HomeMy WebLinkAboutRES 89-79DrPRjou 1-210021 D/ I W
08 / 17/B 9
RESOLUTION NO. Bj.V9___
SESOLUTION OF THE CITY COUNCIL CF CITY OF DIAMOND
5AR, CALIFOWNIA, AUTHORIZING THE ISSUANCE OF 1AX
AND REVENUE ANTICIPATION NO'-IFFS TO PAY 1 ':.'- P_ -u;5
CPERATING EXPENSES TAND 07-ilER GFT,I('_P_T10N'S GF THEE
CITY, PROVIDING FOR THE: PAYMENT OF SUCH N07 ES,
AND MAKING OTHER DETERMINATiONS IN CCHNECTION
THEREWITH.
NHEREAS pursuanL to Article 7.6, (' ha p t e r 4 , Part 1,
Division 2, T.t1e 5 of the Government code of the State 0:
California (ihe "Government Code"), the City of Diamond 2ar,
California (the -City") , is authorized to (i) issue tax and revenue
anzicipation notes the proceeds of which will be used and expendec.",
for certain purposes, including current operating expenses, prior to
Lie receipt of certain anticipated revenues, and (A) pledge certain
mcneys to be received by the City for the payment of such notes and
the interest thereon; and
WHEREAS, the City presently anticipates issuing tax and
revenue anlicination notes for such purposcs for ALS 1735-90 fiscn.l.
%W, r. OR's BE IT RESULVED, DETERMINED AND GFSEMnO 0'
THE CITY COUNCIL OF HE. CITY OF DIAMCNO ShR, CAL1F3Zn!A AS =LCAS:
KectiLin 1 . As qsed i n this REsolution, unless t he
context shall Aherwise require, the following twims shall have the
011cwing respective meanings:
'Beneficial Cwner" means, wheneqex used with respect to a
Note, the person in whose nave such Note is recorded as the
beneficial cyner of such Note b,.,.- Participant cm thy_
records
hE----
records of such Participant or such person's subrcgee.
"Cede & Co. " means Cede & Co. , the nominee of DIT, and any
successor nominee of DTC with respect to the Notes.
"DTC" means 7 to DepDsitwiy Trusr CarpEny, a I imi 7ed ru i pov('
trust ccmpany organized under the l of the SL to of Ne-.:
York, and :ts successors ond assigns.
"Notes" rReans the Notes of the City authorized Q this
Resolution.
"Representation Letter" means the Representation Letter
from the City to DTC with respect to tne Notes.
�. Fecticn 2. Tax and Revenue Anticipation Notes (the
"Notes"} of the City in the principal amount of $3,000,000 are
ho-reby authorised to be issued to pay current operating expenses and
other obligations for the 1989-00 fiscal year of the City in
anticipation of the receipt of revenues anticipated to be received
in such fiscal year. Said Notes shall be dated September 5, 1989
and shall mature, without option of prior redemption., on
September 4, 1990. The Notes shall be designated "1989 Tax and
Revenue Anticipation Nctes", shall be numbered consecutively from
one (1) upwards, and shall be in denominations of $1,000 or integral
r, l.. I t i 1J e s 1 P . {J. 1. f..: ".I 1 • t .. ._ .. r. s a '. .� a ti 1 _ (< L _ t
1_ x `.d i. a _ _
tE „} c r' aS is Li" is t: C , c 'a. vC _ ._I'.i l%1' f til ;e
_. _
n c i pall c)f nn,. s_.' e s -_,n ILhe .IN cl...:,1 _:!,a.1l b ya,):-'Ie, at- : la u t`,
upon the surrender thereof, in lawful money of the ?united States of
rica. The Notes when issued will be (i) registered in the name:
cf Cede & Co., as nominee of DTC and (ii) deposit
med with LTC to be
Held in trust until maturity. Only one Note will be initially
issued in the aggregate principal amount of $3,000,000. Purchases
of o:anership interests in the Notes will be made in book -entry form
in denominations of $1,000 or any integral multiple thereof.
