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HomeMy WebLinkAbout149 - Issuance & Sale of Bonds for Municipal Water Works Completion1 • 2 • 3 4 • • • 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 M?lf RESOLUTION NO. 149 A RESLOUTION OF THE CITY OF NEWPORT BEACH BY THE LEGISLATIVE BRANCH THEREOF, TO -WIT, THE BOARD OF TRUSTEES, PROVIDING FOR THE ISSUANCE AND SALE OF THE BONDS OF SAID CITY IN THE SUM OF $80,000.00, FOR THE COMPLETION OF THE MUNICIPAL WATER WORKS, CITY OF NEWPORT BEACH. PRESCRIBING THE FORM OF SUCH BONDS, FIXING THE RATE OF INTEREST TO BE PAID THEREON, THE DATE AND PLACE OF PAYMENT OF SAID BONDS, PRINCIPAL AND INTEREST, ANT FURTHER PROVIDING A SINKING FUND FOR THE PAYMEir'T AND REDEMPTION OF THE BONDS,PRINCIPAL AND INTEREST. Whereas, by Ordinance No. 188 of the City of Newport Beach, a special election was called to beheld at and within said city onnthe 7th day of November, 1921, for the purpose of submitting to the qualified voters of the City of Newport Beach the proposition of incurying a debt and issuing the bonds of the City of Newport Beach in the sum of $80,000.00, forrthe purpose of the completion.of the municipal water works of the city of Newport Beach, and WHEREAS, said wpef6 ial election so °called was, on the 7th day of November, 1921, duly held in all respects fairly and legally and inaccordance with law and the provisions of said Ordinance No. 188, and WHEREAS, at said s pecial election there was submitted to the qualified voters of the City of Newport Be ach the proposition of the issuance and sale of said bonds in the sum of $80,000.00 for the completion of the municipal water works of the City of Newport Beach, and WHEREAS, by a canvas of the return of said special election, which canvas thereof was made and had by the Board of Trustees of the City of Newport Beach at a regular meeting thereof held on the 14th day of November, 1921, it appeared to and was by said Board of Trustees found, established and entered of record in the minutes of said meeting that at said special election the votes of more than two - thirds of all the voters voting thereat were voted YES and in favor of the proposition of incurring debt and issuing the bonds of the City of Newport Beach in the sum of $80,000.00 for the purpose of the completion of the municipal water work -d of said City. The votes at said sp cial election being voted and cast, as follows: -1- 1 • 2 • 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 • • • 19 20 •21 22 23 24 25 26 27 28 29 30 31 32 Proposition on voted fur and against, "Shall the City of Newport Beach incur a bonded debt for the completion of the municipal water works in the sum of $$0,000.0011, "Yes ", °Nos. Total number of votes cast both for and against the proposition, 152. Total votes cast YES and in favor of the proposition, 170. Total votes cast NO and against the proposition, 12. NOW, THEREFORE, the Board of Trustees of the City of Neti✓port Beach do resolve and declare as follows: SECTION ONE. The bonds of the City of Newport Beach, in the sum of $50,000.00, shall be issued and sold for the payment of the cost of the completion of the municiapl water works of the City of Newport Beach. SECTION TWO. Public interest and necessity demands the completion by the City of Newport Beach of the municipal water works thereof, which completion shall consist in the acquisition of approximately four acres of water - bearing land adjacent to the land uron which there is now constructed the water wells and pumping plant used in the municipal water works of said City; also the acquisition of a right -of -way sufficient in width upon which to construct and maintain a main water pipeline, extending from the present water wells and pumping plant to the water storage reservoir of the City of Newport Beach; also the acquisition of a pump with the capacity to pump approximately one thousand gallons of water per minute, and a Bessemer oil or gas engine, of approximately 95 horsepower, to operate said pump; and the installation of said pump and engine; also the acquisition of the necessary twelve (12) inch diameter cast iron water ripe, with which to construct and the construction of a force main water pipeline on the above mentioned right -of -way, connecting the pumping plant with the storage reservoir, and also the acquisition of the necessary six (6) inch diameter cast iron pipe wjtk:owhich to construct and the construction of a distributing main, extending from the water storage reservoir to the intersed:tion of Fifteenth Street, and Santa Ana Avenue, on Newport Height -2- M 11 2 • 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 • 28 • 29 30 31 32 and there connect said main pipe with the iresent.lateral distribution system the said municipal improvement being necessary and convenient to carry out the objects, purposes and powers of Newport Beach. SECTION THREE. The bonds of the City of Newport Beach to be issued and sold in the sum of $ €0,000.00, which is the principal of the indebtedness to be incurred by the City of Newport Beach for the completion of the municipal water works thereof, shall be 50 in number and shall be consecutively numbered from 1 to 50, both inclusive, and each bond shall be in the denomination of $1,000.00. There shall be attached toeach bond and numbered consecutively, interest coupons for the payment of the interest thereon. SECTION FOUR. The maximum rate of interest to be paid on the indebtedness of $50.000.00 having in said Ordinance No. 155, calling the special election and under which the same was held, been fixed at six (6) per cent. per annum, payable semi - annualy, the Board of Trustees of the City of Newport Beach hereby orders that the rate of interest to be paid on the principal of the indebtedness to be incurred in the sum of $50,000.00 shall be and is hereby fixed at the rate of 52 per sceht, per annum, payable semi - annually, and the sum of each selhl- annual payment of interest shall be inserted in the appropriate interest coupons attached to each bond. SECTION FIVN. Both the principal and interest on the indebtedness of $50,000.00 shall be payable in lawful money of the United States and at the 6ffice of the Treasurer of the City of Newport Beach, in such City, County of Orange, State of California. SECTION SIX All of the 50 bonds shall be dated the ist day of December, 1921, and the principal sum thereby represented shall bear interest at the rate of 52 per cent. per annum from the 1st day of December, 1921, until the said prin- cipal and interest shall be well and truly paid. On the let day of December, 1922, 4 of said bonds, being bond numbers 1, 2, 3 and 4, each in the denomination of $1,000.00, shall be paid, and anuually thereafter on the 1st day of December, 4 additional of said bonds, in succ- essive numerical order and of like denomination, shall be paid, until all of -3- • • • 1 2 3 4 5 P II 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 • 31 32 said bonds and all money thereby represented shall be well and truly paid, the same being and constituting an annula payment of the sum of $4,000.00 of the principal of said indebtedness and is not less than one - fortieth part of the amount of such indebtedness. SECTION SEVEN. The first installment of semi - annual interest on said bonds and the in- debtedness thereby evidenced shall fall due and be paid on the 1st day of June, 1922, and a like semi - annual payment of interest on said indebtedness shall fall due and be paid on the 1st day of the months of December and June thereafter, until all of said bonds and the money thereby represented shall have been well and truly paid. SECTION EIGHT. The indebtedness which it is proposed to incur in the sum of $90,000.00, togethere with all other indebtedness necessary heretofore incurred by the City of Newport Beach, will not in the aggregate exceed 15 per cent. of the assessed value of all the real and personal property of the City df Newport Beach. Section NINE Said bonds shall be serial in character and substantially in the following form: "NO. UNITED STATES OF AMERICA State of Calfflbrnia City of Newport Beach Water Works Completion Bond SERIES NO. Be it knzwn that the City of Newport Beach is the County of Orange, State of California, hereby acknowledges its indebtedness to the bearer of this band in the sum of ($ ) dollars, lawful money of the United States, and promises to pay the said bearer the said sum of $ in lawful money of the United States on the 1st day of December, 192, at the office of the City Treasurer in the City of Newport Beach, to- gether with interest thereon at the rate of five and one -half per cent. per -4- annum, interest payable semi - annually in like money of the United States on 1 • the 1st day of June and the first day of December of each andrevery year that 2 this bond is to run, at said Treasurer's office upon presntation and surrender • 3 of the proper interest coupon hereto attached. 