HomeMy WebLinkAbout59 - Issuance & Sale of Bonds for Gas Distribution0
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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
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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 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
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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.
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-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
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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.
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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.