Loading...
ORDINANCE 25ORDINANCE N0. _4g AN ORDINANCE PROVIDING FOR THE ISSUANCE AND REDEMPTION OF THE BONDS OF THE CITY OF EL SEGUNDO, STATE OF CAI,IFORNIn, TO THE AMOUNT OF FIFTY -FOUR THOUSAND D011ARS, FOR ME ACQUISITION, CONSTRUCTION AND COU- PLETION OF MUNICIP61 T1,1PROVKTE_1TTS FOR SAID CITY, IN ACCORDANCE WITH Ai' AS AUTHORIZED AT A SPECIAL 11ECTION HELD IN SAID CITY ON THE FIRST DAY OF OCTOBER, 1917. AREAS, a special election was held on the 1st day of October, 1917, in accordance with the provisions and requirements of Ordinance No. 21 of said city, call- a ing, providing for and giving notice of such election, reference to said ordinance for further particulars being here made; and WHERE'bS, it has been determined by a canvass of the returns of said election by the Board of Trustees of said city, made October 8th, 1917, and entered upon the minutes of said board, that at such special election the incurring of a bonded indebtedness of'said city for the purposes and to the amount herein stated was author- ized by an affirmative vote of more than two - thirds of all the voters voting thereat, Now therefore, The Board of Trustees of the City of E1 Segundo do ordain as follows: SECTION 1. - That bonds of the City of El Segundo -i- 177 State of California, be issued in accordance with the result of the special election held in said city on the let day of October, 1917, qnd in compliance with the statutes of the State of California and the ordinances of said city, to the amount of Fifty -four Thousand Dollars ($54,000.00), for the purpose of the acquisition, construction and completion of the muni- cipal improvements described in said Ordinance No. 21; that said bonds shall be called "Improvement Bonds ", shall be one hundred and eight in number, of the denom- ination of Five hundre,6 Dollai[ s (9500e) each and shall be numbered consecutively from one to one hundred and eight, both inclusive, and shall be payable in numerical order consecutively, commercing with the lowest numbers in the manner following, that is to say:- Five of said bonds each year for twelve consecutive years commenc- ing aanuar7'1, 1919, and thereafter six of said bonds each year for the next eight years, until all of said bonds shell be paid. 11 of said bonds issued as herein provided shall be of the form and character Down as "Serials ". They ehall be dated January 1, 1916, shall bear inter- est at the rate of six per centum per annum, payable semi - annually on the first days of July and January of each year until the maturity thereof; and the principal and interest thereof shall be payable in gold coin of the United States, at the office of the Treasurer of said city, or, at the o,tion of the hold- er, at the fiscal agency of said city in the City and State of New York. -2- SECTION 2. - Said bonds shall be signed by the executive of said City of Ll Segundo, being the President of the Board of Trustees of laid city, and by the Treasurer of said city; they shall be counter- signed by the Clerk of said city, and the seal of said city shell be affixed thereto. Said bonds shall be substantially in the following form: UNITED STATES OF Ai {'RICA STbiE Or CnLIFORNIA, CITY OF EL MGUNDO IMPROVEMENT BOND Pd o . 40500.00 For value received, the City of El Segundo, a municipal corporation organized and existing under the laws of the State of California, hereby acknow- ledges itself indebted to and promises to pay the bearer on the first day o� January,,, 19 Five Hundred Dollars ("'500.00) with interest thereon—FT the rate of six ier centum per annum, payable semi - annually, Julh lst and January let, on presentation and surrender of the coupons hereto attached as they respectively become due; both principal and interest being payable in gold coin of the United States at the office of the Treasurer of maid city, or, at the oT�tion of the holder, at the fiscal agency of said city in the City and State of iiew York. This bond is issued under and pursuant to the Constitution and statutes of the State of California, and under and pursuant to ordinances and proceedings of said city duly adopted end taken and a vote and assent of more than two-thirds of all the qualified electors of said city voting at a special election duly and le- gally called and held for that purpose. It is hereby certified, recited and declared that all acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of this bond have existed, happened and been performed in due time. form and manner as required by law, and that the amount of this bond together with all other indebtedness of said city does not exceed any limit prescribed by the constitution or statutes of said state, and that provision has been made as required by the constitution and statutes of said state for the collection of an annual tax sufficient to pay the inter- est on this bond as it falls due, and :lso provision to constitute a sinking fund for th:; payment of the prin- cipal-of this bond on or before maturity. The