HomeMy WebLinkAbout109-85I
RESOLUTION NO. 109-85
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DANVILLE
AUTHORIZING EXECUTION OF CALTRANS AGREEMENT NO. C-0950-C
AND CALTRANS ESCROW AGREEMENT NO. C-0951-E FOR THE PURPOSE OF
CONSTRUCTING THE SYCAMORE VALLEY ROAD OVERPASS
Whereas, the City of Danville and CalTrans desire to
construct and widen the Sycamore Valley Road/I-680 overpass,
and;
Whereas, CalTrans has provided the necessary agreements for
accomplishing the same.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City
of Danville authorizes execution of CalTrans Agreement No.
C-0950-C and CalTrans Escrow Agreement No. C-0951-E for the
purpose of reconstruction widening and widening of the Sycamore
Valley Road/I-680 overpass.
PASSED, APPROVED AND ADOPTED this 16th day of December,
1985, by the following vote:
AYES:
Kennett, Lane, McNeely, Schlendorf
NOES: None
ABSTAIN:
Offenhartz
ABSENT: None
ATTEST:
..... ~C~y Clerk
542 San Ramon Valley Blvd. * Danville, CA * 94526 * (415) 820-6337
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04-CC-680 R6.4/R7.2
04226 - 111901
Dist. Agmt. No. 4-0951-E
Document No. CC-7-
ESCROW AGREEMENT
The parties to this Escrow Agreement are the State of California
Department of Transportation, referred to herein as DEPARTM~,
the City of Danville, referred to herein as CITY, and the
Treasurer of the State of California, referred to herein as
ESCROW AGENT.
RECITALS
1. DEPARTMENT and CItY have entered into a Cooperative
Agreement (District Agreement No. 4-0950-C) for modifying~
the Sycamore Valley Road interchange with State Highway
Route 680, referred to herein as "PROJECT".
2. The purpose of this Escrow Agreement is to provide the
terms and conditions for the deposit by CITY of sufficient
security with ESCROW AGENT to assure DEPARTMENT that funds
in the amount necessary to meet DEPARTMENT's required
expenditures for the PROJECT will be available as needed.
SECTION I
CITY AGREES:
1. To deliver to ESCROW AGENT monies, certificates of deposit
or negotiable securities acceptable to ESCROW AGENT in the
amount of one million seven hundred ten thousand dollars
($1,710,000), legal tender of the United States of America,
within 25 days after receipt of notification from
DEPARTMENT of the advertisement for bids of the
construction of PROJECT by DEPARTMENT. Said securities or
--7--
· Agmt. No. 4-0951-E
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certificates of deposit shall be payable to the order of
the State of California, or shall be endorsed payable to
the order of the State of California, and shall be
accompanied by evidence satisfactory to ESCROW AGENT and
DEPARTMENT that the issuing agency will honor any request
for redemption prior to maturity and that such redemption
will be accomplished in such manner that payment will be
made to ESCROW AGENT without any rights of third parties,
including, but not limited to the issuing agency, being
permitted to intervene·
To maintain on deposit with ESCROW AGENT atall times
subsequent to the initial deposit and prior to termination
of the escrow created by this agreement funds equal to
CITY's share of the remaining cost of the PROJECT or one
hundred seventy thousand dollars ($170,000), whichever is
greater. Said remaining cost shall include amounts for
contingencies and claims which have been or may be filed by
the contractor, as determined by DEPARTMENT·
To pay directly to ESCROW AGENT all charges billed and
incurred by ESCROW AGENT for services performed by ESCROW
AGENT under this Escrow Agreement, including, but not
limited to, start-up charges, monthly transaction charges,
service Fees and out-of-pocket expenses and any and all
costs incurred by ESCROW AGENT, including, but not limited
to, reasonable attorney's fees in any legal proceedings in
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#¢0-80~
r
. Agmt. No. 4-0951-E
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any way arising out of or related to this Escrow Agreement.
Said payments shall be made to:
DEPARTMENT AGREES:
1.
2e
State Treasurer
Attention: Trust Services Division
P.O. Box 1919
Sacramento, CA 95809
SECTION II
To furnish ESCROW AGENT on or before the 25th calendar day
of each month or at such other times as funds are required,
a billing for the payment to be made by ESCROW AGENT,
together with a copy of such documentation as, in
DEPARTMENT's opinion, will support such billing.
