HomeMy WebLinkAbout0556
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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"
.,
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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.
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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)
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