full faith and credit of said city are hereby pledged for the punctual -3- payment of the principal and interest of this bond. In witness whereof, said City of L1 Segundo has caused this bond to be executed under its corpor- ate seal, signed by its President of the Board of Trustees and Treasurer, and countersigned by its Clerk; and has caused the interest coupons hereto attached to be signed by its Treasurer, and this bond to be dated the first day of January, 1918. President of e Board of rustees City Treasurer - - - - - - - - - Countersigned City Clerk - - - - - - - - - - SECTION 3. - Interest coupons shall be attached to each bond to the number of twice the number of years such bonds will run until the maturity thereof, and in the amount of Fifteen dollars each, which sum will be the amount due for interest on such bond for sis_ months; such coupons shall be numbered from one up- wards and each shall state the number of the bond to which it is attached. Such coupons shall be signed by the Treas- urer of said city, by his engraved or lithograFhe& signa- ture, and be substantially in the following form: FORM OF COUPON. No ; On 19 , the City of E1 Segundo, California will pay to the Wirer at the office of the Treasurer of said city, or, at the option of the holder, at the fiscal agency of said city in the City and State of New York, Fifteer. Dollars in gold coin of the United-6tates, bein8 six mon he interest then due on its Improvement Bond No. , dated January 1, 1918. Treasurer. W4- Is,,- 18 s SECTION 4. - For the purpose of paying the principal and interest of said bonds, the Board of Trustees of the City of El Segundo shall, at the time of fixing the general tax levy and in the manner for such general tax levy provided, levy and collect for the fund hereinafter provided for, annually each year, until such bonds are paid or until there shall be a sam in the treasury of said city, set apart for that purpose, sufficient to meet all sums, be- coming due for the principal and interest on said bonds a tax sufficient to pay the annual interest on said bonds, and also such part of the principal thereof as shall become due before the time for fixing the next general tax levy. chid tax shall be in addition to all other taxes levied for muni- cipal purposes, and shall be collected at the same time and in the same manner as other municipal taxes are collected and as collected shall be forthwith paid into the funds for which the same were levied and collected, which said funds shall be designated for the several respective improvements for which the bonds were issued as follows: "City Hall bond interest and redemption Fund, 1918 ", Street Improvement bond interest and redemption Fund, 191811, and "Fire Apparatus bond interest and redemption Fund, 1918 ", and all sums to become due for the principal and interest on the respective bonds for the purposes hereinbefore enumerated shall be paid from such respective funds and said funds shall be used for no other purpose than the payment of said bonds and accruing interest. SECTION 5. - The President of the Board of Trustees and the Treasurer are hereby authorized and directed to fill in the blank spaces in said bonds in accordance with this ordinance and to sign all said bonds on behalf of said city, and the city clerk is authorized to countersign the samd and to affix the city's seal thereto. -5- SECTICN 6. - The Board of Trustees may sell said bonds at such times and in such amounts as it may determine, and the proceeds arising from any such sale shall be placed in the treasury to the credit of the reepecti;e "Improvement Funds ", which funds are hereby created; and such proceeds shall be used re:-pectively and exclusively for the purposes for which the bonds were issued. SECTICN 7. - The City Clerk shall certify to the passage of this ordinance and shall cause the same to be published by one insertion in the El Segundo Herald, a weekly newspaper of general circulation printed, published and circulated within said city and which is hereby designated for that nuroose, and thereupon and thereafter this ordinance shall take effect and be in full force. SECTION 8. - All ordinances or nart-1 of ordin- ances in conflict herewith are hereby repealed. Passed and approved this / day of December, 1917. President of tife Board. of Trustees of the Cit of E1 Segundo. ATTEaT: 0, 22 - City Clerk. IM STATE OF CAL IFCIUI IA ) COII1 TY OF LOS AITGELES ) SS CITY OF EL SEGUNDO ' I, Victor D. McCarthy, City Clerk of the City of El Segundo, California, do hereby ce•tify that the forep-oing ordinance, being Ordinance No. 25, was passed by the Board of Trustees of said city, signed by the president of said board and atteeted by the city clerk, all at a regular meetinFT of the said board held on the day of December, 1917, and that the same wa; passed by the following vote: AYES: Trustee: Coward, Martin, Smiley, vVard and Rueger. NOES: Trustees None. ABSENT:Trustees None. -7- City Clerk.