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HomeMy WebLinkAbout104 - Issuance & Sale of Bonds for a Channel in Newport BayLEI • 1 2 3 4 5 e 7 8 e 10 11 12 13 14 15 1@ 17 1s 19 20 21 22 23 24 25 2H 27 28 29 30 31 d'' �- 0 4'� Resciution _io. 104. A ne,olution of the J].ty of Nex,yort B;� ach, by the iegiNlativs bxanch thereof, to -:'it; the ioard Jf Trustee*, proviairi; or the iasuanoc and s:Lls of the bonds of said city in tae sum of ;;65,000.00 for the completion in tine city of jq -wpert Bea.ca of a Launiei;,,al improvement, to -wit: a oaaanel in F311w ort uay; Pr acriuin�; tPe for: of such bonds, fixing a rata cf interest to be paid taareon, tae wte and place for the payment of aai3 o nda, rinci >aI and i terest, and furt" �rovi(iing ainkin; fund for tiLe rayment and redemption of bonds, _rincipal and intar:ot. Wher-lwa, by Ordinance No. 147 of tha city of geWir=t Beach, a special election was called to be held %t and Witain the said city on the 25ta day of February, 1919, for tine pur,)oae of submitting to tae qualified voters of the oity of Ne',yort Beaoi, the xo_.ositivn of incurring s debt and isauino the bonds of t_ :e city of ilewport Beach in the aum of x-05,000.00 for tha iurp�)se or the completion of a municipal improvement, to -grit; a channel in ve ;ort Bay, by further widening, J txpaning and a traightening tho ehannal of Newport Bay in said city by dredging the scene, the i said channel when widened, deepened and estral;.-Ltened and complet- ed to be approximetely335 ft. in width and 10 ft. in depth at low viater of tuo Pacific Ocean; and to extend.from a point at or near Bulkhead £tatioa No. 121 as said otation is located and appease upon she map eiuwing Harbor Lines of Ne%Vort Bay, approved 'ayIhe War Depdrtment of the Unitad States on the l8th day of January, 1917, southeasterly pursuing the wutera of Newport Bay, and with- in the city of Nevrort Basch to a point at or near Bulkhead Sta- tion i3o. 107 as said atati:;n is located and aF)peara upon Said ,yap being the shore end of'a jetty constructed at the entrance to Newport Bay; and �1 r s i 1 - Whez, oL;.0 said sp eo lal election, co .x:ll ed to be held 2 by said Oxdiii"n;;a No. 147, wc.a they-'after dui; ix::ld on the 05,;h 3 clL:y cf r c-bruU-ry, 1919; and 4 '.a8 Nghdr:, at sc:id b'p;Ccial election tIlc:d via& 3ubmiCted 8 to the qualified vot --rs of tue city cf Yewport Beach th:.pro- 8 i,o: iti. n of b'at lasuance anti th-I sale of saic. bonds in the &um 7 of %:05,000.00 for the ruri-,ose of the corupletion in the city of • 8 I 13e�;port he;aca Ct such munici,_a1 im,)roveweAt, to-wit: said chcnnel; 10 i t °th�r a &, laid apeoial electicn so held on the 25th day o 11 F _-brua.ry, 1919 , :';a &, ii: all r.:epeets, fairly, 1e- 9&11y, and prpper 12I ly haid, conaucted, and ce.rried on In accordance with and as re- 13i1 :wired by_la.w, and the ordinances of the city of Newport B -_ach; 14 (� ;mod 1511 Wheraas, by a canvass of the