HomeMy WebLinkAboutOrdinance #171 1 ORDINANCE NO. 171
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2 An Ordinance to provide for the issue and sale of
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} 3 ten thousand 'dollars in ooupon bonds of the City
of Huntington Beach to borrow money to provide for
:4 the acquisition and construction of a gas distribut-
ing system for the City of Huntington Beach atd to
levy a tax to pay interest and ,creats a, sinking fund,
dg Whereas the qualified voters of the ' City of Huntington Beach
7 at a special election duly called and held In said City on the 28th
day of December, 1915 bye .the required majority of votes voted to
e issue the bonds of said City in the sum of twenty thousand dollars
10 �(J�0,000.00) for the:purpose of acquiring and constructing a munici.-
1 pal gas distributing system for said City.'
12 Now, therefore,. in pursuance of said vote.
3 The Board of Trustees`.of the city of Huntington Beach do ordain
4 as follows:
5 Section 1. That the ,oresident of the Board: of the City of
8 Huntington peach is forthwith required to have printed or lithographed(4)
bonds of the par value of five'huindred dollars ($50n.00)
8 eao and numbered conseoutively from One (1) to' y ( 0), both
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9 inclusive. All of said bonds to be dated the lot day of Harch, 1916,
A and to bear interest att the rate of five (5) per cent per annum f rim
1 said let day of )U.roh, 1916. . The P'.id interest to be evidenced by
2 . interest coupons attached to said bonds and said coupons shall be
3 numbered consecutively. That said bonds be signed by the President
.4 of the Board of Trustees of the City of Huntington Beach, also signed
x25 by the Treasurer thereof and oountersigned by the Clerk. Said bonds to
26 be paid as follows: Commencing on the let day of 1faroh, 1917 Bonds Vos.l
27 and a eha11 be paid, .and annually thereafter on the lot day of March two
.'28 of said bond® being 40t lass than one twentieth part of the whole
`'29 amount of such indebtediess in .successive numerical order shall be paid.
'30 The interest .oa oa d bonds shall be paid as follows: The first install-
31 meat on Sept. let, 1916, and semi-annually thereafter on the let day of
2 Marsh etnd the lot day of September in each year until all of said
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bonne both principal and interast shall hav® bee�y��ell anti` tru�p paid
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„ 2 in gold coin of the United States, Both prino9.pai ` interee 'to b®
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payable at tde office of the City 'Tree'surer ;of the t3ity ofIuzutington
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Bea oh in said Citq, County o$ Orange .and 'State"fib 4alifcrgaia� ,and t
, aster said bonds and coupons: are 'printed and lithog +d 'sates
$ � eU exeotated in the a�anner harebaiCe Ba or
th acdn �
r re to .
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.A advertised for *also and sold to the highost bidder th4rei�Q�° in
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r accordanoe with the law in such case made and provided; rovided�
VV howev"rp none of said bonds shall be sold, g-10
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or lnehn their' a�ar
value together with the accrued interest. x= w r
Section 2. That; all the revenue realized frog the 'e>pertion
,`° of said gas distributing .®ystam ovor and above the expendi$ re� ;.
in operating,the same is hetsbp. appropriatad and"zonstituted
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fund to pay the interest and oreata al' inking fund't.gr the x®dea�nption
of said bonds as hereinbafdre providado h
1s 9aotAon 3. That the 'following,tax shall. be annually
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levied and collected and the same is hereby &ppropr i'ate d to pay,
18 interest on and create a ®inking fusid `fqr the°. final*,redemptir�rt
r,;. of paid bonds* hereinbafore authorized to be iseuiad, one.fourth � }
of one per oont on each one, hundred dollar*. worth et pro�rty in
said aitys and that this proVieion shall remain and' in force
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r until the said gas bonds are zully paiid anti satiefiad isa Abe',
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manner hereinbefore provided® 'Provided* b6wever, that not4ing
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herein shall prevent the City_ from remitting the said.,tax or any
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t portion thereof herein provided for6 in the event that the net ticct�e
or revenue of the operation-of 'said distributing system shall"4attlize
27. five per cent
i fund sufficient to pay interest, and create a/sinking ;f'unci ,on eaId
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gas bonds,
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Section 4. The City Clerk of the City of 11untingtoa;, H'saobt
* shall certify to Oho paaaage of t his ordinance and *hall clause the
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same to be published once in the Huntins"A ,natL h Havve� weekly
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Z' newspaper printed, published and ciroulated irk the said City of
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2 fiuntington Beach, and thirty days thereafter said ordinance shall
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take 4ffGot and be in full force*
re--tide-nV-6T7 the Board of TrLWnes
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of the. City of Huntington
,Beach, California.
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.:.ATTEST:
an x-5f libi-a or
"" ' ' ` of tthe Board: of Trustees of
the► City
:of Huntington
Beaob#, California*
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.State of California,
. County, of .Orarnge, ss*
' City of Huntington Beach.
a` I® Chas* K, Nutt, City Clerk and lax-Officio Clerk Qf
the Board of Trustees of the City of Huntington Beach, California,
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M do;hereby oartify that the I#Dregoing ordinance was Introduced and
� ` read at a regular meeting of the Board of Trustees of said City on
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the t o duty of j'[o' , 1918, and that said ordinance was read
and adopted at a regular meeting of said Board an the clay
` of ,1916# by the following stated vote:
k,a�8��-CJ'1 Clerk,of the
s: Bcar�6;Acrab_Certifl/ thus
ward o1(3�y Tr�u�t�eo cf ilui"�H'®f�'�trdgtata•�
040 f raga q 6e is Irw and 6 44 OMwaoeoa of Mae City of Xunt-
op&W Inn ordinance
vie "Ri�sut3.,andC 'A t'oft° ht�ue.�nci ri#s�' lar .t.x,
t n to prove cue'
coupon bnnda ortho pity of SirantIn�ton`�ea�sli �n j�rn°�fdr
money for theaagitiattic,n and. conntruction of n G FAsi,ri-
y. butizng system For the said- city ana to ,levy a tax to pay
interest sand oreatO a sinic� tt °f`uncl*'
ivaRJ�lyos/�alret.": pe�b1 Cit� aavtln�teve Beach.
f irk ac gvf`l + ou - t�
Cifg ljoard of Z'reoatt� of the C gun�sa$�
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