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HomeMy WebLinkAboutOrdinance No. 267ORDINANCE NO.2_ 62 AN ORDINANCE OF THE BOARD OF TRUSTEES OF THE CITY OF AZUSA PROVIDING FOR THE ISSUANCE OF BONDS OF THE CITY OF AZUSA IN THE SUM OF SEVENTY-FIVE THOUSAND DOLLARS ($750000.00) FOR THE ACQUISITION AND OONSTRUCTION OF A CITY HALL,INCLUDING THE ACQUISITION OF NECESSARY LANDS AND THE ACQUISITION OR OONSTRUCTION OF THE NECESSARY BUILDING STRUCTURES, EQUIPMENT AND FURNITURE THEREFOR. WHEREAS, the.Board of Trustees of the City of Azusa, California, at a regular meeting of said Board held on the 3rd day of January, 1927, by more than a two-thirds vote of all its members, duly adopted Resolution No. 944, entitled "A RESOLUTION OF THE BOARD OF TRUSTEES OF THE CITY OF AZUSA DETERMINING AND DECLARING THAT THE PUBLIC INTEREST AND NECESSITY DEMAND THE ACQUISITION AND CONSTRUCTION OF A CITY HALL, INCLUDING THE ACQUISITION OF NECESSARY LANDS AND THE ACQUISITION OR CONSTRUCTION OF THE NECESSARY BUILDING, STRUCTURES, EQUIPMENT AND FURNITURE THEREFOR; PROVIDED THAT NO GREATER PORTION THEREOF THAN TWENTY-FIVE THOUSAND DOLLARS ($26,000.00)3HALL BE EXPENDED FOR THE ACQUISITION OF THE NECESSARY LANDS; AND DETERMINING AND DECLARING THAT THE COST THEREOF IS AND WILL BE TOO GREAT TO BE PAID OUT OF THE ORDI- NARY ANNUAL INCOME AND REVENUE OF SAID CITY", and which resolu- tion was duly approved by the executive of said city, to -wit: the President of the said Board of Trustees on the said 3rd day of January, 1927; WHEREAS, on the 7th day of February, 1927, the said Board of Trustees at a regular meeting thereof, by more than a two-thirds vote of all its members, duly pabsed" Ordinance No. 264, entitled "AN ORDINANCE OF THE BOARD OF TRUSTEES OF THE CITY OF AZUSA ORDERING, CALLING, PROVIDING FOR AND GIVING NOTICE OF A SPECIAL MUNICIPAL ELECTION TO BE HELD IN SAID CITY ON TUESDAY THE 15TH DAY OF MARCH, 1927, FOR THE PURPOSE OF SUBMITTING TO THE QUALIFIED VOTERS OF SAID CITY THE PROPOSITION OF INCURRING A BONDED INDEBTEDNESS BY SAID CITY FOR THE FOLLOWING MUNICIPAL IMPROVEMENT, TO -WIT.: THE ACQUISITION AND CONSTRUCTION OF A CITY HALL, INCLUDING THE ACQUISITION OF NECESSARY LANDS AND THE ACQUISITION OR CONSTRUCTION OF THE NECESSARY BUILDING, STRUCTURES, EQUIP- MENT AND FURNITURE THEREFOR; PROVIDING FOR THE ISSUE OF BONDS FOR SAID PURPOSE AND DETERMINING AND FIXING THE MAXIMUM RATE OF INTEREST OF SAID BONDS; PROVIDING FOR THE LEVY OF A TAX FOR THE PAYMENT OF SAID BONDS; AND PROVIDING FOR AND DE- SIGNATING AN ELECTION PRECINCT, DESIGNATING THE POLLING PLACE AND APPOINTING ELECTION OFFICERS FOR SAID ELECTION", which said ordinance was. duly approved by the executive of said city, to -wit: the President of the said Board of Trustees on the 6th day of February, 1927, and which ordinance was duly pub- lished once a week for two (2) successive weeks prior to the 16th day of March, 1927, in the "Pomotropic", a weekly news- paper of general circulation established, printed, published and circulated in said City of Azusa; WHEREAS, said special municipal election was held on the 15th day of March, 1927, as provided by said Ordinance No. 264. calling said election and by law for holding munici- pal elections in said city, and the proposition of incurring the.borded.debt hereinbefore mentioned received more than two- thirds of the votes of the qualified voters of said city vot- ing at said election; - I - --, WHEREAS, all and singular the provisions of the 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", approved February 25th, 1901, and all the acts amenda- tory thereof and supplementary thereto, and the.general laws of the State of California relating to cities of the sixth class, and the laws and ordinances of the City of Azusa having been fully complied with so as to authorize the issuance of said bonds; WHEREAS, the Board of Trustees of the City of Azusa did, at an adjourned regular meeting thereof, held on the 14th day of April, 1927, adopt, and the President of said Board did on the same day approve, Resolution No.976, entitled "A RESOLUTION OF THE BOARD OF TRUSTEES OF THE CITY OF AZUSA ACCEPTING THE BID OF WILLIAM R. STAATS CO. OF LOS ANGELES, CALIFORNIA, TO PURCHASE THE CITY HALL BONDS OF THE CITY OF AZUSA