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HomeMy WebLinkAbout228 - Sale of Bonds Special Election - 3-29-19231 RESOLUTION NO. 2 •3 al5 A resolution of the city of Newport Beach, by the legislative branch thereof, to -,nit: the Board 6 of Trustees, providing for the issuance and sale of the bonds of said city for the construction of certain 7 municipal improvements in and for said city, prescrib- ing the form of such bonds, fixing the rate of interest 8 to be paid thereon, the date and place of payment of said 'bonds, crincipal and interest, providing a sinking 9 fund b r the payment and redemption of the bonds, prin- cipal and interest. 10 u z 0 12 Whereas, by Ordinance No. 226 of the city of Ne; ^.purt Beach. Ja 13 a special election was called and ordered to be held within the ;ity W m %� is of Newport Beach on the 29th day of Piaroh, 1923, for the our, o ,s of ¢a Zaa i5 submitti#g to the qualified voters thereof several propositions of aIta o 16 incurring a bonded debt and issuing the bonds of the city of Newport x Z U) N 17 Beach in the several amounts of the principal of the indebtec:n ,)c- w o IS and for the several objects and purposes set forth in Resolution No. U 19 217, and recited and described in Ordinance No. 226 of said city; 20 Whereas, at said special election the several propositions 21 and the amounts of the principal of indebtedness to be incurred 22 therefor were submitted as follows: - 23 Proposition No. 1. 24 Shall the City of Newport Beach incur a bonded debt 25 in the sum of $8000.00 to pay the cost of the construction of a 26 public comfort station or water - closet at Balboa? . 27 ( the use hereinafter of the words "Balboa comfort station 28 means and shall at all times and places be held and construed to 29 mean the municipal improvement mentioned in proposition No. 1 set 30 forth in Resolution No. 217, and recited and described in Ordinance 31 No. 226 of said city.) 32 -1 • 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15i 16 17 18 19 20 21 22 23 24 25 26 27 • 28 • 29 30 31 32 Proposition No. 2. Shall the City of Newport Bloch incur a bonded debt in the sum of $2500.00 to pay the cost of the construction of a public comfort station or hater- closet at East Newport? ( the use hereinafter of the words "East Newport Comfort Station" means and shall at all times and.places be held and construed to mean the municipal improvement mentioned in proposition No. 2,set forth in Resolution No. 217, and recited and described in Ordinance No. 226 of said city.) Proposition No.3. Shall the City of Newport Beach incur a bonded debt in the sum of $7000.00 to pay the cost of the construction of apublic jail at or near the City Hall of the City of Newport Beach? ( the use' hereinafter of the words "public jail" means and shall at all times and places beheld and construed to mean the municipal improvement mentioned in proposition No. 3, set forth in Resolution No. 217, and recited and described in Ordin- ance No. 226 of said city.) Whereas) said special election so called was, on the 29th dayof March, 1923, duly held in all respects fairly and legally and in accordance with law and the provisions of said Ordinance No. 226; and Whereae, on Monday,the 2nd day of April, 1923,the Board of Trustees of the city of Newport Beach duly canvassed the returns of said special election and from said returns and the canvass thereof it appeared and the Board of Trustees of the city cf Newport Beach finds that at said election the votes of two- thirds and more of all the voters voting thereat were -2 I 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 voted YES and in favor of the issuance of the bonds of the city of Newport Beach, as follows-.- For the constructicr of Balboa 9omfort station in the sum of $8000.00•, For the construction of East Newport comfort station in the sum of $2500.00; For the construction of a public jail at or near the City Hall, in the sum of $7000.00; NOW THEREFORE, ffihe Board of Trustees of the city of Newport Beach do r eeolve, determine, and declare as follows:- 8egtion 1. The public interest and also the public necessity demands the construction of Balboa comfort station in the city of Newport Beach, and the cost thereof will be the sum of $8000. which will be too great to be paid out of the ordinary annual in come and revenue of the city of Newport Beach. The bonds of thecity of Newport Beach are hereby order ed to be issued and sold in the sum of $8000.00, which is the principal of the indebtedness to be incurred by said city for t construction of said Balboa comfort station; the said sum of $8000.00 shall be represented by eight bonde, each in the de- nomination of $1000.00, and shall be numbered consecutively from 1 to 8, both inclusive, all of the eight bonds shall be dated the let day of May, 1923, and be paid as followe: on the 1st day of May, 1924, one of said bonds, being Bond No. 1, shall be Paid, and annually thereafter on the 1st day of May one addition al of said bonds, in euccesive numerical order shall be paid, until all of said bonds, both principal and interest, havebeen well and truly paid, being an annual pepent of not less than one fortieth part of the principal of said indebtedness. -3 -4 1 $eotbon 2, • 2 The vnblic interest and also,the public necessity • 3 demands the construction of East Newport comfort station, in 4 the city of Newport Be ^ch, and the cost thereof will be the sum 5 of $2500.00,%7hich will be too W eat to be paid out of the ordin- 6 ary annual income and revenue of the city of Newport Beach. 