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HomeMy WebLinkAbout0556 . . . ORDD:f.fTC~ ITO. 556 AI! ORDINANCE OF THE CITY COUECIL OF THE CITY OF A RC1'.DI/I , Cf.LIFORr:IA, PROVIDIEG FOR TEE ISSUAKCZ OF BOIIDS OF SAID CITY IN THE l'.;.iOUNT OF ii750,000 FOR THE ACf.UISITION AND CONSTRUCTION OF 1'. C~RTAIN MU1~CIPAL IMPROVill1ENT. ..:F..La....AS. pursuant to Ordinance Eo. 540 of the City of ~rc~din. Los In~cles County, California, a special election r!as duly and rec;ularly held in said city on the 8th dny of :_:9.y, 1045, t't \'!hich election there ~7as submitted to t~e ~ualified voters of said city the follo~ing proposi- tion, t~ rlit: "Shall the City of Arcadia incur a bO::lded indebtedneso' in the principal sum of :;;7:50.000.00 for the acquisition and construc- tion by said city of a certain municipal im- prl)venent, to ':li t, I!:nin trunk line se~ers and S017age treatment nnd dispospl \7orlrs, includine th'3 acquisition and construc'l;ion of buildine;s, st:?uctures. and ec;uJpment, nnd the acquisition of All ~i:hts of vny, pipe, lcbor, and mate- rial nocessary or convenient thorefor?" anu '..Ibil.Y.S. said proposition received the f'f.firnatl ve VO-l;U rnd aSDont of !'lore than trIo-thirds of all of the quali- fied v01;ers of sr.id city voting at said election. and said city is non authorized to issue bonus in the amount and for tho -purpose hereinbefore specified; YO:'!. T;-;lj;:\.:,';:'ORJ:.., the Ci t;' Counc:!.1 of the City of Arcaclie 1)OES ORDAIl: as follorls: J~ ';: ::. u/(// 5~- 6 Section 1. That bonds of tho City of Arcadia, in the principal Sm.l of ~750,OOO.00, be issued and sold for the purpose set forth in the reci tala hereof. Said bonda s~all be desicnated SEJER BO~{JS, 1945, ~nd shall be issued in tt70 divisions, and the aG(;rec;ate principal emount of said bond issue shall be divided into tt70 divisions. Division o~m shall consist of bonds in the prin- cipal amount of 0720,000.00. Said bonds shall be 720 in number, numbered 1 to 720, inclusive, and shall be of the denomination of ~1,000.00 each. Said bonds shall be dated l;ovomber 1, 1945, s.nd shall De payable in consecutive numer- ical order, eighteen bonds e,~ually from November 1, 1946, to November 1, 1985, both inclusive. Said bonds shall bear interE'st at a rate or rates to be hereafter fixed by reso- lution or resolutions but not to exceed three and one-half per cEmt (3}~) per annum, po.yable semiannually on the first days elf 1,I8.Y and :November of each year. Division ~70 shall consist of bonds in the prin- cipal emount of )30,008.00. Said bonds shall be 30 in number, numbered 1 to 30, inclusive, ::'nd :ohall be of the denomination of (?l,OOO.OO each. Said bonds shall be dated December 1, 1945, and shall be payable in consecutive numer- ical order, one bond annually from December 1, 1946, to December 1, 1975, both inclusive. Said bonds shall bear inter(lst at a rate or rates to be hereafter fixed by reso- lution or resolutions but not to exceod three and one-half per cent (3~%) per annum, payable semiannually on the first days of June and December of each year. 1'1:' of said S:L'"r.LR EOliTDS, 1945 shall be payable in lar;fu:_ ','loney of t~e United States of AMerica at the office 2. o~ .5S-~ of tbe City Treasurer of t~e City of Arcadia in the City of Arcadl~, California. Section 2. That the !layor of the City of Arcadia and the City Treasurer of said city are hereby authorized and directed to siGn ~ll of said bonds, and the City Clerk of soid city is hereby authorized and directed to counter- si~n said bonds and to affix thereto the corporate seal of scid city, and the City Treasurer of said city is hereby authorized and directed to sign the interest coupons of said bcnas ~y his printed, lithographed or engraved fac- simile Bi~nature, and to n~~ber said interest coupons of each of said bonds consecutively. Section 3. That said bonds and the coupons for (J interest thereof shall be issued in subotantially the the follo':Jln13 form: UNITED STATES OF Al.l:.i:RICA STATE OF CALIFOR!ITA CITY OF A:lCf.DIA S~.7jj;R !>O~ID, 1915 DIVISIO:i, ~ll,OCO. 00 1:() . THE CITY OF PROf.DIA, a IDunicipol corporac:t.on s~tu~ted in the Oounty of Los Angeles, State of CClifornia, ?OR VLLV~ RECEIVh~, hereby acknov1edces i';o indabtedness and promises to pay to the bearer 'ccreof the SUlll of OI::c. T::!OUSl'.:iL) DOLLARS (~;l, 000.00) on the first day of , 1 9 , \'li th in- terest thereon at the rate of per cent ( ~) per annum, payable semiannually on the first d~ys ef and of each a~d every year from the date hereof ~"t~l this bond i3 l)"-ld, on presentstion and ourrender of the re- s'~zctlve interest COU1Jons hereto attached. Eoth p:rincipnl and interest are pa;Table in lawful money of the United States of f,merica at the office of the City 'I'reasurer of said dty in said city. 3. act:.' ,5-6- &: This bond is issued by the CITY OF ARCP.DIA under and in pursuance of and in conformity \7i th the provisions of an Act of the Legislature of the State of California entitled "An J'ct author- izing the incurring of indebtedness by cities, towns, and municipal corporations for municipal improvements, and regulating the acquisition, construction or completion thereof," nhich be- ~arne a la" February 25, l~ql, and acts amendatory . thereof and supplementary thereto, and in pursu- ance of the la"s end Constitution of the State of California, and is authorized by a vote of more than tTIo-thirds of all the qualified voters of said City of Arcadia voting at an election duly and legally called, held, and conducted in said City of Arcadia on the 8th day of May, 1945. IT IS H;j;REBY CERTIFIED, RECIT;;;!) 