HomeMy WebLinkAboutTC Agd Pkt 1999-12-08
TIBURON TOWN COUNCIL
AGENDA
;tI ~.~
SPECIAL ADJOURNED
MEETING
TOWN OF TIBURON
1505 TIBURON BLVD.
MEETING DATE:
MEETING TIME:
INTERVIEWS:
DECEMBER 8,1999
6:30 P.M.
6:10 P.M.
PLEASE NOTE: In order to give all interested persons an opportunity to be heard, and to ensure the presentation of all
points of view, members of the audience should:
(1) Always Address the Chair; (2) State Name and Address; (3) State Views Succinctly; (4) Limit Presentations to 3 minutes; (5)
Speak Directly Into Microphone.
A. INTERVIEWS - Planning Commission & Design Review Board
. 6: 1 0 - Jack Mavis
. 6:20 - William McLaughlin
B. ROLL CALL
C. PUBLIC OUESTIONS AND COMMENTS
Please confine your comments during this portion of the agenda to matters nOl already on this agenda, other
than ilems on the Consent Calendar. The public will be given an opportunity to speak on each agenda ilem
at the time it is called. Presentations are limiled to three (3) minutes. Matters requiring action will be
referred to the appropriate Commission, Board, Committee or Staff for consideration and/or placed on a
future meeting agenda.
D. PUBLIC HEARING
1) FORMATION OF MAIN STREET ASSESSMENT DISTRICT-
A. Resolution Adopting Engineer's Report, ConfIrming Assessments and Directing
Actions with Respect Thereto - (Adopt)
B. Resolution Authorizing Issuance of Bonds - (Adopt)
E. CONSENT CALENDAR
(The purpose of the Consent Calendar is to group items together which generally do not require
discussion and which will probably be approved by one motion unless separate action is required
on a particular item. Any member of the Town Council, Town Staff, or the Public may request
removal of an item for discussion)
2) LOCAL LAW ENFORCEMENT BLOCK GRANT PROGRAM - Request Mobile
VideolAudio Recording Equipment (Resolution)
F. APPOINTMENTS TO BOARDS. COMMISSIONS & COMMITTEES
3) DESIGN REVIEW BOARD - (One Vacancy)
4) PLANNING COMMISSION - (One Vacancy)
F. ADJOURNMENT
Next Regular Meeting = January 5, 2000
Future Arzenda Items
--County-wide Regulation of Firearms - Add Chapter 32 to Tiburon Municipal Code - 2"" Reading & Adoption of
Ordinance
--Acceptance of Quitclaim Deedfrom the Hilaritafor Portion of Ned's Way
-County-wide Ban on Jet Skis- Consider Town Ordinance
-100 Via Los Altos _ Rezoning, General Plan Amendment, Amendment to the La Cresta Precise and Master Plans
and Lot Line Adjustment - Morgan and Sandra Davis, Applicants
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NA-"IE: Jack Mavis
MAILING ADDRESS: 407 Paradise Dr. Tiburon
TELEPHONE: Home: 435-2437 Work: same Fax No.
PROPERTY OWNERS' ASSOC. (If applicable) Pt. Tiburon - Bayside
TIBCRON RESIDENT: (Years) 13 D.-HE Sl..-BMITTED: 9/17/99
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I've been involved with community planning & development for
many vears - such thAr T fppl rhAr T cmllrl prnvirlp in~,r A~rl
assistance.
T 'n<'"'n 'h'TH9 t-h.Q timg te .stosist the Pl3.Rning CemmiG3iafl in
the finest location we have ever lived.
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Graduate of Brown llniversiry - RA _ MArh
Graduate of Univ. of Michigan - MBA
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si\lce 1998
Previous member of other homeowner boards in CA for several years _
involved with developmental planning
Real estate investor with CA real estate license
B3.yoide
Retired Transamerica Corporation senior executive with 7 plus years
in the real estate field
------------------------------------:-- Town Hall (; se --______________________________________________
_ Date Application Received:
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_ Appointed to:
(Commission. Board or Committee)
(Date)
_ Date Term Expires:
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RECEIVED
SEP 2 0 1999
2
TOWN MANAGEMS OFFICE
TOWN OF iiSURON
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NAME: VJ IlLIAM Mc.lA\.AbI4L\ N
MAILING ADDRESS: 3 <0 C:JL..O llOrwD1N~ ~I4-D
TELEPHONE: Home: 43S-~~t.oWork: 308-o1d.'i Fax No.
PROPERTY OWNERS' ASSOC. (If applicable) N /A
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1/!3ru/17
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_ Date Application Received:
Interview Date:
_ Appointed to:
(Commission, Board or Committee)
(Date)
_ Date 1rerm Expires:
Length of1rerm:
jm 12/95
2
TOWN OF TIBURON
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IS05 TIBURON BOULEVARD. TIBURON . CALIFORNIA 94920 . (415) 435-7373
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NOV 3 0 1999
COMMISSION BOARD & COMMITTEE TOWNMANAGERSOFFICf
· TOWN OF TlBURON
APPLICATION
The Town Council considers appointments to its various Town commissions,
boards and committee throughout the year due to term expirations and unforeseen
vacancies. In its effort to broaden participation by local residents in Tiburon's local
governmental process and activities, the Council needs to know your interest in
serving the Town in some capacity.
Please indicate your specific areas of interest and special skills or experience
which would be beneficial to the Town, by completing both sides of this form and
returning it to Town Hall. Copies will be forwarded to the Town Council and
informal applicant/Council interviews are scheduled periodically during the year.
Your application will also remain on file at Town Hall for a period of one (1) year.
Thank you for your willingness to serve the Tiburon community.
&/i
Robert L. Kleinert
Town Manager
* *** ** * * * * * * * *** *** * ***** ** ** * * * * *** * * * * * **** **
:.Mt.::;-k:::l%:-".
Indicate Your Area(s) of Interest in Numerical Order
(#1 Being the Greatest Interest)
j X PLANNING PARKS & OPEN SPACE
do. ::X:=DESIGN REVIEW RECREATION
HERITAGE & ARTS DISASTER PREPAREDNESS
BUDGET & FINANCE LIBRARY
RECYCLING & WASTE MANAGEMENT
DOWNTOWN REVITALIZATION TASK FORCE
1
TOWN OF TIBURON
STAFF REpORT
ITEM NO.
3
To: MAYOR AND TOWN COUNCIL
From: ANN R. DANFORTH, TOWN ATIORNEY
Subject: FORMATION OF MAIN STREET ASSESSMENT DISTRICT
CONTINUATION OF HEARING
Date: December 8, 1999
BACKGROUND AND ANALYSIS
On October 6, 1999, the Council adopted a Resolution of Intention to form the Main Street
Assessment District. The Council set a public hearing on December 1, 1999, to take final public
testimony, hear protests, tabulate the Assessment Ballots and take final action on the District. In
November, the Town Engineer received competitive bids. for the Main Street Project, which were
considerably in excess of the Engineer's Estimate. Town officials are presently conferring with the
Main Street property owners to determine the preferred means of proceeding with the project. To
allow full discussion of the issues involved, the Council continued the public hearing for the formation
of the District from the Council's regular meeting of December 1, 1999, to a special meeting of
December 8, 1999.
As of the preparation of this packet, staffhas assumed that the Council will move forward with the
formation of the District at the higher cost necessitated by the bids. The attached Exhibits reflect that
assumption. It is possible that the property owners will decide to modify the project so as to reduce
the cost. In that event, staffwill distribute revised Exhibits at the meeting reflecting the lower cost.
Bond Council Steven Casaleggio, of Jones, Hall, has prepared the attached memorandum outlining
the steps necessary to complete the formation of the District. Mr. Casaleggioalso drafted the
resolutions that the Council must adopt to form the District, as outlined in Paragraphs 1 - 7 of
Mr. Casaleggio's memorandum.
RECOMMENDATION
The Council should form the Main Street Assessment District by taking the actions described in
Paragraph 1 - 7 in Mr. Casaleggio's memorandum.
Assessment Dist. 12-8-99
Formation of Main Street Assessment District
Page 2 of2
December 8, 1999
EXHmITS
1 I/22/99 Memorandum from Bond Counsel Steven Casaleggio
Resolution Adopting Engineer's Report, Confirming Assessments and Directing Actions with Respect
Thereto
Engineer's Report
Resolution Authorizing Issuance of Bonds
3ll030-ll2
JH:SRC:SGS
11/22199
MEMORANDUM
RE:
TOWN OF llBURON
Main Street Assessment District
1. Open the Hearing. Mayor or Vice Mayor announces:
'This is the lime and place set for the public hearing in this Council's proceedings for the Main
street Assessment District. Before I open the hearing, are there any of you who have assessment ballots
you wish to file? If you do, please give them to the Clerk now.' [Collect protests.]
'The hearing is now open. I will now introduce our project consultants. '
2. Introduce Consultants. Mayor or Vice Mayor introduces Mr. Irv Schwartz, the Engineer of Work, and
Mark Pressman, the Underwriter.
3. Engineer Presentation. Irv Schwartz discusses the project, the properties in the assessment district
and the proposed assessments on each parcel. Irv discusses the method of assessment and the construction bids.
4. Underwriter Presentation. Mark Pressman discusses the sale of the bonds to him and the underwriter
at market interest rate and when funds will be availabie to fund the project.
5. Ask for Public Comment. The Mayor or Vice Mayor asks for any comments, questions or
communications about the project or the assessment district from those attending the meeting. When all have
spoken, the Mayor of Vice Mayor announces:
'The hearing is now closed. I ask the City Clerk to announce the results of the assessment ballot. '
6. City Clerk Announces Result of Ballot. The Clerk announces the results of the assessment ballot, with
tabulation h81p from Mr. Schwartz, Engineer of Work.
7. Council Deliberation and Adopt:
a. Resolution Adopting Engineer's Report, Confirming Assessments and Directing Actions
With Respect Thereto. This confirms the assessments at levels no higher than those shown on the original
notices. This also directs the various recordings and filings needed to establish the assessment liens and
provides for the brief (5-day) cash payment period and written notice of it. Bond counsel will supply the
required instructions, forms and notices needed to carry out these matters.
b. Resolution Authorizing Issuance of Bonds. This creates the bond Issue on the basis of a not-
to-exceed amount. That amount is the total confirmed assessment, before any cash payments. Once the
short cash payment period is over, the bond issue may be priced, its finai terms determined and Exhibit A to
this resolution completed. That completion and other documents needed to issue the bonds are approved by
Article III of this resolution. Since time is short, this resolution authorizes the bonds on a 'not-to-exceed'
basis, subject to actual cash payments.
OR
AL TERNA TIVE I. If the Council wishes to continue the hearing to allow further time to arrange
for construction cost handling andlor project definition, the Mayor or Vice Mayor should state as
follows:
'This is the time and place for this Councii's public hearing for the Main street Assessment
District The Councii wishes to allow more time to determine linal costs and assessments and
therefore continues the hearing to these Chambers, on . _ at the hour of
No further action will be taken by the Councii on this item until that date and hour. The City Clerk
shall post a Notice of Continuance of Hearing in accordance with Section 54955. 1 of the
Government Code. '
ALTERNATIVE II. If the Council wishes to hold the hearing, but not take any action on the
resolutions, take Steps 1 through 6 above and defer Step 7 to an identified future Council
meeting.
-2-
30030-02
JH:SRC:SGS
11/18/99
RESOLUTION NO. t) ?Jf r
A RESOLUTION ADOPTING ENGINEER'S REPORT, CONFIRMING THE
ASSESSMENT, ORDERING THE WORK AND ACQUISITIONS
AND DIRECTING ACTIONS WITH RESPECT THERETO
TOWN OF TIBURON
Main Street Assessment District
RESOLVED by the Town Council (the "Council") of the Town of Tiburon (the "Town"), County of Marin, State
of California, that:
WHEREAS, on April 7, 1999, this Council adopted Resolution No. 3326, A Resolution of Intention to Make
Acquisitions and Improvements, and in it directed the Engineer of Work to make and file a report in writing in
accordance with and pursuant to the Municipal Improvement Act of 1913 (the 'Acr) in and for the Town's proposed
Main Street Assessment District (the 'Assessment Districr);
WHEREAS, the report was made and filed, and considered by this Council and found to be sufficient in
every particular, whereupon it was determined that the report should stand as the Engineer's Report for all
subsequent proceedings under and pursuant to the Resolution of Intention, December 1, 1999, at the hour of 7:30
o'clock p.m., in. the meeting place of this Council, Town Hall Council Chambers, 1505 Tiburon Blvd., Tiburon,
California, were appointed, as the time and place for a public hearing to take testimony and for hearing protests in
relation to the proposed acquisitions and improvements, for tabulation on assessment ballots and final action upon
the Engineer's Report, notices of which hearing, including assessment ballots, were mailed as required by law; and
WHEREAS, the hearing was held, and all persons interested desiring to be heard were given an opportunity
to be heard, and all matters and things pertaining to the acquisitions and improvements were fully heard and
considered by this Council, and any protests, both written and oral, were duly heard, considered, and all assessment
ballots submitted by property owners were received and tabulated;
NOW, THEREFORE, IT IS ORDERED as follows:
1. No Majority Protest; Protests Overruled. It is hereby determined that, upon the conclusion of the
public hearing, and after tabulation of the assessment ballots submitted, no majority protest against the assessment
existed because the assessment ballots submitted in opposition to the assessment did not exceed the ballots
submitted in favor of the assessment. In tabulating the ballots, they were weighted according to the proportional
financial obligation of the affected properties. The protests against the proposed acquisitions and improvements or
the grades at which the work is proposed to be done, as a whole or as to any part thereof, or against the assessment
district or the extent thereof to be assessed for the costs and expenses of the acquisitions and improvements, as a
whole or as to any part thereof, or against the engineer's estimate of costs and expenses, in whole or in part, or
against the maps and descriptions, in whole or in part, or against the diagram or the assessment to pay for the costs
and expenses thereof, in whole or in part. The protests, written and oral, are hereby overruled.
2. Public Interest. The public interest, convenience and necessity require that the acquisitions and
improvements be made and that the Assessment District be created.
3. Assessment District Described. The Assessment District benefited by the acquisitions and
improvements and to be assessed to pay the costs and expenses thereof, and the exterior boundaries thereof, are as
shown by a map thereof filed in the office of the Town Clerk, which map is made a part hereof by reference thereto.
4. Engineer's Report Approved. The Engineer's Report, in the form on file in the office of the Town
Clerk and to which reference is hereby made for further particulars, including the estimates of costs and expenses,
the apportionment of assessments and the assessment diagram contained in the Engineer's Report, is hereby
approved and confirmed and shall stand as the Engineer's Report for these and all future proceedings for the
Assessment District Final approval of the Engineer's Report is intended to and shall refer and apply to the Engineer's
Report, or any portion thereof, as amended, modified, revised or corrected by, or pursuant to and in accordance with,
any resolution or order, if any, heretofore duly adopted or made by this Council.
5. Benefits Determined. Based on the oral and documentary evidence, including the Engineer's
Report, offered and received at the public hearing, this Council expressly finds and determines that:
(a) each of the several subdivisions of land in the Assessment District will be specially
benefited by the acquisitions and improvements at least in the amount, if not more than the amount, of the
assessment apportioned against the subdivisions of land, respectively; and
(b) there is substantial evidence to support, and the weight of the evidence preponderates in
favor of, the finding and determination as to special benefits.
