HomeMy WebLinkAbout319 - Municipal Improvement District 4'ti . oi .
•1 Resolution No. 319.
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A Resolution or the Board of Trustees of the city
5 of Newport Such directing the issuance end Bale of
the bonds of Municipal Improvement District No. 4 of
6 the city of 171a -;oort B -ach, directing thn: -Aving of
notice of sale, creating a fund for the reception
7 of the proceeds from the ^ale of said bonds, and
pr-Scribing the form of said bonds and inter -at
8 coupons.
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2311 Trustees of the city of Newport B-a.ch ndopted Ordinance No. 267
2411 of said city, which was thereafter duly published, the same being
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I Whereas, on the
3rd day of November,1924., there ,-r, c filed
call
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with the Clerk of the city
of Newport Bench a petition signed by
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ten per cent. and more of
the qualified electors of the city of
e
such district in the manner and for the purvoses set
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forte
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Newport B ^echo residing in
certain territory thereof, asking that
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said territory be formed into
a municipal improvement district for
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the purpose of creating an
indebtedness thereof, to be renrnsentad
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bl} bunds of said district,
the proceeds from the s -le of which is
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to be used for the aquisition
of a nublic improvement, seftin7;
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forth t, general description of the improvement work tobe acnuired,
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and o general description
of the exterior boundgries of the propos-
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od district; and
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whereas, on the
17th dayof November, 19240 the Board of
2311 Trustees of the city of Newport B-a.ch ndopted Ordinance No. 267
2411 of said city, which was thereafter duly published, the same being
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an ordinance declaring its
intention
to
call
anolection in the pro.
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posed district, or as the
same might
be
ther
after modified, for
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the purposo of subMittinW to the qualified electors of said dis-
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trict
the
pro- •osition of authorizing the issu -nce and sale of
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bonds
of
such district in the manner and for the purvoses set
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forte
in
seid Ordinance of Intention, the said Ordinance setting
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forth
the
matters and things required by law and fixing d date,
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hour,
and
ple.ce for the hearing of Drotests;
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77hereas, no person interested or otherwise objected to
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the formation of the district, or to the extent thereof, or to the
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prOnosed improvement work, or the acquisition thereof, orto the
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inclusion of his propFrty in na.id district; and.
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I Whcr as, on the 29th day of December, 19248 the Board
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of Trustees of the city of Newport Be:-eh :>dcrted Ordinance No. 271
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of said city, and the some was thereafter duly published, providing
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for the submi .ion to the qualified voters of said district the
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pr positron of incuring rt debt by the iosu�3nce ?W. snlo of bonds
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Of such district for the purposes set forth in said Ordinance,
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reciting the 60j3cts and purposes for which the prorosed indebted -
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ness were to be inurred,the n-,ture of the improvement work con -
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tempint�d, the estimated cost thereof, the amount of principal of
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the indebt- >dness to be incurred therefor, being the sum of ''54,000.
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and the r °te of interest to be paid on said indebtedness, and fixirlm
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the 2nd day of February, 1925, as the date on which such election
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should be held, the manner of holding the same, and the me,nner of
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voting for or against said proposition; and
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Thereas, on the 2nd day of Februnry,19' -5, in accordance
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with said Ordinance No. 271, and the laws in such cases made and
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provided, there was held at and within Municipal Improvement Dis-
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trict No. 4 of the city o Newport Beach nn election at which there
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was submitted to the and voted for and against by the qualified
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voters of the district the proposition of the issuance and sale of
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the bonds of said district in the sum of 654,000.00; and
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Thereas, the Board of Trustees of the city of Newport
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Beach met in adjourned regular meeting on the 9th day of February
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1925, and the returns of said election being made and in the hands
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of the Clerk of said city, proceeded to canvass the same,and from
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the returns and the canvass thereof, the Board of Trustees found
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• 1 that at the election there were voted 27 votes; thet 22 votes were
• 2 cast YES or in favor of the issuance and sale of the bonds, and 5
3 votes were cast NO and against the sale thereof, and that tvQF- thirds
4 and more of the voters voting at the election voted YES and in favor
5 of the issuanco and sale of thebonds of Mudcioal Improvement Metric
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No. 4 of the city of Newport Beach in the sum of $54,000.000 for the
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proposition set forth in said Ordinance, and that the issuance of th
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bonds of said District has been and is authorized.
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101 The Board of Trustees of the city of Newport Beach do
11 1 r -solve as fcllclvs:-
0 12 Section 1.
