers (inclusive)
(All bearing Prefix "A")
Principal Maturity Date
Amount · (July 1)
1 to 5 $ 5,000 1960
6 to 10 5,000 1961
11 to 15 5,000 1962
16 to 20 5,000 1963
21 to 25 5,000 1964
26 to 35 10,000 1965
36 to 45 10,000 1966
46 to 55 10,000 1967
56 to 65 10,O00 1968
66 to 75 10,000 1969
76 to 85 10,O00 1970
86 to 100 15,000 1971
101 to 115 15,000 1972
116 to 130 15,0OO 1973
131 to 145 15,000 1974
146 to 165 20,000 1975
166 to 185 20,000 1976
186 to 205 2G,000 1977
206 to 230 25,000 1978
231 to 255 25,000 1979
256 to 280 25,000 1980
281 to 310 30,000 1981
311 to 340 30,000 1982
341 to 370 30,000 1985
371 to 405 35,000 1984
Both the orincipal of and interest on the Series A Bonds, as well as any premium thereon in case of the
redemption thereof prior to maturity, shall be payable in lawful money of the United States of America
at the office of the City Treasurer of the City or, at the option of the holder, at the office of any paying
agent of the City in the Borough of Manhattan, City of New York, State of New York, or in the City of Chicago,
State of Illinois, or in the City and County of San Francisco, State of California~ The Council may, by
Supplemental Resolution, establish an additional office or agency in any other city or cities for the payment
of the orinci~al of or interest on Series A Bonds, and if any such paying agency shall be established, the
City shall maintain the same so long as any Series A Bonds shall remain outstanding, and in such event both
the princiOal of and interest on the Series A Bonds shall also be payable at ~he option of the holder of the
respective Bonds and the coupons appertaining thereto or of the registered owners of registered Bonds with-
out couDons, at such other paying agency so established,
Said Bonds are not general obligations or general indebtedness of the City but are special obliga-
tions of the City issued for Parking District No. 1 of the City under said Law, and the Bonds and interest
thereon andany Dremiums upon the redemption of any thereof are payable solely from :
(a) the "net revenues from the operation of the District parking places" acquired and
improved with the proceeds of the Bonds;
(b) the "net revenues from on-street parking meters" on public ways within the Parking
District; and
(c) to the extent provided in this Resolution and in said Law, from a limited ad valorem
assessment to be levied upon taxable real property in the Parking District;
and neither the City nor any of its officers may be held otherwise liable for the payment of the principal
o~ the Bonds or the interest thereon or any premiums uoon the redemption of any thereof.
Section 2.03. Form of Series A Bonds.
The definitive Series A Bonds and the interest couDons to be attached the~reto shall be in
substantially the following forms, respectively:
456
RESOLUTION NO. 2896 (CONT'D)
STATE OF CALIFORNIA
COUNTY OF SAN MA TEO
CITY OF SOUTH SAN FRANCISCO
BOND OF PARKING DISTRICT NO. 1, SERIES A
No. A $1,000
For and on behalf of Parking District No. 1 of the City of South San Francisco
(a parking district duly formed pursuant to the provisions of the Parking District Law
of 1951, Part 4, Division 18 of the' Streets and Highways Code of the State of California,
hereinafter referred to as the "Parking District Law"), the City of South San Francisco,
a municipal corporation organized and existing under the Constitution and laws of the
State of California (hereinafter called ~the "City"), for value received, h~reby promises
to pay, exclusively out of the special fund hereinafter mentioned, to the bearer (or if
this Bond be registered, to the registered owner hereof) on the 1st day of July, 19
(subject to any right of prior redemption hereinafter in this Bond expressly reserv~'~),
the principal sum of
ONE THOUSAND DOLLARS ($1,000)
together with interest thereon from the date hereof at the rate of , per
cent ( %) per annum until payment of said principal sum in full, payable January 1,
1960 for the period from December 1, 1959 to January 1, 1960, and thereafter semi-annually
on January 1 and July 1 in each year. Unless this Bond be registered, such interest,
prior to maturity, shall be payable only on presentation and surrender of the proper
interest coupons hereto attached as they respectively become due..~ Both the principal of
and interest on this Bond are payable, eXclusively out of said special fund, in lawful
money of the United States of America at the office of the City Treasurer of the City of
South San Francisco, South San Francisco, California or, at the holder's option, at the
office of any payin~ agent of the City in the Borough of Manhattan, City of New York,
State of New York! or in the City of Chicago, State of Illinois, or in the City and County
of San Francisco, State of Californiae
This Bond is one of a duly authorized issue of Bonds of Parking District No. 1 of
the City (unlimited in aggregate principal amount, except as otherwise orovided in the Parking
District Law and the Resolution hereinafter mentioned) of the ser~es an~ designation in-
dicated on the face hereof, which issue of Bonds consists or may consist of one or more
series, of varying dates, maturities and interest rates, all issued and to be issued pursuant
to the Constitution and statutes of the State of California, together with Resulution #2896
(hereinafter called the "Resolution"), adopted by the Council on the 16th day of November, 1959.
Reference is hereby made to said Parking District Law and to said Resolution, copies of ~hich are
now on file in the office of the City Clerk of the City ef South San Francisco, fora particular
description of the security therein provided, the nature, extent and manner of enforcement of
such security~¥ a statement of the rights of bearers or registered owners of the Bonds, and the
provision for issuance of Additional Bonds. Ail of the provisions of said Parking District Law
and said Resolution are incorporated herein and in the coupons aopurtenant hereto, and are
hereby, constituted a contract, to all of the provisions of which the bearer or registered owner
hereof, by his acceptance of this Bond, consents and ~grees. Each taker and subsequent holder
hereof and of said coupons whether said coupons are attached hereto or detached herefrom shall
have recourse to all of the provisions of said Parking District Law and said Resolution and
shall be bound by all of the terms and conditions thereof.
This Bond is issued for the purpose of raising money to finance a project (hereinafter
called the "Project") comprising vehicular parking places in Parking District No. 1 of the City
of South San Francisco. Both the principal hereof and the interest hereon, and of all Bonds of
said authorized issue, are payable exclusively from the special fund hereinafter and in the
Resolution referred to, which said fund is hereby pledged for security of the Bonds.
The City hereby covenants and warrants that for the payment of this Bond and all other
Bonds of this issue and all Additional Bonds issued pursuant to said Parking District Law and
said Resolution and interest hereon and thereon when due, there has been created and will be
maintained a special fund designated "Parking District No. I Revenue Fund," into which all of
the pledged revenues will be deposited, together with the proceeds of an ad valorem assessment
upon all of the taxable real property in Parking District No. i of the City of South San Francisco
which maybe levied under the terms of said Parking District Law and said Resolution and which
assessments are limited to thirty-one (31) years from the date of the Bonds, as to time, and to
505 per each $100 of assessed valuation, as to rate.
Ail of the Bonds of this authorized issue, including this Bond, and the interest thereon
and hereon ar~ payable exclusively from (a) ~he net revenues from the operation of the parking
places within said Parking District No. 1, (b) th~ net revenues from parking meters on any
and all streets and ways within said District, and (c) to the extent provided in said Parking
District Law and said Resolution, the proceeds of such ad valorem assessment, which net revenues
and proceeds of Said assessment have been pledged to the payment of the principal of and interest
on said Bonds; and the City is not obligated to pay the same except from said sources. This Bond
is not secured by the taxing power of the City, except to the limited extent of said ad valorem
assessments upon the taxable real property in Parking District No. 1 of the City of South San
Francisco, and then only as provided in the Resolution. Neither the City nor its officers are to
be held otherwise liable for the payment of the principal hereof or interest hereon.
The City hereby covenants and warrants that the Project will be operated in an efficient
and economical manner and that the Project will be operated, maintained and preserved in good
repair and working order from income available for such purposes, as provided in the Resolution,
and that there will be prescribed, revised and collected such rates and other charges in connec-
tion therewith as will produce net pledged revenues at least equal to the amounts thereof pre-
scribed by the Resolution and sufficient to pay the interest on and principal of the Bonds, and
maintain the reserve fund in accordance with the provisions of the Resolution, and that it will
to the full extent provided by the Resolution levy and collect such annual ad valorem assessments
whenever the net pledged revenues are, or are expected to be, insufficient in any year to maintain
the payments required to be made under the Resolution.
~RESOLUTION NO 2896 (CONT'D):
Series A Bonds Nos. A1 to A255, both inclusive, maturing on or prior to July 1, 1979, are
not redeemable prior to their fixed maturity dates. Series A Bonds Nos. A256 to A405, both in-
clusive, maturing on or after July 1, 1980, are redeemable at the option of the City on July 1, 1971,
but not prior thereto, and on any interest payment date thereafter prior to maturity, as a whole or
in part in inverse numerical order from higher to lower from funds derived by the City from any
source at the principal amount thereof and accrued interest to date of redemption plus a premium
as set forth in Column 3 below, as follows:
Column 1
Bonds redeemed on
or after July 1
Column 2
and prior to July 1
Column 3
Premium
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1972 5
1974 4
1975 %
1977 3
1978 2-3/4
1979
1982 1
1983 ~ of 1
Maturity none
of not less
ing, in the
Resolution may be amended, altered or modified with the written consent of the holders
than sixty per ~cent (60%) of the aggregate principal amount of the Bonds then outstand-
manner, to the extent and upon the terms provided in the Resolution.
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,
ha.o~ened 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 the City, does not exceed any limit prescribed
by the Constitution or statutes of said State.
This Bond may be registered in the office of the City Treasurer of the City of South San
Francisco, as provided in the Resolution,. and thereafter both the principal of and interest on this
Bond shall be payable only to the registered owner.
IN WITNESS WHEREOF, the City of South San Francisco has caused this Bond to be executed
under its official seal, signed by its Mayor and Treaurer and countersigned by its Clerk, and
has caused the interest coupons attached hereto to be executed by the facsimile signature of its
Treasurer and this Bond to be dated December 1, 1959.
Countersigned:
Mayor of the City of South
San Francisco
Treasurer of the City of South
San Francisco
City Clerk of the City of South
San Francisco
(FORM OF INTEREST COUPON)
THE CITY OF SOUTH SAN FRANCISCO on
(subject to any right of redemption reserved
in the Bond hereinafter mentioned) will pay
to bearer (but only out of the special fund $
referred to in said Bond) at the office of
the City Treasurer, SOUTH SAN FRANCISCO,
CALIFORNIA, or at the office of any paying
agent designated in said Bond, the sum shown
hereon, being interest then due on Bond No.
of Parking District No. 1 of said City,
Series A, dated December 1, 1959.
,19 _
Treasurer of the City of South
San Francisco
Section 2.04. Redemption Provisions for Series A Bonds.
Series A Bonds Nos. A1 to A255, both inclusive, maturing On or prior to July 1, 1979, are not
redeemable prior to their fixed maturity dates. Series A Bonds Nos. A256 to A405, both inclusive,
maturing on or after July 1, 1980, are redeemable at the option of the City on July 1, 1971, but not
prior thereto, and on any interest payment date thereafter prior to maturity, as a whoXe or in part,
in inverse numerical order, from higher to lower from funds derived by the Ci~from any source at the
principal amount thereof and accrued interest to date of redemption plus a premium as set forth in
Column 3 below, as follows:
458
RESOLUTION NO 2896 (CONT'D)
Column 1 Column 2 Column 3
Bonds redeemed on
or after July l And prior to July 1 Premium
1971 1972 5 %
1972 1973 4~ %
1973 1974 47_ %
1974 1975 3½ %
1975 1976 3~ %
1976 1977 3 %
1977 1978 2-3/4%
1978 1979 2! %
1979 1980 2~ %
198o 1981
1981 1982 1 %
~ ofl%
1982 1983
1983 Maturity none
Except as in this Section 2.O4 otherwise provided, the redemption of Series A Bonds
shall be subject to the provisions of Article IV hereof.