returns of said election, is which canvass thereof was made and had by the Board of Trustees 17 of the city of i>tewrort Beach, at a regular meeting thereof held 18; on the 3ra day of ;larch, 1914, it appears to and was by said, (I 19 Board of Trustees entered and establi shed of record that at acid 20 special el- eti,;n the rotes of more than two- tairde of all the 21�i voters voting at said epecial election were voted in fWvor of 22 i the proposition of incurring a debt and issuing the bonds of 23 the city of ivezport Beach in the sum of ati65,000.00 for the pur 24 j pose of th-- completion of said municipal improvement, to -wit: 25 said channel, the said votes at said special election being 26 I voted and ce.et es follows: 27 `Total number of votes cast 'both for and against the 28 »robeaition - 349 votes. 29 Total nuraoer of votes cast for the AG5,000.00 bonds 40 30 i was 244 votes. 31 ` Total number of votes cast against the ;;65,000 bonds 32 I. .ryas 5 votes. • • 1 o%% th'arzfoxv', the ro�r•d ;f TrueL—ea •Df the city 2 02 :C.V;; Ort Beach ac rak. olvc anal aeoiul'e as ollowe; 3 Sa ti r. 1. 4 .tic: oonua of the oity of Ner;ort Bcaca in the aura 6 of 63,0:00.00 aaall be.iasu" u:ia sold for tn_- payment of 8 the colilrle i n in tacs city of New, --,Drt Beech of a municiral 7 improvamant therein, to -wit. the completion of a'oh::nnal by 8 furth•sr v,iaening, deepeniiz� Lnu atraigatening tae c4annal 9 Of icv` ",port Bay in aaia city by uTeddiAa thi, scull_-, ;;&.id channel 10 khan widened, deepened, straightened and completed to be agprox- ,11 imately 125 ft. in -.vidtih and 10 ft. in depth at low rater of the 12 Pacific Ocean, and to extend from a pint at or near Bul'"ead 13 Station No. 121 as said station is located and a;3peara upon the 14 map shoring harbor lines of Ne�giNort Bay, approved oy tae War 18 Department of tiie United States on tiie loth day of January, 1917, 18 southeasterly pursuing the Waters of Newport Bay, and witain the 17 city of Newport Beech, to a point at or near Bulkneac: Station 18 Pao. 107, as said station is lo:ated and appears upon said map, 19 being the anore end of a betty constructed atthe ea�rance to 20 Newport Bay; the same being necessary anti convenient t0 the 21 eatablishwent, iq)rove lh maat, conduct and maintenance of a axrior ) 22 by the city of Tdea,�ore B:.aoh in.Nevport Bay, and for the fuxthe; 23 ante of commerce en,: navigati;;n, tine completion of said muni- 24 j cipal iaprovement being necessary and convenient to carry out I 25 the objects, purposed and powara bf the city of Newport Beach. 28 The bonded indebtedneee in tea aum of 165,000.00 anall 27 'be evidenced -oy 74 bonda. 