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Resolution No. 1 6�
A Resolution of the Board of Trustees of the
City of Newport Beach amending Sections 4 and 6
of Resolution No. 162 of said city concerning
the rate of interest to be paidupon certain
bonds thereof, and authorizing the sale of
said bonds at private sale.
Whereas, the Board of Trustees of the City of New o rt
Beach, on the 27th day of March, 1922, passed and adopted Resolu-
tion No. 162 of said city, fixing the rate of interest to be paid
upon an indbbtedness of 6,21,000.00, to be represented by the muni-
cipal bonds of raid city,for the construction of a bride in and
for the city of Newport Beach; and
Whereas, pursuant to Resolution No. 162, the said bonds
wera offered for sale and no bids received therefor;
Now therefore, the Board of Trustees of the City of
New,.3ort Bench do rssolve, determine and declare as follows:-
Section 1.
Section 4 of Resolution No. 162 of the city of Newport
Beach is hereby amended so as to read as follows:
"The maximum rate of interest to be paid on the indebted-
ness of
6,21,000.00 having been,in
Ordinance No.
194 calling
the
special
election under which the
same w -is voted,
fixed at six
(6)
per cent. per annur,, 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 pr ncinal of the indebtedness to be
incurred in the sumof $21,000.00, shall be and is hereby fixe'
at the rate of six per centum per annum, payable semi - annually.
and the sum of each sem.i- annual payment of interest shall be
inserted in the appropriate interest coupons att-ehed to eaoh
bond."
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Section 2.
Section 6 of Resolution No. 162 of the city of Newport
Beach is hereby amended so as to read as follows:-
"All of the 21 bonds shall be dated the let day of
April, 1922, and the principal sum thereof represented shall bear
interest at the rate of six per eentum per annum from the let
day of Apri1,19221, until all of said bchds, principal and interest,
s'-all be well and truly paid.
Section 3.
The form of the bonds set forth in Section 9 of Resolu-
tion No. 162 shall be and is berebyo changed by inserting therein
the rate of interest of six per centum per annum in the place and
stead of 5j per cent.
Section 4.
The Boar'[ of Trustees of the city of Newport Beach
shall,without other or further advertisement therefor, proceed
to sell the bonds of the city of Newport Beach in the sum of
$21,000.00 at private sale, but for not less than their par value,
and accrued interest at date of delivery.
Section 5.
The above and foregoing Resoluticn No. I-L4. was Passed and
adopted an this, the 11th day of April, 19220 by the Boar.- of Trus-
tees of the city of Newport Be ^ch and on said -iay signed and approv-
ed by the President of the Board of Trustees, the :.rime being passed
by the affirmative vote of the following named members of sc.id
Board, to -wit:
Ayes, Trustees J. P. Greeley, J. J. Sc`nitker, Goo. P.
Vilson, Conrad Richter, 0. H. Burke.
Noes, Trustees None
Absent, Trustees None.
The above and foregoing Resolution No. is approved
by me, this 11th ,iay of April, 1922.
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City of fiewport Beach.
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$ Clerk of the city of Neti"ort Beach
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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. 169 was duly and
Board of Supervisors of
regularly adopted, passed, and approved by the &ftXx2Q =?.k cxQftx
the City of Newport Beach, California, at a regular meeting of
Board
said Rihytx€a m ik held at the regular meeting place thereof, on
the 11th day of April s 1922, by the following
vote9 to wit:
TRUSTEES
AYES, X7& : Greeley, Schnitker, Wilson, Richter, Burke
NOES R iJM : None
ABbENTI S,: +►Kn:y:�:: ►;:a None
Dated this 22d day of December , 1958.
City Cler an Ex- Officio Clerk of the
City Council, City of Newport Beach,
State of California.