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HomeMy WebLinkAboutCC ORD 1946-716 Bond issuance (Special)ORDINANCE No.. 716 AN ORDINANCE OF THE CITY OF NATIONAL CITY, CALIFORNIA, PROVIDING FOR THE ISSUANCE OF BONDS OF SAID CITY IN THE AMOUNT OF $375,000 FOR THE ACQUISITION AND CON- STRUCTION BY SAID CITY OF A CERTAIN MUNICIPAL IM- PROVEIIIENT. WHEREAS, pursuant to Ordinance No. 715 of the City of National City, County of San Diego, California„ a special election was duly and regu- larly held in said city on the 26th day of February, 1946, at which elec- tion there was submitted to the voters of said city the following proposi- tion, to -wit: "Shall the City of National City incur a bonded indebtedness in the principal sum of $375,000.00 for the purpose of the acquisi- tion and construction by said city of a certain municipal improve- ment, to wit: The acquisition and construction of a. trunk sewer system in said city including the acquisition of all equipment, easements and other property necessary or convenient there- for?" and WHEREAS, said proposition re- ceived the affirmative vote and as- sent of more than *wo-thirds of all of the qualified vc>tarn of said city voting at said election, and ,aid city is now authorized to issue bonds in the amount and for the purpose hereinbefore specified: NOW, THEREFORE, the City Council of the City of National City DOES ORDAIN as follows: Section 1. That bonds of the City of National City, California, in th' principal sum of $375,000 be issued and sold for the purpose set forth in the re. itais hereof. Said bonds shall be designated SEWER BONDS 1946. shall be 375 in number, numbered 1 to 375, inclusive, and shall be of the denomlmrLion of $1,000 each. Said bonds shall be dated May 1, 1946, and shall be payable in consecutive numerical order. eighteen (18) bonds annually from May 1, 1947, to May 1, 1956, both inclusive, nineteen (19) bonds annually from May 1, 1957, to May 1, 1961, both inclusive, and twenty (20) bonds annually from May 1, 1962, to May 1, 1960, both inclusive. Said bonds shall bear interest at a rate or rates to be hereafter fixed by resolution or resolutions, but not to exceed four and one-half per cent (41%a) per annum, payable semi- annually on the first days of No- vember and May of each year. Said bonds shall be payable in lawful money of the United States at the office. of the City Treasurer of the City of National City in the City of National City, California. Section 2. That the Mayor of the City of National City and the City Treasurer of said city are hereby authorized and directed to sign all of said bonds, 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 auth- orized and directed to sign the in- terest coupons of said bonds by his printed, lithographed or engraved �t- facsimile signature, and to number `.�'' yid interest coupons of each of 1 1 � < said bonds consecutively. Section 3. That said bonds and the coupons for the interest thereof shall be issued in substantially the following form: STATE OF C%LIFORNIA �1 CITY OF NATIONAL CITY SEWER BOND 1946. No $1,000.00 National City, California May 1, 1946. THE CITY OF NATIONAL City, a municipal corporation situated in the County of San Diego, State of California. FOR VALUE RECEIVED, hereby ac- knowledges its indebtedness and promises to pay to the bearer hereof the sum of ONE THOUS- AND DOLLARS ($1,000.00) on the first day of May, 19 , with interest thereon at the rate of —% per annum, payable semi- annually on the first days of November and May of each and every year from the date hereof until this bond is paid, on pres- entation and surrender of the re- spective interest coupons hereto attached. Both principal and in- terest are payable in lawful money of the United States of America at the office of the City Treasurer of said City 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 an Act of the Legislature of the State of California entitled "An Act auth- orizing the incurring of indebt- edness by cities, towns, and mu- nicipal corporations for munici- pal impro . ements, and regulat- ing the acquisition, construction or completion thereof," which be- eame a le w February 25, 1991, and acts amendatory thereof and supplementary thereto, and in pursuance of lire laws and Con- stitution of the State of Califor- nia. 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 elec- tion duly and legally called, held, and condu ted in said City of National City on the 26th day of February, 1946. 