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HomeMy WebLinkAboutCC Res 896 1955-08-16 I. I I ,. RESOLUTION NO. gq(p " RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL BEACH AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND SALE BY SAID CITY OF TAX ANTICIPATION WARRANTS FOR THE FISCAL YEAR i955-56 IN THE ' PRINCIPAL AMOUNT 'OF $80,000 TO MATURE DECEMBER 31, 1955. WHEREAS, the final budget of the City of Seal Beach for the fiscal year 1955-1956 has. been approved and taxes for said City for said fiscal year have been levied; and WHEREAS, the City Treasurer of said City and the City Clerk of said City (who is its chief accounting officer) have made and filed with this Council their written recom- mendation that said City, under authority of Sections 53820- 53832 of the Government Code of the State of California, issue and sell tax anticipation warrants for the fiscal year 1955- 1956 in the principal sum of $80,000. NOW, THEREFORE, the City Council of the City of Seal Beach DOES HEREBY RESOLVE, DETERMINE AND ORDER, as follows: Section 1. That this Council hereby finds and determines that funds will be needed for the immediate requirements of said City in the fiscal year 1955-1956 to pay obligations lawfully incurred in said fiscal year and before the receipt of income for such fiscal year sufficient to meet such payments, and that in order to prOVide funds with which to meet such obligations it is necessary and desirable that said City borrow the sum of $80,000 on tax anticipation warrants for said fiscal year. Resolut~on Number ~ , ~ I Section 2. That the said borrowing is necessary for the following reasons: That in the portion of the fiscal year 1955-1956 preceding the time or times when revenue will be received suffioient to pay the same the City must pay certain obligations lawfully incurred. to wit: The payment of salaries of City offioers and employees. the payment of maintenance and operation charges and expenses. and the making of necessary capital expenditures; that the present funds of said City are insuffioient to meet such obligations; that no income or revenue sufficient to meet such obligations will be reoeived by said . City before the collection of taxes provided for said City. payable in the month of December 1955; that the amount of money which will be needed to meet suoh obligations. over and above such of the present funds of the City available for such purposes and over and above such inoome and revenue whioh will be available for suoh purposes and will be received prior to the time said obligations must be met. is estimated to be the sum of $80.000. I Section 3. That the amount of revenue to be raised by the levy of taxes for general fund purposes for said City for the fisoal year 1955-1956 is $163.918.00. That the total estimated income from all souroes for general fund purposes provided for said City for the fisoal year 1955-1956 is $337.445.25. I That the amount of $80.000 proposed to be borrowed upon tax antioipation warrants or notes does not exceed 5~ of the revenue from taxes provided for said fiscal year. Section 4. That Tax Anticipation Warrants of the City of Seal Beach in the principal amount of $80.000 be issued and 2. Resolution Number - I sold for the purposes hereinabove set forth. Said warrants shall be dated September 15, 1955, and shall mature and be payable on December 31, 195~. Said warrants shall be in such denomination or denominations as the successful bidder I shall designate in his bid but no denomination shall be less than one thousand dollars ($1,000). If the successful bidder makes no designation of denominations in his bid, the denomina- tions shall be one thousand dollars ($1,000) each. Said warrants shall bear interest at a rate to be fixed upon the sale thereof, not to exceed five per cent (5%) per annum, pay- able in one installment at the maturity of said warrants, said interest to be computed upon a basis of 365 days to the year. Said warrants and the interest thereon shall be payable in lawful money of the United States of America at the office of the Treasurer of said City. Section 5. Said warrants shall be issued in substan- tially the following form, to wit: UNITED STATES OF AMERICA STATE OF CALIFORNIA CITY OF SEAL BEACH $ No. TAX ANTICIPATION WARRANT FISCAL YEAR 1955-1956 I On the 31st day of December, 1955, the City of Seal Beach, County of Orange, State of California, promises to pay to or order, out of funds hereinafter mentioned, the sum of Dollars ($ ), together with interest thereon at the rate of per cent (~) per annum {computed upon a basis of 365 days to the yeary- from the date hereof until this warrant is paid. Said 3. Resolution Number . ~ I interest is payable in one installment at the maturity hereof. Both principal and interest are payable in lawful money of the United States of America at the office of the Treasurer of said City in said City. This warrant is one of an issue of tax anticipation warrants of like date and tenor aggregating in the prin- cipal amount of $80,000. This warrant and all Other warrants of said issue, together with the interest thereon, are payable exclusively out of taxes levied by and for said City for the fiscal year 1955-1956, and constitute a first lien and charge against said taxes and shall be repaid from the first moneys received by said City from said taxes. I This warrant is issued by said City under and in strict compliance with the provisions of