Section 2.05.
Establishment of New Series of Bonds.
Bonds other than Series A Bonds may be issued as provided in Section 3.02 hereof.
In the event of the issuance of any new series of Bonds the Council shall adopt a supplemental
resolution which shall prescribe the form or forms of such Bonds and shall provide the denominations,
methods of numbering, date, maturity date or dates, interest rate and interest payment dates, and place
or places of payment of principal and interest thereof and whether such Bonds are to be coupon Bonds with
or without provision for registration as to principal only or as to both principal and interest and/or
registered Bonds without coupons.
Section 2.06. Emecution of Bonds.
Ail of the Bonds shall be executed by the City in the name of and on behalf of Parking District
No. 1 of the City and under its seal, with the facsimile signature of its Mayor and its Treasurer and the
manual coutersignature of its Clerk or one or more of his deputies. The seal of the City may be affixed
to the Bonds by,tinted, lithographed or other reproduction thereof.
The coupons to be attached to the Bonds shall be signed by the facsimile signature of the
Treasurer of the City, and for that purpose the City may adopt and use the facsimile signature of any such
Treasurer notwithstanding the fact that at the time when any Bond shall be actually executed and dslivered
or sold he shall have ceased to hold such office.
In case any of such officials whose signature Or counter-signature appears on the Bonds or coupons
shall cease to be such official before the Bonds and coupons so signed shall have been actually authenticated
and delivered, such signature or counter-signature shall nevertheless b~ valid and of the same force and
effect as if he had remained in office until the delivery of the Bonds and coupons, and such Bonds and coupons
shall be issued and outstanding hereunder and shall be as binding, in accordance with their terms, upon the
City as though the person who signed such Bonds or coupons had been such official on the date borne by the
Bonds or coupons and on the date of delivery, and also any such Bond may be signed and sealed or any such
couponmaybe signed on behalf of the City bysuch person orpersons as at the actual date of the execution of
such Bond or coupon shall be the proper official or officials of the City although on such date as maybe borne
by such Bond or coupon any such person shall not have been such official.
Before any Bond is executed or delivered, all coupons thereon then matured shall be cut off and
cancelled.
Section 2.07. Negotiability.
All of the Bonds and coupons issued oursuant to the Resolution, subject to the provisions for
registration and transfer herein and in the Bonds contained, shall be negotiable instruments. The Bonds,
except while fully registered as to both principal and interest, shall pass by delivery. The City, any
paying agent and any other personmay treat the bearer of any unregistered Bond, the registered owner of any
Bond registered as to both principal and interest, and the bearer of any coupon appertaining to any unregistered
Bond, as the absolute owner of such Bond, or coupon, as the case may be, for the purpose of receiving payment
thereof and for all other puro~oses, and neither the City norany paying agent shall be affected by any notice
or knowledge to the contrary, whether such Bond or coupon shall be overdue or not. Ail payments of or on
account of interest to anybearer of any coupon aopertaining to any unregistered Bond, or to any registered
owner of any Bond registered as to both principal and interest, and allpayments of or on account of principal
to any bearer of any unregistered Bond, or to any registered owner of any Bond registered as to both principal
and interest, shall be valid and effectual and shall be a discharge of the City and any paying agent in respect
to the liability upon the Bond or coupon or claim for interest, as the case maybe, to the extent of the sum
or sums so paid.
Section 2.08.
Registration.
The Bonds may be registered as to' both principal and interest in the manner provided in Chapter 1
of Division 6 of the Title 1 of the Government Code of the State of California, the provisions of which are
incorporated herein and by reference made a part hereof.
Section 2.09. Places of Payment and of Notice.
The Bonds and coupons may be presented for payment or collection at the office of the City Treasurer,
South San Francisco, California, or at such other place or places, if any, as may be specified in the respec-
tive Bonds and coupons. Ail other notices, requests or demands addressed to the City in respect of this
Resolution and of the Bonds and coupons shall be served or made to the City at the office of the City Clerk,
City Hall, South Ean Francisco, California.
RESOLUTION NO. 2896 (CON'D)
Section 2.10. Bonds Mutilated, Lost or Destroyed.
The provisons of Artiele 2 and Article 3 of Title 5, Division 2, Part 1, Chapter 3, of the Government
Code of the State of California are hereby incorporated herein and made a part hereof with respect to a ny
Bonds mutilated, defaced, lost or destroyed, and with respect to the issuance and payment of duplicate Bonds
issued in lieu thereof.
Section 2.11. .Temporary Bonds.
Until definitive Bonds shall be prepared, the City may cause to be executed and delivered in lieu of
such definitive Bonds and subject to the same provisions, limitations and conditions as are anplicable in the
case of definitive Bonds, except that they maybe in any demominations authorizedby the Council. Temporary
Bonds shall be exchangeable only for definitive Bonds of the same aggregate principal amount with the same
maturity or maturities, and bearing interest at the same rate or rates, as are provided for in said temporary
Bonds. Temporary Bonds shall be exchangeable from time to time at the office of the City Treasurerwithout
exnense to the holder, for definitive Bonds of like aggregate principal amount, when prepared, of the same
se~ries, character and serial maturity as the case may be and of the denominations authorized. Ail temporary
Bonds so surrendered shall b, cancelled by the City Treasurer.
ARTICLE 111
ISSUE OF BONDS
Section 3.O1. Issuance of Series A Bonds.
At any time after the adoption of this Resolution the City may issue, sell at not less than their par
value and accrued interest, execute and deliver all or s~y part of the $405,000 aggregate principal amount of
Series A Bonds authorized hereunder. The City hereby warrants, represents, covenants and declares:
(a) That the purpose for which the proceeds of the Series A Bonds herein proposed and authorized
to be issued shall be expended is the acquisition, construction, establishment and improvement of the Project,
including all of the acquisitions and improvements set forth in Ordinance No. 437 of the City, including:
payment of the costs of the purchases of certain real properties, the cost of and the amount of award of con-
demnation of any one or more portions of said real properties ~hat cannot be so purchased, the cost of clearing
and of removal of existing structures now located on said real properties, the improvement of said real prop-
erties as off-street parking lots by grading, paving, fencing, curbing, lighting, installation of parking
meters and otherwise improving the same; payment of incidental expenses in connection with the acquisitions
and improvements for theparking District; payment of all costs of issuance of the Series A Bonds; and payment
of the cost (and reimbursement to the City of funds advanced to pay the cost) of all surveys, of preparation
of all plans and specifications and of all architectural, engineering, inspection, legal, financial and
economic consultants' fees payable in respect of the Project or the Series A Bonds. The Project for which the
proceeds of the Series A Bonds shall be expended shall comprise those certain real properties, acquisitions
and improvements in the District described in Ordinance No. 437.
(b) That the City emtimates that the Project as described in the foregoing paragraph (a) will be
completed from the proceeds of the sale of Series A Bonds, including all incidental costs in connection there-
with, and that all such costs and expenses will be fully paid from such funds; and that no mechanics' liens
will be permitted to be foreclosed in respect of the Project, or any part thereof (the City reserving the right,
however, to contest in good faith the validity of any such liens or claims).
Section 3.02.
General Provisions for Issuance of Additional Bonds for the Project.
In additon to the Series A Bonds issuable under Section 3.01 hereof, the Citymay issue and deliver
Bonds of any other series duly established pursuant to Section 2.05 hereof in such principal amountas shall
be determined by the Council and upon compliance by the City with the provisions of this Section 3.02 and the
Parking District Law, but subject to the following specific conditions which are hereby made conditions pre-
cedent to the issuance of Additional Bonds, viz~:
(a) The maturity date of the Additional Bonds last to mature shall not be earlier than the last
maturity date of Bonds of any Series then outstanding, and the Additional Bonds shall mature on July 1 of each
year; and serial maturities and/or minimumsinking fund payments sufficient in amount to retire all Bonds on
or before their respective maturity dates shall be established for each series of Additional Bonds.
(b) The new or additional off-street vehicular parking facilities, comprising improvements or
extensions of the Project for the acquisition, construction, establishment, improvement, extension,~mainten-
ance, operation or administration of which such Additional Bonds are authorized, shall have been recommended
by the City Engineer as being feasible from a practical and financial viewpoint.
(c) The aggregate amount of the Revenues as set forth below shall be equal to at least 1.40
times the maximum annual debt service (as def'~Lned in Section 3.05 hereof) payable in any future year on all
of the Bonds then outstanding and on'the Additional Bonds.then proposed to be issued whether on account of
interest, serial maturities of principal, or minimum sinking fund payments. Such aggregate amount of Revenues
shall consist of the sum of (i) Revenues accounted for through the Revenue Fund during the immediately pre-
ceding twelve-month period, or for the last complete fiscal year prior to the issuance of the Additional Bonds,
(ii) 75% of the Revenues estimated to be x~ceived from additional off-street vehicularlparking facilities to
be acquired or constructed from the proceeds of Additional Bonds, or from off-street parking facilities which
have been constructed but which have not been in operation for a full year, and (iii) 75% of any increase in
Revenues estimated to be received as a result of any in6rease in off-street vehicular parking rates or on-
street meter parking rates to be made, or which have been made but which have not been in effect for a full
year.
(d) The amount then in the Reserve Fund is not less than the amount required to be maintained
therein oursuant to paragraph (3) of Section 5.05 hereof and all other payments and deposits required, by
the Resolution or any supplemental resolution, to be made by the City shall have been made.
(e) The City shall have paid the principal of and inter?~st on all Bonds herein authorized to be
issued and then outstanding, as the same have become due and payable.
460
RESOLUTION NO 2896 (CONT'D)
(f) Such Additional Bonds shall be sold for a price not less than the principal amount thereof
and accrued interest to date of delivery, and the proceeds of the sale of the same shall be applied solely for
the acquisition, construction, establishment, improvement, extension, maintenance, operation, or administration
of such new or additional off-street vehicular parking facilities (including expenses or charges incidental
thereto and interest on the Additional Bonds during construction of such facilities and for a period of not
to exceed six (6) months thereafter) declared and designated by the Council as the acquisitions and improve-
ments of oublic parking facilities for the District to which the proceeds of the Additional Bonds then proposed
to be issued should be apnlied.
(g) Such Additional Bonds shall be equally and ratably 'secured with all Bonds herein authorized
to be issued or to be subsequently outstanding hereunder, without preference, priority or distinction (other
than with respect to terms of maturity and redemption provisions or sinking fund payments or other funds for
the security of such Additional Bonds)~ of any one Bond over any other er of the Bonds of any one series over
any other series.
(h) The resolution providing for the issuance of such Additional Bonds shall provide that
the revenues from the parking facilities acquired or improved with the proceeds of such Additional Bonds may
be used to pay the principal and interest on Series A Bonds on at least a parity with such Additional Bonds.