7 The bonds of the city of Newport Beach are hereby 8 ordered to be issued and sold in the sum of $2500,000which is 9 the principal of the indebtedness to be incurred by said city 10 for the construction of said East Newport comfort station; the 11 said sum of $2500.00 shall be represented by five (5) bonds, 12 each in the denomination of $500.00, and shall be numbered con - 13 secutively from 1 to 5, both inolusive,.all of the five bonds 14 shall be dated the let day of May, 1923, and be paid as follows: 15 on the let day of May, 1924, one of said bends, being Bond No. 1 16 shall be paid, and annually thereafter on the let day of Ikay one 17 additional of said bonds, in successive numerical order shall be 18 paid, until all of said bonds, both principal and interest, have 19 been well and truly paid, being an annual payment of not less 20 than one - fortieth part of the principal of said indbbtednees. 21 Section 3. 22 The public interest and also the Public necessity 23 demands the construction of a public jail at or rear the City 24 Hall in the city of Newport Beach, and the cost thereof will 25 be the sum of $7000,00, which will be too great to be paid out 26 of the ordinary annual income and revenue of the city of Newport 27 Beach, • 28 The bonds of the city of Newport Beach are hereby orde • 29 ed to be issued and sold in the sum of $7000.00, which is the 30 principal of the indebtedness to be incurred by said city for 31 the construction of said public jail; the said sum of $7000.00 32 -4 / J 1 shall be represented by seven (7) bonds,each bn the denomination • 2 of $1000.00, and shall be numbered consecutively from 1 to 7, • 3 both inclusive, all of the seven bonds shall be dated the let 4 day of May, 1923, and be paid as follows; on the let day of 5 May, 1924, one of said bonds, being Bond No. 1 shall be paid, and 6 annually thereafter on the let day of May one additional of said 7 bonds, in successive numerical order shall be paid, until all of 8 said bonds both principal and interest, have been yell and truly 9 paid, being an annual payment of not less than one - fortieth part 10 of the principal of said indebtedness. 11 Section 4. 12 The rate of interest to be paid on any and all indebted- 13 ness proposed to be incurred and upon the bonds ordered to be 14 issued therefor is hereby fixed at r'O % per annum, payable semi - 15 a mually, and which is not in excess dif the maximum rate of inter - 16 est recited in Ordinance No. 226 of the city of Newport Beach; 17 31 32 -5 the first installment of interest on the principal sums of each 18 and every one of said bonds, and the money thereby represented, 19 shall be paid on the let day of November,1923, and on the let 20 day of May and November of each and every year thereafter until 21 all of said bonds are paid, both the principal and interest shall 22 be payable in gold coin of the United States, and at the office 23 of the Treasurer of the city of Newport Beach, in said city, Coun 24 of Orange, State of California. 25 Section 5. 26 1 A se_oarate series of bonds shall be issued for the in- 27 28 debtedness in the principal sum for each of the several objects • and purposes for which bonds are herein ordered issued, and the 29 bonds shall ie substantially in the following form. 30 31 32 -5 • • • • 111 "No, 3 UNITED STATES OF AMERICA 4 State of California 5 City of Neaport Beach. Series No.�_ 6 { here insert designation ) Bond, 7 8 BE IT KNOWN that the city of Newport Beach, in the 9 County of Orange, State of California, hereby acknoi %ledges its 10 indebtedness to the bearer of this bond in the sum of 11 12 Dollars, gold coin of the United States, and promises to pay the 13 bearer the sum of Dollars in gold coin of 14 the United States on the 1st day of May,19 at the office of 15 the CityTreasurer of the city of Newport Beach ,together with 16 interest thereon at the rate of per centum per 17 annum, interest payable semi- annually in like gold coin of the .l8 United States on the 1st Jay of November and the let day of May 19 of each and every year that this bond is to run, at said Treasur• 20 er's office, upon presentation and surrender of the proper irter- 21 set coupon hereto attached. 22 This bond is issued by the city of Newport Beach for 23 the purpose of ( here insert oonstruction of the proper municipa'. 24 improvement ) and by authority and in pursuante of an Act of the 25 Legislature oft-:e State of California, entitled: "An act author 26 - izing the incurring of indebtedness by cities, towns, and muni- 27 cipal corporations for municipal improvements, and regulating 28 the aoquisition, construction or completion thereof." ( became 29 30 a law February 25, 19 -1) and all acts amendatory thereof, Also � pursuant to Resolution No.