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HomeMy WebLinkAboutCC RESO 5041RESOLUTION NO. 5041 RESOLUTION AND ORDER OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY ELECTING TO PAY OUT OF MUNICIPAL FUNDS ALL OF THE AMOUNT OF TAX WHICH WOULD OTHERWISE BE LEVIED UPON PROPERTY 'NITHIN SAID CITY OF NATIONAL CITY BY AND FOR THE METROPOLITAN WATER. DISTRICT OF SOUTHERN CALIFORNIA FOR THE FISCAL YEAR BEGINNING JULY 1, 1949, AND ENDING JUNE 30, 1950, AND PROVIDING FOR THE PAYMENT THEREOF. WHEREAS, the Board of Directors of The Metropolitan Water District of Southern California has levied a tax of twenty-seven cents (a7;/) upon each One Hundred Dollars ($100.00) assessed valuation of taxable property within said District for the fiscal year beginning the 1st day of July, 1949, and ending the 30th day of June 1950, for the purpose of meeting the interest and sinking fund requirements on all outstanding bonded indebtedness of said District, and the payment of the principal and interest on any re- funding bonds, or on any bonds, the issuance of which may have been authorized by the electors, and which bonds have not been sold, but which bonds, in the judgment of the Board of Directors, will be sold prior to the time when money will be available from the next subsequent tax levy, together with a tax of eleven cents (1V) upon each One Hundred Dollars ($100.00) assessed valuation of taxable property within San Diego County Water Authority, as annexed to said District, for the said fiscal year for the purpose of raising the second annual install- ment of the aggregate amount of $14,104.89, to be raised by means of thirty (30) substantial equal annual levies within said San Diego County Water Authority,as prescribed by said Board of Directors of said Dis- trict, together with a tax of seven cents (7)1) upon each One Hundred Dollars (100.00) assessed valuation of taxable property within said District for the said fiscal year for all other District purposes; and WEERE&S, the Council of the City of National City, pursuant to the provisions of Section 8.2 of The Metropolitan Water Dis- trict Act of the State of California did on December 7, 1948, adopt its Resolution No. 4846, wherein it declared the intention of The City of National City to pay out of municipal funds, fifty per cent (5) of the amount of said District's taxes for the said fiscal year commencing July 1, 1949, and ending June 30, 1950, to be derived from the area of said District within said City; and WHEREAS, the County Auditor of the County of San Diego has certified to said District that the assessed valuation of property within said City of National City, taxable bys aid District for said fiscal year, is the sum of 10,375,160; and WHEREAS, the amount of money to be derived from the area of said District lying within said the City of National City by virtue of said tax levy by said District for said fiscal year, for the aforesaid pur- poses of meeting the interest and sinking fund requirements on the said bonded indebtedness and the payment of the principal and interest on the aforesaid bonds is the sum of '26,367.59; and NEEREAS, the amount of money to be derived from the area of said District lying within said the City of National City by virtue of said tax levy by said District for said fiscal year for the aforesaid purpose of raising said second annual installment of said aggregate amount to be raised by means of special tax levies withinsaid San Diego County Water Authority, in accordance with the terms and conditions upon which the corporate area of said San Diego County Nater Authority was annexed to said District, is the sum of $10,811.81; and AERPAS, the amount of money to be derived from the area of said District lying within said the City of National City by virtue of said tax levy by said District for said fiscal_year for the aforesaid all other District purposes, is the sum of $6,781.07; and NHEREAS, there is now available in the Water Fund of the City of National City a sum sufficient, and which may be used, to pay fifty per cent (50%) of the aforesaid taxes levied by said District,f or said fiscal year upon taxable property within said District lying within said City; NOVA', THEREHORE, BE IT RESOLVED AND ORDERED by the Council of the City of National City, as follows: That thesaid City Council hereby elects to pay out of municipal funds; to wit: the Water Fund of said City of National City, the sum of 421,980.20, as payment of fifty per cent (50%) amount of tax would otherwise be levied upon property withins aid City of National City under and by virtue of the aforesaid tax levy- of said The Metropolitan eater District of Southern California for said fiscal year commencing July 1, 1949, and ending June 30, 1950, and the said sum. of 121,980.20 hereby is appropriated from said Water Fund for the purpose of making said payment hereby authorized and elected to be made; and BE IT FURTHER RESOLVED AND ORDERED that payment of said aggregate sum of 21,980.20 shall be made as follows: (1) By depositing the sum of u21,980.20 in cash with the Treasurer of said District, on or before the 27th day of August, 1949 (the said sum being the total payment of the amount of said District's tax for said fis- cal year, which would otherwise be levied upon property withins aid City for the aforesaid purposes of meeting the interest and sinking fund re- quirements on the said bonded indebtedness and the payment of principal and interest on the aforesaid bonds of the said District, elected to be made by the said City of National City. BE IT FURTHER RESOLVED AND ORDERED, that the City Clerk immediately shall certify to the Controller of said District a copy of this Resolution and Order, together with the Financial Statement which is required by law to be furnished to said District. Presented by Approved as ta form by r L, City Attorney PASSED AND ADOPTED by the City Council of the City of National City, California, this 235.d day of August 1949 by the following vote, to -wit: AYES: Councilmen Cux'ry, Matthe_f9_S_,...ThatChe_rit._Fxj_tz NAYS: Councilmen Rorke ABSENT: Adams ATTEST: City Clerk. I hereby approve the foregoing {Resolution Z c xanc x Mayor of the City of National City, nia. this 23rd day of August 19 49 Mayor of the City of National City, Califo I hereby certify that the above and foregoing is a full and true copy of of the i Resolutions Ordinances } i Resolution l No Ordinance f of the City of National City, California, as adopted by the City Council of said City, and approved by the Mayor of said City, on the day of 19 City Clerk of the City of National City, California. Deputy eirfr-0 • P--f/ z • -e.,44,(Th 9) 0 6. I d'S .4CA"rsAAL14 rcvr'rd « --";teilv-11 'Cr L11 4f-E2 • /-trry:f