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HomeMy WebLinkAboutCC Ord 405 1951-04-16 '. " I ORDINANCE NO'. 4 oS AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SEA-L'BEACH, CALIFORNIA, PROVIDING FOR THE ISSUANCE OF BONDS OF SAID CITY IN THE M40UNT OF ~130,000 FOR THE ACQUISITION AND CONSTRUCTION BY SAID CITY OF A CERTAIN MUNICIPAL IMPROVEMENT. WHEREAS, pursuant to Ordinance No. 404 of the City I of Seal BeaCh, California, a special municipal election was duly and regularly held in said city on the 13th day of March, 1951, at which election there was submitted to the qualified voters of said city the following proposition, to wit: "BOND PROi"OSITION: Shall the City of Seal Beach i~cur a bonded indebtedness in the principal sum of ~130,OOO.00 for the purpose of the acquisi- tion and construction for said city of a certain municipal improvement, to wit: the reconstruction and enlargement of the existing sewage treatment and disposal plant, together with the acquisition of all -apparatus, equipment and other property necessary therefor?" and I \"IHEREAS. said proposition received the affirmati-ve._ vote and assent of more than two-thirds of all of the qualified voters of said city voting at said election, and said City is now authorized to issue bonds in the amount and for the purposes hereinbefore specified; NOW, THEREFORE, the City Council of the City of Seal Beach DOES ORDAIN as follows: Ordinance Number '. . I Section 1. That bonds of the City of Seal Beach in the principal sum of $1)0,000 be issued and sold for the purposes set forth in said bond proposition in the recitals hereof. Said bonds shall be designated "SEWAGE DISPOSAL BONDS, 1951," shall be one hundred thirty (1)0) in number, numbered 1 to 1)0, inclusive, and shall be of the denomina- tion of $1,000 each. Said bonds shall be dated May 1, 1951, and shall be payable in consecutive numerical order, $10,000 on May 1 in each of the years 1952 to 1964, inclusive. I Said bonds shall bear interest at a rate to be here- after fixed by resolution, but not to exceed five per cent (5%) per annum, payable semiannually on the first days of May and November of each year. Said bonds and the interest thereon shall be payable in lawful money of the United States of America at the office of the City Treasurer of the City of Seal Beach. in the City of Seal Beach, California. I Section 2. That the Mayor of the City of Seal Beach and the City Treasurer of said City are hereby authorized and directed to sign all of said bonds by their printed, litho- graphed or engraved facsimile signatures, and the City Clerk of said City is hereby authorized and directed to countersign said bonds and to affix thereto the corporate seal of said City, and the City Treasurer of said City is hereby authorized and directed to sign the interest coupons of said bonds by his printed, lithographed or engraved facsimile signature, and to number said interest coupons of each of said bonds consecutively. Section). That said bonds and the coupons for the interest thereof shall be issued in substantially the following form: 2. Ordinance Number I UNITED STATES OF AMERICA STATE OF CALIFORNIA CITY OF SEAL BEACH SE\VAGE DISPOSAL BOND, 1951 No. n,ooo.oO I The CITY OF SEAL BEACH, a municipal corporation situated in the County of Orange, State of California, FOR VALUE RECEIVED, hereby acknowledges its indebted- ness and promises to pay the bearer hereof the sum of ONE THOUSAND DOLLARS ($1,000.00) on the first day of May, 19 , with interest thereon at the rate of per cen~ %) per annum, payable semiannually on the first days of May and November of each and every year from the date hereof until this bond is paid, on presentation and surrender of the respective interest coupons hereto attached. Both principal and interest are payable in lawful money of the United States of America at the office of the City Treasurer of the City of Seal Beach in said City. This bond is issued by the CITY OF SEAL BEACH under and in pursuance of and in conformity with the provisions of Article 1, Chapter 4, Division 4, Title 4 of the Government Code of the State of California, and acts supplementary thereto, and in pursuance of the laws and Constitution of the State of California, and is authorized by a vote of more than two-thirds of all the qualified voters of said City of Seal Beach voting at an election duly and legally called, held and conducted in said City on the 13th day of March, 1951. