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HomeMy WebLinkAboutTC Res 1972-11-13 (3) T-ll RESOLUTION NO. 486 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TIBURON PROVIDING FOR THE ISSUANCE OF $1,250,000 PRINCIPAL AMOUNT OF "CITY OF TIBURON 1972 OPEN SPACE BONDS"; PRESCRIBING THE DATE AND FORM OF THE BONDS AND OF THE COUPONS TO BE ATTACHED THERETO; FIXING THE MAXIMUM RATE OF INTEREST ON THE BONDS, AND PRESCRIBING THE MATURITIES THEREOF AND REDEMPTION PROVISIONS THEREFOR; AUTHORIZING THE EXECUTION OF THE BONDS AND COUPONS; PROVIDING FOR THE LEVY OF A TAX TO PAY THE PRINCIPAL AND INTEREST THEREOF; AND DIRECTING NOTICE OF SALE OF THE BONDS TO BE GIVEN. WHEREAS, all the requirements of law have been com- plied with in calling and holding the special municipal bond election (the "election") held in the City of Tiburon (the "City") on October 3, 1972, at which election a measure (the measure") to issue bonds of the City in the principal amount of $1,250,000 for the object and purpose hereinafter stated was submitted to the voters of the City; and the City Council of the City did duly and regularly canvass the returns of the election and did by said canvass determine and declare, and does hereby certify, that the measure received at the election the affirmative vote of more than two-thirds of all of the voters voting on the measure at the election and the measure was thereby carried and adopted by the election, and the issuance of such bonds by the City for the purpose set forth in the measure was duly authorized: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Tiburon, as follows: Section 1. (a) Unless the context otherwise requires, the terms defined in this Section l(a) shall for all purposes of this resolution have the meanings herein specified: Bonds The term "bonds" shall mean the "City of Tiburon 1972 Open Space Bonds." City The term "City" shall mean the City of Tiburon. Clerk The term "Clerk" shall mean the City Clerk of the City. Council The term "Council" shall mean the City Council of the City. Mayor The term "Mayor" shall mean the Mayor of the City. Paying Agent The term "Paying Agent" shall mean Bank of America National Trust and Savings Association, as agent of the City for the payment of the bonds, or any successor as Paying Agent. Treasurer The term "Treasurer" shall mean the Treasurer of the City. (b) The Council has reviewed all proceedings heretofore taken relative to the authorization of the bonds and has found, as a result of such review, and hereby finds 2 and determines that 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 City is now authorized pursuant to each and every requirement of law to issue the bonds and incur indebtedness in the manner and form as in this resolution provided. Section 2. Bonds of the City shall issue to pay the cost of the acquisition, construction and completion of the municipal improvement of the City set forth in the fol- lowing measure, to wit: MEASURE A: (Land Acquisition) Shall the City of Tiburon incur a bonded indebtedness in the principal amount of $1,250,000 for the acquisi- tion, construction and completion of the fol- lowing municipal improvement, to wit: Real property for open-space and recreation~l purposes? section 3. The bonds shall be issued as herein- after set forth, and shall be sold in accordance with law at not less than their par value and accrued interest. The bonds ,shall be $1,250,000 in aggregate principal amount and shall be known as "City of Tiburon 1972 Open Space Bonds." The bonds shall be negotiable in form and of the character known as serial; shall be numbered consecutively from 1 to 250, in order of maturity; and shall be of the denomination of $5,000 each. The bonds shall be dated December 15, 1972 (which is hereby fixed and determined to be the date of the issuance of the bonds). All of the bonds shall bear interest from their date until paid at the rate or rates designated by the Council at the time of the sale of the bonds, but not to exceed seven percent (7%) per annum, payable annually the first year and thereafter semiannually. Such interest 3 shall be evidenced by coupons attached to each bond, and each of said coupons shall represent six months' interest on the bond to which it is attached (except the first coupon, which shall represent twelve months' interest). Said in- terest coupons shall be payable on June 15 and December 15 in each year (except that the first coupon shall be payable on December 15, 1973) until and at the respective dates of maturity of the bonds. The bonds shall mature and be pay- able in consecutive