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HomeMy Public PortalAboutOrdinance 194ORDINANCE NO. /47// AN ORDINANCE CALLING, PROVIDING FOR, AND GIVING NOTICE OF A SPECIAL ELECTION TO BE HELD IN THE CITY OF BEAUMONT, CALIFORNIA, FOR THE PURPOSE OF SUBMITTING TO THE ELECTORS OF SAID CITY A PROPOSITION OF IN- CURRING BONDED INDEBTEDNESS OF SAID CITY TO ACQUIRE BONDS ISSUED FOR STREET WORK OR OTHER PUBLIC IMPROVEMENTS IN THE CITY OF BEAUMONT UNDER AN ACT OF THE LEGISLATURE PROVIDING FOR THE PERFORMANCE OF STREET WORK OR OTHER PUBLIC IMPROVEMENTS, OR THE ISSUANCE OF BONDS TO REPRESENT OR BE SE- CURED BY ASSESSMENTS LEVIED FOR SUCH WORK OR IMPROVEMENTS, AND TO CREATE A "GENERAL IMPROVEMENT FUND" FOR THE PURCHASE OF SUCH BONDS UNDER AND PURSUANT TO THE PROVISIONS OF AN ACT OF THE LEGISLATURE OF THE STATE OF CALIFORNIA APPROVED APRIL 26, 1909, STATUTES 1909, PAGE 1096, AS AMENDED BY STATUTES 1935, CHAPTER 774, AND STATUTES 1937, CHAPTER 607, AND SUBSEQUENTLY. WHEREAS, the City Council of the City of Beaumont, by resolution duly passed and adopted at an adjourned regu- A lar meeting of said City Council on the Seth day of March, 1940, by the affirmative vote of more than two-thirds of all its members, did determine that the public interest and neces- sity demand and require the acquisition of the bonds herein- after described and the creation of the General Improvement Fund hereinafter mentioned, and did fur the r determine that the cost of acquiring and purchasing said bonds and creating the said General Improvement Fund will be too great to be paid out of the ordinary annual income and revenue of said City; NOW, THEREFORE, THE CITY COUNCIL OF SAID CITY OF BEAUMONT DOES ORDAIN AS FOLLOWS: Section 1. That a special election be held, and the same is hereby called to be held, in the City of Beaumont on the 14th day of May, 1940, for the purpose of submitting to the qualified voters of said City the proposition of incurring indebtedness and issuing bonds of said City therefor, in the amount hereinafter set forth, and for the objects and purposes set forth in said resolution and hereinafter stated. Section 2. That the objects and purposes for which said indebtedness is proposed to be incurred and bonds issued therefor are as follows, to wit: The acqui- sition and purchase of the bonds hereinafter in this sec- tion described and the creation of a "General Improvement Fund" to be used for the purchase of said bonds, which bonds to be acquired and purchased, are bonds issued by the City of Beaumont under the Improvement Bond Act of 1915, together with interest coupons appurtenant thereto, and interest coupons appurtenant to other bonds of the same series, and are briefly and generally described as follows: 1. Bond No. 29, Series A, dated February 8, 1924, due July 2, 1934, principal amount $500.00, inter- est rate 7% per annum. Due and unpaid interest coupons appurtenant to said bond amount to the sum of x¢52.50. 2. Bondsof Series D, in the total principal amount of $23,000.00, dated March 28, 1929, interest rate 7% per annum, of the numbers, denominations, and maturities as follows: 2. Bond Nos. Denominations Maturity Dates 38 1,000.00 July 2, 1937 39 1,000.00, July 2, 1937 44 1,000.00 July 2, 1938 51-54, inclusive 1,000.00 July 2, 1940 56-59, inclusive 1,000.00 July 2, 1941 61-64, inclusive 1,000.00 July 2, 1942 66-69, inclusive 1,000.00 July 2, 1943 71-74, inclusive 1,000.00 July 2, 1944 Due and unpaid interest coupons appurtenant to said bonds in the total sum of $7,350.00 Due and unpaid interest coupons appurtenant to bonds of the same series, and in the total amount of $2,275.00, briefly described as follows: Bond No. 36 Coupons 11 to 16, inclusive $ 35.00 each Bond No. 37 Coupons 11 to• 16, inclusive 35.00 each Bond No. 41 Coupons 11 to 17, inclusive 35.00 each Bond No. 42 Coupons 11 to 17, inclusive 35.00 each Bond No. 43 Coupons 11 to 17, inclusive 35.00 each Bond No. 46 Coupons 11 to 17, inclusive 35.00 each Coupon 19 35.00 Bond No. 47 Coupons 11 to 17, inclusive 35.00 each Coupon 19 35.00 Bond No. 48 Coupons 11 to 17, inclusive 35.00 each Coupon 19 35.00 Bond No. 49 Coupons 11 to 17, inclusive 35.00 each Coupon 19 35.00 3. Bonds of Series E, in the total principal amount of $4,511.60, dated April 11, 1929, interest rate 7% per annum, Bonds Nos. 4 to 14, inclusive, of the denomination of $410.15 each, maturing in consecutive numerical order, one bond annu- ally on July 2 in each of the years 1933 to 1943, inclusive; Bond No. 15 in the principal amount of $410.10, maturing on July 2, 1944. Due and unpaid interest coupons appurtenant to said bonds in the sum of $301.56. 3. 