Cancelled County of Los Angeles CI 2651-M, 1915 Act Limited Obligation Improvement Bond (Abalone Cove) .
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No. 1 $10, 000, 000
COUNTY OF LOS ANGELES
CI 2651-M, 19VOT LIMITED OBLIGATION IMPROVEMENT BOND
\eV _ (Aba l one Cove)
INTEREST DATE OF
RATE REGISTRATION
7.7654% July 26, 1991
GA 110"'..V. IV
REGISTERED OWNER: COUNTY OF LOS ANGELES C/ V4CI
Under and by virtue of the Improvement Bond Act of 1915,
constituting Division 10 (commencing with Section 8500) of the
California Streets and Highways Code (the "Act") , the County of
Los Angeles, State of California (the "County") will, out of the
redemption fund for the payment of bonds issued upon the unpaid
portion of assessments made for the acquisition, work, and
improvements more fully described in the proceedings taken
pursuant to County Improvement . 2651-M (Abalone Cove) for the
Acquisition of Necessary R' Way and the Acquisition and
Construction of Landsli. v a ent Improvements Resolution of
Intention, adopted • - - •ard of Supervisors of the County on
September 18, 19400 , o the registered owner hereof, or
registered assigAQ the principal sum of Ten Million Dollars
($10, 000, 000) , in lawful money of the United States of America
and in like manner will pay interest at the rate per annum stated
above, from the interest payment date next preceding the date on
which this bond is registered, unless this bond is registered as
of an interest payment date or between a Record Date (as herein
defined) and the corresponding interest payment date, in which
event interest shall be paid from such interest payment date, or
unless this bond is authenticated and registered prior to
February 17, 1992, in which event interest will be paid from
July 26, 1991, until payment of such principal sum shall have
been discharged. To the extent that insufficient funds are
available in the redemption fund of the County to pay an
scheduled amount of principal or interest on this bo fVdue,
payment of such amount shall be deferred until f .,o- a so
available. Interest shall continue to accru • •l ate stated
above on any installment of principal whi deferred, but
interest shall not accrue on any installmfti of interest which is
so deferred. Failure by the County to pay any amount of
principal or interest which has been so deferred will not
constitute a breach of or default under this bond or the
Page 1 of 4 Pages
411 411
proceedings of the Board of Supervisors of the County pursuant to
which this bond is issued.
The principal of this bond is payable in thirty (30) annual
installments on September 2 of each year from 1992 to 2021 (both
inclusive) , and interest on this bond is payable on each March 2
and September 2 commencing March 2, 1992, all in accordance with
the Payment Schedule attached hereto. ach installment of
principal and interest hereonte final installment of
principal) is payable by c = nt of the County mailed to
the owner hereof as o � th day immediately preceding
each interest payment . - each a "Record Date") , at the address
appearing on the regis ration records maintained by the Treasurer
and Tax Collector of the County (the "Treasurer") or at such
address as such owner shall have filed with the Treasurer for
such purpose. The final installment of principal of this bond is
payable upon the presentation and surrender hereof at the office
of the Treasurer in Los Angeles, California.
The bond is issued by the County under the Act for the
purpose of providing funds for the acquisition and construction
of landslide abatement improvements referred to above, and is
secured by moneys on deposit from time to time in said redemption
fund and by the unpaid portion of said assessments levied for the
payment of said improvements and, including principal and
interest, is payable exclusively out of said fund.
Pursuant to the proceedings of the County taken in
connection with said assessments and the Reimbursement and
Settlement Agreement dated October 13, 1987 by and among the City
of Rancho Palos. Verdes, the Rancho Palos Verdes Redevelopment
Agency and the County, payment of such assessments will be
deferred for a period ending not earlier than ten (10) years
after the date of confirmation thereof and such deferral may,
under certain circumstances, be extended for an additional period
of fiveyears. In addition, payment of assessments levied upon
properties owned by certain senior cit' zerepd accrued interest
thereon may be deferred for an • - - ' 4%tb. eriod. Deferral of
the payment of assessments - .'` - above mayaffect
the
amount on deposit in the r- , - p ion fund and, accordingly, the
County's ability to make timely payment of principal and interest
on this bond. Amounts available in the redemption fund to pay
deferrals shall be applied first to due and unpaid interest
(including interest on deferred principal) and second to deferred
principal in the order in which such installments of principal
became due. As provided in said proceedings, the County may
accept funds from other sources for deposit to the redemption
fund; however, the County is not assured of receiving any such
funds from any source. The County has determined not to obligate
itself to advance available funds from the County Treasury to
cure any deficiency which may occur in the redemption fund.
