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HomeMy WebLinkAbout59 - Issuance & Sale of Bonds for Gas Distribution0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 4p 29 30 31 32 MQWA RESOLUTION NO. 59 COF-Y A resolution of the City of Newport Beach, a municipal corporation of the sixth class, amending Resolution No. 49 of said city, the said Resolution N". 49 being a resolution providin for the issuance and sale of the bonds of said city in the sumcof $30)000.00. Whereas, by Ordinance No. 117 of the City of Newport Beach, a special election was called to be held at and within the said city on the 28th day of December, 1915, for the purpose of submitting to the qualified voters of the City of Newport Bea the proposition of incurring a debt and issuing the bonds of the City of Newport Beach in the sum of $30,000.00 for the purpose of the acquisition and construction of a municipal improvement, to- wit: a gas distributing system, which shall consist of and in- clude all gas pipe and conduits, both main and lateral, all gas pipe fittings and connections, all gas meters for registering and determining the quantity of gas used and consumed, and all other apparatus and appliances necessary and proper for receiving gas at a source of supply in the City of Newport Beach and to trans- mit the same to the inhabitants, public buildings, and places thereof for the purposes of light and heat; and Whereas, said special election so called to be held by said Ordinance No. 117 was thereafter duly held on the 28th day of December, 1915, and at which election there was submitted to the qualified voters of the City of Newport Beach the proposition of the issuance and sale of said bonds in the sum of 630)COO.00 for the purpose of the acquisition and construction in the city of Newport Beach of a municipal improvement, to -wit: said gas distributing system; and Whereas] said special election so held on the 28th day of December, 1915, was in all respects fairly, legally and prop held, conducted, and carried on in accordance with and as req by law and the ordinance of the City of Newport Beach; and -1- 1 2 IP 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 4p28 29 30 31 32 Whereas, by a canvass of the returns of said election, which canvass thereof was made and had by the Board of Trustees of the city of Newport Beach at a regular meeting of said Board of Trustees held on the 3rd day of January 1916, it appeared, and by said Board of Trustees was entered and established of record, that at said special election the votes of more than two - thirds of all the voters voting at said special election were voted in favor of the proposition of incurring a debt and issuing the bonds of the City of Newport Beach in the sum of U30,0GG.00 for the purpose of the acquisition and construction of said municipal improvement, to -wit; said gas distributing system; the said voters at said special election being voted and cast as follows: Total number of votes cast both for and against the proposition, 270 votes; Total number of dotes cast "Gas Distributing System Bonds $30,000.00 Yes" was 253 votes; Total number of votes cast 'Gas Distributing System Bonds, $30,000.00 No,, was 17 votes. And, Whereas, the city of Newport Beach did thereafter, on the 3rd day of January, 1916, pass, adopt and approve Resolu- tion No. 49 providing for the issuance and sale-of said bonds in the sum of $30,000.00 represented by thirty bonds of the denomin- ation of $1,000 each, and, in pursuance of said Resolution No. 49 and as therein provided, advertise and offer for sale to the high- est bidder twenty -three (23) of said bonds aggregating the sum of $23,000.00; and Whereas, the State of California became and was the highest and best bidder for said twenty -three bonds and has pur- chased the same, and the said twenty -three bonds have been and are duly e�iecuted, signed by the properyofficers, and delivered to the State of California, and the State of California has actu- ally paid into the Treasury of the city of Newport Beach the full -2- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16. 17 18 19 20 21 22 23 24 25 26 27 28 4p 28 30 31 32 and entire purchase price of said twenty -three bonds; and Whereas, the Board of Trustees of the city of Newport Beach as the legislatv'e branch of said city, now determines that the remainder of said $30,000.00 worth of said bonds, to -wit: $7,000.00 thereof, represented by seven (7) bonds of the citycf Newport Beach, shall be issued and sold at private sale and not by advertising the same for sale as provided for in said Resolu- tion No. 49. Now therefore, the Board of Trustees of the city of New- port Beach do resolve, determine and declare as follows:- Section 1- Resolved, that that portion of Resolution No. 49 providing for the sale of thirty (30) bonds of the city of Newport Beach each in the denomination of $1,OOC.00 to the highest bidder after advertising for bids therefor, which bonds were and have been authorized for the acquisition and construction of a gas distributing system in and for the city of Newport Beach, be and the