HomeMy WebLinkAbout523 - Issuance & Sale of Bonds for Municipal Improvement District 71 I RESOLUTION NO.
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• A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
3 NEWPORT BEACH, DIRECTING THE ISSUANCE AND SALE OF
BONDS OF MUNICIPAL IMPROVEMENT DISTRICT N0. 7 OF
4 THE CITY OF NEWPORT BEACH, DIRECTING THE GIVING OF
NOTICE OF SALE, CREATING A FUND FOR THE RECEPTION
5 OF THE PROCEEDS DERIVED FROM THE SALE OF SAID BONDS
AND PRESCRIBING THE FORM OF SAID BONDS AND INTEREST
6 COUPONS,
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9 WHEREAS, on the 29th day of April, 1929, there
10 was filed with the Clerk, of the City of Newport Beach, a petition
11 signed by ten per oent (10%) and more of the qualified electors
12 of the City of Newport Beach, residing in certain territory there,
13 of, asking that said territory be formed into a Municipal Improve.
14 ment District for the ur ose of creating p p an indebtedness thereof
15 to be represented by bonds of said district, the proceeds from
16 the sale of which bonds are to be used for the acquisition of a
17;' public improvement, setting forth the general description of the
18 improvement work to be acquired and a general description of the
19 exterior boundaries of the proposed district, said petition
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further providing that all necessary and proper steps and pro -
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oeedings for the acquisition of said public improvement be done
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in accordance with that certain act of the Legislature of the
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State of California entitled "An Act to Provide for the formation
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of districts within municipalities for the acquisition or
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construction of public improvements, works and public utilities;
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for the issuance, sale and payment of bonds of such districts
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• to meet the costs of such improvements" approved April 20, 1915,
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Statutes 1915, page 99, and amendments thereto; and
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30 WHEREAS, on the 27th day of May, 1929, the City
31 Council of the City of Newport Beach adopted Ordinance No. 360 of
32 said city, which was thereafter duly published as required by law
ROLAND THOMPSON
ATTORNEY AT LAW
SANTA ARAy CALIF.
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ROLAND THOMPSON
ATTORNEY
AT LAW
SANTA ANh CALIP.
C_ C
the same being an ordinance declaring its intention to call an
election in the proposed district or as the same might be there-
after modified, for the purpose of submitting to the qualified
electors of said district the proposition of authorizing the
issuance and sale of bonds of said district in the manner and
for the purposes set forth in said Ordinance of Intention, the
said ordinance setting forth the matters and things required by
law and fixing a date, hour and place for the hearing of
protests; and
WHEREAS, no person interested or otherwise,
objected to the formation of the district or to the extent
thereof, or to theproposed improvement, wor); or acquisition
thereof, or to the inclusion of his property in said district;
and
WHEREAS, on the 17th day of June, 1929, the
City Council of the City of Newport Beach adopted Ordinance
No. 362 of said City, and the same was therafter duly published,
providing forthe submission to the qualified voters of said dis-
trict the proposition of incurring a debt by the issuance and
of bonds of such district for the purposes set forth in said
ordinance* reciting the objects and purposes for which the
proposed indebtedness was to be incurred, the nature of the
Improvement work contemplated, the estimated cost thereof, the
amount of the principal of the indebtedness to be incurred
therefore, being the sum of $36,000.00, and the rate of interest
to be paid on said indebtedness, which rate of interest it was
provided should not be in excess of six per oentum (6�) per
annum, and shall be paid semi - annually, and fixing the 16th day
of July, 1939 as the date on which shah election should be held,
the manner of holding the same and the manner of voting for or
against said proposition; and
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WHEREAS, on the 16th day of July, 1929, in
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accordance with said Ordinance No. 362 of said City of Newport
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Beach and the laws in such oases made and provided, there was
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held at and within Municipal Improvement District No. 7 of the
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City of Newport Beach, an eleetion at which there was submitted
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to and voted fo- and against by the qualified electors of said
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district, the proposition of the issuance and sale of bonds of
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said district in the sum of $36,000.00; and
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WHEREAS, the City Council of the City of Newport
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Beach met in an adjourned regular meeting on the 22nd day of July
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1929, and the returns of said election being made and in the hand
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of the Clerk of said city, proceeded to canvass the same and from
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the returns and the canvass thereof, the City Council found that
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at the election there were voted votes; that
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vat ee were oast YES or in favor of the issuance and sale of bonds
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and the incurring of an indebtedness in the sum of $36,000.00, an
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37_ votes were oast NO and against the issuance and sale of
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said bonds and the incurring of an indebtedness in the sum of
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$36,000.00, and that two - thirds (2%3) and more of the voters
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voting at the election voted YES and in favor of the issuance and
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sale of the bonds of Municipal Improvement District No. 7 of the
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City of Newport Beach in the sum of $36,000.00 for the propositio
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set forth in said Ordinance and that the issuance of the bonds
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of said District has been and is authorized.
