ORDINANCE 4663 d AL,
ORDINANCE NO. 466
AN ORDINANCE OF THE CITY OF EL SEGUNDO,
CALIFORNIA, PROVIDING FOR THE ISSUANCE
OF BONDS OF SAID CITY IN THE AMOUNT OF
$200,000.
WHEREAS, pursuant to Ordinance No. 443 of the City of
E1 Segundo, California, a special municipal election was duly
and regularly held in said city on the 2nd day of November,
1954, at which election there was submitted to the qualified
voters of said city the following bond proposition, to wit:
CITY OF EL SEGUNDO PARK AND RECREATION
BOND PROPOSITION: Shall the City of El
Segundo incur a bonded indebtedness in
the principal amount of $375,000 for the
purpose of the acquisition and construc-
tion by said city of a certain municipal
improvement, to wit: park and recreation
facilities for said city, including the
landscaping and other improvement of park
and recreation sites and the construction
of all buildings and other structures neces-
sary therefor, and including the acquisition
of all land, apparatus, equipment and other
property necessary therefor?
and
WHEREAS, said proposition received the affirmative
vote and assent of more than two - thirds of all of the qualified
voters of said city voting on said proposition, and said city
is now authorized to issue bonds in the amount and for the
purpose set forth in said proposition; and
WHEREAS, $175,000 of said bonds designated PARK AND
RECREATION BONDS, ELECTION 195+, SERIES 1, have heretofore been
issued and sold; and
WHEREAS, it is necessary and desirable to issue and
sell at this time the remaining $200,000 of said bonds;
NOW, THEREFORE, the City Council of the City of
E1 Segundo, California, DOES ORDAIN as follows:
Section 1. That bonds of the City of E1 Segundo,
California, in the principal sum of two hundred thousand
dollars ($200,000) be issued and sold for the purpose set
forth in the bond proposition in the recitals hereof. Said
bonds shall be designated PARK AND RECREATION BONDS, ELECTION
195+, SERIES 2, shall be two hundred in number, numbered 1 to
200, inclusive, and shall be of the denomination of $1,000 each.
Said bonds shall be dated November 1, 1955, and shall be payable
in consecutive numerical order, $10,000 on November 1 in each
of the years 1956 to 1975, inclusive.
Said bonds shall bear interest at a rate or rates
to be hereafter fixed by resolution, but not to exceed five
per cent (5 %) per annum, payable annually for the first year
and semiannually thereafter. Said bonds and the interest
thereon shall be payable in lawful money of the United States
of America at the office of the City Treasurer of the City of
El Segundo, California, in said city.
Section 2. That the Mayor of the City of E1 Segundo
and the City Treasurer of said city are hereby authorized and
directed to sign all of said bonds by their printed, lithographed
or engraved facsimile signatures, and the City Clerk of said
city is hereby authorized and directed to countersign said
bonds and to affix thereto the corporate seal of said city,
and the City Treasurer of said city is hereby authorized and
directed to sign the interest coupons of said bonds by his
2.
printed, lithographed or engraved facsimile signature, and to
number said interest coupons of each of said bonds consecutively.
Section 3. That said bonds and the coupons for the
interest thereon shall be issued in substantially the following
form:
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
CITY OF EL SEGUNDO
PARK AND RECREATION BOND
ELECTION 1954, SERIES 2
No.
$1,000.00
The CITY OF EL SEGUNDO, a municipal corporation
situated in the County of Los Angeles, State of California,
FOR VALUE RECEIVED, hereby acknowledges its indebtedness
and promises to pay to the bearer hereof the sum of
ONE THOUSAND DOLLARS ($1,000.00) on the first day of
November, 19 , with interest thereon from the date
hereof at the rate of per cent ( ) per
annum, interest for the first year payable at the end of said year
and interest thereafter payable semiannually on the first
days of May and November of each and every year until this
bond is paid, on presentation and surrender of the respective
interest coupons hereto attached. Both principal and interest
are payable in lawful money of the United States of America
at the office of the City Treasurer of the City of E1 Segundo,
California, in said city.
This bond is issued by the City of E1 Segundo under
and in pursuance of and in conformity with the provisions
of Article 1, Chapter 4, Division 4, Title 4 of the
Government Code of the State of California, and acts
supplementary thereto, and in pursuance of the laws and
Constitution of the State of California, and is authorized
by a vote of more than two - thirds of all the qualified
voters of said City of E1 Segundo voting at an election
duly and legally called, held and conducted in said city on
the 2nd day of November, 1954.