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of this bond have existed, happened and been performed in due time, form and manner as required by law, and that the amount of this bond, together with all other indebtedness of said City, does not exceed any debt limit prescribed by the laws or Constitution of the State of California. I IN WITNESS WHEREOF, said City of Seal Beach has caused this bond to be signed by the Mayor and the City Treasurer of said City by their facsimile signatures, countersigned by the City Clerk of said City, and sealed with the corporate seal of said City, and the interest coupons hereto attached to be signed by the City Treasurer by his facsimile signature, and has caused this bond to be dated the first day of May, 1951. (facsimile si~ature) Mayor of the City of Seal Beach, California. COUNTERSIGNED: (facsimile si~ature~ City Treasurer 0 the ity of Seal Beach, California. City Clerk of the City or Seal Beach, California. 3. Ordinance Number I (COUPON FORM) On the first day of the CITY OF SEAL BEACH, California, will pay to the bearer at the office of the City Treasurer of said city,in said ci ty, the sum of DOLLARS ($ 1 in l.awful money of the United States of America, being the semi- annual interest then due on SEWAGE DISPOSAL BOND, 1951 NO. dated May 1, 1951 19_ COUPON NO. Ii!; (facsimile signature) City Treasurer of the City of Seal Beach, California. I Section 4. That the proceeds of the sale of said bonds shall forthwith be turned over to and placed in the municipal treasury of the City of Seal Beach to the credit of a fund hereby created and designated "SEWAGE DISPOSAL BONDS, 1951, CONSTRUCTION FUND", and the moneys in said fund shall be applied - exclusively to the acquisition and construction of the municipal improvement described in the bond proposition in the recitals hereof. Section 5. That for the purpose of paying the prin- cipal and interest of said bonds, at the time and making the I general tax levy and annually thereafter until said bonds are paid or until there is a sum in the treasury of said City set apart for that purpose sufficient to meet all payments of prin- cipal and interest of said bonds as they become due, the City Council of the City of Seal Beach shall levy and collect a tax suf- ficient to pay the interest on said bonds and such part of the principal thereof as will become due before the proceeds of a tax levied at the next general tax levy will be available. Said tax shall be in addition to all other taxes levied for municipal purposes and shall be levied and collected as other city taxes, and shall forthwith be turned over and paid into a fund of the 4. Ordinance Number , I City of Seal Beach to be known as "SEWAGE DISPOSAL BONDS, 19.51, INTEREST AND REDEMPTION FUND." Said fund shall be used for no other purpose than the payment of said bonds I' and accruing interest thereon. Section 6. That the City Clerk shall certify to the passage and adoption of this ordinance by a vote of more than two-thirds of all the members of the City Council of said City, and shall cause this ordinance to be published once in the SEAL BEACH POST & WAVE, a newspaper of general circulation in said city. Section 7. This ordinance shall take effect thirty (30) days after its passage. I ADOPTED, SIGNED AND APPROVED this 16th day of April, 19.51. "X 9..~ .r' ~~ Mayor of the City of Seal Beach, California. (SEAL) I .5. Ordinance Number I STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss. CITY OF SEAL BEACH ) I, JOHN W. MULCAHY, City Clerk of the City of Seal Beach, California, DO HEREBY CERTIFY that the foregoing ordinance was introduced at a regular meeting of the City Council of said City, duly held on the 2nd day of April, 1951, and thereafter at a regular meeting of said City Council, duly held on the 16th day of April, 1951, was re-read, duly passed and adopted by said City Council, and signed and approved by the Mayor of said City, and that said ordinance was passed and adopted by a vote of more than two-thirds of the members of said City Council, to wit: AYES: Councilmen LAonard, ~o.Anr RnWA?A. Sh~ltr Webster NOES: Councilmen ABSENT : Councilmen lone lone I (SEAL) lerk of the Beach, Califo I 6. .4