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HomeMy WebLinkAbout88 - Sale of Bonds for a Channel in Newport Bayi' 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 RESOLUTION NO. 88 A RESOLUTION OF THE.CITY OF NEWPORT BEACH, BY THE LEGIS- LATIVE BRANCH THEREOF, TO WIT: THE BOARD OF TRUSTEES, PROVIDING FOR THE ISSUANCE AND SALE OF THE BONDS OF SAID CITY IN THE SUM OF $50,000.00, FOR THE ACQUISITION AND CONSTRUCTION IN THE CITY OF NEWPORT BEACH OF A MUNICIPAL IMPROVEMENT, TO WIT. A CHANNEL IN NEWPORT BAY: 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, PRINCIPAL AND INTEREST, AND FURTHER PROVIDING A SINKING FUND FOR THE PAYMENT AND REDEMPTION OF BONDS, PRINCIPAL AND INTEREST: Whereas, by Ordinance No. 135 of the City of Newport Beach, a special election was called to be held at and within the said city on the 24th day of December, 1917, 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 $50,000.00 for the purpose of the acquisition and construction of a municipal improvement, to -wit: a channel in Newport Bay, to be constructed therein by widening, deepening and straightening the channel of Newport Bay in said city by dredging the same, the said channel when widened, deepened and straightened to be approximately 125 ft. in width and 10 ft. In depth at low water of the Pacific Ocean; and to extend from a point at or near Bulkhead Station No. 121 as said station is lo- cated and appears upon the map showing Harbor lines of Newport Bay, approved by the War Department of the United States on the 18th day of January, 1917, southeasterly pursuing the waters of Newport Bay and within the city of Newport Beach to a point at or near Bulkhead Station No. 107 as said station is located and ap- pears upon said map, bang the shore end of a jetty constructed at. the entrance to Newport Bay; and Whereas, said special election, so called to be held by said Ordinance No. 1351 was thereafter duly held on the 24th day of December, 1917; and -lg 1 2 3 4 5 6 7 3 9 10 11 12 13 14 15 16 17 1s 19 20 21 22 23 24 25 26 27 23 29 30 31 32 Whereas, at said special election there was submitted to the qualified voters of the City of Newport Beach the proposition d3 f the issuance and the sale of said bonds in the sum of $50,000 for the purpose of the acquisition and construction in the City of Newport Beach of such municipal improvement, to wit:- said channel and Whereas, said special election so held on the 24th day of December, 1917, was in all respects fairly, legally, and property held, conducted, and carried on in accordance with and as required by law, and the ordinances of the City of Newport Beach; and Whereas, by a canvass of the returns of said election, canvass thereof was made and had by the Board of Trustees of the City of Newport Beach held on the 31st day of December, 1917, it appeared to and was by said Board of Trustees entered and estab- lished 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 $50 for the purpose of the acquisition and construction of said muni- cipal improvement, to wit: said channel, the said votes at said special election being voted and cast as follows:- Total number of votes cast both for and against the propo- sition, - 204 votes. Total number of votes cast "Channel Bonds $50,000 Yes" was, 199 votes. Total number c' votes cast " Channel Bonds $50,000 No". was, 3 votes. Total votes cast and not counted on account of inability to determine voters' choices 2 votes. Nowq thereforeq the Board of Trustees of theCity of Newport Beach do resolve and declare as follows:-p -2- II I� 1 I Section 1. The Bonds of the City of Newport Beach in the 2 sum of $50,000.00 shall be issued and sold for the payment of the 3 qcquisition and construction in the City of Newport Beach of a 4 municipal improvement thereint to wit: - the construction and im- 5 provement of a channel by wideningt. deepening and straightening 6 the channel of Newport Bayt in said cityt by dredging the samet 7 said channels when widened, deepened and straightenedt to be ap- 3 proximately 125 ft. in width and 10 ft. in depth at low water of 9 the Pacific 0ceant and to extend from a point at or near Bulkhead 10 Station No. 121 as said station is located and appears upon the 11 Map showing harbor lines of Newport Bay, approved by the liar De- 12 partment of the United States on the 18th day of Januarys 1917, 13 southeasterly pursuing the waters of Newport Bay, and within the 14 City of Newport Beacht to a point at or near Bulkhead Station Nom. 15 107, as said station is located and appears upon said map, being 16 the shore end of a jetty constructed at the entrance to Newport 17 Bay; the same being necessary and convenient to the establishments is improvements conduct and maintenance of a harbor by the City of 19 Newport Beach in Newport Bayt and for the furtherance of m mmrce 20 and navigationt the said municipal improvement being necessary 21 and convenient to carry out the objectst purposes and powers of 22 the City of Newport Beach. 