numerical order, from lower to higher, as follows: Principal Amount Maturity Date (June 15) (All years inclusive) $15,000 20,000 25,000 45,000 50,000 75,000 1974 1975 - 1976 1977 - 1985 1986 1987 - 1997 1998 - 2002 Both the principal of and interest on the bonds shall be payable in lawful money of the United States of America at the principal office of Bank of America National Trust 'and Savings Association in San Francisco, California. Bonds maturing by their terms on or prior to June 15, 1987 are not subject to call or redemption prior to their fixed maturity dates. Bonds maturing by their terms on and after June 15, 1988 are subject to call and redemption, at the option of the City, as a whole, or in part in inverse numerical order, on June 15, 1987 (but not prior thereto) and on any interest payment date there- after prior to their fixed maturity date or dates at the principal amount thereof and accrued interest thereon to the date of redemption, together with a premium of 1/4 of 1% of such principal amount for each whole year and for any 4 fraction of a year remaining between the date of redemption and the matu!ity date of the bonds so redeemed, provided that such premium shall not exceed 3% of such principal amount. Notice of such redemption shall be given by publi- cation of such notice once a week for two (2) successive calendar weeks in a newspaper of general circulation printed and published in San Francisco, California, the first publi- cation of which shall be at least thirty (30) days but not more than sixty (60) days prior to the date fixed for such redemption. After the date fixed for such redemption, if the City shall have duly published notice of such redemption and shall have provided funds for the payment of principal of and interest on the bonds so called for redemption, in- terest on such bonds shall thereafter cease. The City covenants that it will, while any of the bonds are outstanding and unpaid, keep at the office of the Paying Agent books for the registration of the bonds as herein provided, and the Paying Agent is hereby appointed the registrar of the City for the purpose of registering the bonds. The bonds may be registered only as to both prin- cipal and interest in the manner set forth in the registra- tion certificate herein contained pertaining to such bonds. Bonds registered as to both principal and interest may be discharged from registration and converted into coupon bonds. A person in whose name a bond shall be registered shall be deemed the absolute owner and, so long as the same shall be registered as to principal and interest, payments of or on account of the principal and interest thereof shall be made only to the registered owner, but the bearer of any coupon appertaining to an unregistered bond or to a bond 5 registered to bearer shall be deemed the absolute owner of such coupon, and the bearer of any unregistered bond or a bond registered to bearer shall be deemed the absolute owner of such bond, and the City and the Paying Agent shall be fully protected in making payment of such unregistered bond or coupon to the bearer thereof. In all cases in which the privilege of transferring, registering or reconverting a bond is exercised (except for the first registration of any bond, which shall be free of charge), the Paying Agent may make a charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid by the City or the Paying Agent in con- nection therewith, and in addition may charge a reasonable sum for its costs and expenses in the reconversion of any such bond registered as to both principal and interest into a bond the principal and interest of which are payable to bearer, not exceeding $5 per $5,000 principal amount of bonds so converted, which sum or sums shall be paid by the per- son requesting such transfer, registration or reconversion. Section 4. The bonds and the coupons attached thereto and the registration endorsement to appear thereon shall each be substantially in the following form, the blanks in said forms to be filled with appropriate words or figures, namely: 6 (Form of bond) UNITED STATES OF AMERICA STATE OF CALIFORNIA MARIN COUNTY CITY OF TIBURON 1972 OPEN SPACE BOND No. $5,000 The City of Tiburon, a municipal corporation organ- ized and existing under the Constitution and laws of the State of California (the "City"), hereby acknowledges itself in- debted and for value received promises to pay to the bearer (or if this bond be registered, to the registered owner here- of), on June 15, (subject to any right of prior redemp- tion hereinafter reserved), the principal