RES-8351 Issuance and Sale of 1994 Tax and Revenue Anticipation NotesRESOLUTION NO. 8351
RESOLUTION OF TBB CITY COUNCIL OF TBB CITY OFORANGBPROVIDINGFORTBBBORROWINGOFPONDSFORFISCALYEAR1994/95 AND TBB ISSOANCB ANDSALBOF1994TAXANDRBVBNOBANTICIPATIONNOTESTBBREFOR
RESOLVED, by the City Council of the City of Orange (theCity"), as follows:
WHEREAS, pursuant to Article 7.6 (commencing with Section53850) of Chapter 4 of Part 1 of Division 2 of Title 5 of theCaliforniaGovernmentCode (the "Law"), this City Council (theCouncil") has found and determined that moneys are needed for therequirementsoftheCity, a municipal corporation duly organizedandexistingunderthelawsoftheStateofCalifornia, to satisfyobligationspayablefromtheGeneralFundoftheCity (the "GeneralFund"), and that it is necessary that said sum be borrowed for suchpurposeatthistimebytheissuanceoftemporarynotesthereforinanticipationofthereceiptoftaxes, income, revenue, cashreceiptsandothermoneystobereceivedbytheCityfortheGeneralFundduringorallocabletothefiscalyearoftheCitybeginningJulyI, 1994, and ending June 30, 1995 ("Fiscal Year1994/1995");
NOW, THEREFORE, it is hereby DETERMINED and ORDERED asfollows:
Section 1. Limitation on Maximum Amount. The principalamountofnotesissuedpursuanthereto, when added to the interestpayablethereon, shall not exceed eighty-five (85t) oftheestimatedamountoftheuncollectedtaxes, revenue and othermoneysoftheCityfortheGeneralFundattributabletoFiscalYear1994/1995, and available for the payment of said notes andtheinterestthereon (as hereinafter
provided).Section 2. Authorization and Terms of Notes. Solely forthepurposeofanticipatingtaxes, income, revenue, cash receiptsandothermoneystobereceivedbytheCityfortheGeneralFundduringorallocabletoFiscalYear1994/1995, and not pursuant toanycommonplanoffinancing, the City hereby determines to andshallborrowtheprincipalamountofnottoexceedTenMillionDollars10,000,000) by the issuance of temporary notes under theLaw,designated "City of Orange (Orange County, California) 1994 TaxandRevenueAnticipationNotes" (the "Notes"). The Notes shallbedatedAugust2, 1994, shall mature (without option ofpriorredemption) on August I, 1995, and shall be in the principalamountandbearinterest, payable at maturity and computed on a30-day month/360-day year basis, at the rate determinedinaccordancewiththebidofthesuccessfulbidderorbiddersfortheNotesapprovedbytheActingDirectorofFinanceorher
designee, pursuant to 27933.
authority delegated by the Council. Botht.he principal of and
interest on the Notes shall be >layable in lawful money of the
United States of America, as described below.
Section 3. Form of Notes: Book Entrv Onlv Svstem. The Notes
shall be issued in fully registered form, without coupons, and
shall be substantially in the form and substance set forth in
Exhibit A attached hereto and by reference incorporated herein, the
blanks in said form to be filled in with appropriate words and
figures. The Notes shall be numbered from 1 consecutively upward
in order of issuance, shall be in the denomination of $1,000 each
or any integral multiple thereof.
CUSIP" identification numbers shall be imprinted on the
Notes, but such numbers shall not constitute a part of the contract
evidenced by the Notes 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 Notes. In addition, failure on
the part of the City to use such CUSIP numbers in any notice to the
registered owners of the Notes shall not constitute an event of
default or any violation of the City's contract with such owners
and shall not impair the effectiveness of any such failure.