6. Improvements Ordered, Assessment District Formed and Assessments Confirmed. This
Council hereby orders that the acquisitions and improvements described in the Resolution of Intention be made, the
Assessment District be formed and that the assessment to pay the costs and expenses thereof be confirmed and are
hereby levied. For further particulars pursuant to the provisions of the Act, reference is hereby made to the Resolution
of Intention and the Engineer's Report
7. Recording Ordered. The Town Clerk shall forthwith:
(a) deliver to the official of the Town who is the Superintendent of Streets under the Act the
assessment as contained in the Engineer's Report together with the assessment diagram, as approved and
confirmed by this Council, with a certificate of such confirmation and of the date thereof, executed by the
Town Clerk, attached thereto. The Superintendent of Streets shall record the assessment and diagram in a
suitable book to be kept for that purpose, and append thereto a certificate of the date of such recording, and
such recordation shall be and constitute the assessment roll herein; and
(b) cause a copy of the assessment diagram and a notice of assessment, substantially the
form provided in Section 3114 of the Streets and Highways Code of California, executed by the Town Clerk,
to be filed and recorded, respectively, in the office of the County Recorder of the County of Marin.
From the date of recording of the notice of assessment, all persons shall be deemed to have notice of the
contents of such assessment, and each of such assessments shall thereupon be a lien upon the property against
which it is made, and unless sooner discharged such liens shall so continue for the period of ten (10) years from the
date of the recordation, or in the event bonds are issued to represent the assessments, then such liens shall continue
until the expiration of four (4) years after the due date of the last installment upon the bonds or of the last installment
of principal of the bonds. The appropriate officer or officers of the Town are hereby authorized to take all actions and
to pay any and all fees required by law in connection with the above.
- 2.
8. Cash Payment. To expedite the completion of these proceedings, and pursuant to written waivers
heretofore executed by all of the owners of the properties to be subjected to the assessments levied herein, which
waivers are nowfiied with the Town, the following shall not apply to these proceedings:
(a) the requirement that the notice to pay assessments shall be published;
(b) the right to have thirty (30) days within which to pay assessments in cash, it being the
intention of the owner(s) not to pay same in cash and to have bonds issued or to use a five-day cash
payment period; and
(c) the requirement that the bonds be dated after the expiration of the cash payment period.
Accordingly, in these proceedings, there shall be no cash collection period, no collection officer and no
published or written notices of such rights of cash payment.)
9. Cash Payment Ordered.
(a) Cash Payment. Pursuant to the aforesaid waivers, this Council hereby directs that the
owners of property within the Assessment District shall be given written notice of the confirmation of the
assessments and of the opportunity of such owners to pay all or a portion of the assessments in cash for a
period of five (5) days from the date of the confirmation of the assessments.
(b) Collection Officer. The Finance Director of the Town is appointed Collection Officer (the
"Collection Officer") for the assessments and the person to whom payment of the assessments shall be
made, and that the office of the Collection Officer, at 1505 Tiburon Blvd., Tiburon, California, 94920, is
designated as the place at which any payments will be made, and the Town Engineer is hereby relieved of
all responsibility for collecting assessments.
(c) Mailed Notices. The Collection Officer shall cause notices to pay assessments to be
mailed under Section 10404 of the Act, which notice shall state that bonds will be issued under the
Improvement Bond Act of 1915, to represent any unpaid assessments. The mailed notice shall be mailed to
each owner of real property within the Assessment District at his or her last known address as the same
appears on the tax rolls of the Town, or on file in the office of or as known to the Clerk of the Council, or to
both addresses if the address is not the same, or to the general delivery when no address so appears.
(d) Proceeds of Collections. The Collection Officer shall establish a fund, separate and
distinct from other funds of the Town and designated "Town of Tiburon, Main Street Assessment District
Cash Payment Fund" (the "Cash Payment Fund') into which shall be deposited all sums received from the
cash payments. The Cash Payment Fund may be invested by the Collection Officer in lawful investments for
the Town; provided, however, that the Collection Officer shall be under no obligation to Invest any or all of
the amounts in the Cash Payment Fund. In the event that this Council issues bonds for the Assessment
District, the moneys in the Cash Payment Fund shall be applied to the acquisitions and improvements for the
Assessment District and the Fund shall be closed. If the Council determines not to issue bonds to finance the
acquisitions and improvements, the Collection Officer shall return the amounts of cash payments (with any
interest thereon) to the persons responsible for paying such cash payments and the Fund shall be closed.
The timing of such determinations shall be entirely at the discretion of the Council.
10. Effective Date. This resolution shall be effective upon the date of its adoption.
-3-
PASSED AND ADOPTED at the regular meeting of the Town Council of the Town of Tiburon, State of
California, on this day of . by the following vote to wit:
AYES:
NOES:
ABSENT:
Mayor
ATTEST:
Town Clerk
- 5-
TE~ ~Io.
De: 3,99 11:,:)4 ~lo.COl P.02
MAIN STREET ASSESSMENT DISTRICT
TOWN OF TIBURON
MARIN COUNTY, CALIFORNIA
ENGINEER'S ESTIMATE OF COST
November 19, 1999
1 ESTIMATED CONSTRUCTION COST
ITEM ESTlMA TED UNIT AMOUNT
NO. DESCRIPTION UNIT QlJANTlTY PRICE
J 12" Culvert L.F. 321 S 54.00 S 17,334.00
2 Cum Bain Ea. 4 2 300.00 9.200.00
3 Slonn Drain Manhole Ea. r 4,000.00 4,000,00
4 Blind Connection Ea. I 500.00 500.00
5 Catcb Basin Top Eo. I 1,200.00 I 200.00
6 CIlrb " Gutter L.F. 880 32.00 28 160.00 '
7 A<<essibility Ramp E.. 6 1,000.00 6 000.00
1 C(lncrete Strip L.F. 186 27.00 5,022.00
9 Briel< Sidewalk S.F. 6,694 29.50 197,473.00
10 Briel< Oriv.way ^Plnua<h S,F. 24~ 32.00 ~40.00
II Brick Slreet l'8vemcnt S.P. 310 33.00 10.230.00
12 Pav.ment Repair 4< I'rcporation L.S. 0 8,000.00 1,000.00
13 . Aspbolt COIlCn:le Overlay S.F. 10,500 1.10 11,550.00
14 T.....Gra'. Ea. 1 3,500.00 3 500.00
IS Parkin, Sian Post Ea. 8 400.00 3,200.00
16 Striping L.s. - 1,900.00 1.900.00
17 ConerOle ~u. Ba.sc Eo. I 245.00 245.00
II ROJrlOvc 4< Replace Curb 4< Gulter L.s. . 600.00 600.00
19 R.mon 4< Rcpla<e Brick Sidewalk L.S. 0 IMoo.oo 12,000.00
20 10" Sewer Main L.F. 590 73.00 43,070.00
21 4" Sewer Lalcral L.F. 56 71.00 3,976.00
22 Adju$\ Manhol. Flow L1n. L.S. 0 !,S00.00 1,500.00
23 Adju$\ Man""'. Cover 10 Grade Eo. 2 500.00 1,000.00
24 Trench ravIng L.S. - 1,000.00 1 000.00
25 Bronze Plaque L.S. 0 250.00 250.00
26 Tru L.S. 0 1,000.00 1,000.00
TOTAL ESl1l11ATED
CONSTRUCTION COSTS 379,7!lO.00
CONSTRUCTION CONTINGIr:NCY 37,975.00
ALLOWANCE
TOTAL ESTIMA TEl> CONSTRUCTION
COSTS &. CONTINGENCY S417,72S.00
Au.oWAN~1! -
Jlfl91ll\l
T/"I.:ONTRACTS.
W40,MC.cn.a.Cjl,duc
TE~ ~~o.
Dee 3,9911:44 No.CO! P.03
MAIN STREJ!;T 4SSESSMENT DlSTIUCT
TOWN OF TlBURON
ENGJNEER'S ESTIMATE OF COST
CONTINUi:D
ESTIMATED INCIDENT AI. EXPENSES '. o.
n
ITEM
NO. DESCRlPl'ION AMOUNT
I Assessment EnJtineerin~ Fees ,. S 5,150,00
.
2 Civil Ell&inec:ring Fees $ 24.750.00
3 A.D.A. Consultant S 2 500,00
4 Project Inspector S I ~,OOO.OO
5 COlISmlction CODtracl Administration Fee. S 7,200.00
.
6 Bond Counsel $ 2~00.00
.
7 Oul of Pocket Expen.es of Bond Counsel &: Trlll\scripl' S 4500.00
8 Bond Printing and Supplies S 500.00
-
9 Underwriter'. Discount $ 10,000.00
10 COUlltyAdminislrativa l'eetlPcr Co~ Auditor I COlllraller) $ ~00.00
II Recording I FiI~Fee S 150.00
12 Paying Agant ."00 (Par County Tn:..urar I Tal< Collector) S h5OO.OO
13 Contract DoClir110llt Reproduction &: Miscallaneous Itell1s S 2,025.00
14 Li~alian SeuI.menl Cost S 105,000.00
15 F..ovirorwental Reviaw PraC<lssing . $ 10000.00
TOTAL ESTIMATED INCIDIlNT AI.. EXPENSES S 213,275.00
TOTAL PROJECT COST INCWDING INCIDENTAl- i:Xl'ENSES $ 631,000.00
LESS: CONTRIBUTION FROM 'roWN OF TIBURON S 100,246.85
LESS: CONTRIBUTION FROM CITY OF BELVEDF.Illi $ 6l!cOOO.OO
LESS: CONTRIBUTION FROM TtBURON SANITARY D1STlUCT $ 80,933.15
TOTAL CONTlUBUT10NS - $ 24 !..J 80 00
TOT AI- PROJECT COST LESS CONTRIBUTIONS S 389,820.00
CAPITALIZED INTEREST (6%)__ S 26 280.00
RESERVE FUNT:! (5%) $ 21900.00
TOTAL OF BON}) ISSUE ANI> TOTAL TO BE ASSESS&D: $ 438,000,00
1l/19199
118CONTRACTS.99
6940.m&J;_en..t'rt.4oc
MAIN STREET ASSESSMENT DISTRICf
TOWN OF TIBURON
MARIN COUNTY, CALIFORNIA
OWNERS LIST
ASSESSMENT ASSESSOR'S
NUMBER PARCEL NUMBER OWNER
1 59-151-41 Edward Zelinsky, eta!
P.O. Box 1043
Tiburon, CA 94920-0974
2 59-151-40 Edward Zelinsky, etal
P.O. Box 1043
Tiburon, CA 94920-0974
3 59-151-36 Edwin Purdy and Nancy Purdy
Purdy Trust
P.O. Box 1085
Tiburon, CA 94920-7005
4 59-151-42 Milton McDonough
P.O. Box 901
Tiburon, CA 94920-0901
5 59-151-38 Edward Zelinsky, eta!
P.O. Box 1043
Tiburon, CA 94920-0974
6 59-151-35 Tiburon Investment Company
P.O. Box 90
Carmel Valley, CA 93924-0090
7 59-151-33 Edward Zelinsky, eta!
P.O. Box 1043
Tiburon, CA 94920-0974
8 59-151-05 National Emergency Services, Inc.
P.O. Box 156
Tiburon, CA 94920-0156
Sepo:mbcr 29, 1999
CORRESPOJOB
69390WNERS.DOC
1/2
MAIN STREET ASSESSMENT DlSTRlCI'
TOWN OF TIBURON
MARIN COUNTY, CALIFORNIA
OWNERS LIST
ASSESSMENT ASSESSOR'S
NUMBER PARCEL NUMBER OWNER
9 59-151-04 Tiburon Tommies, Inc.
clo Cindy Won
541 Ortega Street, #949
San Francisco, CA 94122-4623
10 60-105-80 Frederick Potts
55 Main Street
Tiburon, CA 94920-2507
11 59-102-19 Edward Zelinsky, etal
P.O. Box 1043
Tiburon, CA 94920-0974
12 59-102-18 Edward Zelinsky, etal
P.O. Box 1043
Tiburon, CA 94920-0974
I3 59-102-02 Della Santina
Tiburon Building Partners
52 Dunfries Terrace
San Rafael, CA 94901-2439
14 59-102-17 Nahid & Amir Zandvakili
11 Sotelo Avenue
Piedmont, CA 94611-3534
15 59-151-34 Sam Vella
55 Main Street
Tiburon, CA 94920-2507
16 59-151-37 Edwin Purdy and Nancy Purdy
P.O. Box 1085
Tiburon, CA 94920-7005
September 29, 1999
CORRESPOJOB
69390WNERS.DOC
212
TEe. No.
De:
1.99 10 :26 No .007 P .02 -
..
ASSESSMENT ASSESSOR'S
NUMBER PARCEL NUMBER ASSESSMENT
1 59-151-41 $ 4,825.00
2 59-151-40 $ 9,650.00
3 59-151-36 $ 46,666.00
4 59-151-42 $ 5,004.00
5 59-151-38 $ 34,090.00
6 59-151-35 $ 31,365.00
7 59-151-33 $ 19,114.00
8 59-151.05 $ 21,770.00
9 59.151.04 $ 39,965.00
10 60-105-80 $ 10,008.00
11 59-102-19 $169,708.00
12 59.102-18 $ 22,246.00
13 59-102-02 $ 9.114.00
14 59-102.17 $ 14,475.00
15 59-151-34 0
16 59-151.37 0
TOTAL ASSESSMENT $438,000.00
MAIN STREET ASSESSMENT DISTRICT
TOWN OF TJBURON
MARIN COUNTY. CALIFORNIA
ASSESSMENT ROLL
December 1 1999
Dtcembu 1, ,,"
CQlUlESPO.JOB
69J9ROLL.DOC
DEC-01-SB 11.48 FROM,MARK PRESSMAN ASSOC
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PACE
2/-2
30030-02
JH:SRC:SGS
11/22/99
RESOLUTION NO.
A RESOLUTION AUTHORIZING ISSUANCE OF BONDS
TOWN OF TIBURON
Main Street Assessment District
Adopted
Section 101
Section 102.
Section 103.
Section 2.01
Section 2.02.
Section 2.03.
Section 2.04.
Section 2.05.
Section 2.06.
Section 2.07.
Section 2.08.
Section 2.09.
Section 2.10.
Section 301
Section 302.
Section 303.
Section 304.
Section 3.05.
Section 3.06.
Section 3.07.
Section 3.08.
Section 309.
Section 310.
Section 311.
Section 4.01.
Section 4.02.
Section 4.03
Section 4.04.
Section 4.05.
Section 5.01
Section 5.02.
Section 5.03.
Section 5.04.
Section 5.05.
Section 5.06.