sum of FIVE THOUSAND DOLLARS ($5,000) together with interest thereon from the date hereof until pay- ment of said principal sum in full, at the rate of percent ( %) per annum, payable annually the first year on December 15, 1973, and thereafter semiannually on June 15 and December 15 of each year. Unless this bond be registered, such interest on or prior to maturity shall be payable only on presentation and surrender of the proper interest coupons hereto attached as they respectively become due. Both the principal of and interest on this bond are payable in lawful money of the United States of America at the principal office of Bank of America National Trust and Savings Association in San Francisco, California. This bond is one of a duly authorized issue of bonds of the City aggregating One Million Two Hundred Fifty Thousand Dol- lars ($1,250,000) in principal amount., all of like tenor (except for such variations, if any, as may be required to designate vary- ing numbers, maturities, interest rates or redemption provi- sions) and is issued under and pursuant to the Constitution and statutes of the State of California, and under and pursuant to the ordinance and proceedings of the City duly adopted and taken and a vote and assent of more than two-thirds of all the qualified electors of the City voting at a special elec- tion duly called and held for that purpose. Bonds maturing by their terms on or prior to June 15, 1987 are not subject to redemption prior to their fixed maturity dates. Bonds maturing by their terms on or after June 15, 1988 are subject to redemption, at the option of the City, as a whole, or in part in inverse numerical order, on June 15, 1987 (but not prior thereto), and on any inter- est payment date thereafter prior to their fixed maturity date or dates, at the principal amount thereof and accrued interest thereon to date of redemption, together with a premium of 1/4 of 1% of such principal amount for each whole year and for any fraction of a year remaining between the date of redemption and the maturity date of the bonds so redeemed. 7 This bond may be registered as to principal and in- terest in the name of the owner hereof in conformity with the provisions endorsed hereon, and unless so registered shall be transferable by delivery. It is hereby certified, recited and declared that all conditions, things and acts required by law to exist, happen and be performed precedent to and in the issuance of this bond have existed, happened and been performed in due time, form and manner as required by law, and that the amount of this bond together with all other indebtedness of the City does not exceed any limit prescribed by the Constitution or statutes of said state, and that provision has been made as required by the Constitution and statutes of said State for the collection of an annual tax sufficient to pay the prin- cip~l of and interest on this bond as the same become due. The full faith and credit of the City are hereby pledged for the punctual payment of the principal of and interest on this bond. IN WITNESS WHEREOF, the City of Tiburon has caused this bond to be executed under its official seal, signed by its Mayor and its Treasurer, and countersigned by its City Clerk, and has caused the interest coupons attached hereto to be signed by its Treasurer, and this bond to be dated De em- ber 15, 1972. [SEAL] Countersigned: ~L City Clerk of the City of Tiburon (Form of interest coupon) Coupon No. The CITY OF TIBURON, on will (unless the within-mentioned bond be registered, and subject to any right of prior redemption reserved in said bond) pay to. the bearer at the princi- pal office of Bank of America National Trust and Savings Association in San Francisco, California, the sum set $ forth hereon in lawful money of the United States of America, being inter- est then due on its 1972 Open Space Bond, dated December 15, 1972 . . . . . .. No. 15, _, Tfe~:~buron 8 (Form of registration endorsement) This bond may be registered in the name of the owner on books kept by the Paying Agent of the City, as to principal and interest upon surrender of the unmatured coupons attached hereto, such registration being noted hereon by said Paying Agent in the registration blank below, after which no transfer shall be valid unless made on said books by the registered owner or attorney duly authorized and similarly noted in the registration blank below. At the request of the registered owner, this bond, if converted into a registered bond, may be reconverted into a coupon bond at the expense of the owner and such coupon bond may