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CC Resolution No. 177RESOLUTION 177 RESOLUTION CALLING A SPECIAL REVENUE BOND ELECTION IN THE CITY OF CUPERTINO FOR THE PURPOSE OF SUBMITTING TO THE QUALIFIED ELECTORS OF SAID CITY THE MEASURE OF ISSUING REVENUE BONDS IN TEE PRINCIPAL AMOUNT QF $1,000,000 TO PROVIDE FUNDS FOR THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND FI14ANCING OF THE FOLLOWING ENTERPRISE, TO WIT: A WATER SYSTEM: DECLARING THE ESTI- HATED COST OF SAID ENTERPRISE, THE PRINCIPAL AhOUNT OF THE REVENUE BONDS TO BE ISSUED THEREFOR, AND THE kl,',XIIMUH RATE OF INTEREST TO BE PAID ON SUCH: REVENUE BONDS: FIXING THE Dj-_TE OF SAID ELECTION, THE HkNNER OF HOLD- ING THE SlE, THE MANNER OF VOTING FOR OR AGA114ST THE ISSUANCE OF SAID BONDS, AND PROVIDING FOR NOTICE THEREDF. WHEREAS, the City Council of the City of Cupertino has duly deter- mined that the public interest and necessity demand the acquisition, con- struction, improvement and financing of the Enterprise hereinafter mention- ed should be financed by the issuance of revenue bonds under the Revenue Bond law 1941; NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Cupertino as follows: Section 1. A special revenue bond election is hereby ordered and will be held in said City of Cupertino on TUESDAY, &et 3. 1959, at which election there shall be submitted to the qualified voters of said city the measure of issuing revenue bonds under the Revenue Bond Law of 1941 of the State of California (Government Code Sections 54300 et seq.) for the purpose of providing funds for the acquisition, construction, improvement and financing of an Enterprise, all as set forth in the follow- ing Measure (A), to wit: MEASURE (A): Shall the City of Cupertino issue revenue bonds in the Water principal amount of $1,000,000, pursuant to the Rev - System) enue Bond Law of 1941, to provede funds for the acgt.i- sition, construction, improvement and financing of the following enterprises, to wit: A water system for the supply, treatment, store - age, transmission and distribution of water, including lands, ease- ments, reservoirs, water rights, water tanks, water mains, wells pumps, pumping equipment, storage, treatment, transmission and dis- tribution facilities, and other works, properties or structures nec- essary or convenient for a municipal water system for the City of Cupertino? Section 2. The estimated cost of the acquisition, construction, improvement and financing of said Enterprise is $1,000,000, and the princi- pal amount of revenue bonds proposed to be issued therefor is $1,000,000. Said estimated cost of said Enterprise includes all costs and estimated costs incidental to or connected with the acquisition, construc- tion, improvement or financing of the Enterprise, together with engineer- ing, appraisal, inspection, legal and fiscal agent's fees, costs of the bond election and of the issuance of said revenue bonds, bond reserve funds and working capital and bond interest estimated to accrue during the per- iod of acqusition and construction. and for a period of not to exceed twelve months after completion of construction. The Enterprise'for..the acquisition, construction, improvement and financing of which said revenue bonds shall be issued under the Revenue Bond Law of 1941 of the State of California is hereby* defined to be the yThole and each and Every part of said water system described in the measure set forth in Section of this resolution, including all facilities either constructed, or acquirid by purchase or condemnation, or otherwise, for said purpose. It is the pre - sent intention of the City to acquire, subject to all required approvals of the Public Utilities Commission of the State of.California, the pub- lic utility water system properties of Waterworks of Monta Vista, Ltd. and also the irrigation water system properties and appurtenant Ovate rights now owned by John F. and Mary which said systems presently serve various portions of the City of Cupertino and surrounding areas, but the City reserves the right to condemn all or any part of said exisiting public utility properties, or in the alternative to construct a new and independ- ent water system to provide a muniipal water system for said City. All of the properties and rights necesscary to be acquired by the City in order to provide a municipal water system for the supply, treatment, s transmission and distribution of water are hereby included within and made a part of the Enterprise, irrespective of whether the same be acquired from said public utility wate system properties by purchase or condemnation, or by independent construction of a new water system. It is hereby found and determined that the City of Cupertino does not now ovm or._operate a water system; and that said Enterprise and each and every part thereof, when acquired, constructed and JjWroved, will constitute a new municipal improvement and a satisfactory water system for the portions of the City of Cupertino in. accordance with law. Said Enterprise includes all of the aforesaid municipal water system.to&Ahur with all additions, betterments, extensions and improvements to said municipal water system or any part thereof now or hereafter mac.