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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; \N.DE1.t1) dtc/ \:5-,g-~ ~ 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. (/'/l C'L (5-tf~r 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. {ZA.c! \:)Y.f'- 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. oI'd. 6-,f P 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. C}-tcf. <?-,f-.?"'