HomeMy WebLinkAbout416 - Sale of Bonds• t
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Resolution. No. _#4
.? Reaolution of the city of Nevrport Bc).oh, by the
legislative br-ncP thcroof, to -:jit: the Board of Trustesq, pro-
viding for the issk-_nee and ov,lo of the bonds of said city in
the stin of °500,000.00 for the corstruction of a. mvsiicin_l improve -
m,nnt for the city of Nm.port Bua.ch, pr, acri�)ing the forra of such
bonds, fixing the rate of intcrcet to bo paio thoaon, the gate
and �1 ^.ee of paynent of se.id bonds, principal and inter-at, and
further T)roviding - sin'tin fund fer the Dayment and redemption
of the bonds, >?ri.noi;,_.1 n-nd int:?re ^t.
Thlre.a:', by Ord.imince No. 311 of the city of Neeiport
Be:,-oh a 3o,cial election vmc called and ordered to be hesld within
the city of Fevvnort Bereh or. the 14th day of February, 1827,
for the purcoae of submitting to the qua.liftsd votRTR of sP.id
city of Nevvuort Beach the prolDosition of incurring a debt and
issuing and selling the bonds of said city in the sum of �'j500,000.
for the construction of two jetties;
°rene, and snceis.l election se cval .ed rr.s,en the
14th d_•.p of Fcbrvrry, 10'7, culy held in all r- metes, fsirly 3.nd
to = —gaily, and in accordance with low and the provisions of sn.id
Ozdinancc ido. 311;
^her,n.s, at said special election the votes of two-
thirds and. ro~a of all the voters votin; th -lre?.t votea Yes and
in f_•voa of inourring ea.id indebtedness;
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.
Now therefore, the Board of Trustees of the city of
Newport Beach de resolve, dotcrmine and declare as follors :-
SLotion 1.
The public interest and also the nublie necessity
demands the construction by the city of Newport Beach of a munieip
improvement, to -rit: the eota blichment, improvement, and ma.intenan
of a harbor in Net-port Bay, and to consist of the construction of
jetties, o7:, jrt.ty to coniaenca on the shorn of the Pacific Ocean
on the '..,esteriy ride of the entrance to ire *sport Bay, and extending
southerly into the eaters of the Pe.cific Occan a distance of ap-
proximately tNo thousand one hundred (8100) feet, and one jetty
to commcnoe on the ahor3 of the 1-13•ci.fic Ocean on the easterly
side of tha entrance to Fewport Bay, and extending southerly into
the ,laters of the Pacifio Ooce,n a distnnoe of approximately one
thousand five hundred (1500) feet; both of said jetties to be
constructed of stone and to be of a permanent and aubstantial
char[ctor, and of suoh a. ridth as to withatand tba :laves, tides,
and currents of the Pacific Oco2n prevailingv at the entrance to
Ne%nort Bay, end when constructed, the top of each of eaid jetties
to be approximately ten (10) feet aboe the lire of ordinary high
tide of tho Pacific Ocean.
The jetty to be constructed on the easterly side of
the entrance to No*wport Bay to be approximately parallel to and
nine hundred (900) feet easterly of the jetty to be constructed
on the westerly side of said entrance.
Tha u3e hereinafter in this Resolution of the word
ajettiea" means end shall of all times and places be held and
construed to raan the municipal improvement hereinabove set forth
and described in Ordinance No. 407.
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Section 2.
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The bonfls of the city of llrcrport Beach shall be issued
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and sold in the sum of ;AKOp 000.00 which is the principal of the
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indebtedness to be incurred by the city of Newport Beach for the
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payment of Via --ost of the construction of.:sa.id jetties.
