HomeMy WebLinkAbout49 - Acquisition & Construction of Gas Distributing System•
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COrY
RESOLUTION NO. 49
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A resolution df the City of Newport Beach providing for
the issuance and sale of the bonds of said city in the sum of
$30,000.OG for the acquisition and construction in the City of
Newport Beach of a municipal improvement, to -wit: a gas dis-
tributing system, prescribing the form of such bonds, fixing the
rate of interest to be paid thereon, the date and place for the
payment of said bonds and interest, and further providing a sink-
ing fuhd for thepayment and redemption of said bonds, principal
and interest.
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 sub-
mitting to the qualified voters of the City of Newport Beach the
proposition of incurring a debt and issuing the bonds of the City
of Newport Beach in the sum of $3C,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 include all
gas pipe and conduits, both main and lateral, all gas pipe fitting
and connections, all gas . meters for registering and determining
the quantity of gas used and consumed, and all other apparatus
appliances necessary and proper for receiving gas at a source of
supply in the Cit., of Newport Beach and to transmit the same to
the inhabitants, public buildings and places thereof for the pur-
poses 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 3309000.00
for the purpose of the acquisition and construction in the City
of Newport Beachcf a municipal improvement, to -wit: said gas dis-
tributing system; and
Whereas, said special election so held on the 28th day of
December, 1915, was in all respects fairly, legally and properly
held, conducted and carried on in accordance with and as required
by law and the ordinance of the City of Newport Beach; and
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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., 19169 it appeared,
and ky 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 vot
ed in favor of the proposition of incurring a debt and issuing th
bonds of the City of Newport Beach in the sum of $30,000.00 for
the purpose of the acquisition and construction of said municipal
improvement, to -wit: said gas distributing system; the said votes
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 votes cast "Gas Distributing System Bonds,
00,000.00 Yes" was 253 votes.
Total number of votes cast "Gas Distributing System Bonds,
$30,00C.00 No" was 17 votes.
Now, therefore, the Board of Trustees of the City of New-
port Beach do resolve anddeclare as follows:
Section 1: The municipal bonds of the City of Newport
Beach in the sum of $30,000.00 shall be issued and sold for the
payment of the acquisition and construction intthe City of Newpor
Beach of a municipal improvement therein, to -wit: a gas distrib-
uting system which shall consist of and include all gas pipes and
conduits, both main and lateral, all gas pipe fittings and con -,
nections, and 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 Gity of Newport Beach and to transmit the same to
the inhabitants, public buildings and places thereof, in m der
to carry out the objects, purposes and powers of the City of New-
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port Beach; said bonds shall be thirty in number and of the de-
nomination of $1,000 each and shall be numbered consecutively
from one to thirty, both inclusive, and shall have attached ther
to interest coupons for the payment of interest thereon, semi-
annually, at the rate of five per cent per annum, principal and
interest payable only in gold coin of the United States at the
office of the Treasurer of the City of Newport Beach, California,
all of said bonds shall be signed by the President of the Board
of Trustees thereof as the executive of said city, and also signe
by the Treasurer thereof and be counter - signed by the City Clerk
of the City of Newport Beach. The interest coupons shall be
signed by the Treasurer of the said City; and each of said office
are hereby authorized and instructed to sign and countersign said
bonds and coupons. The signature of the Treasurer of the City of
Newport Beach required to be affixed to the interest coupons at-
tached to said bonds may be by a printed, engraved or lithograph
fac- similie of such Treasurer's signatures, and when so affixed
shall be deemed and treated as the lawful signature of such
Treasurer.
The interest coupons attached to said b?nds shall be
numbered consecutively.
Section 2: All of said bonds shall be dated the lst day
of March, 1916 and shall bear interest at the rate of five per
cent per annum from the said lst day of March, 1916, which in-
terest shall be paydDle semi - annually.
