HomeMy WebLinkAboutCC Res 379 1938-10-20
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RESOLUTIO~ NO.S71
A RESOllJTION OF THE CITY COUNCIL OF THE CITY OF
SEAL BEACH, CALIFORNIA, PROVIDING FOR THE ISSUANCE
OF $60,000 PRINCIPAL AMWNT OF "CITY OF SEAL BEACH
MUNICIPAL PIER BONDS OF 1938;" PRESCRIBING THE DATE
AND FORM OF SAID BONDS AND OF THE COUPONS TO BE
ATTACHED THERETO; FIXING THE RATE OF INTEREST ON
SAID BONIll, AND PRESCRIBING THE MATURITIES THEREOF;
AUTHORIZlm THE EXECUTION OF SAID BONDS AND cwPOm,
AND PROVIDlm FOR THE lEVY OF A TAX TO PAY THE PRIN-
CIPAL AND INTEREST THEREOF.
'WHEREAS, pursuant to Ordinanoe No. 222 of the City of Seal Beach,
there was sul:mitted to the qualified voters of said City at the general
munioipal election duly and re@Plarly held in said City on the 12th day
of April, 1938, the following proposition, to wit:
PROPOSITION, Shall the City of Seal Beach incur
a bonded indebtedness in the principal amount of
$101,500 for the acquisition, construction and
oompletion by said City of Seal Beach of a oertain
municipal :improvement, to wit, The aoquisition,
construotion and completion of a wharf, or munici-
pal pier, including ornamental lights, water, rest-
rooms, boat landing facilities, the aoquisition of
land, reolamation of suhnerged lands, right of way,
machinery. equipment, apparatus or other appurte-
nances and other property necessary therefor?
and
WHEREAS, said proposition reoeived the affirmative ~e and
assent of more than two-thirds of all the qualified voters of said City
voting at said election on said proposition, and the said City is now
authorized to issue bonds in the SIIlount and for the purposes hereinabove
specified.
NOW, THEREFORE, THE CITY OF SEAL BEACH DOES RESOLVE, as
follows:
Section 1. That bonds of the City of Seal Beach in the BlIlount
of Sixty Thousand Dollars ($60.000) be issued and sold for the purposes
stated in the proposition set forth in the reoitals hereof; that said bonds
in the sum of Sixty Thousand Dollars ($60.000) herein directed to be issued
are a part of an authorized issue of One Hundred One Thousand five Hundred
Dollars ($101.500) authorized as set forth in the recitals hereof. Each of
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Resolution NUmber
said bonds shall be designated "City of Seal Beach Mlnicipal Pier Bond
of 1938;" said bonds shall be sixty (60) in number, numbered oonsecutive-
1y fram one (1) to sixty (60) inclusive, and shall be dated the first day
of September, 1938. Said bonds shall be of denominations and shall mature
as follows, 1leJIle1YI
Bond Numbers Denominations Amount Maturity Dates
(inclusive )
1-3 $1,000 $3,000 September 1, 1939
4-6 $1,000 $3,000 September 1, 1940
7-9 $1,000 $3,000 September 1, 1941
10-12 $1,000 $3,000 September 1, 1942
13-15 $1,000 $3.000 September 1, 1943
16-18 $1.000 $3.000 September 1. 1944
19-21 $1,000 $3,000 September 1. 1945
22-24 $1,000 $3,000 September 1, 1946
25-27 $1,000 $3.000 September 1, 1947
28-30 $1,000 $3.000 September 1. 1948
31-33 $1,000 $3,000 September 1, 1949
34-36 $1,000 $3,000 Septelliber 1. 1950
37-39 $1.000 $3,000 September 1, 1951
40-42 C1,OOO $3,000 Septemper 1, 1952
43-45, $1,000 $3.000 September 1, 1953
46-48 $1,000 $3,000 Septem l:er 1,,1954
49-51 $1,000 $3,000 September 1, 1955
52-54 $1,000 $3,000 September 1, 1956
55-57 $1,000 $3,000 Septem 1Br 1, 1967
58-60 ,$;1.,00,0 - -, $3.000 September, 1, 1958
Section 2. That all of the bonds provided for herein shall bear
interest at the rate of four per ceIl!; (4%) per annwn, payable semi-annually
on the first days of March and September in ee.ch year, and shall have attach-
ed thereto coupons evidencing said iIIterElst. Both priIlCipal and interest of
said bonds shall be payable in allY coin or currency which on the respective
aates of p8.YJlIEInt is legal tender for the payment of publio and private debts
at the office ot the Treasurer of the City of Seal Beaoh at Seal Beaoh,
California.
