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.