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K a 13 Thp bonds of municipal Improvement District No. 4 of the
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m cityof Newport Beach, the exterior boundaries of which are generally
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°zaz described in the petition for the formation Ahereof, filed nri th the
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= Z Clerk of said city on the 3rd day of November,1924, defined and
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oLs permanently established in Ordinance No. 267 thereof, shall be is-
a 19 sued and sold in the sum of ;54,000.00 for the acquisition of a
20 11 public improvement at and within said District, ' "which municipal
21 improvement, the city of Newport Beach is authorized to acquired
22 and is described as a right of way for public str" -t purposes
23 and upon whioh to construct and. maintain a public street.
24 Section 2.
25 The 5,x54,000.00 shall be represented by 54 bonds, each
26� in the denomination of 11000.00 and numbered from 1 to 54, both
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inclusive, bearing
interest
at the rate of
6t.
per
annum,
payable
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semi - annually,both
principal
and interest
on
said
bonds
shall be
29 paid at the office of the Tre ^surer of the city of Newport Beach,
30 in said city, County of Orange, St ^te cf California.
31 All of the bonds shall be dated the 1st day of 1 1arch,
32 1925 and the semi - annual interest shall be
payable on the let day
of 'September and the first day of `:larch in a ^ch and every yepr
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sfter said date until the bonds shall be -!ell and truly p?id, -rin-
cipal and intBreat.
On the let day of Lkirch, 1936, thrcl- of said bonds
being Bonds NOS. 1 -2 -3, both incluaive,sha.11 fall due and be p-lid
and annually thereafter on the let dayof M4irch three additional of
said bonds in successive numerical order shall fall due and bepaid,
until the whole sum of 854,000.00 is paid, making an annual payment
on the principal of said bonds of $3000.00.
Section w.
The form of said bonds and interest coupons tobe attached
thereto shall be es f011aras:-
MUNICIPAL IMPROVWENT DISTRICT NO. 4 OF THE CITY OF NT:"'PORT BFACH
?$1, 000.00 No.
PrUNICTP.AL I':'PROVEMPWT DISTRICT N0. 4 OF THE CITY OF
NF.NPORT BFACH hereby adknowledges its indebtedness to the holder of
this bond in the sum of x1,000.00 and agrees to pay said sum at the
offine of the Treasurer of the city of Newport Beach in said city,
county of Orance, State of California, on the first day of March,
19 , together with interest thereon at the rate of six per cent.
per annum, from the date of this bond untilthe sum of "1,000.00
h ^s been :eell and truly paid, the interest to be paid sseri- annually
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on thq first day of Sentember and tho first ay of Nnrch in each
year.
This bond is issued in pursuance of an Act of the Legis-
loture of the Otate of Calilbrnia, entitled: "An act to provide
for tte formation of districts within municipalities for the acqui-
sition or construction of public improvements, works and public
utilities; for the issuance, gale and payment of bonds of such
districts to meet the coat of such improvements, and for the acqui
sition or construction cf ouch improvements" (approved April 20,
1915, and acts amendatory thereof.)
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20 vided by laA for the payment of principal and inteTgst o ^bonds
21 of the city of Plpwnort Beach.
22 IN TPSTIVORY "HEREOF, the city of Nowport Bea_chhas
23 given this bon to be signed by the President of its Board of
24 Trustees. 4J.eo ei�nPd by its Treasurer and countersigned by
25 the C1Frk_theredf this let aay of Uarch, TOPS.
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21 President - Board of Trustees
28 Cityof Nervport Beach
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30 I1 Treasurer - city of eriport B,ach
3111 countersigned:
32 J1 Clerk - city of Newport Be-Loh.
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I�i.,..y tom-^^" .. T!t. A- l �- 4y
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authorized by the votes of two- thirds and more of all the voters
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voting at an election called and held in Municipal Impro r wont
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District No. 4 of the city of r,,i• ort.Ber,ch for that purpose on
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the 2nd day/of February, 1::<: The Board of Trustees of the city
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of Newport Beach, as the legislative body therpof, shall and will
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heroafter at the time of fixing the general tax levy and in the
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manner for such general tax levy provided,, levy and collect a tax
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each ye-,r upon-the taxable property in such district sufficient
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to pay the interest on this bond for that year, and such portion
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of the principal thereof as is to become due before the time for
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making the next general tax levy. Such tax shall be in addition
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to all other taxes levied for municipal purposes and when collect-
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ad shall be paid intothe treasury of the city of Me7nort Beach and
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be used for the payment of the nrineipal and intorost on this bond
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and for no other nurnose,
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The nrincipal and interest on this bond shall be paid
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by the Treasurer of the city of Newport Beach in the manner pro-
20 vided by laA for the payment of principal and inteTgst o ^bonds
21 of the city of Plpwnort Beach.