To submit all demands for payment to:
State Treasurer
Attention: Trust Services Division
P.O. Box 1919
Sacramento, CA 95809
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SECTION III
ESCROW AGENT AGREES:
1. To place CITY's deposits into a separate identifiable
escrow account immediately upon deposit by CITY.
2. To notify DEPARTMENT, in writing, within 2 days of CITY's
deposit(s) in escrow; and to furnish DEPARTMENT with a
monthly statement of the remaining balance in the escrow
account.
to:
Said notification and statement shall be made
--3--
~CD-802
£
· Agmt. No. 4-0951-E
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District Accounting Officer
Transportation District 4
P.O. Box 7310
San Francisco, CA 94120
and
Department of Transportation
Division of Financial Operations
and Control
Office of Financial Control
1120 "N"-Street, Room 3500
Sacramento, CA 95814
To hold remaining CITY-deposited funds in trust for the
benefit of DEPARTMENT until such time as this Escrow
Agreement is terminated, or as may otherwise be directed by
DEPARTMENT·
To make no charge to DEPARTMENT for any services or
out-of-pocket expenses incurred in carrying out its duties
and obligations under this Escrow Agreement.
That it holds said CITY-deposited funds as trustee for
DEPARTMENT and that the rights of DEPARTMENT to such funds
are superior to any lien or claim of lien which ESCROW
AGENT claims or may in the future claim, against said
funds.
To pay to DEPARTMENT such progress payments from CITY's
deposits as are supported by documented billings received
from DEPARTMENT. Said payments shall be made on or before
the first business day of each month if DEPARTMENT has
furnished a documented billing on or before t~e 25th
--4--
~CD-802
~. Agmt. No. 4-0951-E
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calendar day of the previous month; otherwise, within five
business days after receipt of a documented billing from
DEPARTMENT.
SECTION IV
THE PARTIES HERETO MUTUALLY AGREE THAT:
1.
CITY may, with DEPARTMENT's concurrence, withdraw excess
deposits from the custody of ESCROW AGENT, which
concurrence shall not be unreasonably withheld; provided
that the requirements of Section I, Article (2) are always
maintained.
This Escrow Agreement shall terminate after notification by
DEPARTMENT of the completion of PROJECT and final
settlement of all contractor's claims, if any, have been
made. ESCROW AGENT shall then return to CITY all deposits
remaining in the escrow account promptly upon receipt of
notice from DEPARTMENT, that said remaining deposits may be
released. DEPARTMENT shall not unreasonably delay the
giving of such notice.
CITY is the beneficial owner of all deposits held by ESCROW
AGENT and CITY is entitled to receive any and all interest
which may accrue thereon.
CITY agrees to pay directly to ESCROW AGENT all fees,
expenses and charges for services rendered in accordance
with Exhibit A, attached hereto and made a part hereof.
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qCD-802
Y ~. Agmt. No. 4-0951-E
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All charges by ESCROW AGENT are to be billed to the CITY.
At no time will charges be applied to CITY's deposits in
this escrow.
®
This Escrow Agreement shall be binding upon and shall inure
{
to the benefit of the successors and assigns of the parties
hereto.
DATED:
STATE OF CALIFORNIA
Department of Transportation
Transportation District 4
BURCH C. BACHTOLD
District Director
By
Deputy District Director
CITY OF DANVILLE
Mayo~
Attest: , _ -,~*-~---~
City Clerk
JESSE M. UNRUH
Treasurer of the State
of California
By
APPROVED AS TO FORM
AND PROCEDURE:
Attorney, Department of
Transportation
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OFFICE OF THE TREASURER
SAC fA~lr NTO
EXHIBIT A
FEE SCHEDULE
of the
STATE TREASURSR
in
ADMINISTERING CONTRACT RETenTION
ESCROW AGeS
r~e
III.
~Ve
TO ~TABLISH THE ESCROW ACCOUNT $
Includes the cost of opening the escrow
account, receiving the securities pledged
and evaluation of securities.
TO CLOSE ESCROW ACCOUNT
Includes costs relating to the release of
securitiem pledged and the closLng of escrow
account.
(Basic total cost for each escrow)
TO PROCESS PAlqdZh~fS OF COntRACT R~-L~,~ION
Includes costs relating to processing each
release of retention amount.
TO PROCESS EACH EXCHANGE OF SECURITIES UNDER ESCROW $
Includes costs relatin~ to receipt of additional
securities, or the exchark~e of securities
pledged under escrow account.
~8.00
$ 36.00
$ 8Z~.00
$ 18.00 each
36.00 each
(Rev. 1/1/82)
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#¢0-S0!
