HomeMy WebLinkAboutCC Res 495 1943-09-30
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RESOLUTION NO.jfq~
A RESOLUTION OF THE CITY OF SEAL BEACH
CALIFO~NIA D2CLARING THE NECESSITY OF'
BORRO'nNG ~IUNDS TO MEET CURRENT EXPERS:;S,
PROVIDING FOR PUBLIC SALE OF NOTES TAX
ANTICIPATION WARRANTS, OR OTEER FORMS OF
INDEBTEDNESS PROVIDING FOR TH~ RATE OF
INT:REST~ M~6uNT AND MATURI~Y DATE OF THE
SAMR, ..NlJ PROVIDING FOR REPAYMENT.
YffiEREAS. by reason of increased expense
necessary to oper~te the various departments of the
City of Seal Beach. California, it is anticipated
tl~t a large sum of money will of necessity be paid
out by the City within the next ninety (90) days; and,
~EEREAS. the available funds on hand in the
City Treasury are not sufficient with which to pay
such operating expenses; and,
~HEREAS, it is anticipated that no substan-
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tial sum of money will be received by the City for
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the benefi t of the City before November 1st, 1943;
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and,
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dH~REAS. it is estimated that the sum of ONE
HUNDRED ELEVJN THGCSAKD FOUR HUNDRED SgVENTY-FIVE
(0111,475.00) DOLLARS uill be the amount of revenue
received from taxes for the fiscal year 1943-1944;-
and,
~H2REAS, the Chief Accounting Officer and th
Treasurer of the City of Seal Beach have recommended
28 that the City borrow a sufficient sum of money on
29 notes, tax anticipation Harrants. or other evidences
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DANA R. WILoLIAMS
ATTORNl:Y AT LAW
4.' 8i1CURITY BLDG
PHOHI 8118-1..
LoNG "."eN .I.. CALII'.
of indebtedness on behalf of the City, in an amount
not to exceed fifty (50%) per cent of the revenue
from taxes provided for the current fiscal year of
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DANA R. W.J,.LIAMS
/LTI'ORNKY AT LAW
42' 811CURITY aLDe
PHON. .......e
LaNG BEACH a. CALIF. I
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1943-1944; and,
~1HEREAS, it is deemed advisable by the City
Council that the City of Seal Beach arrange to borro
sufficient funds with which to pay the operating ex-
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penses of the City in the manner and as provided in
Section 3719 of the Political Code of the State of
California;
NO'J, THEREFORE, BE IT RESOLVED that notes,
tax anticipation warrants, or other evidences of
indebtedness, be offered at public sale by the legis
lative body of the City of seal Beach after adver-
tising twice in the SEAL BEACH POST & ~AVE, a news-
paper of general circulation within the County of
Orange and the City of Seal Beach, said sale to be
held on the l4th day of October, 1943, at the hour
of 8:00 o'clock P.M., at the office of the City'Cler
in the City Hall of Seal Beach, California, which
time of sale will be not less tha~ five (5) days
after the last day on wtich such advertisement is
pUblished.
Such sale shall be made to the bidder offer-
ing the lowest rate of Interest or whose bid repre-
sents the lowest net cost to the City, provided how-
ever, that the rate of interest shall not exceed five
(5%) per cent per annum.
Such notes, tax anticipation warrants, or
other evidences of indebtedness, to be signed by the
Mayor, and countersigned by the Chief Accounting
Officer and the Treasurer of such City.
Such notes, tax anticipation warrants, or
other evidences of indebtedness to be sold, shall not
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exceed the sum of THIRTY-FIVE THOUSAND (t35,OOO.OO)
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AYES:
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A13~EMT :
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DANA R. WILLIAMS I '\"&, Ii :J.~....
ATTOIINIEY AT IoAW I ~. ~ . ...,...
.., SECURITY BLDG I r" _ "':\
PHON. ....'.8 I .... ........ .
LoNG BlEACH a. CAIoIP.
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Resolution Number
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1 DOLLARS.
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Such notes, tax anticipation warrants, or
other evidences of indebtedness, shall bear a maturi y
date not later than December 31st, lS43, and shall
5 be repaid not later than said date.
6 Bids for said notes, tax anticipation
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warrants, or other evidences of indebtedness, shall
be in Vlri ting and filed wi th the City Cl'.rk of Seal
Beach at the office of the City Clerk in the City
Hall of Seal Beach, California.
12 Any and all bids may be rejected by the Cit
13 at its discretion.
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ADOPTED, SIGNED
of september, 1943.
ArID APPROVED, this 30th day
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J ~ ~r .
MAYOR !fie !ity
Beach.
Attest:
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I, OLLIE B. PADRICK, City Clerk of the City
of Seal Beach, California, do hereby certify that
the foregoing Resolution ~as duly adopted at a regu-
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larim~eting of the C1 ty Council held the 30th day of
September, lS43, by the folloving vote of the members,
to wit:
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Counc ilmen
CounCilmen
CounCilmen ~_
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Seal Beach.
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