5eneficial Owners of the Notes will not receive certific6«..es
representing their interest in the Notes. Unless the C:it"T
determines otherwise, transfers or exchances of c.-nersh p inf.lest
in the Notes niay be accorrpIished via book -entry transact. ions only,
. s _rtecorded the t:CC'k- ritry system est_? i-i___r._ .h?d
^y . � 1; d Notes s�csl._ be 1SS�iE'.d lrl 5u�� _ +�.. r, _
.t t a c h ed .ereto as Exhibit "A" and hereby -,ade a _ :?__ ._.;.`...
SeCti0n 7, a) Pur,5uant to Sei= ^n _
CSOI' _.
Litcn, 4 it'I', I E:S -eC t. tO MSt'terS relating tC _ _._-_ ._ _s'
rr_a''jesteC7 by the Orialna1 purchasers of the 1''O`es e X C t� Pt HS
provided in subparagraph (c) hereof, all cf the Notes shall be
registered in the name of Cede & Co., as nominee for DTC. Payment
of ;_nterest and principal for any Note registered in the nate of
Cede & Co. shall be made pursuant to the Representation Letter.
(b) Upon initial issuance, the City may treat DTC (or its
nominee) as the sole and exclusive owner of the Notes registered in
its name for the purposes of payment of the principal or interest on
the Notes. The City shall have no responsibility or obligation to
any Participant, Ray person cl.aiminc a benefici`! cEwnership int -rest
in the Notes .;nc`•e--r or th,oi.)gh DTC or any _TnF rac.LP�5nt, 1 :'
itti ze t=(':t"
to the accu,,;; .acv t_i cfiy Lf :'; ids i.ini:aiicd �,,' D' C Or yIi y %':.rt=.c`-7r_.:t;
with respect to the payment by DTC or any Participant of any amcunt
in respect of the principal or interest on the Notes. The City
shall pay all principal and interest on th.e Notes only to Cede b Co.
in accordance with the Representation Letter, and all such payments
shall be valid and effective to fully satisfy and discharge the
City's obligations with respect to the principal and interest on the
Votes to the extent of the sum or -um,s so paid. No person other
than DTC shall receive an executed Note pursuant to the resolution.
Upon delivery by DTC to the City of written notice to the effect
that DTC has determined to substitute a new nominee in place of Cede
& Co., the Note will be transferable to such r:ew nominee in
accordance with subparagraph (f) hereof.
(c) In the event the City determines that it is --n the best
interest of the Beneficial Holders that they be able to obtain Note
certificates, the City may notify DTC, whereupon DTC will notify the
i `.. I tS, ,L t�1� 2�'dl.lai lilty C. 1TG..1.3L;r't._Ti�!'l',.-of Nk:; :e C''.:ri_s.t `t S
[ve;lt, t}"re is3t!_.'s will be t.. _i t:vfti"rab,- Ira tt..i.. ?::i3 ,:-L
.fit.'�.�a,r.,.h (. ) iii"rer''.i ::7`.��., ;"'�'y C.!. '...1.:2.f(;lli�=.' t; .7 v..= ..T_:`_ y.:...�k.:._ t-._;:tiid. T.
its services with respect to the Notes at any time by giving notice
to the City and discharging its responsibilities with respect
thereto Linder applicable law. In such event the Notes wi.11 be
transferable in accordance with subparagraph (f) hereof. N he -;ever
DTC requests the City to do so, the City will cooperate .with DTC in
taking appropriate action after reasonable notice to arrange for
another securities depository to maintain custody of certificates
evidencing the Notes. In such event the Notes will be transferable
to such securities (-,epository in accordance with subparagraph (f)
hereof .
(d) t'?otf.i.hstan(4ina
to the contrary,
so long as
any
any
c,'_:,e
Note
rovi.-_-:iIn :;f
i_ registerr-:rd
,',ua Pe:5C)=.
