ORDINANCE 1086a
ORDINANCE NO. 1086
ORDINANCE OF THE CITY COUNCIL OF THE CITY OF EL
SEGUNDO, CALIFORNIA, ORDERING THE SUBMISSION OF THE
PROPOSITION OF INCURRING AN ISSUE OF GENERAL
OBLIGATION BONDS FOR THE IMPROVEMENT OF REAL
PROPERTY, TO WIT, THE IMPROVEMENT, CONSTRUCTION,
RECONSTRUCTION AND FINANCING OF A PUBLIC LIBRARY
FACILITY.
THE CITY COUNCIL OF THE CITY OF EL SEGUNDO,
CALIFORNIA DOES ORDAIN AS FOLLOWS:
SECTION 1. FINDINGS.
1. On August 5, 1986, the City Council (the
"Council ") of the City of E1 Segundo. California (the
"City ") duly adopted Resolution No. 3412 (the "Resolution "),
initiating proceedings to provide for an issue of general
obligation bonds (the "Bonds ") for a municipal improvement
as described therein (the "Project "), pursuant to and in
accordance with the Constitution and statutes of the State
of California (the "State "), and particularly Article 1 of
Division 4 (commencing with Section 43600) of the Government
Code of the State (the "Act "); and
2. The Act requires the Council to pass an
ordinance by two - thirds vote of all its members, ordering
the submission of the proposition of incurring a bonded
debt, for the purposes set forth in the Resolution, to the
qualified voters of the City at an election; and
3. The Council hereby intends to submit the
proposition of incurring a bonded debt, as set forth in the
Resolution, on the ballot of the Statewide general election
to be held on Tuesday, November 4, 1986;
SECTION 2. RECITALS
1. That the object and purpose of incurring the
bonded indebtedness contemplated hereby is the same object
and purpose described and set forth in the Resolution, to
wit, the improvement, construction, reconstruction and
financing of a public library facility.
2. That the estimated cost of the Project, as
described in the Resolution, including but not limited to
improvement, construction, reconstruction and financing by
the City of a public library facility, engineering and
design costs, inspection and legal fees, costs of printing
the Bonds (as defined hereinafter), costs of the election
and the issuance, sale and delivery of the Bonds, and other
fees, costs and expenses incidental to or connected with
such acquisition, construction and financing is Three
Million Two Hundred Fifty Thousand Dollars ($3,250,000).
3. That the Council does hereby approve and order
to be included on the ballot at the Tuesday, November 4,
1986 Statewide general election, a proposition to issue the
Bonds to be used for the costs of the Project, as set forth
above, in a principal amount of not to exceed Three Million
Two Hundred Fifty Thousand Dollars ($3,250,000) and such
KSM /ORN6362
proposition is hereby approved and ordered to be
consolidated with the November 4, 1986 general election.
4. That the maximum rate of interest to be paid
on the Bonds shall not exceed the maximum rate permitted by
law as of the date of issuance of the Bonds, payable at the
time and in the manner provided by law. The actual rate of
interest on the Bonds shall be determined at the time of the
sale thereof. Interest on the Bonds shall be payable
semiannually except that interest for the first year after
the date of the Bonds may be made payable at the end of such
year.
5. That the precincts, polling places and
officers of election pertaining to the proposition to incur
indebtedness, as described herein, shall be the same as
those pertaining to the Tuesday, November 4, 1986 Statewide
general election.
6. That the election shall be conducted in the
manner provided by the Elections Code of the State and in
accordance with Resolution No. 3412, adopted by the Council
on August 5, 1986.
