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HomeMy WebLinkAboutOrdinance #629 a n-� a ' ORDINANCE NO. 629 c AN ORDINANCE OF THE CITY OF HUNTINGTON BEACH, CALIFORNIA, PROVIDING FOR THE ISSUANCE OF BONDS OF SAID- CITY IN- 'THE ` AMOUNT OF $860, 000. WHEREAS, pursuant to Ordinance No . 612 of the City of Huntington Beach, California, a special municipal election was duly and regularly held in said city on the loth day of September, 1954, at which election there was r submitted to the qualified voters of said city the follow- ing bond proposition, to wit : 1 BOND PROPOSITION: Shall the City of Huntington Beach incur a bonded indebtedness in the principal sum of $860, 00o for the acquisition and construction by said city of a certain municipal improvement, to wit : aqueducts, water pipe lines and other works for the transmission of water, including the city 's share of aqueducts, water pipe lines and related works to be owned and used jointly with other public corporations or public agencies, and including the acquisition of 31� all land, easements, pipe, pumps, machinery and other property necessary therefor? WHEREAS, said proposition received the affirma- tive vote and assent of more than two-thirds of all of the qualified voters of said city voting at said election, and said city is now authorized to issue bonds in the amount and for the purposes set forth in said proposition; ') NOW, THEREFORE, the City Council of the City of Huntington Beach DOES ORDAIN as follows: t Section 1. That bonds of the City of Huntington Beach, California, in the principal sum of eight hundred f sixty thousand dollars ($860, .000) be issued and sold for the l purpose set forth in the bond proposition in the recitals hereof . Said bonds shall be designated WATER BONDS, 1955, shall be eight hundred sixty in number, numbered 1 to 860, I inclusive, and shall be of the denomination of $1, 000 each. Said bonds shall be dated August 1, 1955, and shall be pay- able in consecutive numerical order $30, 000 on August 1 in each of the years 1956 to 1958, both inclusive, and $35, 000 on August 1 in each of the years 1959 to 1980, both inclusive . Section 2. Said bonds shall bear interest at a rate or rates to be hereafter fixed by resolution, but not to exceed six per cent (6%) per annum, payable annually the first year and semiannually thereafter. Said bonds and the interest thereon shall be payable in lawful money of the United States of America at the office of the City Treasurer of the City of Huntington Beach, California, in said city, or at the main office of Security-First National Bank of Los Angeles, in Los Angeles, California, at the option of the holder thereof . Section 3 . That the Mayor of the City of Huntington Beach and the City Treasurer of said city are hereby author- ized and directed to sign all of said bonds by their printed, lithographed or engraved facsimile signatures, and the City Clerk of said city is hereby authorized and directed to countersign said bonds and to affix thereto the corporate seal of said city, and the City Treasurer of said city is hereby authorized and directed to sign the interest coupons I of said bonds by his printed, lithographed or engraved o number said interest coupons facsimile signature, and t of each of said bonds consecutively . 2 . Section 4 . That said bonds and the coupons for the interest thereon shall be issued in substantially the following form: UNITED STATES OF AMERICA STATE OF CALIFORNIA CITY OF HUNTINGTON BEACH WATER BOND, 1955 No . $1, 000 THE CITY OF HUNTINGTON BEACH, a municipal corporation situated in the County of Orange, State of California, FOR VALUE RECEIVED, hereby acknowledges its indebtedness and promises to pay to the bearer hereof the sum of ONE THOUSAND DOLLARS on the first day of August, 19 with , interest thereon from the date hereof at the rate of per cent ( ) per annum, interest for the first year payable at the end of said year and interest thereafter payable semi- annually on the first days of February and August of each and every year until this bond is paid, on presentation and surrender of the respective interest coupons hereto attached. Both principal and interest are payable in lawful money of the United States of America at the office of the City Treasurer of the City of Huntington Beach, California, in said city, or at the main office of Security-First National Bank of Los Angeles, in Los Angeles, California, at the option of the holder hereof . This bond is issued by the City of Huntington Beach under and in pursuance of and in conformity with the charter of said city and the provisions of Article 1, Chapter 4, Division 4, Title 4 of the Government Code of the .State of California, and acts supplementary thereto, and in pursuance of the laws and Constitution of the State of California, and is authorized by a vote of more than two-thirds of all the qualified voters of said city voting at an election duly and legally called, held and con- ducted in said city on the 14th day of September, 1954 . 