AUTHORIZED AT THE SPECIAL MUNICIPAL ELECTION HELD ON THE 15TH DAY OF MARCH, 19271T, by which resolution it was provided that the said bonds as sold under the bid of said William R. Staats Co. should bear a rate of interest Of five per cent. (5fo)tper annum; and WHEREAS, it is the desire of said Board of Trustees to now provide for the issuance and form of said bonds; NOW, THEREFORE, the Board of Trustees of the City of Azusa do ordain as follows: Section 1. That bonds of the City of Azusa in the sum of Seventy-five Thousand Dollars ($75,000.00) 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 INDEBTEDNESS BY CITIES, TOWNS, AND MUNICIPAL CORPORATIONS FOR MUNICIPAL IMpROVF11kNTS, AND REGULATING THE ACQUISITION, CONSTRUCTION, OR COMPLETION THEREOF", approved February 25th, 1901, and all acts or parts of acts amenda- tory thereof and supplementary thereto, and in accordance with the laws of the said City of Azusa, for the purpose of acquiring and constructing a city hall including the acquisition of necessary lands and the acquisition or construction of the necessary building, structures, equipment and furniture there- for; that said bonds shall be seventy-five (75) in number and shall be numbered from one (1) to seventy-five (75) both. inclusive; that the denomination of each of said bonds shall be One Thousand Dollars (41000.00); that the principal and interest of said bonds shall be payable in lawful money of the United States of America.; that said bonds shall be de- signated "CITY HALL BONDS,ELECTION 1927"; that said bonds shall be dated April 1st, 1927 and shall bear interest at the rate of five per cent. (5JJ per annum, payable semi-annually on the let day of April and the let day of October of each and every year until said bonds are paid; that the principal and interest of said bonds shall be payable at the office of the City Treasurer of the said City of Azusa, California, and said bonds shall be payable in the manner following, to -wit: bonds one (1) and two (2) on April let, 1928, and two (2) of said bonds numbered consecutively shall be payable on the let day of April of each and every succeding year up to and including April let, 1963, and the remaining three (3) of said bonds 2 - shall be payable on the 1st day of April, 1964. And said bonds shall be substantially in the fol- lowing form, to -wit: No. UNITED STATES OF AIe!ERICA STATE OF CALIFORNIA COUI4TY OF LOS ANGELES CITY OF AZUSA CITY HALL BOND, ELECTION 1927, AZUSA, CALIFORNIA. April let, 1927. On the first day of April (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 City of Azusa State of California, the sum of One Thousand Dollars 1w1000.00)with interest thereon at the rate of five per cent. 15%) per annum, payable semi-annually, on the first day of April and the first day of October of each year, at the office of the City Treasurer of the City of Azusa, in Azusa, State of California, upon the presentation and surrender of the interest coupons hereto attached. Principal and interest payable in lawful money of the United States of America. 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 INDEBTED- NESS BY CITIES, TOWNS AND MUNICIPAL CORPORATIONS FOR MUNICIPAL IM OVEMENTS, AND REGULATING THE ACQUISITION, CONSTRUCTION, OR COMPLETION THEREOF", approved February 25th, 1901, and of all acts or parts of acts amendatory thereof and supplementary thereto. It is further certified that all requirements of the Constitution and laws of the State of California and of all ordinances of the said City of Azusa have been fully complied with by the proper officers in the issuing of this bond; that this issue of bonds has been authorized by the vote of two-thirds of the duly quali- fied electors Of said city voting on the question of such issue at a special election duly and regularly called and held in said city on the 15th day of March, 1927; and that the total amount of this issue, together with all other indebtedness of said city, does not exceed the limit prescribed by the Constitution and laws of the State of California; that before or at the time of in- curring the indebtedness evidenced hereby provision has been made for the collection of an annual tax sufficient to pay the annual interest on this bond as it