7. That the proposition to incur indebtedness
shall be presented on the ballot at the Tuesday, November 4,
1986 Statewide general election in substantially the
following form (in addition to any other matter required by
law):
GENERAL OBLIGATION BOND
PROPOSITION: Shall the City of E1
Segundo authorize the issuance of
general obligation bonds in one or
more series, in an aggregate
principal amount of not to exceed
Three Million Two Hundred Fifty
Thousand Dollars ($3,250,000) for
the improvement, construction,
reconstruction and financing of a
public library facility in the City
of El Segundo, and including all
engineering, inspection, printing,
legal, and other fees incidental to
or connected with the
authorization, issuance and sale of
such bonds, bond reserve funds and,
if applicable, interest during the
construction period and for a
period not to exceed twelve months
after completion of construction,
and other costs and expenses
incidental to or connected with
such improvement, construction,
reconstruction and financing?
YES
NO
8. That notice of the time and place of holding
said election, including the submission of the proposition
to incur indebtedness. is hereby given and the City Clerk
is hereby authorized, instructed and directed to give such
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KSM /ORN6362 ORD. #1086
further and additional notice of said election in time, form
and manner as required by law.
SECTION 3. That the City Clerk shall certify to
the passage and adoption of this Ordinance, shall enter the
same in the book of original ordinances of the City and
shall make a minute entry of the passage and adoption hereof
in the records of the proceedings of the Council.
SECTION 4. That this Ordinance shall be published
once a day for at least seven (7) days in a newspaper
published at least six (6) days a week in the City, or once
a week for two weeks in a newspaper published less than six
days a week in the City, or posted in three public places in
the City.
SECTION 5. That this Ordinance shall take effect
immediately pursuant to the Act upon a favorable vote by
two - thirds of all members of the Council.
ADOPTED, SIGNED AND APPROVED this 7th day of
August, 1986.
(SEAL)
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KSM /ORN6362
ORD. #1086
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF EL SEGUNDO )
I► Ronald L. Hart , City
Clerk of the City of E1 Segundo, do hereby certify that the
foregoing Ordinance No. 1086 was
regularly introduced and placed upon a first reading at a
regular meeting of the City Council on the 7th day of
August , 1986, by the following vote, to wit:
AYES: Councilmembers Anderson, Jacobson, Schuldt,
West & Mayor Siadek
NOES: Councilmembers None
ABSENT
APPROVED AS TO FORM:
ITY ATTORNEY
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KSM/ORN6362
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS
CITY OF EL SEGUNDO )
I, Ronald L. Hart, City Clerk of the City of E1 Segundo,
California, DO HEREBY CERTIFY that the whole number of members of
the City Council of the said City is five; that the foregoing
ordinance, being Ordinance No. 1086 is a full, true and correct
original of Ordinance No. 1086 of the said City of E1 Segundo,
California, entitled:
ORDINANCE OF THE CITY COUNCIL OF THE CITY OF EL SEGUNDO,
CALIFORNIA, ORDERING THE SUBMISSION OF THE PROPOSITION OF
INCURRING AN ISSUE OF GENERAL OBLIGATION BONDS FOR THE
IMPROVEMENT OF REAL PROPERTY, TO WIT, THE IMPROVEMENT,
CONSTRUCTION, RECONSTRUCTION AND FINANCING OF A PUBLIC
LIBRARY FACILITY.
which was duly passed and adopted by the said City Council,
approved and signed by the Mayor of said City, and attested by
the City Clerk of said City, all at a adjourned regular meeting
of the said Council held on the 7th day of August, 1986, and that
the same was so passed and adopted by the following vote:
AYES: Councilmembers Anderson, Jacobson, Schuldt,
West, and Mayor Siadek
NOES: None
ABSENT: None
I do hereby further certify that pursuant to the provisions
of Section 36933 of the Government Code of the State of
California, that the foregoing Ordinance No. 1086 was dully and
regularly published according to law and the order of the City
Council of said City in the E1 Segundo Herald, a weekly newspaper
of general circulation, printed, published and circulated within
said City and that the same was so published therein on the
following date, to wit: August 14, 1986.
A ovJ�
RONALD L. HART,
City Clerk of the
City of E1 Segundo,
California
(SEAL)