Except as provided below, the owner of all of the Notes shall
be The Depository Trust Company, New York, New York ("DTC"), and
the Notes shall be registered in the name of Cede & Co., as nominee
for DTC. The Notes shall be initially executed and delivered in
the form of a single fully registered Note in the full aggregate
principal amount of the Notes. The City may treat DTC (or its
nominee) as the sole and exclusive owner of the Notes registered in
its name for all purposes of this Resolution, and the City shall
not be affected by any notice to the contrary. The City shall not
have any responsibility or obligation to any participant of DTC (a
Participant"), any person claiming a beneficial ownership interest
in the Notes under or through DTC or a Participant (a "Beneficial
Owner"), or any other person not shown on the register of the City
as being an Owner, with respect to the accuracy of any records
maintained by DTC or any Participant or the payment by DTC or any
Participant by DTC or any Participant of any amount in respect of
the principal or interest with respect to the Notes. The City
shall pay all principal and interest with respect to the Notes only
to DTC or its nominee, 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 with respect to the
Notes to the extent of the sum or sums so paid. Except under the
conditions noted below, no person other than DTC shall receive a
Note. 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 term "Cede & Co." in this Resolution shall refer
to such new nominee of DTC.
If the City determines that it is in the best interest of the
Beneficial Owners that they be able to obtain Notes and delivers a
27933.02\9066000001 (LA)2
written certificate to DTC to that effect, DTC shall notify the
Participant of the availability through DTC of Notes. In such
event, the City shall issue, transfer and exchange Notes as
requested by DTC and any other owners in appropriate amounts. DTC
may determine to discontinue providing its services with respect to
the Notes at any time by giving notice to the City and discharging
its responsibilities with respect thereto under applicable law.
Under such circumstances (if there is no successor securities
depository), the City shall be obligated to deliver Notes as
described in this Resolution. Whenever DTC requests the City to do
so, the City will cooperate with DTC in taking appropriate action
after reasonable notice to (a) make available one or more separate
Notes evidencing the Notes to any DTC Participant having Notes
credited to its DTC account or (b) arrange for another securities
depository to maintain custody of Certificates evidencing the
Notes.
Notwithstanding any other provision of this Resolution to the
contrary, so long as any Note is registered in the name of Cede &
Co., as nominee of DTC, all payments with respect to the principal
and interest with respect to such Note and all notices with respect
to such Note shall be made and given, respectively, to DTC as
provided in the representation letter delivered on or prior to the
date of issuance of the Notes.
Section 4. Use of Proceeds. The proceeds of the sale of the
Notes shall be deposited in a segregated account in the General
Fund and used and expended by the City for any purpose for which it
is authorized to expend funds from the General Fund.
Section 5. Security. The principal amount of the Notes,
together with the interest thereon, shall be payable from taxes,
revenue and other moneys which are received by the City for the
General Fund for Fiscal Year 1994/1995. As security for the
payment of the principal of and interest on the Notes the City
hereby pledges the first "unrestricted moneys" (as hereinafter
defined) to be received by the City (a) in the amount determined by
the Acting Director of Finance or her designee, pursuant to
authority delegated by the Council, in the month of January, 1995,
and (b) in the amount determined by the Acting Director of Finance
or her designee, pursuant to authority delegated by the Council,
plus an amount sufficient to pay interest as due on the Notes at
their maturity, in the month of April, 1995 (such pledged amounts
being hereinafter called the "Pledged Revenues"). The principal of
the Notes and the interest thereon shall constitute a first lien
and charge thereon and shall be payable from the Pledged Revenues.
To the extent not so paid from the Pledged Revenues, the Notes
shall be paid from any other moneys of the City lawfully available
therefor. In the event that there are insufficient "unrestricted
moneys" received by the City to permit the deposit into the
Repayment Account (as hereinafter defined) of the full amount of
the Pledged Revenues to be deposited in any month by the last
business day of such month, then the amount of any deficiency shall
27933.02\9066000001 (LA)3
be satisfied and made up from any other moneys of the City lawfully
available for the repayment of the Notes and interest thereon. The
term "unrestricted moneys" shall mean taxes, income, revenue, cash
receipts and other moneys intended as receipts for the General Fund
for Fiscal Year 1994/1995 and which are generally available for the
payment of current expenses and other obligations of the City.
Section 6. Reoayment Account. There is hereby created,
within the General Fund, a special account to be designated the
1994 Tax and Revenue Anticipation Note Repayment Account" {the
Repayment Account"} and applied as directed in this Resolution.
