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HomeMy WebLinkAboutOrdinance #412 Y r I ORDINANCE NO AN ORDINANCE OF THE CITY COUNCIL i OF THE CITY OF HUNTINGTON BEACH, CALIFORNIA, PROVIDING FOR THE IS- SUANCE OF §100,000.00 OF BONDS OF SAID CITY AUTHORIZED BY AN ELECTION HELD THEREIN ON APRIL 12, 1938 . i WHEREAS, pursuant to Ordinance No. . 408 of the City Council of the City of Huntington Beach, California, an election was duly and regularly held in said city on the 121th day of April, 1938, at which election there was submitted to the qualified voters 1 of said city the following proposition, to wit : Shall the City of Huntington Beach, Cali- fornia, incur a bonded debt of $100,000.00, such debt to bear interest at the rate of not to exceed 5% per annum to be paid annu- ally for the first year and semi-annually thereafter, for the acquisition, construc- tion and completion of a municipal improve- ment, to-wit : The acquisition, construction and completion of a public park and play- ground within said city, together with such equipment and appurtenances as may be neces- sary or convenient to the use thereof? and WHEREAS, said proposition received the affirma- tive' vote of more than two-thirds of all the qualified voters of said city voting at said election, and the said . city is now authorized to issue bonds in the amount and for the purposes specified in said proposition; ,�\ NOW, THEREFORE, THE CITY COUNCIL OF THE CITY � OF HUNTINGTON BEACH CALIFORNIA DOES ORDAIN AS FOLLOWS: I � I --- Section 1. That bonds of the City of Huntington Beach be issued and sold in the amount of $100,000.00 for the acquisition, construction and completion of a municipal improvement, to wit, the acquisition, construction and completion of a public park and playground within said city, to- gether with such equipment and appurtenances as may be necessary or convenient to the use thereof. Said bonds shall be one hundred (100) in number, numbered from one (1) to one hundred (100), inclusive, and shall be -of the denomination of $1,000.00 each. All of said bonds shall be dated June 15, 1938. Said bonds shall be payable in numerical order and shall mature $10,000.00 each year from June 15, 1939, to June 15, 1948, inclusive . Said bonds shall bear interest at the rate to be hereafter fixed by reso- lution of the City Council, which rate shall not exceed five per cent (5%) per annum, to be paid annu- ally for the first year and semiannually thereafter . The bonds shall be payable in lawful money of the United States at the office of the City Treasurer of Huntington Beach. Section 2. That said bonds and the cou- pons for the interest thereon shall be issued in sub- stantially the following form, to wit : i 2. C l I "UNITED STATES STATES OF AMERICA STATE OF CALIFORNIA' CITY OF HUNTINGTON BEACH MUNICIPAL PARK AND PLAYGROUND BONDS, 1938 No. A1000.00 Huntington Beach, California, June 15, 1938. The City of Huntington Beach, a municipal cor- poration situated in Orange County, State of California, for value received, hereby acknowledges its indebtedness, and promises to pay to the bearer hereof, at the office of the Treasurer of said City in said City the sum of one thousand dollars in lawful money of the United States of America, on the 15th day of June, 19 J. with inter- est thereon in like lawful money at the raze of per cent per annum, payable annually for. the first year and semiannually thereafter until this bond is paid, on presentation and surrender of the respective interest coupons hereto attached. This bond is issued by the City of Huntington Beach under and in pursuance of and in conformity with the provisions of an Act of the Legislature of the State of California entitled 'An Act Authorizing the Incurring of Indebtedness by Cities, Towns and Municipal Corpora- tions for. Municipal Improvements and Regulating the Ac- quisition, Construction or Completion Thereof, ' which became a law February 25, 1901, and acts amendatory thereof and supplementary thereto, and in pursuance of the laws and Constitution of the State of California- and the Charter of the City of Huntington Beach, and is au- thorized by the vote of more than two-thirds of all the qualified voters of said City of Huntington Beach, vot- ing at an election duly and regularly called, held and conducted in said City of Huntington Beach on the 12th day of April, 1938. It is hereby certified, recited and declared that all acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of this bond, have existed, happened and been performed in due form and manner as required by law, and that the amount of this bond, together with all other indebtedness of said City, does not exceed any debt limit prescribed by the laws or Constitution of the State of California and the Charter of the City of Huntington Beach. IN WITNESS WHEREOF, said City of Huntington Beach has caused this bond to be signed by the Mayor and I, I 3. 