HomeMy WebLinkAbout536 - Issuance & Sale of Bonds of Municipal Improvement District 7••
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RESOLUTION NO. �
A RESOLUTION OF THE BOARD OF TRUSTEES
AND CITY COUNCIL OF THE CITY OF NEWPORT
BEACH, AMENDING SECTIONS 1 AND 3 OF
RESOLUTION NO. 523 ENTITLED AS FOLLOWS:
"A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF NEWPORT BEACH, DIRECTING
THE ISSUANCE AND SALE OF BONDS OF MUNI-
CIPAL IMPROVEMENT DISTRICT NO. 7 OF
THE CITY OF NPVPORT BEACH, DIRECTING
THE GIVING OF NOTT_CE OF SALE, CREATING
A FUND FOR THE RECEPTION OF THE PROCEEDS
DERIVED FROM THE SALE OF SAID BONDS AND
PRESCRIBING THE FORM OF SAID BONDS AND
INTEREST COUPONS,"
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10 1 The Board of Trustees and the City Council of the City of
11 j Newport Beach do hereby resolve as follows:
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12 „ Section 1. That section 1 of said resolution No. 523 be
13 ! and the sane is hereby amended to read as follows:
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"Section 1. The bonds of Municipal Improvement
District No. 7 of the'Cits of Newport Beach, the ex-
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terior boundaries of which district are generally
described in the petition for the formation thereof,
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filed with the Clerk of said city on the 29th day of
April, 1929, and defined and permanently established
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in Ordinance No. 360 of said City, shall be issued
and sold in the sum of $36,000.00, for the acquisi-
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tion of a certain right of way and the improvement
thereof,..within said district, and for the payment
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,:
of incidental expenses in connection therewith, as
more fully set forth in said Ordinance No. 360 and in
Ordinance No. 362 of the City of Newport Beach."
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Section 2. That section 3 of said resolution No. 523 be
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and the
same is hereby amended to read as follows:
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"Section 3. The form of said bonds and interest
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coupons to be attached thereto shall be as follows:
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UNITED STATES OF AMERICA
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Number Number
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STATE OF CALIFORNIA
CITY OF NEWPORT BEACH
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$1000.00 $1000.00
MUNICIPAL IMPROVEMENT DISTRICT
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NO. 7 OF THE CITY OF NEWPORT
BEACH BOND.
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September 1, 1929
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Under and by virtue of an Act of the
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Legislature of the State of California, entitled:
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'An Act to provide for the formation of districts
within municipalities for the acquisition or con-
struction of public improvements, works and public
utilities; for the issuance, sale and payment of
bonds of such district to meet the cost of such im-
provements; and for the acquisition or construction
of such improvements', approved April 20, 1915, as
amended, Municipal Improvement District No. 7 of
the City of Newport Beach in the City of Newport
Beach, State of California, by its governing body,
the Mayor and Council of said City, promises out
of the fund hereinafter described, to pay to the
bearer, on the 1st day of September the
sum of 1000.00, with interest thereon at the rate
of six per centum (6 %) per annum, payable semiannual-
ly on the 1st day of March and the 1st day of Septem-
ber of each year, upon presentation and surrender
of the interest coupons hereto attached, principal
and interest payable in lawful money of the United
States, at the office of the Treasurer of said City
of Newport Beach. The principal and interest of
this bond are payable exclusively out of taxes levied
upon the taxable property in said Municipal Improve-
ment District No. 7 of the City of Newport Beach,
and neither the City of Newport Beach nor any officer
thereof is holden for the payment thereof otherwise.
It is hereby certified that all requirements of the
constitution and laws of -the Stat.e..of California and
the Ordinances of said City of Newport Beach have
been fully complied with by the proper officers in
the issuing of this bond; that this issue of bonds
has been authorized by a two- thirds vote of the duly
qualified voters of said district voting on the
question of such issue at a special election duly
and regularly called and held in said district on
July 16, 1929, and that provision has been made for
the collection of an annual tax upon the taxable
property of said district, sufficient to pay the
interest on this bond and the issue of which it
forms a part, as said interest falls due, and also
provision to constitute a sinking fund fop the pay-
ment of the principal thereof.
IN WITNESS WHEREOF, the Mayor and Council of
the City of Newport Beach, the governing authority
of said Municipal Improvement District No. 7 of the
City of Newport Beach, has caused this bond to be
signed by the Mayor and Treasurer of the said City
of Newport Beach, and countersigned by the Clerk of
said City, and the corporate seal of said City to be
hereto affixed, and the interest coupons hereto
attached to bear the facsimile signature of said
Treasurer, and this bond will be dated the ls.t day
of September, 1929. S
i'ayo o?` the City of Newport
Beach
Countersigned by:
30 Treasurer of the City of
City Clerk of the City of Newport Beach
Newport Beach
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20 j Newport Beach as the chief executive thereof, also signed by the
21 Treasurer and countersigned by the Cleric.
22 ;' The interest coupon shall be signed by the Treasurer of
23 the City of Newport Beach by his engraved or lithographed signature.'
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25 I hereby certify that the foregoing Resolution was reg-
26 ularly introduced and passed by the Board of Trustees and City
•• 27 Council of the City of Newport Beach at a regular meeting thereof j
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28 ? held on the 4th day of November, 1929, by the vote of the follow-
ing named members thereof, to -wit:
29'; s.±_
`� eyes- Councilmen
306ttest: n'�
Noes- Councilenuz
yry erg:` City of Piewport Absent-
-�`r -^ Beach.
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;; There shall be attached to each bond, consecutively num-
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;,bered, interest coupons providing for the payment of semi- annual
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`interest thereon, wPdch shall be in the following form: -
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" INTEREST COUPON
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430.00 Coupon No.
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Newport Beach, California
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September 1, 1929
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Municipal Improvement District No. 7 Bond.
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On the 1st day of , 19 , P:[unicipal
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Improvement District No. 7 of the— itof Newpo�Beach, in the
„City of Newport Beach, County of Orange, State of California, will
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bpay to the bearer, at the office of the Treasurer of the City of
;Newport Beach, the sum of Thirty Dollars (y ?30.00) in lawful money
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sof the United States, the semi - annual interest due on Municipal
Improvement District No. 7 of the City of Newport Beach bond
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election of 1929, this coupon being payable exclusively from taxes
'levied upon the taxable property of said district.
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Treasurer of-the City of
Newport Beach."
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Each bond shall be signed by the Mayor of the City of
20 j Newport Beach as the chief executive thereof, also signed by the
21 Treasurer and countersigned by the Cleric.
22 ;' The interest coupon shall be signed by the Treasurer of
23 the City of Newport Beach by his engraved or lithographed signature.'
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25 I hereby certify that the foregoing Resolution was reg-
26 ularly introduced and passed by the Board of Trustees and City
•• 27 Council of the City of Newport Beach at a regular meeting thereof j
I
28 ? held on the 4th day of November, 1929, by the vote of the follow-
ing named members thereof, to -wit:
29'; s.±_
`� eyes- Councilmen
306ttest: n'�
Noes- Councilenuz
yry erg:` City of Piewport Absent-
-�`r -^ Beach.