TABLE OF CONTENTS
Paqe
ARTICLE I
DEFINITIONS; GENERAL
o EFI N ITI 0 NS .... ....................................................................... ........................................................ 2
U NP AI D ASSESSM ENTS ............................................................... ....................................................7
EQUAL SECU RITY ............................................................................................................................. 8
ARTICLE II
THE BONDS
BO N OS AUTHORiZED.................................................................................................................... ...9
TERMS OF BONDS......................................................................................................................... ...9
REDEMPTION ..... ...... ... ................ ..... ................... ........... ............................. ........... ............ 10
DESIGNATION OF AGENT ............................................................................................................11
FORM OF BONDS... ........... .... ........ ........ ... ......... ......................... ......................... ........ ................... 11
EXECUTION AND AUTHENTICATION OF BONDS..........................................................................11
TRANSFER OR EXCHANGE OF BONDS..................................................................................12
BOND REGI STER ............................................................................................................................ 12
TEM PORARY BON OS ...................................................................................................................... 12
BONDS MUTILATED, LOST, DESTROYED OR STOLEN.................................................................12
ARTICLE III
ISSUANCE OF BONDS
ISSUANCE AND SALE OF BONDS .........................................................................................14
VAll DITY OF BONDS....................................................................................................................... 14
PLEDGE OF ASSESSMENTS AND FUNOS ................................................................................14
LIMITED OBLIGATIONS...... .................. ................. ...........................................................14
NO ACCELERATION .......... ................. .................................. .....................................................14
REFUNDING OF BONDS ....................... .......................................................................................14
AUTHORITI ES. ................................ .................................................................................... 15
COM PLETI ON OF RESOLUTION..................................................................................................... 15
SALE OF BONDS ................... ................ .................................................................................15
BONDS PREPARED ANO DELIVERED ........................... .......................................................15
ACTIONS APPROVED .............................. ...................... .........................................................15
ARTICLE IV
FUNDS AND ACCOUNTS
APPLICATION OF PROCEEDS OF SALE OF BONDS.................................................................16
COSTS OF ISSUANCE FUND ........................................................................................................16
RED EMPTION FU NO....................................................................................................................... 16
RESERVE FUND...... .................. ........................ ..........................................................17
IMPROVEMENT FUND ............................................ ...............................................18
ARTICLE V
COVENANTS
COLLE CTI 0 N OF ASSESSMENTS.................................................................................................. 19
FORECLOS URE........................................................................................................................... .... 19
PUNCTUAL PAYMENT; COMPLIANCE WITH DOCUMENTS..........................................................20
NO PRIORITY FOR ADDITIONAL OBLIGATIONS......................................................................20
FURTHER ASSURANCES........................ ......... ..... ... .... ...... ... ............... ..... ... ............. ... 20
PRIVATE ACTIVITY BOND LIMITATION .............................................................20
Section 5.07.
Section 5.08.
Section 5.09.
Section 5.10.
Section 5.11.
Section 5.12.
Section 60t
Section 6 02
Section 6 OJ
Section 6.04.
Section 70t
Section 7.02.
Section 703.
Section 704.
Section 705.
Section 706.
Section 7.07.
Section 8.0t
Section 8.02.
Section 8.03
Section 8.04.
Section 8.05.
Section 8.06.
Section 8.07.
Section 8.08.
Section 8.09.
Section 8.10.
Section 8.1t
Section 8.12.
Section 8.13.
Section 8.14.
Section 8.15.
Section 8.16.
FED ERAL GUARANTEE PROHI BITION ........................................................................................... 20
NO ARB ITRAGE......................................................................................................................... ......20
RE BATE REQUI REM ENT................................................................................................................. 21
YI ELD OF TH E BON OS .................................................................................................................... 21
AM EN 0 MENT...................................................................................................... .............. ...............21
MAl NTE NANCE OF T AX-EXEM PTION ............................................................................................. 21
ARTICLE VI
INVESTMENT OF FUNDS
DEPOSIT AND INVESTMENT OF MONEYS IN FUNDS ...................................................................22
ACQUISITION, DISPOSITION AND VALUATION OF INVESTMENTS..............................................22
L1AB I L1TY OF TOWN........................................................................................................................ 23
EM PLOYMENT OF AG ENTS BY TOWN........................................................................................... 23
ARTICLE VII
MODIFICATION OR AMENDMENT
AMENDM ENTS PERM ITTED ........................................................................................................... 24
OWNERS' MEETI NGS.. .... .................... ....... ............... ........................................... ........................... 24
PROCEDURE FOR AMENDMENT WITH WRITTEN CONSENT OF OWNERS. ...............................24
01 SQUAll FI ED BONDS.................................................................................................................... 25
EFFECT OF SU PPLEM ENTAL RESOLUTION.................................................................................. 25
ENDORSEMENT OR REPLACEMENT OF BONDS ISSUED AFTER AMENDMENT. .......................25
AMEN DA TORY EN DO RS EM ENT OF BON OS.................................................................................. 26
ARTICLE VIII
MISCELLANEOUS
BENEFITS OF AGREEMENT LIMITED TO PARITIES ...................................................................27
S UCCESSO R AN 0 PREDECESSO R ............................................................................................... 27
01 SCHARGE 0 F RESOLUTION....................................................................................................... 27
EXECUTION OF DOCUMENTS AND PROOF OF OWNERSHIP....................................................28
WAIVER OF PERSONAL LIABILITY. .. ................ ......... ..... ..... ... ... ............ .'. ............. ...... ................... 28
NOTICES AND DEMANDS ......... ............... ..................................................................................28
PARTIAL I NV All DITY....................................................................................................................... 28
UNCLAI MED MONEYS ....... .... ..... .... ......... ... ....... ...... ......................................................28
APPLI CABLE LAW. ........ ............................. ................................................................................... 29
CONFLICT WITH BOND LAW....... ............. ... ... ................... ......... ....................................................29
CONCLUSIVE EVIDENCE OF REGULARITY; VALlDITY.................................................................29
PAYMENT ON BUSINESS DAY... .................... .........................................................................29
REPEAL OF INCONSISTENT RESOLUTIONS ................................................................................29
AUTHORITY OF FI NANCE 01 RECTOR............................................................................................ 29
C ERTI FI ED COPI ES........... ....................... ..................................................................................... 29
EFFECTIVE DATE OF THE RESOLUTION......................................................................................29
***********
EXHIBIT A - Terms and Conditions of Bonds
EXHIBIT B - Form of Bond
A RESOLUTION AUTHORIZING ISSUANCE OF BONDS
RESOLVED by the Town Council (the "Council') of the Town of Tiburon (the 'Town'), County of Marin, State
of California, that:
WHEREAS, on April 7, 1999, the Council adopted its Resolution of Intention No. 3326 (the 'Resolution of
Intention") relating to the levy of assessments and issuance of bonds pursuant to the Municipal Improvement Act of
1913, Division 12 (commencing with Section 1000) of the Streets and Highways Code of California (the "Act") in and
for the Town's Main Street Assessment District (the 'Assessment Districr) and by the Resolution of Intention, the
Town Council of the Town provided that improvement bonds as more particularly described herein (the "Bonds')
would be issued thereunder and reference to the Resolution of Intention is hereby expressly made for further
particulars; and
WHEREAS, this Council has completed its proceedings under the Resolution of Intention for the levy of
assessments, has caused all recordings and filings to be completed in accordance with the requirements in and for
the Assessment District and by the adoption of this Resolution intends to provide for the issuance of the Bonds
WHEREAS, this Council now intends to provide for the issuance of the Bonds upon the security of a the
unpaid assessments, all as hereinafter provided.
ARTICLE I
DEFINITIONS; GENERAL
Section 1.01. DEFINITIONS. Unless the context otherwise requires, the terms defined in this Section shall,
for all purposes of this Resolution and of any Supplemental Resolution and of the Bonds and of any certificate,
opinion, request or other document herein mentioned, have the meanings herein specified. All references in this
Resolution to "Articles," "Sections," and other subdivisions are to the corresponding Articles, Sections or subdivisions
of this Resolution; and the words 'herein,' hereof', 'hereunder' and other words of similar Import refer to this
Resolution as a whole and not to any particular Article, Section or subdivision hereof. Words of the masculine gender
shall be deemed and construed to include correlative words of the feminine and neuter genders. Unless the context
shall otherwise indicate, words importing the singular number shall Include the plural number and vice versa, and
words importing persons shall include corporations and associations, Including public bodies, as well as natural
persons.
"Acf' means the Municipal Improvement Act of 1913, Division 12, commencing with Section 10000, of the
Streets and Highways Code of California.
"Agenf' means the U.S. Bank Trust Nafional Association appointed under Section 2.01 hereof to perform the
duties of authentication, registration, transfer and payment of the Bonds and the Agent's assigns or any corporation
or association which may at any time be substituted in the Agent's place.
"Assessment or Assessments" means the unpaid amounts of the special assessments levied against all
taxable reai property within the boundaries of the Assessment District pursuant to the Act and the proceedings of the
Council under the Resolution of Intention, for the purpose of paying Debt Service on the Bonds under the Bond Law.
'Assessment Districf' means that portion at the Town designated "Main Street Assessment District
referenced in proceedings under the Act and Resolution at Intention.
"Auditor" means the auditor/controller or tax collector of the County, or such other official of the County who
is responsible for preparing real property tax bills.
"Authorized Officel' means the Mayor, Town Manager, Finance Director, Director of Public Works, Town
Clerk, Town Attorney or any other officer or employee authorized by the Town Council of the Town or by an
Authorized Officer to undertake the action referenced in this Resolution as required to be undertaken by an
Authorized Officer.
"Available Surplus Funds" means any surplus moneys held by the Town at the end of each Fiscal Year In
excess of the amounts required to pay lawful municipal obligations incurred in that Fiscal Year.
"Bonds' or "Bonds" means 'Limited Obligation Improvement Bonds, Town of Tiburon, Main Street
Assessment District" issued under this Resolution and the Act, and at any time Outstanding.
"Bond Denomination" means the amount of $1,000.00 or any integral multiple thereof, which is the
minimum amount in which the Bonds may be issued, except that one Bond may contain any odd amount.
"Bond Law" means the Improvement Bond Act of 1915, Division 10, commencing with Section 8500, of the
California Streets and Highways Code.
.2.
"Bond Purchase Agreemenr means the agreement or contract whereby the Town agrees to sell and the
Original Purchaser agrees to buy all or a designated portion of the Bonds.
"Bond Register' means the books maintained by the Agent pursuant to Section 2.07 for the registration and
transfer of ownership of the Bonds.
. Bond Year' means the twelve-month period beginning on September 2 in each year and ending on the day
prior to September 2 in the following year except that (i) the first Bond Year shall begin on the Closing Date and end
on the day prior to the next September 2, and (ii) the last Bond Year may end on a prior redemption date.
"Business Day" means any day other than (i) a Saturday or a Sunday or (ii) a day on which banking
institutions in the state in which the Agent has its Principal Office are authorized or obligated by law or executive order
to be closed.
'Capitalized Interest Accounf' means the account of that name within the Redemption Fund.
"Town Attorney" means the duly appointed or retained attorney or firm of attorneys to the Town for
purposes of rendering advice in the conduct of its general municipal affairs.
"Town Manager' means the Town Manager or the Assistant Town Manager of the Town.
"Clerk" means the Town Clerk of the Town or Deputy Town Clerk or designee thereof.
"Closing Date" means the date upon which there is an exchange of any of the Bonds for the proceeds
representing the purchase price of such Bonds by the Original Purchaser thereof
"Continuing Disclosure Certificate' shall mean that certain Continuing Disclosure Certificate dated the
date of issuance and delivery of the Bonds, as originally executed by the Town and as it may be amended from time
to time in accordance with the terms thereof.
"Costs of Issuance" means all expenses incurred in connection with the authorization, issuance, sale and
delivery of the Bonds, including but not limited to compensation, fees and expenses of the Town and the Agent and
their respective counsel, compensation to any financial consultants and underwriters (other than those taken as
discount on the Closing Date), legal fees and expenses, filing and recording costs, costs of preparation and
reproduction of documents, costs of compliance with the Tax Code relating to rebate to the United States, the costs of
supplying continuing disclosure materials under the provisions hereof and costs of printing, mailing and publication of
notices with respect to the Town and the Project.
"Costs of Issuance Fund' means the fund designated "Limited Obligation Refunding Improvement Bonds,
Town of Tiburon, Main Street Assessment District Costs of Issuance Fund" established under Section 4.02.
"Council' means the Town Councii as the legislative body of the Town.
"County" means the County of Marin, State of California.
hereof
"Dated Date' means the dated date of the Bonds specified in Exhibit A attached hereto and made a part
- 3.
"Debt Service" means, for each Bond Year, the sum of (i) the interest due on the Outstanding Bonds In such
Bond Year, assuming that the Outstanding Bonds are retired as scheduled, and (Ii) the principal amount of the
Outstanding Bonds due in such Bond Year.
"Depository or Securities Depositories" means The Depository Trust Company, 711 Stewart Avenue,
Garden City, New York 11530, Fax - (516) 227-4171 or 4190; Philadelphia Depository Trust Company,
Reorganization Division, 1900 Market Street, Philadelphia, Pennsylvania 19103, Attention: Bond Department, Fax _
(215) 496-5058; and, in accordance with then current guidelines of the Securities and Exchange Commission, such
other addresses andlor such other securities depositories as the Town may designate in an Officer's Certificate
delivered to the Agent.
"Dre' means the Depository Trust Company, New York, New York and its successors and assigns.
"Fair Market Value" means the price at which a willing buyer would purchase the investment from a willing
seller in a bona fide, arm's length transaction (determined as of the date the contract to purchase or sell the
investment becomes binding) if the Investment is traded on an established securities market (within the meaning of
section 1273 of the Tax Code) and, otherwise, the term "Fair Market Value" means the acquisition price in a bona fide
arm's length transaction (as referenced above) if (i) the investment is a certificate of deposit that is acquired in
accordance with applicable regulations under the Tax Code, (ii) the investment is an agreement with specifically
negotiated withdrawal or reinvestment provisions and a specifically negotiated interest rate (for example, a
guaranteed investment contract, a forward supply contract or other Investment agreement) that is acquired in
accordance with applicable regulations under the Tax Code, (iii) the investment is a United States Treasury Securlty--
State and Local Government Series that is acquired in accordance with applicable regulations of the United States
Bureau of Public Debt, or (iv) any commingled investment fund in which the Town and related parties do not own
more than a ten percent (10%) beneficial interest if the return paid by such fund is without regard to the source of the
investment.
"Federal Securities" means any of the following which at the time of investment are legal investments under
the laws of the State for the moneys proposed to be Invested therein:
(a) direct general obligations of the United States of America (including obligations issued or
held in book entry form on the books of the Department of the Treasury of the United States of America); and
(b) obligations of any department, agency or instrumentality of the United States of America
the timely payment of principal of and interest on which are unconditionally and fully guaranteed by the
United States of America.
"Finance Director" means the Director of Finance or the official of the Town who is the chief financial officer
or designee thereof, including any deputy or assistant thereof.
"Fiscal Year' means the period commencing on July 1 of each year and ending on the next succeeding
June 30.
"Improvement Fund' means the fund designated "Limited Obligation Improvement Bonds, Town of Tiburon,
Main Street Assessment District, Improvement Fund" established under Section 4.05 hereof.
"Information Services' means Financial Information, Inc.'s "Daily Called Bond Service," 30 Montgomery
Street, 10th Fioor, Jersey City, New Jersey 07302, Attention: Editor; Kenny Information Services' Called Bond
Service, 55 Broad Street, 28th Floor, New York, New York 10004; Moody's Investors Service Municipal and
-4-
Government:' 99 Church Street, New York, New York 10007, Attention: Municipal News Reports; Standard & Poor's
Corporation "Called Bond Record," 25 Broadway, 3rd Floor, New York, New York 10004; and, in accordance with
then current guidelines of the Securities and Exchange Commission, such other addresses andlor such services
providing information with respect to called bonds as the Town may designate in an Officer's Certificate delivered to
the Agent.
"Interest Payment Date" means each date upon which interest on the Bonds is payable semiannually on
each March _ and September until maturity and beginning on the date specified in Exhibit A.
