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HomeMy Public PortalAboutOrdinance 84ORDINANCE NUMBER _ AN ORDINANCE PROVIDING FOR THE ISSUE OF CERTAIN BONDS OF THE CITY OF BEAUMONT, PROVIDING FOR THE PAYMENT OF PRI14CIPAL AND INTEREST UPON SAID BONDS AND ESTABLISHING FUNDS. WHEREAS, pursuant to a resolution of the Board of Trustees of the City of Beaumont, at its meeting held on the 10th day of November, 19220 and Ordinance Number 83 of the City of Beaumont, a special election was duly and regularly held in the City of Beaumont on the 9th day of January$ 192 at which election there was submitted to the electors of the said City the follow- ing proposition: "Shall the City of Beaumont incur a bonded indebtedness of Fifty -two Thousand Dollars ($52,000.00), for the purpose of construction and completion by said City of Beaumont of a certain municipal improvement, to -wit: Certain street work consisting of grading and paving a part of the surface of the following portions of certain streets and avenues in the City of Beaumont, California, to -wit: West Fifth Street from the west line of Veile Avenue to the east line of California Avenue; Egan Avenue from the right of way of the Southern Pacific Railroad to West Sixth Street; West Sixth Street from the west line of Egan Avenue to California Avenue; Grace Avenue from West Fifth Street to California Avenue; California Avenue from West Fifth Street to Sixth Street; Sixth Street from the west line of California Avenue to the east.line of Beaumont Avenue; Beaumont Avenue from Sixth Street to Fourteen h Street; including the construction of the necessary culverts, crossings and gutters thereon and thereunder? WHEREAS, said proposition received the affirmative vote and assent of more than two - thirds of all the voters voting at the election at which said proposition was submitted, and all and singular the requirements of the constitution and laws of the State of California and ordinances of the City of Beaumont having been complied with, and the said City being now authorized to issue bonds for the amount and for the purposes hereinbefore specified, -I- NOW THEREFORE, THE BOARD OF TRUSTEES OF THE CITY OF BEAUMONT DO ORDAIN AS FOLL0WSS Section 1. That bonds of the City of Beaumont in the sum of Fifty -two Thousand ($52,000.00) Dollars be issued in accordance with the provisions of the act of the Legislature entitled "An Act authorizing the incurring of indebtedness Cities, Towns and Municipal Corporations for Municipal Improve- ments and Regulating Acquiaitiong Construction or Completion Thereof," which became a law February 25th, 1901, and acts amendatory thereof. Said bonds shall be one hundred four (104) in number and numbered from 1 to 104 consecutively, each of the denomination of $500.00. All of said bonds shall be dated April lst, 1923. Three of said bonds shall mature on' the first day of April of each of the years 1924 to 1928 inclusive; Four of said bonds shall mature on the first day of April of each of the years 1929 to 1933 inclusive; Five of said bonds shall mature on the first day of April of each of the years 1934 to 1938 inclusive; six of said bonds shall mature on the first day of April in the year 1939; Seven of said bonds shall mature on the first day of April in the year 1940; Eight of said bonds shall mature on the first day of April in the year 1941; Eleven of said bonds shall mature on the first day of April of the year 1942; and twelve of said bonds shall mature on the first day of April in the year 1943. All of said bonds shall be so dated and numbered that they shall fall due serially according to number, the earliest maturities being the lowest numbers and the latest maturities being the highest numbers. The principal and interest of said bonds shall be payable at the office of the City Treasurer of the City of Beaumont. Said bonds shall bear interest at the rate of five and one -half per cent per annum, payable semi - annually on - on the first days of October and April. Both principal and interest shall be payable in lawful money of the United States, Section 2. Said bonds and coupons for interest thereon shall be printed, lithographed or engraved in the following or substantially the following form: (Filling blanks): "UNITED STATES OF AMERICA, STATE OF CALIFORNIA, CITY OF BEAUMONT. MUNICIPAL IMPROVEMENT BOND ISSUED FOR THE CONSTRUCTION AND COMPLETION OF CERTAIN STREET PAVING, Beaumont, California, April 1st, 1923. On the first day of April, 19;�, , the City of Beaumont, Riverside County, California, will pay to the bearer, at the office of the City Treasurer in said City, the sum of Five Hundred (500.00) Dollars, and will pay interest thereon from the date hereof at the rate of five and one -half per cent per annum, payable semi - annually, on the first day of October and the first .day of April, at the office of the City Treasurer in said City, upon the presentation and surrender of the interest coupons hereto attached, both