HomeMy WebLinkAbout2669 - Central Avenue Wideningi
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RESOLUTION NO.
RESOLUTION PROVIDING FOR ISSUANCE OF BONDS
IN THE WIDENING OF CENTRAL AVENUE IN THE
CITY OF NEWPORT BEACH, CALIFORNIAy BETWEEN
MCFADDEN PLACE AND "B" STREET.
WHEREAS, this is the time and place fixed for the hearing
upon the issuance of bonds in the proceeding for the widening
lof Central Avenue between McFadden Place and "B" Street; and
WHEREAS, the City Clerk has given notice of the filing
of the list of unpaid assessments and of the time and place when
any person interested may appear and set forth his objections or
any reason which he may have why bonds should not be issued upon
the security of the unpaid assessments by publication, posting
land mailing, as provided in Section 8592 of the Improvement Bond
Act of 1915 (Division 10 of the Streets and Highways Code); and
WHEREAS, no objections to the issuance of said bonds have
been made in writing or orally and this City Council has examined
the list of unpaid assessments and has ascertained what assessments
remain unpaid and what assessments have been paid, and is fully
advised in the premises:
NOW$ THEREFORE, the City Council of the City of Newport
JBeach, California, does hereby resolve and determine and order
las follows:
Section 1. That the assessments which are unpaid and the
various amounts thereof are shown upon the list attached hereto
hand made a part hereof, and the aggregate amount of such.unpaid
assessments is the sum of Four thousand six hundred forty =eight
(S 4648.78 ). and 78/100 Dollars
Section 2. That bonds in the amount of Four thousand six
hundred forty -eight and 76/100
Dollars ($ 464$.78) shall be issued under the provisions of the
LAW OFFICES OF
ROLAND THOMPSON 1
i
210 SPURGEON BLDG.
SANTA ANA. CALIF.
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Improvement Bond Act of 1915 (Division 10 of the Streets and
Highways Code) upon the security of said unpaid assessments.
Said bonds shall bear interest at the rate of four per cent (4 %)
per annum, payable semi - annually on the 2nd day of January and
July, respectively, of each year, the first payment of interest
to become due on January 2, 1944.
Section 3.- The bonds shall be issued in three series
and an even annual proportion of the aggregage principal sum
thereof shall be payable on the 2nd day of July, 1944, 1945 and
1946. Said bonds shall be substantially in the following form:
Series No.
IMPROVEMENT BOND
(Central Avenue Widening)
City of Newport Beach, California
NO.
Under and by virtue of the Improvement Bond Act
of 1915, Division 10 of the Streets and Highways Code,
the City of Newport Beach will on the second day of July,
19 , out of the redemption fund for the payment of
the bonds issued upon the assessments made for the widen-
ing of Central Avenue in the City of Newport Beach between
McFadden Place and "B" Street, as more particularly set
forth in Ordinance of Intention No. 503, passed by the
legislative body of said City on the 20th day of October,'
1941, pay to bearer the sum of
($ ) with interest thereon from the 5th
day of September, 1942, at the rate of four per cent (4 %)
per annum, all as hereinafter specified, and at the office
of the treasurer of said City.
LAW OFFICES OF 2
ROLAND THOMPSON
210 SPURGEON BLDG.
SANTA ANA. CALIF.
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This bond is one of several annual series
of bonds of like date, tenor and effect, but differing
in amounts and maturities, issued by said City under
said law for the purpose of providing means for paying for
the work and improvements described in said Ordinance of
Intention, and is secured by the moneys in said redemption
fund and by the unpaid assessments made for the payment
of said work, and, including principal and interest, is
payable exclusively out of said fund.
The interest is payable semi - annually, to -wit,
on the second day of January and July in each year
hereafter, upon presentation of the proper coupons there-
for; provided, that the first of said coupons is for
the interest to the second day of January, 1944, and
thereafter the interest coupons are for the semi - annual
interest.
