Loading...
HomeMy WebLinkAbout61-B - Issuance of Bonds for Jetty• 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 COPY RESOLUTION N0. 61 -03 A Resolution of the city of Newport Beach, a municipal corporation of the sixth class, incorporated under the laws of the State of California, by the legislative branch of said city, being the Board of Trustees thereof, pro- viding for the issuance and sale of the bonds of said city in the principal sum of $1255OCC.005 for the acquisition and construction in the City of Newport Beach of a municipal improvement, to- wit:- a jetty composed of stone, prescribing the form of such bonds, fixing the rate of interest to be paid thereon, the date and place for the paymetkt of said bonds and interest, and further providing a sinking fund for the payment and redemption of said bonds, principal and interest. I - CO Y Whereas, by Ordinance No. 125 of the city of Newport Beach, a special election was called to be held at and within the city of Newport Beach on the 25th day of September, 1916, for the purpose of submitting to the qualified voters of the city of New- port Beach the proposition of incurring a debt and issuing the bonds of the city of Newport Beach in the sum of $125,00C.00 for the purpose of the acquisition and construction of a municipal improvement, in said city, to -wit: a jetty composed of stone and of adequate dimensions, extending from the shore of the Pacific Ocean at a point on or near the westerly shore of the entrance of Newport Bay into the waters of the Pacific Ocean approximately two thousand (20CC) feet, and the acquisitioncf the necessary real property upon which to construct and maintain said jetty; and Whereas, said special election so called to be held by said Ordinance No. 125 was thereafter held on the 25th day of September, 1916, 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 �125,000.00 for the purpose of the acquisition and construction inthe city of Newport Beach of the said municipal improvement; and Whereas, said special election so held on the 25th day of September, 1916, was in all respects fairly, legally and prop- erly held, conducted and carried on in accordance with and as required by law and the Ordinances of the city of Newport Beach; -1- lv� 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 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 2nd day of October, 1916, it appeared and by said Board of Trustees was found and 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 $125,000.00, for the purposed the acquisition and construction of said muni- cipal improvement, to -wit: - said jetty, the said votes at said special election being voted as follows: - Special election precinct No. 1 Total number of votes cast Jetty Bonds $125,000 "Yes" was... 150 Votes cast Jetty Bonds $125,000 "yes" and not counted on account of distinguishing marks, one vote. Votes cast on the proposition and not counted on ac- count of inability to ascertain voters choice, one vote. Total numberof votes cast and not counted,; 2 Total number of votes cast ;)'Jetty Bonds $125,COC" "No...... 15 Total votes cast.... 167 Special election precinct PTO. 2 Total number of votes cast Jetty Bonds $125,000 "Yes' Total number of votes cast Jetty Bonds $125,COO "No" Total votes cast.... Total votes cast.... 413 Total votes cast and not counted.... 2 -2- 241 _ 5 246 1 2 4p3 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 Total votes cast Jetty Bonds $125,000 "Yes" 391 Total votes cast Jetty Bonds $125,OCC "No " 20 413 413 Now, therefore, the Board of Trustees of the City of Newport Beach do resolve and declare as follows : - Section 1- Resolved that the municipal bonds of the City of Newport Beach in the sum of $125,000 shall be issued and sold for the payment of the acquisition and construction in the City of Newport Beach of a municipal improvement therein, to -wit:- a jetty composed of stone and of adequate dimensions, extending fro the shore of the Pacific Ocean at a point on or near the westerly shore of the entrance of Newport Bay into the waters of the Pacific Ocean approximately two thousand (2000) feet, and the acquisition of the necessary real property upon which to constru and maintain said jetty, in order to carry out the objects, pur- poses and powers of the city of Newport Beach; The said sum of $125,000 shall be represented by bonds of the City of Newport Beach, which bonds shall be two hundred and fifty -six (256) in number and shall be numbered consecutively from one (1) to two hundred and fifty -six (256), both inclusive; of said 256 bonds 96 thereof shall be in the denomination of $1,CCO.0 ; each 32 thereof shall be in the demomination of $500.00 each; 96 thereof shall be in the denomination of $100.00 each; and 32 ther of shall be in the denomination of $106.25 each. To each bond shall be attached interest coupons for the payment of interest thereon semi - annually at the rate of five (5) per cent per annum, principal and interest payable in gold coin of the United States