HomeMy WebLinkAbout203 - Municipal Improvement District 2 Bonds*I I Resoluti .�n No. �, 43
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A Resolution of the City of
Newport Beach
providin; for the issuanc.-_ and
sale thereby of the
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bonds of
Yunicipal Improvement
District No. 2 of
the City
of tlewport Beach for the
acquisition of
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a public
improvement ::,hich the
City of Newport
Beach is
authorized to acquire,
prescribina the
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form of
s:id bonds an.,. interest
c;upons, fixing
( the drAe
an,i place of payment and
the denomination
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f of s;:.id
bonds.
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tot; .7hereas, on the Clst aay of June, there s filed
u 1i ,-:ith the Clerk of the city of Newport Beach a petition :- ic.ned by
0 f is ter, per cent. and ,.,ore c.f the qualified electors of the City of -
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wz 13 Tort Beach, resi in -r in certai:i territory thareuf, aslcirg th:_t said
3m0 14 'E territory be forded into a municipal improvement district for the
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oQo 15 ?urnoses of creatinr an indebtedness thereof, to bo represented by
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IL < 16 bonds of scid district, the proceeds from the sale of : =rhich to be
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m 0 17 used for the acquisition of a public improvement, setting forth a
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18 general deocri?tion of the improvement work to be acquired and a
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19 _,eneral deseriptiun of the exterior boundaries of the prc:oos;d dis-
20 , trict; and
21 Whereas, on the 3rd day of July, 1922, the Boar'. of Trus-
22 (tees of the city of Newport Beach ::!dopted Or inance No. 210 of said
23 I`Icity,whioh ;;as th�r--3after duly published, the same bein an Ordinance
24 declaring its intsntior to call an election in the prcpcsed district
25i or as the -3ame might be thereafter moiified, for the purpose of sub -
z6 j witting to the qualified electors of :,aid district the pror;ositi::n of
• 27 authorizing the issuance and sale of bonds of such district in the
• 28 (manner and for the purt;ose set forth in said Ordinance of Intention,
29 ! the said Or_iinunce settin; forth the ,..utters and thins required by
30 law and fixing a ;'.��te, hcur, and place for the hearing of protests;
31 1?hereas, no per3on interested or otherwise objectad to the
32 formo;l;n of the district, or to the extent thereof, or to the pro!.ose
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improvement °,ork, or the acquisition thereof, or to the inclusion of
his property in said district, and
°;'hereag, on the 31st day of July, 1922, the Board of Trus-
tees of the city of Newport Beach adopted Ordinance No. 213 of said
City, and the same was thereafter duly published,providing for the
submission to the qualified voters of said district the proposition
of incurring F. debt by the issuance and sale of bonds of such district
for t:^e purposes set forth in said Ordinance, reciting the objects
and purposes for which the proposed indebtedness were to be incurred,
the nature of the improvement work contemplated, the estimated cost
thereof, the amount of principal of the indebtedness to be incurred
therefor, being the sum of ?60,000.00, and the rate of int °rest to be
paid on said indebtedness, and fixing the 12th day of Se- -tem:jer, 1922
as the date on which such election should beheld, the manner of hold -
in; the swme, and the manner of voting for or against said propmsitio
and
77hereas, on the 12th day of September, 1922, in accor,ance
with said Ordinanc No. 213, and the laws in such cases made and pro -I
vided, there was held at and within Lunicipal Improvement District No{
2 of the City of Newport Beach an election at which there was submitt
ed to and voted for and against by the qualified voters of the distri t
the proposition of the issuance and sale of the bonds of said distric
in the sum of "60,000.00; and
17hereas, the Board of Truste-sof the city of Newport Be ^ch
met in adjourned rag lar meeting on the 18th day of September,1922,
and the returns of said election bein7 made and in the hands of the
Clerk of said city, proceeded to canvass the same, and from the re-
tb-Tns and the canvass thereof, the Board of Trustees found that at
the election there were voted 182 votes; that 176 votes of said vote
were cast YES or in favor of the issuawa and sale of the bonds, and
(6 votes were cast NO and against the sale thereof, and that t ^o -thir
Land more of the voters votin. at the election voted YES and in favor
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0 1 of the issuance and sale of the bonds of municipal Improvement Dis-