-:1r. t`%e r ;° r; o .
Cede & Co., as
nominee of
DTC,
all
payments w _t
respect t- the
principa= and interest on
such
Note
shall be sue
and ;.ivern,
-s-ectively, to
DTC as provided
in
the
Represe:ita-"._n
Lettor.
(e) The City Treasurer is authorized to execute and deliver
a Representation Letter to DTC setting forth certain :natters with
respect to, among other things, payments on t- lie Notes which
Representation Letter shall be in such form as the City Treasurer
approves.
(f) In the event that any transfer or exchange of Notes is
permitted under subparagraphs (b) cr (c) hereof, such transfer or
exchange shall be accomplished upon receipt by the City from the
registered owner thereof of the 'dotes to be transferred or exchanged
al:d appropriate instruments cf tragi-,fer. to :the p<rrr!at:trr3 transferee,
all. in accordance ,Y -lith the 'applica,Lle 'provisions of the R�sO.lutiOli.
i +}:e event NetF ceiti: _.cates G_- _ _ t;: l:r,lders other than
& Co., its successor as nominee for UTC: as holder of all Notes or
another securities depository as holder of all the Notes, the
provisions of the Resolution shall also apply to, arr!orig other
things, the printing of such certificates and the method of payment
of principal of and interest on such certificates.
Section 9. The Notes shall be issued in anticipation of
the receipt of unrestricted funds to be received or accrued during
the City's 1969-90 fiscal year, including taxes, income, revenues,
cash receipts, and other moneys intended as receipts for the General
Fund and other unrestricted funds of the City and which are
generally available for the payment of current expenses and other
obligations of the City (the "unrestricted Funds"). As of the date
hereof, the City has not pledged any of said Unrestricted Funds to
the payment of any notes, bonds, certificates or other obligations
of the City.
Section 5. The City hereby pledges to the pa—e—nt of
t -he Motes the Unrestricted Funds expected to be received as follows:
the first $500,000 thereof in December 1989; the first $500,000
tr;ereof in January 1990; the first $500,000 thereof in February,
2990; the first 5,500,00.0 thereof in March, 1.990; the first $400,000
irI .h f�I�t FCS'), V { '' -.In r 5.th n
atl.?'... •ii1 lE",_ _t.C, 'N'c'y' t:. P_ 1nt.:el'i?:;t c-t?l the .7ai.._(
_.I� (all
v _aid t)Gi tions of he Unrest" icted Funds P I e dc: ed to pay Lhe
principal of and interest on the Notes hereinafter referred to as
tt-:e "Pledged Revenues") . The principal of the No Les and the interest
thereon shall constitute a first lien and charge against the Pledged
Revenues and shall be payable from the first moneys received by the
City from such Pledged Revenues. All of said Pledced Revenues as
and ..,hen received shall be subject to such lien and charge. Said
Notes shall be general obligations of the City and, to the extent
not paid from the Pledged Revenues, shall be paid with interest
thereon from any other moneys cf the City lawfully available
therefor. Each Note shall be secured by the Pledged F.evenues
r '_ably according to the amount of principal a:;d ;T1 rC_; due
thereon. To the extent ':votes in an athan less han SJ , OC -0' , 0:1 c.. e
1 e,, -ear ter sold Pursuant- �-:eret_o, the amcunt of _`! ;aged i; 'J F" t`. in
each month shall be reduced proportionally.
SEaCticn 6 Said Notes are heret:y + ras nn,a
qualified. tax-exe;rpt oblications" pursuant to thil- p:ovisiuns .f he
Internal Revenue Code of 1986, as amended (the "Code")
In making such desionation it has been determined that:
(a) the City does not reasonably anticipate that the
amount of "qualified tax-exempt obligations" to be issued by the
City during the current calendar year will exceed $10,000,000; and
(b) the amount of "qualified tax-exempt obligations"
issued by the City during the current calendar year does not as of
this date, and including this issue, exceed': $10,G00,000.
