Resolution - 9113RESOLUTION NO. 94-9113
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA PROVIDING FOR THE BORROWING OF
FUNDS FOR FISCAL YEAR 1994/1995 AND THE
ISSUANCE AND SALE OF 1994 TAX AND REVENUE
ANTICIPATION NOTES THEREFOR
• RESOLVED, by the City Council of the City of West Covina (the
"City"), as follows:
WHEREAS, pursuant to Article 7.6 (commencing with section
53850) of Chapter 4 of Part 1 of Division 2 of Title 5 of the
California Government Code (the "Law"), this City Council (the
"Council") has found and determined that moneys are needed for the
requirements of the City, a municipal corporation duly organized
and existing under the laws of the State of California, to satisfy
obligations payable from the General Fund of the City (the "General
Fund"), and that it is necessary that said sum be borrowed for such
purpose at this time by the issuance of temporary notes therefor in
anticipation of the receipt of taxes, revenue and other moneys to
be received by the City for the General Fund during or allocable to
the fiscal year of the City beginning July 1, 1994, and ending June
30, 1995 ("Fiscal Year 1994/199511);
NOW, THEREFORE, it is hereby DETERMINED and ORDERED as
follows:
Section 1. Limitation on Maximum Amount. The principal
amount of notes issued pursuant hereto, when added to the interest
payable thereon, shall not exceed eighty-five (85%) of the esti-
mated amount of the uncollected taxes, revenue and other moneys of
the City for the General Fund attributable to Fiscal Year
1994/1995, and available for the payment of said notes and the
interest thereon (as hereinafter provided).
Section 2. Authorization and Terms of Notes. Solely for the
purpose of anticipating taxes, revenue and other moneys to be
received by the City for the General Fund during or allocable to
Fiscal Year 1994/1995, and not pursuant to any common plan of
financing, the City hereby determines to and shall borrow the
principal amount of not -to -exceed Six Million Five Hundred Thousand
Dollars ($6,500,000) by the issuance of temporary notes under the
Law, designated "City of West Covina (Los Angeles County,
California) 1994 Tax and Revenue Anticipation Notes" (the "Notes").
The Notes shall be dated the date of their delivery, shall mature
(without option of prior redemption) on August 31, 1995, and shall
bear interest, payable at maturity and computed on a 30-day
month/360-day year basis, at the rate determined in accordance with
the bid of the successful bidder or bidders for the Notes approved
by the City Controller or his designee, pursuant to authority
delegated by the Council. Both the principal of and interest on
the Notes shall be payable in lawful money of the United States of
America, as described below.
Section 3. Form of Notes; Book Entry Only System. 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
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default or any violation of the City's contract with such owners
and shall not impair the effectiveness of any such notice.
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
written certificate to DTC to that effect, DTC shall notify the
Participants 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 des-
cribed 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 as in the representation letter delivered on 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 of $1,000,000
in the month of December, 1994, (b) in the amount of $1,000,000 in
the month of March, 1995, and (c) in the amount of $4,500,000, plus
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an amount sufficient to pay interest as due on the Notes at their
maturity, in the month of June, 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 for Fiscal Year 1994/1995 and which are generally available
for the payment of current expenses and other obligations of the
City.
Section 6. Repayment Account. There is hereby created,
within the General Fund, a special account to be designated the
111994 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 December, 1994, March, 1995, and June,
1995, the City shall deposit all Pledged Revenues in the Repayment
Account. On August 31, 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. Deposit and Investment of Repayment 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 Controller or the designee of the
City Controller 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,
• or the City Controller are hereby authorized to execute the Notes
by manual or facsimile signature, and the City Clerk of the City is
hereby authorized to 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.
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Section 9. Transfer of Notes. Any Note may, in accordance
with its terms, but only if the City determines to no longer main-
tain the book entry only status of the Notes, DTC determines to
discontinue providing such services and no successor securities
depository is named or DTC requests the City to deliver Note certi-
ficates 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. Exchange 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, 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 and of the same maturity.
Section 11. Note Register. 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 herein before
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. Temporary Notes. The Notes may be initially
issued in temporary form exchangeable for definitive Notes when
ready for delivery. The temporary Notes may be printed, litho-
graphed 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 condi-
tions 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
exchange for such temporary Notes an equal aggregate principal
amount of definitive Notes of authorized denominations. Until so
exchanged, the temporary Notes shall be entitled 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
maturity and 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 maturity and
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 City 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 obliga-
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tion 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
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 (5%) percent 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 (exclud-
ing 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 guaran-
teed" within the meaning of section 149(b) of the Internal Revenue
Code of 1986 (the "Code") and the regulations promulgated there-
under.
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(d) No Arbitrage. 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.
