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HomeMy WebLinkAbout228 - Sale of Bonds Special Election (2)1 • 2 • 3 4 5 6 7 8 9 10 11 Z O 12 Z_ J g w 13 z � o mNJ 14 FWU z 4Z 1$ a. Aa = Z 16 N 4 M N w 17 c 18 19 20 21 22 23 24 25 26 • 27 • 28 29 30 31 32 L ► 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. -1 ik 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. z 12 The bonds in the sum of $7000.00 for the construction of z 4 13 apublic jail at or near the City Hall in the city of Newport W 2 m�,° 14 Beach, shall be represented by seven (7) bonds in the denomination F W.V zzzt: is of $1000.00 each, and numbered from 1 to 7, both inclusive, and on z aJa 0 4 16 of said bons, being Bond No. 1 shall fall due and be payable on th x z N Q m " w 17 1st day of May,1924, and annually thereafter on the 1st day of May 0 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 $2500.00 is • 28 well and truly paid. 29 All of the bonds and the money thereby represented shall 30 bear interest at the rate of six per cent. and which interest shall 31 be paid semi - annually on the 1st day of November and May after tl� 32 date of the bonds, until the bonds are paid; both princtal and in- -2 r+ 1 • 2 • 3 4 5 6 7 8 9 10 11 z 0 12 z J Q W 2 13 o m(IIJ 14 FWu 44Z 15 aJa 0 i 16 x N Q W 17 0 18 19 20 21 22 23 24 25 26 • 27 • 28 29 30 31 32 r. terest of the bonds shall be paid in lawful money of the United States and at theoffice of the Treasurer of the city of Newport Beach in said city, County of Orange, California. Section 3. The bonds issued in the sums and for the purposes herein set forth shall be substantially in the folllowing form: No. UNITED STATES OF AMERICA State of California City of Newport Beach Improvement Bond. Series No. BE IT KNOWN that the city of Newport Beach, in the County of Orange, State of California, hereby acknowledges its indebtedness to the bearer of this bond in the sum of Dollars ($ ), 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. I • 2 • 31 4 51 6 7 s 9 10 11 z 0 12 _z a 13 w z o mNIJ6 14 FW K( u °aZ 15 nJQ = Z 16 D) a m w 17 O r 0 18 19 20 21 22 23 24 25 26 • 27 • 28 29 30 31 32 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. • 1 Treasurer of the city of Newport Beacl 2 • Countersigned: 3 (seal) 4 Clerk of the city of Newport Beach. 5 6 Section 4. 7 The iinterest 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 city of 11 Newport Beach promises to pqr the bearer at the city treasury of z 0 12 the city of Newport Beach, the sum of z w 2 13 Dollars, in lawful money of the United States of America, being 3 0 Ewa 14 semi- annual interest on Bond No. dated May ,u Qii 15 1st, 1923. aJ4 S o i 16 m N Treasurer of the city of Newport Beac] W 17 0 18 The bonds shall be signed by the President of the Board 19 of Trustees of the city of Newport Beach as the executive of said 20 city, also signed by the Treasrer thereof, and cantersigned by the 21 Clerk. The interest coupons of said bonds shall be signed by the 22 Treasurer of the city of Newport Beach, providing that the engraved; 23 printed, or lithographed signature of said Treasurer on said inter - 24 est coupons shall be deemed the true and genuine signature of said 25 Treasurer at all times and places. 26 S66tion 5. • 27 The bonds of the city of Newport Beach in the sums of • 28 08000.00, 07000.00, and 02500.00,hereby ordered to be issued and sol 29 and the debt thereby proposed to be incurred, to.;ether with all othe 30 indebtedness heretofore incurred by the city of Newport Beach will 31 not in the aggregate exceed fifteen per centum of the assessed value 32 of allthe real and personal property of the city of Newport Beach, and which is taxable therein for municipal purposes. -5 • 1 2 • 3 4 5 6 7 8 9 10 11 z 0 12 z_ J a 13 W z o mmEL 14 FWu r 44z 15 aJ4 1 Z 16 N Q m m 17 0 18 19 20 21 22 23 24 25 26 • 27 • 28 29 30 31 32 h p. 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 ..1 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 • 3 4 6 7 8 9 10 11 Z 0 (5 12 Z J JL z 13 0 d Y1J 14 FWa 4 4 Z Z is (L j 4 0 Z 16 W 17 18 19 20 21 22 23 24 25 26 • 27 28 29 30 31 32 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-.: 7= Clerk of the city of New-oort Beach, EVA