again be converted into a bond registered as to both principal and interest as hereinabove provided at the expense of the owner. Upon reconversion of this bond, if reg- istered as to principal and interest, into a coupon bond, coupons representing the interest to accrue hereon to date of maturity shall be reattached hereto by said Paying Agent and said Paying Agent shall note in the registration blank below that the bond is payable to bearer. NOTE: There must be no writing in the space below except by the Paying Agent. DATE OF REGISTRATION NAME OF REGISTERED OWNER ADDRESS OF REGISTERED OWNER SIGNATURE OF AUTHORIZED OFFICER OF PAYING AGENT 9 Section 5. The Mayor and the Treasurer are hereby authorized and directed, respectively, as such officers, to execute each of the bonds on behalf of the City, and the Clerk, or one or more of his deputies, is hereby authorized and di- rected to countersign each of the bonds and to affix the of- ficial seal of the City thereto. Such seal may be printed, engraved, stamped, or otherwise placed by facsimile thereon. The Mayor and Treasurer are hereby each authorized to cause the bonds to be signed by printed, lithographed or engraved facsimile signature. The Treasurer is hereby authorized and directed to sign each of the interest coupons by printed, lithographed or engraved facsimile signature. Such signing, countersigning and sealing as herein provided shall be suf- ficient and binding execution of the bonds and coupons by the City, and all such signatures and countersignatures, excepting that of the Clerk on the bonds, may be printed, lithographed or engraved. In case any of such officers whose signature or countersignature appears on the bonds or coupons shall cease to be such officer before the delivery of the bonds to the purchaser, such signature or counter- signature shall nevertheless be valid and sufficient for all purposes the same as though he had remained in office until the delivery of the bonds. Section 6. For the purpose of paying the principal of and interest on the bonds, the Council shall, at the time of making the general tax levy after incurring the bonded indebtedness, and annually thereafter until the bonds are paid or until there is a sum in the treasury set apart for that purpose sufficient to meet all payments of principal and interest on the bonds as they become due, levy and collect a tax sufficient to pay the interest on the bonds and such 10 part of the principal as will become due before the proceeds of a tax levied at the next general tax levy will be avail- able. Such taxes shall be levied and collected as other City taxes and shall be in addition to all other taxes and shall be used only for payment of the bonds and interest thereon. Said taxes as collected shall be forthwith paid into the fund for which the same were levied and collected and which shall be designated "City of Tiburon 1972 Open Space Bond Interest and Redemption Fund," and all sums to become due for the principal of and interest on the bonds shall be paid from such fund. There shall likewise be de- posited in said fund any moneys received on account of any premium paid on the bonds and interest accrued on the bonds from their date to the date of delivery and actual payment of the purchase price thereof. When all of the principal of and interest on all of the bonds have been paid, any balance of money then remaining in said fund shall be trans- ferred to the general fund of the City. Section 7. There is hereby created and established a fund to be known as the "City of Tiburon 1972 Open Space Land Acquisition and Improvement Fund," which shall be kept by the Treasurer, and all proceeds of the sale of the bonds (except premium and accrued interest received on such sale) shall be placed by the Treasurer to the credit of said fund and shall be kept separate and distinct from all other muni- cipal funds, and shall be applied exclusively to the purposes and objects specified in the measure set forth in Section 2 of this resolution; provided, however, that when such pur- poses and objects have been accomplished, any moneys remain- ing in said fund shall be transferred to the City of Tiburon 1972 Open Space Bond Interest and Redemption Fund and be 11 used for the payment of the principal of and interest on the bonds. Section 8. The Clerk is directed to cause a suffi- cient number of blank bonds and coupons of suitable quality to be lithographed, printed or engraved, and to cause the blank spaces thereof to be filled in to comply with the pro- visions hereof, and to procure their execution by the proper