Section 3. That the executive of said City, to wit, the Mayor and
the Treasurer of said City, 'are hereqy authorized and directed to sign all of
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said bonds and the City Clerk is hereby authorized and directed to countersign
said bonds and to affix thereto the corporate seal of said City and the Treasurer
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of said City is hereqy authorized and directed to sign the interest coupons of said
bonds. by his printed, lithographed or engraved facsimile signature, and to number
said interest ooupons of each of said bonds oonsecutively.
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Section 4. That all of said bonds shall be issued in accord-
ance with the provisions of an Act of the Legislature of the State of
California, entitled "An Act authorizing the incurring of indebtedness
by cities, towns and munioipal corporations for lIlWlicipal 1Jnprovements,
11m regulating the acquisition, constructicn or completion thereof,"
which became a law February 25, 1901, and aots amematory thereof and
supplementary thereto.
Section 5. That all of said bonds and coupons for the in-
terest thereof, and the fonn of registration endorsement to be printed
on the baok of each bom, shall be in substantially the following f011ll:
UNITED STATES OF A1lERICA
STATE OF CALIFORNIA
County of Orange
CIl'Y OF SEAL BEACH
MUNICIPAL PIER BOND OF 1938
No,,_
$1,000
The City of Seal Beach, a munioipal oorporation of the State of
California, hereby acknowledges itself indebted, and for value received
prOlllises to pay to the bearer (or, if this bond be registered, to the
registered owner thereof), on the 1st day of 8eptember, 19___, the awm of
ONE THOUSAND DOLLARS
($1,000) and to pay interest hereon at the rate of four per cent (4%) per
annum, payable Maroh 1st and September 1st in each year upon surrender of
the annexed coupons as they severally become due (or, if this bond be
registered, to the registered owner hereof). Bath principal and interest
of this bond are payable in 8IJ::f coin or currency whioh on the respective
dates of payment is legal tender for the payment of publio and private
debts, at the office of the Treasurer of the City of Seal Beach, at Seal
Beaoh, California. For the punctual payment of this bond, wi. th interest
hereon as aforesaid, and for the levy and colleotion of taxes suffioient
for that purpose, the full faith and credit 01' said City of Seal Beach are
hereby irrevooably pledged.
This bom may be registered as to both principal and interest in
flooordance with the provisions on the baok hereof.
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This bond is issued by the City of Seal Beach for the purpose
of the acquisition, construction and comp~etion of a certain municipal
improvement; namely, a wharf, or municipal pier, and by virtue of a two-
thirds vote of the qualified voters of said City of Seal Beach voting at
a general election duly held on the 12th day of April, 1938, aDd pursuant
to the Constitution a.nd Statutes of the State of California, including an
Act of the Legislature of the State of California. entitled "An Act authoriz-
ing the incurrine; of indebtedness by cities, towns and municipal corpora-
tions for municipal imprOVElIllents and re!;111ating the acquisition, construc-
tion or completion thereof," which became a law February 25, 1901, and acts
amendatory thereof and supplementary thereto.
It is hereby certified and recited that all the conditions, acts
and things required by the Constitution end Statutes of the State of Califor-
nia to exist, to have happened and to hllve been perfonlled, precedenb to and
in the issuance of this bond exist, have happened, and have been performed
in regular and due time, fo:nn aDd IlJanner as required by law, and that the
issue or bonds of which this is one, together with all other indebtedness
of said City of Seal Beach, is within every debt and other limit prescribed
by the Constitution and Laws of said State.
IN' WITNESS WHEREOF, the City of Seal Beach has caused this bond
to be si@Ped by its Mayor and Treasurer, to be countersigned by its City
Clerk, to be sealed with its corpor.1te seal, end the coupons hereto annexed
to be si@Ped by the facsimile signature of its Traasurer, and this bond to
be dated the 1st day of September, 1938.