"Officer's Certificate" means a written certificate or similar document executed by an Authorized Officer on
behalf of the Town.
"Original PurchaseI' means the first purchaser of the Bonds from the Town under the Bond Purchase
Agreement.
"Outstanding," when used as of any particular time with reference to Bonds, means all Bonds theretofore
executed, issued and delivered by the Town and authenticated by the Agent under this Resolution except:
(a) Bonds theretofore canceled by the Agent or surrendered to the Agent for cancellation;
(b) Bonds paid or deemed to have been paid within the meaning of Section 2.03; and
(c) Bonds in lieu of or in substitution for which other Bonds shall have been executed, issued
and delivered by the Town pursuant to this Resolution or any Supplemental Resolution.
"Owner" or "Registered Owner," when used with respect to any Outstanding Bond, means the person in
whose name the ownership of such Bond shall be registered on the Bond Register.
"Participating Underwriter" means an underwriter or purchaser of the Bonds under the Continuing
Disclosure Certificate.
"Permitted Investments" means the following, but only to the extent that the same are acquired at Fair
Market Value:
(a) Federal Securities;
(b) securities (other than those identified in paragraphs (a) and (d) of Section 53601 of the
Government Code of the State) in which the Town may legally invest funds subject to its control, pursuant to
Article 1, commencing with Section 53600, of Chapter 4 of Part 1 of Division 2 of Title 5 of the Government
Code of the State, as now or hereafter amended;
(c) shares in a California common law trust established pursuant to Title 1, Division 7, Chapter
5 of the California Government Code which invests exclusively in investments permitted by Section 53635 of
Title 5, Division 2, Chapter 4 of the California Government Code, as it may be amended, including but not
limited to the California Asset Management Program (CAMP);
(d) the Local Agency Investment Fund of the State of California, created pursuant to Section
16429.1 of the California Government Code, to the extent the Finance Director is authorized to register such
investment in the Town's name;
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(e) investment agreements or guaranteed investment contracts, with or guaranteed by a
financial entity whose long-term unsecured obligations are rated "M" or better by Moody's Investor's Service
("Moody's) and Standard and Poor's Ratings Group ("S&P"), and whose short term debt is rated no lower
than the corresponding level of rating category for such debt and such agreement or contract shall provide
that the financial entity shall deposit collateral with a third party in accordance with criteria established by
Moody's and S&P in the event that the rating of short or long-term debt of the entity is downgraded below
then-current requirements of Moody's and S&P for such agreements or contracts;
(D money market funds which are rated Am or better by S&P;
(g) any of the following direct or indirect obligations of the following agencies of the United
States of America: (i) direct obligations of the Export-Import Bank; (ii) certificates of beneficial ownership
issued by the Farmers Home Administration; (iii) participation certificates issued by the General Services
Administration; (iv) mortgage-backed bonds or pass-through obligations issued and guaranteed by the
Government National Mortgage Association, the Federal National Mortgage Association, the Federal Home
Loan Mortgage Corporation or the Federal Housing Administration; (v) project notes issued by the United
States Department of Housing and Urban Development; and (vi) public housing notes and bonds
guaranteed by the United States of America;
(h) interest-bearing demand or time deposits (including certificates of deposit) in federal or
state chartered savings and loan associations or in federal or State of California banks (including the Agent
or any of its affiliates), provided that (i) the unsecured short-term obligations of such commercial bank or
savings and loan association shall be rated A 1 or better by S&P, or (ii) such demand or time deposits shall
be fully insured by the Federal Deposit Insurance Corporation;
(i) commercial paper rated in the highest short-term rating category by S&P, issued by
corporations which are organized and operating within the United States of America, and which matures not
more than 180 days following the date of investment therein;
OJ bankers acceptances, consisting of bills of exchange or time drafts drawn on and
accepted by a commercial bank whose short-term obligations are rated in the highest short-term rating
category by S&P, which mature not more than 270 days following the date of investment therein;
(k) obligations the interest on which is excludable from gross income pursuant to Section 103
of the Tax Code and which are rated A or better by S&P.
"Prepayment Account' means the account of that name within the Redemption Fund.
"Principal Amount' means the aggregate principal amount of the bonds which is set forth in Exhibit A.
"Principal Office" means the office of the Agent in San Francisco, California, or such other office as shall be
designated by the Agent in writing to the Town, or such other office of the Agent designated for payment, transfer or
exchange of the Bonds by the Agent.
"Project' means the acquisitions and improvements funded with all or a portion of the proceeds of the Bonds
as generally described in the Resolution of Intention.
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"Record Datri' means, with respect to the Bonds, the fifteenth (15th) day of the calendar month immediately
preceding an Interest Payment Date.
"Redemption Fund' means the fund designated "Limited Obligation Improvement Bonds, Town of Tiburon,
Main Street Assessment District Redemption Fund" established under Section 4.03 hereof.
"Redemption Premium" means the percentage of the principal amount of the Bonds payable upon
redemption of the Bonds, except for any Term Bonds, as set forth in Exhibit "A" hereto.
.'Reserve Fund' means the fund designated "Limited Obligation Improvement Bonds, Town of Tiburon, Main
Street Assessment District Reserve Fund' established under Section 4.04 hereof.
"Reserve Requiremenf' means the maximum amount of the Reserve Fund as specified in Exhibit A.
"Resolution" or "Resolution of Issuancri' means this Resolution, as originally adopted or as it may from
time to time be supplemented, modified or amended by any Supplemental Resolution pursuant to the provisions
hereof
"Resolution of Intention" means Resolution No. 3326, entitled "A Resolution of Intention to Make
Acquisitions and Improvements," adopted by the Council on April?, 1999.
"Sinking Fund Payments" means the amounts paid by the Town for the Term Bonds under Section 2.02.
"State" means the State of California.
"Supplemental Resolution" means any resolution, agreement, resolution or other instrument hereafter duly
adopted or executed by the Town in accordance with the provisions of this Resolution.
"Tax Code" means the Internal Revenue Code of 1986 as in effect on the date of issuance of the Bonds or
(except as otherwise referenced herein) as it may be amended to apply to obligations issued on the date of issuance
of the Bonds, together with applicable proposed, temporary and final regulations promulgated, and applicable official
public guidance published, under the Tax Code.
"Term Bonds" means any of the Bonds subject to mandatory sinking fund redemption as set forth in Exhibit
A.
"Town" means the Town of Tiburon a general law town of the State of California duly organized and validly
existing under and by virtue of the Constitution and the laws of the State of California.
"TreasureI' means the official who is the elected Town treasurer, or the deputy or designee thereof, which
official may be the Finance Director.
Section 1.02. UNPAID ASSESSMENTS. The Assessments are as shown on the list of unpaid assessments
on file with the Finance Director which list is hereby approved and which is incorporated herein by this reference and
made a part hereof. For a particular description of the lots or parcels of land bearing the respective assessment
numbers set forth in the list, reference is hereby made to the assessment and to the diagram, and any amendments
thereto, recorded in the office of the official of the Town who is the Superintendent of Streets of the Town after
confirmation thereof by the Council.
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Section 1.03. EQUAL SECURITY. In consideration of the acceptance of the Bonds by the Owners thereof,
this Resolution shall be deemed to be and shall constitute a contract between the Town and the Owners from time to
time of the Bonds; and the covenants and agreements herein set forth to be performed on behalf of the Town shall be
for the equal and proportionate benefit, security and protection of all Owners of the Bonds without preference, priority
or distinction as to security or otherwise of any of the Bonds over any of the others by reason of the number or date
thereof or the time of sale, execution or delivery thereof, or otherwise for any cause whatsoever, except as expressly
provided therein or herein.
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ARTICLE II
THE BONDS
Section 2.01. BONDS AUTHORIZED. All acts, conditions and things required by law to exist, happen and
be performed precedent to and in the issuance of the Bonds have existed, happened and been performed in due
time, form and manner as required by law, and the Council is now authorized pursuant to each and every requirement
of law to issue the Bonds in the manner and form as provided in this Resolution. The Bonds, in the Principal Amount,
are hereby authorized and will be issued as seriai and/or term bonds as set forth in the Bond Purchase Agreement
and Exhibit A hereto.
Section 2.02. TERMS OF BONDS.
(A) Denominations. The Bonds shall be issued as fully registered Bonds without coupons in the Bond
Denomination or any integral multiple thereof, except that the first maturity may contain any odd amount. Bonds shall
be lettered and numbered in a customary manner as determined by the Agent.
(B) Date of Bonds. The Bonds shall be dated the Dated Date.
(C) CUSIP. "CUSIP" identification numbers shall be imprinted on the Bonds, but such numbers shall not
constitute a part of the contract evidenced by the Bonds and any error or omission with respect thereto shall not
constitute cause for refusal of any purchaser to accept delivery of and pay for the Bonds. Failure of the Town or the
Agent to use such CUSIP numbers in any notice to Owners shall not constitute an event of default or any violation of
the Town's contract with such Owners and shall not impair the effectiveness of any such notice.
(D) Maturities. The Bonds shall mature and become payable (or be subject to mandatory redemption
in the case of any Term Bonds) on September _ of each year and shall bear interest at the rates per annum all as
set forth in Exhibit A hereto and here by made a part hereof.
(E) Interest. The Bonds shall bear interest at the rates set forth above payable on the Interest Payment
Dates in each year. Interest shall be calculated on the basis of a 360-day year composed of twelve 30-day months.
Each Bond shall bear interest from the Interest Payment Date next preceding the date of authentication and
registration thereof unless it is authenticated and registered (i) prior to an Interest Payment Date and after the close of
business of the Record Date, in which event it shall bear interest from such Interest Payment Date, or (ii) prior to the
close of business on the Record Date preceding March _, , in which event it shall bear interest from
the Dated Date.
(F) Method of Payment. Interest on the Bonds (including the final interest payment upon maturity or
earlier redemption) is payable by check of the Agent mailed by first class mail to the registered Owner thereof at such
registered Owner's address as it appears on the registration books maintained by the Agent at the close of business
on the Record Date preceding the Interest Payment Date, or by wire transfer made on such Interest Payment Date
upon written instructions of any Owner of $ or more in aggregate principal amount of Bonds
delivered to the Agent prior to the applicable Record Date. The principal of the Bonds and any premium on the Bonds
are payable in lawful money of the United States of America upon surrender of the Bonds at the Principal Office of the
Agent. All Bonds paid by the Agent pursuant this Section shall be canceled by the Agent. The Agent shall destroy the
canceled Bonds and, upon request of the Town, issue a certificate of destruction of such Bonds to the Town.
Section 2.03. REDEMPTION.
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(A) General.
(I) Optional Redemption. Whenever, as of an Interest Payment Date, there are sufficient
funds in the Prepayment Account of the Redemption Fund from the proceeds of prepayments of
Assessments or from the application of any surplus funds by the Council, Bonds shall be called for
redemption. Each Bond, or any portion of the principal thereof in the principal amount of $
or any integral multiple thereof, may be redeemed and paid in advance of maturity on any Interest Payment
Date in any year by giving notice as hereafter provided and by paying the principal amount thereof, plus
interest to the date of redemption, unless sooner surrendered, in which event said interest will be paid to the
date of payment, together with the Redemption Premium.
The provisions of Part 11.1 of the Bond Law are applicable to the advance payment of
Assessments and to the calling of the Bonds. The Agent shall select Bonds for redemption in such a way
that the ratio of Outstanding Bonds to issued Bonds shall be approximately the same in each annual series.
insofar as possible (i.e. on a pro-rata basis among maturities of the Bonds). Within each annual maturity, the
Agent shall select Bonds for retirement by lot
(ii) Mandatory Sinking Fund Redemption. As may be provided in Exhibit A hereto, the
Term Bonds specified in Exhibit A shall be subject to mandatory redemption in part by lot, on September 2 in
each year as specified in Exhibit A, from Sinking Fund Payments made by the Town from the Redemption
Fund pursuant to Section 4.04, at a redemption price equal to the principal amount thereof to be redeemed,
without premium, in the aggregate respective principal amounts and on September 2 in the respective years,
all as set forth in Exhibit A; provided, however, if some but not all of the Term Bonds of a given maturity have
been redeemed pursuant to subsection (i) above the total amount of all future Sinking Fund Payments
reiating to such maturity shall be reduced by the aggregate principal amount of Term Bonds of such maturity
so redeemed, to be allocated among such Sinking Fund Payments on a pro rata basis in integral multiples of
$1,000.00 as determined by the Agent, notice of which determination shall be given by the Agent to the
Town
(8) Notice to Agent In the event it is transmitting moneys for deposit in the Prepayment Account of
the Redemption Fund, the Town shall give the Agent written notice of the aggregate amount of Bonds expected to be
redeemed pursuant to subsection (A) not less than sixty (60) days prior to the applicable redemption date.
(C) Redemption Procedure by Agent The Agent shall select Bonds for retirement in such a way that
the ratio of Outstanding Bonds to issued Bonds shall be approximately the same in each annual series insofar as
possibie. Within each annual series the Agent shall select Bonds for retirement by lot The Agent shall cause written
notice of any redemption to be given by registered or certified mail or by personal service to the respective registered
Owners of any Bonds designated for redemption, at their addresses appearing on the Bond Register in the Principal
Office of the Agent at least 30 days before the applicable Interest Payment Date. The Agent shall also cause notice of
redemption to be sent to the Securities Depositories and to one or more of the Information Services at least one day
earlier than the giving of notice to the Owners as aforesaid; provided, however, such mailing to the Securities
Depositories and Information Services shall not be a condition precedent to such redemption. Failure to so mail any
notice of redemption, or of any person or entity to receive any such notice, or any defect in any notice of redemption,
shall not affect the validity of the proceeding for the redemption of such Bonds.
Such notice shall state the redemption date and the redemption price and, if less than all of the then
Outstanding Bonds are to be called for redemption, shall designate the CUSIP numbers and Bond numbers of the
Bonds to be redeemed by giving the individual CUSIP number and Bond number of each Bond to be redeemed or
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shall state that all Bonds between two stated Bond numbers, both inclusive, are to be redeemed or that all of the
Bonds of one or more maturities have been called for redemption, shall state as to any Bond called in part the
principal amount thereof to be redeemed, and shall require that such Bonds be then surrendered at the Principal
Office of the Agent for redemption at the said redemption price, and shall state that further interest on such Bonds, or
the portion thereof to be redeemed, will not accrue from and after the redemption date.
Upon the payment of the redemption price of Bonds being redeemed, each check or other transfer of funds
issued for such purpose shall, to the extent practicable, bear the CUSIP number identifying, by issue and maturity, the
Bonds being redeemed with the proceeds of such check or other transfer.
Upon surrender of Bonds redeemed in part only, the Town shall execute and the Agent shall authenticate
and deliver to the registered Owner, at the expense of the Town, a new Bond or Bonds, of the same series and
maturity, of authorized denominations in aggregate principal amount equal to the unredeemed portion of the Bond or
Bonds.
(D) Effect of Redemption. From and after the date fixed for redemption, if funds available for the
payment of the principal of, and interest and any premium on, the Bonds so called for redemption shall have been
deposited in the Redemption Fund on the date fixed for redemption, such Bonds so called shall cease to be entitled to
any benefit under this Resolution other than the right to receive payment of the redemption price, and no interest shall
accrue thereon on or after the redemption date specified in such notice.
All Bonds redeemed by the Agent pursuant to this Section 2.03 shall be canceled by the Agent. The Agent
shall destroy the canceled Bonds and, upon request of the Town, issue a certificate of destruction of such Bonds to
the Town.