officers, and to deliver them, when so executed, to the Treasurer who shall safely keep the same until they shall be sold by the Council, whereupon he shall deliver them to the purchaser or purchasers thereof, on receipt of the pur- chase price. The Mayor, Treasurer and Clerk are further authorized and directed to make, execute and deliver to the purchaser of the bonds a signature and no-litigation certi- ficate in the form customarily required by purchasers of municipal bonds, certifying to the genuineness and due execu- tion of the bonds and further certifying to all facts with- in their knowledge relative to any litigation which mayor might affect the City, said officers or the bonds, and the Treasurer is further authorized and directed to make, execute and deliver to the purchaser of the bonds a receipt in the form customarily required by purchasers of municipal bonds, evidencing the payment of the purchase price of the bonds, which receipt shall be conclusive evidence that said purchase price has been paid and has been received by the City. Any purchaser or subsequent taker or holder of the bonds is here- by authorized to rely upon and shall be justified in relying upon such signature and no-litigation certificate and such receipt with respect to the bonds executed pursuant to the authority of this resolution. Section 9. All of the bonds shall be offered for 12 public sale by the Council on the date hereinafter speci- fied and the Clerk is hereby authorized and directed to cause a notice of the sale of the bonds to be published once in THE EBB TIDE, a newspaper published in the City. Such notice shall be substantially in the following form, to wit: 13 OFFICIAL NOTICE OF SALE $1,250,000 CITY OF TIBURON 1972 OPEN SPACE BONDS NOTICE IS HEREBY GIVEN that sealed proposals will be received and opened by the City Clerk of the City of Tiburon (the "City") on behalf of the City Council (the "Council") of the City, in the Council Chambers, City Hall, 80 Main Street, Tiburon, Marin County, California, on WEDNESDAY, NOVEMBER 29, 1972 at the hour of 11:00 A.M. for the purchase of $1,250,000 prin- cipal amount of bonds of the City designated "City of Tiburon 1972 Open Space Bonds" (the "bonds"), more particularly de- scribed below: ISSUE AND DENOMINATION: $1,250,000, consisting of 250 bonds, num- bered 1 to 250, both inclusive, of the de- nomination of $5,000 each. DATE: The bonds are dated December 15, 1972. The bonds mature serially in consecutive numerical order, from lower to higher, as follows: MATURITIES: Principal Amount Maturity Date (June 15) (All years inclusive) $15,000 20,000 25,000 45,000 50,000 75,000 1974 1975 - 1976 1977 - 1985 1986 1987 - 1997 1998 - 2002 INTEREST RATE: Maximum seven percent (7%) per annum, pay- able on December 15, 1973 and thereafter semiannually on June 15 and December 15 in each year. Bidders must specify the rate or rates of interest which the bonds shall bear. Bidders may specify any number of separate rates of interest, provided that: (i) the difference between the lowest and highest coupon rates named in any bid shall not exceed 2%; (ii) the difference between the lowest and highest annual installments of principal and interest in any year in which any principal shall mature shall not exceed $62,500 (5% of the total principal amount of the bonds); (iii) no bond shall bear more than one rate of interest, no inter- est payment shall be evidenced by more than one coupon, and supplemental coupons will not be permitted; (iv) each bond shall bear interest from its date to its stated maturity at the interest rate specified in the bid; (v) each interest rate specified must be in a multiple of 1/20 of 1%, and a zero rate of interest cannot be specified; (vi) all bonds maturing in the same year shall bear the same rate of interest; and (vii) any premium must be paid in bank funds as part of the purchase price, and no bid will be accepted which provides for the cancellation of any interest coupons or for the waiver of 14 any interest or other concession by the bidder as a substitute for payment in full of the purchase price in bank funds. Bids which do not conform to the terms of this paragraph will be rejected. REDEMPTION: Bonds maturing by their terms on or prior to June 15, 1987, an aggregate principal amount of $375,000, are not subject to call or re- demption prior to their fixed maturity dates. Bonds maturing by their terms on and after June 15, 1988, an aggregate princi- pal amount of $875,000, are subject to call and redemption, at the option of the City, as a whole, or in part in inverse numerical