HomeMy WebLinkAboutOrdinance No. 204ORDINANCE NO.4.M ...
AN ORDINANCE PROVIDING FOR THE ISSUING OF BONDS
1 OF THE CITY OF AZUSA, CALIFORNIA, IN THE SUIT OF
EIGHTY THOUSAND DOLLARS FOR THE ACQUISITION, CONSTRUCT*
2 TION AND COMPLETION OF STREET WORI{ UPON PUBLIC
STREETS OF THE CITY OF AZUSA.
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VIMREAS, The Board of Trustees of the City of Azusa, Cali:
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ornia, at a regular meeting thereof held of the 7th day of Septem-
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ber, 1920, by a vote of two-thirds of all its members, duly passed
7 and adopted a resolution determining that the public interest and
8 necessity demand the acquisition, construction and completion by
9 said City of Azusa, of the following municipal improvements, to -wit:
10 The acquisition, construction and completion of street
11 work upon public, streets of. the City of Azusa; and that the estimated
12 cost of such municipal improvements was Eighty Thousand Dollars and
13 such estimated cost was and will be too great to be paid out of the
14 ordinary annual income and revenue of said City; and
15 WHEREAS, said resolution was approved by the Executive
16 of said City, to -wit: The President of said Board of Trustees, on
17 said 7th day of September, 1920, at said meeting of said Board of
18 Trustees, and was published on the 10th day of September, 1920, in
19 The Pomotropic, a weekly newspaper of general circulation, published
20 and circulated in said City of Azusa; and
21 WHEREAS, The Board of Trustees of said City of Azusa at
22 a regular meeting thereof, held on the 20th day of September, 1920,
23 by a vote of two-thirds of all its members, duly passed and adopted
24 an Ordinance, calling a special election and submitting to the qual-
25 ified voters of said City, the following proposition set forth in
26 said resolution:
27 The proposition of incurring a bonded debt of the sum of .
28 Eighty Thousand ($80,000.00) Dollars for the acquisition, constrac-
29 tion and completion of street work upon public streets of the City
30 of Azusa; and said Ordinance was approved by the Executive of said
City, to -wit: the President of the Board of Trustees, on said 20th
31 day of September, 1920, and said Ordinance was thereupon duly pub-
lished once a week for two weeks in The Pomotropic, a weekly news -
32 paper of general circulation, published less than.six days a week in
said City of Azusa; and
WHEREAS, such special election was duly held on the 26th
1 day of October, 1920, as provided by said Ordinance calling the
2 same, and by law for holding municipal election4 n said City;
3 and said proposition of incurring such bonded indebtedness here -
4 inabove set forth, received the votes of more than two-thirds
5 of all the voters voting at such special election; and
s WHEREAS, all and singular the provisions of the Act of
7 the Legislature of the State of California entitled: "An act
8 authorizing the incurring of indebtedness by cities, towns and
9 municipal corporations for municipal improvements, and regulating
10 the acquisition, construction or completion thereof," which be -
11 came a law February 25th, 1901, together with all amendments
12 thereto, and the Law and Ordinances of said City have been fully
13 complied with so as to authorize the issue of said bonds: .
14 NOW, THERIYORE, the Board of Trustees of the City of
15 Azusa do ordain as follows:
16 Section 1. That bonds of the said City of Azusa in the
17 sum of Eighty Thousand Dollars be issued in accordance with the
18 prIvisions of. the Act of the Legislature of the State of Califor-
19 nia, entitled: "An act authorizing the incurring of indehtedness
20 by cities, towns and municipal corporations for municipal improve -
21 ments, and regulating the acquisition, construction, or completion
22 thereof," which became a law February 25th, 1901, together with
23 all amendments thereto, and with the Ordinances of said City;
24 that said bonds shall be Eighty (80) in number and shall be issued
25 in the denomination of One Thousand ($1,000.00) Dollars each,
26 and the principal and interest thereon shall be payable in lawful
27 money of the United States.
28 They shall be dated December 1, 1920 and bear interest
29 at the rate of six per cent (6%) per annum, payable semi-annually
30 on the lst day of June and the 1st day of December of each year'.
31 And said Eighty (80) bonds shall be payable in the manner follow -
32 ing:
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Two of said bonds of the denomination of One Thousand
($19000.00) Dollars shall be paid on the lst day of December,1921,
and two of laid bonds of the denomination of One Thousand ($1,000.00)
Dollars on the same day and date of each and every year thereafter
at the City Treasury of said City of Azusa, together with interest
on all sums unpaid at such date.
Said bonds shall be substantially in the following form;
bo -wit:
No............
