HomeMy WebLinkAbout228 - Sale of Bonds Special Election (2)1
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RESOLUTION NO. 228.
A Resolution of the city of Newport Beach by the
legislative branch thereof, to -wit: the Board of
Trustees, providing for the issuance and sale of
the bonds of said city for the construction of
certain municipal improvements in and for said
city; prescribing the form of such bonds, fixing
the rate of interest to be paid thereoh, the date
and place of payment of said bonds, principal and
interest, providing a sinking fund for the payment
and redemption of the bonds, principal and interest.
The Board of Trustees of the city of Newport Beach do
resolve as follows:
Section 1.
It having been authorized by the vote of two - thirds and
more of all the voters voting at a special election held for that
purpose in the city of Newport Beach on the 29th day of March, 1923
as appears from the canvass of the returns of said special election
which canvass was made by the Board of Trustees of the city of New-
port Beach at a meeting thereof held on the 2nd day of April, 1923,
It is hereby Resolved and ordered that the bonds of the
city of Newport Beach'be issued and sold in the following sums and
for the following purposes-
( a ) In the sum of $8000.00 for the purpose of the constructi
of a public comfort station or water closet at Balboa, in the city
of Newport Beach.
(b) In the sum of $7000.00 for the construction of a public
fail at or near the City Hall in the city of Newport Beach.
(c) In the sum of $2500.00 for the purpose of theconstruction
of a public comfort station or water closet at East Newport in the
city of Newport Beach.
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1 Section 2.
• 2 All of said bonds shall be dated the ist day of May,
• 3 1923, and shall be paid as follows:
4 The bonds in the sum of $8000.00 for the construction of
5 a public comfort station or water closet at Balboa, shall be repre
6 sented by eight (8) bonds in the denomination of $1000.00 each,.and
7 numbered from 1 to 8, both inclusive, and one of said bonds, being
g Bond No. 1 shall fall due and be payable on the 1st day of May,
9 1924, and annually thereafter on the 1st day of May one additional
10 of said bonds in successive numerical order shall be paid until
11 the whole sum of $8000.00 is well and truly paid.
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12 The bonds in the sum of $7000.00 for the construction of
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4 13 apublic jail at or near the City Hall in the city of Newport
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m�,° 14 Beach, shall be represented by seven (7) bonds in the denomination
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zzzt: is of $1000.00 each, and numbered from 1 to 7, both inclusive, and on
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w 17 1st day of May,1924, and annually thereafter on the 1st day of May
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18 one additional of said bonds in successive numerical order shall be
19 paid until the arhole sum of $7000.00 is well and truly paid.
20 The bonds in the sum of $2500.00 for the construction
21 of a public comfort station or water closet at mast Newport in the
22 city of Newport Beach, shallbe represented by five (5) bonds in
23 the denomination of $500.00 each,and numbered from 1 to 5, both
24 inclusive, and one of said bonds, being Bond No. 1, shall -Pall due
251 and be payable on the let day of May, 1924, and annually thereafter
26 on the 1st aay of May one additional of said bonds in successive
• 27 numerical order shall be paid until the whole sum of $2500.00 is
• 28 well and truly paid.
29 All of the bonds and the money thereby represented shall
30 bear interest at the rate of six per cent. and which interest shall
31 be paid semi - annually on the 1st day of November and May after tl�
32 date of the bonds, until the bonds are paid; both princtal and in-
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terest of the bonds shall be paid in lawful money of the United
States and at theoffice of the Treasurer of the city of Newport
Beach in said city, County of Orange, California.
Section 3.
The bonds issued in the sums and for the purposes herein
set forth shall be substantially in the folllowing form:
No.
UNITED STATES OF AMERICA
State of California
City of Newport Beach
Improvement Bond.
Series No.
BE IT KNOWN that the city of Newport Beach, in the
County of Orange, State of California, hereby acknowledges its
indebtedness to the bearer of this bond in the sum of
Dollars ($ ), lawful money of the United
States, and promises to pay bearer the sum of
dollars in lawful money of the United States on the let day of May
19 , at the office of the City Treasurer in the city of Newport
Beach, together with interest ther rn at the rate of six per centum
per annum, interest payable semi - annually in like lawful money of
the United States on the 1st day of November and the let day of
Mav of each and every year that this 'pond is to run, at said Trea-
surer's office, upon presentation and surrender of the proper inte
est coupon: hereto attached.
This bond is issued by the city of Newport Beach for
the purpose of theconstruction of ( here designate particular pur-
pose) and by authority and in pursuance of an Act of the Legislature
of the State of California, entitled: "An act authorizing the incur
ing of indebtedness by cities, towns,and m>nicipal corporations for
municipal improvements, and regulating the acquisition, constructio
or completion thereof." ( became a law=February 25, 1901), and
all acts amendatory thereof.
