HomeMy WebLinkAbout235 - Sale of Municipal Improvement District 3 Bonds• 1
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RESOLUTION NO. 335
A Resolution of the Boc.rd. of Truf7,thes of the
City of Newport Bach, as the l2ginlativ a body
thereof, directing the ie ^uanoe and hale of the bonds
of Municipal Improveu,�nt District No. 3 of the city of
Necrport Beach, fixin the date thereof, the time and
pl.e of payinent, principal and int^_rer!t, pre ^oribin;
the form of the bonds and intere ^t coupons}.
Vhereas, pursuant to Ordinance No. 239, there :ar held
in Uunicinal Improvement District No. 3 of the City of Ne::?)ort
Beach, on the 10th &ay of May, 1923, an election, at which there
r >ubmitted tc the electors of acid di ^triot four (4) propo;-i-
tionc of incurring a debt by the isnuan -ce of the bond- of r7sid
district for the purporien set forth in Ordinance No. 229;
1.7herean, at a regular meeting of the Board of Trustees
of the City of Newport Beach, hibld on the 14th a ay of Way, 19230
by a canv,, i of the returne of the n id. election held on the 10th
day of ,iay, 1923, it a ,ppeared and the said. Boast: of Tru�7tees
found and e, tablir.hed of record on t he minutes of r -aid u eeti.r,
that, at aai,. election, the votes of tiro - thirds s,nd ,rare of cll
the voter:: voting at said election ner- vote- TTS and in fa.vcr of
incurring a debt, under proposition No. 3, in the num of x"145,000
and isnuinj the bend- of aid district for the oo notruction of a
rep ^age collection oyrtem, sewage dirponU orks and purrpin.-
tion, and necessary apparatus for the proper see- era -;e of the diu-
tract; alno voter. YES and in f aver of incurring a debt, under
proppsitioax to. 4, in the sum of A13,000.0j and. innuin; the bonds
of -,aid dtntrict for the corrtruction of a main crater pipaline;
Nor therefore, the Boar,! of Tru ^tces of the City of Nem-
port Beach do resolve andorder an follown:
'Seotion 1.
A debt is hereby created by :Wnicipal Improvewnut Dil�-
trict 11o. 3 of the City of Me-port Beach in the sum of �P'145,000.OQ:-
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for the oonntruction of ^ oelagae collection sy ^tew, sewa,-,e dierosal
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works and pumpin etation, and neeennary appar;tu�i for the colleo-
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tion, treatment, and - i; ;Donal of the sewage accuinulatinE; in -,aid cliE.
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trict, in order to make the -amo sanitary; tha raid incobtedner:�
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of $145,000.00 shall be represented by 145 bonds;, of !aai2.. v.ietriot,
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numbered from 1 to 145. both inclusive, each in the dencaina.tion of
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$1000.00; all of r..aid bond- shall be dated the 15th de.y of Uay, 192
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On the 15th diy of May, 1924, bondn Nor,. 1,2,3,4 and 3 shall becoale
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duP and be p id, and% annually thereafter five(5) additional of
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,said, boncl7, in nuoceosive numerical ordez -, ;shall become due and be
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paid.
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Section 2.
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A debt is hereby created by L3unicipal Improvement District
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No. 3 of the City of No.-port Beach in the sum of 1;13,000.00 for the
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Conitruction of a main water pipeline in aqt for Gain d.iRtrict, in
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order to provide Balboa I- lend, ^hich constitutes saict dintrict,
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crith ineanr; of obtainin r%ter for domestic urse ant'. the extinguish-
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went effire; the ^.aid indebtedness of $13,000 AO shall be repre-
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Rented by thirteen (13) bonds, of ^aic dintrict, numbered fros,: 1
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to 13, both inolusive, each in the donominaticn of $1000.00; all
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of said bonds chall be dated the 15gh cay of Ua.y, 1923; on the 15th
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day of May, 1924, Bond No. 1 shall become due en be paid, t nd
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annually thereafter one adc'.itioral of gaid bonC.R, in uocea i ve
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numbrioal'.order, shall become due ane.. be paid.