at the office of the Treasurer of the City of Newport Beach at SM 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 4 28 P 29 30 31 32 0 and within said city; all"of said bonds shall be signed by the President of the Board of Trustees of the city of Newport Beach, as the executive of said city, also signed by the Treasurer and countersigned by the Clerk thereof; the interest coupons shall'be signed by the Treasurer of said city and each of said officers are hereby authorized and directed to sign and countersign said bonds and coupons; the signature of the Treasurer of the city of Newport Beadh required to be affixed to the interest coupons at- tached to said bonds may be by a printed, engraved, or lithographe fac- simile of said Treasurer's signature and when so affixed s be deemed and treated as the lawful signature of such Treasurer. The interest coupons attached to said bonds shall be numbered consecutively. Section 2. Resolved that all of said bonds shall be dated the 1st day of November, 1916, and shall bear interest at the rate of five per cent per annum from the 1st day of November, 1916, which interest shall be paybble semi - annually. On the 1st day of November, 1917, eight (8) of said 256 Bonds, being Bonds Nos. 1- 2- 3- 4- 5- 6 -7 -85 shall be paid; said bonds Nos. 1 -2 -and 3 being each in the denomination of $1,000. and Bond No. 4 being in the denomination of $500.00; and Bonds Nos. 5 -6- and 7 being each in the denomination of $p10C.60; and Bond No. 8 being in the denomination of $106.25, and thereafter on the 1st day of November in each and every year eight (8) additional of said 256 bonds, in like denominations and in successive numerical order, shall be paid, making an annual payment of $3,906.25 on the principal of said indebtedness, said payment being not less than one - fortieth part of the amount of the principal of such indebt- edness. The interest on said bonds at the rate of five (5) per cent per annum, shall be paid semi- annually as follows: - the first installment on the 1st day of May, 1917, the second install - -4- IF 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 ment on the 1st day of November, 19175 and semi - annually there- after on the 1st day of May and the 1st day of November in each year until all of said bonds, both principal and interest, shall have been well and truly paid in gold coin of the United States, both the principal and interest of said bonds shall be paid at the office of the Treasurer of the city of Newport Beach in said city, County of Orange, State of California. Section 3. Resolved that the indebtedness which it is proposed to incur in the sum of $125,000 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 New- port Beach. Section 4. Resolved that said Bonds shall be serial in character and substantially in the following form:- Bond No. Series No. State of California City of Newport Beach Jetty Bonds (here insert denomination) Be it kcown that the city of Newport Beach in the County of Orange, State of California, hereby acknowledges its indebted- ness to the bearer of this bond in the sum of (insert denominatio of bond) in gold coin of the United States, and promises to pay the said bearer the said sum of (here insert denomination) in said gold coin of the United States on the first day of November, 19`at the office of the City Treasurer in the city of Newport Beach, together 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 May and the first d of November of each and every year that this bond is to run, at said Treasurerts office upon presentation and surrender of the proper interest coupon hereto attached; this bond is issued by -5- 1 2 40 3 4 5 6 7 U 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 the City of Newport Beach for the purpose of the acquisition and construction in the City of Newport Beach of a municipal improve- went, to -wit: - a jetty, 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 regulating the acquisition, construction or completion thereof.', (became a law February 25th, 1901,) and any and all acts amend- atory thereof. Also pursuant to Resolution No. 58 of the City of Newpor Beach, passed and adopted by the vote of more than two - thirds of all the members of the Board of Trustees of said city, as the legislative branch thereof, on the 14th day of August, 1916, and Ordinance No. 125 of said city passed and adopted by the said Board of Trustees as the legislative branch of said city by the affirmative vote of more than two - thirds of all the members ther of on the 21st day of August, 1916, and also on said day approved by the President of said Board of Trustees, and in further pur- suance of Resolution No. 61 directing the issuance of this bond. It is hereby certified that all auditions, acts and thin essential to the validity of this bond exists, have happendd, bee, 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 tha the issue hereof has been duly authorized and directed by the vot of more than two - thirds of all the qualified voters of