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RESOLUTION NO. 1428
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ARCADIA, CALIFORNIA PROVIDING
FOR TEMPORARY TRANSFER OF MONEYS FROM
THE WATER FUND TO THE 1945 SEWER BOND
FUND AND FOR REPATI,ffiNT THEREOF.
WHEREAS, this City Council has conducted
a proceeding for the issuance of bonds of the City
of Arcadia in the sum of seven hundred fifty thous-
and dollars ($750,000.00) for the acquisition and
c ens true t ion of a sewage trea tment and d isposa 1 works
and mainline sewers, said bonds to be dated November 1,
1945; and
.ffiEREAS, engineers have been employed for
the preparation of plans and specifications for the
proposed improvement and part of the fee of the en-
eineers will be payable in the near future; and
VffiEREAS, to sell all or most of said bonds
at this time before the funds are needed for construc-
tion would result in payment of unnecessary interest;
and
WHEREAS, a sale of a small amount of said
bonds at this time to provide funds to pay the engin-
eering fees would not result, in the opinion of
competent counsel, in getting the lowest interest
rate on the bonds and would to some extent prejudice
the bidding later on the principal block of bonds,
and in the opinion of this City Council the best
interests of the City of Arcadia will be served by
making a temporary advance from the Water Fund to
the 1945 Sewer Bond Fund from which the cost and
expense of said improvements will be payable, and
later, when the bonds are sold, transferring from
said 1945 Sewer Bond Fund and repaying to the Water
Fund the amount of money so advanced;
NOW, THEREFORE, the City Council of the City
of Arcadia does hereby RESOLVE, DETERMINE, AND ORDER
as follows:
1. That the public interest and conven-
ience require, and this City Council determines,
orders and directs that for the purpose of providing
moneys for the payment of engineering expenses neces-
sarily incurred in the acquisition and construction.
of the sewage treatment and disposal works and main
trunk line sewers to be constructed from the proceeds
of the $750,000.00 bonds voted at the election on
Ma y 8, 1945, the sum of Twenty Two ThollRand 1<'1 VA
Hundred - - - - - - dollars ($22,500.00) be
ad vanced to the 1945 Sewer Bond Fund from the Wa ter
2.
Fund of the City of Arcadia and the transfer of said
sum is hereby authorized and directed to be made, said
transfer to be merely a temporary advance from the
Water Fund to the 1945 Sewer Bond Fund.
2. Immediately upon the sale of all or part
of said $750,000.00 of bonds, all amounts advanced
from said Water Fund to said 1945 Sewer. Bond Fund
shall be repaid and transferred from said 1945 Sewer
Bond Fund to said Wa ter Fund, and the proper officials
of this city are hereby authorized and directed to
make such repayment and transfer from the 1945 Sewer
Bond Fund to the Water Fund.
ADOPTED, SIGNED, AND APPROVED this 16th day
of October, 1945.
ATTEST:
~. J.( f)~
Mayor of the City ~f
Arcadia, California
(SEAL)
'1
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS.
CITY OF ARCADIA )
I, W. H. NESBITT, City Clerk of the City
of Arcadia, California, DO HEREBY CERTIFY that the
foregoing resolution was duly adopted by the City
Council of said city by a vote of more than two-
thirds of the members thereof and was approved by
3.
.
the Mayor of said city at a regular meeting of said
City Council held on the 16th day of October, 1945,
and that it was adopted by the following vote, to
wit:
AYES:
Councilmen Adcock.--Leener, Nugent
Ormsby and Russell
NOES: Councilmen MOnA
ABSENT: Councilmen None
~-
G1:1;y Clerk of t City of
Arcadia, alifornia.
(SEAL)
4.