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The sum of $500,000.00 shall be represented by 500
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bonds, each in the denor)ination of $1000.00, and shall be numbered
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eonsocutively from 1 to 500, bath inclusive. All of the 500 bonds
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shall be dated the 1st day of April, 1927, and be paid as follows:
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Onthe 1st day of April, 1928, thirteen (13) of sgid
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500 bonds and being bonds No. from 1 to 13, both inclusive, shall
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become due ane be paid.. Thereafter, on the let day of April in
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each succeeding yes.r, to and including the 1st day of Apri1,1932,
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thirteen (13) addit'onal of said 500 bonds, in sucessive numerical
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order,shall become due and be paid. Commencing on the 1st Gay of
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April, 1933, fifteen (15) additional of eaid 500 bonds shell be-
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coma due and be paid, and thereafter on the 1st day of Anril of
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each suc -leading yr-er, to and including the 1st day of Apri1,1962,
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fifteen (15) additional of said 500 bonds, in £ucessive numerical
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order, shall become due and be paid,unti1, said sum of $5000000.00
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and interest shall be paid, being an annual payment of not less
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than one - fortieth part of the principal of said indebtedness,
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Section 3.
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The rate of interest to be Paid on said indebtedness
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is hereby fixed at 5�� per annum, payable semi - annually, and which
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is not in excess of the maximum rate of interest recited in Or-
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dinance No. 311.
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Section 4.
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The first installment of interest on the principal
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sum sum of aaoh and every one of said bonds, and the money thereby
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represented, shall be paid on the let day of October, 1927, and
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• 1 and on the let days of April and October of each and every yeor
2 thereafter until all of raid bones are paid; both the nrincinal
• 3 and interest shall be payable in gold coin of the United States,
4 and it the office of the Tres, urer of the city of Newport Beaoh
5 Count in said city, y y ofOra nee, 5t:ite of California.
6 The bonds representing the indebtedness of C-'SO0,000.
7 shall be substantially in the follo ^ing form:
8
9 No. Series No.
to UNITED STATES OF AMERICA
It State of California
12 City of Newport Beach.
13
14 ( here insert designation ) Bond.
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BE IT 19701,°N, that the city of Newport Beach, in the
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County ofOran;e, State of California, hereby acknoiiledges its in-
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debtedness to the bearer of this boniin the sum of on-, thousand
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dollars ($1,000.00), gold coin of the United States, and promises
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to pay bearer the sum of one thousand dollars ($1,000.00) in gold
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coin of the United States on the let day of April, 19 , at the
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office of the City Treasurer in the city of Newport Beach,together
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with interest thereon at the rate of five and one -half per cent.
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per annum, interest payable semi - annually in like gold coffin of the
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United States on the let day of October and the let ray of April
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of each and every year that this bond is to run, at said Treasurer'
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office, upon presentation and surrender of the proper interest
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coupon hereto attached.
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This bond is issued by the city of Newport Beach for
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the purpose of the construction of two jetties, and by authority
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and in pursuance of an Act of the Legislature of the State of
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California, entitled: "An act authorizing the im urrirg of in-
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• e 6
debtedness by cities, towns,and municipal corporations for munioi-
pal improvements, and reguL ting the acqui sit ion, cons truction or
completion thereof." ( became a lacy February 25, 1901) and all
acts amendatory thereof. A.iso pursuant to Resolution No. 407
of said city, passed and adopted on the 10th day of January,
19278 and Ordinance We. 311 of said city, passed by the Board of
Trustees thereof by the a. firmEAive vote of more than trio- thirds
of all the at;mbars thereof, on the 24th day of January,1927, and
on said dL.y approved by the President of said Boax d of Trustees,
and in furth.,r pursuance of Resolution No._ _ directing the
issue of this bond.
It is hereby c rtificd th:i.t all conditions, acts, and
thin;;s essential to the validity of this bond exist, have hapoengd,
been done, ano tL%kettplaco, and that all requirements of the lari an(
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 has been duly authorized and b.irected by the vote
of more than tao- thirds of all the qualified. voters of the city of
Ner:port Beach voting a.t a special election for that purpose, duly
called and hold 'by said Ordinance No. 311, duly passed, approved
and vublished, and thot povision has been made for the collection
of an annual tax sufficient to :ay the inter st on this bond as
it falls duo, and 3. sinking fund has been duly constituted. to pay
the principal at maturity, and teat the debt hereby created and
this bodd are within every debt and other limit proscribed by late,
9.nd said act, and by the constitution.
IN TESTIMONY WHEREOF, the cityof Necrpart Beach,a muzW
corporation, has causedthis bond to be signed by the President of
Its Board of Trustees, as executive of ssir' municipality, and also
by its Treasurer, and countersigned by the Clerk of said city,and
the corporate seal of the city of Newport Beach to be hereunto af-
fixed, and the attached coupons to be signed by the Treasurer of
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• i the city of Newport Beach, County of Orange, State of California,
2 this let day of April, 1927.