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Section 3.
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The indebtedness hereby created bhall bear interc,it at
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the :7 ate of !?is ?�r cent ppr Dnnul, an6 the -..dd. inter r:t ahw11 be
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paid semi- ,?.nrually, the fir -t inntallmsnt of •.7hi.ch intertr :t �%h-Ul
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beco:tie due and be ;paid. on the 15th day of November, 1923, snd Lhere.
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after on t he 15th day of LUy and the 15 th day of November in each
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year the oemi- annue.l intorrnt ^hall be paid.
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.ate
Section 4.
Botts the „ri:lcilml and tflc .::i. -orr,r I inter: -:t ehall
bin milk' i'l -01c' Colt, cf the Un':t-cd nt t'i5 oflioe rf the Trea -I
x r of th city of T" —:port Deach , i'; ^yia city,co' ;rty of O'-ao' e,
St,','- rf C_li7ernic.
2-- otior. 5.
TtC bor.-l.-:, of ':O_niei�al Imnro-�m.,.en' District Nc. 3 of
thn city of F mart B=h % ij r-- �T1tin7 th_ 1- tle'tt _d -nenn h3r =by
cre"-"-ed, rimllae i^ uerl . ^rr":. soli by tho Board of Truc:tec^. of the
01-ty of -'t vj:'.1 �i?.G81; 'In r!uch arr.,untr, wnd iv, the
m.-1n ^r tb t they rtty fron tiros to time dot ermine,provided, that; none
of noUk 'oon -.- ;'1 ^'.l be ,al _ for la-- i r. -their g= x value and the
inter =•;t av ru -: 3J t?i ^r -r- r -It th':: dc. i e o:' 0.o? tr F ?ry.
1.3.1 qum7z cf nanny rrcr'ivef.. froa, th= ''.le of id ban @s
9hallb^ '.n the Tree ^ur of Lha nit *•of Beach to that
croc'.it of ',univural I- ,irra•romort District to. 3 of th- cityof :'_=;:'port
B ?G ^h, Z-IlU. in ''ie'! -aratn f11vi.'?, one to bn lvloS"n a the Se:':er Fund,
0.n` on to be kiv,,.n .a 'ihs ^y'.el.'.ne cr,.:h of d1.°C��i.oh fund- are
herby oreatcO. for 'til(, r^ef tion of r =Ael ',.Ioi?ey, anc. the ^,u,ia Loney
'111 be sFakvfli`nly tc the re^p?.t37 rlrra' :;e for rhich
the r•c -3;) em7 vo'ed. and a.: slpa -ified in Ordinance No.229 of th° city
of Ne -:y o'x7t Beach.
Scotian 6.
The form of thn bonds rhich F:hall be. i€ suedand soU! and
reprc -nont Fmid indebtedness F;hallbe nlbataatially in the follorino
forty:
Bond No.____ '`1,000.00
=7ICIPAL IMPROM- I,F;"T DISTRICT I70. 3 OF THWITY OF1?r..PORT BEACH
Bo rcl.
Luric ipal. Improvement Din -tric t T'o. 3 of the cityof
PIF,;port Beach doec hereby eoknorled. .-e its! ir_6ebtcdnemn to the bearer
of thi', bond in the sum of one thourand dollars, and promir +eq to pay
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.Add1w.
naid r1uru to thF - of thin bond wt the; o ffic , of tae Tracsurer
of _ city of1'''^_,.'nGIY Bo ch ca the 13'h r ?. r of -sy,19 , c -re
02'
1ori .17 -1. cur:, nor.0 aT of t:..°�: bon C..