64 of said bonds ai:all oa in tiha de- 28 ' nomination of d,ii00.03:each, and 10 of said bonis shall oe in 28 tile deuomination of 4"100.00 Baca. The said 74 bends shall be 30 a'Lmbered cohaecutively from 1 tc 74, iuoth inclusive, provided 31 that every third numbered bona, comtaencing with. bond No. 3, to 3$ and including Bond No. 30, ahall be in the denomiaati:.n of '100, each. A.11 of Zile other numbered bonus shall be in tha do- -3 1 2 3 of 4 S e • 7 8 9 10 11 12 13 14 15 18 17 181 19 20 21 22 23 24 25 28 27 28 29 30 31 38 nc::;ination of - i,000.0G aacn. Tnu1 e s:: !il be attached to earn :,end in to eat c:,u;;on3 for tu: payment of inter-,at tn�reon, and inteicat on � ii u:'rizw ;anu the lftdebtedneas tneroby evidenced shall cc _;Uiu at bn: Z -`t of k4ll�v per annum. Tne coupona of acid bonds ai2all be numbered consecutively, and aigriQd oy the Trcaaurar of the city of Nc:v- port Beach. Both tae principal ana inter-.st on said bonds and the insebtedneas thereby --viaenced ahall be paid in gold coin of the UfiltB1 .Stated. Section Zo Ail of said uonda.s.dll be aated toe. !at day of April, 191x, 3n.: ci,yll be,;:r inter;:Ut at tug rate of 52;' par annum from said let day of April, 1919. Tilereaft�r Said bonds shall be paid as foliov.a: co:r,- menoiag on tha lat day of April, 1920, Bends Noa. 1 and L, each In the denomination of (;1,000.00, and Bond No. 3 in the denomina- tion of 4100.00 snali .:e paid, and annually irereaft r ;;n the 1st day Jf April throe of sold UORda, tNG O teal U n iS i,i t+': denomination of 4;1,000.00 c a--L, and one bons in the daro:ai..ati�,:, of X100.00, shall oe paia in succk�asive numerical order until by aueh annual payment of three of said bonds bond No. SO ahall have aeen.=eacned and paid, and annually tuercaftcr cn th:: let j lay of April, two of said bonds in 3ucoeaiive numerical oruer in zha denomination of `;1,000.00 each, dnall be paid; -the Same constituting a payment in each and every ya;.r of a part of said inciebtedstsss of „v.,,GUG.00, x.Ucb pr�rt is not less than fortieth part of the rncla aa;ount of Such inaebtednesa. The. intareat on said oande and the y65,000.00 tnere'oy evidenced, at the rate of 5041 per annwii, dnali be paid ae�d- annually as follows: tna first inst.:llmenz of seal - annual ln- tareat on said 'bonds anall fall due and bz paid on Lac, first ;lay. • 11 2 3 41 S 8 7 8 9 10 11 12 13 14 15 1s 17 is 19 20 21 22 23 241 25 26 27 28 29 30 31 32 OP OCL er, 19i�, an-, a line aea.i- annual pay❑cIiL Uf 4 i.Lcre3t On a_ :ice in.ldJt::Lifleca auall fL7Ii due anal ba ,:aid oI1 tao 11raL u._y of A;rii ;aid 'uhc� fir:.t dLy of e)ctoaer in each ana every year th_-re- -ft:.r LS.Lil all of aaia oonis and the .honey Lnereoy r.;rr antes hall .cave oeen Weil wnd Lruly paid. Taalrin�,ipal an:: inL.r_as of si:id oonda aliail Ue ;-'Gid at -uric office of tae Tr: ~carer of trd city of ?etv.;czt B�;,•C;i, in acid city, County of Qcan "-B, $t_te Uf Ce.iifornia, Section 3. The wtiion it is k;ro,.Laed to inour iii the 6u17i Of 76b,003.00, Wita ail Otacl iI del:)tvdlle:.ii lael:tLo- ford indurr::d ijy the City of Naw..'rt buacn will not i.. zaa sg rd- 16ate excee(1 l:i j: Uf the aaaaaaea 'value of all of Li..; rodi. Wiu t:cr- aunal property oi thz city