HomeMy WebLinkAbout489 - Issuance of Bonds•
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ORDINANCE NO. 469
AN ORDINANCE OF THE CITY
OF NEWPORT BEACH, CALI-
FORNIA, PROVIDING FOR
THE ISSUANCE OF BONDS
OF SAID CITY IN THE
AMOUNT OF $130,000.00, FOR
THE ACQUISITION AND
CONSTRUCTION OF MUNI-
CIPAL IMPROVEMENTS, AND
FOR THE REDEMPTION OF
SAID BONDS
WHEREAS, pursuant to Ordi-
nance No. 488 of the City of New-
port Beach, California, a special
election was duly and regularly
held in said City on the 5th day
of December, 1939, at which elec-
tion there was submitted to the
qualified voters of said city the
following proposition, to -wit:
PROPOSITION NO. 1
Shall the Cty of Newport
Beach incur a bonded indebt-
edness in the principal sum of
$130,000.00 for the acquisition
and construction of a munici-
pal improvement, to-wit: The
acquisition, ccnstmetion and
reconstruction of two public
piers, including the recon-
struction and extension of the
existing piers, into the waters
of the Pacific Ocean, includ-
ing buildings and structures
necessary or convenient for
said project?
and
WHEREAS, said proposition
received the affirmative vote and
.assent of more than two-thirds of
all the qualified voters of said
city voting at said election, and
said city is now authorized to
issue bonds in the amount and
for the purposes hereinbefore
specified.
NOW, THEREFORE, the City
Council of the City of Newport
Beach does ordain as follows:
Section 1. That bonds of the
City of Newport Beach in
the principal amount of One
Hundred Thirty Thousand Dol-
lars ($130,000.00) be issued and
so'd for the purpose set forth in
the proposition hereinbefore stated
in the recitals hereof. Said
bonds shall be designated PIER
BONDS, 1940, Shall be one
hundred thirty (130) in number,
numbered 1 to 130, inclusive, of
the denomination of One Thousand
Dollars ($1000.00) each, dated
January 1st, 1940, and shall
mature in consecutive numerical
order Six Thousand Dollars
($6000.00) annually from Jan-
uary let, 1941 to January let,
1950, both inclusive, and Seven
Thousand Dollars ($7000.00) an-
nually from January 1st, 1951 to
January l:t, 1960, both inclusive.
The aforesaid bonds shall bear
interest at a rate or rates to be
hereafter fixed by resolution or
resolutions, and not to exceed five
per cent (5 %) per annum, pay-
able semi- annually on the lat days
of July and January of each year.
Said bonds shall be payable at the
office of the City Treasurer of
the City of Newport Beach, in
the City of Newport Beach, County
of Crange, State of California, in
lawful money cf the United
States of America.
Section 2. That the executive
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
hereby authorized and directed to
countersign said bonds and to
affix 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
printed, lithographed or engraved
facsimile signature and to number
said interest coupons of each of
said bonds consecutively.
Section 3. That said bonds, at
the option of the holder thereof,
may be registered as to both prin-
cipal and interest by the Treas-
urer of said City and the Treas-
urer of said City is hereby author-
ized to make such registration.
After the registration, the prin-
cipal and interest on said bonds
so registered shall be paid to the
registered owner thereof.
Section 4. All of said bonds
shall be issued in accordance with
the provisions of an Act of the
Legislature of the State of Call -
fornia entitled "An Act authoriz-
ing the incurring of indebtedness
by cities, towns, and municipal
corporations for municipal im-
provements, and regulating the
acquisition, construction or com-
pletion thereof," which became a
law February 25, 1901, and acts
amendatory thereof and supple-
mentary thereto.
Section 5. That said bonds and
the coupons for the interestthere-
of shall be issued in substantially
the following form:
UNITED STATES OF
AMERICA
STATE OF CALIFORNIA
CITY OF NEWPORT BEACH
(In the above blank insert
designation of bond)
No ............. $1000.00
Newport Beach, California,
January 1, 1940
THE CITY OF NEWPORT
BEACH, a municipal corpora-
tion, situated in the County
of Orange, State of Califor-
nia, FOR VALUE RE-
CEIVED, hereby acknowledges
its indebtedness and promises
to pay to the bearer hereof
the sum of ONE THOUSAND
DOLLARS ($1000.00) on the
let day cf January, 19.........
with interest thereon at the
rate of .......... per cent (-- - - - - %)
per annum, payable semi-
annually cn the let days of
July and January of each and
every year from the date
hereof until this bond is paid,
on presentation and surrender
of the respective interest
coupons hereto attached. Both
principal and interest are
payable in lawful money of
the United States of Ameri-
ca at the office of the Treas-
urer of said City in said city.