22 IN TPSTIVORY "HEREOF, the city of Nowport Bea_chhas
23 given this bon to be signed by the President of its Board of
24 Trustees. 4J.eo ei�nPd by its Treasurer and countersigned by
25 the C1Frk_theredf this let aay of Uarch, TOPS.
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21 President - Board of Trustees
28 Cityof Nervport Beach
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30 I1 Treasurer - city of eriport B,ach
3111 countersigned:
32 J1 Clerk - city of Newport Be-Loh.
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1 There shall be attached to e3oh bond,conoecutivaly number-
• 2 ed,inte.r^st coupons.pmviding for the payment of somi- ennuel interest
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thereon, which shall be in the follonAna" form:
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s INTER ^ST COUPON.
6 L °0.00- r - No.
7 Municipal Improvement District No. 4 of tho city of
8 Newport Boach hereby promises to pay the holder of this couvon upon
q surrender and cancellation thereof the sum of thirty dollars
10 on the firet nay of , 19 , being soml- an%ue.l interost
Ill on the sum of one thousend dollars repr,sented by Bond No.
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of srid district.
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WITNESS the signature of tle Treasurer of the cityof
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Newport Beach this let dry of March, 1925.
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a
reasurpr— city of ewport each.
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Each bond shall be signed by the Pre^ident of tie Board
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of TrUSteOS of the city.of Ner:nort Bed`ch, as the chief. executive
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thersof, also siP;ned by the Treasurer and countersigned by the
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Cl _•rs. "
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The intsrest coupons shall be signed by the Tre ^surer
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of the city of X- 7aport Brach by his on!;r»ved or lithographed sig-
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nature.
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Se jion n.
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The Clerk of the city of Nerpoart Beach shall imm ,-Qliate-
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ly advertige said bonds for sale by publishing a notice inviting
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sealed bids therefor in NE14PORT NEWS, a ner:spever of general
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circulation printer, published and circulated in the city of New -
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port Beach for two reeks next preceding the date on which bids
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are to be received; said date tobe fixed by the Clerk.
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• 1 � All bids shnll be nddrecrsed to the Clerk of the city
2 cot Newport Bench and accompanied by a check payable to the
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Treasurer thereof in a sum equal to trio prr cent. of t13 ^ggrega.te
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of the bid and certified by a responsible
bank in this St!:te.
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Any and n1l bonds not previously
so1dm�.y be sold at nny
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exclusively to the purpose of the acquisition of the improvement
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time by
giving like notice and receiving
bids under like con- lit'on
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Section 5.
No bonds shall be sold for loss
than their pox value and
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a
m a
interest
accrued. at the date of delivery.
The proceeds fromthe
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sale of
all bonds shall be placed in the
treasury of the Mity of
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Newport
Beach to the credit of the funds
of M nicipal ImpA vement
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District No. 4 of the city of Newport Bc.aoh, and shall be applied
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exclusively to the purpose of the acquisition of the improvement
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mentioned in Ordinance No. ZT-r and in this Resolution defined.
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Section 5.
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` -- - -The legislative body of the. city of Newnort Beach shall
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and will at the time of fixing the -,rmeral tax levy,and in the
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manner for such general tax lovy provided,levy,and collect a tax
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e?ch year upon the taxable property in Municipal Improvement Distri
No. 4 of the city of NP,7nort Beach sufficient to ay the interest
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on such bond..... for that year, and such portion of the principal
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thereof as is to become due before the time for making the next
general tax levy on all bonds issued and outstanding. Such tax
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shall be in adrition to all other taxes levied for municipal pur-
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ponds and when colleted shall be paiw into the treasury of the
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city of Newport B --�.ch and be used for th^ payment of the principal
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and interest on such bonds, and for no otner purpose.
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I hereby c-- -rtifv that the foregoing resolution s ^.a.s re-
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guEla.rly introduced and passed by the Board of Tru::tees of the city
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of Newport Beach at a regular meeting thereof held on the 9th day
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of F,3bruary, 1925, by the vote of the f6lloving named members there
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of:-
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-y.
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Ayes, Trust -oa
Noes, Tructoos None
Abcont, Tru2tee Conrad Richter.
city of Newport Beach
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