Am� 2 trict No. 2 of the City.of Newport Beach in the sum of 8,60,000.00
1W 3 for the IT orosition set forth in Baia Ordinance, and that the iB-
4 Buanc a of the bonds of said District have been and are authorized.
5 The Board of Trustees of the City of Newport Beach do
6 resolve as follows: -
7 Section 1. The bonds of Municipal Improvement
8 DistrictNo. 2 of the city of Newport Beach, the exterior boundaries
9 of which are generally described in the petition for the formation
10 thereof, filed with the Clerk of said city on the 21Bt day of June,
11 1922, defined and permanently established in Ordinance No. 210 there
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z of, Bhall be issued and Bold in the Bum of 8,60,000.00 for the ac-
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? quiBition of a public improvement at and within said District, which
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3No 14 municipal improvement, the City of Nerport Beach is authorized to
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i;o acquire, and is described as followB:-
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4 a 16 The improvement of the ocean front within 7aunicipal Im-
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m N 17 provement District No. 2 of the city of Newport Beach by the acqui-
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°r 18 Bition of the wooden wharf now erected and ediBting therein, and
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19 which extends from the southerly end of Southern Pacific Company'B
20 railroad right of gray into and over the waterB of the Pacific Ocean,
21 the placing of wooden piles under portionB thereof, the laying of a
22 wooden deck or floor thereon, the construction of a railin3 along
23 the Bame, the extension of the length thereof approximately 35 ft.,
24 and the erection at the end of and connected with said wharf as ex-
25 tended a Btructure approximately 100 ft. in length and 40 ft. in
26 width by drivLpg wooden piles into the bed of the pacific Ocean, and
• 27 placing wooden BtringerB thereon, and the laying of a wooden deck or
• 28 floor upon said BtringerB.
29 The acquisition of W Btrip of land approximately 100 ft.
30 in width and extendin.7 from the northerly or shore end of the des-
3 cribed wharf northerly to the southerly line of Pacific Electric
32 Railway Company'B railroad right of way upon which to conBtruot and
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the construction of good and sufficient approaches to said wharf
and for the parking of automobiles and other vehicles at or near said
approaches, all in a safe and sufficient manner for the purposes of
public pleasure and recreation and the uses of c:.mmerce.
Section 2. The $60,000.00 shall be represented
by sixty bonds, each in the denomination of "1000.00 and numbered from
one to sixty, both inclusive, bearin3 interest at the rate of 6�0 per
annum, payable semi - annually, both principal and interest on said bon
shall be paid at the office of the Treasurer of the city of Newport
Beach in said city, County of Orange, State of CaliErnia.
All of the bonds shallbe dated the 1st day of October,
1922, and the semi - annually interest shall be } payable on the first
day of April and the first •Aay of October in each and every year aft
Baid date until the bonds shall be well and truly paid, principal and
interest.
On the first day of October, 1923, three of said bonds
being Bonds Nos. 1, 2, and 3, both inclusive,shall fall due and be
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!paid, and annually thereafter on the first day of October three addi-
tio:ial of said bonds in successive numerical order shall fall due and
be paid, until the whole sam of N60,000.00 is paid, lyaking an annual
I payment on the principal or said bonds of $3000.00.
Section 3. The form of said bonds.and interest
coupons to be attached thereto shall be as follows:-
MUNICIPAL I3,1PROV7 -MENT DISTRICT NO. 2 OF THE CITY OF NEWDORT BEACH
$1,000.00 No.
Municipal Improvement District Nob. 2 of the City of New-
port Beach hereby acknowledges its indebtedness to the holder of this
(bond in the sum of "1,000.00 and agrees to -)ay said sum at the office
lof the Treasurer of the city of Newport Beach in said city, County of
110range, State of California, on the fi1`st .ay of October, 19____,, to-
Ilgether with interest thereon at the rate of six per cent. per annum,
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from the date of this bond until the sum of 1,000.00 has been well
and truly paid, the interest to be paid semi - annually on the first
day of April and the first day- of October in each year.
This bond is issued in pursuance of an Act of the Legis-
lature, entitled: "An act to provide for the formation of dis-
tricts within municipalities for the acquisition or construction of
public improvements, rrorks andpublic utilities; for the issu -nce,
sale and payment of bonds of such districts to meet the cost of such
improvements, and for the acquisition or construction of such im-
provements." (approved April 20, 1915, and acts amendatory thereof.)
The issuance and sale of this bond has been and is author-
ized by the votes of two- thirds and more of all the voters voting at
an electicn called and held in Municipal Improvement District No. 2
of the Cityof Newport Beach for that purpose on the 12th day of Sep -
tember, 1922. The Board of Trustees of the city of Newport Beach,
as the legislative body thereof,shall and will hereafter at the time
of fixing the general tax levy and in the manner for such general tax
levy provided, levy and collect a tax each yecr upon the taxable prop
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erty in such district sufficient to pay the interest on this bond for
that year, and such portion of the principal thereof as is to become
due before the time for making the next general tax levy. Such tax
shall be in addition to all other taxes levied for municipal purposes
and when collected shall be paid into the treasury of the city of New
port Beach and be used for the pay:.ent of the principal an.= interest
on this bond, and for no other purpose.