23 Said bonds shall be sixty -four (649 in numbers thirty -two 24 (32) of said sixty -four (64) bonds shall be in the denomination 25 of $1,000.00 each, and thirty -two (32� of said sixty -four (64) 26 bonds shall be in the denomination of $562.50 said 64 bonds shall 27 be numbered consecutively from one (1) to sixty -four (64), both 23 inciusivet and of said 64 bonds every odd numbered bond shall be 29 I in the denomination of $1,000.00 and every even numbered bond 30 shall be in the denomination of $562.50. 31 There shall be attached to each bond interest coupons for 32 the payment of interest thereont and interest on said bonds and -3- 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 1�1; \ the indebtedness thereby evidenced shall be paid at the rate of five and oneAhalf (52) per cent per annum; The interest at said rate on all of said bonds shall be paid semi - annually. The interest coupons attached to said bands shall be numbered consecutively. Both the principal and interest on said bonds and the in- debtedness thereby evidenced shall be paid in gold coin of the United States. Section 2- A&11 of said bonds shall be dated the 1st day of February, 1918, and shall bear interest at the rate of 5¢% per annum from said 1st day of February, 1918, which interest shall be paid semi- annually. On the 1st day of February, 1919, two of said 64 bonds, to -wit: Bonds Nos. 1 and 2, shall be paid, and on the 1st day of February in each and every year thereafter two additional of said 64 bonds in successive numerical order shall be paid until all of said 64 bonds and the money thereby represented shall have been well and truly paid, principal and interest: The same being and constituting an annual payment of the sum of $1,562.50 of the principal of said bonds, and is not less than one - fortieth part of the amount of such indebtedness. The first installment of semi- annual interest,on said bonds and the indebtedness thereby evidenced shall fall due and be paid on the first day of !august, 1918, and a like semi - annual payment of interest on said indebtedness shall fall due and be paid on the first day of February and the first day of August in each and every year thereafter until all of said bonds and the money the represented shall have been well and truly paid, The principal and interest of said bonds shall be paid at the office of the Treasurer of the City of Newport Beach in said -4- 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 City, County of Orange, State of California. Section 3. The indebtedness which it is proposed to incur in the sum of $50,000.00 together with all other indebtedness heretofore incurred by the city of Newport Beach will not in the aggregate exceed fifteen per cent of the assessed value of all the real and personal property of the City of Newport Beach. Section 4. Said bonds shall be serial in character and substantially in the following form: No. Series No. UNITED STATES OF AMERICA State of California City of Newport Beach Channel Bonds Be it known that the City of Newport Beach in the County of Orange, State of Califom ia, hereby acknowledges its indebtedness to the bearer of this bond in the sum of ($—) dollars, in gold coin of the United States, and promises to pay the said bearer the said sum of $ in said gold coin of the United States on the first day of February, 19_, at the office of the City Treasurer in theCity of Newport Beach, together with interest thereon at the rate of five and one -half per cent per annum, interest payable semi - annually in like gold coin of the United States on the first day of February and the first day of Atgist of each and every year that this bond is to run,at said Treasurer's office upon presentation and surrerd er of the proper interest coupon hereto attached; This bond is issued by the City of Newport Beach for the p purpose of the acquisition and construction in the City of Newport Beach of a municipal improvement, to wit: a channel, and by the authority and in pursuance of an Act of the Legislature of the State of California, entitled: "An act authorizing the incurring -5- 1 2 3 4 1P 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 of indebtedness by cities, towns and municipal corporations for municipal improvement, and regulating the acquisition, constructio or completion thereof." (became a law February 25, 1901,) and all acts amendatory thereof. Also pursuant to Resolution No. 82 of said city, passed and adopted on the 19th day of September, 1917, and Ordi33nce No. 135 of said city passed by the Board of Trustees thereof by the affirmative vote of more than two - thirds of all the members thereof on the 19th day of November, 1917, and on said day approved by the President of said Board.of Trustees, and in further pursuance of Resolution No. 88 directing the