MaYor~ Beach
California.
,
Treasurer of the City of Seal Beach
California
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~k of t cfil{~r Sea Beacn
California
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Resolution Number
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(Fonn of Coupons)
No.
$20.00
On the _ day of
, 19___, the City of Seal Beach,
a municipal corporation of the State of california, will pay to the bearer
the sum of TWENTY OOLLARS, in any coin or currency which on said date is,
leGal tender for the payment of publio end private debts, at the office of
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the Treasurer of Seal Beach, at Seal Beach, California, being the semi-
llnnual interest then due on its Municipal Pier Bond of 1938, dated Septem-
ber I, 1938, and beariDg No. .
Treasurer of the City of Seal Beach
California
(Form of Registration Endorsement)
This bolli is registered pursuant to the statute in suoh cases
made end provided in the ns.me of
and the
interest and principal thereof are hereafter payable to such oVlner.
Dated at
, California, this _ _ day of
,
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Treasurer of the City of Seal Beach
California
Section 6. That said bonds shall be sold by the City Council of
said City as it nay hereafter detennine and that the proceeds of the sale
of said bonds shall for-uh'l'lith be turned over and placed to the credit of a
fund of the City, to be knovrn o.S "Municipal Pier Bond of 1938 Improvement
Fund" and shall be used exclusively for the acquisition, construction and
completion of the munioipal improvement described in the proposition set
forth in the reoitals hereof.
Section 7. That for the purpose of payiDg the principal of and
interest on said bonds, the City Council of the City of Seal Beach shall
at the time of fixing the general tax levy, and in the manner for such
general tax levy provided, levy and collect annually each year, until
sdd bonds are paid or until there shall be a sum in th? Treo.sury of said
City set apart for that purpose sufficient to meet all sums coming due for
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Resolution Number
prinoipal and interest of said bonds, a tax sufficient to pay the annual
interest on said boDds and also suoh part of the prinoipal the reof as
shall beoome due before the time for fixing the next general tax levy.
Said tax shall be in addition to all other taxes levied for municipal
purposes and shall be colleoted at the time and in the ss.me manner as other
municipal taxes are oolleoted, and shall forthwith be turned over end paid
into a fund of the City to be known as "Mmioipal Pier Bonds of 1938 Interest
and Bom Redemption Fund." Said fund shall be used for no other purpose
than the payment of said bonds end aooNing interest thereon.
Seotion 8. That the City Clerk shall oertify to the passage and
adoption of this resolution by a vote of at least two-thirds of all the mem-
bers of the City Counoil of said City of Seal Beach at a ..J,r.tJlO/.~ Meet-
ing of said City Council and to its approval by tle Mayor of said City.
ADOPTED, SIGNED AND APPROVED this :lO~daY of ..ffJ~./A:I:i...
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1938.
!BYo!~ Beaoh
California
ATTEST I
citf~;Jof~~;k Beaoh
California
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CLERK'S CERTIFICATE
I. Ollie B. Padriok, Clerlt of the City of Seal Beaoh. California.
DO HEREJ3Y CERTIFY tllat the fore~ing Resolution WaS introduced and read
at a meetiDg of the City Counoil of the City of Ssal Beaoh. california.
duly held on the '-O~dB.y of ~. 1938. and that said resolution
was thereafter at said meeting adopted and passed by a vote of the
members of ssid City Counoi1. as ibUowsl
AYES:
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NOES:
Councilmen
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ABSENT I
Counc ilmen
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City 1er~ of City o't Sea Beaoh
California
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Resolution N~er
CLERK'S CERTIFICATE
I, Ollie B. Padrick, City Clerk of the City of Seal Beach,
County of Orange, State of California, IX> HEREBY CERTIFY that the fore-
going is a full, true and correct copy of the original Resolution NO.~
now on file and of record in my office, with which origl.D8.1 I have carefully
campared the same.
IN WITNESS WHEREOF, I have hereunto set my hll.nd and affixed the
official seal of said City, this '0 ~daY of .1f)"J;;;#.,A) ,1938.
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City Cler
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