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HomeMy WebLinkAboutCC ORD 1937-650 Bond issuance (Special)650 ORDINANCE NO. 650 AN ORDINANCE OF TIT E CITY OF NATIONAL CITY, CALIFORNIA, PROVIDING FOR THE ISSUANCE OF BONDS OF SAID CITY TN TILE SUM OF TWENTY THOUSAND ($20,000.00) DOLLARS FOR TTTE ACQUISITION, CONSTRUC- TiON AND COMPLETION Oki A CERTAiN MUNICIPAL IM- PROVEMENT CONSISTING OF A CiTY HALL. TOGETHER WITH THE FURNISHING AND EQUIPMENT OF THE SAME. WHEREAS, the City Council of the City of National City, Cali- fornia, at a regular meeting there- of held on the. 7th day of July, 1936, by a vote of more than two- thirds of all of its members, duly passed and adopted its Resolution No. 1823, wherein it determined that the public interest and neces- sity demanded the acquisition, con. struction and completion by said City of National City of that cer- tain municipal improvement, to - wit: A public building to he used for a City Hall and general municipal purposes, including the furnishing and equipment of the same. WHEREAS, the City Council of said City of National City at a regular meeting thereof held on the 27th day of July, 1936, by a vote of more than two-thirds of all its members, duly passed and adopted its Ordinance No. 647 call- ing a special election and submit ting to the qualified voters of said City the proposition of incurring a bonded debt in the sum of Twenty Thousand (S20,000.00) Dollars for the purpose of the acquisition, construction and completion of said municipal improvement, and said Ordinance was thereupon duly published once a week for two (2) weeks in the National City News, a weekly newspaper published and circulated in said City of National City less than six (6) days a week; and WHEREAS, such special elec- tion was held in said City on the 17th day of September, 1936, as provided in said Ordinance culling the same, and by law for holding municipal elections in said City, and there was submitted at said election the proposition of incur- ring a bonded indebtedness of Twenty Thousand ($20,000.00) Dollar.; for the following purpose, to -wit: the ucquisition, constric- tion and completion of a public building to be used as a City Hall and for general municipal pur- poses including the furnishing and equipment of the same, all as set forth in the Ordinance culling said election: and WHEREAS, said proposition re- ceived more than two-thirds of the votes of all the voters -voting at such special election; and WHEREAS, all and singular, the provisions of an act of the Legislature of the State of Cali- fornia entitled, "An act authoriz- ing the incurriri' of indebtedness by cities, towns and municipal cor- porations, for municipal improve- ments, and regulating the acquisi- tion, construction or completion thereof", which became a law February 25, 1901, and of all acts amendatory thereof or supplemen- tary thereto, and the provisions of the ordinances of said City have been fully complied with so as to authorize the issuance of said bonds; 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 in the sum of Twenty Thousand ($20,000.001 Dollars be issued in accordance with the provisions of an act of the Legislature of the State of California entitled, "An act auth- orizing the incurring of indebted- ness by cities, towns, and munici- pal corporations, for municipal improvements, and regulating the acquisition, construction or com- pletion thereof", which became a law February 25, 1901, and with the arts amendatory thereof and supplementary thereto, and with the ordinances of said city, for the construction, acquisition and com- pletion of the municipal improve- ment consisting of a public build- ing to be used as a City Hall and :"or general municipal purposes, including the furnishing and equip- ment of the same. That said bonds shall be twenty (20) in number, and shall be numbered from I to 20, both in- clusive, and shall be issued in the denomination of $1,000.00 each. and the principal and interest thereof shall be payable in lawful money of the United States of America; that said bonds shall be dated February 20, 1937, and shall bear interest at the rate of four and one-half (41:_r'<) per cent. per annum, payable semi- r.nnually on the twentieth day of February and on the twentieth day of August of each and every year during the life of said bonds. Said bonds shall he payable as follows: Two (2) bond; shall be due and payable on the 20th day of February, 1938, together with interest thereon and on all sums unpaid at such date, and two (2) of said bonds shall he due and payable on the 20th day of Feb- ruary of each and every year there- after until all of said bonds are paid, together with interest there- on and on all sums unpaid on said respective dates. Said bonds and said interest shall be payable at the office of the Treasurer of the City of National City, California. Said bonds shall be substantially in the following form, to -wit: Nu L N;Tee STATES OF AMERICA STATE OF CALIFORNIA S 1,000.00 81,000.00 CITY OF NATIONAL CITY MUNICIPAL IMPROVEMENT BONDS OF' 19 3C, Special Election September 17th, 1936 For value received, the City of National City, County of San Diego, California, a municipal cor- poration organized and existing under and by virtue of the laws of the State of California, hereby acknowledges itself indebted, and promises to pay to the bearer on the 20th day of February, 19 , One Thousand Dollars ($1,000.00) with interest thereon at the rate of four and one-half (412`''r) per cent. per annum, payable semi- annually, on the 20th day of Feb- ruary and the 20th day of August each and every year hereafter until this bond is paid, on presen- tation and surrender of the cou- pons attached as they severally become due, both principal and interest payable in lawful money of the United States of America at the office of the 'Treasurer of said City in said City. This bond is issued in pursuance of the pro- visions of an act of the Legislature of the State of California which necame a law February 25, 1901, and all amendments thereto auth- orizing the incurring of indebted- ness by cities for municipal im- provements, and the issue of the bonds of which this bond is a part has been authorized by a vote of inure than two-thirds of all the duly qualified electors of said city, voting at. a special election duly and regularly called and held in said city on the seventeenth day of