Page 2 of 4 Pages
111 III
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The County may treat the registered owner of this bond as
the absolute owner hereof for all purposes and shall not be
affected by any notice to the contrary. If all installments of
principal and interest theretofore coming due have been paid and
no amounts remain deferred, this bond or any portion of it may be
redeemed prior to maturity on any March 2 or September 2 at a
price equal to the principal amount so redeemed, without premium.
In .the event this bond is redeemed in • the Payment Schedule
attached
hereto shall be revised t •.- 1Feach future
installment of principal prop.. Registration of this
bond may be transferred u• . , tVA.ty.
- oks of the Treasurer
maintained for such purp ►s. •on presentation and surrender of
this bond at the office o the Treasurer in Los Angeles,
California, together with an instrument of transfer acceptable in
form and substance to the Treasurer executed by the registered
owner hereof or by his attorney duly authorized in writing, and
upon payment of the fees and charges, if any, imposed by the
Treasurer. This bond is subject to refunding prior to maturity
pursuant to the procedures set forth in Division 11.5 (commencing
with Section 9005) of the California Streets and Highways Code.
It is herebycertified, recited and declared that all acts,
conditions and things required by law to exist, happen and be
performed precedent to and in the issuance of this bond exist,
have happened and have been performed in due time, form and
manner as required by law, and that the amount of this bond,
together with all other indebtedness of the County, does not
exceed any debt limit prescribed by the Constitution or laws of
the State of California.
IIT WITNESS WHEREOF, the Board of Supervisors of the County
of Los Angeles, as the legislative body ofnty, has caused
this bond to be executed by the manual =s• ia u f the Treasurer
and Tax Collector of the County - . .sed a facsimile of
the corporate seal of the Count •- reproduced or imprinted
hereon and attested by the facsimile signature of the Executive
Officer-Clerk of the Board of Supervisors of the County, all as
of the 2611 N July, 1991.
#:;lit/yo'sg, • T 1
. •g.. :,L,7 :,• '" COUNTY OF LOS ANGELES
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Page 3 of 4 Pages
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111/1 111/1
CI 2651-M - ABALONE COVE PAYMENT SCHEDULE
PERIOD
PAYMENT # OF BEGINNING PRINCIPAL INTEREST TOTAL OF ENDING
DATES DAYS BALANCE PAYMENTS PAYMENTS PAYMENTS BALANCE
07/26/91 10,000,000.00 0.00 0.00 0.00 10,000,000.00
03/02/92 216 10,000,000.00 0.00 465,924.00 465,924.00 10,000,000.00
09/02/92 180 10,000,000.00 30,000.00 388,270.00 418,270.00 9,970,000.00
03/02/93 180 9,970,000.00 0.00 387,105.19 387,105.19 9,970,000.00
09/02/93 180 9,970,000.00 100,000.00 387,105.19 487,105.19 9,870,000.00
03/02/94 180 9,870,000.00 0.00 383,222.49 383,222.49 9,870,000.00
09/02/94 180 9,870,000.00 110,000.00 383,222.49 493,222.49 9,760,000.00
03/02/95 180 9,760,000.00 0.00 378,951.52 378,951.52 9,760,000.00
09/02/95 180 9,760,000.00 115,000.00 378,951.52 493,951.52 9,645,000.00
03/02/96 180 9,645,000.00 0.00 374,486.42 374,486.42 9,645,000.00
09/02/96 180 9,645,000.00 125,000.00 374,486.42 499,486.42 9,520,000.00
03/02/97 180 9,520,000.00 0.00 369,633.04 369,633.04 9,520,000.00
09/02/97 180 9,520,000.00 135,000.00 369,633.04 504,633.04 9,385,000.00
03/02/98 180 9,385,000.00 0.00 364,391.40 364,391.40 9,385,000.00
09/02/98 180 9,385,000.00 145,000.00 364,391.40 509,391.40 9,240,000.00
03/02/99 180 9,240,000.00 0.00 358,761.48 358,761.48 9,240,000.00
09/02/99 180 9,240,000.00 160,000.00 358,761.48 518,761.48 9,080,000.00
03/02/2000 180 9,080,000.00 0.00 352,549.16 352,549.16 9,080,000.00
09/02/2000 180 9,080,000.00 170,000.00 352,549.16 522,549.16 8,910,000.00.
