HomeMy WebLinkAboutOrdinance No. 229,
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ORDINANCE NO. a --)-
AN ORDINANCE PROVIDING FOR THE ISSUING OF BONDS FOR THE
CITY OF AZUSA IN THE Ml OF.FI@'TY M OUSAND DOLLARS FOR THE ACQUI-
SITION, CONSTRUCTION AND COMPLETION OF STREET.' WORD UPON THE PUBLIC
STREETS OF THE CITY OF AZUSA, SPECIFICALLY, PORTIONS OF FIRST
STREET, FOURTH STREET, FIFTH STREET, CENTRE STREET, AZUSA AVENUE,
CERRITOS AVENUE AND ANGELENO AVENUE, AS WELL AS ALL OF SECOND
STREET, THIRD STREET, EIGHTH STREET, NINTH STREET, ELEVENTH STREET
AND CRESCENT DRIVE.
WHEREAS, the Board of Trustees of the City of Azusa, Cali-
fornia, at a regular meeting thereof, held on the 28th day of
January, 1924, by a vote of two-thirds of all its members duly
passed and adopted a resolution determining that the public in-
terest and necessity demand the acquisition, construction and com-
pletion by said City of Azusa of the following municipal improve-
ments, to -wit: the acquisition, construction and completion of
street work upon the bublic streets of the City of Azusa, specifi-
cally, portions of First Street, Fourth Street, Fifth Street,
Centre Street, Azusa Avenue, Cerritos Avenue and Angeleno Avenue,
as well as all of Second Street, Third Street, Eighth Street,
Ninth Street, Eleventh Street and Crescent Drive; and that the
estimated cost of such municipal improvements was Fifty -Thousand
(t50,000)Dollars, and such estimated cost was and will be too grea
to be paid out of the ordinary annual income and revenue of said
City; and,
WHEREAS, said resolution was approved by the Executive of
said City, to -wit: The President of said Board of Trustees, on
said 28th day of January, 1924, at said meeting of said Board of
Trustees, and was published on the let day of February, 1924, in
the Pomotropic, a weekly newspaper of general circulation, pub-
lished and circulated in said City of Azusa; and,
WBEREAS, the Board of Trustees of said City of Azusa at a
regulat meeting thereof, held on the 11th day of FebraAry, 1924,
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 following proposition
set forth in said resolution:
The proposition of incurring a bonded debt in the sum of
Fifty Thousand (050,000) Dollars, for the acquisition, constructio
and completion of street work upon the public streets of the City
of Azusa, specifically, portions of First Street, Fourth Street,
Fifth Street, Centre Street, Azusa Avenue, Cerritos Avenue and
Angeleno Avenue, as well as all of Second Street, Third Street,
Eighth Street, Ninth Street, Eleventh Street and Crescent Drive;
and said Ordinance was approved by the Executive of said City,
to -wit: The President of the Board of Trustees on the said Ilth
day of Februa;y, 1924, and said Ordinance was thereupon duly pub-
lished once a week for -two weeks in the Pomotropic, a weekly news-
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 25th
day of February 0*, 1924, as provided by said Ordinance calling
the same and by law for holding municipal elections in said City;
and said proposition of incurring such1yonded indebtedness herein-
above set forth, received the votes of more than two-thirds of all
the voters voting at such special election; and,
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WHEREAS, all and singular the provisions of the Act of the
Legislature of the State of California, entitled: "An act author-
izing the incurring of indebtedness by cities, towns and municipal
corporations for municipal improvements, and regulating the acqui-
sition, construction or completion thereof," which became a law
February 25th, 1901, together with all amendments thereto, and the
Law and Ordinances of said City have been fully complied with so
as to authorize the issue of said bonds;
NOW, TREREFORE, the Board of Trustees of the City of Azusa
do ordain as follows:
SECTION 1. That bonds of the said City of Azusa in the
sum of Fifty Thousand (150,000) Dollars be issued in accordance
with the provisions of the Act of Legislature of the State of
California, entitledL "An act authorizing the incurring of
indebtedness by cities, towns and municipal corporations for
municipal improvements, and regulating the acquisition, construc-
tion and completion thereof," which became a law February 25th,
1901, together with all amendments thereto, and with the Ordinances
of said City, that said bonds shall be eighty (80) in number and
Us all be issued in the denomination of Six Hundred and Twenty Five
( 625.00) Dollars each, and the principal and interest thereon steal
be payable in lawful money o to United States.
They shall be dated 1, 1924, and bear interest
at the rate of five and one-half ( a2%) per cent per annum, payable
semi-annually on the let day of March and the let day of September,
of each year. And said eighty (80) bonds shall be p ayaole in the
manner following:
Two of said bonds of the denomination of Six Hundred and
Twenty Five (625.00) Dollars shall be paid on the 1st day of
September, 1924, and two of said bonds of the denomination of
Six Hundred and Twenty Five (0625.00) 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,
to -wit:
No.