of NeF--,IorL Beacn. Sei;tivn 4. Said oonda d:ii.il oe serial in caaraoLer and 8uDarantia.l- ly in tae following form; No. UNITED STATES OF AaS:RICA. STATE OF CALIFORtgIA City of Ns'rporL Beach. Channel Completion Bond. Be it ,nown znat tree city of New_ 1rL Beacn in tale County of Orange, StaLa of California, aereuy F.cicncwled;ed it8 ill eu'eaneda to the bearer of Lhis bona in tnc aura of in bold coin of ti-e Ufated Statta, and promia to pay Lila acid Dearer the az.i3 suul of w__ irl a:Lid Sol-i coil of trio UniLe(1. ULaL::a Ontha firat day of April, 19�_ -, at Lae Office of the city trcadurar in Lilt city of Newport Bea-ca Lo- �-_Uldr 1 = ;ith inter-UT Ln;;reon at tna rate of live- ari" one -ncilf pier cr;nt. per annum, intdr::at yayaole aCi ;,i- F:l:nLLally, ill I"e &Uld CUirt Of tfie 7Jnit'ud $t:..tc OC tnc ilr t u .y U- October, -5 !a ,. l J 1I wnu LR'c ilI'�L 1u;y 'vi fi. ril Gi eECia i:.R0. ::'r '::Tj yo:;r tn.�L Lnid GUra;l 2 11 Lv hilly _.v iial:.; L1`: ta3lil Crla tiIS l;;c, li.'vii la �e;:11i:�Lion i.:n.: itllr- 3 I i 4I 1.:10 Joni l 1Bou a Jy -'ac iLy C) f is a,ti JrL 3'aJ:• for I i 5 of ZL.'.. 7owi1 l�rion in the -ity of .,. ;ort Boa�ii of • 6 I uu13i':-i_i 1. ;.V-X0Vi:( e:Lt, tG- 'A;iL; ... Oii_.;1I7 c'1, FiY'i1 `Jy 811:: (�.0 l:_aori ty 7 n in Nul;uGnce of an Act of uiL: LeEiulatura of Luc S of 8 ent tluci- "An act autiLorillziZ t..6 Z11CUt Z'in Uf ._— 9 - ebtcanesa by viTie6y t;stn8 - -Il %.1 for ulUn:i- 10 ;ipal aLfjyrovd;i, -nt, and le6Ul ti :l" tra' -'-;q'113it. on, Cone uYU�t1Jn it Ca : oc; i tiou thereof." (ti cnn.e a law P'Polur,ry 25, i9011 and all 121 L.tu l.iatory thereof. Also 1)uruu&at to :,r- 3Uluticn \o. 103 :,f 131 :3"d city eases and a'lc ted oy the o, i of Trucit'ca tnercot by 14 tna aiiiruiat ivc vcZe of more them two- t:lird3 of all Liie IIIeilabtr6 15 LhorBof on Lhr, 1.5tra day Of January, l:y1J) "d Ordinance No. le 147 cf and city paaiavd by the BGa:d of Trustaea thereof cy the 17 ;IfirmaLiv:; vota of mores than trio -trlir :s of all the raemberu tner4- 18 of on Zile 20t :il a<V Of Janus_ry, 1915, and n swiu aay a;,iirovad oy 19 talc prcaidant of sui:x Bor-1Ld of Trujte�s rn1 in Cureu:.r rursuanca 20 of rt..solution Zuo. 104 uir�ctinE LnL, ia-.Uu ..f tuna boria. 21 It i5 tl .'ocy certified twat all e r.iitl�n :), facto and 22 train.a eascnticl Lo Ln.; validity of this ocnd exiata, nave a.p- 23 ! punad, oeva i0i: t3Sa: taken plc U) and tCaat all require- U,Unts of 24 Lraa iavr and of tll� o. - t+tituLiQn r,:1 =.tiH f to th1 i. ,iue Ia:: Z'dOf eve 25 over, fuil :;oru ;lied vii Ln v the ro": er bodia.i off 1C -rd and = r- Y t' Y I% a ,r 26 Sona, aalu that tnc 168ue :actcof dead been duly aut :iJriLed 8n1 27 diracta'i by 'tna Vote 0'a laorc ti /a1I tti :c- thirds of all to qualified 28 I VGttrd Gi the City of McL':jJGi't L'':: a�; 1'i VOtiA�Q ELL a ripe'l.lal C18Jtl'J := 29 for tilt pur.;u ,_, duly oalled and field oy cai 01:cLina.nce of tra 30 BUG.T1 ul lrlidLcCS duly paac,;u, appZ'OVeu 4n3 and ta-t 31 provlSlUn riZ G3:.Ii ri"LLF- for tni; CGilectlo11 of all LLWIUL4l tax 61uf- 32 Iluleiit tv ray tae intcr�ct o% `uuie bend 2a it fall3 due, and a -O s r w 11 2I 31 4 8 e 7 8 9 10 11 12 13 14 15 18 17 is 19 20 21 22 23 24 25 26 27 28 29 30 31 32 I ,iinKinc AinU lla:! Decn duly vLrli:iLituted tG pay tLlt pill.