HomeMy WebLinkAboutCC Res 889 1955-06-28
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RESOLUTION NO. G +
RESOLUTION OF THE CITY OF SEAL BEACH. CALIFORNIA.
D:ECLARING THE NECESSITY OF BORROWING FUNDS TO
MEET CURRENT EXPENSES PROVIDING FOR PUBLIC SALE
OF NOTES. TAX ANTICIPATION WARRANTS. OR OTHER
FORMS OF INDEBTEDNESS. PROVIDING FOR THE RATE OF
INTEREST, AMOUNT AND MATURITY DATE OF THE SAME.
AND PROVIDING FOR REPAYMENT.
WHEREAS, by reason of lncreased expense necessary to operate the
various departments of the City of Seal Beach, lt is anticipated that a large
sum of money wlll of necessity be paid out by the Clty withln the next ninety
(90) days; and
~EREAS. ~he available funds on hand in the Clty Treasury are not
sufflcient with which to pay such operating expenses; and
WHEREAS, it lS anticipated that no substantial sum of money will be
received by the City for the benefit of the City before about December 1,
1955; and
WHEREAS, it lS estimated that the sum of Two Hundred Elghty-four
Thouoand, Three Hundred Dollars ($284,300.00) will be the amount of revenue
received from taxes for the fiscal year of 1955-56; and
WHEREAS, the Chief Accounting Offlcer and the Treasurer of the Clty
of Seal Beach have recommended that the City borrow a sufficient sum of
n:.oney on notes. tax anticipation warrants, or other evidences of lndebtedness
on behalf of the City. in an amount not to exceed fifty per cent (50"/0) of the
revenue from taxes proVlded for the current fiscal year 1955-56; and
WHEREAS, it is deemed advisable by the Clty Councll that the City of
Seal Beach arrange to borrow sufflcient funds with which to pay the operatlng
expenses of the City;
NOW. THEREFORE, the City Council of the City of Seal Beach does
resolve as follows:
SECTION 1: That notes, tax anticipatlon warrants, or other evidences
of indebtedness, be offered at public sale by the legislative body of the Clty of
Seal Beach, after advertlBing two separate times In the Seal Beach Post and
Wave. a newspaper of general circulation within the County of Orange and the
City of Seal Beach. sald sale to be held on the 21st day of July. 1955. at the
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1 hour of 7:30 p. M. in the Ctty Council Chambers in the Clty Hall of Seat Beach,
2 CaUfornia, whlch time of sate will be not tess than three (3) days after the tast
3 day on which such advertisement is pubUshed.
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SECTION 2: That such sate shall be m~de to the bldder offering the
5 towest rate of lnterest, or whose bld represents the towest net cost of the City;
6 provided, however, that the rate of mterest shall not exceed flve per c~nt (5%)
7 -per annum.
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SECTION 3: That such notes, tax anticipation warrants, or other evi-
9 dences of indebtedness shall be signed by the Mayor and couriterstgned by the
10 'Ch1E:f Accounting Officer and the Treasurer of such Clty.
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SECTION 4: That such notes, tax anticipation war~ants,' or other evi-
dences of indebtedness to be sotd shall not exceed the sum of Eighty Thousand
Dollars ($80,000.00).
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SECTION 5: That such notes, tax anticipation warrants, or other eVl-
dences of indebtedness shall bear a maturity date not tater than Decen;lber 31,
1955, and shall be repaid not later than said date.
'SECTION 6:' , Tliat bids fo1' such notes, tax anticipation warrants, or
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other evidences of mdebtedness shall be in writing and flted with the City Clerk
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of Seat Beach.at the offi6e of the Citi Clerk in the City Hall of Seal Beach,
Cs Ufornia.
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21 . ' SECTION 7: That any and all bids may be rejected by the City at its
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22 discretion.
23 PASSED, APPROVED A.~D ADOPTED by the City Council of the Clty
24 of Seal Beach at iJN 1\U0Il~ meetlng thereof he~d on the :g i11day ,of June, 1955.
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ATTEST:
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STATE OF:CALIFORNIA':: .:'!}
COUNTY OE:ORANGE;.~"~~)
CITY OF S~ BEaCH-:,:~" )
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I, F. W. HICKMAN, City Clerk of the Ci ty of Seal Beach. and ex-offici
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1 clerk' of the City Council, do hereby certify that the foregoing and attached
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2 resolntion was finally passed, approved and adopted by the City Counc\l of the
3 City of Seai Beach at~~~l:J)meeting thereof held on the fjra day' of June,
4 1955, by the following vote:
5 Ayes I Cou!1c\lJ:nen .&..,4,.,JlHJt4 1..'.NJ"'g e.4A.'~, C.1.~RIf'
Noes:
Councilmen Nl'hl1G
Absent:
Councilmen
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