HomeMy WebLinkAbout0588
ORDINANCE NO. 588
AN ORDINANCE OF THE CITY OF
ARCADIA, CALIFORNIA, PROVIDING
FOR THE ISSUANCE OF BONDS OF
SAID CITY IN THE AMOUNT OF
$350,000.00 FOR THE ACQUISI-
TION AND CONSTRUCTION BY SAID
CITY OF A CERTAIN MUNICIPAL
IMPROVEMENT.
VffiEREAS, pursuant to Ordinance No. 582 of the
City of Arcadia, Los Angeles COllnty, California, a special
election was duly and regularly held in said City on the
30th day of April, 1946, at which election there was
submitted to the qualified voters of said City the
following proposition, to wit~
'KBOND PROPOSITION: :3hall the City of
ArcadLa incur a bonded indebtedness in the
principal sum of $350,000.00 for the pur-
pose of the acquisition and construction by
said City of a certain municipal improve-
ment, to wit: trllnk and interceptor sanitary
sewers for said City, including the acquis i ti on
of a 11 pipe, equipment, appara tus, ma teria ls,
ease~~nts and property necessary or convenient
therefor?'"
and
\7HEREAS, said proposition received the affirmative
vote and a:lsent of more than two-thirds of all of the qual1-
fied voters of said City voting at said election, and said
City is nou authorized to issue bonds in the amollnt and for
the purposEl hereinbefore specified;
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NOTI, THEREFORE, the City Council of the City of
Arcadia DOES ORDAIN as follows:
Section 1.
That bonds of the City of Areadia,
in the ~rincipal sum of $350,000.00, be issued and sold
for the purpose set forth in the recitals hereof.
Said
bonds shall be designated SEWER BONDS, 1946.
Said bonds shall be 350 in number, numbered 1 to
350, inclusive, and shall be of the denomination of 01,000.00
each.
Said bonds shall be dated July 1, 1946, and shall
be payable in consecutive numerical order, ~10,000.00 on
July 1st in each year from July 1, 1947, to July 1, 1981,
both inclusive.
Said bonds shall bear interest at a rate
or rates to be hereafter fixed by resolution or resolutions
but not to exceed four per cent (4%) per ann~, payable
semiannually on the first days of January and July of each
year.
Said bonds shall be payable in lawful money of
the United States of America at the office of the City
Treasurer of the City of Arcadia in the City of Arcadia,
California.
Section 2.
That the Mayor of the City of
Arcadia and the City Treasurer of said City are hereby
ruthorized and directed to sign all of said bonds, and
the City Clerk of said City is hereby authorized and
directed to countersign said bonds and to affix thereto
the corporate seal of said City, and the City Treasurer
of said City is hereby authorized and directed to sign
the interest coupons of said bonds by his printed, litho-
graphed or engraved facsimile signature, and to number
2.
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said in~erest coupons of each of said bonds consecutively.
Section 3.
That said bonds and the coupons for
the int,~rest thereof shall be issued in substantially the
following form:
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
CITY OF ARCADIA
SEWER BOND, 1946
No.,
$1,000.00
THE CITY OF ARCADIA, a municipal corporation
situated in the County of Los Angeles, State of
California, FOR VALUE RECEIVED, hereby acknowledges
its indebtedness and promises to pay to the bearer
hereof the sum of ONE THOUSA}ID DOLLARS (~1,000.00)
on the first day of , 19 , with in-
terest thereon at the rate of per cent
( ~) per annum, payable semiannually on the
fTI~st days of and of eaeh
and every year from the date hereof until this bond
is paid, on presentation and surrender of the respec-
tive interest coupons hereto attached. Both prin-
ci~?al and interest are payable in lawful money of
the United States of Ameriea at the office'of the
Ci~y Treasurer of said city in said city.
This bond is issued by the CITY OF ARCADIA
under and in pursuance of and in conformity with
the provisions of an Act of the Legislature of the
State of California entitled "An Act authorizing
th,~ incurring of in:l.ebtedness by cities, towns,
arui municipal corporations for municipal improve-
me~ts, and regulating the acquisition, construction
or completion thereof, II ~/hich became a law February
25, 1901, and acts amendatory thereof and supplemen-
ta:ry thereto, and in pursuance of the laws and Con-
stitution of the State of California, and is author-
ized by a vote of more than two-thirds of all the
qualified voters of said City of Arcadia voting at
an election duly and legally called, held, and con-
ducted in said City of Arcadia on the 30th day of
April, 1946.
