HomeMy Public PortalAboutOrdinance 239ORDINANCE NO. ..#2,3_4/
:� THE
C T i hT,',, ON
AN ORDI�?A���Cy. ��� 1:-!� �I_Y O�� BL_�uiL ,
CALIFORNIA, P tiOV TDITG FOR THE
ISSUANCE
OF BONDS OF S_ -^.I'D CITY TN TN ' N\iOUi OF
64 000 R QU r �N T
� FOR THE ACQUISITION IC,Ia A�`:J cOi-
:TR CT101Fa SAID CITY. 07 CERTAIN
MUNICIPAL IT. P 0VET:E1!TS.
WHEREAS, pursuant to Ordinance No. 238 of the
City of Beaumont, Riverside County, California, a special
election was duly and regularly held in said city on the
7th day of October, 1947, at which election there was
submitted to the qualified voters of said city the
followina propositions, to wit:
and
"PONT_) PROPOSITION NO. 1: Shall the City
of Peaumont incur a bonded indebtedness in the
principal sum of 718,000 for the purpose of the
acquisition and construction by said city of a
certain municipal improvement, to wit: a drain-
eL;e system for t' -.e d.raina 'e of storm and surface
waters from the ;:property used as a. public park
in locks 31, 40 end 55, City of Neaumont, and
from other lands, property and streets 1ear or
adjacent t"-ereto, inclu.dinv the acquisition of
all pipe, culverts, _anholes, material, equip-
ment, apparatus, and Property necessary t�_aerefor?
"POD PROPOSITION N0. 2: Shall the City of
.Beaumont incur a bonded indebtedness in the
principal sum of ;46,000 for the purpose of the
acquisition by said city of a certain municipal
improvement, to Nit: additions to and extensions
of the i:zunicipel sanitery sewer system, consist -
in,.; of the construction of trunk sewers, the
reconstruction of portions of the sewas-e treatment
plant, and the construction of additions thereto,
andincluding the acquisition of all lands, rir;hts
of way, pipe, equipment, apparatus, and property
necessary t'-lerefor?"
WHEREAS, each of said propositions received the
affirmative vote and assent of more than two-thirds of
all of the qualified voters of said city voting at said
election, and said city is now authorized to issue bonds
in the amount and for the purposes hereinbefore specified;
NOW, THERkiORE, the City Council of the City of
Beaumont DOES ORDAIN as follows:
Section 1. That bonds of the City of Beaumont,
in the principal sum of
64,000, be issued and sold for
the purposes set forth in Propositions numbered 1 and 2
of the recitals hereof. Said bonds shall be designated
MUNICIPAL IMPROVEMENT BONDS, 1948, shall be sixty-four in
number, numbered 1 to 64, inclusive, and shall be of the
denomination of 81,000 each. Said bonds shall be dated
January 2, 1948, and shall be payable in consecutive
numerical order, two bonds annually on January 2, 1949 and
January 2, 1950, and five bonds annually on January 2nd of
each year from January 2, 1951 to January 2, 1962, inclu-
sive.
nclu-
sive.
Said bonds shall bear interest at a rate, to be
fixed hereafter by resolution, but not to exceed four per
cent (4%) per annum, payable semiannually on the second days
of January and July of each year. 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 Beaumont in the City of Beaumont, California.
Section 2. That the Mayor of the City of
Beaumont and the City Treasurer of said city are hereby
2.
authorized and directed to sign all of said bonds, 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 printed, litho-
graphed 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 thereof shall be issued in substantially the
following form:
No.
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
CITY OF BEAUMONT
MUNICIPAL IMPROVEMENT BOND, 1948
X1,000.00
Beaumont, California
January 2, 1948
THE CITY OF BEAUMONT, a municipal corporation
situated in the County of Riverside, State of Cali-
fornia, FOR VALUE RECEIVED, hereby acknowledges its
indebtedness and promises to pay to the bearer here-
of the sum of ONE THOUSAND DOLLARS (0,000.00) on
the second day of January, 19 , with interest
thereon at the rate of per cent ( %) per
annum, payable semiannually on the second Says of
January and July of each and every year from the
date hereof until this bond is paid, on presenta-
tion 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 said
city in said city.