the city o Newport Beach voting at a special election for that purpose, duly called and held by said Ordinance No. 125 of the city of Newport Beach, duly passed, approved and published, and that provision has been made for the collection of an annual tax sufficient 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 -6- 1 2 4P 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 that the debt created hereby and this bond are within every debt and other limit prescribed by law, and said act, and by the con- stitution. In Testimony Whereof5 . the city 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 also by its Treasurer, and countersigned by the Clerk of said city, and the corporate seal of the city of Newport Beach to be hereunto affixed, and the attached coupons to be signed by the Treasurer of the City of Newport Beach, County of Orange, State of California, this 1st day of November, 1916. President of the oard of Trustees of the city of New- port Beach, as the Executive of the said city. Treasurer of the city of Newport 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: (insert sum represented by coupon) Interest coupon No._ On the 1st day of , A.D., 19 the City of New- port Beach promises to pay the bearer at the city Treasury of the Citycf Newport Beach the sum of (insert sum represented by coupon) dollars in gold coin of the United State of America, being semi - annual interest on Jetty Bond No.—dated November 1st, 1916. -7- Treasurer of the City of Newport Reach so 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 6. Resolved that 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 proceeds of such bonds when sold shall be placed in the municipal treasury of the City of Newport Beach to the credit of the Jetty Fund, which Fund is hereby created for the reception of said moneys, and the said Fund shall be applied exclusively to the purposes and objects for which the same was voted, and as is mentioned in Ordinance No. 125 of the city of Newport Beach. Section 7. Resolved that 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 man- ner 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 meet all sums coming due for principal and in- terest on said bonds a tax sufficient to pay the semi - annual in- terest on such bonds and also such a part of the principal there as shall become due before the time cf fixing the next general tax levy. The taxes herein required to be levied and collected shall be in addition to all other taxes levied for municipal Fur - poses and shall be. collected at the same time and in the same manner as other municipal taxes are collected, and shall be place in the municipal treasury of the city of Newport Beach in a fund separate from all other funds therein, and shall be known as the Jetty 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 than the payment of said bonds and accruing interest. S 1 2I 3 4 51 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 8. Resolved that the Clerk of the city of plew- port Beach is hereby instructed under and rursuant 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 `'ontrol and State Treasurer of the State of California at the capitol thereof of such issuance and sale of the bonds herein mentioned, specifying the purposes for which said bonds were voted, the amount of the total issue, the denomination of each bond, showing the date of issue and date of maturity, the rate of interest, shaiing 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 upon said property; and he is further hereby instructed to advertise for sale all of said bonds and require a certified check of two per cent of the amount of the bid, certified by a responsible bank, of each person presenting a sealed bid for the purchase of said bonds, according to the Notice of Sale, to be hereafter published 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. 61 was passed and adopted on this, the 23rd day of October, 1916, by the Board of Trustees of the City of Newport Beach, and on said day signed and approved by S. R. Jumper, President of the Board of Trustees of said city, 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. Wilson, H. A. Robinson, J. C. McCain Noes, Trustees: None Absent, Trustees: None d The above and foregoing Resolution No. 61 is approve By me this 23rd day of October, 1916. Attest: Claude M. Crego Clerk of the City of Newport Beach -9- S. R. Jumper President of the Board of Trustees of the city OC New- port Beach. I STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss CITY OF NEWPORT BEACH) I, C. K. PRIEST, City Clerk df 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.61 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, October _5 1916 to wit. AYES, COUNCILMEN: on the �3 day of , by the following vote, S. R. Jumper, Glenn Helms, G. P. Wilson, H. A. Robinson, J. C. McCain NOES, COUNCILMEN ABSENT COUNCILMEN: None None Dated this 10 day of February , 1955 City Clerk and Ex- Officio Clerk of the City Council, City of Newport Beach, State of California.