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HomeMy WebLinkAboutCC ORD 1965-11134/64 ORDINANCE NO, 1113 AN ORDINANCE OF THE CITY OF NATIONAL CITY, CAIrIFORNIA, PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS OF SAID CITY IN THE AMOUNT OF $ 6p0, 000 WHEREAS, pursuant to Ordinance No, 1104 of the City of National City , California, a special municipal election was duly and regularly held in said city on the 3rd day of November 1964, at which election there was submitted to the qualified voters of said city the follow- ing bond proposition, to wit; 3/64 and WHEREAS, said proposition received the affirma- tive vote and assent of more than two-thirds of all of the qualified voters of said city voting on said proposition, and said city is now authorized to issue bonds in the amount and for the purpose set forth in said proposition« NOW, THEREFORE, the City Council of the City of National City , California, DOES ORDAIN as follows: Section 1. That bonds of the City of National City, California, in the principal sum of $ 600,000 be issued and sold for the purpose set forth in the bond proposition in the recitals hereof. Said bonds shall be designated "CITY OF NATIONAL CITY, 1965 CIVIC CENTER BONDS." Said bonds shall be all in the denomination of $1,000 each, or all in the denomination of $5,000 each, at the option of the purchaser, and shall be either 600 in number, numbered 1 to 600 , inclusive, or 120 in number, numbered 1 to 120 , inclusive, depending upon the denomina- tion specified. Said bonds shall be dated June 1 1965, and shall be payable in consecutive numerical order on June 1 in each of the several years as follows: Maturity Date Principal (June 1) Amount 1966 - 1971 S15,000 1972 - 1977 20,000 1978 - 1981 25,000 1982 - 1986 30,000 1987 - 1990 35,000 2. 3/64. Said bondsshall bear interest at a rate or rates to be hereafter fixed by resolution, but not to exceed per cent ( 6 ; ) per annum, payable annually the first year and semiannually thereafter. Said bonds and the interest thereon shall be payable in lawful money of the United States of America at the office of the City Treasurer of the City of National City , California, in said city. Section 2. That the Mayor and the City Treasurer of said city are hereby authorized and directed to sign all of said bonds by their printed, lithographed or engraved facsimile signatures, and the City Clerk of said city is hereby authorized and directed to countersign said bonds and to affix thereto the corporate seal of said city, and the City Treasurer of said city is hereby authorized and directed to sign the interest coupons of said bonds by his printed, lithographed or engraved facsimile signature, and to number said interest coupons of each of said bonds con- secutively. Section 3. That the proceeds of the sale of said bonds (except premium, if any, and accrued interest) shall forthwith be turned over to and placed in the municipal treasury of said city to the credit of a fund hereby created and designated "1965 CIVIC CENTER BONDS, CONSTRUCTION FUND" and the moneys in said fund shall be applied exclusively 3. 3/64 to the acquisition and construction of the municipal improve- ment described in the bond proposition in the recitals hereof, except as provided in Section 43628 of the Government Code. Section 4. That any premium or accrued interest received from the sale of said bonds shall forthwith be turned over to and placed in said treasury in the interest and redemption fund hereinafter created. That for the purpose of paying the principal and interest of said bonds, the City Council of said city shall at the time of fixing the general tax levy, and annually thereafter until said bonds are paid or until there is a sum in the treasury of said city, set apart for that purpose sufficient to meet all payments of principal and interest on said bonds as they become due, levy and collect a tax sufficient to pay the interest on said bonds as it falls due and such part of the principal thereof as will become due before the proceeds of a tax levied at the next gen- eral tax levy will be available. Said tax shall be in addition to all other taxes levied for municipal purposes and shall be levied and collected as other city taxes, and shall forthwith be turned over and paid into a fund of the city to be known as "1965 CIVIC CENTER BONDS, INTEREST AND SINKING FUND." Said fund shall be used for no other purpose than the payment of said bonds and interest thereon until said bonds and interest are fully paid. Section 5. That said bonds and the coupons for the interest thereon shall be issued in substantially the following form: 4. 