HomeMy WebLinkAboutCC Res 162 1929-02-04
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RESOLUTION NO. 162
PROVIDING FOR TEE ISSUANCE OF $57,500 PRINCIPAL AMOUNT OF
lICITY OF SEAL BEACH MUNICIPAL IMPROVEMENT BONDS OF 1929";
PRESCRIBING TEE DATE AND FORM OF SAID BONDS AND OF TEE COU-
PONS TO BE ATTACEED THERETO; FIXING THE RATE OF INTEREST ON
SAID BONIS, AND PRESCRIBING THE MATURITIES TEEREOF; AUTHOR-
IZING THE EXECUTION OF SAID BONIS AND COUPONS, AND PROVIDING
FOR THE LEVY OF A TAX TO PAY THE PRINCIPAL AND INTEREST
THEREOF ~
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WBER&~S, all the requirements of law have been com-
plied with in calling and holding the special election held
in the City of Seal Beach, on the 28th day of January, 1929,
at which election two propositions to issue bonds of said City
in the following amounts and for the following purposes, to
wit:
PROPOSITION I: Shall the City of seal Beach
incur a bonded indebtedness
of $50,000 for the acquisition, construction and
completion by the City of Seal Beach of a certain
municipal improvement, to-w1t: The acquisition,
construction and completion of a City Hall Building,
including the site therefor, for the purpose of
housing the various city offices, including a place
for police headquarters, a city jail, and a place for
housing machinery, equipment, tools and supplies of
the street department?
PROPOSITION II: Shall the City of Seal Beach
. incur.... bonded indebtedness of ,
t7,500~OO fo~ the acquisition by the City of Seal
Beach of a certain municipal improvement, to-wit:
The acquisition of certain additional fire apparatus
and equipment?
were submitted to the voters of said City; and the Council of
said City did meet and canvass the returns of said election on
Monday, the 4th day of February, 1929 (said day being the first
Monday after said election), and did as the result of such can-
vass determine and declare, and do hereby certify, that said,
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propositions and each of them received at said special electicn
the IIffirmative vote of more than two-thirds of all of the
voters voting at said election, and each was thereby carried
and adopted by said election, and the issuance of all eaid
bonds of the aggregate principal amount of .57,500 by said
City was duly authorized.
NOW, THEREFORE, BE IT RESOLVED by the Council of
the City of Seal Beach, as follows:
Section l~
That the bonds of the City of Seal Beach
in the aggregate principal sum of $57,500, to be known as
the "City of Seal Beach Municipal Improvement Bonds of 1929",
shall issue to pay the cost of acquisition, construction and
completion of the following municipal .improvements of said
city, to wit:
The acquisition, construction and completion
of City Hall Building, including the site therefor,
for the purpose of housing the various city offices,
including a place for police headquarters, a city
jail, and a place for housing machinery, equipment,
tools and supplies of the street department.
The IIcquisition of certain IIdditional fire
apparatus and equipment.
Section 2.
That said bonds shall be issued as here-
inafter set forth, and shall be sold in accordance with law at
not less than their par value and accrued interest; Said bonds
Shall be negotiable 'in farm, and of the character known as
serial, and shall be seventy-six in number, numbered consecu-
tively from 1 to 76, both inclusive (whereof the odd numbered
bonds are of the denominatibn of $1,000 each and the even
numbered bonds are of the denomination of $500 each, with the
exception
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of bond No. 76 w~ich is also of the denomination of
,
All of\said bonds shall bear interest from their
$1,000).
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date until paid at the rate of five and one-half (5i> per
cent. per annum, payable semi-annually, which interest shall
be evidenced by coupons attached to each bond, and each of
said coupons shall represent six months' interest on the
bond to which it is attached. The principal and interest
of said bonds shall be payable at the office of the Treasurer
of said Oity of Seal Beach in gold coin of the United states
of America. Said bonds shall be dated February 1, 1929, and
shall mature and be payable in consecutive numerical order
from lower to higher, one bond of the denomination of $1,000
and one bond of the denomination of $500 on February 1st in
each of the years 1930 to 1966, both inclusive, and two bonds
of the denomination of $1,000 each on February 1, 1967. Said
interest coupons shall be payable on the 1st day of February
and the 1st day of August in each year until and at the
respective dates of maturity of said bonds, the first coupon
on each 'bond being payable on August 1, 1929.
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Section 3. Said bonds shall each be substantially
in the following form, the blanks in said form and in the
form of coupon given below, to be filled with appropriate words
or figures, namely:
No.
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
CITY OF SEAL BEACH MUNIOIPAL IMPROVEMENT BONDS OF 1929.
$
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For ,val. ue received, the Cit y of Seal Beach, a
municipal corporation organized and existing under the con-
,stitution and laws of the State of California, hereby aoknowl-
edges itself indebted and promises to pay to the bearer hereof
on the 1st day of , 19____,
( > dollars, with interest thereon at the rate of five and
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one-half (51) per ,cent. per annum, payable semi-annually
on the 1st days of February and August of each year, on
presentation and surrender of the coupons hereto attached as
they respectively become due; both principal and interest
being payable in gold coin of the United states of America
at the office of the Treasurer of said city.
This bond is issued under and pursuant to the
constitution and statutes of the state of California, and
under and pursuant to ordinances and proceedings of said
city duly adopted and taken, and a vote and assent of more
than two-thirds of all the qualified electors of said city
voting at a special election duly ,and legally called and held
f~r that purpose.