principal and interest payable in lawful money of the United States. This bond is issued in purcuance of an act of the Legis- lature of the State of California, which became a law February 25th, 1901, and acts amendatory thereof, authorizing the incur- ring of indebtedness of cities for municipal improvements. It is further certified that all the requirements of the law and of the ordinances of the City of Beaumont have been com- plied with by the proper officers, in the issuing of this bond; that the issue of bonds of which this is one, has been author- ized by a vote of two - thirds of 'the qualified electors of said City of Beaumont voting at a special election duly and regularly called and held in'said City on the 9th day of January, 1923, and that the total amount of said issue, together with all the other indebtedness of said City, does not exceed any debt limits by the laws or constitution of tfie State of California. WITNESS the seal of said City and the signature of the President of the Board of Trustees and the Treasurer thereof and the counter - signature of the City Clerk. ------------------------------------ President of the Board of Trustees of the City of Beaumont. w1�w- w--w.�w ww wlw�y w �YY-rr -wwrr Treasurerwof the City of Beaumont. Countersigned: ---------------------------------- Clerk of the City of Beaumont. -J- ( INTEREST COUPON) "On the first day of --------- 1 19 - -- the City of Beaumont will pay to the bearer at the off ice of the City Treasurer, in the City of Beaumont, Riverside County, California, the sum of Thirteen and 75/100 ($13.75) Dollars, payable in lawful money of the United States, the semi - annual interest due on Municipal Improvement Bond issued for the construction and completion of street work, dated April 1st, 1923, and numbered ............ -------------------------------- Treasurer of the City of Beaumont." Section 3. That the proceeds of the sale of said Fifty -two Thousand (521,000.00) Dollars of bonds provided for herein shall be placed to the credit of a fund of the City of Beaumont to be known as "1923 Street Paving Improvement Fund ", and shall be used exclusively for the construction and completion of the municipal improvement described in tpe resolution hereinbefore recited to have been adopted by the Board of Trustees of said City. Section 4. The President of the Board of Trustees of said City and the Treasurer thereof are hereby authorized and directed to sign all of the bonds issued pursuant to this ordinance, and the City Clerk of said City is hereby author- ized and directed to countersign said bonds and to affix thereto the corporate seal of said City, and the Treasurer o said City is hereby authorized and directed to sign the interest coupons of said bonds by his printed, lithographed or engraved signature and to number consecutively the coupons of each of said bonds. Section 5. The Legislative branch of the City of Beaumont shall at the time of fixing the general tax levy, a.nd in the manner for such general tax levy provided, levy and collect annually each year until said bonds are paid, or until there shall be a sum in the trasury of said City set apart for that purpose, to meet all sums coming due for principal and interest on said bonds, a tax sufficient to pay the interest on such indebtedness as it falls due and also to -4- to constitute a sinking fund for the payment of the principal thereof on or before maturity. The taxes herein required to be levied and collected shall be in addition to all other taxes levied for municipal purposes, and shall be collected same at the time and in theAmanner as munie,ipaltaxes are collected and be used for no other purpose than the payment of said bonds and accrued interest. Section 6. The City Clerk shall certify to the passage and adoption of this ordinance by a vote of two- thirds of the members of the Board of Trustees of said City and shall cause the same to be published once in the Beaumont Leader, a news- paper of general circulation printed, published and circulated in said City and thirty days after its adoption, this ordinance shall be in full force and effect. SIGNED and approved this f6_9 day of February, 1923. Presiders of the BoaKd of Trustees of the City of Beaumont. ATTEST - _ --__ - - -- ---------- �Cler'` of tl City of Beaumont. I, G. W, GREEN, Clerk of the City of Beaumont, hereby certify that the foregoing ordinance, being Ordinance No. 84 was introduced at a regular meeting of the Board of Trustees of the City of 1eaumont, held on the 9th day of February, 1923, and was;j1passed and adopted by a vote of more than two - thirds of all the members of said Board of Trustees, signed by the President of said Board and attested by the Clerk of said City at a regular meeting of said Board held on the 16th day of February, 1923, and that V. -e same was passed and adopted by the following vote:: AYES: G. ABSENT: ` - ri- --..s_- ------- w----- ----- � —.... ,,01erk af' the City of Beaumont. -5-