Section 2.04. DESIGNATION OF AGENT. The Agent, at the Principal Office, is hereby designated as the
Agent to perform the actions and duties required under this Resolution for the authentication, transfer, registration,
and payment of the Bonds The Finance Director is hereby authorized and directed to enter into appropriate
agreements with the Agent for such purposes.
Section 2.05. FORM OF BONDS. The Bonds, the form of Agent's certificate of authentication, and the form
of assignment to appear thereon, shall be substantially in the respective form set forth in Exhibit B attached hereto
and by this reference incorporated herein, with necessary or appropriate variations, as permitted or required.
Section 2.06. EXECUTION AND AUTHENTICATION OF BONDS. The Bonds shall be executed in the
name and on behalf of the Town with the manual or facsimile signatures of the Treasurer and attested by the manual
or facsimile signature of the Clerk. The Bonds shall then be delivered to the Agent for authentication. In case any
officer who shall have signed any of the Bonds shall cease to be such officer before the Bonds so signed shall have
been authenticated or delivered by the Agent or issued by the Town, such Bonds may nevertheless be authenticated,
delivered and issued and, upon such authentication, delivery and issue, shall be as binding upon the Town as though
the individual who signed the same had continued to be such officer of the Town. Also, any Bond may be signed on
behalf of the Town by any individual who on the actual date of the execution of such Bond shall be the proper officer
although on the nominal date of such Bond such individual shall not have been such officer.
Only such of the Bonds as shall bear thereon a certificate of authentication in substantially the form set forth
in Exhibit B, manually executed by the Agent, shall be valid or obligatory for any purpose or entitled to the benefits of
this Resolution, and such certificate of the Agent shall be conclusive evidence that the Bonds so authenticated have
been duly authenticated and delivered hereunder and are entitled to the benefits of this Resolution. The Agent's
certificate of authentication on any Bonds shall be deemed to be executed by it if signed by the Agent or by an
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authorized officer or signatory of the Agent, but it shall not be necessary that the same officer or signatory sign the
certificate of authentication on all of the Bonds issued hereunder.
Section 2.07. TRANSFER OR EXCHANGE OF BONDS. Any Bond may, in accordance with its terms, be
transferred upon the Bond Register by the registered Owner, in person or by such Owner's duly authorized attorney,
upon surrender of such Bond for cancellation, accompanied by delivery of a written instrument of transfer in a form
approved by the Agent, duly executed. Whenever any Bond shall be surrendered for transfer, the Agent shall
thereupon authenticate and deliver to the transferee a new Bond or Bonds of like tenor, maturity and aggregate
principal amount. Bonds may be exchanged at the Principal Office of the Agent, for Bonds of the same tenor and
maturity and of other authorized denominations. No Bonds the notice of redemption of which has been given pursuant
to Section 2.03 shall be subject to transfer or exchange pursuant to this Section. Neither the Town nor the Agent shall
be required to make such exchange or registration or transfer of Bonds on or after the Record Date or after a Bond
has been selected for redemption. For any transfer or exchange under this Section, the Town and the Agent may
require the payment of a reasonable fee to cover the costs and expenses of the Town and the Agent.
Section 2.08. BOND REGISTER The Agent will keep or cause to be kept at its Principal Office a sufficient
Bond Register for the registration and transfer of the Bonds, which shall at all times during regular business hours be
open to inspection by the Town; and, upon presentation for such purpose, the Agent shall, under such reasonable
regulations as it may prescribe, register or transfer or cause to be registered or transferred, on the Bond Register,
Bonds as hereinbefore provided.
Section 2.09. TEMPORARY BONDS. The Bonds may be issued initially in temporary form exchangeable
for definitive Bonds when ready for delivery. The temporary Bonds may be printed, lithographed or typewritten, shall
be of such denominations as may be determined by the Council and may contain such reference to any of the
provisions of this Resolution as may be appropriate. Every temporary Bond shall be executed by the officers
designated and in the manner provided in Section 2.06 hereof and be registered and authenticated by the Agent upon
the same conditions and in substantially the same manner as the definitive Bonds. If the Town issues temporary
Bonds, it will execute and furnish definitive Bonds without delay, and thereupon the temporary Bonds may be
surrendered, for cancellation, in exchange therefor at the Principal Office of the Agent, and the Agent shall
authenticate and deliver in exchange for such temporary Bonds an equal aggregate principal amount of definitive
Bonds of authorized denominations. Until so exchanged, the temporary Bonds shall be entitled to the same benefits
under this Resolution as definitive Bonds authenticated and delivered hereunder.
Section 2.10. BONDS MUTILATED, LOST, DESTROYED OR STOLEN. If any Bond shall become
mutilated, the Agent shall thereupon authenticate and deliver, a new (Bond of like maturity and principal amount in
exchange and substitution for the Bond so mutilated, but only upon surrender to the Agent of the Bond so mutilated.
Every mutilated Bond so surrendered to the Agent shall be canceled by it and delivered to, or upon the order of, the
Town. If any Bond issued hereunder shall be lost, destroyed or stolen, evidence of such loss, destruction or theft may
be submitted to the Town and the Agent and, if such evidence be satisfactory to them and indemnity satisfactory to
them shall be given, the Agent shall thereupon authenticate and deliver, a new Bond of like maturity and principal
amount in lieu of and in substitution for the Bond so lost, destroyed or stolen (or if any such Bond shall have matured
or shall have been called for redemption, instead of issuing a substitute Bond the Agent may pay the same without
surrender thereof upon receipt of indemnity satisfactory to the Agent). The Town and the Agent may require payment
of a reasonable fee for each new Bond issued under this Section and of the expenses which may be incurred by the
Town and the Agent. Any Bond issued under the provisions of this Section in lieu of any Bond alleged to be lost,
destroyed or stolen shall constitute an original contractual obligation on the part of the Town whether or not the Bond
alleged to be lost, destroyed or stolen be at any time enforceable by anyone, and shall be equally and proportionately
entitled to the benefits of this Resolution with all other Bonds secured by this Resolution and any Supplemental
Resolution.
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ARTICLE III
ISSUANCE OF BONDS
Section 3.01. ISSUANCE AND SALE OF BONDS. At any time after the adoption of this Resoiution, the
Town may issue the Bonds and sell and deiiver them to the Original Purchaser pursuant to the Bond Purchase
Agreement between the Town and Original Purchaser. The Authorized Officers, and each of them, are hereby
authorized to negotiate and execute the Bond Purchase Agreement with the Original Purchaser for the sale of the
Bonds, subject to such conditions as shall be as hereafter provided.
Section 3.02. VALIDITY OF BONDS. The validity of the authorization and issuance of the Bonds shall not
be dependent upon the completion of the Project or upon the performance by any person or such person's obligation
with respect to the Project.
Section 3.03. PLEDGE OF ASSESSMENTS AND FUNDS. The Bonds shall be secured by a first pledge
(which pledge shall be effected in the manner and to the extent herein provided) of all of the Assessments and all
moneys deposited in the Redemption Fund (including the Capitalized interest and Prepayment Accounts therein) and
the Reserve Fund. The Assessments and all moneys deposited into said funds (except as otherwise provided herein)
are hereby dedicated to the payment of the principai of (including Sinking Fund Payments), and interest and any
premium on, the Bonds as provided herein and in the Bond Law until all of the Bonds have been paid and retired or
untii moneys or Federal Securities have been set aside irrevocabiy for that purpose under Section 8.03 hereof.
Section 3.04. LIMITED OBLIGATIONS. All obligations of the Town under this Resolution and the Bonds
shall not be general obligations of the Town, but shall be limited obligations, payable soleiy from the Assessments and
the funds pledged therefore hereunder. Neither the faith and credit of the Town nor of the State of California or any
political subdivision thereof is pledged to the payment of the Bonds. The Bonds are "Limited Obligation Improvement
Bonds" under section 8769 of the Bond Law and are payable solely from and secured solely by the Assessments and
the amounts in the Redemption Fund and the Reserve Fund created hereunder. Notwithstanding any other provision
of this Resolution, the Town is not obligated to advance Availabie Surplus Funds from the Town treasury to cure any
deficiency in the Redemption Fund; provided, however, the Town is not prevented, in its sole discretion, from so
advancing funds.
Section 3.05. NO ACCELERATION. The principal of the Bonds shall not be subject to acceleration
hereunder. Nothing in this Section 3.05 shall in any way prohibit the prepayment or redemption of Bonds under
Section 2.03 hereof, or the defeasance of the Bonds and discharge of this Resolution under Section 8.03 hereof.
Section 3.06. REFUNDING OF BONDS. The Bonds may be refunded by the Town pursuant to Divisions 11
or 11.5 of the California Streets and Highways Code upon the conditions as set forth in appropriate proceedings
therefor. This Section shall not apply to or in any manner limit advancement of the maturity of any of the Bonds as
provided In Parts 8, 9, 11, or 11.1 of the Bond Law, nor shall this Section 3.06 apply to or in any manner limit the
redemption and payment of any Bond pursuant to subsequent proceedings providing for the payment of amounts to
eliminate previously imposed fixed lien assessments, including the Assessments.
Section 3.07. AUTHORITIES. The Authorized Officers are hereby separately authorized and directed to
execute and deliver the documents and instruments herein specified in substantially the forms on file with the Town
Clerk, with such additions thereto or changes therein as are approved by the Authorized Officer upon consultation
with Town's bond counsel, including such additions or changes as are necessary or advisable to permit the timely
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issuance, sale and delivery of the Bonds, provided, however, that no additions or changes shall: (i) authorize an
aggregate principal amount of Bonds in excess of $ ; (ii) result in an average interest rate on
the Bonds in excess of 7% per annum or such greater amount permitted by applicable law at the time of the sale of
the Bonds; (iii) or result in an underwriter's discount of $10,000; (d) or a maturity of the Bonds in excess of the 25
years from the Bond Date. The approval of such additions or changes shall be conclusively evidenced by the
execution and delivery of the documents and instruments herein specified by the Authorized Officer.
Section 3.08. COMPLETION OF RESOLUTION. The Clerk is authorized to complete and to approve
changes in any provisions of this Resolution and Exhibit "A" hereto in order to accomplish the delivery of any of the
Bonds on schedule; such changes may be accomplished by attachment of a certificate, executed by the Clerk, to this
Resolution on file in the office of the Clerk.
Section 3.09. SALE OF BONDS. The form the Bond Purchase Agreement substantially in the form currently
on file with the Town is hereby approved. The Authorized Officer is hereby authorized and directed to execute the
Bond Purchase Agreement for the Town, subject to the provisions of Section 3.07 hereof.
Section 3.10. BONDS PREPARED AND DELIVERED. Upon completion of the sale thereof, the Bonds shall
be prepared, executed and delivered to the Agent for authentication, all in accordance with the terms of the executed
Bond Purchase Agreement. The Agent, the Authorized Officers and other responsible officers of the Town are hereby
authorized and directed to take such actions as are required under the executed Bond Purchase Agreement and the
this Resolution to cause the delivery of the Bonds upon receipt of the purchase price thereof from the Original
Purchaser.
Section 3.11. ACTIONS APPROVED. All actions heretofore taken by the officers, employees and agents of
the Town with respect to the establish.ment of the Assessment District and the sale and issuance of the Bonds are
hereby approved, confirmed and ratified, and the Authorized Officers of the Town are hereby authorized and directed
to do any and all things and take any and all actions and execute any and all certificates, agreements and other
documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful
issuance and delivery of the Bonds in accordance with this resolution, and any certificate, agreement, and other
document described in the documents herein approved. All actions to be taken by a specified Authorized Officer as
specified herein, may be taken by the Authorized Officer or any designee, with the same force and effect as if taken
by such Authorized Officer.
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ARTICLE IV
FUNDS AND ACCOUNTS
Section 4.01. APPLICATION OF PROCEEDS OF SALE OF BONDS. Upon receipt of the proceeds of sale
of the Bonds on the Closing Date, the proceeds thereof shall be forthwith set aside, paid over and deposited by the
Finance Director, as set forth in the Bond Purchase Agreement, appropriate Officer's Certificate(s) this Article IV and
Exhibit A hereto
Section 4.02. COSTS OF ISSUANCE FUND.
(A) Establishment of Costs of Issuance Fund. The Costs of Issuance Fund shall be established,
held and receive deposits, all as provided in Exhibit A. To the extent held by the Finance Director, moneys in the
Costs of Issuance Fund shall be held for the benefit of the Town and shall be disbursed as provided in subsection (B)
of this Section 4.02 for the payment or reimbursement of the Costs of Issuance.
(B) Disbursement. Amounts in the Costs of Issuance Fund shall be disbursed from time to time to pay
Costs of Issuance as set forth in a requisition therefor containing respective amounts to be paid to the designated
payees, signed by an Authorized Officer and delivered to the Finance Director concurrentiy with the delivery of the
Bonds. The Finance Director shall pay all Costs of Issuance upon receipt of an invoice from any such payee which
requests payment in an amount which is less than or equal to the amount set forth with respect to such payee in such
requisition, or upon receipt of an Officer's Certificate requesting payment of a Cost of Issuance not listed on the initial
requisition delivered to the Finance Direclor on the Closing Date.
(C) Investment. Moneys in the Costs of Issuance Fund shall be invested and deposited under Section
6.01 hereof. Pending its closing under Subsection (B) above, Interest earnings and profits resulting from said
investment shall be retained by the Finance Director in the Costs of Issuance Fund to be used for the purposes of
such fund.
(D) Closing of Fund. The Finance Director shail maintain the Costs of Issuance Fund for a period of
90 days from the Closing Date or until the last known Costs of Issuance have been paid, whichever is earlier, and
then shall transfer any moneys remaining therein, including any investment earnings thereon, to the Redemption
Fund and the Costs of Issuance Fund shall be closed.
Section 4.03. REDEMPTION FUND.
(A) Establishment of Redemption Fund and Accounts. The Redemption Fund is hereby established
as a separate fund to be held by the Finance Director to the credit of which deposits shall be made as required by
Sections 4.01, 4.02(D) (if applicable) and 4.04(E) and any other amounts required to be deposited therein by this
Resolution or the Bond Law. Moneys in the Redemption Fund shall be held by the Finance Director for the benefit of
the Town and the Owners of the Bonds, shall be disbursedfor the payment of the principal of (including Sinking Fund
Payments), and interest and any premium on, the Bonds as provided below. Within the Redemption Fund, the
Finance Director shall establish and administer accounts as follows:
(I) The Capitalized Interest Account, into which a deposit shall be made under Section 4.01
and from which, disbursements shall be made to pay all or a portion of the interest on the Bonds which is
due on the Interest Payment Date(s) set forth in Exhibit A. Upon the final payment of interest as herein
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provided, any moneys remaining in the Capitalized Interest Account shall be transferred to the Redemption
Fund to pay Debt Service and the Capitalized Interest Account shall be closed; and
(ii) The Prepayment Account, into which shall be placed any amounts representing the full or
partial prepayments of Assessments that occur after the issuance of the Bonds. The Prepayment Account
shall be administered in accordance with section 8767 of the Bond Law and shall remain open so long as the
Redemption Fund remains open.
