HomeMy WebLinkAbout345 - Municipal Water Works Completion0 t
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Resolution No. 345
A Resolution of the Board of Trustees of the city of
Newport Beach amending Sections 3 and 4 of Resolution No. 341
thereof, fixing the rate of interest on $350,000.00 bonds for tie
completion of the municipal water works of the city of Newport
Beach.
Resolved, that Section 3 of Resolution No. 341 be and is
hereby amended so as to read as follows:
Section 3.
The rate of interest tobe paid on said indebtedness is
hereby fixed at five and one -half (5j) per oentum per annum, pay-
able semi - annually, and which is not in excess of the maximum rate
of interest fixed and recited in Ordinance No. 281. The install-
ments of interest on the principal of each and every one of said
bonds, andthe money thereby represented shall be paid on the first
day of the months of April and October in each and every year after
to date of the bonds, until all of said bonds are paid, both the
principal and interest shall be payable in gold coin of 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.
Resolved, that Section 4 of Resolution No. 341 be and is
hereby amended so as to read as follows:
Section 4.
The bonds to represent the principal of said indebtedness
shall be in substantially the following form:
No. $
UNITED STATES OF AMEHCA
State of California
City of Newport Beach.
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311 32
MUNICIPAL WATER WORKS COMPLETION BOND.
BE IT KNOWN thatthe city of Newport Beach, a municipal
corporation fn the county of Orange, State of California, hereby
acknowledgee its indebtedness to the bearer of this bond in the
BUM of one thousand dollars ($1,000.00) 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 the first
day of October, 19 . at theoffice of the Treasurer of the city
of Newport Beach, in said city, county of Orange, State of Cali-
fornia, together with interest thereon at the rate of five and one -
half peroentum per annum, interest payable semi - annually, in like
gold coin of the United Stat-s on the first day of April and October
of each and every year that this bond is to run, at said Treasurer's
office, upon presentatimn of the proper interest coupon heato attack
This bond is issued by the city of Newport Beach for the
purpose of the completion of the municipal water works of the city
of Newport Beach and byauthority and in pursuance of an act of the
Legislature of the State of California, entitled: "An act authorizing
the incising of indebtedness by cities, towns, and municipal corpor-
ations for municipal improvements, and regulating the Inquisition,
construction, or completion thereof." (became a law Februay 25, 1901)
and all acts amendatory thereof. Also pursuant to Resolution No. 337
Of said city, passed and adopted on the 30th day of July, 1925, and
Ordinance No. 281 of said city, passed by the Board of Trustees the
of on the 10th day of August, 1925, both the said Resolution and
Ordinance being passed by the affirmative vote of two- thirds and more
of the members of said Board of Trustees, and approved by the Presi-
dent thereof, and in further pursuance of Resolution No. 341 direct-
ing the issuance of this bond.
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It is hereby certified that all conditions, acts, and
proceedings essential to the validity of this bond exists, have
happened, been done, and taken place, and that all requirements
of the law and of the constitution relating to the issue hereof
have been fully complied with by the proper bodies, officers,
and persons, and that the issue hereof bas been duly authorized
and directed by the vote of more than two - thirds of all the quali -
fied voters of the city of Newport Beach voting at a special elec-
tion for that purpose,duly called and held by said ordinance No.
281, duly passed, approved, and published, and that provision 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 principal 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 con-
stitution.
IN TESTIMONY WHEREOF, the city of Newport Beach, a muni-
cipal corporation, has given this bond to beeigned by the Presi-
dent of its Board of Trustees, as executive of said municipality,
and also by its Treasurer, and countersigned by the Clerk of said
city, and the corporate seal of the city of Newport Brach to be
hereunto affixed, and the attached coupons to be signed by the
Treasurer of the city of Newport Beach, county of Orange, State
of Califofnia, this let day of October, 1825.
PreBident ,O trie tlOBT 0 true ees
of the city of Newport Beach, as
the Executive of said city.
Treasurer o ne c y 6f Newport Beachl
Countersigned:
(seal) -6
—ci—eirl of city of aewpor each.
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The above and foregoing Resolution No. 345 was passed
and adopted on the 5th day of October, 1925, by the Board of
Trustees of the city of Newport Beach at a regular meeting thereof
and on said day signed and approved by Geo. P. Wilson, President
Of said Board of Trustees, the same being passed by the affirmative
vote of the following named members of the Board of Trustees of the
city of Newport Beach, to -wit:
Ayes$ Trustees
t�Lyl
Noes, Trustees
Absent, Trustee_
The above and foregoing Resolution No. 345 is approved
by me this 5th day of October, 1925.
„(Be81)
Attest:
President oar o rus ees
City of Newport Beach
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Beach