MT—' ao,`:' i. iq hea "or the- zntruoticn of
for :IunicipalImp ;ovenent Dictrict No.0 of
tho cit., c:? 7r%:..,-rt B-a..eh, snd by .authority of an Act of tuc Lc in-
1-,turo of t_-.e Sts' e of Califcr Aa, entitbd: "Ar, net to provir'.e
fcr th' : GZ:_ tier +. of CA!- trictr - -1th�n :�un.ci.=^*'3ti.p- for h. 'Gqui-
i; -of - ubl',.c ifi'nr8sr,'li:ent,1, t7orkR, wyiC. i.,.blic
foi th^ i^ iu iic , � nlc ynd ;? %yment of bong.: =.
Gf ^^ dic,trict to ':'::ct the coot of .witch improvements;and for the
aequi ^itic-,,k o•c oa- .- trvctic- of .uo':. i- q-,ovementn. "anc all acts that
arc aaendotory th�i r:of.
`rlhe Iue of this: beet". =zd t._c ::abt ^cno:° t`s_r;by
°� , .,.� 1• ^tr _- :�-•i�r. ''iO v`1 T -!-:' �T`� lion" -.
cr__.U-.c- i_�.� . e: t,.�._ ,. � _ ., c. by t}i; •c *r c' tern - tip;... ....t
of ,13.1 tb ao - ?rtin^ a-;- an el °c-t -ion held. r.t and v,tithe 1 .':.ni-
ci-Wl Inr,lro;nn -•nt n3.:-�rict Vo.3 of th- c:.ty of i'ict °:;fort £ c - -.h on the
10: }1 _,.ayof May, 7.8330 calleCl by Orfiin_.nco 7,C.S29 of the city of
X * or' B3, ch,pa-r ^c. ont %e °th 4.ayof .Irrl'.,1923, an.1 -uly IrIbli'thed
c.nd fiirth�'r by -.athor' -'may of R3 ^olut n 7o. 21::5 of l .id. ci ,y; direct
in.- th- in -ue h.reof.
Dv-ry sot =C, proceedir.r.-� ncc�:ar<YIry or ep.-iortial to the
vi1l"Ity of tMi bond hay; been taken, performed, and fulfilled,
by' t42 prorer perf7on ^, board, _nd offic :rn at the time spa in the
.anncr required- by lar, and this bond anr;. the debt thereby evidenc-
ed. i^ r;ith:'n every 6ebt a•rd limitation provided by law and 116ho cor_-
r'ti tt:ti r n. '
A sinkin_s fund for the payment of th_oprgncipal of thic
bond before it i2aturity ar_C.. of the .. >e,-i- s.nnual paym nts of inter-s
thoucon hac been created enift eri -t^ inthc 2manici- al trcc.r:ury of the
city of Xer.;-jort B -ach. The le;ic'lacive brF.neh of the city of Ue,-•po
B. ch will a =ch yea- at the time of fixing the �enera.l tax levy
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in the r. »nne, for 'r.' r sne:a ?. tcx 1_ay providcl, lsv-y and col-
s. .w .. c n..
lect a ta:; uroTt tip.: _,.a;:lc rro sr�; ix.'11t: ioi al )- 0 -acct
Dig riot 2:n.3 of t2n _clty of '?;.,,port BIach Fufficic-at to pay tho
c, +;_, ': bc"C. st: th:, rioiral th,rcof when it 'ueccitez
21,sy "her ecllected shall be *_.a?zi.d intcthe ai iitir.
fvncl �^. rr"ov apl' b^ a ad for r_o o the.r purpo ~e than the payiuent
.I f r;n.-+ ME-7.7-011, x r- •.
fin b-, ni.. -lr *. by the Pr :11c?t of it�_I Board
al-o _i;nc<. ')y f = Tr:c.luror of :vI city, ::.md countersi ±nzd by
^.t Olcr::', ;a,t;;3tsu by i'�q corpurz.te ie: 1 Lher :1nato duly authoriz-
ad iiy re'O VYV; - -: 'a. 35, anri dI•it cn.i _'." 154"ri d .yof ML1.7, 1922.
