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HomeMy WebLinkAbout418 - Sale of Bonds1 2 3 4 5 6 7 8! 9 10 11 0 12 u Z 13 � a w 3 0 14 n ml'.0J G W V 15 Qad J z a a 16 o z z I w 17 M p 18 19 20 21 22 23 24 25 26 27 . 28 • 29 30 31 32 41 _. RESOLUTIOi1 NO. 418 A Resolutluff of the city of Pl.srnort Peach,by the Hoard of Tru,ta : -s th.>r3of, mcndi -.q; Sections 2, 4, 5 of Resolu- tion NU, 416 of s,-:.id city. Th:: Bo::rc; cZ Tru.;La.,s of tho city of Newport Beach do resolvo, Uetdrmine anw decle.re u.s sollo u: Secti..1. 1. SeotluafL� �', 4, 5 o7 Rtaul'stiof_ Vo. 416 are hw.;'ay ainended so as to read as follu +as: - Section 2. Tho banes of tie city of Av:;Port i3eaeh ellail be 15sued and -old iiZ the earn of (500,000.00 c >izich is the princi,vul of t ",e indebtedness to be incurred by the city of Newport HeAoh for the payment of the cost of the construction of said jetties. The sum of X500,000.00 shall be represented by 500 bonds, each in the aenomination of X1000.00, anu. shall be numbered conoccutively iron l to 500, both inclusive. Ali of the 500 bonds shall ba dctc1 the 1st clay of taaroh, 1927, and be Ik id a.a follo.rs: On the 1st; day of 1.wreh, 1928, thirteen (13) of said 500 bonds i:,nu. loco 1116 Bungs No. from 1 to 13, both inclusive, shall become due and 'ue paid. . Thereafter, on the lat day of vk1rch, in each succeeding yeas, to and including the let day of Marei{, 1932, thirteen (13) additional of said 500 bonds, in successive numerical orO.er,shall become due and be paid. Commencing on the let day of March, 1833, fifteen (15) additional of said 500 bonds shall become due and be paid, and thereafter on the 1st day of March of each succeeding yes.r, to and including the lot day of ;larch, 1861, fifteen (15) additional of said 500 bonds, in suc- cessive numerical order, shall become due and be paid, until said -1 1 21 3 4 5� 6i 7 8 9 10 11 0 12 u Z 13 � a w 3 0 14 n mm� 15 z a ' a CL .16 o Z Z m 17 'm 0 18 r J 19 20 21 2211 231' 2411 251 26 27 1 . 28 • 291 301' 31 321 sum of $500,000.00 and interest shall be paid, being an annual payment of not less than one - fortieth part of the principal of said indebtedness. Section 4. The first installment of interest on the principal sum of each and every one of said bonds, and the money thereby represented, shall be paid on the let day of September.. 19270 and on the let 6.ay of March and September of each and every year t after until all of said bonds are raid; both the orincip l !ind interest shall be payable in gold edu of the United States, and at theoffiee of the Treasurer of the city of Newport Beaah in said oity, County of Orange, State of California. The bonds representing tho indebtedness of $500,000.00 shall be substantially in the following form: No. Series No. UNITED STATES OF Ai2RICA State of California City of Newport Beach. { here insert designation ) Bond. BE IT KNOVIN, that the city of Newport Beach, in the County of Orange, State of 031ifornia, hereby acknowledges its i debtedness to the bearer of this bond in the sum of one thousand dollars ($1,000.00) gold coin of the United States, and promises to pay bearer the sum of one thousand dollars (61,000.00) in gold coin of the United States on the let day of March, 19 at the office of the City Treasurer of the city of Newport Beach, to- gether with interest thereon at the rate of five and one -half per cent. per annum, inter st payable semi-annually, and in like gold coin of the United Staters on the 1st day of September and the 1st day of Karoh of each and every year that this bond is to run, at -a 1 • 2" 3 I 4 5 6 7 8 9 10 11 0 12 u Z 13 � a w 3 0 14 m a mJ fwv 15 Qaa �_ a a 16 o Z Z u= w 17 m o ZS r U 19 20 21 22 23 24 25 26 27 • 28i 29 30 31 321 said t'reasurer's office, upon