This bond is issued by the
CITY OF NEWPORT BEACH
i,nder and in pursuance of and
in conformity with the pro-
visions of an Act of the Legis-
lature of the State of Cali-
fornia entitled, "An Act au-
thorizing the incurring of in-
debtedness by cities, towns,
and municipal corporations
for municipal improvements,
and regulating the acquisi-
tion, construction or comple-
tion thereof," which became a
law February 25, 1901, and
acts amendatory thereof and
Supplementary thereto, and in
pursuance cf the laws and
Constitution of the State of
California, and is authorized
by a vote of more than two -
thirds of all the qualified
voters of said City of New-
port Beach voting at an elec-
tion duly and legally called,
held and conducted in said
City of Newport Beach, on the
5th day of December, 1939.
This bond may be registered
as to both principal and in-
terest in accordance with the
provisions on the back hereof.
IT IS HEREBY CERTI-
FIED, RECITED AND DE-
CLARED that all acts, condi-
tions and things required by
law 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 re-
quired by law, and that the
amount of this bond, together
with all other indebtedness of
said city, does not exceed any
debt limit prescribed by the
laws or Constitution of the
State of California.
IN WITNESS WHEREOF,
said City of Newport Beach
has caused this bond to be
signed by the Mayor of said
city and by its Treasurer, and
countersigned by the Clerk
of said city and sealed with
the corporate seal of said
city, and has caused the in-
terest coupons hereto at-
tached to be signed by its
Treasurer.
(SEAL) --------------------------------
Mayor of the City of
Newport Beach, California.
Countersigned:
Clerk of the City of
Newport Beach, California.
Treasurer of the City of
Newport Beach, California.
(COUPON FORM)
No........` -- $---------------
On the 1st day of .................
19........, the CITY OF NEW-
PORT BEACH, CALIFOR-
NIA, will pay to the bearer
at the office of the City Treas-
urer of said City, in said
City, the sum of ........................
DOLLARS ($............ I, in law-
ful money of the United
States of America, being the
semi - annual interest then due
on....---`-_......._ ......................--'-
No------------------
(Insert proper designation
of bond)
dated January 1, 1940.
Treasurer of the City of
Newport Beach, California.
(FORM OF REGISTRATION
STATEMENT)
19.......
This bond is registered pur-
suant to the statute in such
cases made and provided in
the name of ................
and the interest and principal
thereof are hereafter payable
to such owner.
Treasurer of the City cf
Newport Beach.
Section 6. That the proceeds of
the sale of said $130,000.00 Pier
Bonds, 1940, shall be forthwith
turned over to and placed in the
municipal treasury of the City of
Newport Beach to the credit of a
fund to be designated "1940 PIER
BOND FUND," and shall be used
exclusively for the objects and
purposes stated in the proposition
heretofore set out in the recitals
hereof.
Section 7. That for the purpose
of paying the principal and in-
terest of said Pier Bonds, 1940,
u
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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 col-
lect annually each year until such
bonds are paid, or until there
shall be a sum in the treasury of
said city set apart for that pur-
pose sufficient to meet all sums
coming due for the principal and
interest on said bands, a tax suf-
ficient 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 general tax levy.
Said taxes 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 the pro-
ceeds of the tax levied for the
payment of the principal and in-
terest of the Pier Bonds, 1940,
shall forthwith be turned over and
paid into a fund of the City of
Newport Beach to be known as
"1940 PIER BOND INTEREST
AND REDEMPTION FUND," and
said fund shall be used for no
other purpose than the payment
of said Pier Bonds, 1940, and ac-
cruing interest thereon.
Section 8. That the 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 an ad-
journed regular meeting of said
City Council, and its approval by
the Mayor of said city, and shall
cause this ordinance to be pub-
lished once in the NEWPORT
BALBOA NEWS- TIMES, a news-
paper of general circulation
printed and published in said City
of Newport Beach, California.
Section 9. This ordinance shall
take effect upon Its passage.
ADOPTED, SIGNED AND
APPROVED this 18th day of
December, 1939.
HARRY H. WILLIAMSON,
Mayor of the City of Newport
Beach, California.
ATTEST:
FRANK L. RINEHART,
Clerk of the City of Newport
Beach, California.
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF ORANGE )as.
CITY OF NEWPORT BEACH)
1, FRANK L. RINEHART, City
Clerk of the City of Newport
Eeach, California, do hereby certi-
fy that the foregoing ordinance
was introduced at an adjourned
regular meeting of the City Coun-
cil of said City duly held on the
12th day of December, 1939, and
thereafter at an adjourned regu-
lar meeting of said City Council,
duly held on the 18th day of
December, 1939, duly passed and
adopted by said Council and
signed and approved by the Mayor
of said city, and that said ordi-
nance was passed and adopted by
a vote of more than two - thirds
of the members of said Council,
to -wit:
AYES, COUNCILMEN: Gordon,
Claire, Whitson, Brown, William-
son.
NOES, COUNCILMEN: None.
ABSENT, COUNCILMEN: None.
ATTEST:
FRANK L. RHINEHART,
City Clerk of the City of
Newport Beach, California.
( SEAL)
(Pub. Dec. it 1939)
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