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HomeMy Public PortalAboutOrdinance 321ORDINANCE NO. 321 AN ORDINANCE OF THE CITY OF BEAUMONT, CALIFORNIA, PROVIDING FOR THE ISSUANCE OF SEWER BONDS OF SAID CITY IN THE AMOUNT OF $ 140,000. WHEREAS, pursuant to Ordinance No. 308 of the City of Beaumont, California, a special municipal election was duly and regularly held in said city on the 20th day of October 19 59, at which election there was submitted to the qualified voters of said city the following bond proposition, to wit: SEWER BOND PROPOSITION: Shall the City of Beaumont incur a bonded indebtedness in the principal sum of $140,000 for the purpose of the acquisition and construc- tion by said city of a certain municipal improvement, to wit: enlargement of and additions to the sanitary sewage treat- ment and disposal plant of said city, including the acquisition of all easements, pipe, pumps, machinery, equip- ment and other property necessary therefor? and WHEREAS, said proposition received the affirmative vote and assent of more than two-thirds of all of the qualified voters of said city voting on said proposition, and said city is now authorized to issue bonds in the amount and for the purpose set forth in said proposition; NOW, THEREFORE, the City Council of the City of Beaumont, California, DOES ORDAIN as follows: Section 1. That bonds of the City of Beaumont California, in the principal sum of $ 140,000 be issued and sold for the purpose set forth in the bond proposition in the recitals hereof. Said bonds shall be designated SEWER BONDS, 1960 shall be one hundred forty in number, numbered 1 to 140, both inclusive, and shall be of the denomination of $1,000 each. Said bonds shall be dated August 15, 19 60, and shall be payable in consecutive numerical order $5,000 on August 15 in each of the years 1961 to 1982, inclusive, and $10,000 on August 15 in each of the years 1983 to 1985, inclusive. Said bonds shall bear interest at a rate or rates to be hereafter fixed by resolution, but not to exceed six per cent (6%) per annum, payable annually the first year and semiannually thereafter. 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, California, in said city . 2. Section 2. That the Mayor and the City Treasurer of said city are hereby authorized and directed to sign all of said bonds by their printed, lithographed or engraved facsimile signatures, 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 authorised and directed to sign the interest coupons of said bonds by his printed, lithographed or engraved facsimile signature, and to number said interest coupons of each of said bonds consecutively. Section 3. That the proceeds of the sale of said bonds (except premium, if any, and accrued interest) shall forthwith be turned over to and placed in the municipal treasury of the City of Beaumont to the credit of a fund hereby created and designated "SEWER BONDS, 1960, CONSTRUCTION FUND," and the moneys in said fund shall be applied exclusively to the acquisition and construction of the municipal improve- ment described in the bond proposition in the recitals hereof, except as provided in Section 43628 of the Oovernment Code. Section 4. That any premium or accrued interest received from the sale of said bonds shall forthwith be turned over to and placed in said treasury in the interest and redemption fund hereinafter created. That for the purpose of paying the principal and interest of said bonds, the City Council of the City of Beaumont shall at the time of fixing the general tax levy, and annually there- after until said bonds are paid or until there is a sue in 3. the treasury of said city set apart for that purpose suf- ficient to meet all payments of principal and interest on said bonds as they become due, levy and collect a tax suf- ficient to pay the interest on said bonds as it falls due and such part of the principal thereof as will become due before the proceeds of a tax levied at the next general tax levy will be available. Said tax shall be in addition to all other taxes levied for municipal purposes and shall be levied and collected as other city taxes, and shall forth- with be turned over and paid into a fund of the city to be known as "SEWER BONDS, 1960, INTEREST AND REDEMPTION FUND." Said fund shall be used for no other purpose than the pay- ment of said bonds and interest therealuntil said bonds and interest are fully paid. Section 5. That said bonds and the coupons for the interest thereon shall be issued in substantially the following form: 4. City Bonds --Ord. of I3suance UNITED STATES OF AMERICA STATE OF CALIFORNIA CITY OF BEAUMONT SEWER BOND, 1960 No. $1,000 The CITY OF BEAUMONT , a municipal corporation situated in the County of State of California, FOR VALUE RECEIVED, hereby acknowledges its indebtedness and promises to pay to the bearer hereof the sum of ONE THOUSAND DOLLARS ($1,000) on the fifteenth day of August , 19 , with interest thereon at the rate of per Cent ( %,) per annum, interest for the firs year payable ai the end of said year and interest thereafter pay- able semiannually on the fifteenth days of February and August of each and every year from the date hereof until this bond is paid, on presentation 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 the City of Beaumont, California, in said city. This bond is issued by the City of Beaumont under and in pursuance of and in conformity with the provisions of Article 1, Chapter 4, Division 4, Title 4 of the Government Code of the State of California, and acts supplementary thereto, and in pursuance of the laws and Constitution of the'State of California, 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 on the 20th day of October, 1959. IT IS HEREBY CERTIFIED, 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 time, 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 prescribed by the laws or Constitution of the State of Cali- fornia. 50 City Bonds --Ord. of Issuance City Bonds --Ord. of Issuance IN WITNESS WHEREOF, said City of Beaumont has caused this bond to be signed by the Mayor and the City Treasurer of said city by their facsimile signatures, countersigned by the City Clerk of said city and sealed with the corporate seal of said city, and the interest coupons hereto attached to be signed by the City Treasurer by his facsimile signature, and has caused this bond to be dated the fifteenth day of August, 1960. COUNTERSIGNED: Mayor of the City of Beaumont, California City Treasurer or the City or Beaumont, California CI1y Clerk of the City of Beaumont, California (SEAL) (COUPON FORM) On the fifteenth day of 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 in lawful money of the United States of America, being the interest then due on its SEWER BOND, 1960 Dated August 15, 1960. tify Treasurer or the City of Beaumont, California 6. 19 No. 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, and shall cause this ordinance to be published once in the BEAUMONT GAZETTE a newspaper of general circulation in said city. Section 7 . This ordinance shall take effect thirty (30) days after its passage. ADOPTED, SIGNED AND APPROVED this llth day of July , 19 60. ATTEST: ce.„ City Clerk of the City of Beaumont, California (SEAL) Mayor of the/•t y o Beaumont, �� California STATE OF CALIFORNIA COUNTY OF RIVERSIDE CITY OF BEAUMONT } ss. I, BERNICE CONINE , City Clerk of the City of Beaumont , California, DO HEREBY CERTIFY that the foregoing ordinance was introduced and read at a regular meeting of the City Council duly held on the 27th day of June , 19 60, and thereafter at a regular meeting of said City Council duly held on theIt day of J 1 1960 , was reread, duly passed and adopted by said City Council and signed and approved by the Mayor of said city, and that said ordinance was passed and adopted by a vote of more than two-thirds of the members of said City Council, to wit: AYES: Councilmen McClellan, Houston, Leeb, Moore and Allen NOES: Councilmen None. ABSENT: Councilmen None. City Clerk of the City of (SEAL) Beaumont, California.