Section 7. A.l1 Fledged Revenues as and wfien received
and any other lawfully available funds of the City as appropriated
or allocated for the payment of the Notes, shall be deposited by the
City in a special fund to be applied only to the payment of the
Notes and the interest thereon. Such fund is hereby established and
designated: "1989 Tax and Revenue Anticipation Note Repayment
Account" (the "Note Repayment Account" or the "Account"). In the
event that in any of the months referred to in Section 3 hereof,
Pledged Revenues received by the City are insufficient to permit
deposit into the Note Repayment Account of the full amount of
Pledged Revenues required to be deposited in such month, then the
_ 4 _
a.ount of any deficiency in such deposit shall be satisfied and made
up by the last business day of such month, from any other moneys of
the City lati•.fu1ly available for the payment of the Notes and
interest thereon. The Account will be geld by and maintained with
the City Treasurer of the City.
Ail Pledged Revenues and any other moneys or investments
deposited in the Account shall be held in trust for the benefit of
the holders of the Notes, and shall be applied only upon the
maturity of the Notes to pay the principal thereof and the interest
c-ec.n. !,IoneyE eu—s i.ted iii t::Jh 7'.1: ma = r,
not be Uc,,-d or =,,,
r>t}.e:r purpose. ,.r,e,ys in the ,>.c'cot; 7t ;?ay be ..riv..st_,d
uis(--retion of t h : City n such ii1Lest: _ :ts �..:r __tt`d by
Section 53601 of the Government Code, including, but not li.nited to,
the following investments provided such investments mature at such
ties and in such principal arr,ounts as to permit the timely
disbursement from the Account as herein provided. r,ny investment
securities deposited in the Tccount must meet all the requirements
for investment securities purchased with moneys in the Account and,
in addition, at the time of their deposit must have a r,arket value
equal to at least 100% of their stated par value.
(a) United States Treasury notes, bongs, bills or
certificates of indebtedness, or those for which the faith and
credit of the united States are pledged for the F�r;_
y,nt L.
of rinciNc,1
and interest.
(b) Obligations issued by banks for cocper at4 V(:S, feeler. a
land banks, federal intermediate credit. banks, --=decal hope, loan
ranks, the Federal Home Loan Bunk Board, the Tf-nnossee vc,__e}-
Authority, or in obligations, participations cr other instrur—int.s of
or issued by, the Federal National Mortgage Association; or in
guaranteed portions of Small Business Administration notes; or in
obligations, participations, or other instruments of or issued by a
federal agency or a United States government-sponsored enterprise.
(c) Bills of exchange or time drafts drawn on and accepted
by a commercial bank, otherwise known as bankers' acceptances, which
are eligible for purchase by the Federal Reserve System. Purchases
of bankers' acceptances may not exceed 270 days, maturity or 400 of
the moneys deposited in the Account which may be invested. No mcfe
'_han 30% of such funds may be invested in the "bankers' acceptance
of any one commercial bank.
(d) Investments in repurchase agreements provided that
each such repurchase agreement (i) is acceptable in form to the City
Treasurer, (ii) provides that such agreement constitutes a purchase
and sale of securities and is not a loan of funds by the City,
(iii) provides for the physical transfer of certificated United
�. States Government Obligations to the custody of the City Treasurer,
or to a custodial account in the name of the City Treasurer with the
Federal Reserve Bank in San Francisco and for the registration of
title to "book entry" United States Government Obligations to the
City Treas-urer in the Federal Reserve Bank in San Frarcisco, (iv)
provides "hat United States Government Obligations acquired pursu&nt
to such repurchase agreements shall be valued at least Quarterly at
the lower of the then current market value thereof or the repurchase
price thereof set forth in the applicable repurchase agreement, (v)
is with any state or national bank with a rating on short-term
cbligations of P-1 or better from Moody's Investcrs Service and A-1
or better from Standard & Poor's Corporation, and (vi) provid s that
the City treasurer may sell the related obligations if the other
party to the applicable repurchase agreement shall fail to promptly
c: .:e s ch r)hI _ ation on til re uir -d by the
r pur h:a _ e c.a q 1
r.(_fe: e1it:. lac, i el:ill ' h -p_Jrchase Aci-ci-27m:nt" e 'S <- _acs,
F=s y tIIC CI."LY I _.surer: I.;u Ji. ':t _o :n :ire- - t- },y „Lrr
the seller will repurchase such securities on or before a specified
date, or on the demand of either party, and for a specified amount.