presentation and surrender of the proper interest coupons hereto attached'. This bend is iesued by the city of Ncwport Beach for the purpose of the construction of two jetties, and by authority and in pursuance of an Act of the Legislature of the State of O:,lifornia, entitled: "An act authorizing the incurring of in- debtedness by cities, tonne, and municipal corporations for muni- cipal improvements, and regulating the acquisition, conetruetion or completion thereof." ( became a law February 25, 1°01) and all acts aiendatory thereof. Also pursuant to Resolution No. 407 of said city, -Cased and adopted on the 10th day of January, 1927, and Ordinance No. 311 of 'said city, pas-sed by the Board of Trustees thereof by the affirmative vote of more than too -thtlB of all the members tbereof, on the'24th dayof January,1927, and on said day approved ty the President of said Board of Trustees. and in further pursuance of Resolution No. 416 direotin; the issue of this bond. It is hereby certified thatali conditions, aetsf and thins essential to the vs.lidity of this bond exist, have hapoened, been done, and token place, and that all roquirements of the law and of the constitution relating to the issue hereof hava been full complied with bly the -.roper bodies, officars, and persons, and that the issue hersof bes 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 special election for that purpose, duly called and held by •,aid Ordinance No. 311, duly passed, approved, and published, end Viat 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 constituted to pay the principal nt maturity, and that the debt her eby created and this bond are within every debt and other limit prescribed by law, and said act, and by the constitution. -3 1 2 3 4 5 6 7 S 9 to 11 0 12 u z 13 J a 3 0 14 m 6 .m7 iwV 1$ r 2 a Q a,z 16 oa of w 17 M 0 18 19 20 21 22 23 24 25 26 27 28 • 29 30 31 32 IN TFSTIMONY WHEREOF, the city of Newport Beach, a municipal corporation, has caused this bond to be signed by the President of its Hoard of Trustees, 3s 9XeO11tive of said muni- olpality, and also by its Treasurer, and oountersigned by the Clerk of said city, and the corporate seal 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, County of Orange, State of California, this let day of March, 1927. President of the Hoard of rustees of the city of Newport Beach, as the executive thereof. Treasurer of the city of Newport Beach. Countersigned: ( seal) Clerk of the city of Newport each. Section S. The interest coupons attached to said bondd shall be substantially in the following form: ^� Interest coupon No._" On t re first day of , A.D. 19 , the City of Newport Beach promises to pay the bearer at the city tre =sury of the city of Newport Beachthe sum of Dollars in gold coin of the United States of America, being semi- annual inter::st on Bond No. , dated Marcbl, 1927. Treasurer of the city of Ne:ort Beach. . 1 z • 3 4 5 6 7 8 9 10 11 0 12 F- (9 z 13 � a w 3 0 14 4 m J fWU< 15 z a a a J z a a 16 o Z Z I a 17 m w 18 0 J 19 20' 21 22 23I 24 25 26 27 • 28 • 29 30 31 32 a v Section. 2. The above and fcregolmg Resolution No. 418 was pasued and adopted on this, the 28th day of February, 1927, by tha Board of Truete-s of the city of Newport Beach, and on said day signed and a�roved by Conrad Richter,President of the Bo,-.rd of Trustees, the same being m csed by the affirmative vote of the following named clembers of said Board of Trustees, to-exit: Ay >a, Trusteez,\� V nA Noes, Trustees Absent, Trustee.L. S. Wilkinson, he having retired and not voting. a Me above and foregoing Resolution No. 418 is approved by a)e this 28th day of February,1927. E4t t-as t : President - Board of Trustees city of Newport Beach C1 k - city of Newport Beach. N