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HomeMy WebLinkAboutOrdinance No. 107ORDINANCE N0. -LQ 7- ro AN ORDINANCE PROVIDING FOR THE ISSUING OF BONDS OF THE CITY OF AZUSA IN THE M SUM OF SEVEN THOUSAND DOLLARS FOR THE PURPOSE OF ACQUIRING LAND FOR A PUBLIC PARK AND IMPROVING THE SM.-IE,BY THE CITY OF AZUSA. wHEREAS,The Board of Trustees of the City of Azusa,at a regular meeting thereof,held August 24th 1908,by a vote of two-thirds of all its members, duly passed and adopted a resolution determining that the Public interest and necessity demanded the acquisition by said City of a certain Municipal improvement,to-wit; Lands for a Public Park and the improvement of the same; and that the estimated cost of said Municipal improvement was seven thousand dollars, and that such cost was and will be too great to be paid out of the ordinary annual income and revenue of said City, and said resolution was approved by the executive of said City,to=wit; The President of the said Board of Trustees, on the said 24th Day of August 1908, at said meeting of said Board and was duly published on the 28th Day of August,1908, in The POMOTROPIC, a weekly Newspaper of general circulation, printed and pub- lished in said City of Azusa,and WHEREAS, The Board of Trustees of said City of Azusa,at its regular meeting of September 14th., 1908, by a vote of two-thirds of all its members,duly passed and adopted an ordinance calling a Special Election,and submitting to the qualified voters of said City the proposition of incurring a bonded debt in the sum of seven thousand dollars for the said purpose of acquiring lands for a Public Park and improving the same, and said ordinance was duly approved by the Executive of said City,to-wit; The President of The Board of Trustees,ai said meeting on the said 14th, Day'of September,1908, and said ordinance was thereupon duly published once a week for two weeks in The POMO- j TROPIC, a weekly newspaper of general circulation,printed and published less than six days a week in said City of Azusa;and WHEREAS, such Special Election was duly held on the 6th Day of October, 1908, as provided by said ordinance calling the same,and by law for holding y''`+ y ✓ i i Municipal Elections in said City;and the proposition for incurring a bonded indebtedness of seven thousand dollars for the purpose of acquiring lands for a Public Park and improving the same by the said City of Azusa received more than two-thirds of the votes of all voters voting at such special elec- tion;and WHEREAS,all and singular the provisions of the act of the Legislature of the State of California,entitled,"An act authorizing the incurring of indebted- ness by cities, Towns and Municipal Corporations for Municipal Improvements, ' and regulating the acquisition,construction or completion thereofi' which became a law February 25th,1901,as amended by an act of the Legislature of the State of California entitled"An act amending an act entitled An act auth- orizing the incurring od indebtedness by( ities,Towns and Municipal Corporat- ions for Municipal improvements,and regulating the acquisition,construction or completion thereof"which became a law under constitutional provision, without Govenots approval,February 25th.�1901, by amending sections 2,5,7 and 9thereof" which amendment became a law March 19th)1907,and with the ordinan- ces of said City; and the law and ordinances of said City have been fully complied with, so as to authorize the issue of said bonds. Now,therefore, The Board of Trustees of the City of Azusa do ordain as follows- Section ollowsSection 1. That bonds of the City of Azusa in the sum of seven thousand doll- ars,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 indeb- tedness by Cities, Towns and Municipal Corporations for Municipal improve- ments,, and regulating the acquisition,construction or completion thereoff," which became a law February 25th, 1901,as amended by an act of the Legislat- ure of the State of California,entitled," An act amending an act entitled " An act authorising the incurring of indebtedness by Cities,Towns and Mun- icipal Corporations for Municipal improvements, -and regulating the acquisit- ion, construction or completion thereof; which became a law under constitut- ional provision,without Govenor's approval,February 25th,1901,by amending sections 2,5,7 and 9 thereof" which amendment became a law March 19th, 1907, and with the ordinances of said City;That said bonds shall be forty in number and shall be issued in the denomination of one hundred and seventy-five doll- ars each, and the principal and interest - thereof shall be payable in lawful money of the United States;That they shall be dated November second.1908, and shall bear interest at the rate of six per cent, per annum, payable semi-annually on the second day of I;1ay and on the second day of November of every year. Said forty bonds shall be payable in the manner following: One of said bonds on the following date,to-wit: The second day of November, 1909, and one of said bonds on the said day and date of each and every year thereafter at the -City Treasury of said City, together with the interest on all sums unpaid at such date, and said bonds shall be substantially in the following form,to-wit: No. ---- United States of America, State of California, City of Azusa, Public Park Improvement Bond. $175.00 Azusa,California,November 2df1908. On the second Day of November,A.D. (year of maturity),the City of Azusa will pay to the bearer at the office of the City Treasurer of the City of Azusa the sum of one hundred and seventy five dollars with interest at