1'.::1) DECLARilll ths,t all acts, conditions and things required by law to exist, happen, and be performed precedent to end in the issuance of this bond have existed, happened, and been performed in due time, form, anc, manner as required by law, and that the amount of this bond, together nith all other indebtedness of said city, does not exceed any debt limit pre- scribed by the laws or Constitution of the State of Cslifornia. IK \7IT1'ES.s \JEEREOF, said City of Arcadia has caused this bond to be signed by the Mayor of said city and by its City Treasurer, and countersiened by the City Clerk of said city, end sealed "ith tho corporate seal of said city, and has caused thll interest coupons hereto attached to be si3Ded by its City Treasurer on this day of 1945. , Mayor of the City pf Arcadia, California. City Treasurer of the City of Arcadia, California. CO-JNTERSIGNED: City Clerk of the City of Arcadia, California. (SEAL) 4. Or/t!/: 06-c::. (COUPON FORI.I) No" ., ,) On the first day of , 19 , the City of Arcadia, California, Dill pay-ro-the belarer at the office of the City Treasurer of said city, in said city, the sum of dollars (~) ), in law- fu,l money of the United States of Anerice., being th9 semiannual interest then due on Se\7er Bond, Division , Bo. , dated 19,15. , City 'l'reasurer of the City of Arcadia, California. Section 4. That the proceeds of the sale of said bonds shall forthY/i th be turned over and placed to the creiit of a fund of the City of Arcadia, to be known as "1945 SEilER BOND FUND," and shall be used exclusively for the acquisition end construction of the municipal im- provement described in the recitals hereof. Section 5. That for the purpose of paying the principal 8nd interest of said bonds, the City Council of the City of Arcadia shall, at the time of fixing the gen- eral tax levy, and in the manner for such general tax levy provided, levy and collect annually each year until said bonds are paid, or until there shall be a sum in the trea- sury of said city set apart for that purpose sufficient to meet all sums coming due for the principal 8nd interest on said bonds, a tax sufficient to pay the annual interest on said bonds, and also such part of the principal thereof as shall become due before the proceeds of a tax levied at the time for making the next general tax levy can be made avail- able for the payment of such principal. Said tax shall be 5. uZC!/ SS'? , in addition to all other taxes levied for municipal pur- poses and shall be collected at the time and in the same manner as other municipal taxes are collected, and shall forthwith be turned over and paid into a fund of the City of Arcadia, to be knorm as "1945 SEIlER BONDS INTEREST AND REDEHPHON FUND." Said fund shall be used for no other purpose than the payment of said bonds and accruing inter- est thereon. Section 6. That the City Clerk shall certify to the passage and adoption of this ordinance by a vote of morEl than two-thirds of all the members of the City Council of said city at a regular meeting of said City Council, and its approval by the !.Iayor of said city, and shall eause this ordinance to be published once in THE ARCADIA TRIBU1~ AND NEJS, a weekly newspaper of general circulll.tion in said city. Section 7. This ordinance shall take effect thirty (30) days after its passage. ADOPTED, SIGNED AND APPROVED this lSth day of Seotenber , 1945. 12;t~ 1;~Of California. Arcadia, ( SEAL) 6. (/AC./ S30 STATE OF' CALIFORNIA ) COUNTY JF LOS AI.)GE.LES ) SS. CITY OF ARCADIA ) I, ~. H. NESBITT, City Clerk of the City of Arcadia, California, DO HEREBY CERTIFY that the foregoing ordinance \/as introduced at a regular meet- ing of the City Council of said city, duly held on the uth day of Saptamoot' , 1945, and thereafter at a regular meeting of said City Council, duly held on the 18th day of September , 1945, duly passed and adopted by said City Council, and signed and approved by the Mayor of said city, and that said ordi- nance nas passed and adopted by a vote of more than t~o- thirds of the members of said City Council, to ~it: AYES: Councilmen Adcock. LeeDer. Nugent. Ormsbv and Russell NOES: CouncilI1J-en None ABSENT: Councilmen None /~~ Arc ia, California. ( SEAL) ~ 7. G).Ad 5:'S-(.