(i)
complied with.
All provisions of the Parking District Law and any other applicable law shall have been
Whenever the City shall determine to issue Additiomml Bonds the City shall adopt or secure, and
place on file in the office of the City Treasurer:
(i) A resolution supplementary to this Resolution duly adopted by the Council and
certified by the City Clerk declaring and defining the acquisitions and improvements for which the proceeds
of the Additional Bonds proposed to be issued shall be expended and specifying the maximum amount of Additional
Bonds to be issued for said aq~tsitions and improvements and specifying the terms and conditions of such
Additional Bonds in substantial conformity with Section 2.05 hereof;
(ii) A certificate or opinion of an independent traffic consultant or traffic engineer
and a certificate or oninion of aB independent and qualified financial consultant reco~Esndimg that the
additional bond issue will meet the requirements of paragraph (c) of this Section 3.02.
(iii) An opinion of Counsel setting forth (aa) that he has examined the supplemental
resolution; (bb) that the execution and delivery of the AdditioDml Bonds have been sufficiently and duly
authorized; (cc) that the issuance of the Additional Bonds has been duly authorized by any and all govern-
mental authorities the consent or approval of which is requisite to the valid issuance of such Additional
Bonds, or that no consent or approval of any governmental authority is requisite to the valid issue of
such Additional Bonds; (dd) that said Additional Bonds, when duly e~cuted and delivered by the City subject
to the terms hereof and of such supplemental resolution, will be valid and binding obligations of the City
payable from Revenues in accordance with the terms of this Resolution; (ee) that upon the delivery of ~he
Additional Bonds the aggregate principal amount of Bonds then outstanding under this Resolution will not
exceed the amount at the time permitted by law or the then limits of indebtedness of the City, if any,
authorized pursuant to this Resolution; (ff) that the City has or will have, upon the completion of said
acquisitk~w and improvements good merchantable title thereto, free and clear of all liens and encumbrances,
and will be authorized to own, use and operate said a~p~sitions, improvements or extensions of the Project
and to use and aoply the Revenues therefrom for the payment of ~he Bonds issued hereunder.
None of the foregoing conditions (excepting the condition that all provisions of the Parking District
Law and any other applicable law shall be complied with) shall be applicable to the issuance and sale of
Additional Bonds provided that at or before, or simultaneously with, the issuance of such Additional Bonds,
provision has been duly made for the call and redemption or retirement of all of the Bonds issued hereunder
and then outstanding,
Section 3.03. Disposition of Proceeds of Series A Bonds.
All cash received by the City upon the sale of Series A Bonds shall be applied by the City as follows:
(a) All accrued interest, from the date of the Series A Bonds to the date of payment of the
purchase price thereof, receivedupon the sale of the Series A Bonds, shall be deposited by the City Treasurer
in the Parking District No. I Bond Service Fund referred to in paragraph (2) of Section 5.05 hereof.
(b) The sum of $27,500.00 thereof shall be deposited by the City Treasurer in the Parking
District No. 1 Reserve Fund referred to in paragraph (3) of Section 5.05 hereof.
(c) The balance.of said proceeds (including any premium) shall be set aside and deposited by
the Treasurer of the Cityin a seoarate fund to be known as the Parking District No. 1 Acquisition and
Improvement Fund which is hereby created and which the City herebycovenantsandagrees to maintain. The
proceeds of sale of the Series A Bonds in the Parking District No. 1 Acquisition and Improvement Fund shall
be used solely for the purpose specified in Section 3.01hereof, except that any balance remaining in said
Fund after the accomplishment of said purpose shall be deemed to be Revenues and, upon completion of the
acquisition, construction, establishment and improvement of the Project and the payment of costs and fees
provided for in Section 3.01 hereof, shall be deposited by the Treasurer of the City in the Revenue Fund
provided for in Section 5.03 hereof and shall be used solely for the purposes thereof. Moneys in said Parking
District No. 1 Acquisition and Improvement Fund may be invested by the City in United States Treasury bills
maturing prior to the time that such moneys will be needed by the City for expenditure, as estimated by the
Treasurer of the City.
Section 3.04. Proceeds of Additional Bonds to Acquisition and Improvement Fund.
Whenever the City shall issue any Additional Bonds under the provisions of section 3.02 hereof,
the City shall deposit the proceeds of sale thereof (including any premium but excluding accrued interest
from the date of such Additional Bonds to the date of payment of the purchase price thereof and excluding
such portion of the proceeds of sale thereof as shall be required by the provisions of the supplemental
resolution authorizing the issuance of such Additional Bonds to be deposited in any fund or funds created
by such supplemental resolution for the security of such Additional Bonds) in an Acquisition and Improvement
Fund to be established for such Additional Bonds.
RESOLUTION NO 2896 (CONT'D):
Section 3.05. Annual Debt Service Requirements for Issue of Additional Bonds.
Whenever, for the purpose of this Resolution, it is necessary to calculate the maximum annual
debt service required to be paid out of the Revenue Fund in any fiscal year thereafter on account of in-
terest to accrue and principal to become payable on the bonds, and serial maturities and/or sinking fund
payments sufficient in amount to retire all Bonds on or before their fixed maturity dates have been estab-
lished, the said maximum annual debt service shall be deemed to be the maximum sum required for any fiscal
year thereafter for both principal and interest payments on the Bonds, including the Additional Bonds then
proposed to be issued, on the basis of their actual fixed principal payments, after deducting all minimum
sinking fund payments (if any) payable on or before such fixed principal payment dates. Interest on the
outstanding Bonds shall be calculated at the actual interest rates borne by the Bonds, and interest on the
Additional Bonds then proposed to be issued shall be assumed to be identical with the average interest rate
on the Bonds then outstanding irrespective of the coupon rate which such Additional Bonds may carry at the
time of their actual issuance and deliverye
ARTICLE IV
REDEMPTION
Section 4.01. Redemption of Series A Bonds.
The Series A Bonds are redeemable before maturityat the prices and uponthe terms set forth in
Section 2.04 hereof.
Section 4.02. Redemotion ofAdditional Bonds.
Any series of Bonds, other than the Series A Bonds, may be made subject to redemption prior to
maturity as a whole at any time, or in part from time to time, upon payment of the principal amount plus
such premium or premiums, if any, as may be determined by the Council at the time~ such series is author-
ized and as shall be specified in the Bonds of the respective series. Whenever provision is made in any
resolution supplemental hereto, for the redemption of any Bonds prior to maturity thereof, it shall be
provided that said bonds shall be redeemed in inverse order of their maturity.
Section 4.03.
Publication of No~ice of Redemption.
The City shall cause any notice of redemption to be published in one newspaper printed in the
English language and published, and of general circulation, in South San Francisco, California, once a
week (on any business day of the week) for two successive calendar weeks ~(the first publication to be not
less than thirty (30) days nor more than sixty (60) days prior to the redemption date). Notice of such
intended redemption shall state the redemption date and the redemption price and designate the serial
numbers of the Bonds to be redeemed by giving the individual number of each Bond or by stating that all
Bonds between two stated numbers, both inclusive, or that all of the Bonds of any stated maturity, or that
all of the Bonds of any designated series authorized hereunder, 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
subsequent to the said redemption date, at said office of the City Treasurer (or, if the Bonds are also
payable elsewhere, at the option of the respective holders thereof, at the office of the paying agent in any
city in which the principal of any of the Bonds so to be redeemed is payable), for redemption at the said
redemption p~rice, giving notice also that further interest on such Bonds will not accrue after the designated
redemption date.
A similar notice'shall also be mailed by the City to the original purchaser of each series of
Bonds issued hereunder, and to the respective, registered owners of any Bonds designated for redemption
at their addresses appearing on the Bond registration books, at least thirty (30) days but not more than (60)
days prior to the redemption date; provided that such mailing shall not be a condition precedent to such
redemption, and failure to mail or to receive any such notice shall not affect the validity of the pro-
ceedings for the redemption of such Bonds.
Section 4.04. Deposit of Redemption Funds.
On or prior to the redemption date specified in each such notice of redemption, the City shall
make available moneys sufficient to redeem, at the premium payable as provided for with respect to the
series of Bonds so called for redemption, the Bonds designated for redemption and to pay the interest accrued
thereon up to said redemption date, such moneys to be apolied to the payment of such Bonds and such accrued
interest thereon uoon presentation and surrender of such coupons, if any, and of such Bonds together with,
in the case of registered Bonds, duly executed instruments of transfer at the office, of the City Treasurer
(or at such other place or places, if any, as may be specified in such Bonds and coupons), provided that in
the case of coupon Bonds such part of the redemption price as shall be represented by coupons maturing prior
to, or on the date of redemption shall continue to be payable (but without interest thereon, unless the City
shall make default in the payment thereof upon demand) to the respective bearers of the coupons therefor
upon presentation and surrender thereof; and after the receipt by the City Treasurer of such deposit, such
Bonds so called, whether or not presented for redemption, shall cease to be entitled to any benefit under
this Resolution other than the right to receive payment of the redemption price; no Lnterest will accrue
thereon on or after the redemption date specified in such notice; claims for interest, if any, appertaining
to such Bonds after such redemption date shall be void; and the holders of Bonds so called for redemption
shall look after such redemption date for the payment of such Bonds and accrued interest and premium only to
the funds held by the City Treasurer and allocated for that purpose as hereinbefore provided; all provided
that the funds allocated as aforesaid remain available therefor.
The Cit~ Treasurer may make such suitable arrangements as to him seem necessary or
desirable to transfer funds to any Paying Agent at whose office the Bonds so called for redemption may be
presented and to arrange for the payment and cancellation of such Bonds.
ARTICLE V
FEES, RATES AND CHARGES FOR PROJECT AND ON,STREET PARKING METERS, AND REDUCTIONS OR INCREASES
THEREOF; RECEIPT AND DEPOSIT OF REVENUES; ESTABLISHMENT OF FUNDS AND REQUIREMENTS THEREFOR
Section 5.01. Establishment of Fees, Rates and Charges.
(a) The City covenants and agrees that, so long a~ any of the Bonds remain outstanding,
it will at all times establish and collect or cause to be established and collected, on-street parking
meter fees and fees, rates and other charges for the use of the Project in such"~mounts that the Revenues
oledged to pay the principal of and interest on the Bonds issued hereunder will ~ at least equal to the
sum of the following (each with respect to the then immediately ensuing twelve months):
~_ ~.v~ .. :~_-~m.o~a~s~all-be as~d to be identical with the average interest rate
on~ the 'Bonds then outstanding irrespective of the coupon rate which such Additional Bonds may carry at the
time of their actual issuance and delivery.
ARTICLE IV
REDEMPTION
Section 4.01. Redemption of Series A Bonds.
The Series A Bonds are redeemable before maturity at the prices and upon the terms set forth in
Section 2.04 hereof.
Section 4.02. Redemption of~Additional Bonds.
Any series of Bonds, other than the Series A Bonds, may be made subject to redemption prior to
maturity as a whole at any time, or in part from time to time, upon payment of the principal amount plus
such premium or premiums, if any, as may be determined by the Council at the time' such series is author-
ized and as shall be specified in the Bonds of the respective series. Whenever provision is made in any
resolution supplemental hereto, for the redemption of any Bonds prior to maturity thereof, it shall be
provided that said bonds shall be redeemed in inverse order of their maturity.