3/64 No. UNITED STATES OF AMERICA STATE OF CALIFORNIA CITY OF NATIONAL CITY The CITY OF NATIONAL CITY , a municipal corporation situated in the County of San Diego State of California, FOR VALUE RECEIVED, hereby acknowledges its indebtedness and promises to pay to the bearer hereof the sum of THOUSAND DOLLARS ($ ) on the first day of June , 19 , with interest thereon at the rate of per cent ( %) per annum, inter- est for the first year payable at the end of said year and interest thereafter payable semiannually on the first days of December and June of each and every year from the date hereof until this bond is paid, on presentation and surrender of the respective interest coupons hereto attached. Both principal and interest are payable in lawful money of the United States of America at the office of the City Treasurer of the City of National City California, in said city. This bond is issued by the City of National City under and in pursuance of and in conformity with the provisions of Article 1, Chapter 4, Division 4, Title 4 of the Government Code of the State of California, and acts supplementary tTnereto, and in pursuance of the laws and Constitution of the State of California, and is authorized by a vote of more than two-thirds of all the qualified voters of said City of National City voting at an election duly and legally called, held and conducted in said city on the 3rd day of November, 1964. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required by law to exist, happen and 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 amount of this bond, together with all other indebtedness of said city, does not exceed any debt limit prescribed by the laws or Constitution of the State of California. 3/64 IN WITNESS WHEREOF, said City of National City has caused this bond to be signed by the Mayor and the City Treasurer of said city by their facsimile signatures, countersigned by the City Clerk of said city and sealed with the corporate seal, of said city, and the interest coupons hereto attached to be signed by the City Treasurer by his facsimile signature, and has caused this band to be dated the first day of June, 1965. —Mayor of the- Cof National -� city, Cals(for City Treasurer of the City of National City, California. COUNTERSIGNED: City Clerk of the City of National City, California (SEAL) (COUPON FORM) On the first day of the CITY OF NATIONAL CITY California, will pay to the bearer, at the office of the City Treasurer of said city, in said city, the sum of in lawful money of the United States of America, being the interest then due on its 1965 Civic Center Bonds No. Dated June 1 , 1965 City Treasurer of the City of National City, California. 19 Coupon No.. 3/64 Section 6 . That the City Clerk shall to the passage and adoption of this ordinance by a at least two-thirds of all the members of the City of said city, and shall cause this ordinance to be once in the NATIONAL CITY STAR NEWS a newspaper of general circulation in said city. certify vote of Council published Section 7 . This ordinance shall take effect thirty (30) days after its adoption. ADOPTED, SIGNED AND APPROVED this May , 1965 , ATTEST: CityClerk of the Ci'y"'of National City, California. (SEAL) llth day of or of the/City'of jNatio a lifornia. 7 City, STATE OF CALIFORNIA COUNTY OF SAN DIEGO CITY OF NATIONAL CITY as. I, Tone Minogue , City Clerk of the City of National City , California, DO HEREBY CERTIFY that the foregoing ordinance was introduced at a regular meeting of the City Council day held on the 4th day of Max ', 19 6s, and thereafter at a regular meeting of said City Council duly held on the 11th day of May , 19 5 , was duly passed and adopted by said City Council and signed and approved by the Mayor of said City, and that said ordinance was passed and adopted by the following vote, to wit: AYES: Councilmen Allen, Colburn, Hogue, NOES: Councilmen ABSENT: Councilmen (SEAL) Morgan, Gautereaux None None City7Clerk of the Citg of National City, Calif nia. STATE OF CALIFORNIA COUNTY OF SAN DIEGO ss. CITY OF NATIONAL CITY I, Ione Minogue , City Clerk of the City of National City , California, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Ordinance No. 1113 of said city and that said ordinance was adopted at the time and by the vote stated on the certificate attached thereto, and has not been amended or repealed. DATED: May 11 , 1965 (SEAL) City Clerk of the Citir of National City, California.