HomeMy WebLinkAbout341 - Sale of Bonds for Municipal Water WorksI
• 2 '
3
4
s
6
7
a
9
10
11
0 12
u
Z 13
W$
W
3 0 14
� 4
a J
f;o 15
z 16
IL ¢
0
= z
m m 17
ED
0 18
0 19
20
21
22
23
24
25
26
27
•� 2s
29
30
31
32
RESOLUTION NOL
A Resolution of the city of Newport Beach, by
its Board of Trustees, as the legisl -tive branch
of said city, providing for the issuance and sale
of the bonds of the city of Nec7port Beach in the
sum of $350,000100 for the completion of the muni-
oipal water works of the city of Newport Beach,
prescribing the form of said bonds, fixing the
rate of interest to be paid thereon, the date
and place of payment of such bonds, principal and
interest, and providing a sinking fund for the
rayment and redemption of the bonds, principal
and interest.
whereas, on the 30th day of July,1925, at a regular
meeting of the Board of Trustees of the city of Nel7port Beach, as
the legislative branch thereof, there was duly passed by the vote
of two - thirds and more of all the members of said Board of Trus-
tees, Resolution No. 337 determining that the public interest and
also the public necescity demanded the completion of the municipal
water works of the city of Newport Beach, the cost of which will
be too great to be paid out of the ordinary annual income and re-
venue of the cityof Newport Beach;
Whereas, on the 10th day of Augu ^_t, 1925, at a subse-
quent regular meeting of the Board of Trustees of the city of
Nev+port Beach, as the legislative branch thereof, by the vote
of trio- thirds and more of all the members of the said Board of
Trustees, there was passed and duly published Ordinance No. 281
of the city of Newport Beach ordering the submission to the quali-
fied voters of the city of Newport Beach the prorosition of in-
curring a bonded debt by the city of Newport Beach in the sum of
43508000.00 for the completion of the municipal water works of the
city of Newport Be:1oh, an d o alling a special election to be held
for tha.t purpose;
-1
1
• 2
' 3
4
s
6
7
s
9
to
11
0 12
u
Z 13
W a
W
3 � 14
0
LL
f¢n 15
Chw
Y
Z a Z
a'a 16
a a
O
= Z 17
N N
M
0 18
J
U 19
20
21
22
23
24
25
26
27
2s
29
30
31
32
e ^,
Whereas, said special election was duly held in all
respects as provided by law and the said ordinance, and was fairly
conducted and carried on,and at said special election two - thirds
and more of all the voters voting thereat voted YES and in favor
of the issuance and sale of the bonds of the city of Newport Beach
in the sumof 6+350,000.00 for the completion of the municipal rater
works of the city of Newport Beach, and the Board of Trustees of
the city of Newport Beach being now thereunto duly authorized -
It ie,by the Board of Trustees of the city of Newport
Beach, resolved, ordered, det,rmined, and declared as follows:
Section 1,
Public interest and necessity demands the completion by
the city of Newport Beach of the municipal water works thereof,
consisting of the acquisition by the city of Newport Beach of ad-
ditional water bearing land upon which to drill wells for the pro-
duction of rater, rights of way upon which to construct and main-
tain pipelines for conveying water, a reservoir site upon which to
construct and maintain a reservoir for the storage of water, also
the acquisition of pumps, engines, pipe, machinery, apparatus,
appliances, and all other necessary property with which to construe'
and the construction by the city of Newport Beach of mat3r rolls,
pumping pinnte, storage reservoirs and pipelines for the production
storage, and conveyance of water for the extinguishment of fire,
the flushing of public sewers, the cleansing of public streets,
and all other municipal purposes of the city of Newport Beach, and
for the domestic use.of the inhabitants thereof, the cost of which
wAr is x$'350,000.00, which sum is and will be too great to be paid
out of the ordinary annual income and revenue of the city of New-
port Beach.