UNITED STATES OF A14BRICA
State of California
City of Azusa
STREET WORK BOND,
$625.00
Azusa,Calif ornia,
March 1, 1924.
On the 1st day of March, 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 Angel9s,
State of California, the sum of Six Hundred and Twenty Five (t625.0
Dollars, with interest at the rate of five and one-half (5-21%) per
cent per annum, payaule semi-annually on the let day of March and
the lot day of September of each year, as specified in the inter -
set coupons hereto attached, at the office of the City Treasurer,
apon 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
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L..
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 regula-
ting the acquisition, construction or completion thereof," whidh
became a law Feoruary 25th, 1901, together with all amendments
the re to.
IT IS FURTHER CERTIFIED, that all the requirements of
law, and of the Ordinances of the City of Azusa for issuing of
this bond has 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 25th day
of February, 1924, and that the total amount of this issue, to-
gether with all indebtedness of said City, does not in the
aggregate exceed fifteen percent of the assessed value of all
the real and personal property of said City of Azusa, nor does it
exceed the limit prescribed by the Constitution and Laws of the
State of California.
IN WITNESB 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 counter-
signed by the Clerk of said City, and the Corporate Beal of said
City to be affixed hereto;:and the City has caused the coupons
hereto attached to be numbered consecutively and signed by the
Treasurer of the said City of Azusa.
Presidentof the Board of Trustees o
the City of Azusa.
Treasurer of the City oT Azusa.
COUNTERSIGBED BY
City Clerk ooe City of Azusa.
SEAL
That the interest coupons shall be attached to each of
said eighty (80) bonds representing each installment of interest
to acrue on such bonds up to the maturity thereof which said
interest coupons shall be substantially as follows;
On the let day of (month of maturity)
A. D., (year of ma unity), e City of Azusa promises
to pay t e- bearer at the office of the City Treasurer of the
City of Azusa, the sum of (amount of interest), in lawful money
of the United States, the semi-annual interest due on Street
Work Bond No. (No. of bond to which coupon is attached).
SECTION 2. That the President of the Board of Trustees
f the City of Azusa being the Executive of the municipality, and
Le City Treasurer of said City, are hereby authorized and directed
o sign all the bonds herein provided for, and the City Clerk is
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hereby authorized and directed to countersign the same and to affi
the corporate seal of the City of Azusa thereto, and the City
Treasure.r of said City is hereby authorized and directed to sign
the interest coupons of said bonds, and said bonds shall be
delivered by said City Clerk to said City Treasurer in such amount
as the Board of Trustees of said City may from time to time deter-
mine.
SEC TION, 3. That for the purpose of paying the principal
and interest on 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 annu-
ally, each year until said bonds are paid, or until there shall
be a sum in the Treasury 6f said City, set apart for that purpose,
sufficient to meet all sums coming due for 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 oecome
due before the time for fixing the next general tax levy.
Said tax shall be in gddition to all other taxes levied
for municipal purposes, and shall be collected at the same time
and in the same manner as other municipal taxes are collected,
and be used for no other purpose than the payment of said bonds
and accruing interest.
SECTION 4. The proceeds of the sale of said Street Work
Bonds shall be placed in the City Treasury to the credit of a
fund to be known as the Street Work Bond Fund, No. 2, and the
same shall be applied exclusively for the purposes and objects
above mentioned in this Ordinance, for which such indebtedness of
Fifty Thousand (50,000) Dollars was incurred.
SECTION 6. The City Clerk shall certify to the passage
of this Ordinance, and its approval by the President of said
Board, and shall cause the same to be published by one insertion
in the Pomotropie, a weekly newspaper of general circulation,
published and circulated in said City of Azusa, and thereupon and
thereafter the same shall be in full force and effect.
Adopted this 3)rd dM --of March, 1924,
Pres o the Board of
City of Azusa.
ATTEST:
Cit• -=2 ark of the 'City Azusa.
REAL).
STATE OF CALIFORNIA )
)SS.
City of Azusa ).
Trustees of the
I, J. 0, Durrell, City Clerk of the City of Azusa, do
hereby certify that the foregoing Ordinance was f my passed by
the Board of Trustees of the City of Azusa, and signed by the
President of the Board at a regular meeting thereof held on the
3rd day of March, 1924, and that the same was passed by the
following vote:
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:
AYES: TRUSTEES:
NOES: TRUSTEES: Sone.
ABSENT: TRUSTEES: None.
IN WITNESS 742 REOF, I have hereunto set my hand and affixed
the Official Seal of the City AZus , this
ay of March, 192
CCity Clerk of the City of Azasa.
(SEAL)
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