HomeMy WebLinkAboutCC Res 560 1945-08-20
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RESOLUTION NO. 560
RESOLUTION OF THE CITY OF SEAL BEACH
CALIFORNIA.L-P~CLARING THE NECESSITY bF
BORROWING b'U.NJJS TO MEET CURRENT EXPENSES,
PROVIDING FOR PUBLIC SALE OF NOTES.!__~AX
ANTICIPATION WARRANTS, OR OTHER FO~ OF
INDEBTEDNESS I. PROVIDING FOR THE RATE OF
INTEREST, AMoUNT AND MATURITY DATE OF
THE SAME, AND PROVIDING FOR REPAYMENT.
WHEREAS, by reason of increased expense necessary to
8 operate the various departments of the City of Seal Beach,
"9 it is anticipated that a large sum of mo~ey will of necessity
10 be paid out by the City within the next ninety (90) days; and
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VffiEREAS, the available tunds on hand in the City
12 Treasury are not sufficient with which to pay such operating
13 expenses; and
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WHEREAS, it is anticipated that no substantial sum of
15 money will be received by the City for the benefit of the City
16 before about November 1, 1945; and
17 WHEREAS, it is estimated that the sum of one hundred
18 eleven thousand two hundred eighty-five dollars. ($111,285.00)
19 will be the amount of revenue received from taxes for the fiscal
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DANA R WILLIAMS
ATTOltNKY AT LAW
4.'-. .'CURITY IiILDGI
PHONK 1111"'..
1..0"8 a..c.H 2, CALIF
year 1945-1946; 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 of indebtedness on behalf of the
City, in an amount not to exceed fifty per cent (50%) of the
revenue from taxes provided for the current fiscal year 1945-
1946; and
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\~S, it is deemed advisable by the City Council
that the City of Seal Beach arrange to borrow sufficient funds
with which to pay the operating expenses of the City in the
manner and as provided in Section 3719 of the Political Code of
the State of California;
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DANA R. WILLIAMS
a.ftOItNI:Y AT LAW
..I.a ..CUItITY .LDG
PHON. ....1.11
LONG Ba"CH a, CALIF
Resolution Number
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NOW, TlIEREFORE, BE IT' RESOLVED that notes, tax antici-
pation warrants, or other evidences of indebtedness, be offered
at p~blic sale by the legislative body of the City of Beal Beach
after advertising two separate times in the Seal Beach Post &
Wave, a newspaper of general circulation within the County of
Orange and the C~ty of Seal Beach, said sale to be held on the
4th day of September, 1945, at the hour of 10:00 o'clock A.M.,
at the office of the City Clerk in the City HaIl of Seal Beach,
California, which time of sale wili be not less than three (3)
days after the last day on which such advertisement is published.
Such sale shall be made to the bidder offering the
lowest rate of interest, or whose bid represents the lowest net
cost to the City, ,provided, however, that the rate of interest
shall not exceed five per cent (5%) per annum.
Such notes, tax anticipation warrants, or other evi-
dences of indeb~edness, shall be signed by the Mayor and counter-
signed by the Chief Accounting Officer and the Treasurer of such
Ci ty .
Such notes, tax anticipation warrants, or other evi-
dences of indebtedness to be sold shall not exceed the sum of
thirty~five thousand dollars ($35,000.00).
Such notes, tax anticipation warrants, or other evi-
dences of indebtedness, shal1 bear a maturity date not later
than December 31, 1945, and shall be repaid not later than said
date.
Bids for said notes, tax anticipation warrants, or
other evidences of indebtedness, shall be in writing and filed
with the City Clerk of Seal Beach at the office of the City Clerk
in the City Hall of Seal Beach, California.
Any and all bids may be rejected by the City at
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Resolution Number
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1 its discretion.
2 ADOPTED, SIGNED AND APPROVED this 20th day of August,
3 1945.
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ATTEST: '..'
Mayor of
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19 AYES:
20 NOES:
21 ABSENT:
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DANA R. WU.LIAMB
ATTONNI:Y AT LAW
4al.a ..CURITY aLDa
PHONI: ....,..
LoNG BUCH 2. CALI"
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STATE OF CALIFORNIA,
12 .County of Orange,
City of Seal Beach.
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I, JOHN W. MULCAHY, City Clerk of the City of Seal
15 Beach, California, do hereb,y certify that the foregoing resolution
16 was duly adopted at a regular meeting of the City Council held on
17 the 20th day of August, 1945, by the following vote of the members,
18 to wit:
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ity Clerk of the
Cal
Beach,
City of
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