Such securities shall mean securities of the sale issuer,
description, issue date and maturity.
(e) Certificates of deposit issued by a nationally or
state -chartered bank or a state or federal savings and loan
association provided that such certificates of deposit shall be (i)
continuously and fully insured by the Federal Deposit Insurance
Corporation or {i.i) continuously and fully secured by such
securities as are described above in clauses (i) ar.a (b), :which
c alave a - marked v,.iL)e (CXcluslve of accruCt. i n E- - -
•:eek 1y C t least 110% cf t'ne pr_ncipaI amount III c:. ce'rL I_ i .urees
of deposit, Q1: (Ili} continuously and fully sfCll r ?c oVi._iE t 1n
`ection 53651 (T.) cf the Government Code.
(,f) State of Ca' ifornia Isocal z. ency I,
Investment earnings are not required to be retained in the
Account, and such investment earnings shall not be considered as
money in the Account for any purpose under this resciution. At such
time when the amount in the Account is sufficient to pay all
principal ..nd interest on the Notes at maturity, the City shall not
be required to make any further deposits therein, and any excesses
may, upon written request by the City, be withdrawn from the Account
and applied by the City for any lawful purpose.
Section 9. The proceeds of the Notes shall be deposited
in the City's General Fund, and may be expended for the purposes for
which the Pledged Revenues are to be received.
- 6 -
Section 8
-
The
principal
a csnt D t:he
� ;te!. gk�tfier
:lith
the intt est
t.,ere :n,
pursuant
to ?.rt ic_
t . r ,.ter
4.
Part
1, U:ivis.i,"n Z,
._t__ _
of _he
Go ..r r; -yen~ Ccde
d.J s ti_t exc
-aeri
85%
of the estimated
amount
of the
uncollected income,
revenue, cash
receipts,
and otter
moneys
of the
City which will
be available
for
the
payment thereof.
Section 9. The proceeds of the Notes shall be deposited
in the City's General Fund, and may be expended for the purposes for
which the Pledged Revenues are to be received.
- 6 -
Suction 10. The Notes shall be executed in the name of
the City i y the facsimile signature of its City Treasurer and shall
be countersigned by the facsimile signature of its City Clerk, -and
the seal of the City shall be affixed, imprinted, or otherwise
reproduced on each of said Notes.
Section 11. The City shall at all tir-.es do and perform
all acts and things necessary or desirable in order to assure that
interest paid on the Notes shall, for the purposes of federal income
taxation, be excludable from the gross income of the recipients
`.. .-of and F''�. f rCiT; 7-ocn taxat:.,-%n. ile �::t f:V tit.-, i1 ''t -.t is ]' t Y
'T r _ -i ! \? _. t "l i L' .. o c e ,~..'. s wo f t.. 3 .' e N_ _: (_'.s
t 1 i. .'t 1h us,�d dl: t.'r'_itr CCT .:i T�.ir .. ... c'.t: :. .,'i .. o f.'.- ::.n
securities or obligations, the acquisition of %,7hich would cause any
Note to to an "arbitrage bond" as defined in 148 of the Internal
.Revenue Code of 1986, as amended. The City Treasurer is hereby
authorized to execute an Arbitrage and Use of Proceeds Certificate
with respect to the Notes for and on behalf of the Ci -y.