AGREEMENT
04-CC-680 R6.4/R7.2
04226-111901
Dist. Agmt. No. ~-0950-C
Document No. CC-7-
THIS AGREEMENT, ENTERED INTO ON , 1985,
is between the STATE OF CALIFORNIA, acting by and through its
Department of Transportation, referred to herein as STATE, and
. CITY OF DANVILLE,
a body politic and a municipal
corporation of the State of
California, referred to herein
as CITY.
RECITALS
(1) STATE and CITY contemplate modification of the
Sycamore Valley Road interchange with State Highway Route 680,
including but not limited to widening the overcrossing structure,
removal and modification of ramps and modification of traffic
control signal systems; all referred to herein as "PROJECT".
(2) All work is within STATE's existing right of
way.
(3) CITY is willing to bear 50 percent of the
construction cost of PROJECT inclu~ing preliminary engineering,
constructlea engimeering and those costs not borne by utility
owners for utility protection, rolocation or removal, if any.
(4) STATE is willing to furnish the preliminary
engineering (preparation of plans and specifications) and
construction engineering services for PROJECT and bear 50 percent
of the costs thereof.
(5) STATE is also willing to bear 50 percent of the
construction cost of PROJECT.
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T'~ · A~mt. No. 4-0950-C
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(6) STATE is also willing to bear 50 percent of the
costs not borne by utility owners for utility protection,
relocation or removal, if any.
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(?) CITY desires to pay for its share of the
construction cost on a monthly or as needed basis, during
construction in lieu of an advance deposit for the total amount
of its share of said cost and STATE is aEreeable, provided that
CITY deposits, in a mutually acceptable escrow account, mutually
acceptable securities or cash, and further provided that the
terms and requirements of such an arrangement be agreed to in a
separate Escrow Agreement, and further provided that such Escrow
A~eement be executed by all parties thereto prior to STATE's bid
advertisement date of a construction contract for PROJECT.
(8) This agreement sets forth the terms and
conditions under which the PROJECT is to be designed,
constructed, financed and maintained.
SECTION I
STATE AGREES:
(1) To provide plans and specifications and all
necessary construction engineering services for PROJECT and to
bear STATE's share of the expense thereof, as shown on Exhibit A,
attached hereto and made a part of this agreement.
(2) To construct the P}~OJECT by contract in
accordance with the plans and specifications of STATE.
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D Agmt. No. 4-0950-C
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(3) Upon completion of the aforesaid construction
contract, to furnish CITY with a detailed statement of the
construction costs to be borne by CITY and to have refunded to
CITY any ~mount of CITY's deposits remaining after actual costs
to be borne by CITY have been deducted.
(4) To maintain and operate the entire traffic
control signal systems and safety lighting as installed and/or
modified and pay an amount equal to 50 percent of the total
maintenance and operation costs at each intersection.
(5) To maintain, at STATE's sole expense, the ramp
portions of PROJECT and make no claim against CITY for any
portion of such maintenance expense.
(6) To maintain, at STATE's sole expense, the entire
Sycamore Valley Road overcrossing. structure below the concrete
deck surface.
SECTION II
CIT~ AGREES: .
(1)
To deposit with the Escrow Agent within 25 days
of receipt of notice from STATE that the construction contract
for PROJECT has been advertised, funds or securities in the
amount of $1,710,000 in accordance with the terms and conditions
of the Escrow Agreement. Said $1,710,000 is CITY's estimated
share of the expense of preparing plans and specifications,
construction engineering and construction costs required to
complete the PROJECT. In no event shall CITY's total obligation
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D~, Agmt. No. 4-0950-C
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for said costs (excluding costs of utility protection, relocation
or removal, if any) under this agreement exceed the amount of
$2,050,000; provided that CITY may, at its sole discretion in
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writing, authorize a greater amount.
(2) CITY's share of the construction cost (estimated
to be $1,400,000), shall be an amount equal to 50 percent of ~he
actual final construction cost, including cost of STATE-furnished
materials, if any, as determined after completion of work and
upon final accounting of costs.
(3) CITY's share of the expense of preparing plans
andspecifications (estimated to be $1t2,000), shall be an amount
equal to 8 percent of CITY's share of the actual final
construction cost. Said 8 percent includes payment for all
applicable overhead charges.
(4) CYTY's share of the expense of construction
engineerimg (estimated to be $196,000), shall be an amount equal
to 14 percent of CITY's share of the actual final construction
cost. Said 14 percent includes payment for all applicable
overhead charges.