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The City Council of the City of Newport Beach
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do resolve as follows:
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Section 1. The bonds of Municipal Improvement
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District No. 7 of the City of Newport Beaoh, the exterior
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boundaries of which are generally described in the petition for t
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formation thereof, filed with the Clerk of said City on the 29th
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day of April, 1929, defined and permanently established in
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RO"NO THOMPSON
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ATTORNEY
AT LAW
..x. A... ..I.
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ROLAND THOMP51
ATTORNEY AT LAW
..T. ANA. CYLII.
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Ordinance *o. 360 thereof, shall be issued and Bold in the sum
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of $36,000.00, for the acquisition of a public improvement it
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and within said district, to -wit: the acquisition of P certain
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right- of..way and, the improvement thereof within said district,
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which municipal improvement the City of Newport Se,..ch is
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authorised to acquire and is described as "A right -of -way for
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public street purpon s and the improvement thereof, as.a public
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street, and to constTuuot and maintain u. public street ".
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Section 2. The $380000.00 shall be represented ,
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by thirty -six (36) bonds0 each in the denomination of $1000.00
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and number from one (1) to thirty. -six (36) both inclusive,
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bearing; interest at the rate of six per cent per annum, payable
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semi - annually, both principal and interest on said bonds shall
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be paid at the office of the 'treasurer of the City of Newport
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Beach in e7lid city, County of Orange, State of California.
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All of the bonds shall be dated September Into
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1929, and the semi - annual interest shall be payable on the lot
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day of Uarch and the lat day of September of each and every
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year after said date until the bands shall be well and truly
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paid, principal gn(. interest.
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On the lot day of Septertaber, 1930, two of n A d bonds
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to -wit, Roo. 1 and 2: both inclusive, shall fall due and be
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paid and atnually there-!fter on the tat day of September, two
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(2) additional of said bonds in successive numerical order shall
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fall due and be paid until the whole sum of $36,000.00 is paid,
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making an annual payment on the principal of srid bonds of
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$2000.006
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Section 3. The form of said bonds and interest
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coupons to be attached thereto sh *11 be as follows:.
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ROLAND THOMP51
ATTORNEY AT LAW
..T. ANA. CYLII.
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II UNI ?$D STATES OF AMERICA
2 Number Nuanber
• STATE OF CALIFORNIA
3 CITY OF NEWPORT BEACH
�1000.Q0 $10O0.4O
MUNICIPAL IMPR0VEMENT DISTRICT NO. &
4 I OF THE CITY OF NEWPORT BEACH BOND
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September. 1, 1929.
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Under and by virtue of an Act of the Legislature
7 of the State of California, entitled: "An Act to provide for the
formation of districts within municipalities for the acquisition
8 or construction of public improvements, works and public utilities
for the issuance, sale and payment of bonds of such district to
9 meet the cost of such improvements; and for the acquisition or
construction of such improvements#, approved April 20, 1915, as
10 amended, Municipal Improvement District No. 7 of the City of
Newport Beach in the City of Newport Beach, State of California,
11 by its governing body, the Mayor and Council of said City, promise
out of the fund hereinafter described, to pay to the bearer, on th,
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let day of September , the sum of 1000.00, with interes
thereon at the rate of six per oentum (0) per annum, payable semi
13 annually on the let day of March and the let day of September of ea
year, upon presentation and surrender of the interest coupons here.
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to attaohed, principal and interest payable in lawful money of the
United States, at the office of the Treasurer of said City of
15 Newport Beach. The principal and interest of this bond are payabl
exclusively out of taxes levied upon the taxable property in said
16 Municipal Improvement District No. 7 of the City of Newport Beach,
and neither the City of Newport Beach nor any officer thereof is
17 •holden for the payment thereof otherwise. It is hereby certified
that all requirements of the constitution and laws of the State of
18 California and the Ordinances of said City of Newport Beach have
been fully complied with by the proper officers in the issuing of
19 this bond; that this issue of bonds has been authorized by a
20 two — thirds vote of the duly qualified voters of said district
voting on the question of such issue at a special election duly
21 and regularly called and held in said district on July 16, 1929,
and that provision has been made for the collection of an annual
22 tax upon the t axable property of said district, suffioient to
pay the interest on this bond and the issue of which it forms a
23 part, as said interest . falls due, and also provision to constitute
a sinking fund for the payment of the principal thereof.