- 217 of said city, passed and adopted 31 on the 13th day of February, 1923, and Ordinance No. 226 of 32 said city, passed by the Board of Trustees thereof by the af- -g t I • 2 • 3 4 • • 51 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 firmative vote of more than two- thirds of all the members thereof, on the 26th day of February, 19231 and on said day approved by the President of said Board of Trustees, and in further pursuance of Resolution No. directing the issue of this bond. It is hereby certified that all conditions, acts, and things essential to the validity of this bond exist, 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 beet 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 speoial election for that purpose, duly called and held by said Ordinance No. 226, 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 conktituted to pay the principal at maturity, and that the debt hereby created and this bond are within every debt and other limit prescribed by law, and said act, and by the con- stitution. IN T79rIMONY WHF,REOF, the City of Newport Beach, a municipal corporation, has given this bond to be signed by the President of its Board of Trustees, as executive of said muni- cipality, and also signed by its Treasurer, and countersigned by the Clerk of said city,.and the corporate seal of the city of Newport Beach to tae hereunto affixed, and the attached coupons to be signed by the Tre -surer of the city of Newport Beach, County of Orange, State of California, this let day of May, 1923. President of the Board of Trusteee od the city of Newport Beaoh, as the executive thereof. -7 I i 1 • Treasurer of the city of Newport 2 Beach. • 3 Countersigned: 4 (seal) Clark of the cityof Newport Beach." 5 -B 6 Section 6. 7 The interest coupons attached to said bonds shall be 8 substantially in the following form: 9 "$ Interest coupon No. 10 On the first day of A. D. 19,. the Cityof 11 Newport Beach promises to pay the bearer at the city treasury 12 of the city of Newport Beach , the sum of 13 dollars, in gold coin of the United States of America, being 14 semi- annual interest on Bond No._____, dated 15 May let, 1923. 16 17 Treasurer of the city of Newport Beach." 18 19 Section 7. 20 All of the said bonds shall be signed by the ?resident 21 of the Board of Trustees of the city of Newport Bey :c h, as the 22 executive thereof, also signed by the Treasurer, and counter - 23 signed by the Clerk of said city. The interest coupons shall be 24 signed by the Treasurer of the city of Newport Beach, and hie 25 signature required to be affixed to the interest coupons may be 26 by a printed, engraved or lithographed fac- simile of such Trea- 27 surer's signature, and when so affixed shall be deemed and treat . 28 ed as the lawful signature of said Treasurer. Each of said offi 29 cars are hereby authorized and instructed to sign and counteieig 30 said bonds, and the treasurer is authorized andinstructed to sip 31 the interest coupons. 32 -B • 1 2 3 4 5 6 7 8 9 to It z 0 12 e z 7 a 13 J Z W 3 ° 14 mHJ ¢ Q i 0 15 Z3Q ( z 0 a 16 x z m m 17 W 18 0 19 20 21 22 23 24 25 26 • 27 28 29 30 31 32 I Section 8. Any and all bonds, the issuance and sale of which is provided for by this Resolution, may, be issued and sUld by the Board of Trustees of the city of N ^port Brach as they may determine and after such advertisement and upon such notice as they may here- after order, but no bonds shall be sold for less than their par val and interest accrued thereon at the date of delivery. The proceeds of such bonds sold shall be placed in the municipal treasury of the city of Newport Beach to the credit or the proper improvement fund as follows: Balboa comfort station fund - $8000.00 East Newport comfort station fund- 2500:00 Public jail fund - 7000.00 All of which funds are hereby created and the money in the respe -,tiv funds shall be applied eDIclusively to the ceveral objects and rur- poses for which it was voted and as reoited in Ordinance No. 226 of the city of Newport Beach. Section 9. The Board of Trustees of the city of Newport Beach, as the legislative branch of said city, shall, at th: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 thero shall be a sum in the treasury of the city of Newport Beach set apart for thaet 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 shall be in addition to all other taxes levied for municipal purposes and shall be collected at the same time and in the same manner as other municipal taxes are collected, and shall be m I placed in the municipal treasury of the city of Newpiort Beach in _ 2 funds separRte ^r.rom all other funds therein; and which funds are 3 hereby crePted in the municipal treasury of the city of Newport Beach 4 for the reception of said taxes and they shall be kown by a proper 51 designation to be made by the Clerk of the city of Newport Beeoh. The 6 same shall be used for no other purpose than the payment of said bond 7 and accruing interest. 8 Section 10. 9 The above and foregoing Resoltion Nu.228r was passed and 10 adopted on this the 2nd dayof April, 19232by the Board of Trustees 11 0 12 e z n 4 13 J Z W Z 3 ° 14 ai o3d 15 Q J Z o a 16 x N Q m m 17 W 18 U 19 20 21 22 23 24 25 26 • 27 - 28 29 30 31 32 of the city of New port Such, and on said day signed and approved by the President of the Board of Trustees thereof, the sable being passed by the affirmative vote of the follol.ing named merioers of said Board of Trusteee,to -wit: 0 Ayes, Trustees Noes, Trustees 222tvr-P Absent, Trustees %� . The above and foregoing Resolution is approved by me this 2nd day of April, 1923. ftast: PrfS -i nt of the Board of Trustees City of Newport Beach. Clerk of the city of Newport Bf.ach. -10 0 C1 J STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF NEWPORT BEACH) 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. 228 was duly and boar of Trustees regularly adopted, passed, and approved by the 6it9-Cennei-1 of the City of Newport Beach, California, at a regular meeting of Board of Trustees said held at the regular meeting place thereof, on the 2d day of April , 19 23 , by the following vote, to wit: AYES, COUNCILMEN: NOES, COUNCILMEN: ABSENT, COUNCILMEN: Schnitker, Sloan, Wilson, Richter, Wilkinson None None ,Dated this 18th day of May 19 60 . ate- =;� City Clerk and Ex- icio Clerk of the 3 - City Council, City of Newport Beach, State of California. •