(5) To deposit additional funds or securities upon
request by STATE to finance contract change orders that may be
required to complete the PROJECT. STATE may defer implementation
of changes requiring supplemental deposits until after said
deposits are made, except when necessary for the safety of
motorists or the protection of property.
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D'~-~ Agmt. No. 4-0950-C
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(6) To pay STATE promptly upon completion of all work
and upon receipt of a detailed statement made up final accounting
of costs therefor, any amount required to complete CITY's
financial obligation pursuant to this agreement, if there are
insufficient funds in the Escrow Account. ,
(7) To reimburse STATE for CITY's proportionate share
of the cost of maintenance and operation of said traffic control
signal systems and safety lighting, such share to be an amount
equal to 50 percent of the total maintenance and operation costs
at each intersection.
(8) To maintain all portions of Sycamore Valley Road
and make no claim against STATE for any portion of such
maintenance expense.
(9) To maintain those portions of the overcrossing
structure above the concrete deck at CITY's expense, including
the concretedeck and surfacing and bridge screening, if any; and
to perform such work as may be necessary to insure an impervious
and/or otherwise suitable surface; and to maintain all lighting
installations, and other facilities that are required for the
beeefit or control of CITY's street traffic.
SECTION III
IT IS MUTUALLY AGREED AS FOLLOWS:
(1) All obligations of STATE under the terms of this
agreement are subject to the appropriation of resources by the
Legislature and the allocation of resources by the California
--5--
. Agmt. No. 4-0950-C
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Transportation Commission:
(2) STATE will not advertise the construction
contract for PROJECT until after the Escrow Agreement is executed
by all parties thereto.
(3) STATE shall not award a contract to construct
PROJECT until after receipt of notice from Escrow Agent that
CITY's deposit in escrow required in Section II, Article (1), has
been completed.
(~) Should any portion of the PROJECT be financed
with Federal funds or State gas tax funds all applicable
procedures and policies relating to the use of such funds shall
apply notwithstanding other provisions of this agreement.
(5) If upon opening of bids, it is found that the
funds or securities deposited in escrow by CITY is in excess of
CITY's share of the cost of the work on the basis of bid prices
plus contingency items, STATE will concur in any CITY request for
withdrawal from escrow in the amount of such excess. If however,
CITY's share of the cost of the work exceeds the amount deposited
by CITY, CITY will promptly within 25 days Of receipt of billing
therefor, deposit additional funds or securities in the amount of
such excess, subject to the limitation set in Section II, Article
(1). In like manner, CITY also agrees to supplement aforesaid
advance deposit to reflect any other additional quantities,
items, or other cost necessary for the completion of PROJECT but
unforeseen at the time of execution of this agreement, subject to
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m-~, · Agmt. No. 4-0950-C
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the limitation set in Section II, Article (1). If the excess in
either case is less than $10,000, a withdrawal or demand for
additional deposit may be waived until final accounting.
(6) After opening of bids for PROJECT and if bids
indicate a cost overrun of no more than 20~percent of the
estimate will occur, STATE may award the contract.
(7) If, upon opening of bids, it is found that a cost
overrun exceeding 20 percent of the estimate will occur, STATE
and CITY shall endeavor to agree upon an alternative course of
action. If, after 30 days, an alternative course of action is
not agreed upon, this agreement shall be deemed tO be terminated
by mutual consent pursuant to Article (9) of this Section III.
(8) Prior to the award of the construction contract
for PROJECT, CITY may terminate this agreement in writing,
provided that CITY pays STATE for all PROJECT related costs
incurred by STATE.
(9) If terminationof this agreement is by mutual
consent, STATE will bear 50 percent and CITY will bear 50 percent
of all PROJECT related costs incurred by STATE prior to
termination.
(10) Upon completion of all work under this agreement,
ownership and title to all materials, equipment and appurtenance~
installed will automatically be vested in the STATE and no
further agreement will be necessary to transfer ownership to the
STATE. -
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! . Agmt. No. 4-0950-C
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(11) If existing public and private utilities conflict
with the construction of the PROJECT, STATE will make all
necessary arrangements with the owners of such utilities for
their protection, relocation or removal. STATE will inspect the
protection, relocation or removal of such ~tilities. If there
are costs of such protection, relocation or removal which STATE
must legally pay, STATE and CITY will share in the cost of said
protection, relocation or removal in the amount of 50 percent
STATE and 50 percent CITY. CITY shall deposit with STATE, within
25 days of receipt of billing from STATE, the estimated CITY's
share of construction costs of said utility-related work.