(B) Disbursements. On or before each Interest Payment Date, the Finance Director shall withdraw
from the Redemption Fund and pay to the Owners of the Bonds the principal of (including Sinking Fund Payments),
and interest and any premium, then due and payable on the Bonds. Five (5) Business Days prior to each Interest
Payment Date, the Finance Director shall determine if the amounts then on deposit in the Redemption Fund are
sufficient to pay the Debt Service due on the Bonds on such Interest Payment date. In the event that amounts in the
Redemption Fund are insufficient for such purpose, the Finance Director shall withdraw from the Reserve Fund to the
extent of any funds therein the amount of such insufficiency, and shall transfer any amounts so withdrawn to the
Redemption Fund. Amounts so withdrawn from the Reserve Fund and deposited in the Redemption Fund shall be
applied to the payment of the Bonds. If, after the foregoing transfers, there are insufficient funds in the Redemption
Fund to make the payments provided for in the first sentence of the first paragraph of this Section 4.03(B), the
Finance Director shall apply the available funds first to the payment of interest on the Bonds, then to the payment of
principal due on the Bonds (including Sinking Fund Payments), and then to payment of principal due on the Bonds by
reason of Bonds called for redemption under Section 2.03 hereof.
(C) Investment. Moneys in the Redemption Fund and the accounts therein shall be invested and
deposited under Section 6.01. Interest earnings and profits resulting from such investment and deposit shall be
retained in the Redemption Fund and the accounts therein
(D) Closing of Fund. The Redemption Fund (and the Prepayment Account therein) shall be closed
when all of the principal of and interest on the Bonds has been paid.
Section 4.04. RESERVE FUND.
(A) Establishment of Reserve Fund. The Reserve Fund shall be established, as a separate fund to
be held by the Finance Director, to the credit of which deposits shall be made as provided in Section 4.01. The
Reserve Fund shall also receive funds as provided in the Bond Law. Moneys in the Reserve Fund shall be held for
the benefit of the Town and the Bond Owners as a reserve for the payment of principal of (including Sinking Fund
Payments), and interest and any premium on, the Bonds. The Town shall cause the Reserve Fund to be administered
in accordance with Part 16 of the Bond Law; provided that proceeds from redemption or sale of properties with
respect to which payment of delinquent Assessments and interest thereon was made from the Reserve Fund, shall
be credited to the Reserve Fund.
(8) Use of Fund. Except as otherwise provided in this Section 4.04, all amounts deposited in the
Reserve Fund shall be used and withdrawn by the Finance Director solely for the purpose of making transfers to the
Redemption Fund in the event of any deficiency at any time in the Redemption Fund of the amount then required for
payment of the principal of (including Sinking Fund Payments), and interest and any premium on, the Bonds or, under
the provisions of this Section 4.04, for the purpose of redeeming Bonds from the Redemption Fund.
(C) Transfer Due to Deficiency in Redemption Fund. Transfers shall be made from the Reserve
Fund to the Redemption Fund in the event of a deficiency in the Redemption Fund, under Section 4.03 (B) hereof.
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(D) Prepayment of Assessments. Whenever, after the issuance of the Bonds, an Assessment is
prepaid, in whole or in part, as provided in the Bond Law, the Finance Director, shall transfer from the Reserve Fund
to the Redemption Fund an amount specified in such direction equal to the product of the ratio of the original amount
of the Assessment so paid to the original amount of all Assessments, times the initial Reserve Requirement.
(E) Transfer of Excess of Reserve Requirement. Whenever, on any Interest Payment Date, or on
any other date when the amount in the Reserve Fund exceeds the then applicable Reserve Requirement, the
Finance Director shall, except as otherwise provided in Section 5.09 hereof for purposes of rebate and as evidenced
by an appropriate Officer's Certificate, transfer on or before such Interest Payment Date an amount equal to the
excess from the Reserve Fund to the Redemption Fund to be used in accordance with Part 16 of the Bond Law to
provide credits upon the installments of the Assessments.
(F) Transfer When Balance Exceeds Outstanding Bonds - Closing of Fund. Whenever the
balance in the Reserve Fund is sufficient to retire all the Outstanding Bonds, whether by advance retirement or
otherwise, collection of the principal and interest on the Assessments shall be discontinued and the Reserve Fund
liquidated by the Finance Director in retirement of the Outstanding Bonds, and the Reserve Fund shall be closed. In
the event that the balance in the Reserve Fund at the time of liquidation exceeds the amount required to retire all of
the Outstanding Bonds, the excess shall be used in accordance with the Act and the Bond Law.
(G) Investment. Moneys in the Reserve Fund shall be invested and deposited under Section 6.01.
Interest earnings and profits resulting from said investment shall be retained in the Reserve Fund subject to the
provisions of Section 4.04(E) hereof.
Section 4.05. IMPROVEMENT FUND.
(A) Establishment of Improvement Fund. The Improvement Fund is hereby established as a
separate fund to be held by the Finance Director to the credit of which deposits shall be made as required by Section
4.01. Moneys in the Improvement Fund shall be held by the Finance Director for the benefit of the Town, and shall be
disbursed, except as otherwise provided in subsection (D) of this Section, for the payment or reimbursement of costs
of the Project.
(B) Disbursement. Disbursements from the Improvement Fund shall be made by the Finance Director
upon receipt of an Officer's Certificate, which shall:
(i) set forth the amount required to be disbursed, the purpose for which the disbursement is
to be made, the person to which the disbursement is to be paid and state that such disbursement is for a
Project cost; and
(ii) certify that no portion of the amount then being requested to be disbursed was set forth in
any Officers Certificate previously filed requesting disbursement;
(C) Investment. Moneys in the Improvement Fund shall be invested and deposited under Section 6.01
hereof Interest earnings and profits from such investment and deposit shall be retained in the Improvement Fund to
be used for the purposes of such fund.
(D) Closing of Fund. Upon the filing of an Officer's Certificate stating that the Project has been
completed and that all costs of the Project have been paid or are not required to be paid from the Improvement Fund,
the Finance Director shall transfer the amount, if any, remaining in the Improvement Fund as directed in the Officer's
Certificate which directions shall be pursuant to the Resolution of Intention and to the applicable provisions of the Act
and the Improvement Fund shall be closed.
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ARTICLE V
COVENANTS
Section 5.01. COLLECTION OF ASSESSMENTS. -
The Town shall comply with all requirements of the Act, the Bond Law and this Resolution to assure the
timely collection of the Assessments, including, without limitation, the enforcement of delinquent Assessments. To that
end, the following shall apply:
(A) Tax Roll Collection. The Assessments as set forth on the list thereof on file with the Finance
Director together with the interest thereto, shall be payable in annual series corresponding in number and
proportionate amount to the number of installments and principal amounts of the Bonds maturing or becoming subject
to mandatory prior redemption under Section 2.03 hereof. An annual proportion of each Assessment shall be payable
in each Fiscal Year preceding the date of maturity or mandatory prior redemption date of each of the Bonds issued
.sufficient to pay the Bonds when due (including any Sinking Fund Payments thereon) and such proportion of each
Assessment coming due in any year, together with the annual interest thereon, shall be payable in the same manner
and at the same time and in the same installments as the general taxes on real property are payable, and become
delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties and
interests after delinquency as do the general taxes on real property. All sums received from the collection of the
Assessments and of the interest and penalties thereon shall be placed in the Redemption Fund.
(B) Auditor Record. The Finance Director shall, before the final date on which the Auditor will accept
the transmission of the Assessments for the parcels within the Assessment District for inclusion on the next tax roll,
prepare or cause to be prepared, and shall transmit to the Auditor, such data as the Auditor requires to include the
installments of the Assessments on the next secured tax roll. The Finance Director is hereby authorized to employ
consultants to assist in computing the instailments of the Assessments hereunder and in reconciling Assessments
billed to amounts received as provided in the subsection (e) of this Section 5.01.
(C) Administrative Costs. In addition to any amounts authorized pursuant to section 8682 of the Bond
Law to be included with the annual amounts of installments as aforesaid, the Town, pursuant to section 8682.1 of the
Bond Law may cause to be entered on the assessment roll on which taxes will next become due, opposite each lot or
parcel of land within the Assessment District in the manner set forth in said section 8682, each lot's pro rata share of
the estimated annual expenses of the Town in connection with the administrative duties thereof for the Bonds,
including, but not limited to, the costs of registration, authentication, transfer and compliance with the provisions of
Article V hereof Delinquent Assessments shall be subject to foreclosure pursuant to Section 5.02 hereof.
Section 5.02. FORECLOSURE. The Town hereby covenants with and for the benefit of the Owners of the
Bonds that it will order, and cause to be commenced, and thereafter diligently prosecute an action in the superior
court to foreclose the lien of any Assessment or installment thereof which has been billed, but has not been paid,
pursuant to and as provided in sections 8830 and 8835, inclusive of the Bond Law and the conditions specified in this
Section 5.02 The Finance Director shall notify the Town Attorney of any such delinquency of which the Finance
Director IS aware, and the Town Attorney shall commence, or cause to be commenced, such foreclosure
proceedings, including collection actions preparatory to the filing of any complaint. The Town Attorney is hereby
authorized to employ counsel to conduct any such foreclosure proceedings. The following conditions shall apply to
the foreclosure proceedings which shall be commenced within 60 days of any of the following determinations which
shall be made by the Finance Director not later than October 1 of each Fiscal Year:
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(A) If the Finance Director determines that there is a delinquency of an Assessment of $1,500 or more
for a prior Fiscal Year or Years for any single parcel of land in the Assessment District.
(B) If the Finance Director determines that the total amount of delinquent Assessments for the prior
Fiscal Year for the entire Assessment District, less the total delinquencies under subsection (A) above, exceeds three
percent (3%) of the total Assessments due and payable in the prior Fiscal Year, foreclosure shall be commenced
against each parcel of land in the Assessment District with a delinquency of $750 or more for the prior Fiscal Year or
Years.
(C) If the Finance Director determines that the total amount 01 delinquent Assessment for the prior
Fiscal Year for the entire Assessment District, less the total delinquencies under subsections (A) and (B) above,
exceeds six percent (6%) of the total Assessments due and payable for the prior Fiscal Year, foreclosure shall be
commenced against each parcel of land within the Assessment District with any amount of delinquency for the prior
Fiscal Year or Years.
Section 5.03. PUNCTUAL PAYMENT; COMPLIANCE WITH DOCUMENTS. The Town shall punctually pay
or cause to be paid the interest and principal to become due with respect to all of the Bonds in strict conformity with
the terms of the Bonds and of this Resolution, and will faithfully observe and perform all of the conditions, covenants
and requirements of this Resolution and all Supplemental Resolutions.
Section 5.04. NO PRIORITY FOR ADDITIONAL OBLIGATIONS. The Town covenants that no additional
bonds or other obligations shall be issued or incurred having any priority over the Bonds in payment of principal or
interest out of the Assessments. Nothing in this Resolution shall prohibit the Town from issuing bonds or other
obligations on a parity with or subordinate to the Bonds and secured by and payable from the Assessments upon
such terms as the Town may determine.
Section 5.05. FURTHER ASSURANCES. The Town will adopt, make, execute and deliver any and all such
further resolutions, instruments and assurances as may be reasonably necessary or proper to carry out the intention
or to facilitate the performance of this Resolution, and for the better assuring and confirming unto the Owners of the
Bonds the rights and benefits provided in this Resolution.
Section 5.06. PRIVATE ACTIVITY BOND LIMITATION. The Town shall assure that the proceeds of the
Bonds are not so used as to cause the Bonds to satisfy the private business tests of section 141 (b) of the Tax Code
or the private loan financing test of section 141(c) of the Tax Code.
Section 5.07. FEDERAL GUARANTEE PROHIBITION. The Town shall not take any action or permit or
suffer any action to be taken if the result of the same would be to cause any of the Bonds to be 'federally guaranteed"
within the meaning of section 149(b) of the Tax Code.
Section 5.08. NO ARBITRAGE. The Town shall not take, or permit or suffer to be taken by the Finance
Director or otherwise, any action with respect to the proceeds of the Bonds which, if such action had been reasonably
expected to have been taken, or had been deliberately and intentionally taken, on the date of issuance of the Bonds
would have caused the Bonds to be 'arbitrage bonds" within the meaning of section 148 of the Tax Code.
Section 5.09. REBATE REQUIREMENT. The Town shall take any and all actions necessary to assure
compliance with section 148(1) of the Tax Code, relating to the rebate of excess investment earnings, if any, to the
federal government, to the extent that such section is applicable to the Bonds. Earnings on the Reserve Fund shall be
used for rebate purposes before any application thereof as credits to the Redemption Fund under Section 4.04(E).
- 20.
Section 5.10. YIELD OF THE BONDS. In determining the yield of the Bonds to comply with Sections 5.08
and 5.09 hereof, the Town will take into account redemption (including premium, if any) in advance of maturity based
on the reasonable expectations of the Town, as of the Closing Date, regarding prepayments of Assessments and use
of prepayments for redemption of the Bonds, without regard to whether or not prepayments are received or Bonds
redeemed.
Section 5.11. AMENDMENT. Without the consent of the Owners of the Bonds, the Town may amend this
Resolution to add, modify or delete provisions if necessary or desirable to assure compliance with Section 148(1) of
the Tax Code, or as otherwise required, to assure the exemption from federal income taxation of interest on the
Bonds.
Section 5.12. MAINTENANCE OF TAX-EXEMPTION. The Town shall take all actions necessary to assure
the exclusion of interest on the Bonds from the gross income of the Owners of the Bonds to the same extent as such
interest is permitted to be excluded from gross income under the Tax Code as in effect on the date of issuance of the
Bonds.
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ARTICLE VI
INVESTMENT OF FUNDS
Section 6.01. DEPOSIT AND INVESTMENT OF MONEYS IN FUNDS. Subject in all respects to the
provisions of Section 6.02, moneys in any fund or account created or established by this Resolution and held by the
Finance Director shall be invested by the Finance Director in Permitted Investments, as directed pursuant to an
Officer's Certificate filed with the Finance Director at least two (2) Business Days in advance of the making of such
investments. The following shall apply to such investments:
(A) In the absence of any such Officer's Certificate, the Finance Director shall invest any such moneys
in Permitted Investments described in m of the definition thereof which by their terms mature prior to the date on
which such moneys are required to be paid out hereunder. Obligations purchased as an investment of moneys in any
fund shall be deemed to be part of such fund or account, subject, however, to the requirements of this Resolution for
transfer of interest earnings and profits resulting from investment of amounts in funds and accounts;
(B) The Finance Director may act as principal or agent in the acquisition or disposition of any
investment. The Finance Director shall incur no liability for losses arising from any investments made pursuant to this
Section;
(C) Subject in all respects to the provisions of Section 5.09, investments in any and all funds and
accounts may at the discretion of the Finance Director be commingled in a separate fund or funds for purposes of
making, holding and disposing of investments, notwithstanding provisions herein for transfer to or holding in or to the
credit of particular funds or accounts of amounts received or held by the Finance Director hereunder, provided that
the Finance Director shall at all times account for such investments strictly in accordance with the funds and accounts
to which they are credited and otherwise as provided in this Resolution; and
(D) The Finance Director shall sell at the highest price reasonably obtainable, or present for
redemption, any investment security whenever it shall be necessary to provide moneys to meet any required
payment, transfer, withdrawal or disbursement from the fund or account to which such investment security is credited
and the Finance Director shall not be liable or responsible for any loss resulting from the acquisition or disposition of
such investment security in accordance herewith.
(E) For any funds held by the Finance Director, the foregoing provisions of this Section 6.01 shall also
apply, except that an Officer's Certificate shall not be required. For such funds the Finance Director shall keep
records or accounts of all expenditures or disbursements therefrom which records shall be available for inspection
during business hours on any Business Day upon prior written request.
