HomeMy WebLinkAbout342 - Municipal Water Works CompletionI
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RESOLUTION No. 342.
A Resolution ordering the vale of certain bonds
of the city of Newport Beach for the completion of the
municipal water works thereof,directing Via giving of
notice, end fixing a date for the opening of bias.
Whereas, the Board of Trustees of the city of Newport
Beach is authorized, pursuant to an election of September 10th,
1925, held under Ordinance No. 281 of s ?id city, to issue and
sell certain bonds of thecity of Newport Beach for the purAose of
the completion of the municipal izater works thereof;
Whhereas, public interest and neconeity demands the im-
mediate sale of all ofsaid bonds, aggregating $350,000.00 for s ^id
purpose;
The Bo -.rd of Truste °s of the city of Newport Beach does
hereby resolve as follows:
First
That the Board of Trustees of the city of Newport Beach
offer for sale and sell to the highest bidder for gold coin of t2r
United States, but 81r not less than their par value and the inter-
set accrued theroon at the date of their delivery, 350 of the
water works completion bonds of the city of Newport &>ach, being
bonds numbered from 1 to 350, both inclusive, each in the denomin-
ation of $1000.000 all dated October lot, 19250 and payable ten
(10) bonds each year in successive numerical order, eommenoing
on the 1st day of October, 19261 and that the money raised by the
Bale of said bonds be deposited in the treasury of the city of
Newport Beach to the credit of the municipal water works comple-
tion fund, and used for the purposes for whih the same were voted,
and as described in Ordinance No. 281 of the city of Newport Beach.
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That bide be received for said bonds up to the hour
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of 7130 o'clock p.m. of Monday,the 5th day of October, 1925, and
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the bids be oaene! and the bonds awarded at that time.
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Second
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The Clerk of the city of Newport Beach be and is hereby
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directed to advertise said 350 bonds for sale by publishing notice
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of sale thereof three times in NEWPORT NETS, a newspaper ptnted,
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published and circulated in the city of Newport Beach; said notice
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setting foth the number of the bones to be sold, the denomination
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of each bond, the aggregate of the amount to be sold, the date of
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the bonds, the date of their maturity,the rate of interest, and
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when payable, and inviting sealed proposals specifying the hour
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up to which bids will be received, and place ard'time when the bids
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will be opened, and requiring each bid to be aceom,anied by a check
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of at least 2% of the aggregate of the bid, pauable to the city o f
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Newport Beeoh, and certified by a responsible bank in this state.
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The Clerk shall also give the notice requir.d by Section
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678 of the Political Code of the State of California.
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I hereby certify that the foregoing Resolution No. 342
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was duly introduced before and passed by the Board of Trustees of
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the city of Newport Beach at a regular meeting thereof held on the
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14th day of September, 19250 by the vote of the follo:^ino named
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members thereoft
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Ayes, Trustees
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Noes, Trustees
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Absent, Trustees
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The foregoing Resolution No. 34 2 be signed and approved
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this 14th day of September 1925.
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