HomeMy WebLinkAbout162 - Issuance & Sale of Bonds for Bridge Constructionz�
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Resolution No. u .4
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A resolution of the City of Newport Beach
by the legislative branch thereof, to -wit: the
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Board of Trustees, providingfor the and
the
sale of the bonds of said city in the sum of
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$21,000.00 for the construction of a bridge,
a municipal improvement, in the city of Newport
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Beach; - —
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Prescribing the form of such bonds, fixing
the rate of interest to be paid thereon, the date
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and place of payment of said bonds, principal and
interest, and further providing a sinking fund for
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the payment and redemption of the bonds, principal
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and interest. _ -
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Whereas, by Ordinance No. -194 of the City of Newport
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Beach, a special election was called to be held at and within the
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City of Newport Be ch on the 23rd day of Larch, 1922, for the pur-
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pose of submitting to the qualified voters of the city of Newport
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Beach the proposition of incurring a debt and issuing the bonds of
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the said city in the sum of $21,000.00 for the purpose of the con -
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struction of a bridge, a municipal improvement, in the city of New -
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port Beach; and
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Whereas, said special election so called was, on the
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23rd day of Larch, 1922, dully, held in all respects fairly and
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legally, and in accordance with law and the provisions of said
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Ordinance No. 194; and
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Whereas, at said special election there was submitted
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to the qualified voters of the city of Newport Beach the proposi-
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tion of the issuance and sale of said bonds in the sum of $21,000.0
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for the construction of a bridge, a municipal improvement, in the
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city of Newport Beach; and
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Whereas, by a canvass of the returns of said special el
tion, which canvass thereof was made and had by the Board of Tru6—
tees of the city of Newport Beach, at a regular meeting thereof
held on the 27th day of March, 1922, it appeared to and was, by
said Board of Trustees, found, established, and entered of record
in the minutes of said meeting,that at said special election the
votes of more than two- thirds of all the voters voting thereat were
voted "YES ", and in favor of the proposition of incurring a debt
and issuing the bonds of the city of Newport Beach in the sum of
$21,000.00 for the purpose of the construction of said bridge by
the city of Newport Beach; the votes at said special election be-
ing voted and cast, as follOwe :-
Proposition voted for and against:
"Shall the City of Newport Beach incur a
bpnded debt in the sum of $21,000.00 for the YES
objects and purposes recited in Ordinance No.
194, being the construction of a bridge across NO
an arm of Newport Bay connecting Central Avenue
with the County Highway?"
Total number of votes cast both for and
against the proposition,- -956
Total votes cast "YES" and in favor of
the proposition,- -221
Total votes cast "NO" and against the
proposition,- 32
Votes spoiled and not counted - 3
Now therefore, the Board of Trustees of the City of New-
port Beach do resolve and declare as f011OWe :—
Section 1.
The bonds of the city of Newport Beach in the sum of
021,000.00 shall be issued and sold for the payment Of t-5 cost Of
the construction of said bridge by the city of Newport Beach.
Section 2.
Public interest and Necessity demands the construction
3211 the city of Newport Beach of the municipal improvement, to -wit:
said bridge, and which shall consist of a steel plate girder bridge
with steel cross beams, wooden stringers, and flooring, and the
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necessary and sufficient approaches, the :bridge when completed to
be 32 feet in width and 40 feet in length, extending over and a.cross
an arm of Newport Bay, located at and connecting the northerly end
of Central Avenue, a public street of the city of Newport Beach,
with the southerly end of Newport Road, a public highway of the
County of Orange; the said municipal improvement being necessary
and conven6ent to carry out the objects, purposes, and powers of
the city of Newport Beach.
Section 3.
The bonds of the city of Newport Beach to be issued and
sold in the sum of $21,000.00, which is the principal of the indebt-
edness to be incurred by the city of Newport Beach for the construc-
tion of the said bridge, shall be twenty -one (21) in number, and
shall be consecutively numbered from one (1) to twenty -one (21),
both inclusive, and each bond shall be in the denomination of $$1,
There shall be attached to each bond and numbered consecutively,
interest coupons for the payment of the interest thereon.
Section 4.