Section 4.03. Publication of No~ice of Redemption.
The City shall cause any notice of~ redemption to be published in one newspaper printed in the
English language and published, and of general circulation, in South San Francisco, California, once a
week (on any business day of the week) for two successive calendar weeks.(the first publication to be not
less than thirty (30) days nor more than sixty (60) days prior to the redemption date). Notice of such
intended redemption shall state the redemption date and the redemption price and designate the serial
numbers of the Bonds to be redeemed by giving the individual number of each Bond or by stating that all
Bonds between two stated numbers, both inclusive, or that all of the Bonds of any stated maturity, or that
all of the Bonds of any designated series authorized hereunder, ha~,e been called for redemption, and shall
require that such Bonds be then surrendered with, in the case of coupon Bonds, all interest coupons maturing
subsequent to the said redemption date, at said office of the City Treasurer (or, if the Bonds are also
payable elsewhere, at the option of the respective holders thereof, at the office of the paying agent in any
city in which the principal of any of the Bonds so to be redeemed is payable), for redemption at the said
redemption p~rice, giving notice also that further interest on such Bonds will not accrue after the designated
redemption date.
A similar notice'shall also be mailed by the City to the original purchaser of each series of
Bonds issued hereunder, and to the respective, registered owners of any Bonds designated for redemption
at their addresses appearing on the Bond registration books, at least thirty (30) days but not more than (60)
days prior to the redemption date; provided that such mailing shall not be a condition precedent to such
re~demption, and failure to mail or to receive any such notice shall not affect the validity of the pro-
ceedings for the redemption of such Bonds.
Section 4.04. Deposit of Redemption Funds.
On or prior to the redemption date specified in each such notice of redemption, the City shall
make available moneys sufficient to redeem, at the premium payable as provided for with respect to the
series of Bonds so called for redemption, the Bonds designated for redemption and to pay the interest accrued
thereon up to said redemption date, such moneys to be applied to the payment of such Bonds and such accrued
interest thereon uDon presentation and surrender of such coupons, if any, and of such Bonds together with,
in the case of registered Bonds, duly executed instruments of transfer at the office, of the City Treasurer
(or at such other place or places, if any, as may be specified in such Bonds and coupons), provided that in
the case of coupon Bonds such part of the redemption price as shall be represented by coupons maturing prior
to, or on the date of redemption shall continue to be payable (but without interest thereon, unless the City
shall make default in the payment thereof upon demand) to the respective bearers of the coupons therefor
upon presentation and surrender thereof; and after the receipt by the City Treasurer of such deposit, such
Bonds so called, whether or not presented for redemption, shall cease to be entitled to any benefit under
this Resolution other than the right to receive payment of the redemption price; no interest will accrue
thereon on or after the redemption date specified in such notice; claims for interest, if any, appertaining
to such Bonds after such redemption date shall be void; and the holders of Bonds so called for redemption
shall look after such redemption date for the payment of such Bonds and accrued interest and premium only to
the funds held by the City Treasurer and allocated for that purpose as hereinbefore provided; all provided
that the funds allocated as aforesaid remain available therefor.
The City Treasurermaymake such suitable arrangements as to him seem necessary or
desirable to transfer funds to any Paying Agent at whose office the Bonds so called for redemption may be
presented and to arrange for the payment and cancellation of such Bonds.
ARTICLE V
FEES, RATES AND CHARGES FOR PROJECT AND ON,STREET PARKING METERS, AND REDUCTIONS OR INCREASES
THEREOF; RECEIPT AND DEPOSIT OF REVENUES; ESTABLISHMENT OF FUNDS AND REQUIREMENTS THEREFOR
Section 5.01. Establishment of Fees, Rates and Charges.
(a) The City covenants and agrees that, so long as any of the Bonds remain outstanding,
it will at all times establish and collect or cause to be established and collected, on-street parking
meter fees and fees, rates and other charges for the use of the Project in such amounts that the Revenues
pledged to pay the principal of and interest on the Bonds issued hereunder will be at least equal to the
sum of the following (each with respect to the then immediately ensuing twelve months):
(1) The interest payments for such twelve months on all of the Bonds outstanding;
RESOLUTION NO 2896 (CONT'D)
(2) The principal amount of all serial Bonds maturing by their terms during such
twelve months;
(3) The minimum annual sinking fund payments, if any, required to be deposited
during such twelve months in any sinking fund created for the security of any Bonds issued
hereunder; and
(4) An amount ~hich will make the aggregate net revenues from on-street parking
meters and from the operation of the parking places equal 1.40 times the above designated debt
service requirements after payment of annual maintenance and operation expenses.
(b) The City further covenants and agrees ~hat so long as any of the Bonds remain out-
standing it will at all times, within the District, maintain parking meters on the public ways within the
District as provided in the proceedings for the formation of said District under the Parking District Law
(or any proceedings hereafter taken under said Law for the further acquisition or improvement of public
parking facilities for said District and the issuance of Add{tional Bonds therefor under said Law),
establish, maintain and enforce on-street parking regulations relating to the use of parking meters and
will maintain all parking meters in good operating condition and will replace said meters as required. )~
The provisions of this Section 5.01 shall not be construed to prohibit installation of new parking meters
in areas within the District in which such meters are not now located, removal or changes in locations
of any parking meters necessitated by reason of public safety or convenience, by street widening or street
closing or by other traffic control requirements, or reasonable variations or changes of locations of
parking meters, so long as Revenues are not reduced to less than the amount thereof required by this
Section 5.01.
(c) The City further covenants and agrees that all such fees, rates and other charges
for both off-street parking and on-street par~ing in metered areas shall be payable in such coin or
currency of the United States of America as on the date of payment is legal tender for the payment of
public and private debts, or in scrip or tokens issued only upon payment of the face value thereof in
such coin or currency.
(d) Notwithstanding any provisions of this Resolution and notwithstanding any other
agreement made by the City pursuant to the Parking District Law, as a covenant to bondholders or other-
wise, to maintain oarking meters on specified public ways, parking meters need not be maintained:
(1) On any public way which has become a "freeway" or a "state highway," as
defined in Sections 23.5 and 24 of the Streets and Highways Code;
(2) At any time and so long as both (i) the net revenues from the operation of
District parking places during each of the two next previous fiscal years and available for
the payment of principal and interest on the Bonds equaled or exceeded one and one-half times
the principal and interest which have or will come due during the current fiscal year, and
(ii) the moneys in the Bond Service Fund equals or exceeds all amounts coming due on principal
and interest during the next following twelve months;
(3) At any time and so long as the moneys in the Bond Service Fund and the Reserve
Fund equals the total of the outstanding Bonds and the interest thereon to maturity;
(4) At any time after the Bonds and the interest thereon have been fully paid; and
(5) On a public way, or portion thereof, if the holders of not less than sixty per
cent (60%~) of the outstanding, bonds have agreed in writing that the maintenance of parking
meters on such public way, or portion thereof, may be discontinued.
Furthermore, the provisions of this Resolution or the provisions of any other agreement shall
not affect the right of the City, acting by virtue of' its police power, to control, regulate or prohibit
the parking of vehicles on any public way, 'or portion thereof, to the extent necessary to protect the
public safety.
Section 5.02. Collection of Fees, Rates and Charges.
All fees, rates and other charges for use of any of the facilities of the Project shall be
collected in cash for each use thereof not exceeding 24 hours, or in advance for any use thereof exceeding
24 hours.
Section 5.03.
Receipt and Deposit of Revenues ~- Revenue Fund.
The City covenants and agrees that all Revenues provided for in this Article V, as and~hen
received, will be received and held by the City in trust hereunder and accounted for through a special
fund to be designated the "Parking District No. 1 Revenue Fund" (herein referred to as the "Revenue Fund"),
which is hereby created andwhich the City hereby covenants and agrees to maintain. Ail such Revenues
shall be disbursed, allocated and applied solely to the uses and purposes hereinafter in this Article V
set forth, and shall be accounted for separate and apart from all other moneys, funds or other resources
of the City. Ail moneys at any time paid into the Revenue Fund shall be held by the City in trust for the
benefit of the holder or holders from time to time of the Bonds issued hereunder' and the coupons apper-
taining thereto, entitled to be Daid therewith, and the City shall not have anybeneficial right or
interest in any of such moneys, except only as in this Resolution provided.
Section 5.04. Pledge of Revenues.
The Cit~ hereby places a charge upon and pledges to the payment of the principal and interest
on the Bonds issued hereunder, as provided in Section 7.01 hereof, all of the net revenues from on-street
parking meters and net revenues from the operation of the District parking places.
So long as any Bonds shall be outstanding hereunder, all Revenues shall be deposited monthly
(and on or before the fifth business day of the calendar month next succeeding the calendar month during
which such Revenues have been collected) by the Treasurer of the City, begirming in the calendar month
next succeeding the calendar month in which any of the Series A Bonds are issued, but not later in any
event than January 5, 1960, in the Revenue Fund created by Section 5.03 hereof, and shall be used solely
for the purposes thereof.
RESOLUTION NO 2896 (CONT'D):
Section 5.05. Establishment of Funds for Revenues.
All moneys in the Revenue Fund shall at the times hereinafter stated be set aside and deposited
by the City Treasurer in the following order of priority in the following respective special funds, viz:
Parking District No. 1 Operation and Maintenance Fund,
Parking District No. 1 Bond Service Fund,
Parking District No. 1 Reserve Fund,
(4) Parking District No. 1 Series A Sinking Fund, each of ~hich said funds is hereby created
and each of which the City hereby covenantsand agrees to maintain. Ail moneys in each of said funds shall be
held in trust by the City Treasurer and shall be applied, used and withdra~n only for the purposes hereinafter
authorized:
(1) Parking District No. 1 Operation and Maintenance Fund.
~he amount budgeted for necessary and reasonable maintenance and operation costs of the District
parking places and necessary and reasonable on-street parking meter expenses during the then current fiscal
year shall be a charge against moneys in the Revenue Fund, which shall be accounted for through the Parking
District No. 1 Operation and Maintenance Fund. The Treasurer shall, prior to depositing moneys to the funds
hereinafter designated, set aside out of the Revenue Fund and deposit in the Parking District No. 1 Operation
and Maintenance Fund, from time to time, commencing January 7, 1960, on a monthly basis as nearly as practi-
cable, such amount as is reasonably required for necessary and reasonable maintenance and operation costs of
the District parking places and necessary and reasonable on-street parkingmeter expenses.
(2) Parking District No. 1 BondService Fund.
The City Treasurer shall set aside out of the Revenue Fund and shall deposit in the Parking District
No.1 Bond Service Fund in approximately equal monthly installments, on or before the sixth business day of each
month, an amount equal to at least one-fifth of the aggregate half yearly amount of the interest becoming due
and payable on the outstanding Bonds of all series during the next ensuing six months.
The City Treasurer shalI set aside out of the Revenue Fund and shall deposit in the Parking District
No. 1 Bond Service Mund in approximately equal monthly installments, on orbefore the sixth business day of each
month, an amount equal to at least one-tenth of the aggregate yearly amount of principal due and payable on the
outstanding Bonds of all series during the next ensuing twelve months. The first of each of such monthly pay-
ments shall be maze not later than January 6, 1960. No payment need be made into the Parking District No. 1
Bond Service Fund so long as there shall be in thc Parking District No. 1 Bond Service Fund moneys sufficient
to pay at least all of the interest to become due in the next ensuing six months and also all of the principal
of all Bonds issued hereunder and then outstanding and maturing by their terms in the next ensuing twelve months.