This bond is issued by the CITY OF BEAUMONT
under and in pursuance of and in conformity with the
provisions of an Act of the Legislature of the State
3.
of California entitled "An Act authorizing the
incurring of indebtedness by cities, towns, and
municipal corporations for municipal improve-
ments, and regulating the acquisition, construc-
tion or completion thereof," which became a law
February 25, 1901, and acts amendatory thereof
and supplementary thereto, and in pursuance of
the laws and Constitution of the State of Cali-
fornia, and is authorized by a vote of more than
two-thirds of all the qualified voters of said
City of Beaumont voting; at an election duly and
legally called, held, and conducted in said City
of Beaumont on the 7thday of October, 1947.
IT IS HEREBY CERT I'I' I SD, 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 tine, 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 pre-
scribed by the laws or Constitution of the State
of California.
IN 1 ITNES3 WHEREOF, said City of Beaumont has
caused this bond to be signed by the Mayor of said
city and by its City Treasurer, and countersigned
by the City Clerk of said city, and sealed with
the corporate seal of said city, and has caused
the interest coupons hereto attached to be signed
by its City Treasurer.
Mayor of the City of
Beaumont, California
City Treasurer of the City
of Beaumont, California
COUNTERSIGNED:
City Clerk of the City of
Beaumont, California. (SEAL)
No.
(COUPON FORM)
On the second day of , 19
the City of Beaumont, California, will pay to the
bearer at the office of the City Treasurer of
said city, in said city, the sum of
dollars (4h ) , in
4.
lawful money of the United States of America,
being the semiannual interest then due on
Municipal Improvement Bond No. , dated
January 2, 1948.
City Treasurer of the City of
7eaumont, California.
Section 4. That the proceeds of the sale of said
)64,000 Municipal Improvement Donds shall forthwith be
turned over to and placed in the municipal treasury of the
City of Beaumont to the credit of two funds, as follows,
to wit: 9/32nds of the proceeds of the sale of said bonds
shall be placed to the credit of a fund of the City of
Beaumont to be known as "Draina_ge System ond Fund, 1943,"
and shall be applied exclusively to the acquisition and
construction of the municipal improvement described in
Proposition No. 1 of the recitals hereof; and 23/32nds of
the proceeds of the sale of said bonds shall be placed to
the credit of a fund of the City of 3eaumont to be known
as "Sewer Extension Fond Fund, 1948," and shall be applied
exclusively to the acquisition and construction of the
municipal improvement described in Proposition No. 2 of
the recitals hereof.
Section 5. That for the purpose of paying the
principal and interest of said bonds, the City Council of
the City of Feaumont shall, at the time of fixing the
general tax levy, and 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 treasury of said city set apart for that purpose
sufficient to meet all sums coming due for the principal
and interest on said bonds, a tax sufficient to pay the
annual interest on said bonds as the same becomes due,
and also such part of the principal thereof as shall become
due before the proceeds of a tax levied at the time for
making the next general tax levy can be made available
for the payment of such principal. Said tax shall be in
addition to all other taxes levied for municipal purposes
and shall be collected at the time and in the same manner
as other municipal taxes are collected, and shall forth-
with be turned over and paid into a fund of the City of
Beaumont, to be known as "1948 MUNICIPAL IMPROVEMENT BONDS
INTEREST AND REDEMPTION FUND." Said fund shall be used
for no other purpose than the payment of said bonds and
accruing interest thereon.
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 at a regular meeting of said City
Council, and its approval by the Mayor of said city, and
shall cause this ordinance to be published once in THE
BEAUMONT GAZETTE, a weekly newspaper of general circulation
in said city.
Section 7. This ordinance shall take effect
6.
thirty (30) days after its passage.
.40OPTED, )3IGIvED .x111 PPROVED this 26th day of
November,1947.
ligyor of the City of
Beaumont,California.
City Clerk of the City of
Beaumont,Oalifornia.
STTE OF CLIFORNI;L)
COUNTY OF LIVERSIDE)ss
CITY 07 )
1, BEi-LAICE CONI -E, City Clerk of the City of
Beaumont, California, 7)0 Y TIOY, tht the fore-
going ordinance was introduced at an, adjourned regular
meeting of the City Council of said City, duly held on the
19th day of 14ovenber,1947, 4 ,h(defter at an adjourned
regular meeting of said City Council, duly held on the
26th. day of hovember,1947, was reread, duly passed and
adopted by saiC City Council, and signed and approved by
the Layor of said city, anc, that said ordinance was passed
and adopted by a vote of more than two-thirds of the
Liembers of said Council, to wit:
AYEL: Councilmen Cox, Taylor, Lewis and .0.nnis.
NOS: Councilmen None.
AB:JT: Councilman Elam.
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