The.orincipal and interest on this bond shall be paid by
the Treasurer of the city of Newport Beach in the manner provided by
law for the payment of principal and interest on bonds of the city of
Newport Beach.
In Testimony ': ".hereof,
the
City of
Newport Beach has
given this bond to be signed by
the
President
of its Board of Trus-
tees, also si;~ned by its Tre surer and countersi ned by the Clerk
thereof V is first day of October, 19u2.
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111 countersigned:
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President - Board of Trustees
City of New_oort Beach.
Treasurer - city of Newport Beach
Clerk - city o I prt Beach.
10 There shall be attached to each bond, consecutively
11 I numbered, interest coupons providing for the payment of semi- annual
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3 o INTEREST COUPON.
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No.
o¢ 15
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o F 16 iunicipal Improvement District No. 2 of the city of
m 17 Newport Beach hereby promises to pay the holder of this coupon upon
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18 surrender and -cancellation thereof the sum of Thirty Dollars on the
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19 first ay of 19 being semi - annual interest on the sum
20 of One Thousand Dollars represented by Bond No. of s--id Dis-
21 trict.
22 I "itness the sib - nature of the Tr u3ueer of th- ;ity �?
23 U : och t'-is firct day of October,192U.
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Treasurer - city of Newport Beach.
• 27 Each bond shall be signed by the President of the Board of
is 28 Trustees of the city of Newport Beach, as the chief executive thereof,
29 also signed by the Treasurer and countersigned by the Clerk. The
30 interest coupons shall be signed by the Treasurer of the city of New -
31 port Beach by his engr: >ved or lithogra,)hed signature.
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• I Section 4. The Clerk of the city of Newport Beach
2 shall immediately advertise �36 of said bonds a ;;regating 9".
3 for sale by publishing a notice inviting uealed bids therefor in
4 ITEWPORT NE'9S, a newspaper of general circulation printed, published,
5 and circulated in the city of Newport Beach for tvc weeks next pre -
6 ceding the date on which bids are to be received; said date to be
7 fixed by the Clerk.
8 All bids shall be addressed to the Clerk of the city of
9 Newport Beach and accom,anied by a check payable to the Trersurer
to thereof in a sum equal to t°ro per cent. of the aggregate of the bid
1111 and certified by a responsible bank in this State.7
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Any and all bonds
not previously sold may be sold at any
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be-
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come due before the time fur making
the next general
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time by givin; like notice and receiving bids under like
conditions.
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bonds issued and outstanding. Such
tax shall be in
addition
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No bonds shall be
sold for less than their par
value and
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interest accrued at the date
of delivery. The proceeds
of the sale
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of all bonds shall tie placed
in the treasury of the city
of Newport
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Beach to the cr :dit of the funds of municipal Improvwt:ent
District
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No. 2 of the city of Newport
Beach, and shall be applied
exclusively
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19 to the purpose of the acquisition of the improvement mentioned in
20 I Ordinance No. 213 and in this Resolution defined.
21 Section 5.
22 The legislative body of the city of Newport Be=ach shall
23 and will at the time of fiking the general tax levy and in the manner
24G for such general tax levy provided levy and collect a tax each year
25 jj upon the taxable property in :,,unicipal Improvement District 11-. a of
261 the city of Newport Beach sufficient to pay the interest on such bone
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for that year, and such portion of
the principalthereof as is
to
be-
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come due before the time fur making
the next general
tax levy
on
all
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bonds issued and outstanding. Such
tax shall be in
addition
to
all
3of other tcxes levied for municipal purposes and when collected shall ba
31 i` paid into the treasury of the city of Newport Beach and be used for
32 the payment of the principal and interest on such bonds, and for no
other ,urpose.
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• 1 I hereby certify that the foregoing resolution was raJular
2 ly introduced before the Board of Trustees of the city of Newnort Be.lc.
3 at a. meeting thereof held on the 18th day of September,1922, and duly
4 adopted and passed by said Board of Trustees at a regular m -etin.- thar -
5 of held on the 25th day of September,1922, by the vote of the follo:•r-
6 in„ named members thereof:- pp
7 Ayes, Trustees
8 v✓r%
9 Noes, Trustees
10 Absent, TrusteesD.
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0 12 Att>Bt: {
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3a° 14 Clerk - city of Newport Beach.
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