order, on June 15, 1987 (but not prior thereto) alia on any interest payment date thereafter prior to their fixed maturity date or dates at the principal amount thereof and accrued interest thereon to date of redemption, together with a premium of 1/4 of 1% of such principal amount for each whole year and for any remaining fraction of a year between the date of redemption and the maturity date of the bonds so re- deemed, provided that such premium shall not exceed 3% of such principal amount. PAYMENT: Both principal and interest are payable in lawful money of the United States of America at the principal office of Bank of America National Trust and Savings Association in San Francisco, California. Coupon bonds will be issued by the City. The bonds will be executed by the manual signature of at least one official author- ized to execute the bonds. The bonds are registrable only as to both principal and interest. Registered bonds are convertible into coupon bonds and are reregistrable at the owner's expense. EXECUTION AND REGISTRATION: tion of land for City. The bonds are authorized by vote of two- thirds of the qualified voters voting at a special municipal bond election for the pur- pose of authorizing bonds for the acquisi- open-space and recreational purposes for the PURPOSE OF ISSUE; SECURITY: The bonds are general obligations of the City and the City has power and is obligated to levy ad valorem taxes for the payment of the bonds and the interest thereon upon all property within the City subject to taxation by the City (except certain per- sonal property, which is taxable at limited rates) without limitation of rate or amount. In the event that prior to the delivery of the bonds (a) the income received by any private holder from bonds of the same type and character shall be declared to be taxable (either at the time of such declaration or at any future date) under or by ruling of a federal income tax authority or official which is followed by the Internal Revenue Service, or by deci- sion of any federal court, or (b) any federal income tax law is adopted which will have a substantial adverse tax effect on holders of the bonds as such, the successful bidder may, at TAX EXEMPT STATUS: 15 his option, prior to the tender of the bonds by the City, be relieved of his obligation under the contract to purchase the bonds and in such case the deposit accompanying his bid will be returned. LEGAL OPINION: The legal op1n10n of Messrs. Orrick, Herrington, Rowley & Sutcliffe, of San Francisco, Califor- nia, approving the validity of the bonds, will be furnished to the successful bidder without charge. A copy of the legal opinion, certified by the official in whose office the original is filed, will be printed on each bond without charge to the successful bidder. TERMS OF SALE Highest Bid: The bonds will be awarded to the highest bid- der, considering the interest rate or rates specified and the premium offered, if any. The highest bid will be determined by deducting the amount of the premium bid (if any) from the total amount of interest which the City would be required to pay from the date .of the bonds to the respective maturity dates at the coupon rate or rates specified in the bid, and the award will be made on the basis of the lowest net interest cost to the City thus deter- mined. The purchaser must pay accrued interest from the date of the bonds to the date of delivery. All interest shall be computed on a 360-day year basis. The cost of printing the bonds will be borne by the City. Right of Rejection: The Council reserves the right, in its dis- cretion, to reject any and all bids and to waive any irregularity or informality in any bid. Prompt Award: The Council will take action awarding the bonds or rejecting all bids not later than 24 hours after the expiration of the time herein prescribed for the receipt of proposals, unless such time of award is waived by the successful bidder. Prompt notice of the award will be given to the successful bidder. Delivery of the bonds will be made to the suc- cessful bidder at the principal office of Bank of America National Trust and Savings Association in San Francisco, California, as soon as the bonds can be prepared, which it is estimated will be within 30 days from the date of sale thereof, but not prior to the date of the bonds. Payment of the purchase price of the bonds (less the amount of the bid check mentioned below) must be made in funds immedi- ately available to the City in San Francisco, California. Delivery and Payment: Right of Cancellation: The successful bidder shall have the right, at his option, to cancel the contract of purchase if the City shall fail to execute the bonds and tender the same for delivery within sixty.