Section 6.02. ACQUISITION, DISPOSITION AND VALUATION OF INVESTMENTS.
(A) Except as otherwise provided in subsection (B) of this Section, the Town covenants that all
investments of amounts deposited in any fund or account under this Resolution, or otherwise containing gross
proceeds of the Bonds (under section 148 of the Tax Code) shall be acquired, disposed of and valued (as of the date
that valuation is required by this Resolution or the Tax Code) at Fair Market Value.
(B) Investments in funds or accounts (or portions thereon that are subject to a yield restriction under
applicable provisions of the Tax Code and (unless valued at least annually) investments in the Reserve Fund shall be
valued at their present value (under section 148 of the Tax Code).
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Section 6.03. LIABILITY OF TOWN. The Town shall not incur any responsibility in respect of the Bonds or
this Resolution other than in connection with the duties or obligations explicitly provided herein or in the Bonds. The
Town shall not be liable to any Owner in connection with the performance of its duties hereunder, except for its own
negligence or willful default. The Town shall not be bound to ascertain or inquire as to the performance or observance
of any of the terms, conditions, covenants or agreements of the Agent herein or of any of the documents executed by
the Agent in connection with the Bonds, or as to the existence of a default thereunder. Under this Resolution, the
following shall apply to the Town:
(A) In the absence of bad faith, the Town, including the Finance Director, may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions
furnished to the Town and conforming to the requirements of this Resolution. The Town, including the Finance
Director, shall not be liable for any error of judgment made in good faith unless it shall be proved that it was negligent
in ascertaining the pertinent facts;
(B) No provision of this Resolution shall require the Town to expend or risk its own general funds or
otherwise incur any financial liability (other than with respect to the foreclosure proceedings for delinquent
Assessments and the payment of fees and costs of the Agent) in the performance of any of its obligations hereunder
or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of
such funds or adequate indemnity against such risk or liability is not reasonably assured to it;
(C) The Town may rely and shall be protected in acting or refraining from acting upon any notice,
resolution, request, consent, order, certificate, report, warrant, bond or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or proper parties. The Town may consult with
counsel, who may be the Town Attorney, with regard to legal questions, and the opinion of such counsel shall be full
and complete authorization and protection in respect of any action taken or suffered by it hereunder in good faith and
in accordance therewith;
(D) The Town shall not be bound to recognize any person as the Owner of a Bond unless duly
registered and until such Bond is submitted for inspection, if required, and his title thereto satisfactorily established, if
disputed; and
(E) Whenever in the administration of its duties under this Resolution the Town shall deem it necessary
or deSIrable that a matter be proved or established prior to taking or suffering any action hereunder, such matter
(unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of willful misconduct
on the part of the Town, be deemed to be conclusively proved and established by a certificate of the Agent or other
expert retained by the Town for the purposes hereof, and such certificate shall be full warrant to the Town for any
action taken or suffered under the provisions of this Resolution or any Supplemental Resolution upon the faith
thereof, but in its discretion the Town may, in lieu thereof, accept other evidence of such matter or may require such
additional evidence as to it may deem reasonable.
Section 6.04. EMPLOYMENT OF AGENTS BY TOWN. In order to perform its duties and obligations
hereunder, the Town may employ such persons or entities as it deems necessary or advisable. The Town shall not
be liable for any of the acts or omissions of such persons or entities employed by it with reasonabie care and in good
faith hereunder, and shall be entitled to rely, and shall be fully protected in doing so, upon the opinions, calculations,
determinations and directions of such persons or entities.
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ARTICLE VII
MODIFICATION OR AMENDMENT
Section 7.01. AMENDMENTS PERMITTED. This Resolution and the rights and obligations of the Town and
of the Owners of the Bonds may be modified or amended at any time by a Supplemental Resolution pursuant to the
affirmative vote at a meeting of Owners, or with the written consent without a meeting, of the Owners of at least sixty
percent (60%) in aggregate principal amount of the Bonds then Outstanding, exclusive of Bonds disqualified as
provided in Section 7.04. No such modification or amendment shall (i) extend the maturity of any Bond or reduce the
interest rate thereon, or otherwise alter or impair the obligation of the Town to pay the principal of, and the interest
and any premium on, any Bond, without the express consent of the Owner of such Bond, or (ii) permit the creation by
the Town of any pledge or lien upon the Assessments superior to or on a parity with the pledge and lien created for
the benefit of the Bonds (except as otherwise permitted by the Act, this Resolution, the laws of the State of California),
or reduce the percentage of Bonds required for the amendment hereof, or to amend this Section 7.01. Any such
amendment may not modify any of the rights or obligations of the Agent without its written consent This Resolution
and the rights and obligations of the Town and of the Owners may also be modified or amended at any time by a
Supplemental Resolution, without the consent of any Owners, only to the extent permitted by law and only for anyone
or more of the following purposes:
(A) to add to the covenants and agreements of the Town in this Resolution contained, other covenants
and agreements thereafter to be observed, or to limit or surrender any right or power herein reserved to or conferred
upon the Town;
(B) to make modifications not adversely affecting any outstanding series of Bonds of the Town in any
material respect;
(C) to make such provisions for the purpose of curing any ambiguity, or of curing, correcting or
supplementing any defective provision contained in this Resolution, or in regard to questions arising under this
Resolution, as the Town may deem necessary or desirable and not inconsistent with this Resolution, and which shall
not adversely affect the rights of the Owners of the Bonds; or
(D) to make such additions, deletions or modifications as may be necessary or desirable to assure
exemption from federal income taxation of interest on the Bonds.
Section 7.02. OWNERS' MEETINGS. The Town may at any time call a meeting of the Owners. In such
event the Town is authorized to fix the time and place of said meeting and to provide for the giving of notice thereof
and to fix and adopt rules and regulations for the conduct of said meeting.
Section 7.03. PROCEDURE FOR AMENDMENT WITH WRITTEN CONSENT OF OWNERS. The Town
may at any time adopt a Supplemental Resolution amending the provisions of the Bonds or of this Resolution or any
Supplemental Resolution, to the extent that such amendment is permitted by Section 7.01 hereof, to take effect when
and as provided in this Section 7.03. With respect to such Supplemental Resolution under this Section 7.03, the
following shall apply:
(A) A copy of such Supplemental Resolution, together with a request to Owners for their consent
thereto, shall be mailed by first class mail, by the Finance Director to each Owner of Bonds Outstanding, but failure to
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mail copies of such Supplemental Resolution and request shall not affect the validity of the Supplemental Resolution
when assented to as in this Section provided;
(B) Such Supplemental Resolution shall not become effective unless there shall be filed with the Agent
the written consents of the Owners of at least sixty percent (60%) in aggregate principai amount of the Bonds then
Outstanding (exclusive of Bonds disqualified as provided in Section 7.04) and a notice shall have been mailed as
hereinafter in this Section provided. Each such consent shall be effective only if accompanied by proof of ownership
of the Bonds for which such consent is given, which proof shall be such as is permitted by Section 8.04. Any such
consent shall be binding upon the Owner of the Bonds giving such consent and on any subsequent Owner (whether
or not such subsequent Owner has notice thereof) uniess such consent is revoked in writing by the Owner giving
such consent or a subsequent Owner by filing such revocation with the Agent prior to the date when the notice
hereinafter in this Section provided for has been mailed; and
(e) After the Owners of the required percentage of Bonds shall have filed their consents to the
Supplemental Resolution, the Town shall mail a notice to the Owners in the manner hereinbefore provided in this
Section for the mailing of the Supplemental Resolution, stating in substance that the Supplemental Resolution has
been consented to by the Owners of the required percentage of Bonds and will be effective as provided in this
Section but failure to mail copies of said notice shall not affect the validity of the Supplemental Resolution or consents
thereto). Proof of the mailing of such notice shall be filed with the Agent. A record, consisting of the papers required
by this Section 7.03 to be filed with the Agent, shall be proof of the matters therein stated until the contrary is proved.
The Supplemental Resolution shall become effective upon the filing with the Agent of the proof of matters therein of
such notice, and the Supplementai Resolution shall be deemed conclusively binding (except as otherwise
hereinabove specifically provided in this Article) upon the Town and the Owners of all Bonds at the expiration of sixty
(60) days after such filing, except in the event of a final decree of a court of competent jurisdiction setting aside such
consent in a legal action or equitable proceeding for such purpose commenced within such sixty-day period.
Section 7.04. DISQUALIFIED BONDS. Bonds owned or held for the account of the Town, excepting any
pension or retirement fund, shall not be deemed Outstanding for the purpose of any vote, consent or other action or
any calculation of Outstanding Bonds provided for in this Article VII, and shall not be entitled to vote upon, consent to,
or take any other action provided for in this Article VII.
Section 7.05. EFFECT OF SUPPLEMENTAL RESOLUTION. From and after the time any Supplemental
Resolution becomes effective pursuant to this Article VII, this Resolution shall be deemed to be modified and
amended in accordance therewith, the respective rights, duties and obligations under this Resolution of the Town and
all Owners of Bonds Outstanding shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions of any such Supplemental
Resolution shall be deemed to be part of the terms and conditions of this Resolution for any and all purposes.
Section 7.06. ENDORSEMENT OR REPLACEMENT OF BONDS ISSUED AFTER AMENDMENT. The
Town may determine that Bonds issued and delivered after the effective date of any action taken as provided in this
Article VII shall bear a notation, by endorsement or otherwise, in form approved by the Town, as to such action. In
that case, upon request of the Owner of any Bond Outstanding at such effective date and presentation of his Bond for
that purpose at the Principal Office of the Agent or at such other office as the Town may select and designate for that
purpose, a suitable notation shall be made on such Bond. The Town may determine that new Bonds, so modified as
in the opinion of the Town is necessary to conform to such Owners' action, shall be prepared, executed and
delivered. In that case, upon request of the Owner of any Bonds then Outstanding, such new Bonds shall be
exchanged at the Principal Office of the Agent without cost to any Owner, for Bonds then Outstanding, upon
surrender of such Bonds.
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Section 7.07. AMENDATORY ENDORSEMENT OF BONDS. The provisions of this Article VII shall not
prevent any Owner from accepting any amendment as to the particuiar Bonds held by such Owner, provided that due
notation thereof is made on such Bonds.
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ARTICLE VIII
MISCELLANEOUS
Section 8.01. BENEFITS OF AGREEMENT LIMITED TO PARITIES. Nothing in this Resolution, expressed
or implied, is intended to give to any person other than the Town, the Agent and the Owners, any right, remedy or
claim under or by reason of this Resolution. Any covenants, stipulations, promises or agreements in this Resolution
contained by and on behalf of the Town shall be for the sole and exclusive benefit of the Owners and the Agent.
Section 8.02. SUCCESSOR AND PREDECESSOR Whenever in this Resolution or any Supplemental
Resolution either the Town or the 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 Resolution contained by or on behalf of
the Town shall bind and inure to the benefit of the respective successors and assigns thereof whether so expressed
or not.
Section 8.03. DISCHARGE OF RESOLUTION. Subject to the provisions of Section 2.03 hereof, if the Town
shall pay and discharge the entire indebtedness on all Bonds Outstanding in anyone or more of the following ways:
(A) by paying or causing to be paid the principal of (including any Sinking Fund Payments) and interest
and any premium on all Bonds Outstanding, as and when the same become due and payable;
(B) by depositing with the Agent, in trust, at or before maturity, money which, together with the amounts
then on deposit in the Redemption Fund (including any account therein) and the Reserve Fund is fully sufficient to
pay all Bonds Outstanding, including all principal (including Sinking Fund Payments), interest and any applicable
redemption premiums, or;
(C) by irrevocabiy depositing with the Agent, in trust, cash and Federal Securities in such amount as
the Town shall determine, as confirmed by an independent certified pubiic accountant, which will, together with the
interest to accrue thereon and moneys then on deposit in the Redemption Fund (including any account therein) and
the Reserve Fund be fully sufficient to pay and discharge the indebtedness on all Bonds, including all principal,
Sinking Fund Payments, interest and any applicable redemption premiums, at or before their respective maturity
dates;
and if such Bonds are to be redeemed prior to the maturity thereof notice of such redemption shall have
been given as in this Resolution provided or provision satisfactory to the Agent shall have been made for the giving of
such notice, then, at the election of the Town, and notwithstanding that any Bonds shall not have been surrendered
for payment, the pledge of the Assessments and other funds provided for in this Resolution and all other obligations of
the Town under this Resolution with respect to all Bonds Outstanding shall cease and terminate, except only the
obligation of the Town to payor cause to be paid to the Owners of the Bonds not so surrendered and paid all sums
due thereon, the obligation of the Town to assure that no action is taken or failed to be taken if such action or failure
adversely affects the exclusion of interest on the Bonds from gross income for federal income tax purposes, and all
amounts owing to the Agent pursuant to Section 7.05 hereof; and thereafter Assessments shall not be payable to the
Agent. Notice of such election shall be filed with the Agent. Any funds thereafter held by the Agent upon payments of
all fees and expenses of the Agent, which are not required for said purpose, shall be paid over to the Town to be used
by the Town as provided in the Act and the Bond Law.
.27.
Section 8.04. EXECUTION OF DOCUMENTS AND PROOF OF OWNERSHIP. Any request, decl~ration or
other instrument which this Resolution may require or permit to be executed by Owners may be in one or more
instruments of similar tenor, and shall be executed by Owners in person or by their attorneys appointed in writing.
Except as otherwise herein expressly provided, the fact and date of the execution by any Owner or his attorney of
such request, declaration or other instrument, or of such 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 recorded 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 The ownership of registered bonds and the amount, maturity, number and date of
hoiding the same shall be proved by the registry books. Any consent, request, declaration or other instrument or
writing of the then registered Owner of any Bond shall bind all future Owners of such Bond in respect of anything
done or suffered to be done by the Town or the Agent in good faith and in accordance therewith.
Section 8.05. WAIVER OF PERSONAL LIABILITY. No member, officer, agent or employee of the Town
shall be individually or personally liable for the payment of the principal of, or interest or any premium on, the Bonds;
but nothing herein contained shall relieve any such member, officer, agent or employee from the performance of any
official duty provided by law.
Section 8.06. NOTICES AND DEMANDS. Any notice or demand which by any provision of this Resolution
is required or permitted to be given or served by the Town to or on the Agent may be given or served by being
deposited postage prepaid in a post office letter box addressed (until another address is filed by the Agent with the
Town) as follows:
(A) Town:
Finance Director
Town of Tiburon
1505 Tiburon Blvd.
Tiburon, CA 94920
(B) Agent:
u.s. B.ank Trust National Association
One California Street, 4th Floor
San Francisco, CA 94111
Attention: Corporate Trust.
Section 8.07. PARTIAL INVALIDITY. If any Section, paragraph, sentence, clause or phrase of this
Resolution shall for any reason be held illegal or unenforceable, such holding shall not affect the validity of the
remaining portions of this Resolution. The Town hereby declares that it would have adopted this Resolution and each
and every other Section, paragraph, sentence, clause or phrase hereof and authorized the issue of the Bonds
pursuant thereto irrespective of the fact that anyone or more Sections, paragraphs, sentences, clauses, or phrases
of this Resolution may be held illegal, invalid or unenforceable.