Section 12. It is hereby covenanted and warranted by the
City that all recitals and representations contained in this
resolution are true rnd correct, and that the Cit-., acting through
its ;appropriate officers, has taken or will take =11 steps necessary
to be taken, to be and remain eligible to collect-., and to collect
ti.e P_efgca Revenues des cribed h!_rein in the
t_Yes anticipate:i in accordance with all ap_ ciLIe and
r qulaticns, in or_dei. to provi3e for the prompt p «=r,t of I - he Dotes
authorized 'herein and to comply wits, the p�:. _sinn, f this
eso1utic:n.
Section 13. The City Clerk shall cert.fy to the adoption
of this Resolution.
PASSED, APPROVED AND
August_ , 1989.
ATTEST:
tl�tyl,elerk of the
City of Diamond Bar, California
Approved as torm:
zxoiu� �4 —
City Attorney
7 _.
ADOPTED this 29th day of
Mayor of the City Kf Diamond Bar,
California
STATE OF CALIFORNIA }
COL'N 1 Y OF LOS ANGFL KS }
CITY OF DIA.1-IGND BAR )
I, Lvnd.aBurcfes_s City Clerk of the City of
Diamond Bar, California, hereby certify that the f.oregoir.g
Resolution No. 89-79 _ was passed and adopted by the City Council
of the City of Diamond Bar, signed by the Mayor, and attested to by
the City Clerk at a regular meeting of said Council held on the
29th z1
day Of 3!,C St r 1989, and that said Resolution was
_.__
od pt 'c Jy tI -,e C1 10-"i11u tete, tO 'µJit:
!y E� Council ileiriLers For.'b.ing, I* llcl, W : .ar, Nayor Papen
NOES: Council Members None
ABSENT:Council Members Mayor Pro Tem Horcher
7144-X-4,
C y erk of the C y of Diamond Bar,
California
STi'!E OF' CnLI:FGR;';Ir. )
COUNTY OF .IOS ANGE � S }
CITY OF PI.iyMOND BAR }
I, the undersigned, City Clerk of the -S.r,
California, DO HEREBY CERTIFY that the ao,")ve and foregoing is a
full, true and correct copy of Resolution No. 8.9_'i9 , approved and
passed, Auqust 29 1989, and that same has nit been amended or
repealed
Dated: __Au tg ist 29,_1989
( SEAL)14t!
. Ca1 �'.Ct E L.. � f Tt7 c3„St1_i�
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EXHIBIT "A"
No. R-1
FORM OF NOTE
United States of America
State of California
CITE' OF DT%JfOND RAP
1989 TAX I-L.ND 1:rVENUEANTICIPATION NOTE
$3,000,000
Interest Rate: Oriainal Issue Date: Maturity Date: CUSIP:
September 5, 1989 September 4, 1990
Registered -Owner: Cede & Co.
r j n c i p a 1T
Amount: THREE MILLION DOL -ARS
FOR VALUE RFCEIVED, the City of Diamond Bar, California,
(the "City") , duly.. created and existing under the laws of the
State of California, promises to pay (but solely fl -le "uIt 1-1 s
hereinafter men tic-ned) to the registered -blcve riLn-1
registered (herein s o me t imes r ef e r re'd C)
stered assigns as -fir;_
reg-.stered n e r the Principal Akm o u n t as 1,c v e set f 0 r t 11
3
Both principal cf and interest on this Note wbl_ 1- 1:
ill
1 w f u,
money of the United States of .2imerica on the maturity c -a -Le f -L- h
Notes in the manner sen,_- forth in the Representation
This Note is one of an authorized issue of $3,000,000,
the Notes of which are of like tenor except as to number and
denomination, and is issued pursuant to Article 7.6, Chapter 4,
Part 1, Division 2, Title 5 of the Government Code of the State of
California, and a resolution duly adopted by the City Council. of
the City on August 1, 1989 (the "Resolution").