Att �.b :
,'Irz,'iJLJ.en1t ul th.'!. _73a",:('. cfmr'1` '-- `.9es
City of Dc=;ch
T.r r.r o;. of the city of "rpor
Clef'': O the Gity OT I:;-; ?;'ip:C'G L'each.
Th_re shall be attach -ed to eachof said boa?^ ii••tercr.t
couponn, n, mbered c o-onecutively, and nigned by the Trr zs carer of
the city of Yewport Beech, by hip. cn„raved or lithogrp hed ^iunature
ar_d which interest ecupow shall be ^ub.�tantially in the fcllewing
form:
Interest coupon Yo._
The Tr ^arurer of the city of Ncrport Bzach ?gill, e
hip o ffice in paid city,nay to bearer cf thin coupon out of the
rinking fund of !Dnicipal Improvement Dintriet ho. 3 of the city
of 7er:port B_cx; h on the 15th dayof , 19 fir, . -re-
Ventacion and surrender of this coupon, the cum of thirty dollars,
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• 1 bein, ,e- i— a;�,�u '_ intrr ,t u?on B.�nr1 ixe. of :.id
2 Di'rict.
3 D -`r:P. t', ;,, 15th d-.yof ' !:�.y, 10'3.
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Tre�,ur::r of ch= a.ty of M o.:' B^ ch.
7 9ectl.nr7.
8 Th- l-I roOy of tl_e city of 'e crt - c ch ht ll,
9 --t the time of fish_ the � erer—al tea- levy. and in the: :ar +-r : for u
10 0 ,... r ; M„ t a
ru s r:er- --:rul �..�. l ,,; proc*i.c�ec�., levy ''. co 11 tax y..,.r
11 upor the taaeble :•roi erty In Yu:nicin l I �procr-n.En t District 17o.3
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0 12 of the city of TTc. ort F3,ach luMcient to �:ay the into - t on Ouch
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w z 13 bond^ for the.t ye= , an-0. retch port3.cn of th,. priu2ipalthereof as is
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fa14 to be.-one alas ba;ov the time for m9kinE the nest tt_--x levy.
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Q a i 15 Such ta.; sh ^.11 be 9 n 3ac?.iiion to c.11 ocher t _ev 1 cvied or -"unio ipa7
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19 Tha nri-icira.l and inter.:,t on cu h bond�e ch9-11 be paid.
20 by the Trea urar of the oity of Be ~rpor;, Bzawh in the marzeA provideti
21 by for thr- - Cayment of 7:rincip21 and inter - =t on bond- of raid
22 city n at th^ time and in th^ mennc;r in t'_Zi^ resolution yet f;.rth.
23 The above and foregoing Resolution ra- duly i:itro.luoed
24 b^core the Board of Tr-uyteor of the city of `z -tort Beach %t a
25 rr ii a.r neettn- thereof held onthe 14th dayof ":Te.y, 3933, dc�•i -a::ted
26 Resolution No. 235, the roll wag called and the resolution purred
27 by the folloeri-n� named ..,embers�Jof said Board o f Trur tees:
28 Aye-,, Trwtaas . O r , Al. '0 r�''e. 1,9 /X .
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30 Moe <., Truntec`3 iYIR.
31 Absent, T run :;
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"� Clerk f the of ty of Newport B =ash.
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. 235 was duly and
Board of Trustees
regularly adopted, passed, and approved by the 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 14th
vote, to wit:
day of May , 1923 , by the following
AYES, COUNCILMEN: Schnitker, Sloan, Wilson, Richter,
Wilkinson
NOES, COUNCILMEN: None
ABSENT, COUNCILMEN: None
Dated this 18th day of May 19 60
?. City Cierklan Ex-Otticio Clerk o the
City Council, City of Newport Beach,
State of California.
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