0 i Treasurer of the,.C.ity of Huntington Beach, to be counter- signed by the City Clerk of Huntington Beach, and to be sealed with its corporate seal, and has caused the inter- est coupons hereto attached to be signed by its Treasurer . ; Mayor of the City of Huntington (SEAL) Beach, California. Treasurer of the City of Huntington Beach, California. Countersigned: City Clerk of the City of Huntington Beach, California." (COUPON FORM) "No. On the 15th day of , 19 J. the City of Huntington Beach, CalifornAa ill pay to the bearer, at the office of the City Treasurer of said City in said City, the sum of 0 in lawful money of the United States of AmericaT , being the annual interest then due on Municipal Park and Playground Bond 1938 No. , dated June 15, 1938. Treasurer of the City of Huntington Beach, California." Section 3. That the proceeds of the sale of said bonds shall forthwith be turned over and placed to the credit of a fund of the City of Huntington Beach to be known as ` Municipal Park and Playground Bonds 1938 Fund" and shall be used exclusively for the acquisition, construction and completion of a municipal improvement described in said proposition set forth in the recitals 4. i t I -hereof. Section 4. That for the purpose of paying the principal and interest of said bonds, the City Council of the City of Huntington Beach 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 said bonds are paid, or until there shall be a sum in the treasury of said city set apart for that purpose sufficient to meet all sums com- ing .due for principal and interest on said bonds, a tax sufficient to pay the annual interest on said 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 col- lected at the time and in the same manner as other municipal taxes are collected, and shall forthwith be turned over and paid into a fund of the City of Hunt- ington Beach, to be known as "Municipal Park and Play- ground Bonds 1938 Interest and Redemption Fund. ` Said fund shall be used for no other purpose than for the payment of said bonds and accruing interest thereof. Section 5. That the Mayor of said City of Huntington Beach and the Treasurer of said city are hereby authorized and directed to sign, and the City Clerk is hereby authorized and directed to countersign, all of said bonds, and the City Clerk is hereby further authorized and directed to affix the corporate seal of said city to all of said bonds, and the Treasurer of 5. i said city is hereby authorized and directed to sign the interest coupons of all said bonds by his printed, lithographed or engraved facsimile signature, and to number said interest coupons of said bonds consecutively. Section 6 . That the City Clerk shall cer- tify to the passage and adoption of this ordinance by a vote of at least three-fifths of all the members of the City 'Council of said city at a regularly adjourned ' i meeting of said council, and to its approval by the Mayor of said city, and shall cause this ordinance to be published once, within ten (10) days after its adop- tion, in the Huntington Beach News, a weekly newspaper of general circulation printed, published, and circu- lated in said City of Huntington Beach. This ordinance, being an ordinance relating to a bond issue, shall take effect from and after the adoption hereof. PASSED, ADOPTED AND APPROVED this Z4 day of May, 1938. M yor of the 'City f (SEAL) Huntington Beach, Ca 'fornia. ATTE [/ City Clerk of the City of i Huntington Beach, California. 6. i STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS. CITY OF HUNI'INGTON BEACH ) I, 0 . R. FURR, City Clerk and ex-officio Clerk of the City Council of the City of Huntington Beach, California, do hereby certify that the whole number of members of the City Council of the City of Huntington Beach is five, that the foregoing ordinance, being Ordi- nance No. , was introduced and read to said City Council at a regularly adjourned meeting of said City Council held on the 9th day of May, 1938, and was'�again read to said City Council at its regularly adjourned meeting held on the day of May, 1938, and was by said City Council at said meeting passed and adopted, in the same form as originally introduced and read, by the following vote, to wit : AYES: Councilmer�pf e�iouSeC/ i�r Hess NOES: Councilmena n ABSENT :Councilmen City lerk of the City of Huntington Beach, California. 7 .