Ail moneys in the Parking District No. 1 Bond Service Fund shall be used solely for the purpose of paying the
interest on and the principal of the Bonds as they shall become due and payable.
(3) Parking District No. 1 Reserve Fund.
The City Treasurer shall set aside out of the Revenue Fund (the initial payment into which is
provided for in paragraph (b) of Section 3.03 hereof) on or before the sixth business day of each month all
moneys in the Parking District No. 1 Revenue Fund that shall be required to provide the sum of $1,800.OO
for the fiscal year ending June 30, 1960, to wit, one sixth thereof on or before the sixth business day of
each and every month of such fiscal year commencing in January, 1960, and thereafter the amount necessary to
provide the sum of $1,800.00 during the fiscal years ending June 30,1961, $1,8OO.00 during the fiscal year
ending June 30, 1962, $1,800.00 during the fiscal year ending June 30, 1~6~ and $1,800.00 for the fiscal year
ending June 30, 1964, to wit, one-twelfth thereof on or before the sixth business day of each and every month
of each such fiscal year, respectively, commencing in July, and until said Reserve Fund shall amount to a
total of $36,500.00. In addition thereto the Treasurer shall deposit in the Parking District No. 1 Reserve
Fund the amount that shall be required to maintain the Parking District No. 1 Reserve Fund in the amount of
$27,500.00, plus the accruals hereinabove provided, during said fiscal year~, and after said fiscal year
ending June 30, 1964, the amount that shall be required to maintain said Reserve Fund in the amount of
$36,500.00 so long as any Series A Bonds are outstanding; provided that if any Additional Bonds are issued
hereunder the minimum amount to be maintained in said Reserve Fund shall be the amount then equal to the
mawimum annual debt service on all of the Bonds issued hereunder and then outstanding. No payment need be
made into the Parking District No. 1 Reserve Fund so long as there shall be in said fund a sum at least equal
to said required amount. Ail moneys in the Parking District No. 1 Reserve Fund shall be used and withdrawn
solely for the puroose of paying the Drincipal of and interest on the Bonds or minimum sinking fund payments,
or any part thereof, in the event that no other funds of the City are then available therefor.
(4) Parking District No. 1 Series A Sinking Fund.
The City Treasurer shall set aside out of the Revenue Fund and shall deposit in the Series A
Sinking Fund on or before the sixth business day of each month, commencing in July, 1960, after setting aside
all of the sums required to be set aside by the City Treasurer by the provisions of the foregoing paragraphs
(1) to (3), inclusive, fifty per centum (50%) of all moneys then remaining in the Revenue Fund; provided, that
there shall be deposited in the Series A Sinking Fund during each fiscal year, commencing in July, 1979, in one
or more monthly installments, a minimum annual sinking fund payment sufficient to call and redeem Series A
Bonds (including premium thereon) in the following resoective minimum amounts on July 1 in each of the following
years:
Minimum Annual
Year Sinking Fund Payment
1980 25,000
1981 30,000
1982 30,000
1983 30,000
1984 35,000
464
RESOLUTION NO 2896 (CONT,D):
Any surplus Revenues may be deposited in the Series A Sinking Fund on or after January 1, 1970. All moneys
in the Series A Sinking Fund may be used to ourchase Series A Bonds at public or private sale, as and when
and at such prices (including brokerage and other charges but excluding accrued interest) as the City may in
its discretion determine provided that no such price shall exceed the then current redemption price and pro-
vided that the City shall call and redeem Series A Bonds from the Series A Sinking Fund PUrsuant to said Sec-
tion 2.04 and said Article IV whenever on the first business day of any .May or November, beginning in May,
1971, there are moneys in the Series A Sinking Fund available for said purposes as in this paragraph (4) pro-
vided.
Ail moneys in the Series A Sinking Fund in an amount sufficient to redeem at least $1,000 principal
amount of Series A Bonds shall be used and withdrawn by the City Treasurer on and after July 1, 1971, solely
for the purpose of redeeming the Series A Bonds which are subject to redemption pursuant to the provisions
of Section 2.04 hereof and the provisions of Article IV hereof. The City hereby covenants and agrees with
the holders of the Series A Bonds to call and redeem Series A Bonds from the Series A Sinking Fund pursuant
to said Section 2.04 and said Article~IV whenever on the tenth business.day of any May or November, beginning
in May, 1971, there are moneys in the Series A Sinking Fund available for said purposes as in this paragraph
(4) provided.
If on the tenth business day of any May or November, beginning in May, 1971, the moneys held by the
City Treasurer available for such purpose, together with the additional sum estimated by the City Treasurer
to be receivable in the Series A Sinking Fund, equal or exceed $1,000, such moneys shall be applied to t~s call
and redemption of Series A Bonds on the next succeeding interest payment date as above provided. The amount
es. timated by the City Treasurer to be received from Revenues into the Series A Sinking Fun~nbetween the tenth
business day in May or November and the next succeeding interest payment date shall not be/excess of ~he amount
actually deposited in the Series A Sinking Fund in the forty-day period immediately preceding the last preceding
interest payment date. If the amount estimated to-be so received into Series A Sinking Fund is not actually re-
ceived on or before the interest payment date on which the same is to be applied by the City Treasurer for the
redemption of Bonds called on such interest payment date, the deficiency shall be made up by temporary borrowing
by the City Treasurer from the Reserve Fund, to be repaid from the first Revenues received thereafter, when and
if such Revenues are received by the City Treasurer. The City Treasurer shall be under no liability in making
such estimate or using or applying funds (including borrowings from the Reserve Fund) based upon such estimate
of moneys to be available in the Series A Sin~ing Fund as herein provided.
(5) All moneys remaining in the Revenue Fund ~ter the sixth business day of each month after setting
aside all of the sums required to be set aside by the provisions of the foregoing paragraphs (1) to (4), inclu-
sive, shall be used and withdrawn nursuant to the provisions of any supolemental resolution hereafter adopted by
the Council solely for the purpose of deposit in such fund or funds as may be created by any such supplemental
resolution for the redemption or security of bonds of any series, other than the Series A Bonds, hereafter issued
hereunder, provided that until the creation of any such fund or funds and subject to the provisions of any such
supplemental resolution hereafter adopted by the Council, said moneys may be used and withdrawn by the Treasurer
of the City as directed by a resolution of the Council for any one or more of the following pur0oses: (a) To
pay any reasonable operation and maintenance costs of the Project for the then current fiscal year for which no
adequate budgeted amount was nrovided; (b) for payment by the City of the cost of extensions or improvements of
the Project; (c) To be applied to the purchase of Bonds at public or private sale, as and when and at such
prices (including brokerage and other charges, but excluding accrued interest, which is payable from the Parking
District No. 1 Bond Service Fund) as the City may in its discretion determine, provided that no such price shall
exceed the highest redemption price or then current redemption price of the Bonds so purchased, whichever is
lower, and that all Bonds so purchased shall be cancelled; or (d) To be transferred to any other Fund hereby
established or to the General Fund of the City to be used for any lawful purpose.
Section 5.06. Investment of Revenues.
All moneys constituting Revenues and allocated by the City Treasurer to any of the Funds, other than
the Parking District No. 1 Reserve Fund, shall be held in time or demand deposits, which shall be secured, to
the extent required by law, if any, and shall not be invested, except that such moneys may be invested in United
States Treasury bills maturing prior to the next interest payment date after the date of such investment. Moneys
allocated to the Parking District No. 1 Reserve Fund may be held in time or demand deposits secured as required
bylaw, but the City Treasurermay invest any or all of the Parking District No.1 Reserve Fund, not ~hen required
to be applied to the redemption of Bonds, in obligations of the United States of America, or obligations~fully
guaranteed as to both principal and interest by the United States of America, or obligations of the State of Cali-
fornia, maturing not more than twelve (12) years from date of purchase. Ail income from all investments made by
the City Treasurerpursuant to this Section shall be deposited bythe City Treasurer in and for the purposes of
the Parking District No. 1 Revenue Fund created by Section 5.03 hereof.
Section 5.07. Pledge of Ad Valorem Assessments.
The City shall levy and collect each year an ad valorem assessment upon all taxable real property in
Parking District No. 1 of the City of South San Francisco (except public places and ways in use in the perform-
ance of a public function) to the extent to which Revenues from the District parking places and parking meters
pledged to the pa~.~ent of principal and interest of the Bonds have been, or are expected to be, insufficient in
any year to pay the principal and interest of the Bonds, and to the extent to whiCh the Parking District No. 1
Reserve Fund established for said Bonds has been, or will be, used to Day such principal and interest, clearly
sufficient to pay the principal of and interest on the Bonds or to rebuild and reestablish said Parking District
No. 1 Reserve Fund to the full amount required to be maintained therein. The rate of ad valorem assessment shall
be fixed by the Council each year in accordance with this Resolution, as follows, to wit: the ad valorem assess-
ment with resoect to the Series A Bonds shall not exceed the following limits, to wit: not to exceed thirty-one
(31) years fr~om the date~ of said Series A Bonds, as to time, and not to exceed 505 on each $100 of assessed val-
uation of.all taxable real property in said Parking District No. 1, as to rate. Said ad valorem assessment shall
be levied, collected and enforced in the same manner, at the same times, and with the same penalties and interest
as in the case of taxes levied for the City of South San Francisco. The proceeds of any such levy shall be used
to the extent necessary to replace any deficiency in the Parking District No. 1 Reserve Fund and any balance shall
be deposited in the Parking District No. 1 Bond Service Fund.
Such assessment shall be levied and collected in any event whenever on any July 2nd the moneys in the
Parking District No. 1 Reserve Fund (after payment in full of all interest and principal requirements on the
Bonds due and payable on the oreceding July l) contain less than the minimUm amount then required to be main-
tained therein.
RESOLUTION NO 2896 (CONT ,D):
ARTICLE VI
EVENTS OF DEFAULT AND REMEDIES ON DEFAULT
Section 6.01. Events of Defaults Application of Revenues.
If one or more of the following events (herein called "events of default") shall happen, to wit:
(a) If default shall be made in the due and punctual payment of the principal of any Bond
when and as the same shall become due and payable, whether at maturity as therein expressed, by pro- ·
ceedings for redemption, by declaration or otherwise;
(b) If default shall be made in the due and punctual payment of any installment of inter-
est on any Bond when andas such interest installment shall become due and payable, and such default
shall have continued for a period of thirty (30) days;
(c) If default shall be made in the due and punctual payment or satisfaction of any mini-
mum sinking fund payment when and as such sinking fund payment shall become due and payable, and
such default shall have continued for a period of thirty (30)days;
(d) If default shall be made by the City in the observsnce of any of the covenas~s, 1
agreements or conditions on its part in this Resolution or any supplemental resolution or in the Bonds
contained, and such default shall have continued for a period of thirty (30) days; or
(4) If the City shall file a oetition or answer seeking reorganization or arrangement
under the Federal Bankruptc~ laws or any other aoolicable law or statute of the United States of
America, or if a court of competent jurisdiction shall approve a petition, filed with or without
the consent of the City, seeking reorganization under the Federal Bankruptcy laws or any other
applicable law or statute of the United States of America, or if under the provisions of any other
law for the relief or aid of debtors any court of competent jurisdiction shall assume custody or
control of the City or of the whole or any substantial part of its property;
then and in each and every such case the holders of not less than a maJority in aggregate principal amount of
the Bonds at the time outstanding shall be entitled, upon notice in writing to the City, to declare the prin-
cipal of all of the Bonds then outstanding hereunder and the interest accrued thereon to be due and payable
immediately, and upon any such declaration the same shall become and shall be immediately due and payable, any-
thing in this Resolution or in the Bonds contained to the contrary notwithstanding.