This bond shall continue to bear interest
after maturity at the rate above stated; provided, it
is presented at maturity and payment thereof is refused
upon the sole ground that there is not sufficient moneys
in said redemption fund with which to pay the same. If
it is not presented at maturity interest thereon will
run until maturity.
This bond may be redeemed and paid in advance
of maturity upon the second day of January or July in
any year by giving the notice provided in said law and
by paying principal and accrued interest together with
a premium equal to 5 per centum of the principal.
IN WITNESS Wi1EREOF, said City of Newport Beach
has caused this bond to be signed by the treasurer of said
City and by its Clerk and has caused its Clerk to affix
LAW OFFICES OF
ftOLAND TMOMPSON
21O SPUNGEON BLDG. �•
SANTA ANA. CALIF.
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LAW OFFICES OF
ROLAND THOMPSON
210 SPURGEON BLDG.
SANTA ANA. CALIF.
J
thereto its corporate seal, all on the 5th day of
October, 1942.
((SEAL))
Coupons shall be in substantially the following form:
Coupon No. 0
On the 2nd day of , 19
the City of Newport Beach, California, will, out of the
Central Avenue Widening redemption fund of said City,
pay to the bearer, at the office of the City Treasurer
of said City in said City, the sum of
Dollars ($ ), being the interest then due
on Improvement Bond No. Series ,
dated October 5, 1942.
Uitff Treasurer of the City
of Newport Beach, California
Section 4. That the treasurer and clerk of said City
are hereby directed to sign all of said bonds and the clerk
is directed to affix the seal of the City thereto. The treasurer
is hereby directed to sign the interest coupons on said bonds by
his printed, lithographed or engraved facsimile signature.
4.
1 section 5.
2 redemption fund d
3 into which he she
4 collection of the
5 the improvement u
6 interest and pena
7 and pay the bonds
8 of the bonds and
9 Section 6.
10 denominations, ma
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12
13 Bond Nos.
14 Inclusive,
15 1
16 2
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19
Bond Noe,
20 Inclusive
21 3
22 4
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25 Bond Nos.
Inclusive
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LAW OFFICES OF
ROLAND THOMPSON
210 SPURGEON BLDG.
SANTA ANA. CALIF.
The City Treasurer of said City shall keep a
esignated Central Avenue Widening Redemption Fund,
11 place all sums received by him from the
assessments made for the payment of the cost of
pon which the bonds are issued and of the
lties thereon. From said fund he shall disburse
and the interest due thereon upon presentation
coupons.
Said bonds shall be of the numbers,
turities and series numbers as follows:
SERIES N0, 1
Denominations
$1000.00
549.6o
SERIES N0, 2
Denominations
$1000.00
549.59
SERIES N0. 3
Denominations
$1000.00
549.59
5.
Maturity Date
July 2, 1944
July 2, 1944
Y747yxxx
Maturity Date
July 2, 1945
July 2, 1945
Maturity Date
July 2, 1946
July 2, 1946
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A, 1
Section 7. A copy of this order shall be filed in the
office of the City Clerk of the City of Newport Beach, California.
ADOPTED, SIGNED AND APPROVED this 5th day of October, 1942.
MAYOR OF THE TY OF NEWPORT BEACH,
C IFORNIA
A LOT: 7-
erk of the City of Newpo
Beach, California
((SEAL))
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) Be.
CITY OF NEWPORT BEACH )
I. Frank L. Rinehart, City Clerk of the City of Newport
Beach, California, do hereby certify that the foregoing
resolution was duly adopted by the City Council of said City of
Newport Beach at its regular meeting duly held on the 5th day of
October, 1942, by the following vote, to —wit:
((SEAL))
AYES, COUNCILMEN:
NOES, COUNCILMEN: I`
ABSENT, COUNCILMEN:
� n
LAW OFFICES OF V.
ROLAND THOMPSON
210 SFURGEON BLDG.
SANTA ANA. CALIF.
NEWPORT BEACH, CALIFORNIA