United States of America
State of California
City of Azusa
Street fork Bond
$.1000.00
Azusa, California
December 1, 1926.
On the lst day of December, 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, in the County of. Los Angeles,
State of California, the sum of.One Thousand Dollars, with interest
at the rate of six per cent. per annum, payable semi-anually on
the ,41st day of June and the lst day of December of each year,
as specified in the interest coupons hereto attached, at the office
of the City Treasurer, upon the presentation and surrender of said
interest coupons. Principal and interest payable 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 1bth, 1901, together with all amendments thereto.
IT IS FURTHER CERTIFIED, that all the requirements of law,
and of the Ordinances of. the City of Azusa for the issuing of this
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bond have been fully complied with by the proper officers; that
this issue of bonds has been duly authorized by the votes of two.
thirds of all the voters voting at a special election duly and
regularly called and held in said City on the 26th day of October,
1920, and that the total amount of this issue, together with all
indebtedness of said City, does not in the aggregate exceed
fifteen per cent. 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 hereto; and the City has caused the coupons hereto attached
to be niunbered consecutively and signed by the Treasurer of said
City of Azusa.
President':ofthe Board ofTrustees
of the City of Azusa.
Treasurer ofthe City ofAzusa. •
Countersigned by
(SEAL) Clerlc�oftheCity*of�Azusa
City
That interest coupons shall be attached to each of said
Eighty bonds representing each installment of interest to accrue
on such bonds up to the maturity thereof, which said interest
coupons shall be substantially as follows:
On the lst 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,
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1 the sum of (amount of interest), in lawful money of the United
2 States, the semi-annual interest due on Street Work Bond No.........
3 (No. of bond to which coupon is attached.)
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TreasureroftheCitrofAzusa.
6 Section 2. That the President of the Board of Trustees
of the City of Azusa being the Executive of the municipality. and
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8 the City Treasurer of said City, are hereby authorized and directed
to sign all the bonds herein provided for, and the City Clerk is
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10 hereby authorized and directed to countersign the same and to affix
11 the corporate seal of the City of Azusathereto, and the City
12 Treasurer of said City is hereby authorized and directed to sign
13 the interest coupons of said bonds, and said bonds shall be de -
14 livered by said City Clerk to said City Treasurer in such amounts
15 as the Board of Trustees of said City may from time to time deter -
16 mine.
17 Section 3. That for the purpose of paying the principal
18 and interest on such bonds, the Board of Trustees of said City
19 shall, at the time of fixing the general tax levy, and in the man -
20 ner for such general tax levy provided, levy and collect annually,
21each year until said bonds -are paid, or until there shall be a sum
22 in the Treasury of said City, set apart for that purpose, sufficient
23 to meet all sums coming due for principal and interest on such
24 bonds, a tax sufficient to pay the annual interest on such bonds,
25 and also such part of the principal thereof as shall become due
26 before the time for fixing the next general tax levy.
27 Said tax shall be in addition to all other taxes levied
28 for municipal purposes, and shall be collected at the same time
29 and in the same manner as other municipal taxes are collected, and
30 be used for no other purpose than the payment of said bonds and
31 accuring interest.
32 Section 4. The proceeds of the sale of said Street Work
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1 Bards shall be placed in the City Treasury to the credit ,of a fund
2 to be known as the Street Work Bond Fund, and the same shall be
3 applied exclusively for the purposes and objects above mentioned
4 in this Ordinance, for which such indebtedness of $BO,000.00 was
5 incurred.
6 Section 5. The City Clerk shall certify to the passage
7 of this Ordinance, and its approval by the President of said
8 Board, and shall cause the same to be published by one insertion
9 in The Pomotropic, a weekly newspaper,Ipub� hed and circulated
10 in said City of Azusa, and thereupon and thereafter the same
11 shall be in full force and effect.
12 Adopted this day
of November, 1920.
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Fresident.1of the Board of Trusteb7s-
15 of the City of Azusa.
16 ATTEST:
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STATE OF CALIFORNIA
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CITY OF AZUSA SS.
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I, J.O.Durrell. City Clerk of the City of Azusa, do
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hereby certify that the foregoing Ordinance
was duly passed by
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the Board of Trustees of the City of Azusa,
and signed by the
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President of the Board at a regular meeting
thereof held on the
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c-<� day of November, 1920, and that the same was passed
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by the following vote:
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AYES: TRUSTEES�o�l
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NOES: NONE
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ABSENT: TRUSTEE" �a�o
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In witness whereof,I have hereunto
set my hand and affixed
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the Official Seal of the City of Azusa, this
� — day of
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November, 1920.
l�1
4,aiClerk of
P��
tho City Azusa.
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