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HomeMy WebLinkAbout450 - Bond Issuance• r1 LJ \I I 1 U ORDINANCE NO. 450 AN ORDINANCE, OF THE CITY OF NEWPORT'SEACH, CALI- FORNIA, PROVIDING FOR THE ISSUANCE OF BONDS OF SAID C I T Y IN T H E AMOUNT OF $300,000.00 FOR THE ACQUISITION AND CON. STRUCTION OF A MUNICI. PAL IMPROVEMENT, TO -WIT, ADDITIONS TO THE MUNICI- PAL SEWER SYSTEM AND FOR THE REDEMPTION OF SAID BONDS, t, WHEREAS, pursuant to Ordin ante No. 448 of the City of New port Beach, California, a special election was duly and regular:y held in said city on the 18th day of August, 1936, at which election there was submitted, to ,the quali- fied voters of said city the follow- ing proposition, to -wit: Shall the City of Newport Beach incur a bonded indebt- edness in the principal amount of $300,000.00 for the ac- quisition and construct: on of a municipal improvement, to- wit, additions to the municipal sewer system, including ac- quisition of lands and rights of way and the acquisition and construction of a main sewer 1 i n e and discharge sewer lines, a sewage disposal plant, sewage works, p u m p i n g plants, a n d. buildings a n d equipment necessary or con- venient for said project? and WHEREAS, said proposition re- ceived the affirmative vote and assent of more than two - thirds of all the qualified voters of said city voting at the said election and the said city is now authorized to is- sue bonds in the amount and for the purposes hereinbefore speci- fied: NOW, THEREFORE, the City Council of the City of Newport Bcach does ordain as follows: SECTION 1. That bonds of the City .of Newport Beach in t he amount of three hundred thousand dollars ($300,000.00) be issued and sold for the purpose set out in the recital hereof. Said bonds shall be dez gnated'MUNICIPAL SEWER BONDS 1936. Said bonds shall be 'three hundred (300) in number, numbered from one (1) to three hundred (300), inclusive, and shall be of the denomination of one thousand dollars ($1,000.00) each. All of said bonds shall be dated September 1, 1936. Said bonds shall be payable in numerical or- der and shall mature fifteen thous- and dollars ($15,000.00) annually from September 1, 1937 to Sep- tember 1, 1956, both inclusive, Said bonds shall bear interest at a rate to be hereafter fixed by resolution of this City Council, which rate shall not exceed five per cent (5 %) per annum, pay- able semiannually on the first days of March and September of each year. The bonds shall be pay- able in lawful money of the Unit- ed States at the office of the City Treasurer of Newport Beach. SECTION 2. That the execu- tive of said city, to -wit, the Mayor of said city, and the Treasurer of said city are hereby authorized and directed to sign all of said bonds, and the City Clerk is here- by authorized and directed to countersign said bonds. and to af- fix thereto the corporate seal of said city, and the Treasurer of said city is hereby authorized and directed to sign the interest coupons of said bonds by his print- ;d, lithographed or engraved fac- ;imile signature -and to number mid interest coupons of each of ;aid bonds consecvti,: air. SECTION 3. That sa ld bonds and coupons for the interact there- )f shall be issued in substantially :he following form: UNITED STATES OF AMERICA STATE OF CALIFORNIA CITY OF NEWPORT £EACH MUNICIPAL SEWER BONDS, 1936 No ................. $1,000.00 Newport Beach, California. September 1, 1936. THE CITY OF NEWPORT BEACH, a municipal corporation, situated in the County of Orange. State of California, FOR VALUE RECEIVED, hereby acknowledges its indebtedness and prorM„es to pay to the bearer hereof, at the office of the Treasurer of said city, in said city, the sum of ONE THOUSAND DOLLARS ($1,000.- 00), in lawful money of the Unit- ed States of America, on the first day of September, 19........, with in- terest thereon in like lawful money at the rate of ...... per cent (...... %) per annum, payable semiannually on the first days of March and September of each and every year from the date hereof until this bond is paid, on presentation and surrender of the respective inter- est coupons hereto attached: This bond is issued by the CITY OF NEWPORT BEACH under and in pursuance of and in conform_ty with the provisions of an act of the Legislature of the State of California, entitled: "An Act auth- orizing the incurring of indebted- ness by cities, towns and munici- pal corporations for municipal im- provements, and regulating t h e acquisition, construction or com- pletion thereof," which became a law February 25, 1901, and acts amendatory thereof and supple- mentary thereto, and in pursuance of the laws and constitution of the State of California, and is author. ized by a vote of more than two - thirds of all the qualified voter¢ of said City of Newport Beach voting.. at an election duly anc legally called, held and conductec m said City of Newport Beach, or the 18th day of August, 1936. IT IS HEREBY CERTIFIED RECITED AND DECLARED thal all acts, conditions and things re, quired by law to exist, happen one be performed precedent to anc in the issuance of this bond hav( existed, happened and been per formed in due time, form and man ner as required by law, and that the amount of this bond, together with all other indebtedness of sai( city, does not exceed any debt limit prescribed by the laws o: constitution of the State of Cali fornia. IN WITNESS WHEREOF, sai( City of Newport Beach has cause( this bond to be signed by thi Mayor of the said city and by It Treasurer, and countersigned b; the Clerk of said city, and sealer with the corporate seal of sail city, and has caused the interes coupons hereto attached to b signed by its Treasurer. Mayor of the City of Newport Beach, California Treasurer of the City of Newport Beach, California (SEAL) Countersigned: Clerk of the City of Newport Beach, California. (Coupon Form) Qo................... .. $ - -- ---- ...... -.... On the first day Of— ................._.., 9......, the City of Newport Beach, :alifornia, will pay to the bearer Lt the office of the City Treas- irer of said city, in said city, the ;um of ........................ ... ......... dollars ;$._ ... ___ ... .--- ), in lawful money of he United States of America, bu- ng the semiannual interest then lue on Municipal Sewer Bond No. dated September 1, 1936. Treasurer of the City of Newport Beach, California. SECTION 4. That the proceeds if the sale of said bonds shall ' orthwith be turned over and plai- =d to the credit of a fund of the City of Newport Beach, to be t n o w n as "1936 MUNICIPAL SEWER BOND FUND," and shall_ be used exclusively for the ac- ;luisition and construction of the municipal improvement described in the recitals hereof. SECTION 5. That for the pur- pose' of paying the principal and irterest of said bonds, the City Council of the City of Newport Beach shall at the time of fixing the general 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 treasury of said city set apart for that purpose sufficient to meet all sums coming due for the principal and 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 time for fixing the next gen- eral tax levy. 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 munici- pal taxes are collected, and shall forthwith be turned over and paid into a fund of the City of New- port Beach, to be known as "1936 MUNICIPAL SEWER BONDS INTEREST AND REDEMPTION FUND:' Said fund shall be used for no other purpose than the pay- ment, of said bonds and accruing interest thereon. SECTION 6. That t he City Clerk shall certify to the passage, and adoption of this ordinance by a vote of more than two - thirds of all the members of the City Council of said city at a regular meeting of said Council, and its approval by the Mayor of said city, and shall cause this ordinance to be published once in the New- port News, a newspaper of gen- eral circulation printed and pub- lished in said City of Newport Beach. SECTION 7. This ordinance is for the immediate preservation of the public health..and safety and is declared to be an urgency ordin- ance to take effect immediately. The facts constituting its urgency are as follows: Many of the sewer lines which comprise the existing sewer system of the City of New- port Beach were cracked by the earthquake of March, 1933, and substantial-quantities of saltwater seeps into said sewer lines. This condition, together with large quantities of sewage caused by the increased population of the City of Newport Beach, make it im- possible for the present sewage disposal plants of the City of New- port Beach to adequately treat the sewage of said city and raw sew- age is now being deposited in the .caters of Newport Bay contamin- ating the said waters and render- ing the said waters a menacg to SR Ehe hralth and safety o`- persons swimming the rein Nray citizens of the City of 1,Tcwport Beach and many vishors fro:-. various parts of the country swh:- in the waters of Newport Bay and the public health and safety is endangered . by the contamination of such Waters through the discharge of raw sewage and the health and- safety of the people of Newport Beach is menaced by the present lack of sanitary means of sewage' disposal for said city. The im- provements to be constructed fro* the proceeds of the bond issue in- clude a new disposal plant and new sewer mains, and, through the sewage disposal plant and the new sewage mains to be constructed, the sewage of the City of Nev:port Beach will be cared for in a sani- • tary manner so as to protect the public health and safety and the unsafe sewage disposal now exist- ing will be eliminated. If this or- dinance takes effect at onca the bonds can be delivered and money quickly made available for the construction work, otherwise the starting of the -ork will be de- layed. Accordingly, this ordinance is hereby declared to be an urg- ency ordinance necessary for the immediate preservation of the public health, peace and safety • and shall take effect immediately. ADOPTED, SIGNED AND AP- PROVED this 14th day of Sep- tember, 1936. HARRY E. WILLIAMSON, Mayor of the City of Newport Beach, California. (SEAL) Attest: FRANK L. RINEHART, t Clerk of the City of Newport Beach, California. STATE OF CALIFORNIA ) • COUNTY OF ORANGE ) ss. CITY OF NEWPORT BEACH) I' FRANK L. RINEHART,, Clerk of the City of Newport Beach, California, do hereby cer- tify that the, foregoing ordinance was introduced at a regular meet- ing of the City Council of said city, duly held on the 7th day of Sep- tember, 1936, and was thereafter, a regular adjourned meeting of at said Council duly held on the 14th day of September, 1936, duly pass- ed and adopted by said Council and thereupon duly signed and ap- proved by the Mayor of said Coun- cil, and that said ordinance was adopted by the following vote: A )� E S: Councilmen Gordon, Claire, Whitson, Garfield, William- son. NOES: Councilmen None. • ABSENT: Councilmen None. FRANK L. RINE -HART, (Seal) Clerk of the City of Newport Beach, California. •