Any money placed in the Repayment Account shall be for the benefit
of the owners of the Notes and, until the Notes and all interest
thereon are paid or until provision has been made for the payment
of the Notes at maturity with interest to maturity, the moneys in
the Repayment Account shall be applied solely for the purposes for
which the Repayment Account is created; provided, however, that any
interest earned on amounts deposited in the Repayment Account shall
periodically be transferred to the General Fund.
During the months of January, 1995 and April, 1995, the City
shall deposit all Pledged Revenues in the Repayment Account to the
extent provided in Section 5. On August 1, 1995, the City shall
transfer to DTC the moneys in the Repayment Account necessary to
pay the principal of and interest on the Notes at maturity and to
the extent said moneys are insufficient therefor an amount of
moneys from the General Fund which will enable payment of the full
principal of and interest on the Notes at maturity. DTC will
thereon make payments of principal of and interest on the Notes to
the DTC Participants who will thereupon make payments to the
Beneficial Owners of the Notes. Any moneys remaining in the
Repayment Account after the Notes and the interest thereon have
been paid, or provision for such payment has been made, shall be
transferred to the General Fund.
Section 7. Deoosit and Investment of Reoavment Account. All
moneys held by the City in the Repayment Account, if not invested,
shall be held in time or demand deposits as public funds and shall
be secured at all times by bonds or other obligations which are
authorized by law as security for public deposits, of a market
value at least equal to the amount required by law.
Moneys in the Repayment Account shall, to the greatest extent
possible, be invested by the City Treasurer or the designee of the
City Treasurer directly, or through an investment agreement, in
investments as permitted by the laws of the State of California as
now in effect and as hereafter amended, and the proceeds of any
such investments shall be deposited in the Repayment Account.
Section
8. Execution of Notes. The Mayor, the City Manager,the
City Treasurer or the Acting Director of Finance of the City is hereby
authorized to execute the Notes by manual or facsimile signature,
and the City Clerk of the City is hereby authorized to 27933.
02\9066000001 (LA)4
countersign the same by manual or facsimile signature (although at
least one of such signatures shall be manual) and to affix the seal
of the City thereto by facsimile or manual impression thereof, and
said officers are hereby authorized to cause the blank spaces
thereof to be filled in as may be appropriate.
Section 9. Transfer of Notes. Any Note may, in accordance
with its terms, but only if the City determines to no longer
maintain the book entry only status of the Notes, or if DTC
determines to discontinue providing such services and no successor
securities depository is named or DTC requests the City to deliver
Note certificates to particular DTC Participants, be transferred,
upon the books required to be kept pursuant to the provisions of
Section 11 hereof, by the person in whose name it is registered, in
person or by his duly authorized attorney, upon surrender of such
Note for cancellation at the office of the City Clerk, accompanied
by delivery of a written instrument of transfer in a form approved
by the City, duly executed.
Whenever any Note or Notes shall be surrendered for transfer,
the City shall execute and the Paying Agent shall authenticate and
deliver a new Note or Notes, for like aggregate principal amount.
Section 10. Exchanqe of Notes. Any Note may, in accordance
with its terms, but only if the City determines to no longer
maintain the book entry only status of the Notes, or if DTC
determines to discontinue providing such services and no successor
securities depository is named or DTC requests the City to deliver
Note certificates to particular DTC Participants, be exchanged at
the office of the City Clerk for a like aggregate principal amount
of Notes of authorized denominations.
Section 11. Note Reqister. The City shall keep or cause to
be kept sufficient books for the registration and transfer of the
Notes if the book entry only system is no longer in effect and, in
such case, the City Clerk shall register or transfer or cause to be
registered or transferred, on said books, Notes as hereinbefore
provided. While the book entry only system is in effect, such
books need not be kept as the Notes will be represented by one Note
registered in the name of Cede & Co., as nominee for DTC.