4 This bond is issued by the City of Newport Beach for the purpose of the 5 completion in the City of Newport Beach of a municipal improvement, to wit: 6 the municipal water works thereof, and by the authority and in pursuance of 7 an Act of the Legislature of the State of California, entitles: "An Act 8 authorizing the incurring of indebtedness by cities, towns and municipal cor- 9 10 _,orations for municipal improvement, and regulating the acquisition, construc- tion or completion thereof," (became a law February 2 5, 1901,) and all acts 11 amendatory thereof, Also pursuant to Resolution No. 144 of said City, passed 12 13 and adopted. an the 26th day of September, 1921, and Ordinace No. 199 of said City rassed by the Board of Trustees thereof by the affirmative vote of more 14 15 than two - thirds of all the members thereof on the 3rd. day of October, 1921, and on said day approved by the President of said Board of Trustees, and in 16 17 further pursuance of Resolution No. 149 directing the issue of this bond. 18 It is hereby certified that all conditions, acts and things essential to 19 the validity of this bond exists, have happened, been done and taken place, 20 and that all requirements of the law and of the constitution relating to the 21 issue hereof have been fully complied with by the nreper bodies, officers and 22 persont.s, and that the issue hereof has been authorized and directed by the 23 vote of more than tow - thirds of all the qualified voters of the City of New- 24 port Beach voting at a special election for that purpose, duly called and held 25 by and Ordinance of the Board of Trustees duly passed, approved and published, 26 and that provision has been made for the collection of an annual tax sufficient 27 to pay the interest on this bond as it falls due, and a sinking fund has been • 28 duly constituted to spy the rrincipal at maturity, and that the debt created • 29 hereby and this bend are within every debt and other limit prescribed by law, 30 and Said act, and by the constitution. 31 32 —5— 16 The interest coupons attached to said bonds shall be substantially in the In Testimony Whereof, the City of Newport Beach, by its Board of Trustees, following form, to wit: 1 n$ Interest Coupon ?cumber 19 On the first day of A.D. 192, the City of Newport Beach has given this bond to be singed by the President of its Board of Trustees, as • 2 the sum of dollars in lawful money of the United States of 22 America, being semi — annual interest on water works completion Bond No. , executive of said municipality, and also by its Treasurer, and countersigned dated December 1, 1921. 3 • Treasurer of the City of Newport Beach by the Clerk of said City and the corporate seal of the City of Newport 4 SECTION ELEVEN. 28 Beach to be hereunto affixed, and the attached coupons to be signed by the All of the said SO bonds shall be signed by the President of the Board of 5 Trustees of the City of Newport Beach, as the executive thereof, also signed Treasurer of the City of Newport Beach, County of Orange, State of California, by the Treasurer and countersigned by the Clerk of s. ^.id City. Each of said. 6 officers is hereby authorized and instructed to sign and countersign,dsaid this 1st day of December, 1921. 7 and coupons. The signature of the Treasurer of the,City of Newport 32 8 President of the Board of Trustees of the City -6- of Newport Beach, as the Executive of the said 9 City. 10 11 Treasurer of the City of Newport Beach. 12 COUNTIMSIGNED: (Seal) 13 Cleric of the City of Newport Beach." 14 15 SECTION TEN. 16 The interest coupons attached to said bonds shall be substantially in the 17 following form, to wit: 18 n$ Interest Coupon ?cumber 19 On the first day of A.D. 192, the City of Newport Beach 20 promises to spy the bearer at the City Treasury of the City of Newport Beach, 21 the sum of dollars in lawful money of the United States of 22 America, being semi — annual interest on water works completion Bond No. , 23 dated December 1, 1921. 24 Treasurer of the City of Newport Beach 25 SECTION ELEVEN. 28 All of the said SO bonds shall be signed by the President of the Board of 27 Trustees of the City of Newport Beach, as the executive thereof, also signed • 28 by the Treasurer and countersigned by the Clerk of s. ^.id City. Each of said. • 29 officers is hereby authorized and instructed to sign and countersign,dsaid 30 •bonds 31 and coupons. The signature of the Treasurer of the,City of Newport 32 -6- 1 • 2 • 3 4 r� • • 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Beach required to be affixed to the interest coupons, may be by a printed, engraved or lithographed fac- simile of such Treasurer's signature, and when so affixed shall be deemed and treated as the lawful signature of such Treasurer. SECTION TWELVE. Anyyand all bonds, the issuance and sale of which is provided for by this Resolution, may be issued and sold by the Board of Trustees of the City of Newport