(e) Rebate of Excess Investment Earnings to United States;
Safe Harbor Exception. 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. The City shall not
be obligated to rebate excess investment earnings to the federal
government if the City complies with the provisions of section
148 (f) (4) (B) (iii) of the Code (safe harbor 90% test exception) and
applicable regulations.
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 City Controller or any
other qualified officer of the City. The City Council authorizes
and directs the City Controller or his 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 City
Controller 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 City Controller or his 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 make any statement made therein not
misleading in the light of the circumstances under which it was
made. The City Controller or his 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 are approved for distribution in the offering and sale of
the Notes.
The city's financial advisors, Seidler -Fitzgerald Public
Finance, 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.
• 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 City Controller or
his 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 City Controller or his designee is
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•
hereby authorized and directed to accept such bid for and in the
name of the City by notice to the successful bidder.
Section 17. Preparation of Notes; Official Action. Rutan &
Tucker, 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 City Controller 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 contem-
plated by this Resolution.
PASSED AND ADOPTED by the City Council of the City of
West Covina at a regular meeting held on the 5th day of July, 1994.
By:
O O ?HE CITY OF WEST COVINA
Attest:
CITT CLERK OF THEgTTY OF
WEST COVINA �/
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss
CITY OF WEST COVINA )
I, JANET BERRY, City Clerk of the City of West Covina, do
hereby certify that the foregoing resolution was duly adopted at a
regular meeting of the City Council of the City of West Covina held
on the 5th day of July, 1994, by the following vote:
AYES: COUNCIL MEMBERS
NOES: COUNCIL MEMBERS
ABSENT: COUNCIL MEMBERS
Touhey, Wong, Herfert, McFadden
None
Manners
V
CITY CLERK OF THE CI OF WEST COVINA
06mi94 -7-
EXHIBIT A
[Form of Note]
No. 1
CITY OF WEST COVINA
(LOS ANGELES COUNTY, CALIFORNIA)
• 1994 TAX AND REVENUE ANTICIPATION NOTE
INTEREST RATE: MATURITY DATE: ISSUE DATE: COSIP:
August 31, 1995 August 1, 1994
REGISTERED OWNER: CEDE & CO.
PRINCIPAL SUM: SIX MILLION FIVE HUNDRED THOUSAND DOLLARS
The CITY OF WEST COVINA, 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 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 Six Million Five Hundred Thousand Dollars ($6,500,000),
all of like tenor, issued pursuant to the provisions of Resolution
No. 94- _ of the City Council of the City duly passed and adopted
on July 5, 1994, and pursuant to Article 7.6 (commencing with
section 53850) of 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, revenue 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 princi-
pal 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 $1,000,000 in the month of December,
1994, (b) in the amount of $1,000,000 in the month of March, 1995,
and (c) in the amount of $4,500,000, plus an amount sufficient to
pay interest as due on the Notes at their maturity, in the month of
June, 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"
Exhibit A
FS2\146\014125-0043\2099666.2 06/27/94 Page 1
shall means 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 cou-
pons, 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.
0
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 and of the same maturity will
be issued to the transferee in exchange herefor.
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.
Unless this certificate is presented by an authorized repre-
sentative of The Depository Trust Company to the issuer or its
agent for registration of transfer, exchange or payment, and any
certificate 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.
IN WITNESS WHEREOF, the City of West Covina has caused this
Note to be executed by the City Controller 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 WEST COVINA
By:
City Controller
[S E A L]
Countersigned:
By:
City Clerk
Exhibit A
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•
•
ABBREVIATIONS
The following abbreviations, when used in the inscription on
the face of this Note, shall be construed as though they were
written out in full according to applicable laws or regulations.
TEN COM -- as tenants in common UNIF GIFT MIN ACT Custodian
TEN ENT -- as tenants by the (Cult) (Minor)
entireties under Uniform Gifts to Minors
Act
JT TEN -- as joint tenants with (State)
right of survivorship
and not as tenants in
common
ADDITIONAL ABBREVIATIONS MAY ALSO BE USED
THOUGH NOT IN THE LIST ABOVE
(FORM OF ASSIGNMENT)
For value received the undersigned hereby sells, assigns and
transfers unto
(Name, Address and Tax Identification or Social Security Number of Assignee)
the within -registered Note and hereby irrevocably constitutes) and
appoint(s)
attorney,
to transfer the same on the Note register of the City with full
power of substitution in the premises.
Dated:
Signature Guaranteed:
NOTICE: Signature(s) must be
guaranteed by a member firm of
of the New York Stock Exchange
or a commercial bank of trust
company
NOTICE: The signature(s) on this
assignment must correspond with the
name(B) as written on the face of
the within Note in every particular
without alteration or enlargement or
any change whatsoever.
FS2\146\014125-0033\2099666.2 06/27/94
Exhibit A
Page 3