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 debt limit prescribed by the laws or Constitution
of the State of California.
IN WITNESS WHEREOF, said City of E1 Segundo has caused
this bond to be signed by the Mayor and the City Treasurer
of said city by their facsimile signatures, countersigned
3.
by the City Clerk of said city, and sealed with the
corporate seal of said city, and the interest coupons
hereto attached to be signed by the City Treasurer
by his facsimile signature, and has caused this bond
to be dated the first day of November, 1955.
(facsimile signature)
Mayor ort the City of
E1 Segundo, California.
(facsimile signature)
City Treasurer or the City of
E1 Segundo, California
COUNTERSIGNED:
City Clerk of the City of
El Segundo, California.
(SEAL)
(COUPON FORM)
On the first day of
the CITY OF EL SEGUNDO, California, 19
will pay to the bearer at the office
of the City Treasurer of the City of Coupon No.
El Segundo, in said city, the sum of $
in lawful money of the United States
of America being the (annual or
semiannual interest then due on
PARK AND RECREATION BOND
ELECTION 1954, SERIES 2 No.
dated November 1, 1955
(facsimile signature)
City Treasurer of the City
of E1 Segundo, California.
Section 4. That the proceeds of the sale of said
bonds (except premium, if any, and accrued interest) shall
forthwith be turned over to and placed in the municipal treasury
of the City of E1 Segundo to the credit of a fund heretofore created
and designated "PARK AND RECREATION BONDS, ELECTION 1954,
CONSTRUCTION FUND," and the moneys in said fund shall be applied
exclusively to the acquisition and construction of the municipal
improvement described in the bond proposition in the recitals
hereof, except as provided in Section 43628 of the Government
Code of the State of California.
4.
Section 5. That any premium or accrued interest
received from the sale of said bonds shall forthwith be
turned over to and placed in said treasury in the interest
and redemption fund hereinafter created. That for the purpose
of paying the principal and interest of said bonds, the City
Council of the City of El Segundo shall, at the time of fixing
the general tax levy, and annually thereafter until said bonds
are paid or until there is a sum in the treasury of said city
set apart for that purpose sufficient to meet all payments of
principal and interest on said bonds as they become due,
levy and collect a tax sufficient to pay the interest on
such indebtedness as it falls due and such part of the principal
thereof as will become due before the proceeds of a tax levied
at the next general tax levy will be available. Said tax shall
be in addition to all other taxes levied for municipal purposes
and shall be levied and collected as other city taxes, and
shall forthwith be turned over and paid into a fund of the
City of E1 Segundo to be known as "PARK AND RECREATION BONDS,
ELECTION 195+, SERIES 2, INTEREST AND REDEMPTION FUND." Said
fund shall be used for no other purpose than the payment of said
bonds and interest thereon until said bonds and interest are
fully paid.
Section 6. That the City Clerk shall certify to
the passage and adoption of this ordinance by a vote of more
than two - thirds of all the members of the City Council of
said city, and shall cause this ordinance to be published
once in the EL SEGUNDO HERALD, a newspaper of general circula-
tion in said city.
5•
Section 7. This ordinance shall take effect
thirty (30) days after its passage.
ADOPTED, SIGNED AND APPROVED this 14th day of
September, 1955.
Mayor of the City of
E1 Segundo, Califo
ATTEST:
My Cler o e y o
E1 Segundo, Calif or a.
(SEAL)
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES ss.
CITY OF EL SEGUNDO
I, NEVA M. ELSEY, City Clerk of the City of E1 Segundo,
California, DO HEREBY CERTIFY that the foregoing ordinance
was introduced and read at an adjourned regular meeting of the
City Council of said city duly held on the 7th day of September,
1955, and thereafter at a regular meeting ooff said Citdulyuncil duly
held on the 14th day of September, 1955, was
and adopted by said City Council and signed and approved by the
Mayor of said City, and that said ordinance was passed and adopted
by a vote of more than two - thirds of the members of said City
Council, to wit:
(SEA L)
AYES: Councilmen Frederick, Gordon, Swanson and
Mayor Selby• —
NOES: Councilmen None;
ABSENT: Councilmen Baker.
City Clerk of the City/r(5
E1 Segundo, Californi
6.
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City clerk of the CAy of E1 Sc: -?do, Cou.]ty
of Los Angeles, State f California.
Depu,,v City Clerk 04' :.aid city.