Thereafter, commencing on the lst day of March, 191 7,
Bond No. 1 shall be paid, and annually thereafter on the first da
of March one of said bonds, being not less than one - fortieth part
of the whole amount of such indebtedness, in successive numerical
order shall be paid. The interest on said bonds shall be paid
as follows: the first installment on September lst, 1916 and
semi - annually thereafter on the first day of March, and the first
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day of September in each year until all of said bonds, both prin-
cipal and interest shall have been well and truly paid in gold
coin of the United States; both the principal and interest of sai
bonds shall be paid at the office of the Treasurer of the City of
Newport Beach, in said city in the County of Orange, State of
California.
Section 3: The indebtedness which it is proposed to incur
in the sum of S30,000.00 together with all other indebtedness
heretofore incurred by the City of Newport Beach will not in the
aggregate exceed fifteen per cent of the assessed value of all
the real and personal property of the city of Newport Beach.
Section 4: Said bonds shall be serial in character and
be substantially in the following form:
Bond Nof Series No.
United StateSof America
State of California
City of Newport Beach
Gas Distributing System Bonds, $1,000.00
Be it known that the City of Newport Beach in the County
of Or*9e, State of California, hereby acknowledges its indebp-
edness to the bearer of this bond in the sum of One Thousand
Dollars ($1,OCO) in gold coin of the United States, and promises
to pay the said bearer the said sum of $1,000.00 in said gold
coin of the United State on the first day of March, 19_, at the
office of the City Treasurer in the City of Newport Beach, toget-
her with interest thereon at the rate of five per cent per annum,
interest payable semi - annually in like gold coin of the United
States on the first day of March, and the first day of September,
of each and every year that this bond is to run, at said Trea-
surer's office upon presentation and surrender of the propertin-
terest coupon hereto attached; this bond is issued by the City of
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Newport Beach for the purpose of the acquisition and construction
in the City of Newport Beach of a municipal improvement, to wit:
a gas distributing system, and by the authority and in pursuance
of an Act of the Legislature of the State of California, entitled:
"An Act authorizing the incurring of indebtedness by cities, towns,
and municipal corporations for municipal improvements, and regu-
lating the acquisition, construction or completion thereof.ii
(became a law February 25th, 1901,) and all acts amendatory
thereof. Also pursuant to VResblution No 47 of said City passed
and adopted on the 8th day of November, 1915 and Ordinance No. 11
of said City of Newport Beach passed by the Board of Trustees
of said city by the affirmative vote of more than two - thirds of
all the members thereof on the 22nd day of November, 1915, and on
said day approved by the President of said Board of Trustees, and
in further pursuance of Resolution No. 49directing the issuance
of this bond.
S
It is hereby certified that all condition, acts and thing
essential to the validity of this bond exists, have happedad,
been done and taken place, and that all requirements of the law
and of the constitution relating to the issue hereof have been
fully complied with by the proper bodies, officers and persons,
and that the issue hereof has been duly authorized and directed
by the vote of more than two - thirds of all the qualified voters
of the City of Newport Beach voting at a special election for
that purpose, duly called and held by an Ordinance of the Board
of Trustees duly passed, approved and published, and that pro-
vision has been made for the collection of an annual tax suffici
to pay the interest on this bond as it falls due, and a sinking
fund has been duly constituted to pay the principal at maturity,
and that the debt created hereby and this bond are within every
debt and other limit preseribed by law, and said act, and by the
constitution.
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In Testimony whereof, the Qity of Newport Beach, by its
Board of Trustees has given this bond to be signed by the Presi-
dent of its Board of Trustees, as Executive of said municipality,
and countersigned by the Clerk of said city, and the corporate
seal of the City of Newport ✓-each to be hereunto affixed, and the
attached coupons to be signed by the Treasurer of the City of
Newport each, County of Orange, State of California, this lst
day of March, 1916.
President of the Board of
Trustees of the City of Newport
Beach, as Executive of the said Cit .
Treasurer of the City of New-
port Beach.
Countersigned:
Clerk of the City of Newport Beach.
(seal )
Section 5: The interest coupons attached to said bonds
shall be substantially in the following form, to wit:
$25.00
On the lst day of
Newport Beach promises to pay the
of the City of Newport Beach the
gold coin of the United States of
terest on Gas Distributing System
1916.
