HomeMy WebLinkAboutCC Res 491 1943-08-02
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DANA R WILLIAMS
A'ITORNEY AT IoAW
"al .IICURITY BLDG.
PHONlt ...~1.8
LoNG BCACH a. CALIF,
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RESOLUTION NO.~
A RESOLUTION OF THE CITY OF SEAL BEACH,
CALIFORNIA DECLARING THE NECESSITY OF
BORROWING fUNDS TO MEET CURRENT EXPENSES,
PROVIDING FOR PUBLIC SALE OF NOTES TAX-
ANTICIPATION WARRANTS, OR OTHER FORMS OF
INDEBTEDNESSA PROVIDING FOR THE RATE OF
INTERESt~ AMvUNT AND A~TURITY DATE OF THE
SAME, A~u PROVIDING FOR REPA~~NT.
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WHEREAS, by reason of increased expense
necessary to operate the various departments of the
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City of Seal Beach, California, it is anticipated that
a large sum of money will of necessity be paid out by
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the City within the next ninety (90) days; and,
WHEREAS, the available funds on hand in the
City Treasury are not sufficient with which to pay
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such operating expenses; and,
WHEREAS, it is anticipated that no substantial
sum of money will be recei ved by the Ci ty fo r the
benet.it of the City before November 1st, 1943; and,
'WHEREAS, it is estimated tl1at the sum of' ONE
HUNDRED ELEVEN THOUSAND FOUR HUNDRED SEVENTY-FIVE
($lll,475.00) DOLLARS will be the amount of revenue
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received from taxes for the fiscal year 1943-l944; and
WHEREAS, the Chief Accounting Officer and the
Treasurer of the City of Seal Beach have recommended
that the City borrow a sufficient sum of money on
notes, tax anticipation warrants, or other evidences
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of indebtedness on behalf of' the City, in an amount
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not to exceed fifty (50%) per cent of the re~enue
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from taxes provided for the current fiscal year of
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1943-1944; and,
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WHEREAS,
Council that the
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it is deemed advisable by the
City of Seal Beach arrange to
borrow
City
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DANA R WILLIAMS
~noRtmY AT LAW
~:II ..eURITY I!ILDG.
PHONIC 8a8-I.11
\. ,\EACH a. CAuJ'.
Resolution Number
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1 sufficient funds with which to pay the operating ex-
2 penses of the City in the manner and as provided in
3 Section 3719; or the Poll tical Code of the State of
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California;
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NOW, THEREFORE, BE IT RESOLVED that notes, tax
anticipation warrants" or other evidences of indebted-
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ness, be offered at public sale by the legislative
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body of the City of Seal Beach after advertising twice
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10 in the SEAL BEACH POST & WAVE, a newspaper of general
11 circulation within the County of Orange and the City
12 of Seal Beach, said sale to be held on the~ day
13 of September, 1943, at the hour of 10:00 o'clock A.M.,
14 at the office of the Ci ty Clerk in the Ci ty Hall of
15 Seal Beach, California, which time of sale will oe
16 not less than five (5) days after the last day on
17 which such advertisement is pUblished.
Such sale shall be made to the bidder offer-
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19 ing the lowest rate of interest or whose bid repre-
20 sents the lowest net cost to the City, providad how-
21 ever, that the rate of interest shall not exceed five
22 (5%) per cent per annum.
23 Such notes, tax anticipation warrants, or othe
24 evidences of indebtedness, to be signed by the Mayor,
25 and countersigned by the Chief Accounting Officer and
26 the Treasurer of such City.
27 Such notes, tax anticipation warrants, or
28 other evidences of indebtedness to be sold, shall not
29 exceed the sum of THIRTY-FIVE THOUSAND ($35,000.00)
30 DODLARS.
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32 other
Such notes, tax antioipation warrants, or
evidences of indebtedness, shall bear a maturity
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DANA R WILLIAMS
AftO.Nll:Y' AT LAW
421 8I!CURITY IILDG.
PHON" 8118-t..
~ B.'CH 2. CA....
Resolution Number
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1 date not later than December 31st, 1943, and shall be
2 repaid not later than said date.
:3 Bids for said notes, tax anticipation warrants
4 or other evidences of indebtedness, shall be in writin
5 and filed with the City Clerk of Seal Beach at the
6 office of the City Clerk in the City Hall Of Seal
7 Beach, California.
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9 at its
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Any and all bids may be rejected by the City
discretion.
ADOPTED, SIGNED AND APPROVED, this..2~ day of
1943.
Augufl,t,
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MA Yi 0 e C y Of
Bea h, California.
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I, OLLIE B. PADRICK, City Clerk of the City
of Seal Beach, California, do hereby certify that
the foregoing Resolution wad duly adopted at a regular
meeting of the Ci ty Council held the ;t,..Q day of
August, 1943, by the following vote of the members,
to wit:
AYES:
NOES:
ABSENT:
Councilmen
Councilmen ~)
Councilmen ~
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Seal Beach, Ualifornia.
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