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HomeMy WebLinkAboutOrdinance #91 ORDINANCE# 91 "AN ORDINANCE, PROVIDING FOR THE ISSUING OF BONDS OF THE CITY OF HUNTINGTON BEACH, IN THE SUM OF SEVENTY THOUSAND DOLLARS ($70000), FOR THE PURPOSE OF ACQUIRING, CONSTRUCTING AND COMPLETING A MUNICIPAL WHARF UPON THE WATER FRONT OF SAID CITY OF HUNTINGTON, BEACH, CALIFORNIA," Whereas, the Board of Trustees of the City of Huntington Beach, at its regular meeting held on February 10, 1912, by a vote of two-thirds of all its members, duly passed and adopted a resolution determining that the public interest and necessity of the City of Huntington Beach, demanding the acquisition of a certain Municipal improvement, to-wit: The acquisition, construction and completion of a Municipal Wharf upon the water front of said city; And determining that the estimated cost of the said improvement is the sum of Seventy Thousand Dollars ($70,000.), and such cost is and will be too great to be paid out of the ordinary revenue of said City of Huntington Beach, which Resolution was there-after to-wit, on the said loth, day of February, 1912, duly approved by the Chief Executive Officer of said city; to-wit; the President of the Board of Trustees of the said City of Huntington Beach; and, Whereas, the said Board of Trustees of said City of Huntington Beach, did, thereafter at its regular meeting, of March 4 , 1912 by a vote of all its members, duly pass and adopt an ordinance calling a special election to be held in the said City of Huntington Beach on the 22nd. day of April, 1912, and submitting to the qualified voters of said city the proposition of incurring debts and issueing bonds for the purpose set forth in said resolution, to-wit: the propositions of incurring a debt and issuing bonds in the sum of Seventy Thousand Dollars ($70 000) for the purpose acquiring, constructing and completeing a municipal wharf on the water front of said city. And Whereas, the said ordinance calling the said election was duly and regularly published and posted as therein provided, to-wit; published once a week for two weeks in the "Huntington Beach News," a news-paper published less that six (6) days a week in the City of Huntington Beach and posed in three 93)public places in said City of Huntington Beach for two (2)weeks; and, Whereas, such special election was duly and regularly held in the City of Huntington Beach, on the 22nd day of April, 1912, as provided in said ordinance calling the same, and by the laws of the State of California, and said proposition of incurring said bonded debt hereinfore mentioned received more than two thirds of the voted of the qualified voters voting at such election; and, Whereas, at its regular meeting held on the 6th day of May, 1912, the Board of Trustees of said City of Huntington Beach, duly and regularly canvassed the votes cast at ORD. 091 1 such special election, and caused the results of such canvass to be entered upon the minutes of such board; and Whereas, all and singular of the provisions of the Act of the Legislature of the state of California, entitled, "An Act Authorizing the incurring of Indebtedness of Cities, Towns, and Municipal Corporations for Municipal Improvements, and Regulating the Acquisition, Constructing or Completion Thereof," which became a law of the State of California, and ordinances of said city bearing thereon, have been fully complied with as to authorize the issue of said bonds, and of each and all of the said bonds; Now Therefore, The Board of Trustees of the City of Huntington Beach, do ordain as follows, Section 1, that bonds of the City of Huntington Beach, in the sum of Seventy Thousand Dollars, ($70000,)be issued in accordance with the provisions of the act of the Legislature of the State of California entitled, "An Act Authorizing the Incurring of Indebtedness by Cities, Towns, and Municipal Corporations for Municipal Improvements and Regulating the Acquisition, Construction or Completion Thereof," which became a law on February 25th, 1901, and with the laws of the State of California& the ordinances of the said city bearing thereon, for the purpose of acquiring, construction and completing a municipal wharf upon the water front of said city; said bonds shall be two hundred and eighty (280)in number, that they shall be designated "Municipal Wharf Bonds," and shall be issued in the following denomination, to-wit; Two Hundred and eighty (280) bonds of the denomination of Two Hundred and Fifty Dollars ($250.) each and the principal and interest thereof shall be payable in lawful money of the United States. that they shall be dated June 1st, 1912. and bear interest at the rate of five and one half per cent(5 '/z%)per annum, payable semi-annually on the first day of June and the first day of December of each year, seven (7) of said bonds shall be made payable each and every year on the first day of June of each year after the date and day of their issue, at the office of the City Treasurer of said City together with interest on all sums unpaid at said date, untill all of said bonds have been paid. Said Two Hundred and Eighty (280)bonds shall be in the following form, to-wit: "No. "United States of America, State of California, City of Huntington Beach, "Municipal Wharf Bonds, "$250.00 "Huntington Beach, Cal. June 1st, 1912. "On the day of A.D. (year of maturity)the City of Huntington Beach will pay the bearer, at the office of the City Treasurer in said City of Huntington Beach, the sum of Two Hundred and Fifty Dollars ($250.00), with the interest thereon at the rate of five and one half per cent, (5 '/2 %)per annum, pay able semi annually on the first day of December and the first day of ORD. 091 2 June of each year, at the office of the City Treasurer, and upon the presentation and surrender of interest coupons hereto attached; principal and interest payable in lawful money of the United States. "This bond is issued in pursuance of the Act of the Legislature of the State of California, which