falls due and also for the payment of the principal of this bond on or before maturity. IN WITNESS WHEREOF, the said City of Azusa has caused this bond to be signed by the executive of the said municipality, to -wit: the President of the Board of Trustees of said city, 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 hereto affixed and the said city has also caused the coupons hereto at- - 3 - L tached to be numbered consecutively and signed by the Treasurer of said City of Azusa. (Seal of the City) { of Azusa. ) President of the Board of Trustees of the City of Azusa, California. Treasurer of the City o zusa, California. Countersigned by: City Clerk of the City of Azusa, California. That interest coupons shall be attached to each of said bonds representing each installment of interest to accrue on said bonds up to the maturity thereof, which said interest coupons shall be substantially in the following form, to -wit: No. On the first day of (month of maturity) A. D. (year of maturity) the City of Azusa, California, promises to pay to the bearer, at the office of the Treasurer of the City of Azusa, in said city, the sum of (amount of interest) Dollars, in lawful money of the United States of America, the semi-annual in- terest due on City Hall Bond, Election 1927, No. (Number of bond to which coupon is attached) Treasurer of the City of Azusa, California. Section 2. That the President of the Board of Trus- tees of said city and the Treasurer of said city are hereby authorized and directed to sign all of .said bonds and the City Clerk of said city is hereby authorized and directed to coun- tersign said bonds and to affix the corporate seal of said city thereto, and the Treasurer 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 the said City Treasurer, and said City Treasurer is hereby authorized and di- rected to sign all the interest coupons of said bonds by his lithographed or engraved signature. Section S. That the proceeds of the sale of said bonds shall be placed in the Treasury of said city to the credit of a fund to be known as "CITY HALL BONDS, ELECTION 19279 FUND" and shall be applied exclusively to the purpose mentioned in this ordinance, to -wit: to the purpose of the acquisition and construction of a city hall, including the acquisition of - 4 - necessary lands and the acquisition or construction_ of the neces- sary building. structures, equipment and furniture therefor, pro- vided that no greater portion thereof than $25,000.00 shall be expended for the acquisition of the necessary lands. Section 4. That for the purpose of securing and pro- viding for the payment of the principal and interest of said bonds, there is hereby created a fund to be known as ^CITY PALL BONDS, ELECTION 1927, INTEREST AND SINKING FUND"; that all the money which from time to time shall be placed in said fund shall be and is hereby set apart exclusively for the purpose of meet- ing all sums coming due for principal and interest on all the aforesaid bonds which may be issued under the proceedings herein- before recited; that for the purpose of paying the principal and interest of said 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 such bonds are paid, or until there be a sum in the Treasury of 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 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 collected at the same time and in the same manner as other municipal taxes are collected, and forth- with, as collected, shall be turned over to and into said "CITY HALL BONDS, ELECTION 1927, INTEREST AND SINKING FUND" and be used for no other purpose than the payment of said bonds and accruing interest. Section. 5. The City Clerk shall certify to the passage of this ordinance and shall cause the same to be published in one regular issue in the "Pomotropic", a weekly newspaper of general circulation established, printed and published in the City of Azusa. I hereby certify that the foregoing ordinance was duly passed by the Board of Trustees of the City of Azusa at a regular meeting held Meg l6th, 19270 by the following vote of the Board: AYES: NOES: ✓1 t e ABSENT: City Clerk of the CidAzusa. Approved this 16th day of May, 1927. PTe3ident Of the Board of Trustees of the City of Azusa. - 5 -