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HomeMy WebLinkAbout284 - Election - Issuance & Sale of BondsORDINANCE NO. 281. .1N ORDLNANCE OF THE BOARD' OF TRUSTEES OF THE CITY OF '-NEWPORT BEACH, AS THE LEG ISLATIVE BODY THEREOF, DE. CURING ITS INTENTION TO CALL AN ELECTION IN A PRO., POSED DISTRICT, AS DESCRIB• ED IN THE PETITION THERE. FOR, OR AS TII£ S,1liE ➢L1Y BE HEREAFTER MODIFIED, FOR THE PURPOSE OF SUBMITTING TO THE Q17ALIFYFD ELECTORS OF SAID DISTRICT THE PROP. OSITION OF AUTHORIZING THE ISSUANCE AND SALE OF BONDS' OF SUCH DISTRICT, IN THE MANNER AND FOR THE PUR- POSES SET FORTH IN THIS OR.' DINA.NCE OF INTENTION. ( Whereas, on the 7th day of Deceni- I !her, 1925, a duly verified petition in 1 +writing was filed in the office of the Clerk of the city of Newport Beach, as Clerk of the Board of Trustees thereof, signed by qualified electors of the city of Newport Beach, resid- ing in the territory which Is propos- ed to be formed into a municipal im- provement district, and being signed by more than ten per cent. of all the ,qualified electors residing in said territory, and setting forth a gener- al description of the improvement to be constructed, and a general descrip- tion of the exterior boundaries of said district; W J, hereas, a improvement to be constructed is an improvement which I the city of Newport Beach is author- ' ized by law to acquire; The Board of Trustees of the city of Newport Beach do ordain as fol- lows: SECTION 1. The Board of Trustees of the city 1 of Newpprt Beach, as the legislative body thereof, hereby declares its in- tention to call an election in all that certain territory within and a part of the city of Newport Beach, which is proposed to be formed into a muni- cipal improvement district, and which territory is accurately described as: located in and is all that portion of the city of Newport Beach, County of Orange, State of California, and Beginning at a point in the center line of 10th Street, which point is 100 feet northerly of the northerly line of Central Avenue; thence northeast- ,erly in a direct line to. U. S. Bulk- head Station. No. 150, as shown and laid out upon a map of the War De- pertinent, showing Newport Bay, ap- proved January 18, 1917; thence east- erly in a direct line to U. S. Bulkhead 1 Station No. 151, as shown upon the aforesaid map of the War Depart- ment; thence southeasterly in a di- rect line to U. S. Bulkhead Station No. 152, as shown upon the aforesaid map of the War Department; thence southeasterly in a direct line to U. S. Bulkhead Station No. 153, as shown upon the aforesaid map of the War Department; thence southeasterly in 'a direct line to U. S. Bulkhead Station No. 154, as shown upon the aforesaid .map of the War Department; thence southeasterly in a direct line to U. S. Bulkhead Station No. 108, as shown i i upon the aforesaid map of the War i iDepartment; thence south 15 degrees .East, along the bulkhead line between U. S. Bulkhead Stations No. 108 and[ No. 107, and along the southeasterly prolongation of said bulkhead line to its intersection with the southerly boundary line of the cii of Newport Beach; thence westerly along the southerly boundary line of the city of Newport Beach, to its intersection f with the southwesterly prolongation . of the center line of 10th Street: thence northeasterly along the south- westerly prolongation of the center line of 10th Street, and along the center line of 10th Street to the place lof beginning, —or as the same may be 1 hereafter modified, as provided by law, for the purpose of submitting 1 to the qualified electors of said dis- itrict the proposition of authorizing the issuance and sale of bonds of such district in the manner and for the purposes set forth in this Ordinance lof Intention. SECTION 2. The improvement to be constructed is described as follows: The con- struction of an extension on the southerly end of that certain wharf now erected and standing at the southerly end of Hain Street in the city of Newport Beach at Balboa, and which extends into and over the waters of the Pacific Ocean, the ex- tension to be constructed approxi nmtely 500 feet in length and 20 feet in width the superstructure to con- sist of a wooden floor three inches thick supported by wooden stringers and secured to wooden caps resting i ml creosoted pile bents, the bents to be driven into the bed of the Pacific, Ocean to such a depth as to afford adequate support to the wharf, said extension to be widened out at Its southerly end to a width of sixty (60)' feet for a distance of forty (40) feet. S)CTION 3. The cost of the proposed improve - ment is estimated to be $23,000.00 