Section 12. Temoorarv Notes. The Notes may be initially
issued in temporary form exchangeable for definitive Notes when
ready for delivery. The temporary Notes may be printed,
lithographed or typewritten, shall be of such denominations as may
be determined by the City, and may contain such reference to any of
the provisions of this Resolution as may be appropriate. Every
temporary Note shall be executed by the City upon the same
conditions and in substantially the same manner as the definitive
Notes. If the City issues temporary Notes it will execute and
furnish definitive Notes without delay, and thereupon the temporary
Notes may be surrendered, for cancellation, in exchange therefor at
the office of the City Clerk and the City Clerk shall deliver in
27933.02\9066000001 (LA)5
exchange for such temporary Notes an equal a~xegate principal
amount of definitive Notes of aut'Jorized denominations. Until so
exchanged, the temporary Notes shall be ent itled to the same
benefits pursuant to this Resolution as definitive Notes executed
and delivered hereunder.
Section 13. Notes Mutilated. Lost. Destroyed or Stolen. If
any Note shall become mutilated the City, at the expense of the
owner of said Note, shall execute and deliver a new Note of like
principal amount in exchange and substitution for the Note so
mutilated, but only upon surrender to the City Clerk of the Note so
mutilated. Every mutilated Note so surrendered to the City Clerk
shall be cancelled and delivered to, or upon the order of, the
City. If any Note shall be lost, destroyed or stolen, evidence of
such loss, destruction or theft may be submitted to the City and,
if such evidence be satisfactory to the City and indemnity
satisfactory to it shall be given, the City, at the expense of the
owner, shall execute and deliver a new Note of like principal
amount in lieu of and in substitution for the Note so lost,
destroyed or stolen. The City may require payment of a sum not
exceeding the actual cost of preparing each new Note issued under
this Section 13 and of the expenses which may be incurred by the
Ci ty in the premises. Any Note issued under the provisions of this
Section in lieu of any Note alleged to be lost, destroyed or stolen
shall constitute an original additional contractual obligation on
the part of the City whether or not the Note so 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 Notes issued pursuant to this Resolution.
Section 14. Covenants and Warranties. It is hereby
covenanted and warranted by the City that all representations and
recitals contained in this Resolution are true and correct, and
that the City and its appropriate officials have duly taken all
proceedings necessary to be taken by them, and will take any
additional proceedings necessary to be taken by them, for the
prompt collection and enforcement of the taxes, revenue, cash
receipts and other moneys pledged hereunder in accordance with law
and for carrying out the provisions of this Resolution.
Section 15. Tax Covenants.
a) Private Business Use Limitation. The City shall assure
that:
i) not in excess of ten percent (10%) of the face
amount of the Notes, plus accrued interest and premium, if
any, less original issue discount, if any (the "Proceeds"), is
used, directly or indirectly, in a trade or business carried
on by a natural person or in any activity carried on by a
person other than a natural person, excluding, however, use by
a governmental unit and use as a member of the general public
Private Business Use") if, in addition, the payment of the
27933.02\9066000001 (LA)6
principal of, or the interest on more than 10 percent of the
Proceeds of the Notes is (under the terms of the Notes or any
underlying arrangement) directly or indirectly, (i) secured by
any interest in property, or payments in respect of property,
used or to be used for a Private Business Use, or (ii) to be
derived from payments in respect of property, or borrowed
money, used or to be used for a Private Business Use; and
ii) in the event that in excess of five percent (5%) of
the Proceeds of the Notes is used for a Private Business Use,
and, in addition, the payment of the principal of, or the
interest on, more than five percent (5%) of the Proceeds of
the Notes is (under the terms of the Notes or any underlying
arrangement), directly or indirectly, secured by any interest
in property, or payments in respect of property, used or to be
used for said Private Business Use or is to be derived from
payments in respect of property, or borrowed money, used or to
be used for a Private Business Use, then, (A) said excess over
said five percent (5%) of the Proceeds of the Notes which is
used for a Private Business Use shall be used for a Private
Business Use related to a government use of such Proceeds and
B) each such Private Business Use over five percent (5%) of
the Proceeds of the Notes which is related to a government use
of such Proceeds shall not exceed the amount of such Proceeds
which is used for the government use of Proceeds to which such
Private Business Use is related.