�;ij %al :it liea: Lrity, and tL'at thG debt oT�,a.tcd ntl'CU alld tL.ij� :.. c Vitlllr, cV�l:y aabt and Gtlicr liu:it pr,3 air i.i =a oy ia,%, and ce,iA "-L, i}.rlli Oy tll:: VGi13 L1tV.tlVlla In Toctimcny P,'ncieo , tn� city of n;";.,Grt BaE,ca by BGala of ilU:iteci: rii:o y,1V l-1 n:l oy the President of ita beard of Truat:r.:a, as executive of .4i&ia xuni- ^1i:c.lity, FILd aiiiG oy 1Ly trau.aurer, brl� GUUntarc3i;neLl by tub Clbrk Of ai;_la city euld tno 'vGTy Ul ">t a ii Of uil: i:lty of to Oe 1.ereur.Zu aSSlxeu, bl:d tIIo S'�_y c:: 11 isu L:i:, Gllo L(: Uc: C1;, Lmd 4,y tic lraaeurer OI' LLle 3ity of 1,t'v joxL 3uaoi:, (_, ,Lm -�y GI Oran .o, State of California, taia lat a_Yy of A1.ril, 191c'. F zbiael,t e,l the Bo�:ra of Tlaetc;eb of tL: city of e- rort DtEa.ca, e.a uxae-,llt v6 01 tllc Baid Gity. Treasurer of Zile city Gf N4'r�,;Grt a�4cu. Clar of inc city cf .dc r: ort Szctien 6. Tie intcrast couf,Gnu tr..Gire3 to acid oIuuu anwii oc SUOStantially in Lne fclloviing forru, to -wit: Intereet coupor, ido. - vF: the first ' GP , A.L. 19 the City of Nz port Btac: promises t0 pay the orarer at tilt city tr�%Sury Of the city of Nett ort Bea Gil the aum Of dollars -7 IL 21 to3 41 S! w 6 7, 81 9 10 11 12 13 14 15 16 17 18; 19 20 211 `' i 23 24 25 26 27 28 29 30 31 32 lIi `p1it J'v it ..i L_.c ii t.lLc.i ;," i.:_L;;6 vS iui, �S'1La, l:ca:p� :J G.i,l -i:Si;:Uvl i ?:Lcr at ol: :ulnl. i C•cicplatio Band Na. mac. dcu H,.Til l:it, lyic.. `Tre"Qi.rer[ .^,f 'til City oi� :11v 0.1�G1 L LOhi, tl. u��ticn v. illl Oi Lilc 6zda 74 L4::Tiaa shall Uc Ji6ri3d ^vy tna pl'c- ai +"ent of ttlo. Lc::l'u of Tzuota�a of tL� oity of as Lue axecutie� tu�leof , also eiEped oy the 'Tr:.i:.ourar ana oi,untur• BiEIn6u by tn-', vl ct'i. C;I 6<.:la arty; erica of 6S1A ofriczrtt i;.:c i:..Zc`0y E;_Ut.lorized ana ifidLrloz Qu To aig, aliu Oourlt8_coi­n J:':.i+„ oL Yi ;io and II 0001 0LL" Tilt Jl!`;:ii >.Ura of tiiC f'ri= c.HliS'oT GL La:. City Of B ue r ;uire i -�o Je G.'f ixeu to t.-,u ituox _eL rliuy be „y i ;rinse :, L'I1 rE.V Jr of such LrcidUT r l8 al,s.•,ni >.Lur��, an--; SVilen 3o iffixec; 1311all Ue CIeer",dd aril Lreatad '.:a i la"iful :+i Lnc!. Ux CI 6u:;u Tx�uaurer. /. Any aria 3.-.11 o:,rwd, LAc ia5U zI3Gt pone: %G1C +.f wi_icll i3 px,viucd iUr Uy L:aiu R::3cl Ut.On, 11,41 .:0 i66U=_d aI'ia 6014 Jy tllc I — f Tru Ldaa I t - city of :;ee:r cT. cc &J:I c.t r•Cl VatC mile tG Llio �il.vticc+L oiulder tiict'cfor i1: i;Oli Join 11 Ulu lil:it =a SLZ:Lco, but fvT not jus;i thin tt.tii r;it" Viz.j.Ue, L=li:t irr:y inGCrcat Liiat ll:4y 11aVc a::Crucd tl.croOli, 4nu Lul 17ioOot:da 01 bU"',+ U011u6 Nnc;fI Jol'u 5 i.c =11 GC rlb -Cc•a lt: 'o ficl:.ufii a�' .l LrQc .'Jury Ol till' City VS ieev"'wrt Bc;a(iii :U tI:C Crt:QiT US tlic (;Jja.Innal o:nrl::L inn F+Ur,", . +:11C::. lurid is ilercL. .: 1'cat:: Ci for Laic rCCa2;tiufl Of ail iii SUnuB, i..aii Llle of id : iiI1G arlc.11 Ut' ti �:llc.