Interest Coupon N .
_, A. D. 19r, the City of
bearer at the City Treasury
Sum of Twenty -five dollars in
America, being semi - annual in-
Bond, No. dated March lst,
Treasurer of the City of New-
port Beach.
Section 6: Any and all bonds, the issuance and sale of
which is provided for by this Resolution, may be issued and sold
by the Board of Trustees of the City of Newport Beach as they may
determine to the highest bidder therefor in gold coin of the
United States, but for not less than their par value, and the pro
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ceeds of such bonds when sold .shall be placed in the municipal
treasury of the City of Newport Beach to the credit of the Gas
Distributing System Fund, which Fund is hereby created for the
reception of said moneys, and the said Fund shall be applied ex-
clusively to the purposes and objects for which the same was
voted, and as is mentioned in Ordinance No. 117 of the City of
Newport Beach.
Section 7: The Board of Trustees of the City of Newport
Beach as the legislative branch of said city, shall, at the time
of fixing the general tax levy and in the manner for such general
tax levy provided, levy and annually collect each year until said
bonds are paid, or until there shall be a sum in the treasury of
the City of Newport Beach set apart for that purpose to REet all
sums coming due for principal and interest on said bonds a tax
sufficient to pay the semi - annual interest on such bonds and also
such a part of the principal thereof as shall become due before
the time of fixing the next general tax levy. The taxes herein
required to be levied and col]wted shall be in addition to all
other taxes levied for municipal purposes and shall be collected
at the same time and in the same manner as other municipal taxes
are collected, and shall be placed in the municipal treasury CE
the City of Newport Beach in a fund separate from all other funds
therein, and shall be known as The Gas Distributing System Bonds
principal and interest redemption fund, which fund is hereby
created for the reception of said tax; and the same shall be.used
for no other purpose thanthe payment of said bonds and accruing
interest.
Section 8: The Clerk of the City of Newport Beach is
hereby instructed under and pursuant to Sec. 678 of the Political
Code of the State of California, when said bonds are ready for
sale, to forthwith by mail, postage prepaid, notify the State
Board of Control and Stat e Treasurer of the State of California
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at the capital thereof of such issuance and sale of the bonds
herein mentioned, specifying the purposes foV which said bonds
were voted, the amount of the total issue, the demomination of
each bond, showing the date of issue and date of maturity, the
rate of interest, showing when and where payable, the assessed
value of the property upon which said bonds are a lien and the
total amount of all other bonded indebtedness which is a lien u
said property; and he is further hereby instructed to advertise
for sale all of said bonds and require a certified check of tw
per cent, of the amount of the bid, certified by a responsible
bank; and each person presenting a sealed bid for the purchase of
said bonds, according to the notice of sale, to be hereafter pub-
lished under the direction of the Board of Trustees of the City
of Newport Beach, offering said bonds for sale.
Section 9: The above and foregoing Resolution No. 49 was
passed and adopted on this, the 3rd day of January, 1916, by the
Board of Trustees of the City of Newport Beach, and on said day
signed and approved by S. R. Jumper, President pro tem 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, H. A. Robinson, C. H. Way.
G. P. Wilson
Noes, Trustees: None
Absent, Trustees: W. K. Parkinson
The above pnd foregoing Resolution No. 49 is approved by
me this 3rd day of January, 1916.
S. R. Jumper
President pro tem of the Board of
Trustees of the City of Newport Beach
Attest:
L. S. Wilkinson
Clerk of the City of Newport Beach.
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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. 49
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 3 day of
January 9 X916 y by the following vote,
to wit:
AYES, COUNCILMEN: S. R. Jumper, H. A. Robinson, C. H.
G. P. Wilson
NOES, COUNCILMEN: None _^
ABSENT COUNCILMEN: W. K. Parkinson
Dated this 10 day of February , 1955
City Clerk and Ex- Officio Clerk
of the City Council, City of
_ — Newport Beach, State of California.
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