Payment of the principal of and interest on this Note is
secured by, a pledge of unrestricted funds expected to be received
by the City including taxes, income, .-e-venue, cash rec-pipts, and
D h e r M C TI e. Y S i n "I e :-1 d e d a i- 12,-- e t s f :) r t h e C- i -_ r a I Ft i in (.1, ^.d e
unrestricted funds of the City ana which are generally available
for the payment of current expenses and other obligations of the
City during its 1989-90 fiscal year ("the "Unrestricted Funds").
The City has pledged to the payment of the principal of the Notes
the Unrestricted Funds expected to be received as follows: the
first $500,000 of such revenues in December 1989; the first
$500,000 of such revenues in January 1990; and the first $600,000
A - 1
together with an amount sufficient t:o pay the interest on the
Votes in June 1990. The Notes are cer;eral obligatio:7s of the
City, and, to the extent not paid from said pledged moneys, the
?Notes shall be paid with interest thereon from any other moneys of
the City lawfully available therefor.
The Notes are issued only in fully registered form, in
the name of Cede & Co., as registered owner and nominee for the
Depository Trust Company ("D`1'C"). Purchases of ownership
interests in the Notes will be made in book -entry form, in
uencininations of $1,000 or any integral multiple thereof.
7 4
n es {_..._`: Ce,"t_%__ �t.�' ._sl?7 -•=i -`i.et ...`i'1. -._r;
of I:': C, to i i:e s;.:e:r r i s _ ; o- t. _..
of transfer, exchange or payment, and any cert ifiCate -issued is
reaistered in the name of Cede & Co., or such oth-_r na,,,e as
requested by an authorized representative of UTC and any payment
is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VI T UE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL sin-ce the
registered owner hereof, Cede & Co., has an interest herein.
This Note is not subject to call or redemption prior to
maturity.
This Note has been designated by the City -as a qualified
,V y—:fixc-;-,pt V.r..��. ,at:Ln r pu.rs..uant to t: he C. -ovist ons ti._ n ._,r _.
t e Internal Revenue Code of 1986, as arFende3.
iT rS HIEBY CERTIFIED, RECITED ANJ 1 than
acts, cc.nditions and things required b w t C +__ _st ': •:__PE
be perf r.;,ed precedent to and in the issuance c.>: ':i ._ ` i t.e
Existed, happened ann been performed :in due t'.i-i-, an-, 1",nCr
as required by law, and that the amount of this Note, to^ether
with all other indebtedness of the City, does not exceed any debt
limit prescribed by the laws or Constitution of the State of
California.
A - 2
..
IN
VvIlTNESS k'.11ERE0F, the City of Diamond Bar, California,
has
caused
this Note
to be signed by the
facsimile signature
of
its
City 'Treasurer and
countersigned by the
facsimile signature
of
its
City Clerk
and its
corporate seal (or a
facsimile thereof),
to
be
printed,
engraved,
stamped or otherwise
placed hereon and
has
caused
this
Note to be
dated the fifth day of
September, 1989.
(Facsimile Seal)
C,o; 1-1 ;-er sig:"1ed
(Facsimile
City Clerk
of the City
(Facsimile Signature)
tv
Signature)
of Diamond Bar, California
CERTIFICATE AS TO LEGAL OPINION
I, Lynda burgess, City Clerk of the City of Diamond Bar,
California, HEREBY CERTIFY that on the date the Nates described. in
the opinion herein above rr:-ntioned were Grigirb
para or, c wr-'tten opinion as to e valid {.:)' -, -`-,.c} IDt=5,
,!a -ted as of the date of such delivery andi pay ment,
the law firm of Hawkins, Delafield & t c-tid, l cs r':nae =._.
California, and that the foregoing, except as to :i >__: _.., o
dater is e true and correct cORy of sa.d -;,yin_
duplicates of which have been filed in the office of the City
Clerk of said City.
(Facsimile signature of City Clerk)
DMBR0001.-2/0021D
A-3