� ex:;lubiveL., Lc; ll.c �ar"c waa Voter an.. as i6 147 of tGc oily of I.7 1 2 to 3 4 5 • 8 7 8 8 10 11 12 13 14 15 10 17 18 19' 20 211 2'3 23 23 25 26 �I 27.1 .I 28 29 !+ 30 !! 31' 32.1 S�cti:.n c. 1 :+3 L'Oz-z i of Tru3 Lee6 Qf t!'t3 city of Neawpor t i vavil, 3 tl; i iel ive Ur:incn of Llaia clty, iruli, at tae time of Tixiii t.:a �3narc:l t•cx levy ara xn the Inaar "r for amen �enarwi mLaX icvy j�x'Ovitied, levy urs'l &aaualiy Ci.11oct CbCn year Until Q :;rIUz are:, i_:.1.;., UT "Atli tL�:re al all qC a 8". in GIIc Lr"- :;ury of Lila City of Ai6: ":,.QSL Bdacr+ acL asial't for L12at l:uri;cdt, tG Lacct zul Llua:6 l;(;min., uuu., for prii.clral aria intereaz on bai;; U ,-ii- -,6 u *tax oiuffiOicnt tO p:ly the ie:Li- annuel lntcTasi on ouC..L oonu3 wi3 c.15G bucL' c. i.art of G!'lt i;rillcipal tiltreof wi bllall become Lille U%for- the time Of fixing the next „ eraral t,:x levy. Tat, tS>Xts AcToll4 1 aq'uireil t`v Qe levied an'd Q011ectcu 6nLll L: iii aaaitiva to u.11 otllor LaXes levied for uruni_i, e.i aua si.all be cull ctai et tnu datYCC tJLr!C wnz in the s.,,z s.s,nr r &o QLher it+uniC:ifal Limxe9 are c:Alact: -d, and 8iaall be )Iacad in the municipal tre, oury of tree city Qf Newport. Beach in a fund aeoarwt° frCz, all otLGr funuz tileze :Ln, ana aiiall oe Xnc,.r &a the Caannel C rnplaticn Hind ;slrciy.al and interest redemption fund, 'k :ii h fun" 1u Lcl :�-oy v:L'vai.CG for tLe Tccepi icn of z;al i Lax; and the anrili oe uar1 iar no other pur; :Cse t"&z the j ait4ent of tluid oondd ani4 CCTV i7i iIitcr 3t. Section !�. ILc ;:auQVc c.Iiu _ foi:u6oirlg F.'.:cG14G1.4i1 io. 104 wau PLcZHeu !�et :aria -.lopzed on tnv /O - cic:;y :;f ;flax'en, 1911, oy the 5oi~rd of m li'4::Le e=J of tiac; city of :'vG'.O :t G:t C:�a, and vIi ti iwlQ it =y Slr�ned zlna akjiroved by tllc prekluent Gf et;Lid 3"rd Of Trud:,ec9, Llle 3iid, L' iJCli." L; �:.bbet] Oy tli5 u1 :11I' ative vote Gf tilt' fol.o -.: 1!IE meII.odr3 Of dala BQhS.� Of TrUoteab) t' -1UL: Ay£ S, c �-cc..n _ / 2:occ, TTUiLvuzi 1 Ab�tr.t, Tru.ctrec s • 1 2 3 4 5 8 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 I 30 31 32 va la: • cQuvc and fore, -, i VaUluti ra :u. 104 ib u,.prov:>a 4Y a.o t..1., 2 "..Y o A rk c ;l tlaz city of "i +��,rcrt Peucii. -10 STATE OF CALIFORNIA ) 40 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. 104 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 inth day of March , 19 -L,g_, by the following vote, to wit: AYES, COUNCILMEN: S.P. Gree]ey;,LJ, Schmitkan, NOES, COUNCILMEN ABSENT COUNCILMEN. None Dated this 6th day of April , 1955 City Clerk and Ex- Officio Clerk of the City Council, City of Newport Beach, State of California. 0 40