All of the Revenues of the Project, including all sums in the Revenue Fund provided for in Section
5.03 hereof and in all of the funds provided for in Section 5.05 hereof upon the date of the happening of any
event of default and all sums thereafter received by the City Treasurer hereunder shall be applied by the City
Treasurer in the order following upon presentation of the several Bonds and coupons, and the stamping thereon
of the nayment if only partiallypaid, or upon the surrender thereof if fully paid$
First, to the payment of the costs and expenses of the holders of the Bonds in declaring
such event of default, including reasonable compensation to their agents, attorneys and counsel;
Second, in case of the principal of the Bonds shall not have become due and shall not then
be due and payable, to the payment of the interest in default in the order of the maturity of
the installments of such interest, with interest on the overdue installments at the rate of five
per centumper annum (to the extent that such interest on overdue installments shall have been
collected), such payments to be made ratably to the persons entitled thereto without discrimina-
tion or preference;
Third, in case the principal of the Bonds shall not have become due and shall not then be
due an-'~able, to the payment of the whole amount then owing and unpaid upon the Bonds for
principal and interest, with interest on the overdue principal and installments of interest at
the rate of five per centum per annum (to the extent that such interest on overdue installments
of interest shall have been collected), and in case such moneys shall be insufficient to pay in
full the whole amount so owing and unpaid upon the Bonds, then to the payment of such principal
~and interest without oreference or priority of principal over interest, or of interest over
principal, or of any installment of interest over any other installment of interest, ratably to
the aggregate of such principal and interest.
Section 6.02. Rights of Holders of Bonds upon Default.
Subject to any contractual limitations binding upon the holders of any of the Bonds, any holder
of Bonds shall have the right, for the equal benefit and protection of all holders of Bonds similarly situated$
(a) By mandamus or other suit, action or proceeding at law or in equity to enforce his rights
against the City and the Council and any of its officers, agents and employees, and to require and compel the
City or the Council or any such officers, agents or employees, to perform and carry out its and their duties
and obligations under the Constitution and laws of the State of California, including the Parking District Law
of 1951, and its and their covenants and agreements With the holders o~' the Bonds as provided in this Resolution;
(b) ~ action or suit in equity to require the City and the Council to account as if they were
the trustee of an express trust; or
(c) By action or suit in equity to enjoin any acts or things which may be unlawful or in vio-
lation of the rights of the holders of the Bonds.
No remedy ~onferred hereby upon any holder of Bonds is intended to be exclusive of any other remedy,
but each such remedy is cumulative and in addition to every other remedy and may be exercised without exhausting
and without regard to any other remedy con~erred hereby. No waiver of any default or breach of duty or contract
by the holder of any Bond shall extend to or shall affect any subsequent default or breach of duty or contract
or shall impair any rights or remedies thereon. No delay or omission of the holder of any Bond to exercise any
right or nower accruing uoon any default shall impair any such right or power or shall be construed to be a
waiver of any such default or acquiescence therein. Every substantive right and remedy conferred upon the holders
of the Bonds may be enforced and exercised from time to time and as often as may be deemed ex~edient. In case
any suit, action or proceeding to enforce any right or exercise any remedy shall be brought or taken and then
disco~t~ued or abandoned, or shall be determined adversely to the holders of the Bonds, then, and in every such
case, the City and the holders of the Bonds shall be restored to their former positions and rights and remedies
as if no such suit, action, or proceeding had been brought or taken.
466
RESOLUTION NO 2896 (CONT'D):
ARTICLE VII
COVENANTS OF THE CITY
Section 7.01. Equality of Security.
All of the Bonds, regardless of the date of issue and sale, shall be secured by an exclusive
pledge of and charge upon the net Revenues from the operation of the parking places within said Parking District
No. i and the net Revenues from parking meters on any and all streets and ways within said District, and the
City hereby pledges, and assigns for the security of the Bonds all of said net Revenues including all net Rev-
enues of all improvements and extensions of the Project hereafter acquired or constructed. The sums required
to meet the payment of interest and principal of all of the Bonds ~hall be secured by an exclusive pledge of
and charge upon all of the net Revenues, including all improvements and extensions of the Project hereafter
acquired or constructed; and all of such ~evenues, together With any interest or profits thereon, and the funds
orovided for in Section 5.05 hereof and any other funds that may hereafter be created from such Revenues for
the payment of principal or interest or the better securing of the payment of principal of or interest on any
of the Bonds, are irrevocably pledged to and c onStS~ted a trust fund for the security and payment or redemption
of, and the security and payment of interest on, all of the Bonds in accordance with the terms thereof and the
orovisions of this Resolution and, except as otherwise specifically authorized by this Resolution, shall not be
used for any other purnose as long as the Bonds or any of them or the interest thereon are outstanding or unpaid;
except that out of said Revenues there may be apportioned so long as the interest on and the principal of all of
the Bonds are paid as the same become due and payable, together with all other charges required for the protection
or better seCUring of the Bonds, such sums as are permitted to be paid as provided in paragraph (4) of Section
5.05 hereof. The City is hereby constituted a trustee to collect, receive, hold and disburse, as in this Res-
olution provided, all funds received by it under any of the provisions of this Resolution and is hereby con-
stitued a trustee to administer, allocate and disburse, as in this Resolution provided, all funds received by
it under any provision of this Resolution, with all the powers and duties herein prescribed. In addition to said
pledge of net Revenues, all of said Bonds shall be equally and ratably secured by a first and exclusive charge,
lien and pledge of ad valorem assessments to be levied as in,is Resolution provided.
Section 7.02. Equality of Bonds.
All Bonds issued hereunder, ~hether in the form of serial Bonds or sinking fund Bonds, and irre-
spective of series, shall rank equally as to security, regardless of the time or times of their issue, and shall
be entitled to no priority one over another, or as between Bonds having the same serial maturities, with respect
to any Revenues or other funds pledged as security for or available for the payment thereof, except as expressly
provided therein or herein.
Section 7.03. Punctual Payment.
The City covenants that it will duly and punctually pay or cause to be paid the principal of and
interest on all the Bonds, together with the premium thereon, if any be payable, in strict conformity ~th the
terms of such Bonds and of this Resolution, and that it will faithfully observe and perform all of the conditions,
covenants and requirements oe this Resolution and all resolutions supplemental hereto and of the Bonds issued
hereunder.
Section 7.04. A~ainst Encumbrances.
The City covenants that it will not create or give, or permit the creation or giving of, any
mortgage, lien or pledge on any personal or real property or equipment used in connection with or related to
the Project, or its operation, or upon any Revenues or other funds pledged or held hereunder, except as security
for all of the Bonds issued hereunder, and that it will not nermit the sale, lease, or other disposition of (i)
the Project or any part thereof essential to its operation or necessary to the maintenance of its Revenues, or
(ii) the on-street parking meters established and operated as provided in, and pursuant to the provisions of,
Section 5.01 hereof, so long as any of the Bonds remain outstanding; provided, however, that the City may, to the
extent permitted by and subject to the limitations of the Constitution and laws of the State of California, lease
to any person or persons such portions of the Project as the Council may deem advisable for purposes not incon-
sistent with the purposes of the Project, pro~ided that the net revenues to the City from each such lease shall
be and become part of the Revenues of the Project, and provided, further, in making any such lease none of the
City's obligations or covenants set forth in Section 5.01 hereof shall be in any way lessened or impaired.
Section 7.05.
Comence Acquisition and Construction and Maintenance and Ooeration of Project.
The City covenants that, as soon as funds are available therefor, the City will commence the accom-
plishment of the purposes for which the Bonds are issued and will continue the same to completion With all prac-
tical dispatch and in an economical manner.
The City covenants that the project shall at all times be operated and maintained in an efficient
and economical manner and in good working order and condition and in. such manner that the operating efficiency
thereof shall be of the highest character and so that all lawful orders of any governmental agency or authority
having Jurisdiction in the premises shall be comolied with (provided the City shall not be required to com~ly
with any such orders so long as the validity or application thereof shall be contestedin good ~aith), and that
the cost of such operation, maintenance and compliance with said orders shall at no time be in excess of Revenues
reasonably available for such ourooses so long as any of the Bonds remain outstanding. The Citywill from time
to time duly Day and discharge, or cause to be paid and discharged, all taxes (if any), assessments or other
governmental charges lawfully imDosed uoon the Project, or upon any part thereof, or upon the Revenues, when the
same shall become due, as well as any lawful claim for labor, materials or supplies or other charges which, if
unpaid, might by law become a lien or charge ~Don the Revenues or the Project, or which might impair the security
of the Bonds.
Section 7.06. Insurance.
The City covenants that upon the purchase or acquisition by it of any real property comprising
any portion of the Project it will obtain and pay for a polic~ of title insurance from a recognized title in-
surance company insuring the City for the full ourchase price or cost of acquisition of such real property.
RESOLUTION NO. 2896 (CONT'D):
The City,all take out and maintain or otherwise provide for (i) fidelity insurance or a fidelity
bond or bonds covering all employees, at any time employed on the Project or any portion thereof,
who receive or handle Revenues of the Project, in an amount sufficient to cover the maximum
amount of Revenues so received or handled by each such employee during any calendar week; (ii)
public liability insurance in an amount of not less than $300,000 for injuries, including death,
to any one person, and, subject to the same limitation for each person, in an amount of not less
than $300,000 for injuries, including death, to two or more persons on account of any one accident
in connection with the operation of the Project, for which the City is legally liable; and (iii)
property damage insurance in an amount not less than $100,000 for each accident or loss, includ-
ing loss by fire occurring to any property on any portion of the Project, for which the City is
legally liable. Such insurance described in the foregoing clauses (i), (ii) and (iii) may be
provided as a part of the City's comprehensive fidelity, public liability and property damage
insurance and not separately for the Project. Ail insurance premiums payable with respect to
any of the foregoing insurance or fidelity bonds (or such proportion thereof as Shall be appli-
cable to the Project) may be paid from the Parking District No. 1 Operation and Maintenance Fund,
except that premiums on title insurance may be paid from the Parking District No. 1 Acquisition
and Improvement Fund.
Section 7.07. Accounts.