IT IS HEREBY CERl'IFIED, RECITED AND DECLARED
that all acts, conditions and things required by
l~" to exist, happen, and be performed precedent
to and in the issuance of this bond have existed,
happened, and been performed in due time, form,
and manner as required by law, and that the amount
of this bond, together with all other indebtedness
3.
C/t 01. <:;~,r y
of said city, does not exceed any debt limit pre-
scribed by the laws or Constitution of the State
of California.
IN ~ITNESS ~~REOF, said City of Arcadia has
caused this bond to be signed by the Mayor of said
city and by its City Treasurer, and countersigned
by the City Clerk of said city, and sealed with
the corporate seal of said city, and has caused
the interest coupons hereto attached to be signed
by its City Treasurer on this 1st day of July,
1946.
Ma~; ~g:~f Arcadia,
California.
City Treasurer of the City
of Arcadia, California.
COUNTERSIGNED:
City Clerk of the City of
Arcadia, California.
(SEAL)
(COUPON FORM)
$
No.
On the first day of ,19, the
City of Arcadia, California, will pay to-tne bearer
at the office of the City Treasurer of said city,
in aaid city, the sum of
dollars ($ ), in lawful money
~;he United States of America, being the semi-
annual interest then due on Sewer Bond No.
dated July 1, 1946.
,
City Treasurer of the City of
Arcadia, California.
Section 4.
That the proceeds of the sale of
said bonds shall forth~ith be turned over and placed to
the credlt of a fund of the City of Arcadia, to be known
as "1946 SE'illiR BOND FUND," and shall be used eXClusively
for the e.cquisition and construction of the municipal im-
provement described in the recitals hereof.
4.
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Section 5. That for the purpose of paying the
principal B.nd interest of said bonds, the City Council of
the City of' Arcadia sha 11, a t 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 tmtil said
bonds are ~aid, or until there shall be a sum in the treasury
of said city set apart for that purpose sufficient to meet
all sums comine due for the principal and interest on said
bonds, a tax sufficient to pay the annual interest on said
bonds as the same becomes due, 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 available for the payment of such principal. Said tax
shall be in addition to all other taxes levied for municipal
purposes and shall be collected at the time and in the same
manner as other municipal taxes are collected, and shall
forthwith b'3 turned over and paid into a fund of the City of
Arcadia, to be known as "1946 SEW8R BOnDS INTER8ST AND REDEMPrION
FUND." Said fund shall be used for no other purpose than the
payment of said bonds and accruing interest thereon.
St~ot1on 6. That the City Clerk shall certify
to the passllge and adoption of this ordinance by a vote
of more than two-thirds of all the members of the City
Council of !Iaid Ci ty at an adjourned regular meeting of
said City Council, and its approval by the Mayor of said
City, and shall cause this ordinance to be published once
in THE ARCADIA TRIBUNE AND NEVIS, a weekly newspaper of
seneral circulation in said City.
Section 7.
This ordinance shall take effect
5.
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thirty (30) days after its passage.
ADOPTED, SIGNED AIID APPROVED this 28th day of
May, 1946.
f}n. (4f1?~
Mayor ot~~e ?it; of Arcadia,
California.
ATTEST:
C
(SEAL)
STATE O? CALIFORIITA
COUNTY OF LOS ANGELES
CITY OF ARCADIA
)
) SSe
)
I, \I. C. _ BILLIG, City Clerk of the City of
Arcadia) California, DO HEREBY CERTIFY that the foregoing
ordinanoe was introduced at a regular meeting of the City
Council of said City, duly held on the 21st day of May,
1946, end thereafter at an adjourned regular meeting of
said City Council, duly held on the 28th day of May, 1946,
duly passed and adopted by said City Council, and signed
and app1?oved by the !.1eyor of said City, and that said
ordinan<:e was passed and adopted by a vote of more than
two-thi1?ds of the members of said City Council, to wit:
a. ( SEAL)
6.
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