4. Bonds of Series F, in the total principal amount of 45,721.20, dated September 3, 1929, interest rate 7% per annum, of the numbers, denominations, and maturities as follows: Bond Nos. Denominations Maturity Dates 18 368.04 July 2, 1939 19 500.00 July 2, 1940 20 368.04 July 2, 1940 21 500.00 July 2, 1941 22 368.04 July 2, 1941 23 500.00 July 2, 1942 24 368.04 July 2, 1942 25 500.00 July 2, 1943 26 368.04 July 2, 1943 27 500.00 July 2, 1944 28 368.04 July 2, 1944 29 500.00 July 2, 1945 30 368.11 July 2, 1945 and Bond No. 17 of the denomination of $500.00, due July 2, 1939, of which the unpaid amount of the principal is $144.85. Due and unpaid interest coupons appurtenant to said bonds in the sum of 41,127.70. 5. Bonds of Series G, in the total principal amount of 420,123.96, dater September 23, 1929, interest rate 7% per annum, of the numbers, denominations, and maturities as fol- lows: Bond Nos. Denominations Maturity Dates 19 1,000.00 July 2, 1937 20 1,000.00 July 2, 1937 21 569.32 July 2, 1937 22 1,000.00 July 2, 1938 23 1,000.00 July 2, 1938 24 569.32 July 2, 1938 25 1,000.00 July 2, 1939 26 1,000.00 July 2, 1939 27 569.32 July 2, 1939 28 1,000.00 July 2, 1940 29 1,000.00 July 2, 1940 30 569.32 July 2, 1940 31 1,000.00 July 2, 1941 32 1,000.00 July 2, 1941 33 569.32 July 2, 1941 34 1,000.00 July 2, 1942 35 1,000.00 July 2, 1942 36 569.32 July 2, 1942 4, Bond Nos. Denominations Maturity Dates 37 1,000.00 July 2, 1943 38 1,000.00 July 2, 1943 39 569.32 July 2, 1943 40 1,000.00 July 2, 1944 42 569.32 July 2, 1944 45 569.40 July 2, 1945 Due and unpaid interest coupons appurtenant to said bonds in the total sum of $6,402.56. Due and unpaid interest coupons appurtenant to bonds of the same series, and in the total amount of $109.84, briefly described as follows: Bond No. 17 Bond No. 18 Coupons 11 and 12 $ 35.00 each Coupons 11 and 12 19.92 each The maximum purchase price proposed to be paid for the aforesaid bonds and all of said due and unpaid interest coupons is as follows, to wit: (a) For said Series A bond, the sum of $500.00 and the due and unpaid interest evidenced by said nterest coupons thereof as described in paragraph numbered 1 of Section 2 hereof. (b) For said Series D bonds and said due and unpaid interest coupons thereof as described in paragraph numbered 2 of Section 2 hereof, the sum of 25,950.00. (c) For said Series E bonds and said due and unpaid interest coupons thereof as described in paragraph numbered 3 of Section 2 hereof, the sum of $2,000.00 (d) For said Series F bonds and said due and unpaid interest coupons thereof as described in paragraph 5. numbered 4 of Section 2 hereof, the sum of $5,870.71._ (e) For said Series G bonds and said due and unpaid interest coupons thereof as described in paragraph numbered 5 of Section 2 hereof, the sum of $8,000.00. Section 3. That the estimated cost of acquiring and purchasing the outstanding bonds described in Section 2 hereof is the sum of $42,373.21; that the amount of the principal of the indebtedness to be incurred therefor is the sum of $40,000.00; and that the maxim*m rate of inter- est to be paid on said indebtedness shall be five per cent (5%) per annum, payable semiannually. Any amount necessary to pay the maximum purchase price as set forth in Section 2 hereof for any bonds de- scribed therein, and which is not provided by the proceeds of the $40,000.00 principal of bonds to be authorized here- under, shall be paid from moneys in the Redemption Fund heretofore established under the Improvement Bond Act of 1915 for the payment of principal and interest of the bonds to be purchased. That if the proposition for the incurring of said indebtedness so submitted receives the requisite number of votes, to wit, two-thirds of the votes of the qualified voters voting on said proposition, bonds of the said City in not exceeding the principal amount stated in said propo- sition shall be issued and sold for the objects and purposes set forth herein. The funds arising from the sale of the bonds issued pursuant to this ordinance shall be placed in a fund to be called "General Improvement Fund," and shall be kept separate and distinct from all other municipal funds, and shall be used only for the purchase of the 6. outstanding bonds describec in. Section 2 hereof, and all of said funds not so used, and all sums received in pay- ment of principal or interest of the bonds acquired by the City of Beaumont or received from the sale of any thereof (if such bonds are sold by the City, as provided. in the Act hereinafter mentioned) shall be used for the payment of principal and interest of the bonds Issued pursuant to this ordinance. Section 4. That the polls for said election shall be opened at six o'clock, P. M. of the day of said election