the rate of six per cent.per annum, payable semi-annually on the second day of May and the second day of Eovember of each year as specified in the interest > coupons hereto attached, at the office of the City Treasurer, upon the pres- entation and surrender of said interest coupons. Principal and interest pay- able in lawful money of the United States. This bond is issued in pursuance of 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 Corporations for Municipal Improvements, and regulating the acquisition,construction or completion thereof",which became a law February 25th, 1901,as amended by an act of the Legislature of the State of California,., i entitled,"An Act amending an Act,entitled"An Act authorizing the incurring of indebtedness by Cities,Towns and Municipal Corporations for Municipal improvements,and regulating the acquisition,construction or completion there- of," which became a law February 25th,1901, by amendind sections 2,5,1 and 9 thereof" which amendment became a law March 19th 19074. IT IS FURTHER CERTIFIED;That all the requirments of law and of the ordin- ances of the City of Azusa have been fully complied with by the proper offic- ers for the issuing of this bond;That this issue of bonds has been, duly auth- orized by the vote of two-thirds of all vbters*vo.ting'.on.the question of such issue at a Special Election duly and regularly called and held in said City on the 6th.,Day of October 190.8, and that the total amount of this issue,to- gether with all indebtedness of said City, does not in the aggregate exceed fifteen per cant. of the assessed value of all the real and personal property of the said City of Azusa, nor.does it exceed the limit prescribed by the constitution and laws of the State of California. IN WITNESS WHEREOF;The said City of Azusa has caused this bond to be signed by the executive of said Municipality,to-wit; The President of The Board of Trustees of said City of Azusa,, and also by the Treasurer of said City, and to be countersigned by the Clerk of said City, and the Corporate seal of said City to be affixed thereto;and the said City has also caused the coupons thereto attached to be numbered consecutively and signed by the Treasurer of said City of Azusa. (Seal) --------------------------------------------------' President of The Board of Trustees of the City of Azusa. I - ------------------------------ Treasurer of The City of Azusa. Countersigned by --------------------------------- City Clerk of The City of Azusa. s That interest coupons shall be attached to each of said forty bonds, repres- enting each installment of interest to accrue on such bonds up to the matur- ity thereof,whieh said interest coupons shall be substantially in the follow - Ing form,to-wit; No. --- On the second Day of =-=----- ------(Month of maturity),A.D. -------(year of maturity),the City of Azusa promises to pay the bearer at the office of The City Treasurer of the City of Azusa the sum of five dollars and twenty- five cents in lawful money of the United States,the sfmi—annual interest due on Public Park Improvement Bond No.(Number of bond to which coupon is attached) ------------------------------- Treasurer of The City of Azusa. Section 2.That the President of the Board of Trustees of the City of Azusa, being the executive of the S,Iunicipality, and the City Treasurer of said City, are hereby authorized and directed to sign all the bonds herein provided for,. and The City Clerk is hereby authorized and directed to countersign the same and affix the corporate Seal of the City of Azusa thereto, and the City Treas- urer of said City is hereby authorized and directed to sign the interest coup- ons of said bonds;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. Section 3.That for the purpose of paying the principal and interest of such 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 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 coming due from 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 C; 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 Mun. icipal taxes are collected and be used for no other purpose than the payment of said bonds and accruing interest thereon. Section 4. The proceeds of the -sale of said Public Park Improvement Bonds shall be placed in the City Treasury to the credit of a fund to be known as the" Public Park Improvement Fund",and the same shall be applied exclusively to the purposes and objects mentioned in this ordinance. Section S. The City Clerk shall certify to the passage of this ordinance,and shall cause the same to be published once in the Pomotropic,a weekly news- paper of general circulation,published and circulated in said City, and there- upon and thereafter it shall be in full force and effect. Adopted and approved this 19th, Day of Oetoberf1908. -------------------------------------------- President of the Board of Trustees of the City of Azusa. (Seal) - _�_ Attest: - 1--- � - -------------------_----� City Clerk of the City of Azusa. State of California, ) County of Los Angeles,)SS. City of Azusa. ) I,G.D.Glover,City Clerk of the City of Azusa,do hereby certify that the foregoing ordinance was duly passed by the Board of Trustees of the City of Azusa,State of California, and approved by the Pres- ident of said Board at a regular meeting thereof,held on the 19th, Day of October�1908,and that t�hesame was passed by the following vote; Ayes, Noes,.�— Absent, In witness whereof,I have hereunto set my hand a of iced tlrb Seal of the City of Azusa this 19th Day of October,1908. `---'---- -- ----------------- (Seal.) City Clerk of the City of Azusa.