1949-45
and the moneys in the bond principal fund or the bond in-
terest fund, as-the case may be, are insufficient for trne
payment thereof, sufficient money shall be transferred
from sa3d Reserve Fund to said bond principal fund or bond
interest fund, as the case may be, to pay said principal
or interest and f.rom the water revenues of the District
during the next fiscal year said Reserve Fund shall be re-
ple nished and restored to the sum of $20, 000. Said Reserve
Fund in the sum of $20,000 shall be so maintained until the
amounts of principal a nd interest of said Third Issue of
bonds remaining to be paid do not exceed the sum of $20,000
and said Reserve Fund shall be used for the payment of such
Iast maturing priricipal and interest. Any moneys remain-
ing in said Reserve Fund after the payment of all principal
and interest of said Third Issue of bonds shall be trans-
ferred to the general Fund and thereafter be available for
any district purposes.
It is hereby ordered that the aum of $5,000 annUally
during each of the first four full fiscal years after the
issuance of said Third Issue of bonds be set aside from the
water reverues of the District-and placed in said Reserve
Fund an d the said amount of $5, 000 annually of said reven-
ues is hereby irrevocably allocated to said Reserve Fund -
which is to be used for the payment of principal and in-
terest of the bonds of said Third Issue as in this section
provided.
Section 13.
The California Districts Securities Commission is
hereby,requested to approve the creation of said Reserve
F'und an d the irrevocable allocation of the revenues there-
for, to approve the provisions of this resolution providing
for the call and redemption of certain bonds prior to ma-
turity, and to approve any and all other provisions of this
resolution requiring the anproval of such Commission.
section 14.
Tt is hereby declared and deter mined that the Board
of Directors of this District deems it desirable that the
bonds-contemplated to be issued hereunder should be cer-
tifiecl pursuant 'to Chapter l, Division 10, of the Water
Code and made available for the purposes provided'in
Article 4, Chapter l, Division 10, of saici Water Code,
and the Secretary of this District is hereby authorized
and directed to file a certified copy of this resoluti.on
with the California Districts Securities Commission.
RESOLUTION R49-45
RESOLUTION OF THE BOARD OF DIRECTORS OF SAN D:IEGUITO
IRRIGATTON DISTRICT DECLARIfJG INTENTION TO SELL BONDS,
FIXING TIME AND PLACE OF SALE, AND DIRECTING NOTICE
TO BE GI VEN
WHFREAS, this Board of Directors has heretofore
adopted a resolution fixing the date of the "Third Issuert
of bonds of this District, prescribing the form thereof,
and fixing the time of maturities therefor; and
WHEREAS, it is necessary and most advantageous to
raise money for the purposes for which said bonds were au-
thorized, that all of said bonds be sold as quickly as can
be dorie in accordance with the provisions of the Irrigation
District Law of the State of California;
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NOW, THTREFORF, the Board of D irectors of San
Dieguito Irrigation District DOES HERE3Y '?ESOLVE, DET~. -
MINE AND ORDER as follows;•
Section 1.
That it is the intention of this Board to sell all
of the "Third Issue" of bonds of this District in the
total principal am ount of four hundred thousancl dollars
($400,000.00); that 10;00 otclock, A.M., Wednesday,
December 28, 1949; at the office of this Board in the
City of Encinitas, California, is hereby fixed as the
day, hour and place of sale; that each proposal shall
be accompanied by a certified check in the amount of
twelve thousand. dollars p12,000.00).
Section 2.
That the notice inviting bids hereinafter set out
in this section is hereby aprr oved and the Secretary of
this Board is hereby directed to publish said notice once
a week for three (3) successive weeks in the ENCINITAS
COAST DISPATCH, a weekly newspaper published in the of-
°ice courity of said District. Said notice shall be
substantially as follows:
NOTTCE TNVITTNC BIDS ON $400, 000
B'?NDS OF SAN DI33?JITO IR'PIGATION
DISTRICT, SAN DTEGO COUNTY,
CALIFORNIA
NOTICE IS HERrBY GIVEIV that eealed proposals for the
purchase of $400,000 par value general obligation bonds
of San Dieguito Irrigation District of San Diego County,
California, will be received at the office of the secretary
of the Board of Directors at 669 Second Street, Encinitas,
California up to the hour of 10:00 o+clock, A.M., Decem-
ber 28, 1949.