same is hereby altered and amended to as to permit the sale and issuance of the remaining seven (7) of said bonds representing $7,OGC.00 to be sold by the city of Newport Beach at private sale, and not at public sale after advertising said seven (7) bonds fcr sale. Section 2. Resolved, that this amendment and alteration of Resolution No. 4 of the city of Newport Beach is not intended to affect and shall never be construed as affecting in any way or for any purpose the sale to the State of California of twenty - three of said bonds representing $23,000.00, and the sale thereof heretofore made to the State of California, notwithstanding this amendment and alteration of said Resolution No. 49, is hereby de- clared to be and shall forever be construed as being unaffected, valid and binding upon the city of Newport Beach to all intents and purposes. -3- 1 2 3 4 5 6 7 8' 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 -Section 3. Resolved, that the Board of Trustees of the city of Newport Beach may and shall sell the remaining seven (7) of said bonds, representing $x,000.00,. at private sale, and with- out previously advertising the same for sale, provided, that none of said seven (7) bonds shall be sold for less thaniheir par value, and all interest accrued thereon, and the said Board of Trustees shall have and reserve the right to sell the whole num- ber of the remaining seven (7) bonds or any lesser number thereof Section 4. Resolved, that all money derived from the sale of said remaining seven (7) bonds or any number thereof shall be paid into the Treasury of the City of Newport Beach and in the same way to the credit of the same fund and shall be used and expended for the same purposes, all as provided for in Resolu tion No. 49 of the city of Newport Beach, and the said Resolution No. 49 in all particulars and for all purposes, except as to the sale and manner of sale of the remaining seven (7) bonds of said bond issue, shall be and remain unamended or altered in any way or for any purpose. Section 5. Resolved that any sale of the remaining seven (7) bonds or any number thereof, at private sale, pur- suant to this Resolution, shall be as valid and binding upon the City of Newport Beach as if the same had been duly advertised for sale and sold pursuant to said Resolution No. 49. Section 6. The above and foregoing Resolution No. 59 was passed and adopted on this, the 21st day of Au,_,ust, 1916, by the Board of Trustees (f the City of Newport Beach, and on said day signed and approved by S. R. Jumper, President of said Board of Trustees, the same being passed by the affirmative vote of the following named members of said Board of Trustees, to -wit: Ayes, Trustees: S. R. Jumper, Glenn Helms, G. P. Vvilson, H. A. Robinson, J. C. McCain Noes, Trustees: None Absent Trustees: None -4- 1' 2 3 4 5 6 7 81 9 10 11 12 13 14 15 I 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 The above and foregoing Resolution No. 59 is apphr ed by me this 21st day of August, 1916. S. R. Jumper _ President of the Board of -Trus- tees of the "ity of Newport Bea Attest: Claude M. Crego Clerk of the City of Newport Beach. State of California, ) County of Orange, ) ss City of Newport Beach) I, Claude M. Crego, do hereby certify that I am the duly elected, qualified and acting Clerk of the City of Newport Beach, and that at a rebular meeting of said Board of Trustees of the said city held on the 21st day of August, 1916, the above and for going Resolution was passed by the affirmative vote of the follow ing marred members of said Board of Trustees, to -wit:- S. R. Jumpe G. P. Wilson, Glenn Helms, H. A. Robinson,J. C. McCain. That the whole number of the members of the Board of Trustees is five (5) and that the said persons voting for said Resolution are, and each of them are, duly elected, qualified and acting members of said Board of Trustees. That S. R. Jumper is the duly elected qualified and acting President of said Board of Trustees, and as such, on the 21st day of August, 1916, duly signed and approved said Resolution. In ?,fitness Whereof, I have hereunto subscnibdd my of- ficial signature and affixed the seal of the city of Newport Bea at my office this 21st day of August, 1916. -5- Claude M. Crego Clerk of the — ty of New- port Beach. STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss CITY OF NEWPORT BEACH) I, C. K. PRIEST, City Clerk of the City of Newport Beach, California, do hereby certify that according to the records of the City of Newport Beach filed and main- tained in my office, the foregoing Resolution No. 59 was duly and regularly adopted, passed, and approved by the City Council of the City of Newport Beach, California, at a regular meeting of said City Council held at the regular meeting place thereof, on the 21 day of August s �9 16 by the following vote, to wit: AYES, COUNCILMEN: S. R. Jumper, Glenn Helms, G. P. Wilson, H. A. Robinson, J. C. McCain NOES, COUNCILMEN: None _ ABSENT COUNCILMEN: None Dated this 10 day of February 19 55 City Clerk and Ex- Officio Clerk of the City Council, City of Newport Beach, State of California.