Beach, as they may determine to the highest bidder therefor in law- ful money of the United States,obut for not less than their par - value, and the proceeds of such bonds when sold shall benplaced in the municipal treasury of the City of Neiport Beach to the credit of the water workd completion fund, which fund is hereby created for the reception of said moneys, and the said fund shall be applied exclusively to the purposes and objects for which the same was voted, and as is mentioned in Ordinance No. 188 of the City of New- port Beach. SECTION THIRTEEN. The Board of Trustees of the City of Newport Beach as the legislative branch of said City, shall, at the time of fixing the general tax levy and in the manner for such general tax levy provided, levy and annually colldct each year until said bonds are paid, or until there shall be a sum, in the Treaury of the City of Newport Beach 'set apart for that purpose to meet all sums coming due for principal and interest on said bonds a tax sufficient to pay the semi -annual interest on such bonds and also such a part of the prin- cipal thereof as shall become due before the time of fixing the next general tax levy. The taxes herein required to be levied and collected shall be in addition to all other taxes levied for municipal purposes and shall be collecte at the same time and in the same manner as other municipal taxes are collected, and shall be placed in the municipal treasury of the City of Newport Beach in a fund separate from all other funds therein, and shall be known as the water works completion bonds principal and interest redemption fund, which fund is hereby created for the reception of said tax; and the sane shall be used for -7- 1 • 2 . 3 4 40 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 • 28 • 29 30 31 32 no other purpose than the payment of said bonds and accuing interest. SECTION FOURTEEN. The Clerk of the City of Ne•;rport Beach is hereby instructed under and pursuant to Sec. 678 of the Political Code of the State of California, when said bonds are ready for sale, to forthwith mail, postage prepaid, notify the State Board of Control and State Treasurer of the State of California at the Capitoal thereof of such issuance and sale of the bonds herein mentioned, specifying the purposes for which said bonds were voted, the amount of the total issue, the denomination of each bond, showing the date of issue and date of maturity, the rate of interest, showing when and where payable, the assessed value of the property upon which bonds are a lien and the total amount of all other bonded indebtedness which is a lien upon said property; and he is further hereby instructed to advertise for sale all of said bonds and require a certified check of two per cent. of the amount of the bid, certified by a responsible bank; from each person presenting a sealed bid for the purchase of said bonds, according to the Notice of Sale, to be here- after published under the direction of the Bwd of Trustees of the City of Newport Beach, offering said bonds for sale. SECTION FIFTEEN. The above and foregoing Reso2drtt6nnNo. 149 was passed and adopted on this 21st day of November, 1921, by the Board of Trustees of the City of Newport Beach, and on said day signed and approved by J.J.Schmitk_en, PresidentLof the Board of Trustees, the same being passed by the affirmative vote of the following named members of said Board of Trustees, to wit: AYES, TRUSTEES; J.J. Schmitken, Goo. P. Wilson, Conrad Richter, O.H. Burke. NOES, TRUSTEES: NONE. ABSENT TPUSTEES: J.P. Greeley. The above and foregoing Resolution No. 149 is approved by me, this 21st. day of November,,1921. ATTEST; Alfred Smith Clerk of the City of Newport Beach. J.J.Schmitken President of the Board of Trustees pro of the City of Newport Beach. IM • • STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss CITY OF NEWPORT BEACH) Mae L. Hoit I, &; :xFKlCp III City Clerk of the City of Newport Beach, California, do hereby certify that according to the records of the City of Newport Beach filed and main- tained in my office, the foregoing Resolution No. 14 was duly and regularly adopted, passed, and approved by the City Council of the City of Newport Beach, California, at a regular meeting of said City Council held at the regular meeting place thereof, on the 21st- day of November to wit: AYES, COUNCILMEN: 0. H. Burke. NOES, COUNCILMEN:. ABSENT COUNCILMEN 19 21 , by the following vote, J.J.Schmitken, Geo.P. Wilson,Conrad Richter, None J.P. Greeley. Dated this 9th day of June I �9 55 City Clerk and Ex- Officio Clerk of the City Council, City of Newport Beach, State of California.