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Also pursuant to Resolution No. 217 of said city, passed
and adopted on the 13th day of February, 1923, and Ordinance No.
226, 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 26th dayof February, 1923, and on said day approved by the
President of said Board ofTrustees, and in further pursuance of Re-
solution No.-'a80 directing the issue of this bond.
It is herebv certified that all conditions, acts, and
thing essential to the validity of this bond exist, have happened,
been done, and taken place, and that all requirements of the law
and of the constitution relating to the issue hereof have been full,
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 votin; at a special election for thatpurpose, duly
called and held by said Ordinance No. 226, duly passed, approved,
and published, and that - rovision 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 by law, and
said act, and by the constitution.
IN TESTIMONY WHEREOF, the city of Newport Beach, a mu.nici
pal corporation, has given this bond to be :.signed by the Presiden
of its Board of Trustees, as executive of said municipality, and
also by its Treasurer, and countersigned by the Clerk of said city,
and the corporateseal 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,8ounty of Orange, State of California,
this 1st day of May, 1923.
President of the Boardof Trustees
of the city of Newport Beach, as
the Executive of said city.
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Treasurer of the city of Newport Beacl
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Countersigned:
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(seal)
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Clerk of the city of Newport Beach.
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Section 4.
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The iinterest coupons attached to said bonds shall be
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substantially in the following form:
9$
Interest coupon No.
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On the first day of A.D. 19 , the city of
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Newport Beach promises to pqr the bearer at the city treasury of
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the city of Newport Beach, the sum of
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Dollars, in lawful money of the United States of America, being
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semi- annual interest on Bond No. dated May
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1st, 1923.
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Treasurer of the city of Newport Beac]
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The bonds shall be signed by the President of the Board
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of Trustees of the city of Newport Beach as the executive of said
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city, also signed by the Treasrer thereof, and cantersigned by the
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Clerk. The interest coupons of said bonds shall be signed by the
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Treasurer of the city of Newport Beach, providing that the engraved;
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printed, or lithographed signature of said Treasurer on said inter -
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est coupons shall be deemed the true and genuine signature of said
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Treasurer at all times and places.
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S66tion 5.
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The bonds of the city of Newport Beach in the sums of
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08000.00, 07000.00, and 02500.00,hereby ordered to be issued and sol
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and the debt thereby proposed to be incurred, to.;ether with all othe
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indebtedness heretofore incurred by the city of Newport Beach will
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not in the aggregate exceed fifteen per centum of the assessed value
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of allthe real and personal property of the city of Newport Beach,
and which is taxable therein for municipal purposes.
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Section 6.
When any of said 'bonds are sold the money derived from
the sale thereof shall bedeposited in the proper improvement fund
which the several sums were voted, which funds are hereby created
in the treasury of the city of Newport Beach for the reception of
said sums as follows:
For the reception of $8000.00 Balboa comfort station
construction fund.
For tte reception of $7000.00 jail construction fund.
For the reception of $2500.00 East Newport comfort
station construction fund.
The money in each of said funds shall be applied ex-
clusively to the purposes and objects mentioned in Ordinance
No. 226 of the city of Nerrport Beach, and for which the same was
voted.
Section 7.
The Board of Trustees of the city of Newport Beach shall
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at the time of fixing the general tax levy and in the manner for
said tax levy provided, levy and collect an ually each year until
said bonds are paid or until there shall be a sum in the treassy of
the city of Newport Beach set apart for that purpose to meet all
sums coming due for principal and interest on such bonds, a tax
sufficient to pay the annual interest onsaid bonds and also such
part of the principalthereof as shall become due before the time
for fixing the next general tax levy. The tax herein required to b
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 used
for no other purpose than the payment of said bonds and interest.
Section 8.
The Clerk shall offer the bonds for sale by publishing a
notice of sale twice in the NEWPORT NEWS,a newspaper of general
in
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circulation, published and circulated inthe city of Newport Beach,
and mail to the State Treasurer and Gate Board of Control at Sacra
mento, California, the notice required by Section 678 of the Politi
cal Code; bids to be open April 16, 1923, and if no bidd be
received then the Board of Trustees without further or additional
advertising, be authorized to sell all or any part of said bonds at
private sale, provided no bond shall be sold for less than its par
value and interest accrued to the date of delivery.
I hereby certify that the for egoingResoluti on No. 228
was dully introduced and passed at a regular meeting of the Board of
Trustees of the city of Newport Beach held on the 2nd day of April,
1923, by the vote of the following named two-thirds of all the
members thereof:
Ayes, Trustees
Noes, Trustees
-Ab sent, Trustees
�.'_-Attest-.:
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Clerk of the city of New-oort Beach,
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