�e. It is hereby found and determnned that said Enterprise is necessary to enable said City to exercise its municipal powers and functions; namely, to furnish sufficient water for any present or future Beneficial use of the City. Section 3. This City Council proposes to issue and sell revenue bonds in.an amount not exceeding $1,000,000 if a majority of all of the voters voting on said Measure (A) at said special revenue bond election shall vote in favor of said P`ieasure (A). The.rate of interest to be paid on said revenue bondsshaTl not exceed six (6) per cent per annum, payabl:: semi - annually (except that the City Council, in its discretion, may provide that interest for the first year shall be payable in.one instrument at the end of said year). Said bonds shall be revenue bonds payable exclusively from the revenues of said Enterprise and are not to be secured by the taxing power of said City of Cupertino, and shall be issued under the Revenue Bond Law of 1941 of the State of California. The principal of and interest on said revenue bonds, and any premiums upon the redemption of any thereof, are not and shall not constitute a debt of the City of Cupertino, nor a legal or equitable charge, lien or encumbrance upon any of its property or upon any of its income, receipts or revenues, except the revenues of the Enterprise. No taxes shall,over be levied or collected by the City for the payment of said revenue bonds or the interest thereon; nor-shall any property of the City be subject to forfeiture therefor; but all revenues of the Enterprise legally available for ,the payment of said revenue bonds shall be applied to such payment. Said revenue bonds, if authorized, shall be spe cial obligations of the City of Cupertino and shall be secured by a pledge of and shall be a charge upon, and shall be payable as to the principal thereof, interest thereon, and any premiums upon the redemption of any thereof, solely from and secured by a lien upon the gross revenues of the Enterprise. Said gross revenues of the Enterprise include revenues of additions, betterments, improvements and extensions thereto later or -2- hereafter constructed or acquired and the revenues of the water systn.ra for the acquisition, conAruction, improv&-r:ent and financing of idii.ch s ?'d. r.nrenue bonds are to be issued, and a� of tha revenues of said Enterprise, in-cludsng the revenuer of addition... betterments improvetients and e£ ensa.ons thereto, hereafter constructed or acgiAred, shall be pledged and assigned as security for said revenue bonds. The payment of interest on, and princa.N_l of, ..aid re - venue bonds, and any prm.i mas upon the redemption of any - the-roof, arc and will be secured by an exclusive pledges, charge and lzer_ upon all of the re.. venues of the Enterprise and --aid revenues, and any interest earned on said revenues, are and will constitute a trust fund for the security and payment, of the interest on and principal of tae bonds. If the interest and prince. pal of said revenue bonds, and all charges to protect or secure them, are paid when due, an amount for the necessary and reasonable maintenance and opera.. tion costs of the Enterprise (which costs include the reasonable expenses of management, repair and other expenses necessary to maintain and presci�ve. the Enterprise in good repair and working ordbr) may be apportioned froirl revenue, and, subject to any limiting covenants in the resolution of the City Council providing for the issuance of said revenue bonds, the remaining surplus may be used for my lawful purpose of the City; provided, that the principal of and interest on said revenue bonds, as the sam+s become due, and all .sums for security funds wht;ida may be established b� the City Council in the resolution providing for the issuance of the bonds, shall be paid from said revenues before the maintenance and operation costs of the Enterprise are paid and before any surplus is us for any other lawful prupose of the City. The City Council may provide f:,r the - issuance of additional bonds pursuant to the Revenue Bond .Law of 1141 for the purpose of acquiring, constructing, improving or financing the Enterprise, or any extensions or additions thereto, or any com'ainntion of two or more of such purposes, either on a parity with the revenue bonds herein to be authorized or subject to such limitations as the City Council shall detarmine:, all as specified by the City Council at the time of the issuance of the revenue bonda herein to be authorized. Section 4. The City Council does hereby subvfLt to the qualifi.:;c1 voters of the City of Cupertino at said speciall revenue T�zd election the said measure set forth in Section 1 of this resolution, and designrtes and refers to said measure in the form of ballot hereinaft ;r prascribed for use at said election. (a) Said special revenue bond alection shall be Meld and conducted, and the votes thereat canvassed and tae returns thereof made, and the result thereof ascertained and