It is hereby certified, recited and declared that
all acts, conditions and things required by law to exist,
happen and to be performed precedent to and in the issuance of
this bond have existed, happened and been performed in due
time, form and manner as required by law, and that the ~mount
of this bond, together with all other indebtedness of said
city does not exceed any limit prescribed by the constitution
or statutes of said state or the charter of said city and that
provision has been made as required by the constitution and
statutes of said state for the c olJection of an I:IIlnual tax sUf-
ficient to pay the principal of, and interest on, this bond
as the same becomes due. The full faith and crectl.t of said
city are hereby pledged for the punctual payment of the principal
and interest of this bond.
IN WITNESS WHEREOF, said City of Seal Beach has caused
this bond to be executed under its corporate seal, signed by
its Mayor and its Treasurer, and countersigned by its Clerk
and has caused the interest Coupons hereto attached to be signel!
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Resolution Number
by its Treasurer, and this bond
February, 1929.
to be dated the 1st day of
, .
Mayor of the City of Seal Beach,
Oity Treasurer or the City of Seal
BeaCh
Oountersigned:
City Ulerk or the vity or Seal
Beach.
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:
(Form of Ooupon)
No. $
On the 1st day of . 19___, the City of
Seal Beach, Orange Oounty, State of California, will pay to
bearer at the office of the Treasurer of said city
dollars in gold coin of the United States of America, being
six months' interest then due on its Municipal Improvement Bond
of 1929 No.
Treasurer of the City of Seal Beach.
Section 4. For the purpose of paying the principal
and interest of said bond~ the Council 9f said Oity of Seal
Beach shall, at the time for fixing the general 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 their
shall be a sum in the treasury of said city set apart for that
purpose, to meet all sums becoming due for principal and inter-
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est on said bonds, a tax sufficient to pay the annual interest
on said bonds, and also such part of the principal thereof as
shall become due befer e the time for fixing the next general
tax levy.
Said tax shall be in addition to all other taxes
levied fer municipal purpoaea, and shell be collected at the
same time and in the same manner as other municipal taxes are
collected, and as collected shall be forthwith paid into the
~d for which the same was levied and collected; Such fund
shall be designated as "Municipal Bond (1929) Fund", and all
sums to become due for the principal and interest on said bonds
shall be paid from such fund.
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Section 5. The Mayor of said Oity of Seal Beach
and the Treasurer of said city are hereby authorized and di-
rected respectively as such officers, to sign each of said
bonds on behalf of said city, and the Oity Clerk is hereby
authorized and directed to countersign each of said bonds and
to affix the corporate 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 litho-
graphed or engraved facsimile signature; and such signing,
countersigning and sealing shall be a sufficient and binding
execution of said bonds and coupons by said city.
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Section 6. There are hereby created and established
the following funds into which all of the proceeds of the sale
of said bonds shall be placed by the Treasurer, in the amounts
set opposite the name of each said respective fUnd:
Number of Fund: Name of Fwld: Amount to be deposited:
1 Oity Hall BUilding Fund $50,000
2 Fire Equipment Fund . 7,500
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The proceeds of ssle of ssid bonds, when deposited in said
funds as aforesaid, shall be applied exclusively to the acqui-
sition, construction and completion of, said municipal improve-
ments, as described in ordinance No. 149., submitting said
propositions for the incurring of said indebtedness therefor
to the electors of said City or Seal Beach, viz: Moneys- in
FUnd No.1 shall be applied to the acquisition, construction
and completion of the 1mpro~ement designated in Proposition I,
and the moneys' in said Fund No.2 shall be applied exclusively
to the acquisition of certain additional fire apparatus and
equipment, as designated in Proposition II~ ltny premium
received on the sale of s aid bonds shall be applied pro rata to
eaCh of the foregoing funds.
Section 7.
The City Clerk is directed to cause to
'be lithographed, printed or engraved a sufficient number of
blank bonds and coupons of suitable quality, and to cause the
blank spaces thereof to be filled in to comply with the, provi-
sions hereof, and to procure their execution by the proper of-
ficers, and to deliver them, when 80 executed, to the Treaaurer
01' said city, who shall safely keep the same until they shall
be sold by the Counc11; whereupon he shall deliver them to the
purchaser or purchasers thereof, on receipt of the purchase
price.
Slfction 8.
Thisrresolution~shall take effect from
and after its passage and approval.
ADOPTE"D AND PASSE]) by vote of #-u>>
members ~
this J/ -
the Council of the City of Seal Beach, California,
day ti.'ie~;~3.' 1929.
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Presented to and approved by me this
of February, 1929.
)fge day
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CLERK'S CERTIFICATE
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I hereby certify that the foregoing resolution was
introduced and read at a meeting of the Council of the City of
Seal Beach, California, duly called and held on the J?'~daY
of February, 1929, and that said resolution was thereafter at said
meeting adopted and passed by vote of ~ members of
said Council, as follows:
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AYes:~~~.~~
Noes: ~ I
Absent:~~-
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An. I fur'he. ,e."" ,he, ee'. .ee~.. ~p.ee-
ented to, and signed and approved b~lk the;1ia~f
said City of Seal Beach on the 1'-- day,of ebruary, 1929.
I further certify that the foregoing resolution is
spread upon
the records of the City Council of
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the City of Seal
:<.. of
Beach, California, at page.
~'..tv~
of. Book
WITNESS my hand and the seal of said city this I/~
day of Feb~~~~ .:J;9.29.
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State of California;
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