(12) The cost of any engineering or maintenance
referred to herein shall include all direct and indirect costs
(functional and administrative overhead assessment) attributable
to such work, applied in accordance with STATE's standard
accounting procedures.
(13) In the construction of said work, STATE will
furnish a representative to perform the usual functions of a
Resident Engineer; CITY may, at no cost to STATE, furnish a
r~presentative, if it so desires, and the said representative and
Resident Engineer will cooperate and consult with each other, but
the decisions of STATE's engineer shall prevail.
(14) Neither STATE nor any officer or employee thereof
shall be responsible for any damage or liability occurring by
reason of anything done or omitted to be done by CITY under or in
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. Agmt. No. 4-0950-C
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connection with any work,'authority or jurisdiction delegated to
CITY under this agreement. It is also agreed that, pursuant to
Government Code Section 895.4, CITY shall fully indemnify and
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hold STATE harmless from any liability imposed for injury (as
defined by Government Code Section 810.8) Occurring by reason of
anything done or omitted to be done by CITY under or in
connection with any work, authority or jurisdiction delegated to
CITY under this agreement.
(15) Neither CITY nor any officer or employee thereof,
shall be responsible for any damage or liability occurring by
reason of anything done or omitted to be done by STATE under or
in connection with any work, authority or jurisdiction not
delegated to CITY under this agreement. It is also agreed that,
pursuant to Government Code Section 895.4, STATE shall fully
indemnify and hold CITY harmless from any liability imposed for
injury (as defined by Oovernment Code Section 810.8) occurring by
reason of anything done or omitted to be done by STATE under or
in connection with any work, authority or jurisdiction not
delegated to CITY under this agreement.
(16) The execution of this agreement by CITY grants to
STATE the right to enter upon CITY-owned lands to construct the
PROJECT referred to herein. STATE hereby grants to CITY the
right to enter upon STATE's right of way to perform maintenance
work delegated to CITY pursuant to this agreement.-=
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D~'~ . Agmt. No. 4-0950-C
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(17) The terms bf this agreement concerning the
construction of PROJECT shall terminate upon completion and
acceptance of PROJECT by STATE and upon final accounting of
costs, or on December 31, 1987, if a contract to construct
PROJECT has not been awarded by then. The terms of this
agreement concerning ownership and maintenance and any other
terms not referable to the construction or PROJECT, shall
remain in effect until terminated or revised in writing by mutual
agreement if the PROJECT has been constructed.
STATE OF CALIFORNIA
Department of Transportation
Transportation District 4
BURGH C. BACHTOLD
District Director
CITY OF DANVILLE
By
Deputy District Director
Mayor
City Clerk
APPROVED AS TO FORN
AND PROCEDURE:
Attorney, Department of
Transportation
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#¢0-602
04-C¢-680 R6.4/R7.2
04226-111901~-.
Dist. Agmt. No. 4-0950-C
EXHIBIT A
ESTIMATES OF COST BREAKDOWN
Description
Construction Cost
Preliminary
Engineering (8%)
&
Construction
Engineering (14%)
Total S'TATE's CITY's
Cost _ Share ~ Share
$2,800,000
$1,400,000
$1,400,000
· 112,000
1'96,000
Total $1,708,000
Use $1,710,000
*STATE's share is accounted for in a statewide account and is not
shown separately on each project's cost breakdown.