and shall remain open continuously from said time until seven o'clock, P. M. of the same day, when said polls shall be closed; provided, however, that if at said hour of closing there are any voters in any poll- ing place or in line at the door thereof who are qualified to vote, and have not been able to do so since appearing, the polls thereat shall be kept open a sufficient time to enable them to vote, but no one who shall arrive at any polling place after seven o'clock, P. M. of said day Shall be entitled to vote although the polls may be open when he arrives. That on the ballots to be used at said special election, in addition to the other matters required by law, there shall be printed substantially the following: Mark cross (X) on ballot ONLY WITH RUBBER STAMP; never with pen or pencil. INSTRUCTIONS TO VOTERS To vote on any measure, stamp a cross (X) in the voting square after the word "YES" or after the word "NO". All marks except the cross (X) are forbidden. All distinguishing 7. marks or erasures are forbidden and make the ballot void. If you wrongly stamp, tear or deface this ballot, return it to the inspector of election and obtain another. : • • : PROPOSITION NO. 2: Shall the : : . : City of Beaumont incur a bonded : : ; : indebtedness in the principal : : : : amount of $40,000.00 for the : : : object and purpose of acquiring : YES : and purchasing certain outstand- : ; : : ing bonds issued by the City of : : : Beaumont under the Improvement : : : Bond Act of 1915 and designated : : : : as Series A, Series D, Series E, : : : Series F and Series Gr, and to : : . : create a "General Improvement : : . : Fund" to be used for the purchase : • : of said outstanding bonds (which NO . : bonds to be acquired are more : : . : fully described in Ordinance No. : /q"7/ calling this election)? : • . : A cross (X) stamped in the voting square after the word "YES" shall be counted in favor of the adoption of the question or proposition. A cross (X) stamped in the voting square after the word "NO" shall be counted against the adoption of the question or proposition. Section 5. That for the purpose of holding said election all of the general election precincts in the City of Beaumont as now established for the holding of state and county elections shall be consolidated into one vot- ing precinct designated as Consolidated Precinct A, and the polling place and officers of election shall be as follows, to wit: 8. Polling place: Inspector: Judge: Clerks: City Hall Building. /ze,ff%t c\tiv ' LA/102-0.‹- and and said election officers shall hold and conduct said election and make return thereof in the manner provided by law. Section 6. That in all particulars not recited in this ordinance, said election shall be held and con- ducted in accordance with the law for holding municipal elections in said city. Section 7. That the City Council of said Ctty shall meet at its usual place of meeting in the City Hall on Monday, May 20, 1940, at 7:30 o'clock, P. M., of said day, and proceed to canvass the election returns and de- clare the result of said election. Section 8. 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 at a regular meeting of said Council, and its approval by the Mayor of said City, and shall cause said ordinance to be published once a week for two successive weeks in the BEAUMONT GAZETTE, a weekly newspaper of gen- eral circulation, printed, published and circulated in said City. No other notice of said election need be given. Section 9. This election is called and the bonded indebtedness is proposed to be incurred under and pursuant to the provisions of an Act of the Legislature 9„ of the State of California approved April 26, 1909, Stat- utes of 1909, page 1096, as amended by Statutes 1935, Chap- ter 774, and Statutes 1937, Chapter 607, and as subsequently amended. Section 10. This ordinance shall take effect upon its passage. ADOPTED, SIGNED, AND APPROVED this ATTEST: , 1940. 5.4.44 day of Mayor of the City of Beaumont, California. (1 . Clerk of the Cit�eaumont, California. STATE OF CALIFORNIA ) COUNTY OF RIVERSIDI ) SS. CITY OF BEAUMONT ) (SEAL) I, BERNICE CONINE, City Clerk of the City of Beaumont, California, DO HEREBY CERTIFY that the above and orego ng ordinance was introduced at a regular meeting of the City Council held. i3D. , 1.40, and adopted at a re 1 meeting o said City Council held S , 1940, by a vote of more than two-thirds of he members of said Council, and thereafter approved by the Mayor of said City of Beaumont, and that the same was adopted by the follow- ing vote, to wit: �+ �� AYES: Councilmen • ( c NOES: Councilmen 17.orn.4_ ABSENT: Councilmen City Clerk of the City of Beaumont, California. (SEAL) 10e.