b) Private Loan Limitation. The City shall assure that not
in excess of five percent (5%) of the Proceeds of the Notes is to
be used, directly or indirectly, to make or finance loans
excluding investments and excluding loans which enable the
borrower to finance any governmental tax or assessment of general
application for a specific essential governmental function) to
persons other than state or local government units.
c) Federal Guarantee Prohibition. The City shall not take
any action or permit or suffer any action to be taken if the result
of the same would be to cause the Notes to be "federally
guaranteed" within the meaning of Section 149 (b) of the Internal
Revenue Code of 1986, as amended (the "Code") and the regulations
promulgated thereunder.
d) No Arbitraqe. The City shall not take, or permit or
suffer to be taken, any action with respect to the Proceeds of the
Notes which, if such action had been reasonably expected to have
been taken, or had been deliberately and intentionally taken, on
the date upon which there is a physical delivery of the Notes in
exchange for the amount representing the purchase of the Notes by
the original purchasers thereof would have caused the Notes to be
arbitrage bonds" within the meaning of Section 148(a) of the Code
and regulations promulgated thereunder.
27933.02\9066000001 (LA)7
e) Rebate of Excess Investment Earninqs to United States:
Safe Harbor Exceotion. The City covenants that it will assure
compliance with requirements for rebate of excess investment
earnings to the federal government in accordance with Section
148(f) of the Code, to the extent applicable.
Section 16. Sale of Notes. The City Council hereby approves
the Official Statement describing the Notes, in substantially the
form on file with the City Clerk, together with any changes therein
or additions thereto deemed advisable by the Acting Director of
Finance or any other qualified officer of the City. The City
Council authorizes and directs the Acting Director of Finance or
her designee on behalf of the City to deem "final" pursuant to Rule
15c2-12 under the Securities Exchange Act of 1934 (the "Rule")
the Official Statement prior to its distribution by the
financial advisors to the City. The execution of the Official
Statement,which shall include such changes and additions thereto
deemed advisable by the Acting Director of Finance or any other
qualified officer of the City and such information permitted to be
excluded from the Official Statement pursuant to the Rule, shall
be conclusive evidence of the approval of the Official Statement
by the
City.The Acting Director of Finance or her designee is
authorized and directed to execute the Official Statement and a statement
that the facts contained in the Official Statement, and any
supplement or amendment thereto (which shall be deemed an original
part thereof for the purpose of such statement) were, at the time
of sale of the Notes, true and correct in all material respects
and that the Official Statement did not, on the date of sale of
the Notes, and does not, as of the date of delivery of the
Notes,contain any untrue statement of a material fact with respect to
the City or omit to state material facts with respect to the
City required to be stated where necessary to a make any statement
made therein not misleading in the light of the circumstances
under which it was made. The Acting Director of Finance or her
designee shall take such further actions prior to the signing of
the Official Statement as are deemed necessary or appropriate to
verify the accuracy
thereof.The Official Statement, the Official Notice of Sale and
the Bid Form in substantially the forms on file with the City
Clerk,together with any changes therein or additions thereto
deemed advisable by the Acting Director of Finance or any other
qualified -\
officer of the City, are approved for distribution in the offering
and sale of the Notes.
The City's financial advisors, on behalf of the City and its
City Clerk, are authorized and directed to cause the Official
Statement, Official Notice of Sale and Bid Form to be distributed
to such municipal bond broker-dealers, to such banking
institutions and to such other persons as may be interested in purchasing
the Notes therein offered for
sale.27933.02\9066000001 (LA)
The City Clerk is authorized and directed to execute the
Official Notice of Sale on behalf of the City and to call for bids
for the sale of the Notes.
The City Council hereby delegates to the Acting Director of
Finance or her designee the authority to accept the best
responsible bid for the purchase of the Notes, determined in
accordance with the Official Notice of Sale. The Acting Director
of Finance or her designee is hereby authorized and directed to
accept such bid for and in the name of the City by notice to the
successful bidder.