detrxmined as herein provided; and in all particulars not prescribed by this resolution said special revenue bond election shall be held and conducted and the votes r.ceived and canvassed in the manner pro- vided by law for the holding of municpal elections in said City. (b) All persons qualified to v3te at municipal elections in said City of Cupertino upon the date of the election herein provided for stall be qualified to vote upon th*: m<;asure submitted at said special revenue bond elec'�Aon. (c) The polls at the polling palace hereinafter desginrted shall be opened at 7:QO o'clock A01 (Cal. D.S.T.) of said day of Election and shall be :sept open continously thereafter until 7:00 o'clock P.M. (Cal. D.S.T,) of said day of election, when the polls shall be closed (except as pz . :.dc �,n Section 5734 of the Eledtions Code), and the election officers shall there,. upon proceed to canvass the, ballots east thereat. (d) For the.purpose of said special revenue bond election said Ci!7i is hereby constituted as one (1) special election precinct, comprising all of the territory withiia the city limits of said City. The designation of and the polling place in said special election precinct and the election officers appointed to conduct said elaction thereat shall be as herRcluaftor -3- set forth, to wit: PRECIMT NO. 1 (comprising all of the territory within the city limits of the City of Cupertino) Polling Place: 10321 South Saratoga - Sunnyvale Road, Cupertino, Cal- ifornia Inspector: Pearl Reynolds Judge: Lucille Becker Clerk: Diary Ann Lima Clerk: Doris Adamo (e) The ballots to be used at said special revenue bond election shall be substantially in the following form, to wit: NO.: (This number shall be MARK CROSS (X) ON BALLOT ONLY `;WITH torn off by Inspector RUBR R STA1' and handed to the voter) NEVER NTITH PET: OR MCIL. . (ABSENTEE.. BALLOTS MAY BE MARM No. WITH PEN AND INK OR PENCIL Fold ballot to this perforated line, leaving top ma.tgin exposed) ..... ............................... ...... ............................... MUNICIPAL BALLOT . CITY OF CUPEIRMNO Santa Clara County California SPECIAL REVENUE BOND ELECTION TUESDAY, gel� L f3, 1959 . ;INSTRUCTIONS TO VOTERS: To vote on any measure, stamp a cross (X) in the voting square after the word "YES" or after the word "NO ". :All marks except the cross (X) are forbidden. All distinguishing marks :or are forbidden and make the ballot void. If you wrongly ;stamp, tear or deface this ballot, return it'to the Inspector of :Election and obtain another. On absent voter ballots mark a cross (X) ;with pen or pencil. MEASURE SL'BNITTED TO VOTE OF VOTERS : :MEASURE (11): Shall the City of Cupertino issue revenue bonds . ;(Water in the principal amount of $1,000,000, pursuant :YES . :System) to the Revenue Bond Law of 1941, to provide funds for: :the acquisition, construction, improvement and financing of the: :following enterpirse, to wit: A water system for the supply, :treatment, storage, transmission and distribution of water, in -: :cluding lands, easements, reservoirs, water rights, water tanks;NO . :water mains, wells, pumps, putaping equipment, storage, treatment - :trans: ^!ssion and distribution facilities, and other works, pro -: - :perties or structures necessary or convenient for a municipal : water system for the City of Cupertino? __ (f) Each voter to vote for said measure hereby submitted and in favor of the issuance of revenue bonds as sot forth in said m asuzre shall stamp a cross (X) in the blank space opposit the word "YES" on the ballot to the right of said measure, and to vote ac;ainst said rpec.sur�D and against the issu- ance of revenue bonds as set forth in said measure shall stagy a cross (X) in the blank space opposite the work ".NO" on the ballot to the right of said measure. On absent voter ballots tl cross (X) may bn marked with pen or pencil. (g) The returns of said LlcctiM shall be made out and signed by the election officers and shall be by them deposited with the City Clerk together with the ballots cast at said election and this City Council shall meet or. Tursday, 1959, at 8:00 o; clock P.M. at its usual meeting place and canvass said returns as required by law, and declare the rusult of said election. Section 5. The City Clerk of the City of Cupertino is hereby directed to publish this resolution once a wee:. for two succeeding weeks in the Cupertino -Monta Vista Courier, a new paper of genoral circulation published less than six days a. week in said City, and such publication shall consti- tute notice of said election hereby called. S ©ction 6. This resolution shall be forthwith entered upon the minutes of this City Council and shill take effect immediately upon adoption. PASSED AND ADOPTED this t 7M. -day ofe& 1959 by the following vote: RYES: Councilmen, Lazaneo, NathanKn, Saich, Wilson NOES: Councilmen, ABSENT: Councilmen, None Is/ Norman J. Nathanson Mayor of the City of Cupertino Attest: City Cle k The foregoing resolution is presented to me for approval and is hereby approved this 17 -/.day of 1999. I sj Norman J. N athanson _ Mayor of the City of Cupertino