The City covenants that it will keep and provide accurate books and records of account
showing all Revenues received from the Project and from on-street parking meters and all expend-
itures relating thereto, and that all such books and records pertaining to the Project shall
be open at all times during business hours to the holder or holders of not less than ten per
cehtum (10%) of the principal amount of Bonds then outstanding, or his or their representatives
duly authorized in writing. Within one hundred and twenty (120) days after the close of each
fiscal year ending June 30, so long as any of the Bonds remain outstanding, the City will pre-
pare and file with the City Treasurer a detailed statement of the Revenues aad expenditures for
such fiscal year and a detailed balance sheet, taken at the close of such fiscal year, for the
entire Project; all accompanied by a certificate or~ opinion in writing of an independent certi-
fied public accountant of recognized standing, selected by the City, which certificate or opin-
ion shall include a statement as to the manner and extent to which the City has complied with
the provisions of this Resolution as it relates to said Revenues, expenditures and balance
sheet. The City covenants that it will cause a consolidated summary of such Revenues and ex-
penditures and balance sheet to be published not later than one hundred and fifty (150) days
after the close of each fiscal year, in a daily newspaper printed in the English language and
published and of general circulation in the City of South San Francisco, California. Such con-
solidated summary may be published separately or along with the City's regular financial state-
ment, but as a separate supplement thereto. Copies of such consolidated summary as ~o pub-
lished shall be delivered to the City Treasurer in such reasonable quantities as may be required
for distribution to investment bankers, security dealers, and others interested in the Bonds,
and to the holders of Bonds requesting copies thereof. All the reports and other documents'
required under this Resolution shall be available for inspection by the holders of the Bonds at
the office of the City Clerk.
Section 7.08. Paying Agents.
So long as any of the Bonds remain outstanding, the City will at all times keep in each
city in which any of the Bonds shall be expressed to be payable, as to either principal or
interest, an office or agency where the Bonds and the interest coupons, wh~h by their terms
are payable in such city, may be presented for payment, and will from time to time give written
notice to each Paying Agent of the location of each such office or agency.
Section 7.09. Maintenance of Powers.
The City covenants that it will at all times use its best efforts to maintain the powers
functions, duties and obligations now reposed in it pursuant to law, and will not at any time
voluntarily do, suffer or permit any act or thing the effect of which would be to hinder, delay
or imperil either the payment of the indebtedness evidenced by any of the Bonds or the perform-
ance or observance of any of the covenants herein contained.
Section 7.10. Limitation upon Amendatory Resolutions.
The City will not adopt any resolution or take any action or proceeding for~the purpose
of amending, altering or modifying any of the provisions of this Resolution, except in the man-
ner and subject to the limitations set forth in Article IX hereof.
Section 7.11. Comdemnation Proceeds.
If all or any portion of the Project shall be taken by eminent domain proceedings or
other proceedings authorized by law, the net proceeds realized by the City therefrom shall be
deposited with the City Treasurer in trust for the exclusive benefit of the holders of all
the Bonds then outstanding, and all such holders shall have the right and shall be entitled
to share in such proceeds equally and ratably in the proportion which the principal amount of
Bonds owned by such holder bears to the principal amount of all the Bonds then outstanding,
withOut preference or priority of any one Bond, or of any series thereof, over any other Bond
or any other series, but subject to the f~llowing condition, to wit: If the Project or portion
thereof so taken by condemnation can be replaced from the proceeds realized by the City from
said condemnation (and of other funds available therefor), then the City shall have the right
to replace or reconstruct the Project or portion thereof so taken out of the net proceeds
realized by the City from said condemnation (together with any other available funds).
Notwithstanding anything herein contained, if in the opinion of the Council (which shal
be final), ~set forth in a resolution of the Council adopted by two-thirds of all of the member
thereof, the net proceeds realized by the City as a result of any eminent domain proceedings
are relatively nominal in amount and such eminent domain proceedings do not materially affect
the ability of the City to meet the payments herein required to be made from Revenues, then in
lieu of a pro rata distribution to the bondholders of such net proceeds, the same shall be de-
posited in the Revenue Fund and considered and treated as additional Revenues hereu~er.
The City makes the covenants herein to be performed by the City or its proper officers,
agents or employees, including the Parking Place Commission for th~ Parking District; pro-
vided, however, that said covenants and other provisions of this Resolution shall not require
the City to expend any funds other than the "gross revenues from on-street parking meters," the
RESOLUTION 2896 (CONTINUED) :
"gross revenues from the operation of the District parking places" and the proceeds of
any ad valorem assessment levied pursuant to this Resolution, any Supplemental Resolu-
tion, and the Parking District Law.
The City covenants that, in accordance with the prov~ ions of the Parking
District Law and proceedings thereunder, a Parking Place Commission shall, to the extent
and for the time thereunder required, be appointed and that such Parking Place Commission,
at all times while any parking places in the District are, pursuant to such Laws and pro-
ceedings, under the jurisdiction and control of said Commission, shall duly perform all
the functions and acts enjoined upon it by the Parking District Law and abide by all the
terms, conditions and covenants provided in this Resolution which are within the jurisdic-
tion and control of said Parking Place Commission.
Section 7.12. No Free Use or Competing Facilities.
The City covenants and agrees that the District parking places will be used
and operated as a revenue producing enterprise, and at no time will it permit the free
use of any of such facilities by any person whatsoever, including officers or employees
of said City, the State of California, the United States of America, or any public or
private corporation, agency or district, and the City further covenants that it will
not permit parking on any public way within the Parking District at places where parking
meters are installed without the deposit of the established parking meter fee; provided,
however, that the City may, by regulation established by the Council, permit any official
vehicle of the City, the State of California, the United States of America, or any public
utility furnishing service within the City, when in use on official business of any of
the foregoing, to occupy any such place on the streets of the City without deposit of a
parking meter fee.
The City covenants and agrees that neither it nor the Parking District will
operate, nor will it permit any person to operate on property owned by, leased by or
otherwise under the control of the City, any public off-street automotive or vehicular
parking facility which is not a part of the District parking places and which would or
might compete with the District parking places to such an extent as to impair the abil-
ity of the City to produce the revenues required by Covenant 11 hereof.
This Covenant regarding competing facilities shall not be construed to pre~ent
or restrict the operation by the City of other similar public parking facilities not a
part of the District parking places so long as:
(a). The City voluntarily operates such public parking facilities in full
accordance with the terms of this Resolution applying to the operation of the
District parking places; and
(b) The City voluntarily places in the Bond Service Fund all revenues de-
rived from the operation of such public parking facilities remaining after
the payment therefrom of current, reasonable and necessary costs of main-
tenance and operation of such public parking facilities.
Section 7.13. Further Assurances.
The City covenants that it will make or adopt and execute, or cause to be
made, adopted and executed, any and all such further resolutions, acts, deeds, convey-
ances, assignments or assurances as may be reasonably required for effectuating the
intention of this Resolution, and for the better assuring and confirming unto the
holders of the Bonds of the rights and benefits provided in this Resolution.
ARTICLE VIII
CONCERNING THE PAYING AGENTS
Section 8.01. Paying Agents.
The City may appoint any bank or trust company in any city in which the Bonds
of any series may be made payable as its Paying Agents in such city. Each Paying Agent
shall signify its acceptance of the duties and obligations ~mposed upon it by this
Resolution by executing and delivering to the City a written acceptance thereof. The
City may appoint as many Paying Agents in different cities as the City deems desirable.
Section 8.02. Liability of Agents.
The recitals of fact and all promises, covenants and agreements herein and
in the Bonds contained shall be taken as statements, promises, covenants and agreements
of the City, and no Paying Agent assumes any responsibility for the correctness of the
same, or makes any representations as to the validity or sufficiency of this Resolution
or of the Bonds or coupons, or shall incur any responsibility in respect thereof, other
than ~ connection with the duties or obligations herein or in the Bonds assigned to or
imposed upon them, respectively. No Paying Agent shall be under any responsibility or
duty with respect to the issuance of the Bonds for value. No Paying Agents shall be
liable in connection with the performance of its duties hereunder, except ~r its own
wilful malfeasance.
Section 8.03. Notice to Agents.
Each Paying Agent shall be protected in acting upon any notice, resolution,
request, consent, order, certificate, report, bond or other paper or document believed
by it to be genuine and to have been signed or presented by the proper party or parties.
No Paying Agent shall be bound to recognize any person as the holder of a Bond
unless and until such Bond is submitted for inspection, if required, and his title thereto
satisfactorily established, if disputed.
Whenever any Paying Agent shall deem it necessary or desirable that a matter
be proved or established prior to taking or suffering any action her~nder, such matter
(unless other evidence in respect thereof be hereinspecifically prescribed) may be deemed
to be conclusively proved and established by a certificate of the City, signed in its
RESOLUTION NO. 2896 (CONTINUED):
name by an officer, and such certificate shall be full warrant for any action taken or
suffered under the provisions of this Resolution or any supplemental resolution; but
in its discretion any Paying Agent, may, in lieu thereof, accept other evidence of
such fact or matter or may require such further or additional evidence as to it may
seem reasonable.
Any Paying Agent, acting in good faith, may conclusively rely as to the
truth of the statements and correctness of the opinions expressed therein, upon the
certificates or opinions conforming to the requirements of this Resolution; and shall
be fully protected in taking any action which, under the provisions of this Resolution,
is to be taken by them upon the written request of the City or others.
Section 8.04. Ownership of Bonds by Agents.
Any Paying Agent may become the owner of Bonds and coupons with the same
rights it would have if it were not such Paying Agent, and may act as depositary for
and permit any of their officers or directors to act as a member of, or in any other
capacity with respect to, any committee formed in the interest of Bondholders, whether
or not such committee shall represent the holders of a majority in principal amount of
the Bonds outstanding hereunder.
Section 8.05. Merger and Consolidation of Agents.
Any company into which any Paying Agent may be merged or with which it may
be consolidated, or any company resulting from any merger or consolidation to which
it shall be a party, shall be the successor Paying Agent, as the case may be, without
the execution or filing of any paper or the'performance of any further act.
Section 8.06. Resignation and Discharge of Paying Agents.
Any Paying Agent appointed by.the City, or any successor hereafter appointed,
may at any time resign and be discharged from the duties and obligations hereby cre-
ated by giving at least sixty (60) days' written notice to the City. Such Paying Agent
or any successor hereafter appointed may be removed at any time by an instrument signed
by the City Treasurer on behalf of the City and filed with such Paying Agent. Any
successor to the Paying Agent shall be appointed by the City. In the event of the resig-
nation or removal of any Paying Agent, such Paying Agent shall pay over, assign and
deliver to the successor Paying Agent any moneys held by it as Paying Agent.
ARTICLE IX
MODIFICATION AND AMENDMENT OF RESOLUTION
Section 9.01. Amendment by Written Consent of Bondholders.
This Resolution and.the rights and obligations of'the City and of the holders
and registered owners of the Bonds and coupons may be modified or amended at any time
by resolution supplemental hereto adopted with the written consent of the holders of 60%
in principal amount of each series of Bonds issued hereunder acting separately and as a
class as the holders of each such separate series, exclusive, however, of Bonds disqual-
ified as provided in Section 9.02 hereof; but no s~ch modification or amendment shall
extend the maturity of or reduce the interest rate on, or otherwise alter or impair the
obligation of the City to pay the principal (other than modification of the sinking fund
or reserve fund of any series or the Parking District No. 1 Reserve Fund provisions set
forth in Article V hereof), or interest or redemption premiums at the time and place and
at the rate and in the currency provided therein of any Bond without ~e express written
consent of the holder or registered owner of such Bond, ~or permit the creation by the
City of any mortgage or pledge or lien on the Project, or upon any Revenues or other
funds pledged or held hereunder, nor reduce the percentages of Bonds required for the
written consent to an amendment or modification.
The Council may at any time adopt a valid resolution amending the provisions
of this Resolution or of any resolution amendatory hereof or supplemental hereto, or
any two or more of the foregoing, to the extent that such an amendment is permitted by
the provisions of this Section, to take effect when and as provided in this Section.