03/02/2001 180 8,910,000.00 0.00 345,948.57 345,948.57 8,910,000.00
09/02/2001 180 8,910,000.00 180,000.00 345,948.57 525,948.57 8,730,000.00
03/02/2002 180 8,730,000.00 0.00 338,959.71 338,959.71 8,730,000.00
09/02/2002 180 8,730,000.00 195,000.00 338,959.71 533,959.71 8,535,000.00
03/02/2003 180 8,535,000.00 0.00 331,388.45 331,388.45 8,535,000.00
09/02/2003 180 8,535,000.00 210,000.00 331,388.45 541,388.45 8,325,000.00
03/02/2004 180 8,325,000.00 0.00 323,234.78 323,234.78 8,325,000.00
09/02/2004 180 8,325,000.00 225,000.00 323,234.78 548,234.78 8,100,000.00
03/02/2005 180 8,100,000.00 0.00 314,498.70 314,498.70 8,100,000.00
09/02/2005 180 8,100,000.00 245,000.00 314,498.70 559,498.70 7,855,000.00
03/02/2006 180 7,855,000.00 0.00 304,986.09 304,986.09 7,855,000.00
09/02/2006 180 7,855,000.00 265,000.00 304,986.09 569,986.09 7,590,000.00
03/02/2007 180 7,590,000.00 0.00 294,696.93 294,696.93 7,590,000.00
09/02/2007 180 7,590,000.00 285,000.00 294,696.93 579,696.93 7,305,000.00
03/02/2008 180 7,305,000.00 0.00 283,631.24 283,631.24 7,305,000.00
09/02/2008 180 7,305,000.00 310,000.00 283,631.24 593,631.24 6,995,000.00
03/02/2009 180 6,995,000.00 0.00 271,594.87 271,594.87 6,995,000.00
09/02/2009 180 6,995,000.00 330,000.00 271,594.87 601,594.87 6,665,000.00
03/02/2010 180 6,665,000.00 0.00 258,781.96 258,781.96 6,665,000.00
09/02/2010 180 6,665,000.00 355,000.00 258,781.96 613,781.96 6,310,000.00
03/02/2011 180 6,310,000.00 0.00 244,998.37 244,998.37 6,310,000.00
09/02/2011 180 6,310,000.00 385,000.00 244,998.37 629,998.37 5,925,000.00
03/02/2012 180 5,925,000.00 0.00 230,049.98 230,049.98 5,925,000.00
09/02/2012 180 5,925,000.00 415,000.00 230,049.98 645,049.98 5,510,000.00
03/02/2013 180 5,510,000.00 0.00 213,936.77 213,936.77 5,510,000.00
09/02/2013 180 5,510,000.00 445,000.00 213,936.77 658,936.77 5,065,000.00
03/02/2014 180 5,065,000.00 0.00 196,658.76 196,658.76 5,065,000.00
09/02/2014 180 5,065,000.00 480,000.00 196,658.76 676,658.76 4,585,000.00
03/02/2015 180 4,585,000.00 0.00 178,021.80 178,021.80 4,585,000.00
09/02/2015 180 4,585,000.00 520,000.00 178,021.80 698,021.80 4,065,000.00
03/02/2016 180 4,065,000.00 0.00 157,831.76 157,831.76 4,065,000.00
09/02/2016 180 4,065,000.00 555,000.00 157,831.76 712,831.76 3,510,000.00
03/02/2017 180 3,510,000.00 0.00 136,282.77 136,282.77 3,510,000.00
09/02/2017 180 3,510,000.00 600,000.00 136,282.77 736,282.77 2,910,000.00
03/02/2018 180 2,910,000.00 0.00 112,986.57 112,986.57 2,910,000.00
09/02/2018 180 2,910,000.00 650,000.00 112,986.57 762,986.57 2,260,000.00
03/02/2019 180 2,260,000.00 0.00 87,749.02 87,749.02 2,260,000.00
09/02/2019 180 2,260,000.00 700,000.00 87,749.02 787,749.02 1,560,000.00
03/02/2020 180 1,560,000.00 0.00 60,570.12 60,570.12 1,560,000.00
09/02/2020 180 1,560,000.00 750,000.00 60,570.12 810,570.12 810,000.00
03/02/2021 180 810,000.00 0.00 31,449.87 31,449.87 810,000.00
09/02/2021 180 810,000.00 810,000.00 31,449.87 841,449.87 0.00
TOTALS 10,000,000.00 16,228,909.58 26,228,909.58
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