The use hereinafter in this Resolution of the words
"completion of the municipal water works of the city of Newport
Beach" means and shall at all times and places be held snd con-
etrued to mean the municipal improvement above described.
-2
I
• 2
Ask
MW 3
5
6
7
s
9
to
it
0 12
u
Z 13
� a
w
3 � 14
0
� LL
0J
� U 15
w
Z<Z
a a 16
IL a
o z
= Z 17
N N
M
0 18
J
19
20
21
22
23
24
25
26
27
4-0 28
29
30
31
32
S
r. . :
Section 2.
The bonds of the city of Newport Beach shall be issued
and sold by the Board of Trustees of the city of Newport Beach
in the sum of $350,000.00 for the payment of tho,00st of the
completion of the municipal water works of the city of Newport
Beach. The said indebtedness in the sum of $350,000.00 shall be
represented by 350 bonds, each bond in the denomination of $1,000.
and numbered consecutively from 1 to 350, both includide, and all
of said bonds shall be dated the first day of October, 1925; on
the first day of October, 1926, ten (10) of said bonds, being
bonds numbered from 1 to 10, both inclusivei shall become due and
be paid, and annually th^reafter on the firet day of October ten
(10) additional of said bonds in successive numerical order,
shall annually b =oome due and be paid, on the first day of October
until ail of said 350 bonds and the indebtedness thereby represent
ed in the sum of $3501.000.00 is bell and truly paid, making and
being an annual payment of not less than one - fortieth part of the
whole amount of such indebtedness.
Section 3.
The rate of :interest tobepaid on caid indebtedness is
hereby fixed `� /40�7 o per centum Per annum, payable somi -annua
and which is not in excess of the maximum rate of interest fixed
and recited in Ordinance No. 281. The irstallmentsof interest
on the principal of each and every one of said bonds, and the
money thereby represented shall be paid on the first day of the
months of Aoril and October in each and every year after the date
of the bonds, until all of said bonds are paid, both the principal
and interest shall be payable in gold coin o? the United States,
and at the office of the Treasurer of the city of Newport Beach,
in said city, county of Orange, State of California.
-3
L
2
3
4
5
6
7
s
9
Lo
LL
Z L2
u
Z L3
J
3 o L4
� 4
m J
e n L5
Z <Z
aJ4 L6
a a
o
m m L7
M
o L8
J
U L9
20
2L
22
23
24
25
26
27
28
29
30
3L
321
Section 4.
The bonds to represent the principal of said Indebted-
ness shall be in substantially the following form:
NO .
a
UNITED STATES OF AMERICA
State of California
City of Newport Beach
MUNICIPAL 17ATER TIORKS COMPLETION BONDS
BE IT KNOW that the city of Newport Beach, a municipal
corporation in the county of Orange, State of California, hereby
acknowledges its indebtedness to the bearer of this bond in the
sum of one thousand dollare($1,000.00)9 gold coin of the United
States,and promises to pay said bearer the sum of One thousand
dollars ($1,000.00) In gold coin of the United States on th^
first day of October, 19 at the office of the Treasurer of
the city of Newport Beach, in said city, County of Orange, State
of California, together with interest thereon at the rate oV five
per centum per annum, interest payable semi - annually, in like
gold coin of the United States on the first day of April and
October of each and every year th ^t this bond is to run, at said
Treasurer's office, upon presentation of the proper interest cou-
pon hereto attached..
