HomeMy WebLinkAboutCC Res 400 1939-08-17
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RESOLUTION NO. 11-00
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEAL BEACH, CALIFORNIA, PROVIDING FOR THE
ISSUANCE OF $41,500.00 PRINCIPAL AMOUNT OF
"CITY OF SEAL BEACH MUNICIPAL PIER BONDS OF
193d, SERIES SECOND," BEING PART OF A TOTAL
VOTED ISSUE OF $101,500.00; PRESCRIBING THE
DATE AND FORM OF SAID BONDS AND OF THE COUPONS
TO BE ATTACHED THERETO: FIXING.THE RATE OF
11l'!'!!i!'(]!;ST ON SA ID BONDS, AND PRESCRIBING THE
MATURITIES THEREOF: AUTHORIZING THE EXECUTION
OF SAID BONDS AND COUPONS, AND PROVIDING FOR
THE LEVY OF A TAX TO PAY THE PRINCIPAL AND
INTEREST THEREOF.
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WHEREAS, all the requirements of law have been
complied with in calling and holding a munioipal eleotion
whioh was held in the City of Seal Beach, on the 12th day
of April, 1938, at which eleotion there was submitted to
the voters of said City a proposition to issue bonds of
said City in the following amount and for the following
purposes, to wit:
PROPOSITION: Shall the City of Seal Beach
1nour a bonded indebtedness in the principal
amount of $101,500.00 for the acquisition,
construotion and oompletion by said City of
Seal Beach of a certain municipal improve-
ment; to wit: The aoquis1tion, construction
and completion of a wharf, or municipal pier,
inoluding ornamental lights, water"rest-
rooms, boat landing facilities, the acquisi-
tion of land, reclamation of submerged lands,
right ,of way, maChinery, equipment, apparatus
or other appurtenanoes and other property
necessary therefor?
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and the City Council of said City did meet and canvass the
returns of said eleotion on Monday, the 18th day of April,
1938 (said day being the first Monday after said election),
and did as the result of suoh oanvass determine and deolare,
and do hereby certify, that sa1d'proposition received the
affirmative vote of more than two-thirds of all of the vot-
ers voting on said proposition at said eleotion, and the
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Resolution Number
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issuance of all of said bonds of the aggregate principal
amount ot $101,500.00 by said City was duly authorized and
approved; and
WHEREAS, $60,000.00 of bonds ot said total
authorized issue have heretofore been sold and delivered,
dated September 1st, 1938, which said bonds constitute the
tirst series of bonds of said issue; and
WHEREAS, it is the intention and purpose 9f the
City Council ot the City ot Seal Beach to issue the re-
maining $41,500.00 of bonds as the seoond series of bonds
of said issue.
NOW, THEREFORE, the City Council of the C1tl of
Seal Beach do resolve as tollows:
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seotion 1. That the bonds ot the City of Seal
Beaoh in the aggregate principal sum of $41,500.00, to be
known as the "City of Seal Beaoh Municipal Pier Bonds of
1938, Series Seoond," shall issue to pay the cost ot the
acquisition, construction ~nd completion by the City ot
seal Beach of a oertain municipal improvement; to wit:
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the acquisition, construction and completion of a wharf,
or municipal pier, including ornamental lights, water,
restrooms, boat landing facilities, the acquisition of
land, reclamation of submerged lands, right of way, machin-
ery,equ1pment, apparatus or other appurtenanoes and property
necessary therefor.
Section 2. Said series Seoond bonds shall be
negotiable in form and shall be forty-two in number,
numbered consecutively from 1 to 42, both inclusive, and
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Resolution Number
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shall be of the denomination of $1000.00 each with the ex-
oeption of bond No. 39 which shall be of the denomination
of $500.00. All of said bonds shall bear interest from
their date until paid at the rate of four per cent (4~)
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per annum, payable semiannually on June 15 and December 15
in each year, which interest shall be ev1denoed by coupons
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attached to each bond, and eaoh of said coupons shall repre-
sent six months' interest on the bond to whioh it is attaohed.
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The principal and interest of said bonds shell be payable at
the office of the City Treasurer of Seal Beach, California,
in lawful money of the United states of America. Said bonds
shall be dated June :).5, 1939, and sheil mature and be pay-
able in conseoutive numerical order, $2000.00 each year
from June 15, 1940 to June 15, 1957, inclusive, $2500.00 on
June 15, 1958, and $3000.00 on June 15, 1959.
Seotion 3. Said bonds shall each be issued in
substantially in the following form, the blanks in said
form and in the form of ooupon given below to be filled in
with appropriate words or figures, namely:
UNITED STATES OF AMERICA
STA TE OF CALIFORNIA
County of Orange
CITY OF SEAL BEACH
MUNICIPAL PIER BONDS OF 1938, SERIES SECOND.
$
No.
$
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THE CITY OF SEAL BEACH, a municipal corporation of
the State of California, hereby acknowledges itself indebted,
and for value received promises to pay to the bearer (or,
if this bond be registered, to the registered owner hereof),
on the i5th day of June, 19_, the sum of
DOLLARS
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Resolution Number
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and to pay interest hereon at the rate of four per cent
(4%) per annum, payable on June 15th and December 15th 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). Both principal and interest
of this bond are payable in lawful money of the United
states of America at the office of the Treasurer of the
City of Seal Beach, at Seal Beach, California. For the
punctual payment of this bond, with interest hereon as
aforesaid, and for the levy and collection of taxes suf-
ficient for that purpose, the full faith and credit of
said City of Seal Beach are hereby irrevocably pledged.
This bond may be registered as to both principal
and interest in accordanoe with the proviSions on the back
hereof.
