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.
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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.