September, 1936, at which the proposition of authorizing this is- sue of bonds was submitted. it is hereby certified, recited and declared that all acts, condi- tions and things required by law to exist, happen and to be per- formed precedent to and in the issuance of this bond have existed, happened and been performed in due time, form and manner as re- quired by law, and that the amount of this bond, together with all other indebtedness of said city, does not exceed the limit prescrib- ed by the Constitution or Statutes of the State of California, and that provision has been made, as required by said Constitution and Statutes, for the collection of an annual tax sufficient to pay the interest of this bond as it falls due; also to provide a sinking fund for the payment of the prin- cipal of this bond on or before maturity. The full faith and credit of said City of National City are hereby pledged for the punctual payment of principal and interest of this bond. IN WITNESS WHEREOF, the said City of National City has caused this bond to be executed under its corporate seal, signed by the Mayor of the City of National City and its Treasurer, and coun- tersigned by its City Clerk, and has caused this bond to be dated the 20th day of February, 1937. Mayor of the City of Na- tional City, California. Treasurer of the City of National City, California. Countersigned: City Clerk of the City of \"atinnal City, California. That interest coupons shall be attached to each of said bonds representing each installment of interest to accrue on such bonds up to the maturity thereof, which said interest coupons shall he sub- 650 stantially in the following form, to -wit: COUPON NO "On the 20th day of 19 , 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 Dollars (S ) in lawful money of the United States of America, being the semi-annual interest then due on Municipal Improvement Bond No.. dated February 20, 1037." Treasurer of the City of National City, California. Section 2. That said bonds shall he dated the 20th day of February. 1937, and shall become due in the order of their number. The two (2) lowest numbered bonds shall become due on the 20th day of February, 1938, and on the 20th day of February of each and every year thereafter the two (2) next highest numbered bonds shall be- come due and payable until all of said bonds shall have been paid. Interest on said bonds shall be- come due and payable semi-an- nually on the 20th day of Febru- ary and on the 20th day of August of each year upon the presentation to the Treasurer of said City of the coupons therefor. .Seet'ov. J. That the Mayor of the City of National City, being the executive, of said municipality, and the Treasurer of said City of National City arc hereby author- ized and directed to sign all the bonds herein provided for, and the City Clerk is hereby authorized and directed to countersign the same and affix the corporate seal of said City of National City thereto, and the Treasurer of said City is hereby authorized and di- rected to sign the interest coupons of said bonds by his printed, lithographed or engraved facsimile s`.gnature thereto affixed, and said :alerted coupon, shall be numbered consecutively. SeetinrtFor the purpose of eayrng the principal and interest of said bonds as the same shall become due, the City Council of said City of National City shall, at the time of fixing the general tax levy, and in the manner pro- ',ided by law therefor, levy and collect annually each year until said Fonds are paid, or until there :hall be a sum in the treasury of said City set apart for that pur- pose sufficient to meet all sums omine; due fur principal and in- terest on such bonds, a tax suffic- ient to pay the annual interest on ia;eh hends and also such part of the p:•inc•ipal thereof as shall be- come due before the time for fix- ing the next general tax levy. The tax herein required to be levied shall be in addition to all other tireeft levied for municipal pur- poses and shall be collected at the t:mrz and in the same manner as other municipal taxes are collected, and he used for no other purpose than the payment of said bonds and accruing interest. Section 5. There is hereby estab- lished a sinking fund to be kept, by the Treasurer of the City of National City, California, for the payment of the principal and in- terest on said bonds. The said fund shall he known as "Sinking Fund Number 7", and the pro- ceeds of the taxes levied as afore- said shall he paid into said sinking fund as soon as the same shall be collected, and shall remain in said sinking fund until required for the payment of the principal or in- terest of said bonds. When the re- spective payments of principal and interest of said bonds shall fall due, the Treasurer of said City is hereby authorized and directed to pay the same out of the moneys in said fund upon the surrender of the bonds and coupons represent- ing same. Section 6. The proceeds of the sale of said bonds shall he placed in the City Treasury to the credit of a fund to be known as, "Munici- pal improvement Bond Fund", and the same shall be applied exclu- sively to the purposes and objects mentioned in this Ordinance. Section 7. The City Clerk shall attest to the adoption of this Ordi- nance by a vote of two-thirds (2/3) of all of the members of said City Council and shall cause the same to he published once in The National City News, a weekly newspaper published and circu- lated in said City of National City, and thereupon amid thereafter the same shall be in full force and effect thirty-one (31) days from date of final passage. PASSED AND ADOPTED by the City Council of the City of National City, California, this 2nd day of March, 1037, by the follow - vote, to -wit: AYES: Councilmen Cordingly, Kilcrease, Thatcher, Warner, and Bird. NAYS: Councilmen, None. ABSENT: None. D. W. BiRD, Mayor of the Cit y of Na- tional City, California. ATTEST: DALE SMITH City Clerk I hereby approve the foregoing Ordinance this 2nd day of March, 1937. D. W. BIRD, Mayor of the City of Na- tional City, California. I hereby certify that the above and foregoing is a full and true copy of Ordinance No. 650 of the Ordinances of the City of Nation- al City, California, as adopted by the City Council of said City, and approved by the Mayor of said City, on the 2nd day of March, 1037. DALE SMITH, City Clerk of the City of \'ationul City, California.