The maximum rate of interest to be paid on the indebted-
ness of $21,000.00 having in said Ordinance No. 194, calling the
special election and under which the same was held, been fixed at
six (6) per cent. per annum, payable semi - annually, the Board of
Trustees of the city of Newport Beach hereby orders that the rate
of interest to be paid on the principal of the indebtedness to be
incurred in the sum of $21,000.00 shall be and is hereby fixed at
the rate of, S� _ per cent. per annum, payable semi- annually,
and the sumof each semi - annual payment of interest shall be insert-
ed in the appropriate interest coupons attached to each bond.
Section 5.
Both the principal and interest on the indebtedness of
$21,000.00 shall be payable in lawful money of the United States,
and at the office of the Treasurer of the city of Newport Beach, in
said city, County of Orange, State of California.
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Section 6.
All of the 21 bonds shall be dated the let day of April,
1922, and the principal sum thereby represented shall bear interest
at the rateof r/ per cent, per annum from the let day of April,
1922, until the said principal and interest shall be well and truly
pai d.
On the let day of April, 1923, one of said bonds, being
Bond No. 1, in the denomination of $1,000.00, shall be paid, and
annually thereafter on the first day of April one additional of
said bonds, in successive numerical order and of like denomination,
shall be paid; until all of said bonds and all money thereby re-
presented shall be well and truly paid, the same being and constitut
ing an annual payment of the sum of $1,000.00 of the principal of
said indebtedness, and is not less than one - fortieth part of the
amount of such indebtedness.
Section 7.
The first installment of semi - annual interest on said
bonds and the indebtedness thereby evidenced shall fall due and
be paid on the let day of October, 1922, and a like semi- annual
payment of interest on said indebtedness shall fall due and be paid .
on the 1st day of the months of April and October thereafter, until)
all of said bonds and the money thereby represented shall have been
well and truly paid.
Section S.
The indebtedness which it is proposed to incur in the
sum of $21,000.00, together with all other indebtedness
heretofore incurred by the city of Newport Beach, will not inthe
aggregate exceed fifteen per cent. of the assessed value of all the
real and personal property of the city of Newport Beach.
Section 9.
Said bonds shall be serial in character and substantially
in the following form:
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"No.
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UNITED STATES OF AMERICA
State of California
City of Newport Beach
Bridge Bond.
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Series No.
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Be it known 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 one thousand dollars
($1,000.00), lawful money of the United States, and promises to pay
the said bearer the said sum of one thousand dollars ($1,000.00)
in lawful money of the United States on the 1st day of April, 19_,
at the office of the City Treasurer in the city of Newport Beach,
together with interest thereon at the rate of J /I — per Cent.
per annum, interest payable semi - annually in like lawful money of
the United States on the 1st day of October and the first day of
April of each and every year that this bond is to run, at said
Treasurer's office, upon presentation and surrender of the proper
interest coupon hereto attached.
This bond is issued bythe city of Newport Beach for the
purpose of the construction of a bridge in the city of Newport Beac
and by the authority and in pursuance of anAct of the Legislature
of the State of California, entitled:, "An act authorizing the in-
curring of indbbtedness by cities, towns, and municipal corporation
for municipal improvements, and regulating the acquisition, constru
tion or completion thereof." ( became a law February 25, 1901,) an
all acts amendatory thereof. Also pursuant to Resolution No. 152
of said city, passed and adopted on the 6th day of February, 1922,
and Ordinance No. 194 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 20th day of February, 1922, and on said day
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approved by the President of said Board of Trustees, and in further
pursuance of Resolution No. 1 �_ 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 happen-
ed, been 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
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 purpose,
duly called and held by an 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, and a sinking fund has been
duly constituted to pay the principal at maturity, and that the debt
hereby created and this bond are within every debt and other limit
prescribed bylaw,and said act, and by the constitution.
In Testimony whereof, the city of Newport Beach, by its
Board of Trustees, has given this bond to be signed by the President
Of its Board of Trustees, as executive of said municipality, aand
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 let day of April, 1922.
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 Bea
Countersigned:
(seal)
Clerk of-Tfie city of Newport Beach.,,
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Section 10.
The interest coupons attached to said bonds shall be
substantially in the following formL-
" Interest coupon No.
