HomeMy WebLinkAboutResolution No. 01-C0640 0
RESOLUTION NO. 01-C64
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AZUSA, CALIFORNIA, CALLING AND GIVING NOTICE OF
THE HOLDING OF A SPECIAL ELECTION TO BE HELD ON
TUESDAY, NOVEMBER 6, 2001, ORDERING THE
SUBMISSION OF A PROPOSITION TO INCUR A BONDED
INDEBTEDNESS AND AUTHORIZE THE ISSUANCE OF
GENERAL OBLIGATION BONDS TO FINANCE THE
CONSTRUCTION OF CERTAIN PUBLIC LIBRARY
IMPROVEMENTS TO THE QUALIFIED VOTERS OF THE
CITY OF AZUSA
WHEREAS, the City Council of the City of Azusa (the "City") has determined
that the public interest and necessity demand the acquisition of real property and the
construction of a public library (the "Library Project'); and
WHEREAS, the City is unable to finance the Library Project through the
sources of revenue presently available to the City; and
WHEREAS, the City Council desires to enact this resolution, as authorized
by Government Code Sections 53507.5 and 53508 to orderthe submission of a proposition
to incur a bonded indebtedness to finance the Library Project.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AZUSA,
CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. Object and Purpose of Incurring the Indebtedness. The object
and purpose of incurring the proposed indebtedness and issuing general obligation bonds
to represent such indebtedness shall be to finance the construction of the Library Project.
SECTION 2. Estimated Cost. The estimated cost of the Library Project is
$15,000,000. Pursuant to Government Code Section 53508, the estimated cost of the
Library Project shall include all of the following, in addition to the acquisition of real property
and costs of construction of a public library and all necessary incidental costs relating to
such acquisition and construction:
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(a) Legal or other fees incidental to or connected with the authorization,
issuance and sale of the bonds; and
(b) The costs of printing the bonds and other costs and expenses incidental to
or connected with the authorization, issuance and sale of the bonds.
Nothing in this Section shall be construed to authorize the City to use the proceeds of the
sale of the bonds for a purpose for which it could not use its general fund.
SECTION 3. State Matching Funds. It is the intent of the City to file applications
and seek funding from the State of California to finance sixty-five percent (65%) of the cost
of acquisition of property and the construction of a public library, and if such funding is
approved and allocated to the City, the City's intention is to issue and sell bonds for only
the City's portion of the total cost of acquisition of property and the construction of the
public library. If State match funding is not approved and/or unavailable, then the City will
not issue, secure or sell bonds for the Library Project.
SECTION 4. Principal Amount of General Obligation Bonds. The principal amount
of the general obligation bonds to be issued to finance the Library Project shall not exceed
$5,875,000.00.
SECTION 5. Interest Rate on the General Obligation Bonds. The maximum rate
of interest on the general obligation bonds shall not exceed six percent (6%) per annum
or such other maximum rate of interest which may be legally authorized at the time that
such bonds are issued, whichever is less.
SECTION 6. Proposition. The exact form of the measure to be voted upon at the
election at which the proposition to incur a bonded indebtedness and to authorize the
issuance of general obligation bonds for the Library Project as it shall appear on the ballot
is as follows:
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MEASURE _: If, and only if, the State of
California provides a 65% matching share of the cost to
build a new and expanded Library, shall the City of Azusa,
California incur bonded indebtedness (in an amount not to
exceed $5,875,000 at interest rates not to exceed 6% per
year), to provide our 35% local share to improve free
educational resources and opportunities for children,
families and our entire community, in cooperation with our
local schools?
Yes
No
SECTION 7. Date of Election. The election at which the proposition to incur a
bonded indebtedness and to authorize the issuance of general obligation bonds for the
purposes recited herein shall be November 6, 2001.
SECTION 8. Manner of Holding Election. The election shall be consolidated with
the general election to be conducted by the Registrar of Voters of the County of Los
Angeles and the precincts, polling places and officers of the election shall be the same as
those set forth in ordinance, order, resolution or notice calling or providing for or listing or
designating precincts, polling places and election officers for such general election.
SECTION 9. Procedure for Voting. The procedure for voting for or against the
proposition shall be as follows:
To vote for the proposition, the voter must mark the "YES" box
pursuant to the instructions as provided by the Registrar of
Voters.
To vote against the proposition, the voter must mark the "NO"
box pursuant to the instructions as provided by the Registrar
of Voters.
SECTION 10. Certification of Resolution. The City Clerk is hereby directed to file
a certified copy of this resolution with the Los Angeles County Registrar of Voters.
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PASSED, APPROVED AND ADOPTED this 16th day of July, 2001.
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the
City Council of the City of Azusa at a regular meeting thereof, held on the 16th day of July,
2001, by the following vote of the Council:
AYES: COUNCILMEMBERS: HARDISON, STANFORD, ROCHA, CHAGNON,
MADRID
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
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