This bond is Issued by the city of Newport Beach for the
purpose of the completion of the municipal waterworks of the city
of Newport Beach and by authority and in pursuance of an act of
the legislature of the State of California, entitled: "An sot
authorizing the incurring of indebtedness by titles, towns, and
municipal corporations for municipal improvements, and regulating
the acquisition, construction, or completion thereof." (becave a
law February 26, 1901) and all acts amendatory thereof. Also pur-
,.4
I
• 2
`qqw 3
4
5
6
7
s
9
to
11
p 12
0
0
Z 13
1 a
3 14
0
mmJ
15
z<Z
aJa 16
IL a
O
r Z 17
N m
C3
0 18
J
U 19
20
21
22
23
24
25
26
27
00 28
29
30
31
32
ti
suant to ResolutionNo. 337 of said city, passed and adopted on the
30th day of July, 1925, and Ordinance No. 281 of said city, pmsseri
by the Boerd of Tru =.tees thereof on the 10th day of August, 1925,
both the said Resolution and Ordinance being passed by the affir-
zative vote of tvo- thirds and more of themembers of said Board
ofTrustees, and approved by the President thereof, and in further
pursuance of Resolution No..,UL directing the is suance of this
bond.
It is hereby certified that °all conditions, ats, and
proceedings essential to the validity of this bond exists, have
hannened, been done, and taken place,and that all requirements
of the law and of the constitution relating to the iscue hereof
havebeen fully complied r:ith by the proper bodies, officers, and
persons, and that the issue hereof has been duly authorized and
directed by the vote of morethan trio- thirds of all the qualified
voters of the city of Newport Beach voting at a special election
for th-,_t purpose, duly called and held by Bald Ordinance No. 281,
duly passed, approved, and published, and th_-tprovision has been
made for the collection of an annual tax sufficient to pay the
interest on this bond as it falls due, and a sinking fund has been
duly constituted to pay the grin @pal at maturity, and that the
debt hereby created and this bond are within every debt and other
limit prescribed by law# and said act, and by the constitution.
IN TESTIMONY wHERF.OF, the city of Newport Belch, a
municipal corporation, has given this bond tobe signed by the
President of its Board of Trustees, as executive of said munici-
pality, and also by its Treasurers and eounterrigned by the Clerk
of said city, and the corporate seal of the city of Newport Beach
to be hereunto affixed, and the attached coupons to.be signed by
the Treaeuror of the city of Newport Bcaoh, County of Orange,
State of California, this 1st day of October, 1925.
-5
I
• 2
Ask
NW 3
4
s
6
7
S
9
10
11
12
e
Z 13
J
J a
3 w 14
0
LL
m 0 J
fWU 1s
03a
a;z
a 16
a a
O Z
m 1 17
m
0 1s
J
J
U 19
20
21
22
23
24
2s
26
27
2s
29
30
31
32
res ant of ® board of rus ees
of the city of Newport Beach, as
the Executive of said city.
Treasurer -of the city of-Nevrort Be
countersigned;
( seal
Clerk of the city of Newport ea0 .
Section 5.
The interest coupons attached to said bands shall be
substantially in the following form:
$ interest coupon No
On the first day of A.D. 19 the
city of Newport Bench promises to pay the bearer at the office
of the city Treasurer of the city of Newpott Beach the sum of
dollers in gold coin of th3 United States of
America, being semi - annual interest on Bond No..
dated October let, 1425.
Treasurer oT—tS o -t city of ewpor Beach
S Section 6.
All of said bonds shall be signed by the President of
the Board of Trustees of the city of Newport B- aeh,as the executive
thereof, also signed by the Treasurer and countersigned by the
Clerk of said city, attested by the corporate seal thereof, each
of said offoers is hereby authorized and instructed to sign and
countersign said bonds. The interest coupons attached to said
bonds shall be signed by the Treasurer of the city of Newport:Heach
The signature of the Treasurer required to be affixed to the inter-
set coupons may be a printed, engraved or lithographed fao- simllc
of such Treasurer's signature, and when so affixed shall be deemed
and treated as the lawful signature of the Treasurer.
! 11
2
'MW 3.
4
5'I
6
7
8
9
to
11
0 12
r
z 13
W Z
W rc 14
3 0
4
� W J
Y V 15
Z Z
11 16
a a
o
= Z 17
N m
'm
o is
J
19
20
21
22
23
24
25
26
27
,O 28
29
30
31
32
` 4
Section 7.