On the first day of 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 lawful money of the United States of America, being
semi - annual int °rest on Bridge Bond No. , dated April 1,
1922.
Treasurer of the city of Newport
Beach."
Section 11.
All of the said 21 bonds shall be signed by the President
of the Board of Trustees of the city of Newport Beach, as the exe-
cutive thereof, alsosigned by the Treasurer and countersigned by
the Clerk of said city. Each of said officers is hereby authorized
and instructed to sign and countersign said bonds and coupons. The
signature of the Treasurer of the cityof Newport Beach required
to be affixed to the interest coupons, may be by a printed, engrav-
ed or lithographed fac- simile of such Treasurer's signature, and
when so affixed shall be deemed and treated as the lawful signature
Of such Treasurer.
Section 12.
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 deter-
mine to the highest bidder therefor in lawful money of the United
States, but for not less thantheir par value, and the proceeds
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of such bonds when sold shall be placed in the municipal treasury
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of the city of Newport Beach to the credit of the bridge bonstruc-
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tion.fund, which fund is hereby created for the reception of said
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moneys, and the said fund shall be applied exclusively to the pur-
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poses and obtects for which the same was voted, and as is mentioned
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1 in Ordinance No. 194 of the city of Newport Beach.
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Section 13.
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The Board of Trustees of the city of Newport Beach, as
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the legislative branch of said city, shall, at the time of fixing
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the general tax levy and in the manner for such general tax levy
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provided, levy and annually collect each year,until said bonds are
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paid, or until there shall be a sum in the Treasury of the city of
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Newport Beach set apart for that purpose to meet all sums coming
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due for principal and interest on said bonds, a tax sufficient
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to pay the semi - annual interest onsuch bonds and also such a part
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of the princiJpal thereof as shall become due before the time of
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fixing the next general tax levy. The taxes herein required to be
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levied and collected shall be in addition to all other taxes levied
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for municipal purposes and shall be collected at the same time and
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in the same manner as other municipal taxes are collected, and shalt
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be placed in the municipal treasury of the city of Newport Beach. in
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a fund separate from all other funds therein, and shall be known
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as the bridge construction bonds principal and interest redemption
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fund, which fund is hereby created for the reception of said tax;
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and the same shall be used for no other purpose than the payment
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of said bonds, and accruing interest.
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Section 14.
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The Clerk of the city of Newport Beach is hereby instruc
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ted under and pursuant to Sec. 676 of the Political Code of the
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State of California, when said bonds are ready for sale, to forth -
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with by mail,postage prepaid, notify the State Board of Control anc
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State Treasurer of the State of California, at the capital thereof,
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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, showing when and where pay -
able, the assessed value of the property upon which 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 bolds and require a certified check
of two per cent. of the amount of the bid, certified by a respon-
sible bank, from each person presenting a sealed bid for the pur-
chase of said bonds, according to the Notice of Sale, to be here-
after published under the direction of the Board of Trustees of
the city of Newport Beach offering said bonds for sale.
Section 15.
The above and foregoing Resolution No. / 6 2 was passed
and adopted on this, the 27th day of March, 1922, by the Board of
Trustees of the city of Newport Beach, and on said day signed and
appr ved by J. P. Greeley, president 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:
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Ayes, Trustees
Noes, Trustees
Absent, Trustees �iovr�
The above and foregoing Resolution No. /ZZ is approved
by me, this 27th day of March, 1922.
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City of Newport Beach
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Cleri of the city of Newport Beaci
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STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF NEWPORT BEACH )
SS
I, MARGERY SCHROUDER, 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 ;maintained in my office,
the foregoing Resolution No. 162 was duly and
Board ofTrustees of
regularly adopted, passed, and approved by the G&*x3nunndKk=ft
the City of Newport Beach, California, at a regular meeting of
Board
said CxU&S)@urxo6a held at the regular meeting place thereof, on
the 27th day of March 7 1922 7 by the following
vote, to wit:
TRUSTEES
AYES 7)60iiN6ffA4&d: Greeley, Schnitker, Wilson, Richter, Burke
NOES,)ODUNUOUMv: None
Dated this 22d day of December 7 i9 58
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City Clerk and Ex- Officio Clerk of the
City Council, City of Newport Beach,
State of California.