and Ithe incidental expenses in connection therewith is estimated to be $2,0(10.00. SECTION 4. The 16th day of February, 1926, is hereby fixed as the date upon which an election will be called in said dis- trict, and upon said date an election i will be called and held therein for the purpose of submitting and there i will be submitted to the qualified vot- ers thereof the proposition of incurr -I -ing an indebtedness by the issuance of bonds of said district to pay the cost and expenses of the construction of the proposed improvement; i A map showing the exterior bound- aries of the said district with relation to the territory immediately con -i iiguous thereto, and a general des- cription of the proposed improvement' are on file in the office of the Clerk of the city of Newport Beach, as Clerk of the legislative body of said city,) which map shall govern for all de- tails as to the extent of the district. SECTION 5. The hour of 7:30 o'clock p. m. of i Monday, the 11th day of January, 1926, at the council chamber of the Board of Trustees of the city of New- port Beach, in the City Hall of said city, in the city of Newport Beach, is hereby fixed as the date, hour and place for the hearing of protests. Any person interested, objecting to the formation of said district, or to the extent of the said district, or to the proposed Improvement, or to the inclusion of his property in said dis- trict, may file written protests setting forth such objection, with the Clerk' of the City of Newport Beach, at or before the time set for the hearing of said petition, at which time and place the Board of Trustees will hear the petition, all protests and objections ..file -d,, apd appeariag to ob- ject. SECTION 6. t The election will be a special elec -1 tion and for the purpose of holding the election the proposed municipal improvement district will be and con- stitute one voting precinct, and the Fire Hall at Balboa, within the pro- ! posed district, will be designated as 'the poling place. A Board of Election will be ap- pointed to consist of one inspector, one judge, and one clerk. SECTION 7. The proposition to be submitted to the qualified voters will be the in- curring of an indebtedness by the Issuance of bonds of .said district in the sum of $25,000.00 to pay the cost of the construction of the proposed improvement. If at the election two - thirds or more of all the voters voting tthereat shall vote in favor of incurr -� ling such bonded indebtedness in the Isom of $25,000.00 for said purpose, ^then the Board of Trustees of the city of Newport Beach shall be authorized and empowered to issue and will is- sue and sell the bonds of the munict- Ipal improvement district in the sum of $25,000.00 for the payment of the cost of the construction of the des- cribed improvement. SECTION 8. A part of said bonds not less, how- lever, than one - fortieth part of the . (whole amount of the indebtedness of $25,000.00, shall be payable every 'year on a day and date and at a place to be fixed by the Board of Trustees of the city of Newport Beach, and designated in such bonds. The rate of 6 per cent per annum is hereby recited as the maximum rate of interest to be paid on such bonded indebtedness, which rate shall not be exceeded in the issuance of bonds for such indebtedness. SECTION 9. fftt The municipal improvement district C proposed to be formed when the samef is formed, shall be known as muni- cipal improvement district No. 5 of 'the city of Newport Beach. SECTION 10. There being no newspaper publish- led in the city of Newport Beach six) idays a week, this ordinance shall be I published once a week for two weeks lj .in THE NEWPORT NEWS, a weekly) i newspaper of general circulation ,printed, published, and circulated ut the city of Newport Beach, and one insertion each week for two succeeding weeks shall be sufficient publication, which THE NEWPORT NEWS is hereby designated for that (purpose. 1 The above and foregoing Ordinance ,was introduced before the Board of ITrustees of the City of Newport ,Beach at a regular meeting thereof `meld the 7th day of December, 1925, iand duly passed at a regular meeting (thereof held on the 21st day of De- cember, 1925, by the affirmative vote of the following Denied members of said Board of Trustees: Ayes, Trustees — WILSON, SLOAN, YOUNG, RICHTER, WILKINSON. Noes, Trustees —NONE. ` Absent, Trustees —NONE. The above and foregoing Ordinance) !No. 294 is signed and approved by me this 21st day of December, 1925. GEO. P. WILSON, President Board of Trustees City of Newport Beach. Attest: C. A. SEBRING, Chvk City of Newport Dvacb. First Pub, Dec. 22; last pub, Jan. 11.