Any and all bonds, the issuance and sale of which is
provided for by this Resolution will be issued and Gold by tte
Board of Trustees of the city of Newport Beach at such times and
in such amounts Of the principal Of the indebtedness and number
of bonds as they may hereafter and from time to time determine,
but to the higbest bidder therefor in gold coin of the United
States not less, hoevover, than the par value of said bonds and
intereet accrued thereon at the date of their delivery.
The proceeds of all or any of such bonds when Gold
shall be placed in the municipal treasury of the city of Newport
Beach to the credit of the Water Works Completion Fund, which fund
le hereby created for the reception thereof, and shall be applied
exclusively to the objects and purposes for which the same was
voted and as recited in Ordinane No. 281 of the city of Newport
Beach.
Section 8.
The indebtedness in the sum of $350,000.00 to be incurr-
ed by the issuance and sale of the bonds of the cityof Newport
Beach for the completion of the municipal water works thereof, to-
gather with all other indebtedness of the city of Newport Beach
heretofore incurred and now issued and outstanding, will not in the
aggregate exceed or equal fifteen per cent of the assessed valuB
of all the real and pesonal property of the city of Newport Beach.
Section 9.
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 collect annually each year until said bonds
are paid or until there shall be a sum in the treasury of the
city of Newport Beach set apart for that purpose to meet all sume
coming due for principal and Interest on such bonds, a tax Guf-
-7
r
• 1 ficient to pay the semi - annual interest on such bonds and also such
2 a Dart of the principal thereof as shall become due before the -time
3 of fixing the next general tax levy. The taxes herein required to
4 be levied end collected shall be in addition to all other taxes
5 levied for municipal purposes, and shall be collected at tIn same
6 time and inthe some manner as othermunieipal taxes are collected
7 and shall be placed in the municipal treasury of the city of New -
8
port Beach in a fund separate from all other funds therein, and
9 which shall be known as the Water Works Completion
principal and
10 interest redemption fund; which fund is hereby created for the
11 reception of said taxes, andothe same shall be used for no other
0 12
u
z 13
J
� a
w Z
3 0 14
LL
mbJ
5 U 15
z<z
aJa 16
D. a
O
= z 17
N y
M
0 18
J
� 19
20
21
22
23
24
25
26
27
40 28
29
30
purpose than the payment of said bonds and accruing interest.
Seetionl0.
The above and foregoing Resolution No.3-41. was passed
and adopted on the 14th day of September, 1925, by the Board of
Trustees of the city of Newport Beach at regular meeting there-
of, and on said day signed and approved by Geo. P. Wilson, Presi-
dent of said Board of Trustees, the same bv:n g Passed by the af-
firmative vote of the following named members of the Board of
Trustees of the City of Newport Beach.. to -r1 t:
Ayes, Trustees
Noes, Trustees
Absent, Trustees
The above and foregoing Rosolution No. ,Id is approved
by me this 14th dayof September,l 5.
President - oar o. rus ees
31Y
i l.,_lAttes :
32.E
City of Newport Beach
• 1
2
• 3
4
5
6
7
8
9
to
u
0 12
t-
Z 13
J
J a
m
3 0 14
LL
m0J
U 15
Y
z<z
<'< 16
O <
= z 17
N w
m
W I8
J
U 19
20
21
22
23
24
25
26
27
28
29
30
31
32
State of California,
es
County of Orange
I, V. A. Sebring, the duly elected, qualified and acting
Clerk of the city of Newport Beaeh,do hereby certify that the
whole number of the members of the Board of Trustees of the
city of Newport Beach is five (5); and that Goo. P. Wilson,
H. C. Sloan, Fred A. Young, Conrad Richter and L. S. Wilkinson
are each duly elaoted or appointed, qualified and acting members
thereof, and that the said Goo. P. Wilson is the duly elected,
qualified, and acting President of said Board of Trustees.
Dated this 14th day of September, 1925.
Attest:
:A- =—
Clerk - city of N
-9
Q
t Beach