The bonds to be sold were voted for the acquisition
and construction of works and property for the irrigation
of the lands within said District, are 400 in number, num-
bered 1 to 400, inclusive, of the denomination of $1,000
each, to be dated January l, 1950, and t;o be payable in
consecutive rnzmerical order $5,000 annuall on January
lst from Jttriuary l, 1951 to January 1, 1954, both inclu-
sive; $10_,000 annually on Januitry lst from January l, 1955
to January l,* 1961, bo th inclus ive; $15, 000 annually on
Janzary lst from January l, 1962 to January l, 1975, both
inclusive; and $20,000 annually on January lst from Jan-
uary 1, 1976 to January l, 1980, both inclusive. Said
bonds are to bear interest at a rate to be deterrrn ned upon
the sale thereof but not to exceed fi,ve per cent (5%) per
annum, payable semi-arznually on January lst and July lst.
The bonds are payable in lawful money of the United States
of America at the office of the Treasurer of San Dieguito
Irrigati_on 'District at Enci_nitas, Californi_a, or at the Maj.n
Office of Bark of America National Trust and Savings Asso-
ciation in the Cit,y of Los Angeles, Cal ifornia, at the
option of the holder. '
The bonds maturing on or prior to January 1, 1960,
will not be subject to redemption. The bonds maturing on
or after Janudry l, 1961, or ary part thereof, may be re-
deemed at the optton of the Board of Directors of the Dis-
trict on January l, 1960, or on any interest payment date
thereafter prior to maturity, at a red.emption price of par
value principal, plus 1/4th of 1% of such principal amount
for each whola twelve months+ period and for any remaining
fraction of a twelve months, period from the date fixed
for redemption to the maturity date of such bond, but not
exceeding one hundred three per cent (103f) of such prin-
cipal amount. Bonds shall be called for redemption in
inverse numerical order; beginning with the highest num-
bered bond.
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The bonds aro issued under the Irrigation District Law
of the State of California. Each bid shall state that the bidder offers par a nd
accrued interest to date of delivery, the premium, if any,
and the interest rate, not to exceed five per cent (5%)
per arxlum, payable semi-annually, at which the bidder of-
fers to bu y said bonds. Said rate must be in multiples
of 1/4th of l% (1/4%). Not more than two interest rates
may be bid. No bid for a part of said bonds will be con-
sidered. The bonds shall be sold for cash only and for
not less than par and accrued interest to date of delivery.
A certified check in the amount of three Per cent
(3/) of tF-e-p-r-Tncipal amount of the bonds, payable to the
order of San Dieguito Irrigation District, rrust accompany
each proposal as a guaranty that the bidder, if successful,
will accept and pay for said bonds in accordance with the
ter ms of his bid: The proceeds of the check accompanying
any accepted proposal sha11 be applied on the purchase
price or shall be forfeited if after the accQptance cf his
proposal the bidder refuses to complete his purchase on
the terms stated in his proposal. The check accompanying
each unaccepted proposal will be returned promptly.
The opinion of O'Melveny & Myers, attorreys, approv-
ing the validity of said bonds, will be furnished the
successful bidder at the expense of the District.
Payment for and delivery of said bonds shall be made
in the office of the Treasurer of San Dieguito Irrigation
District in the City of Encinitas, California.
The Board of Directors reserves the right to reject
a r~y or al l bids or to waive a rV irregularity or inf. ormal-
ity in any bid.
The bids will be opened at the meeting of the Board
of Directors to be held Wednesdag, December 28, 1949, at
10;00 otclock, A.,M. at the office of said Board in the
City of Enc ini tas, California.
Given b,y Order of the Board of Directors of San
Dieguito Irrigation District adopted November 28, 1949.
(Frank S. Jacobson)
Secretary of the oard o D rectors
of 5an Dieguito Irrigation District
RESOLUTION R49-46
RESOLUTION OF 'CHE BOARD OF DIRECTORS OF SAN DIEGUITO
IRRIGATION DISTRICT AMENDTNG SECTTON 12 OF RESOLUTION
N0. R49-"
WHEREAS, on the 28th day of November, 1949, this
Board adopted a resolution providing for the issuance of
bonds of this District in the sum of 41{.00, 000, being
Resolution No. R49-44; and
WHEREAS, in order to comply with the provisions of
the Banking Code, Section 12 of said resolution should be
amended if said bonds are to be made legal investments for
savings banl~s;
NOW, THERFFORE, the Board of Directors of San Dieguito
Irrigation District D0-PS HFR.F'BY RESOLVE, DETERMINE AND
ORDER as follows:
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