24 IN WITNESS WHEREOF, the Mayor and Council of the
25 City of Newport Beach, the governing authority of said Municipal
Improvement District Not 7' of the City of Newport Beaoh, has
26 caused this bond to be signed by the Mayor and Treasurer of the
said City of Newport Beach, and countersigned by the Clerk of said
24 City, and the corporate seal of said City to be hereto affixed,
• and the interest coupons hereto attached to bear the facsimile
• 28 signature of said Treasurer, and this bond will be dated the let
day of September, 1929.
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30 Mayor of the City of Newport
Countersigned by: Beach
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32 City Clerk of the City of Newport Treasurer of the City of
Beach Newport Beach
ROLAND THOMPSON
ATTORNEY AT LAW -�
MNYA ANA, CALIF.
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There shall be attached to each bond, consecutively
numbered, interest coupons providing for the payment of semi-
annual interest thereon, which shall be in the following form:-
INTEREST COUPON
$30,00 Coupon No.
Newport Beach, California
Septenber 1, 1929.
Municipal Improvement District No. 7 Bond.
On the 2nd day of 19 Municipal
Improvement District No 7 of the City of Newport Beech, in the
City of Newport Beech, County of Orange, State of California, will
pay to the bearer, at the office of the Treasurer of the City of
Newport Beach, the sum of Thirty Dollars ($30.00) in lawful money
of the United States, the semi - annual interest due on Municipal
Improvement District No. 7 of the City of Newport Beaoh bond
election of 1929, this coupon being payable exoluoively from taxes
levied upon the taxable property of said district.
Treasurer of the City of
Newport Beach
Each bond shall be signed by the Mayor of the
City of Newport Beech as the chief executive thereof, also
signed by the Treasurer and countersigned by the Clerk.
The interest coupon shall be signed by the
Treasurer of the City of Nenmort Beach by his engraved or
lithographed signature.
Section 4. The Clerk of the City of Newport Beach
shall forthwith by mail, postage prepaid, notify the
Department of Finance and the State Treasurer of the State of
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ROLAND THOMPSON
ATTORNEY
AT LAW
4NTA ANA. CALIF.
There shall be attached to each bond, consecutively
numbered, interest coupons providing for the payment of semi-
annual interest thereon, which shall be in the following form:-
INTEREST COUPON
$30,00 Coupon No.
Newport Beach, California
Septenber 1, 1929.
Municipal Improvement District No. 7 Bond.
On the 2nd day of 19 Municipal
Improvement District No 7 of the City of Newport Beech, in the
City of Newport Beech, County of Orange, State of California, will
pay to the bearer, at the office of the Treasurer of the City of
Newport Beach, the sum of Thirty Dollars ($30.00) in lawful money
of the United States, the semi - annual interest due on Municipal
Improvement District No. 7 of the City of Newport Beaoh bond
election of 1929, this coupon being payable exoluoively from taxes
levied upon the taxable property of said district.
Treasurer of the City of
Newport Beach
Each bond shall be signed by the Mayor of the
City of Newport Beech as the chief executive thereof, also
signed by the Treasurer and countersigned by the Clerk.
The interest coupon shall be signed by the
Treasurer of the City of Nenmort Beach by his engraved or
lithographed signature.
Section 4. The Clerk of the City of Newport Beach
shall forthwith by mail, postage prepaid, notify the
Department of Finance and the State Treasurer of the State of
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California, at the Capitol, to —wit, Sacramento, California,
of the issuance and sale of the bonds herein mentioned, specifying
in said notices the purposes for which said bonds were voted, the.
amount of the total issue for ea oh purpose, the denomination
of eaoh bond showing date of issuance and date of maturity, the
rate of interest showing where and when payable, the assessed
value of the property upon which such bonds are a lien, the total
amount of other bonded indebtedness which is a lien upon said
property, and shall, if requested by the State Department of
Vinance, furnish a full description of the proceedings leading
up to the issuanoe of said bonds.
All bide shall be addressed to the Clerk df the
City of Newport Beach and accompanied by a check payable to the
thereof in a sum equal to two per cent of the aggregate
of the bid and certified by a responsible bank in this state,
provided, however, that no certified check, bond or other
assurance in law shall be required from the State of California
upon its bid to purchase said bonds.
Section 5, The Clerk of the City of Newport
shall immediately advertise said bonds for sale by publish—
notice inviting sealed bids therefor in Newport News, a
of general circulation, printed, published and
ted'in the City of Newport Beach, for two (2)
ks next preceding the date on which bids are to be received;
said date to be fixed by the Clerk.