Offer from Stone & Youngberg
to purchase bonds
(to come)
MATURITY SCHEDULE
(to come)
EXHIBIT A
REGISTERED
Number
United States of Amerioa
State of California
County of Contra Costa
REGISTERED
$
IMPROVEMENT BOND
CITY OF DANVILLE
ASSESSMENT DISTRICT NO. 198§-1, SYCAMORE VALLEY
SERIES NO. 198§-1
INTEREST RATE
MATURITY DATE
BOND DATE CUSIP NUMBER
Deoember 23, 198S
Under and by virtue of the improvement Bond Aot of 1915,
Division 10, of the Streets and Highways Code, (the "Aot"), the City
of Danville, County of Contra Costa, State of California, (the
"City"), will, out of the redemption fund for the payment of the
bonds issued upon the unpaid portion of assessments made for the
aoguisition, work and improvements more fully desoribed in
prooeedin~s taken pursuant to Resolution of Intention No. 62-89,
adopted by the City Counoil of the City of Danville on the 8th day
of August, 1988, as later amended, pay to
t
or registered assigns, on the maturity date stated above, the
prinoipal sum of , in lawful money of the
United States of Amerioa and in like manner will pay interest from
the interest payment date next preoedin~ the date on whioh this Bond
is authentioated, unless this Bond is authentioated and registered
as of an interest payment date, in whioh event it shall bear
interest from suoh interest payment date, or unless this Bond is
EXHIBIT B
authenticated and registered prior to March 2, 1986, in which event
it shall hear interest from its date, until payment of such
principal sum shall have been discharged, at the rate per annum
stated above, payable semiannually on March 2 and September 2 in
each year commencing on March 2, 1986. Both the principal hereof
and redemption premium hereon are payable at the principal corporate
trust office of Bank of America National Trust and Savings
Association-Corporate Agency Division, or its successor, as Transfer
Agent, Registrar and Paying Agent, in San Francisco, California, and
the interest hereon is payable hy check or draft mailed to the owner
hereof at the owner's address as it appears on the registration
books of the Bank, or at such address as may have been filed with
the Bank for that purpose, as of the fifteenth day immediately
preceding each interest payment date.
REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND
SET FORTH IN THE REVERSE SIDE HEREOF ~-HICH SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH HEREIN.
This bond will continue to hear interest after maturity at
the rate above stated, provided, it is presented at maturity and
payment thereof is refused upon the sole ground that there are not
sufficient moneys in said redemption fund with which to pay same.
If it is not presented at maturity, interest thereon will run until
maturity.
This Bond shall not Be entitled to any Benefit under the
Act or the Resolution Authorizing Issuance of Bonds (the "Resolution
of Issuance"), or Become valid or obligatory for any purpose, until
the certificate of authentication and registration hereon endorsed
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t~
shall have been dated and si~ned by the Bank.
/
IN WITNESS WHEREOF, said City of Danville has caused this
bond to be si~ned in facsimile by the Treasurer of said City and by
its Clerk, and has caused its corporate seal to be reproduced in
facsimile hereon all as of the 23rd day of December, 1985.
CITY OF DANVILLE
Clerk Treasurer
(SEAL)
Certificate of Authentication and Registration
This is one of the Bonds described in the within
mentioned Resolution of Issuance, which has been
authenticated and registered on
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
as payin~ a~ent, transfer a~ent and registrar
By
Authorized Officer
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(REVERSE OF BOND)
CITY OF DANVILLE
ASSESSMENT DISTRICT NO. 1988-1, SYCAMORE VALLEY
ADDITIONAL PROVISIONS OF THE BOND
This bond is one of several annual series of bonds of
like date, tenor and effect, but differing in amounts, maturities
and interest rates, issued by the City of Danville under the Act
and the Resolution of Issuance, for the purpose of providing means
for paying for the improvements described in said proceedings, and
is secured by the moneys in said redemption fund and by the unpaid
portion of said assessments made for the payment of said
improvements, and, including principal and interest, is payable
exclusively out of said fund.
This Bond is transferable by the registered owner
hereof, in person or by the owner's attorney duly authorized in
writing, at said office of the Bank, subject to the terms and
conditions provided in the Resolution of Issuance, including the
payment of certain charges, if any, upon surrender and
cancellation of this Bond. Upon such transfer, a new registered
Bond or Bonds, of any authorized denomination or denominations, of
the same maturity, for the same aggregate principal amount, will
be issued to the transferee in exchange therefor.
Bonds shall be registered only in the name of an
individual (including joint owners), a corporation, a partnership
or a trust.
Neither the City nor the Bank shall be required to make
such exchange or registration of transfer of bonds during the
fifteen (l§) days immediately preoedin~ any interest payment date.
The City and the Bank may treat the owner hereof as the
absolute owner for all purposes, and the City and the Bank shall
not be affeoted by any notJoe to the oontrary.
This bond or any portion of it in the amount of $~,000
or any integral multiple thereof, may be redeemed and paid in
advanoe of maturity upon the seoond day of Naroh or September in
any year by givin~ at least 80 days' notioe by registered mail to
the registered owner hereof at suoh owner's address as it appears
on the registration books of the Bank and by payin~ prinoipal and
aoorued interest to~ether with a premium egual to three peroentum
of the prinoipal.
I hereby oertify that the followin~ is a oorreot oopy of
the si~ned legal opinion of STURGIS, NESS, BRUNSELL ~ SPERRY a
professional oorporation, Emeryville, California, on file in my
offJoe.
City Clerk
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