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This bond is issued by the City of Seal Beaoh
for the purpose of the acquisition, construction and oom-
pletion of a wharf or munioipal pier, including ornamental
lights, water, restrooms, boat landing faoil1ties, the
acquisition of land, reclamation of submerged lands, right
of way, machinery, equipment, apparatus or other appurte-
nances and other property neoessary therefor, and is issued
by virtue of a two-thirds vote of the qualified voters of
said City of Seal Beach voting at an election duly held on
the 12th day of April, 1938, and pursuant to the Consti-
tution and statutes of the State of California, including
an Act of the Legislature of the State of California en-
titled "An Aot authorizing the incurring of indebtedness
by cities, towns and municipal corporations tor municipal
improvements and regulating the acquisition, construction
or completion thereof," which became a law February 25,
1901, and aots amendatory thereof and supplementary there-
to.
It is hereby certified and recited that all the
conditions, acts and things required by the Constitution
and statutes of the State ot California, to exist" to
have happened and to have been performed, preoedent to and
in the issuanoe of this bond exist, have happened, and
have been performed in regular and due time, torm and man-
ner as required by law, and that the issue of bonds of
which this is one, together with all other indebtedness
of said City of Seal Beaoh, is within every dsbt 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 signed by its Mayor and Treasurer,
to be countersigned by its City Clerk, to be sealed with
its corporate seal, and the coupons hereto annexed to be
signed by the facsimile signature of its Treasurer, and
this bond to be dated the 15th day of June, 1939.
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Mayor of the City of Seal Beaoh,
Cali fornia.
Treasurer of the City of Seal
Beach, California.
Countersigned:
City Clerk of the City of Seal
Beach, California.
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Resolution Number
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The interest coupons shall be signed by the
Treasurer of said city, by his engraved or lithographed
signature, and shall be substantially in the following
form:
No.
On the 15th day of
19_
The CITY OF SEAL BEACH, a munioipal corporation of the
State of California, will pay to the bearer the sum of
twenty dollars in lawful money of United States of America,
at the office of the Treasurer of the City of Seal Beach,
at Seal Beach, California, being semiannual interest then
due on its Municipal Pier Bonds of 1935, Series Second,
dated June 15, 1939, and bearing ........No. $20.00
Treasurer of the City of
Seal Beach, California.
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Section 4. The Mayor of said City of Seal Beach
and the Treasurer of said City are hereby authorized and
direoted respectively as such officers, to sign each of
said bonds on behalf of said City, and the City Clerk is
hereby authorized and directed to countersign each of said
bonds and to affix the oorporate seal of said City thereto; and
the said Treasurer is hereby authorized and directed to
sign each of the interest coupons, either by his own hand
or by lithographed or engraved facsimile signature; and
such signing, oountersign1ng and sealing shall be a suf-
ficient and binding execution of said bonds and coupons by
said City.
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Section 5. For the purpose of paying the princi-
pal and interest of said b~nds the City Council of said
City of Seal Beach shall, at the time of fixing the gener-
al tax levy and in the manner for such general tax levy
provided, levy and collect annually each year, until such
bonds are paid or until there shall be a sum in the
treasury of said city set apart fOr that purpose, suffici-
ent to meet all sums ooming due for principal and interest
5.
Resolution Number
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on such bonds, a tax sufficient to pay the annual interest
on such bonds, and also such part of the principal thereof
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 municip~l purposes, and shall be collected at
the same time and in the same manner as other municipal
taxes are collected, and said taxes, as collected, shall
forthwith ,be paid mto a fund to be designated as "Munioipal
Pier Bond Interest and Sinking Fund." Said fund shall be
used for no other purpose than the payment of said bonds
and accruing intarest.
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Seotion 6. There is hereby created and established
the "Municipal Pier Bonds of 1938 Fund" into which all of
the proceeds of the sale of said bonds shall be placed by
the Treasurer. The prooeeds of sale of said bonds, when
deposited in said fund as aforesaid. shall be applied ex-
clusively to the acquisition, construction and completion
of said municipal improvement, as desor1bed in Ordinance
No. 222 submitting said proposition for the incurring of
said indebtedness therefor to the electors of said City of
Seal Beach.
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Section 7. The City Clerk is directed to cause
to be lithographed. printed or engraved a sufficient num-
ber of blank bonds and coupons of suitable quality, and
to cause the blank spaces thereof to be filled in to comply
with the provisions hereof. and to procure their execution
by the proper officers. and to deliver them, when so exe-
cuted, to the Treasurer of said City, who shall safely
keep them until they shall be sold by the City Council;
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Resolution Number
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whereupon she shall deliver them to ~he purchaser or pur-
chasers thereof, on receipt of the purchase price.
I Section 8. This resolution shall take effect
frOlD and after its passage and approval.
PASSED, ADOPTED AND APPROVED this 17th day of August
1939.
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Mayor
~ Beaoh,
Cali fornia.
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City Clerk of the City of Seal
Beach, California.
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STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS.
CITY OF SEAL BEACH )
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I, OLLIE B. PADRICK, City Clerk of the City of
Seal Beach, California, do hereby certify that the whole
number of members of the City Council of the City of Seal
Bea~h is five, and that the foregoing resolution, being
Resolution No.~__, was duly passed, approved and
adopted ~y said~ouncil and approved and signed by
the Mayor and attested by the City Clerk, all at a regular
meeting of said council held on the ~ day of August,
1939, and that the same was passed ana-iQopted by the fol-
lowi~g vote, to-wit:
AlES:
COUNCItMEN Ch'een, Miller, Eupferle,Rughes
NOES:
COUNCILMEN ,one
ABSENT :
COUNCILMAN Waidler
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".(pi /d.A j- :.4,
~cterk Of~~~'Y of Seal
Beach, California.
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