HomeMy WebLinkAboutCC Res 475 1942-09-17
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RESOLUTION NO. 475
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A RESOLUTION OF THE CITY OF SSAL BEACH
CALIFORNIA D]CL~RING TH~ ~~CESSITY OF'
BOHRO':lING ~UNDS TO ;'~ET CU:.RENT IlXPENSE5..
PROVIDING FOR PUBLIC 5AL:;;] OF NOTES TAX
ANTICIPATION '.:A.L'i-RANTS OR OTH::::R FORMS OF
INDEBTEDK3SS, PROVIDING FOR THill RhTE OF
INTEREST Ar.:O~j\rT 1.:':0 I.LA TURI TY DATE OF T:-rn:
S~~E, Arm PROVIDING FOR R~PATIi~NT.
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'~RZAS, by reason of increased expense nece -
1l sary to operate the various departments of the City
12 of Seal Beach, California, i~ 1s anticipated that a
13 large sum of money will of necessity be paid out by
14 the City within the next ninety (gO) days; and,
15 WHEREAS, the available funds on hand in the
le City Treasury are not sufficient with which to pay
17 such operating expenses; and,
18 WHEREAS, it is anticipated that no substanti 1
19 sum of money will be received by the City for the
20 benefit of the City before November 1st, 1942; and,
2l ~'lHEREAS, it is estimated that the sum of ONE
22 HUNDRED T'HELVli1 'lROUSAKD T.'lO HUI\'"DRED EIGHTY-TUO DOLLARS
23 ($112,282.00) will be the amount of revenue received
24 from taxes for the fiscal year 1942-l943; and,
25 ~iREAS, the Chief Accounting Officer and
26 the Treasurer of the City of Seal Beach have recommen-
27 ded that the City borrow a SUfficient sum of money on
28 notes, tax anticipation warrants, or other evidences
29 of indebtedness on behalf of the Ci ty, ,in an amount
30 not to exceed fifty (50~) per cent of the revenue
31 from taxes provided for the current fiscal year of
32 1942-1943; and,
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Resolution Number
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1 WH]R&AS, it is deemed advisable by the City
2 Council too t the City of See.! Beach arrange to bor'roVl
'3 sufficient funds vii th vlhich to pay the operating ex-
4 penses of the City in tIle manner and as provi ded in
5 Section 3719 of the Poli~ica1 Code of the state of
6 Cali fornia;
7 NO~, T.H~R:FORE, Bm IT RESOLVED that notes, ta
8 anticipation warrants, or other evidences of indebted-
9 ness" be offered a.t J;:ublic sale by the legislative
10 bOdy of the City of Seal Beach after advertising in
11 the Seal Beach Post & 1Jave, a newspaper of general
l2 circuletion within the County of Orange and the City
l3 of Seal Beach, said sale to be held on the 29th day
l4 of Se~tember, 1942, :::.t t~1e hour of 10:00 O'clock A.I&:.,
15 at the office of the City Clerk in the City Hall of
l6 Seal Beach, California., which tiue of sale will be
17 not less than three (3) days after the last day on
18 \'/hiCh such advertisement is published.
19 Such sale stall be na.de to the bidder offer-
20 ing the lowes t rate of in teres t or whose bi d repre-
2l sents the lowest net cost to the City, prOVided how-
22 ever, that the l' ate of interest shall not exceed five
23 (5:;c) per cent per annum.
~ Such notes, tax anticipation warrants,or othe
25 evidences of indebtedness, to be signed by the Mayor,
26 and countersigned by the Chief Accounting Officer and
27 the Treasurer of such City.
28 Such notes, tax anticipation warrants, or
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29 other evidences of indebtedness to be sold, shall not
30 exceed the sum of TI~IRTY-FIVE TrlOUSA~~ (~35,OOO.00)
3l DO LLi"R5 .
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Such notes, tax anticip~tion warrants, or
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DANA R WJLLJAMB
ATTORNEY AT LAW
SUITE 4:11 8.CU'UTY BLDG
"HO~IE ."..,..
LONG BEACH CALIP
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Resolution Number ,
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1 other'evidences of indebtedness, shall bear a maturit
2 date not later than December 31st, 1942, and shall be
3 repaid not later than said date.
said
4 Bids fo~/notes. tax anticipation warrants, or
5 other evidences of indebtedness, shall be in writing
6 and filed with the City Clerk of Seal Beach at the
7 office of the City Clerk in the City Hall of Seal
8 Beach, California.
9 Any and all bids may be rejected by the City
lO at its discretion.
1l ADOPTED, SIGNED AND APPROVED, this 17th day
12 of September, 1942.
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Attest:N~M~J;'4-
I, OLLIE B. PADRICK, City Clerk of the City
of Seal Beach, California, do hereby certify that
the foregoing Resolution was duly adopted at a regula
meeting of 'the City Council held the 17th day of
September, 1942, by the following vote of the members
to wi t :
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AYES: Councilmen
NOES: councilmen_~)
ABS~NT: .:cO},l.nCllmen ~)
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~1f/dlty or
Seal Beach, California.
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