Sections 53820- 53832 of the Government Code of the State of California. It is hereby certified, recited and declared that all acts, conditions and things required to exist, happen, and be performed precedent to and in the issuance of this warrant have existed, happened, and been performed in regular and due time, form and manner as required by law, and that this warrant and the issue of which it is a part does not exceed any limit prescribed by the laws or Constitution of said State. IN WITNESS WHEREOF, said City of Seal Beach has caused this warrant to be signed on its behalf by the Mayor of said City and to be countersigned by the City Clerk and City Treasurer of said City and the seal of said City to be affixed thereto this 15th day of September, 1955. Mayor of the City of Seal Beach Countersigned: City Clerk and Chief Account- ing Officer of the City of Seal Beach I City Treasurer of the City of Seal Beach (SEAL) \ 4. Resolut~on Number . . .' I Section 6. That the Mayor of said City is hereby authorized and directed to sign said warrants, and the City Clerk (and Chief Accounting Officer) and City Treasurer are hereby authorized and directed to countersign said warrants and said City Clerk is hereby authorized and directed to affix thereto the seal of. said City. Section 7. Said warrants, together with the interest thereon, shall be payable exclusively from and constitute a first lien and charge against the taxes levied for said City for the fiscal year 1955-1956, and shall be repaid from the first moneys received by said City from said taxes. I . Section 8. That the 6th day of September, 1955, at the hour of 7:30 o'clock P. M., California Daylight Saving . Time, is hereby fixed as the time when this City Council will receive sealed bids for the purchase of said warrants. The Clerk of this Council is hereby directed to publish notice of sale of said warrants by two insertions in the SEAL BEACH POST & WAVE, a newspaper of general circulation within the City of Seal Beach, the last publication to be at least three (3) days before the day above fixed for receiving bids. Said notice shall be in substantially the following form: NOTICE INVITING BIDS FOR THE SALE OF TAX ANTICIPATION WARRANTS OF THE CITY OF SEAL BEACH. I NOTICE IS HEREBY GIVEN that sealed bids for the purchase of tax anticipation warrants of the City of Seal Beach in the principal amount of $80,000 will be received by the City Council of said City up to the hour of 7:30 olclock P. M., California Daylight Saving Time, September 6, 1955, and will be opened by said Council at said time. 5. I I I Resolut1on Number o . ... Said warrants are to be dated September 15, 1955, to mature and be payable on Deoember 31, 1955, to bear interest at a rate to be fixed upon the sale, but not to exceed five per cent (5~) per annum, payable in one installment at the maturity of said warrants, said interest to be oomputed upon a basis of 365 days to the year. Said warrants shall be of the denomination or denominations designated by the successful bidder in his bid but in no event shall any denomination be less than $1,000 each. Said warrants shall be payable exclusively from and constitute a first lien and oharge against the taxes levied for said City for the fiscal year 1955-1956 and shall be repaid, together with the interest thereon, from the first moneys received by said City from said taxes. Said warrants shall be sold for oash only at not less than par and acorued interest to the date of payment and delivery. Said warrants shall be sold to the bidder Offering the lowest rate of interest or whose bid represents the lowest net cost to the City. Each bid must state that the bidder will pay par and aocrued interest to the date of payment for and delivery of said warrants and state the interest rate whioh the warrants shall bear, and state separately the premium, if any, offered. Each bid must be accompanied by a Cashier's cheok or oertified oheok payable to said City in an amount not less than $1,000 as a guaranty that the bidder, if successful, will accept and pay for said warrants in accordance with the terms of his bid. The legal opinion of O'Melveny & Myers of Los Angeles, California, approving the validity of said Warrants will be furnished the successful bidder at the expense of the City. bids . . The City reserves the right to re3eot~any<ana ai~ and to waive any informality in any.bid. .....:. :~.;. ~ - ~ Given pursuant to the order of the:City Council.D.~ - .. ~~ ~, ~~... ~~~- 'C Y erk 0 e y of Seal Beach - ~. . " INTRODUCED, APPROVED AND ADOPTED this 16th day of August, 1955. . %2t4fJ~~ Mlyor 0 e City of Seal Beach - . ....- ." ... ~"" ......." -J; ~"" ..~' . A'ZTEST: .. . ~ ~~/4.-'-1- do ~. City Cler~l)r the City of .; -"Seal Beach.... ....... ;..- '. ~ ;;,; " I;" . 6. Resolution Number . ., . 1 STATE OF CALIFORNIA I COUNTY OF ORANGE SS. CITY OF SEAL BEACH I. F. W. HICKMAN. City Clerk of the City of Seal Beach. California. do hereby certify that the fore- going Resolution was duly introduced. approved and adopted by the City Council of the City of Seal Beach at a regular meeting held on the 16th day' of August. 1955. by the following roll call vote: , AYES: Councilmen: .J A IIINGAO; .LFlCIHAI4 .&L.4N;I ~A~ f'.41. v~ (! u..a..Jt Councilmen: ~~~~ Councilmen: NOHG NOES: ABSENT: 1- ~ ./ /' ~ -.. ; ::~ . ; ~t:-</. //_~<:,{.,.... . - .' i' -C1WClerk orne,city of ~ ';. Seal Beach. -:: _ : . ;;. o -- . , " / - .. ~ ~ " .' . . I 7.