Any and all bonds not previously sold may be sold
any time by giving like notice and receiving bids under like
onditions.
8o bonds shall be sold for lees than their par
and interest accrued at the date of delivery. The proceeds
the sale of all bonds shall b e plaoed in the treasury of the
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ROLAND TNOMP50
ATTORNEY
AT LAW
.ANT. ANA., CALII.
California, at the Capitol, to —wit, Sacramento, California,
of the issuance and sale of the bonds herein mentioned, specifying
in said notices the purposes for which said bonds were voted, the.
amount of the total issue for ea oh purpose, the denomination
of eaoh bond showing date of issuance and date of maturity, the
rate of interest showing where and when payable, the assessed
value of the property upon which such bonds are a lien, the total
amount of other bonded indebtedness which is a lien upon said
property, and shall, if requested by the State Department of
Vinance, furnish a full description of the proceedings leading
up to the issuanoe of said bonds.
All bide shall be addressed to the Clerk df the
City of Newport Beach and accompanied by a check payable to the
thereof in a sum equal to two per cent of the aggregate
of the bid and certified by a responsible bank in this state,
provided, however, that no certified check, bond or other
assurance in law shall be required from the State of California
upon its bid to purchase said bonds.
Section 5, The Clerk of the City of Newport
shall immediately advertise said bonds for sale by publish—
notice inviting sealed bids therefor in Newport News, a
of general circulation, printed, published and
ted'in the City of Newport Beach, for two (2)
ks next preceding the date on which bids are to be received;
said date to be fixed by the Clerk.
Any and all bonds not previously sold may be sold
any time by giving like notice and receiving bids under like
onditions.
8o bonds shall be sold for lees than their par
and interest accrued at the date of delivery. The proceeds
the sale of all bonds shall b e plaoed in the treasury of the
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City of Newport Beach to the sxcdit of the funds of Municipal
Improvement District No. 7 of the City of Newport Beach, and
shall be applied exclusively to the purpose of the acquisition
of the improvement mentioned in Ordinance Ito. 362 and in this
Rego 1Aj on defined.
Section 6. The legislative body of the City of
Newport Beach shall and will at the time of fixing the general to
levy, and in the manner for such general tax levy provided, levy,
and collect a tax each year upon the taxable property in Munioipa
Improvement District No. 7 of the City of Newport Beach,
sufficient to pay the interest on such bonds for that year, and
such portion of the principal thereof as is to become due before
the time for making the next general taz levy on all bonds issued
and outstanding. Such tax shall be in addition to all other tare
levied for municipal purposes and when collected shall be paid in
to the treasury of the City of Newport Beach and be used for the
payment of the principal and interest on such bonds, and for no
other purpose.
I hereby certify that the foregoing Resolution was
regularly introduced and passed by the City Council of the City of
Newport Beach at a regular meeting thereof held on the 8th day of
August, 1929, by the vote of the following named members thereof,
to -wit:
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AYES, COUNCILM£N;�
nn N / _. ' n'/
40ES0 COUNCILMEN: 2?2=
ABSENT, OOUNOILMFK: %' '
ATTEST:
Clerks City of Newport Beach
Mayor - OityCof Newport Beach
( SEAL)
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RO"ND THOMPSON
ATTORNKY AT LAW
...T..... CwLlr.
City of Newport Beach to the sxcdit of the funds of Municipal
Improvement District No. 7 of the City of Newport Beach, and
shall be applied exclusively to the purpose of the acquisition
of the improvement mentioned in Ordinance Ito. 362 and in this
Rego 1Aj on defined.
Section 6. The legislative body of the City of
Newport Beach shall and will at the time of fixing the general to
levy, and in the manner for such general tax levy provided, levy,
and collect a tax each year upon the taxable property in Munioipa
Improvement District No. 7 of the City of Newport Beach,
sufficient to pay the interest on such bonds for that year, and
such portion of the principal thereof as is to become due before
the time for making the next general taz levy on all bonds issued
and outstanding. Such tax shall be in addition to all other tare
levied for municipal purposes and when collected shall be paid in
to the treasury of the City of Newport Beach and be used for the
payment of the principal and interest on such bonds, and for no
other purpose.
I hereby certify that the foregoing Resolution was
regularly introduced and passed by the City Council of the City of
Newport Beach at a regular meeting thereof held on the 8th day of
August, 1929, by the vote of the following named members thereof,
to -wit:
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AYES, COUNCILM£N;�
nn N / _. ' n'/
40ES0 COUNCILMEN: 2?2=
ABSENT, OOUNOILMFK: %' '
ATTEST:
Clerks City of Newport Beach
Mayor - OityCof Newport Beach
( SEAL)