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 time, form and manner as required by law, and that the amount of this bond, together with all other indebtedness of the City of Huntington Beach, does not exceed any debt limit prescribed by the laws and Constitution of the State of California. 3 . IN WITNESS WHEREOF, said City of Huntington Beach has caused this bond to be signed by the Mayor and City Treasurer of said city by their facsimile signatures, countersigned by the City Clerk of said city, and sealed with the corporate seal of said city, and the interest coupons hereto attached to -be signed by said Treasurer by his facsimile signature, and this bond to be dated August 1, 1955 . Mayor of the City of Huntington Beach, California City Treasurer of the City of Huntington Beach, California COUNTERSIGNED: { City Clerk of the City of Huntington Beach, California (SEAL) (COUPON FORM) Coupon j No. On the first day of the City of Huntington Beach, 19 California, will pay to the bearer at the office of the City Treasurer of said city, in said city, or at the main office of Security-First National Bank of Los Angeles, in Los Angeles, California, at the option of the holder hereof the sum of $ in lawful money of the United States of America, being the interest then due on WATER BOND, 1955, No . dated August 1, 1955 . City Treasurer of the City of Huntington Beach, California Section 5. That the proceeds of the sale of said bonds (except premium, if any, and accrued interest) shall forthwith be turned over to and placed in the municipal 4 . treasury of the City of Huntington Beach to the credit of a fund to be known as "WATER BONDS CONSTRUCTION FUND, 1955" and shall be applied exclusively to the acquisition and construction of the municipal improvement described in the bond propositidn set forth in the recitals hereof, except as provided in Section 43628 of the Government Code of the State of California. Section 6. That any premium or accrued interest received from the sale of said bonds shall forthwith be turned over to and placed in said treasury in a fund to be known as "WATER BONDS, 1955, INTEREST AND REDEMPTION FUND". That' for the purpose of paying the principal and interest of said bonds the Cite Council of the City of Huntington Beach shall, at the time of fixing the general tax levy and annually thereafter until said bonds are paid or until there is a sum in the treasury of said city set I apart for that purpose sufficient to meet all payments of principal and interest on said bonds as they become due, levy and collect a tax sufficient to pay the interest on said bonds as it falls due and such part of the principal as will become due before the proceeds of a tax levied at i the next general tax levy will be available . Said tax shall be in addition to all other taxes levied for munici- pal purposes and shall be levied and collected as other city taxes, and shall forthwith be turned over and paid into said interest and redemption fund. Said fund shall be used for no other purpose than the payment of said bonds and accruing interest thereon until said bonds and interest are fully paid. Section 7 . That\ the City Clerk shall certify to 5 . the passage and adoption of this ordinance by a vote of more than two-thirds of all the members. of the City Council of said city and shall cause this ordinance to be published once in THE HUNTINGTON BEACH NEWS, a weekly newspaper of general circulation in said city. Section 8. This ordinance shall take effect thirty (30) days from the date of its passage . ADOPTED, SIGNED AND APPROVED this 20th day of June, 1955. yor of the City of Huntington Beach, California ATTEST• C " y Clerk of the City of Huntington Beach, California (SEAL) I STATE OF CALIFORNIA } COUNTY OF ORANGE } ss . CITY OF HUNTINGTON BEACH } I, J. L. HENRICKSEN, City Clerk of the City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing ordinance was introduced and read, at a regular meeting of the City Council of said city duly held on the 6th day of June, 1955, and thereafter at a regular meet- ing of said City Council duly held on the 20th day of June, 1955, was reread, duly passed and adopted by said City Council and that said ordinance was passed and adopted by a vote of more than two-thirds of the members of the City Council, to wit: I AYES: Councilmen Terry, Bartlett, LeBard, .Lockett NOES: Councilmen None. ABSENT: Councilmen Seabridge C gy Clerk o the City of (SEAL) Htington Beach, California 6 .