Section 8.08. UNCLAIMED MONEYS. Anything contained herein to the contrary notwithstanding, any
moneys held by the Finance Director in trust for the payment and discharge of the principal of, and the interest and
any premium on, the Bonds which remains unclaimed for two (2) years after the date when payments of principal,
interest and any premium have become payable, shall be repaid by the Finance Director to the Town as its absolute
property free from any trust, and the Finance Director shall thereupon be released and discharged with respect
- 28-
thereto and the Bond Owners shall look only to the Town for the payment of the principal of, and interest and any
premium on, such Bonds.
Section 8.09. APPLICABLE LAW. This Resolution shall be governed by and enforced in accordance with
the laws of the State of California applicable to contracts made and performed in the State of California.
Section 8.10. CONFLICT WITH BOND LAW. In the event of a conftict between any provision of this
Resolution with any provision of the Bond Law, the provision of the Bond Law shall prevail over the confticting
provision of this Resolution.
Section 8.11. CONCLUSIVE EVIDENCE OF REGULARITY; VALIDITY. Bonds issued pursuant to this
Resolution shall constitute conclusive evidence of the regularity of all proceedings under the Act and the Bond Law
relative to the levy of the Assessments. and the issuance of the Bonds, respectively. The validity of the authorization
and issuance of the Bonds shall not be dependent upon the completion and/or acquisition of the Project or any part
thereof or the performance by any person or such person's obligation(s) with respect to the Project.
Section 8.12. PAYMENT ON BUSINESS DAY. In any case where the date of the maturity of interest or of
principal, including Sinking Fund Payments, (and premium, if any) of the Bonds or the date fixed for redemption of any
Bonds or the date any action is to be taken pursuant to this Resolution is other than a Business Day, the payment of
interest or principal, including Sinking Fund Payments, (and any redemption premium) or the action need not be
made on such date but may be made on the next succeeding day which is a Business Day with the same force and
effect as if made on the date required and no additional interest shall accrue from such Interest Payment Date until
such Business Day.
Section 8.13. REPEAL OF INCONSISTENT RESOLUTIONS. Any resolution of the Council, and any part of
such resolution, inconsistent with this Resolution, is hereby repealed to the extent of such inconsistency.
Section 8.14. AUTHORITY OF FINANCE DIRECTOR All actions mandated by this Resolution to be
performed by the Finance Director may be performed by the designee thereof or such other official of the Town or
independent contractor, consultant or trustee duly authorized by the Town to perform such action or actions in
furtherance of all or a specific portion of the requirements hereof.
Section 8.15. CERTIFIED COPIES. The Clerk shall cause to be furnished a certified copy of this resolution
to the Finance Director, to the Agent, and to the Auditor of the County.
Section 8.16. EFFECTIVE DATE OF THE RESOLUTION. This Resolution shall become effective upon the
date of its adoption.
************
- 29-
PASSED AND ADOPTED at the regular meeting of the Town Council of the Town of Tiburon, State of
California, on this day of , _, by the following vote to wit:
AYES:
NOES:
ABSENT:
Mayor
ATTEST:
Town Clerk
- 30-
EXHIBIT A
TOWN OF TIBURON
Main Street Assessment District
Terms and Conditions of Bonds
The following terms and conditions shall be part of the within Resolution Authorizing the Issuance of Bonds
(the "Resolution of Issuance") as if set forth in the text thereof:
The Agent shall be U. S. Bank Trust National Association.
Principal Amount: Under Section 2.01, the Principal Amount shall be $
The Dated Date shall be
The first Interest Payment Date is
2,20_.
Principal Maturities and Interest: Under Section 2.02 the Bonds are issued as $
Term Bonds, maturing on September 2, 20_, with interest at the rate of _% per annum, and are subject to
mandatory sinking fund redemption as set forth under "Bond Redemption" below.
Bond Redemption: Under Section 2.03, the Term Bonds are subject to mandatory advance redemption as
follows:
Redemption Date
(September 2)
Principal Amount
to be Redeemed
Collecting Assessments: Under Section 5.01, the Finance Director is specifically authorized and directed
to cause the direct billing of Assessments to the property owner(s) in sufficient time to provide for the
, payment of principal and interest on the Bonds. Thereafter billing shall be as otherwise
provided in Section 5.01.
Deposits of Funds: Under Section 4.01 and on the Closing Date, only the following amount will be
deposited:
$
(0 the Costs of Issuance Fund;
$
to the Reserve Fund; and
$
to the Improvement Fund.
EXHIBIT A
Page 1
The Reserve Requirement: The Reserve Requirement shall be an amount which shall not exceed the ieast
of (a) 125% of average Annual Debt Service on the Bonds; (b) maximum annual Debt Service on the Bonds; or (c)
10% of the Principal Amount of the Bonds; provided however, that if the amount deposited in the Reserve Fund on
the Closing Date is less than the Reserve Requirement, such amount may be increased through the retention of
interest earnings in the Reserve Fund until the amount of the Reserve Requirement is reached.
EXHIBIT A
Page 2
EXHIBIT B
[FORM OF BOND]
United States of America
State of California
County of Marin
Number A- ---
Registered
***$***
LIMITED OBLIGATION
IMPROVEMENT BOND
TOWN OF TIBURON
Main Street Assessment District
INTEREST RATE
MATURITY DATE
DATED DATE
CUSIP
REGISTERED OWNER:
PRINCIPAL AMOUNT ...
DOLLARS'"
Under and by virtue of the Improvement Bond Act of 1915, Division 10 (commencing with Section 8500) of
the Streets and Highways Code (the "Ad'), the Town ofTiburon, County of Marin, State of California (the "Town"), will,
out of the redemption fund for the payment of the bonds issued upon the unpaid portion of assessments made for the
acquisition, work and improvements more fully described in proceedings taken pursuant to Resolution of Intention No.
3326 adopted by the Town Council of the Town on April 7, 1999, pay to the registered owner named above or
registered assigns, on the maturity date stated above, the principal amount stated above, in lawful money of the
United States of America and in like manner will pay interest from the Interest Payment Date (as hereinafter defined)
next preceding the date on which this bond is authenticated, unless this bond is authenticated and registered as of an
Interest Payment Date, in which event it shall bear interest from such Interest Payment Date, or unless this bond is
authenticated and registered prior to , in which event it shall bear interest from the dated date
above until payment of the principal amount shall have been discharged, at the rate per annum stated above, payable
semiannually on and (each an "Interest Payment Date") in each year commencing on
, _ of matured bonds or bonds called for redemption prior to maturity. As to any registered owner
hereof, both the principal and redemption premiums, if any, shall be payable at the office of the corporate trust office
of U.S. Bank Trust National Association, as Authentication Agent, Registrar, Transfer and Paying Agent (the "Agenr),
in San Francisco, California, and interest shall be paid by check, draft or warrant mailed to the registered owner
hereof at the registered owner's address as it appears on the records of the Agent, or at such address as may have
been filed with the Agent, for that purpose, as of the 15th day of the calendar month immediately preceding each
Interest Payment Date.
This bond will continue to bear interest after maturity at the rate above stated; provided it is presented at
maturity and payment thereof is refused upon the sole ground that there are not sufficient moneys in the redemption
fund with which to pay same. If it is not presented at maturity, interest thereon will run until maturity.
This bond shall not be entitled to any benefit under the Act, the Resolution Authorizing Issuance of Bonds
(the "Resolution of Issuance") adopted by the Town Council of the Town on , _, or become
EXHIBIT B
Page 1
valid or obligatory for any purpose, until the certificate of authentication and registration hereon endorsed shall have
been dated and signed by the Agent
ADDITIONAL PROVISIONS OF THE BOND
This bond is one of several annual series of bonds of like date, tenor, and effect, but differing in amounts,
maturities and interest rates, issued by the Town ofTiburon under the Act, the Resolution of Issuance for the purpose
of providing means for paying for the improvements described in the proceedings, and is secured by the moneys in
the redemption fund and by the unpaid portion of assessments made for the payment of those improvements, and,
including principal and interest, is payable exclusively out of the redemption fund.
This bond is transferable by the registered owner hereof, in person or by the owner's attorney duly
authorized in writing, at the office of the Agent, subject to the terms and conditions provided in the Resolution of
Issuance, including the payment of certain charges, if any, upon surrender and cancellation of this bond. Upon such
transfer, a new registered bond or bonds, of any authorized denomination or denominations, of the same maturity,
and for the same aggregate principal amount, will be issued to the transferee in exchange therefor.
Bonds shall be registered only in the name of an individual (including joint owners), a corporation, a
partnership, or a trust
Neither the Town nor the Agent shall be required to make such exchange or registration of transfer of bonds
during the 15 days of the calendar month immediately preceding any Interest Payment Date.
The Town and the Agent may treat the registered owner hereof as the absolute owner for all purposes, and
the Town and the Agent shall not be affected by any notice to the contrary.
This bond or any portion of it in the amount of one thousand dollars ($1,000), or any integral multiple thereof,
may be redeemed and paid in advance of maturity upon the second day of March or September in any year by giving
at least 30 days' notice by registered or certified mail or personal service to the registered owner hereof at the
registered owner's address as it appears on the registration books of the Agent and by paying principal and accrued
interest together with a premium equal to three per centum of the principal.
The bonds are issued as Term Bonds, maturing on September 2, 20_, in each of the following years with
interest at the interest rate of specified above per annum, subject to mandatory sinking fund redemption as follows:
Advance Fund Redemption
Date (September 2)
Principal Amount
to be Redeemed
This bond is a Limited Obligation Improvement Bond because, under the Resolution of Issuance, the Town is
not obligated to advance funds from the Town treasury to cover any deficiency which may occur in the redemption
fund for the bonds; however, the Town is not prevented, in its sole discretion, from so advancing funds.
IN WITNESS WHEREOF, the Town of Tiburon has caused this bond to be signed in facsimile by the
Finance Director of the Town and by its Town Clerk, and has caused its corporate seal to be reproduced in facsimile
hereon all as of day of , ~.
EXHIBIT 8
Page 2
CERTIFICATE OF AUTHENTICATION AND REGISTRATION
This is one of the bonds described in the within mentioned Resolution of Issuance.
Dated:
,-
u.s. BANK TRUST NATIONAL ASSOCIATION, as
Agent
By:
Authorized Signatory
ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of this bond, shall be construed as
though they were written out in full according to applicable laws or regulations:
TEN COM
TEN ENT
JT TEN
as tenants in common
as tenants by the entireties
as joint tenants with right of survivorship and not as tenants in common
UNIF GIFT MIN ACT -
Custodian
(Cust)
(Minor)
under Uniform Gifts to Minors Act
(State)
Additional abbreviations may also be used though not in the above list
EXHIBIT B
Page 4
(FORM OF ASSIGNMENT)
For value received, the undersigned dotes) hereby sell, assign and transfer unto
(Name, Address and Tax Identification or Social Security Number of Assignee)
the within mentioned Bond and hereby irrevocably constitute(s) and appoint(s)
, attorney, to transfer the same on the registration books of the Agent, with full power of substitution in the
premises.
Dated:
Signature Guaranteed:
NOTICE: The signature(s) on this assignment must
correspond with the name(s) as written on the face of
the registered Bond in every particular without
alteration or enlargement or any change whatsoever.
EXHIBIT B
Page 5
Po/ice Department
,
. OF TIOV~
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:
ToWN OF TIBURON
MEMORANDUM
To:
From:
Subject:
Date:
Members of the TiburolT' Council
Chief Peter G. He y'
Resolution to Sub It Grant Proposal
December 3, 1999
The Police Department just received infonnatlon that we can apply for a grant In the amount of $7,870 from
the Office of Criminal Justica Planning in Sacramento. Last year, we received the same type of grant from
which we purchased our three heart defibrillators, which are taken dally In the field by our officars.
There is a time-constraint on submitting the papers forthis grant. They must be In Sacramento by December
13, 1999. Thus, the resolution from the Town Council Is necessary at this time.
The funds received from this grant will be used to equip almost the remainder of our polica units with video
cameras. We Initially received one camera from ABAG, which has successfully been used in a police unit.
We just received two more video cameras, one purchased by ABAG and the other by the Town (matching)
through the Supplemental Law Enforcement Fund (SLEF), both which will soon be installed. The Police
Department had already planned on submitting a budget request for the next budget, but this grant will cover
much ofthe costl
There Is a cash match requirement from the State. Therefore, the cost to the Town to obtain the $7,870
grant will be only $8741. (If we do not request the full amount of the funds, they will be distributed to another
police department I) Since the cost for each camera is approximately $6,500 (this includes installation), there
will be a deficit of funds. Thus, there will be a necessity for the Town to pay an additional $5,130 for the
second camera. The latter funds will easily be covered under the SLEF grant we receive yeariy from the
State (approximately $20,000).
Police video cameras have proven to be a very effective "tool" for modem pollca departments. For example,
on drunk driving arrests, many attomeys will plead their clients guilty once they've seen the video tape of
the driving and/or the field sobriety examination. This saves the Town considerable money In paying for
officers' court time. Video tapes are also used as a valuable training tool. We utilize the tapes of incidents
by reviewing them for training purposes. In addition, countless manhours are saved when an complaint is
made of "alleged" misconduct by officers during traffic stops. On more than one occasion, when citizens
both see, in living color, and hear themselves, they quickly rescind their complaint - saving the Department
countless hours of time to investigate the complaint.
Recommendation:
For the above reasons, I recommend the Town Council adopt the "Resolution Authorizing the Chief of Police
to submit a proposal requesting funds from the Local Law Enforcement Block Grant Program (OCJP) to
install Video Cameras for Police Vehicles."
RESOLUTION NO.
A RESOLUTION OF THE TIBURON TOWN COUNCIL
AUTHORIZING THE CHIEF OF POLICE
TO SUBMIT A PROPOSAL REQUESTING FUNDS
FROM THE LOCAL LAW ENFORCEMENT BLOCK GRANT
PROGRAM (OCJP) TO INSTALL IN-CAR
VIDEO CAMERA FOR POLICE VEHICLES
WHEREAS, the Tiburon Police Department desires to undertake a certain project
designated Mobile Video/Audio Recording Equipment for Police Vehicles to be funded
in part from funds made available through the Local Law Enforcement Block Grant
Program administered by the Office of Criminal Justice Planning (hereafter referred to
as OCJP);
NOW, THEREFORE, BE IT RESOLVED, that the Chief of Police of the Tiburon
Police Department is authorized on behalf of the Town of Tiburon to submit the
attached proposal to OCJP and is authorized to sign and approve on behalf of the
Tiburon Town Council the attached Grant Award Agreement, including any extensions
or amendments thereof, the attached Certification of Assurance of Compliance, and
any other documents necessary to participate in the subject grant program;
BE IT FURTHER RESOLVED that the applicant agrees to provide all matching
funds required for said project (including any amendment thereto) under the Program
and the funding tenns and conditions of OCJP, and that the cash match will be
appropriated as required;
IT IS FURTHER AGREED that any liability arising out of the performance of this
Grant Award Agreement, including civil court actions for damages, shall be the
responsibility of the grant recipient and the authorizing agency. The State of California
and OCJP disclaim any responsibility for any such liability;
BE IF FURTHER RESOLVED that the grant funds received hereunder shall not
be used to supplant expenditures controlled by this body.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town
of Tiburon on December 8, 1999, by the following vote:
AYES:
NOES:
ABSENT:
COUNCILMEMBERS:
COUNCILMEMBERS:
COUNCILMEMBERS:
THOMAS GRAM, MAYOR
ATTEST:
Diane L. Crane-Iacopi, Town Clerk