A copy of such resolution, together with a request to Bondholders for their written con-
sent thereto, shall be published at least once in a daily newspaper published in the
English language and having a general circulation in the City, such publication to be
made not more than twenty (20) days after the date of the adoption of such resolution.
Such resolution shall not be effective unless there shall have been filed with the Council
the written consents of the percentages of holders of outstanding Bonds specified in this
Section. Each such consent shall be effective only if accompanied by proof of ownership
of the Bonds for which such consent is given. Any such consent shall be binding upon
the holder of the Bonds giving such consent and on any subsequent holder (whether or not
such subsequent holder has notice thereof). After the holders of the required percent-
ages of Bonds shall have filed their consents to the resolution, the City Clerk shall
publish a notice to the Bondholders in the manner provided hereinabove for the publica-
tion of the resolution referred to hereinabove stating in substance that the resolution
has been consented to by the holders of the required percentages of Bonds and has become
effective.
Section 9.02. Disqualified Bonds.
Bonds owned or held by or for the account of the City, the State of California
or any political subdivision thereof (including any municipal corporation, district, or
any public corporation, board or agency thereof, of any class or kind, but excluding
Bonds held in any state, county, city or other public pension or employees retirement
fund) shall not be deemed outstanding for the purpose of any consent or other action or
any calculation of outstanding Bonds in this Article IX provided for, and shall~otbeentitled
to con~ent to, or take any other action in this Article provided for. For the purpose hereof
no bank organized under the laws of the State of California and no national banking assoc-
iation doing business in said State or elsewhere, shall be deemed to be an agency of said
State.
47O
RESOLUTION NO. 2896 (CONTINUED) :
ARTICLE X
MISCELLANEOUS
Section 10.01. Liability of City Limited to Revenues.
Notwithstanding anything in this Resolution contained, neither the payment
of the principal of or interest on any Bond issued pursuant to this Resolution shall
constitute a debt, liability or obligation of the City, except as provided in the
Parking District Law of 1951 or in this Resolution.
Section 10.02. Benefits of Resolution Limited to Parties and Bondholders.
Nothing in this Resolution, expressed or implied, is intended or shall be
construed to confer upon, or to give to, any person, firm or corporation other than
the parties hereto and the holders and registered owners of the Bonds outstanding,
any right, remedy, or claim under or by reason of this Resolution, and any covenants,
stipulations, promises and agreements in this Resolution contained by and on behalf
of the City shall be for the sole and exclusive benefit of the parties hereto, and of
the holders of the Bonds and of the coupons outstanding.
Section 10.03. Successor is Deemed Included in all References to Predecessor.
Whenever in this Resolution or any supplemental resolution either the City
or any Paying Agent is named or referred to, such reference shall be deemed to include
the successors or assigns thereof, and all the covenants and agreements in this Resol-
ution contained by or on behalf of the City or by or on behalf of any Paying Agent
shall bind and inure to the benefit of the respective successors and assigns thereof
whether so expressed or not.
Section 10.04. Discharge of Resolution.
If all of the outstanding Bonds shall have n~tured, or shall have been duly
called for redemption and the redemption date thereof shall have arrived, and if the
City shall have on deposit in trust, funds pursuant to this Resolution sufficient to
pay and available for the payment of all amounts due on all Bonds, including all prin-
cipal, interest and redemption premiums, then, at the election of the Council, evidenced
by notice in writing executed by the City, and notwithstanding that any Bonds or interest
coupons shall not have been surrendered for payment, the pledge of the Revenues and other
Funds provided for in this Resolution and all other obligations of the City under this
Resolution shall cease and terminate, except only the obligation of the City to pay or
cause to be paid to the holders of the Bonds and interest coupons not so surrendered
and paid all sums due thereon.
Section 10.05. Execution of Documents by Bondholders.
Any request, declaration or other instrument which this Resolution may re-
quire or permit to be signed and executed by Bondholders may be in one or more instru-
ments of similar tenor, and shall be signed or executed by Bondholders in person or
by their attorneys appointed in writing.
Except as otherwise herein expressly provided, the fact and date of the
execution by a~y Bondholder or his attorney of such request, declaration or Other in-
strument or writing appointing such attorney may be proved by the certificate of any
notary public or other officer authorized to take acknowledgments of deeds to be re-
corded in the State in which he purports to act, that the person signing such request,
declaration or other instrument or writing acknowledged to him the execution thereof,
or by an affidavit of a witness of such execution, duly sworn to before such notary
public or other officer.
Except as otherwise herein expressly provided, the amount of Bonds trans-
ferable by delivery held by any pereon executing such request,,declaration or other
instrument or writing as a Bondholder, and the numbers thereof, and the date of his
holding such Bonds, may be proved by a certificate, which need not be acknowledged or
verified, satisfactory to the City Treasurer executed by a trust company, bank, invest-
ment banker, dealer, broker, or other depositary wherever situated) showing that at
the date therein mentioned such person exhibited to or had on deposit with such depos-
itary the Bonds described in such certificate. Continued ownership after the date of
deoosit stated in simh c~rtifi~.t~ m.v h~ n~nv~ hv ~h~ .~.~-~o*~^- ~ ~-~ ~--~~
~,,-~--~, ~ ~--~-- ufo,,, O- TO give To, any person, firm or cOrpo~atton other than
the parties hereto and the holders and registered owners of the Bonds outstanding,
any right, remedy, or claim under or by reason of this Resolution, and any covenants,
stipulations, promises and agreements in this Resolution contained by and on behalf
of the City shall be for the sole and exclusive benefit of the parties hereto, and of
the holders of the Bonds and of the coupons outstanding.
Section 10.0'3. Successor is Deemed Included in all References to Predecessor.
Whenever in this Resolution or any supplemental resolution either the City
or any Paying Agent is named or referred to, such reference shall be deemed to include
the successors or assigns thereof, and all the covenants and agreements in this Resol-
ution contained by or on behalf of the City or by or on behalf of any Paying Agent
shall bind and inure to the benefit of the respective successors and assigns thereof
whether so expressed or not.
Section 10.04. Discharge of Resolution.
If all of the outstanding Bonds shall have n~tured, or shall have been duly
called for redemption and the redemption date thereof shall have arrived, and if the
City shall have on deposit in trust, funds pursuant to this Resolution sufficient to
pay and available for the payment of all amounts due on all Bonds, including all prin-
cipal, interest and redemption premiums, then, at the election of the Council, evidenced
by notice in writing executed by the City, and notwithstanding that any Bonds or interest
coupons shall not have been surrendered for payment, the pledge of the Revenues and other
Funds provided for.in this Resolution and all other obligations of the City under this
Resolution shall cease and terminate, except only the obligation of the City to pay or
cause to be paid to the holders of the Bonds and interest coupons not so surrendered
and paid all sums due thereon.
Section 10.05. Execution of Documents by Bondholders.
Any request, declaration or other instrument which this Resolution may re-
quire or permit to be signed and executed by Bondholders.may be in one or more inStru-
ments of similar tenor, and shall be signed or executed by Bondholders in person or
by their attorneys appointed in writing.
Except as otherwise herein expressly provided, the fact and date of the
execution by any Bondholder or his attorney of such request, declaration or Other in-
strument or writing appointing such attorney may be proved by the certificate of any
notary public or other officer authorized to take acknowledgments of deeds to be re-
corded in the State in which he purports to act, that the person signing such request,
declaration or other instrument or writing acknowledged to him the execution thereof,
or by an affidavit of a witness of such execution, duly sworn to before such notary
public or other officer.
Except as otherwise herein expressly provided, the amount of Bonds trans-
ferable by delivery held by any person executing such request,.declaration or other
instrument or writing as a Bondholder, and the numbers thereof, and the date of his
holding such Bonds, may be proved by a certificate, which need not be acknowledged or
verified, satisfactory to the City Treasurer executed by a trust company, bank, invest-
ment banker, dealer, broker, or other depositary wherever situated, showing that at
the date therein mentioned such person exhibited to or had on deposit with such depos-
itary the Bonds described in such certificate. Continued ownership after the date of
deposit stated in such certificate may be proved by the presentation of such certificate
if the certificate contains a statement by the depositary that the Bonds therein re-
ferred to are in fact beld on deposit by such depositary, and will not be surrendered
without the surrender of the certificate to the depositary, except with the consent
of the City Treasurer, and by a certificate of the City Treasurer, which need not be
acknowledged or verified, that such consent has not been given. The City Treasurer
may nevertheless in its discretion require further or other proof in cases where it
deems the same desirable. The ownership of registered Bonds and the amount, maturity,
number and date of holding the same shall be proved by the registry books.
Any request, declaration or other instrument or writing of the owner of any
Bond shall bind all future owners of such Bond in respect of anything done or suffered
to be done by the City or any Paying Agent hereunder in good. faith and in accordance
therewith.
Section 10.06. Waiver of Personal Liability.
No officer, agent or employee of the. City or of any department, board, Com-
mission, or agency thereof, shall be individually or personally liable for the payment
of the principal of or interest on the Bonds; but nothing herein contained shall re-
lieve any such officer, agent or employee from the performance of any official duty
provided by law.
Section 10.07. Official Publication.
Any publication to be made under the provisions of this Resolution in succes-
sive weeks may be made in each instance upon any business day of the week and need not
be made on the same day of any succeeding week nor in the same newspaper for any or all
of the successive publications, but may be made in different newspapers.
RESOLUTION NO. 2896 (CONTINUED):
Section 10.08. Partial Invalidity.
If any one or more of the covenants or agreements, or portions thereof, pro-
vided in this R~solution on the part of the City or of any Paying Agent to be performed
should be contrary to law, then such covenant or covenants, such agreement or agreements,
or such portions thereof, shall be null and void and shall be deemed separable from the
remaining covenants and agreements or portions thereof and shall in no way affect the
validity of this Resolution or of the Bonds; but the Bondholders shall retain all the
rights and benefits accorded to them under the Constitution and laws of the State of
California.
Section 10.09. Successors to City.
If the powers or duties of the City shall hereafter be transferred by amend-
ment of the Parking District Law of 1951, or any provision of the Constitution or any
other law of the State of California, and if such transfer shall relate to any matter
or thing permitted or required to be done under this Resolution by the City, then the
entity that shall succeed to such powers or duties of the City shall act and be obli-
gated in the place and stead of the City as in this Resolution provided.
Section 10.10. Repeal of Inconsistent Resolutions.
All other resolutions of the Council, or parts of resolutions, inconsistent
with this Resolution are hereby repealed to the extent of such inconsistency.
Section 10.11. Effective Date of Resolution.
This Resolution shall take effect from and after its passage and approval.
ATTEST:
PASSED AND ADOPTED this 16th day of November, 1959, by the following vote:
AYES,
NOES,
ABSENT,
Councilmen Andrew Rocca, G. J. Rozzi, Emilio Cortesi, Leo J. Ryan
and Patrick E. Ahem
None
None
ANDREW ROCCA
MAYOR OF THE CITY OF SOUTH SAN FRANCISCO
ARTHUR A. RODONDI
CITY CLERK OF THE CITY
OF SOUTH SAN FRANCISCO
Presented to and approved by me this 16th day of November, 1959.
ANDREW ROCCA
MAYOR OF THE CITY OF
SOUTH SAN FRANCISCO