issue of this bond. It is hereby certified that all conditions, acts and things essential to the validity of this bond exists, have happened, been done and taken place, and that all requirements of the law and of the constitution relating to the issue hereof have been fully com- plied with by the proper bodies, officers and persona, 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 purposes duly called and held by and Ordinance of the Board of Trustees 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, aryl 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 prescribed by law, and said act, and by the constitution. In Testimony Whereoft the City of 3ewport Beacht 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 municipalityt and also by its Treasurers 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 Ila 1' 2 3 1 4 51 6 7 3 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 23 29 30 31 32 Treasurer of the City of Newport Beach, County of Orange, State of California, this lst day of February, 1918. President of the Board of Trustees of the City of Newport Beach, as the Executive of the said City. Treasurer of the City of Newport Beadh. Countersigned: (seal) Clerk cf the City of Newport Beach Section 5. The interest coupons attached to said bonds shall be substantially in the following form, to wit: 6 Interest Coupon No. On the first day of I A.D. 19 the City of Newport Beach promises to pay the bearer at the city Treasury of the City of Newport Beach, the sum of dollars in gold coin of the United States of America, being semi - annual interest on Cahnnel Bond No. _dated February lstj 1918. easurer of the City of Newport Beach Section 6. All of the said 64 bonds shall be signed by the President of the Board of Trustees of the City of Newport Bea as the executive thereof, also signed by the Treasurer and counte signed by the Clerk of said city; each of said officers 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 may be by a printed, engraved or lithorgraphed facsimilie of such Treasurer's signature, and when so affixed shall be deemed and treated as the -7- 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 lawful signature of such Treasurer. Section 7. 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 Tris tees of the City of Newport Beach, as they may determine to the highest bidder therefor in gold coin of the Unite 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 Channel Fund, which Fund is hereby created for the reception of said moneys, and the said Fund shall be applied exclusively to the purposes and ob- jects for which the same was votedland as is metnioned in Ordinane No. 135 of the City of Newport Beach. Section 8. 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 meet 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 collected shallbe in addition to all oth taxes levied for municipal purposes and shall be collected at the same time and in the same manner as other municipal taxes are col - lected, and shall be placed 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 Channel principal and interest redemptio 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. 1 2 3 4 5 6 7 3 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 23 29 30 31 32 Section 9. The Clerk of the City of Newport Beach is hereby instructed under and pursuant to Sec. 6¢8 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 State Treasurer of the State of California atl the capital thereof of such issuance and sale of the bonds herein mentioned, specifying the purposes for which s aid 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, 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 upon said prop- erty; 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; and 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 10. The above and foregoing Resolution No. 88 was passed and adopted on this, the 22 day of January, 1918, by the Board of Trustees of the City of Newport Beach, and on said day signed aryl approved by Geo. P. Wilson, President pro tem of the 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: Geo. P. Wilson, J. J. Schnitker, J. C. McCain and J. P. Greeley. NOES, TRUSTEES: None ABSENT, TRUSTEES: H.C. Robinson n The above and foregoing Resolution NV. 88 is approved by me this 22nd day of January, 1918. Attest. J. Royal Lemon Clerk of the City of Newport Beach President of the Board of Trus of the City of Newport Beach -9- r t SO 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. 88 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 22 day of January s 19 18 , by the following vote, to wit: AYES, COUNCILMEN. Geo. P. Wilson, J. J. Schnitker, J. C. McCain, J. P. Greeley J NOES, COUNCILMEN: N ne _ ABSENT COUNCILMEN; H H. A A. R Robinson Dated this 25 d day o of M March 1 1955 City Clerk and Ex- Officio Clerk of the City Council, City of Newport Beach, State of California.