W 3
4 PrcsiTe—ntof the Board of Trustees
df the city of Newport Beach, as
5 the executive thereof.
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7 Treasurer of the city of
Newport Beach
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Countersigned:
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(Beal)
t0 Clerk of the city of Newport Beach
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12 Section 5.
i3 The interest coupons attached to said bonds shall be
14 substantially in the following form:
is Interest coupon No.
16 On the first day of , A.D. 19 the City
17 of Newport BPaoh promises to pay the bearer at the city treasury
18 of the city of Newport Beach the sum of
t9 Dollars in gold coin of the United States of America, being semi -
20 annual interest on Bond No. dated April 1, 1
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Treasurer of the city of
23 Newport Beach
24 Section 6.
25 All of the said bonds shall be signed by the Prosident
26 of the Board of Trustees of the city of Newport Beaoh „ s the ex ^-
27 outive thereof, also signed by the Treasurer thereof, and counter-
• 28 signed by the Clerk of said city. Each of said officers is hereby
29 buthorized.and instructed to sign and countersign said bonds. The
30 inter'st coupons shall be signed by the Treasurer of said city.
31 The signature of the Treasurer of the city of Newport Beach requir-
32 ed to be affixed to the interest coupons, may be by a printed,
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engraved or lithographed fac- simile of such Treasurer's signature,
and when so ^ffixed shall be deemed and treated as the lawful
signature of said Treasurer.
Seetiun 7.
Ar.y and all bonds, the issuance and sale d& which
is �)rovided for by this Resolution„ maybe issued and sold by the
Board of Trustees of the city of Newport Beach at private or public
sale, end :!ith or without advertisement for bids as they may de-
termine, provided, that at least ten days prior to any sale of
said bonds the Clerk of the city of Newport Beach shall wail to
the State Bo--rd of Contrcl and State Treasurer of the State of
California, at the capital thereof, the iotica required and pro-
vided for by Sea. 678 of the Political Code.
None of raid bonds shall be sold except for cash,
lawful money of the United States, orfor less thantheir par value
and the interest wb ich shall have accrued thereon at the date of
their delivery.
The proceeds from the eala of any and all of said
bonds shall b-- placed in the treasury of the city of Newport
Beach to the credit of the jetty construction fund, and shall be
applied exclusively to the objects and purposes for which the same
was voted, as recited and set forth in Ordinance No. 311 and for
none other.
Section 8.
The Board of Trustees of the city of Newport Be --ch,
as the legislative branch of said city, shall, at the time of fix-
ing the general tax levy and in tha mannor for such general tax
levy provided, levy and annually collect, each year, until said
bonds are paid, or until thera shall be a eum in the treasury of
the city of Newport Beach sat apart for that purpose to meet all
sums coming due for principal and interest on said bonds, a tax
sufficient to ,?sy the semi - annual interest o.• such bonds and also
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such a part of the principal thereof as shall become due before
the time of fixing the pext general tax levy. The taxes herein
reouired to be levied and collected shall be in addition to all
other taxes levied for municipal purposes, and shall be collected
t_t 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 separ::.te from allother funds
therein, and sball be known as the jetty construction principal
and interest redewption fund, and which fund is hereby created
for the reception of s•:.id taxes, and the same shall be used for
no other purpose than the payment of spid bonds and accruing
interest.
Section 9.
The above and foregoing Resolution No. Y.1 —L was
passed and adopted on this, the
by the Bowre.. of Trustees of the
said day signed and approved by
the Board of Trustees, the same
vote of the following named mem
to -wit:
21st day of February, 1927,
city of Newport Beach, a.nd on
Conrad Richter, President of
being gassed by the affirm>tive
aers of said Board of Trustees,
Ayes, ' Trustees
Noes, Trustees
Absent, Trustees 410
The above and foregoing Resolution No. -'1 /G is
approved br me this
r Y
Atte's"t:
21st day of February, 1927
I \�
President acrd of r stees
City of Newport Beach
Clark city of Alewport PAch