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 pia liner as required by law, and that the amount of this bond, together with all other ir'dcbted- ness of said city, does not ex- ceed any debt limit prescribed by the laws or Constitution of the State of California. IN WITNESS WHEREOF. said City of National City has caused this bond to be signed by the Mayor of said City and by its City Treasurer, and counteffsign- ed by the City Clerk of said City, and has caused the interest coupons hereto attached to be signed by its City Treasurer. Mayor of the City of National City, California City Treasurer of the City of National City, California COUNTERSIGNED: City Clerk of the City of National City, California (SEAL) (COUPON FORM) No. On the first day of 19—, the City of National City, California, will pay to the bearer at the office of the City Treas- urer of said city, in said city, the sum of dollars ($ ), in lawful money of the United States of America, being the semiannual interest then due on National City Sewer Bond No. dated May 1, 1946. =>; �a `b City Treasurer of the City of National City, California Section 4. That the proceeds of the sale of said bonds shall forth- with be turned over and placed to the credit of a fund of the City of National City, to be known as "1946 Sewer Bond Fund," and shall be used exclusively for the acquisition, construction and completion of the municipal improvement described in the recitals hereof. Section 5. That for the purpose of paying the principal and interest of said bonds, the City Council of the City of National City 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 said bonds are paid, or until there shall be a sum in the treasury of said city set apart for that purpose sufficient to meet all sums coming due for the principal and interest on said bonds, a tax sufficient to pay um mote-. interest on said bonds, as the same becomes due, and also such part of the principal thereof as shall become due before the proceeds of n. tax levied at the time for making the next general tax levy can be made available for the payment of such principal. Said tax shall be in ad- dition to all other taxes levied for municipal purposes and shall be col- lected at the time and in the same manner as other municipal taxes are collected, and shall forthwith be turned over and paid into a fund of the City of National City to be known as "Sinking Fund No. 8." Said fund shall be used for no other purpose than the payment of said bonds and accruing interest thereon. Section 6. That the City Clerk shall certify to the passage and rdoptinn of this ordinance by the City Council of said city, and its ap- proval by the Mayor of said city, and shall cause this ordinance to be published once in the NATIONAL. CITY NEWS, a weekly newspaper of general circulation in said City of National City. Section 7. This ordina.nce shall take effect thirty (30) days after its passage and adoption. ^3-- OPTED, SIGNED AND AP- PROVED this 16 day of April, 1940. GILBERT E. FRITZ Mayor of the City of National City, California. (SEAL) ATTEST: FRANK W. ROGERS City Clerk of the City of National' City, California ST 4 TT) OF C ALIFORNIA ) COUNTY OF SAN DIEGO ) ss. CITY OF NATIONAL CITY ) 1. FRANK W. ROGERS, City Clerk of the City of National City, Cali- f orni"., DO HEREBY CERTIFY that the foregoing ordinance was intro- duced at a regular meeting of the City Council of said City, duly held on the 2nd day of April, 1946, and thereaf'er at a regular meeting of said City Council, duly held on the 1 nth day of April, 1946, was passed and adopted by said City Council, r'nd signed and approved by the Mayor of said City, and that said ordinance was passed and adopted by a vote or more than two-thirds of the members of said City Council, to wit: AYES: Councilmen Adams, Cord- ingly. Newberry, Thatcher, Fritz NOES: Councilmen None ABSENT: Coumcilmen None. FRANK W. ROGERS. City Clerk of the City of National City, California ST ATE OF CALIFORNIA )SEAL) COUNTY OF SAN DIEGO ) ss. CITY OF NATIONAL CITY ) I, FRANK W. ROGERS, City Clerk of the City of National City, California, DO HEREBY CERTIFY thrt the above and foregoing is a full, true and correct copy of Ordt- nsnce No 716 of said City and that said Ordinance was adopted at the time and by the vote stated r' the certificate attached thereto, and as not beep amended or repeal d. FItANE W. 1 RO - - City Clerk f National, CI Nl.fli I�i e'tvs, I *Lt, o. AND I } ERE9Y-CERTIFY that ,tale -'ban a has been duly published accord- ingto law. CITY CLERK, CI' OF NATIONAL CITY, CALIF- ORNIA.