became a law February 25, 1901, authorizing the incurring of indebtedness by cities for municipal improvements. "It is further certified that all the requirements of law, and of the ordinances of the City of Huntington Beach, have been fully complied with by the proper offices in the issuing of this bond; that this issue of bond has been authorized by a vote of two-thirds of the duly qualified electors of said City voting on the question of such issue at a special election duly and regularly called and held in said city on the 22nd day of April, 1912, and that the total amount of this issue, together with all other indebtedness of said city, does not exceed the limit prescribed by the constitution and laws of the State of California. President of the Board of Trustees of the City of Huntington Beach, California. Treasurer of the City of Huntington Beach, California. Countersigned: City Clerk of the City of Huntington Beach, California." That coupons shall be attached to each of said Two Hundred and Eighty (280) bonds for the interest accruing thereon, and said coupons shall be substantially in the follow form, to-wit: "$68.7 '/2 On the first day of (month of maturity), A.D. (year of maturity), The City of Huntington Beach promises to pay to the bearer, at the office of the City Treasurer of the City of Huntington Beach, the sum of$6.87 1/2, in lawful money of the United States, the semi-annual interest due on Municipal Wharf Bond No. (number of bond to which coupon is attached.) ORD. 091 3 Treasurer of the City of Huntington Beach, California. " Section 2. That the President of the Board of Trustees and Treasurer of said city are hereby authorized and directed to sign all of the said bonds, and the City Clerk of said City, to countersign the same, and said bonds shall be delivered by said City Clerk to said City Treasurer in such amounts as the Board of Trustees of said City may from time to time determine: and said City Treasurer is hereby authorized and directed to sign all of the interest coupons of said bonds, as aforesaid, by his lithographed, or engraved, or printed signature, Section 3, That the proceeds of the sale of said Municipal Wharf Bonds shall be placed in the treasury of said City to the credit of a fund to be known as the "Municipal Wharf Fund," and shall be applied exclusively to the purpose and objects in this ordinance, to-wit: The purpose of acquiring, constructing and completing a municipal wharf upon the water front of said city. Section 4. That for the purpose of securing and providing for the payment of the principal and interest of the said Municipal Wharf Bonds, there is hereby created a fund to be know as "Municipal Wharf Bond, Interest and Sinking Fund," That all the money which shall from time to time be placed in said fund shall be in and is hereby set apart exclusively for the purpose of meeting all sums coming due for principal and interest on all of the aforesaid bonds, which may be issued under the proceedings hereinbefore recited. That for the purpose of paying the principal and interest of said bonds, the Board of Trustees 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 such bonds are paid for or until there shall be a sum in the treasury of said city set apart for that purpose sufficient to meet all sums coming due for principal and interest on such bonds, a tax sufficient to pay the annual interest on such bonds, and also such part of the principal thereof as shall become due before the time for fixing the next general tax levy, Said tax shall be in addition to all other taxes levied for municipal purposes, and shall be collected at the same time and in the same manner as other municipal taxed are collected, and forthwith as collected shall be turned over to and paid into said"Sinking Fund", and be used for no other purpose than the payment of said Bonds and accruing interest. Section 5, The Clerk of the City of Huntington Beach, shall certify to the passage and adoption of the ordinance and shall cause the same to be published once in one regular issue of the Huntington Beach News, a newspaper published and printed in the said City of Huntington Beach, and the said City Clerk shall also cause this ordinance ORD. 091 4 to be posted in three public places in said city and upon such publishing and posting, and the expiration of thirty days thereafter, the same shall take effect and be in force, Passed May 13 — 1912, WD. Seely President of the Board of Trustees of the City of Huntington Beach. I, hereby certify that the foregoing ordinance was passed and adopted by the Board of Trustees, of the City of Huntington Beach, at its adjourned regular meeting held on May 13 — 1912, and by the following vote: Ayes: Helme, Rosenberger, Manning, Seely Noes: None, Absent: French, C.E. Lavering City Clerk and ex-officio Clerk of the Board of Trustees of the City of Huntington Beach, California, Date of Publication May 17, 1912 I C.E. Lavering City Clerk, and Ex-Officio Clerk, of the Board of City Trustees of the City of Huntington Beach, hereby certify that the foregoing is true and correct copy of an ordinance of the City of Huntington Beach, numbered 91, and entitled An Ordinance providing for the issuing of Bonds of the City of Huntington Beach in the sum of Seventy Thousand Dollars ($70000), for the purpose of acquiring, constructing and completing a municipal wharf upon the water front of said City of Huntington Beach, California and that the same was published once in the Huntington Beach News, a weekly newspaper, printed and published in the City of Huntington Beach according to law on the 17t" day of May 1912 C. E. Lavering City Clerk and Ex-Officio Clerk of the Board of City Trustees of the City of Huntington Beach, California. ORD. 091 5 phis Ordinance was reproduced from a handwritten original in its exact form to maintain its historicaCtntegrtty. This typewritten format allows for keyword searching. the handwritten originaCs can be vie wed in the City Clerks office on request.