Section 17. preoaration of Notes: Official Action. Brown &
Wood, as Bond Counsel, is directed to cause suitable Notes to be
prepared showing on their face that the same bear interest at the
rate specified in the offer submitted by the successful bidder or
bidders, and to cause the blank spaces therein to be filled in to
comply with the provisions of this Resolution, and to procure their
execution by the proper officers, and to cause the Notes to be
delivered when so executed to DTC on behalf of the successful
bidder or bidders therefor upon the receipt of the purchase price
by the City in accordance with such successful bid or bids.
The Mayor, the City Manager, the Acting Director of Finance,
the Accounting Manager, the City Treasurer and the City Clerk, or
any of them, are further authorized and directed to make, execute
and deliver such certificates, agreements and other closing
documents as are necessary to consummate the transactions
contemplated by this Resolution.
The FOREGOING RESOLUTION was approved and adopted by the City
Council of the City of Orange this 28th day of June, 1994, by the
following vote:
By:
CITY OF ORANGE
Attest:By:
lJ7vJf'fjg1 ~ ~CITY C RK ~ CITY OF
ORANGE
27933.02\9066000001 (LA)9
STATE OF CALIFORNIA }
COUNTY OF ORANGE } ss
CITY OF ORANGE }
I, Marilyn Jensen, City Clerk of the City of Orange, do hereby
certify that the foregoing Resolution No. 8351 was introduced and
adopted at the regular meeting provided by law of the Orange City
Council held on the 28th day of June, 1994, by the following vote
of the members thereof:
AYES:COUNCIL MEMBERS SPURGEON, BARRERA, COONrZ, MURPHY
NOES:COUNCIL MEMBERS NOOE
ABSENT:COUNCIL MEMBERS MAYOR BEYER
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the City of Orange this -29tl1 day of .111np ,
1994.
7h ~~~ ~ ~4/~~----CITY
L R OF prE OF ORANGE SEAL)
m
CITY
CLERK OF THE CITY OF ORANGE 27933.
02\9066000001 (LA)10
BXBrBrT A
Form of Note]
Unless this note is presented by an authorized representative
of The Depository Trust Company to the issuer or its agent for
registration or transfer, exchange or payment, and any note issued
is registered in the name of Cede & Co. or such other name as
requested by an authorized representative of The Depository Trust
Company and any payment is made to Cede & Co., ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL since the registered owner hereof, Cede & Co., has an
interest herein.
No.1 $_,000,000
crn OP ORAHGB
ORAHGB COtJRTY, CALrPORlJrA)
1994 TAX AND RBVBNUB ANTrCrPATrON NOTB
rH'l'BREST RATB:MATORrn DATB:rssUB DATB:CXISIP:
AUgust 1, 1995 AUgust 2, 1994
REGISTERED OWNER:CEDE & CO.
PRINCIPAL SUM:MILLION DOLLARS
The CITY OF ORANGE, a municipal corporation, duly organized
and existing under and by virtue of the Constitution and laws of
the State of California (the "City"), for value received hereby
promises to pay to the Registered Owner stated above, or registered
assigns (the "Owner"), on the Maturity Date stated above, the
Principal Sum stated above, in lawful money of the United States of
America, and to pay interest thereon in like lawful money at the
rate per annum stated above, payable on the Maturity Date stated
above, calculated on the basis of a 360-day year composed of
twelve 30-day months. Both the principal of and interest on
this Note shall be payable at maturity to
the Owner.It is hereby certified, recited and declared that this
Note is one of an authorized issue of Notes in the
aggregate principal amount of Million Dollars ($ ,000,000), all of
like tenor,issued pursuant to the provisions of Resolution No. R1Sl
of the City Council of the City duly passed and adopted on June
28, 1994,and pursuant to Article 7.6 (commencing with Section
53850) of 27933.02\9066000001 (
Chapter 4, Part 1, Division 2, Title 5, of the California
Government Code, and that all things, conditions and acts required
to exist, happen and be performed precedent to and in the issuance
of the Notes exist, have happened and have been performed in
regular and due time, form and manner as required by law, and that
this Note, together with all other indebtedness and obligations of
the City, does not exceed any limit prescribed by the Constitution
or statutes of the State of California.