(60) days from the date of sale thereof, and in such event the successful bidder shall be entitled to the return of the deposit accompanying his bid. Form of Bid: All bids must be for not less than all of the bonds, and for not less than the par value thereof and accrued interest to date 16 of delivery. Each bid, toge~er with bidder's check, must be enclosed in a sealed envelope addressed to the City Clerk of the City; and endorsed "Proposal for City of Tiburon 1972 Open Space Bonds.1I All bids must either be mailed to the City Clerk, City Hall, 80 Main Street, California, in time to be received by 10:00 A.M. on November 29, 1972, or delivered to the City Clerk at said place by 11:00 A.M. on such date. Bid Check: With each bid must be submitted a certified check or cashier's check for $35,000 drawn on a bank or trust company transacting busi- ness in the State of California, payable to the order of the Treasurer of the City, to secure the City from any loss result- ing from the failure of the bidder to comply with the terms of his bid. Checks of the unsuccessful bidders will be re- turned by the City Clerk by mail promptly upon the award of the bonds. No interest will be paid upon the deposit made by any bidder. Estimate of Net Interest Cost: Bidders are requested, but not required, to supply an est~mate of the total inter- est cost to the City on the basis of their respective bids, which shall be considered only and not binding on either the bidder or as informative the City. Official statement: The City has prepared an Official Statement, a copy of which will be furnished upon re- quest addressed to Dean Witter & Co. Incor- porated, 45 Montgomery Street, San Francisco, the City's financing consultants. California 94106, There is no litigation pending concerning the validity of the bonds, the corporate existence of the City, or the title of the officers thereof to their respective offices, and the City will furnish to the successful bidder a no-litigation cer- tificate certifying to the foregoing as of and at the time of the delivery of the bonds. DATED: November 13, 1972. ~ City Clerk of the City of Tiburon 17 Section 10. The City covenants with the holders of all bonds at any time outstanding that it will make no use of the proceeds of the bonds which will cause the bonds to be "arbitrage bonds" subject to federal income taxation by reason of Section 103(d) of the Internal Revenue Code of 1954. To that end, so long as any of the bonds are outstanding, the City and the Paying Agent, with respect to the proceeds of the bonds, shall comply with all requirements of said Section 103(d) and of all regulations of the United States Department of the Treasury issued thereunder, to the extent that such requirements are, at the time, applicable and in effect. Section 11. The form of Official Statement rela- tive to the bonds, on file with the Clerk, prepared by Dean Witter & Co. Incorporated, the City's financing consultants, is hereby approved. Section 12. This resolution shall take effect from and after its passage and approval. PASSED AND ADOPTED on November 13, 1972, by the following vote: AYES: Councilmen Aramburu, Becker, Fanning, Littman Sennett NOES: Councilmen: None ABSENT: Councilmen: None APP [ SEAL] Attest: ~~ City Clerk 18 CITY CLERK'S CERTIFICATE I, Bert Balmer, City Clerk of the City of Tiburon, California, do hereby certify as follows: The foregoing is a full, true and correct copy of a resolution duly adopted by the City Council of said City, at a regular meeting of said Council duly and regularly and legally held at the regular meeting place thereof on Novem- ber 13, 1972, of which meeting all of the members of said Council had due notice and at which a majority thereof was present. At said meeting said resolution was introduced by Councilman Sennett and was thereupon, upon motion of Councilman Becker , seconded by Councilman Littman adopted by the following vote: AYES: Councilmen: Aramburu, Becker, Fanning, Littman Sennett NOES: Councilmen: None ABSENT: Councilmen: None I have carefully compared the same with the original minutes of said meeting on file and of record in my office and the foregoing is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes. The original resolution has not been amended, modi- fied or rescinded since the date of its adoption and the same is now in full force and effect. Dated: November ~, 1972. City ~ Clerk of the C~ty of California Tiburon, [SEAL]