The principal amount of the Notes, together with the interest
thereon, shall be payable from taxes, income, revenue, cash
receipts and other moneys which are received by the City for the
General Fund of the City for Fiscal Year 1994/1995. As security
for the payment of the principal of and interest on the Notes the
City has pledged the first "unrestricted moneys" (as hereinafter
defined) to be received by the City (a) in the amount of $_,000,000
in the month of January, 1995, and (b) in the amount of $ ,000,000,
plus an amount sufficient to pay interest as due on the Notes at
their maturity, in the month of April, 1995 (such pledged amounts
being hereinafter called the "Pledged Revenues"). The principal of
the Notes and the interest thereon shall constitute a first lien
and charge thereon and shall be payable from the Pledged Revenues.
To the extent not so paid from the Pledged Revenues, the Notes
shall be paid from any other moneys of the City lawfully available
therefor. In the event that there are insufficient "unrestricted
moneys" received by the City to permit the deposit into the
Repayment Account (as hereinafter defined) of the full amount of
the Pledged Revenues to be deposited in any month by the last
business day of such month, then the amount of any deficiency shall
be satisfied and made up from any other moneys of the City lawfully
available for the repayment of the Notes and interest thereon. The
term "unrestricted moneys" shall mean taxes, income, revenue, cash
receipts, and other moneys intended as receipts for the General
Fund of the City for Fiscal Year 1994/1995 and which are generally
available for the payment of current expenses and other obligations
of the City.
The Notes are issuable as fully registered Notes, without
coupons, in denominations of $1,000 and any integral multiple
thereof. Subject to the limitations and conditions as provided in
the Resolution, Notes may be exchanged for a like aggregate
principal amount of Notes of other authorized denominations and of
the same maturity.
The Notes are not subject to redemption prior to maturity.
This Note is transferable by the Owner hereof, but only under
the circumstances, in the manner and subject to the limitations
provided in the Resolution. Upon registration of such transfer a
new Note or Notes, of authorized denomination or denominations, for
the same aggregate principal amount will be issued to the
transferee in exchange herefor.
27~33.02\~066000001 (LA)A-
The City may treat the Owner hereof as the absolute owner
hereof for all purposes, and the City shall not be affected by any
notice to the contrary.
IN WITNESS WHEREOF, the City of Orange has caused this Note to
be executed by the Acting Director of Finance of the City and
countersigned by the City Clerk of the City, and caused its
official seal to be affixed hereto all as of the Issue Date stated
above.
CITY OF ORANGE
aj1{)/l/U ('tuJ;cvd c
ing Director of Finance S
E
A L]Countersigned:By:
i?
zd/tdr~ a ()~~Cit Cle&, /
27933.02\
9066000001 (LA)A-3
ABBRBVUTIONS
The following abbreviations, when used in the inscription on the face ofthiBNote, Bhall be conBtrued aB though they were written out in full accordingtoapplicablelawBorregulationB.
TIlN COM as tenants in common UNIF GIFT MIN ACT - - CUBtodian TIlN IlNT
as tenants entireties by
the
CUBt) (Minor under Uniform GiftB
to MinorB Act JT TIlN
aB joint tenantB with right of
Burvi vorBhip and not
aB tenantB in common State)
ADDITIONAL
ABBRBVIATIONS
NAY ALSO BB USBD TROUGH NOT
IN TBB LIST ABOVB FORM OF
ASSIGNMIlNT)unto:For
value
received the underBigned hereby BellB, aBBignB and tranBferB Name, AddreBB
and Tax Identification or Social Security Number of AsBignee)the within-
regiBtered Note and hereby irrevocably conBtitute(B) and appoint(B)attorney,
to tranBfer the Bame on the Note regiBter of the City with full power ofBubBtitutioninthepremiBeB.Dated:
Signature
Guaranteed:NOTICIl:
guaranteed
New
York canmercial
Signature (
B) mUBt by
a member firm of Stock
Ilxchange or bank
or truBt company be
the
a
NOTICIl:
Signature (B) on thiB aBBignment
mUBt correBpond with the name (
B) aB written on the face of the within
Note in every particular without
alteration or enlargement or any
change whatever 27933.
02\9066000001 (LA)A-4