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HomeMy Public PortalAboutOrd. 0608ORDINANCE N0. 608 AN ORDINANCE OF THE CITY OF LYNWOOD, CALIFORNIA, PROVIDING FOR THE ISSU- ANCE OF BONDS OF SAID CITY IN THE AMOUNT OF $400,000. WHEREAS, pursuant to Ordinance No. 575 of the City of Lynwood, California, a special municipal election was duly and regularly held in said city on the 8th day of April, 1952, at which election there was submitted to the qualified voters of said city the following bond proposition, to wit: BOND PROPOSITION: Shall the City of Lynwood incur a bonded indebtedness in the principal sum of $400,000 for the purpose of the acquisition and construction by said city of a certain municipal improvement, to wit: a swimming pool and building therefor with heating and water purification systems, said building to include grandstands, mezzanine floor lunching area, dressing rooms, toilets and showers, including the acquisition of all apparatus and equipment 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 at said election, 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 Lynwood DOES ORDAIN as follows: Section 1. That bonds of the City of Lynwood, California, in the principal sum of four hundred thousand dollars ($400,000) be issued and sold for the purpose set forth in the bond proposition in the recitals hereof. Said bonds shall be designated SWIMMING POOL BONDS, 1954, shall be four hundred in number, numbered 1 to 400, inclusive, and shall be of the denomination. of $1,000 each. Said bonds shall be dated April 1, 1854, and shall be payable in consecutive numerical order, 20 bonds annually on April 1 in each year from April 1, 1955, to April 1, 1874, both inclusive. Section 2. Said bonds shall bear interest at a rate or rates to be hereafter fixed by resolution, but not to exceed five per cent (5~) 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 Lynwood, California, in said city. Section 3. That the Mayor of the City of Lynwood 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 sa id 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, lithographed or engraved facsimile signature, and to number said interest coupons of each of said bonds consecutively. Section 4. That said bonds and the coupons for the interest thereon shall be issued in substantially the following form: 2. UNITED STATES OF AMERICA STATE OF CALIFORNIA CITY OF LYNWOOD SWIMMING POOL BOND, 1954 No. $1,000.00 THE CITY OF LYNWOOD, a municipal corporation situated in the County of Los Angeles, State of California, FOR VALUE RECEIVED, hereby acknowledges its indebtedness and promises to pay to the bearer hereof the sum of ONE THOUSAND DOLLARS on the first day of April, 19 , faith interest thereon from the date hereof at the rate of per cent (_~) per annum, in crest for the first year payable at the end of said year and interest thereafter payable semiannually on the first days of October and April of each and every year 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 Lynwood, California, in said city. This bond is issued by the City of Lynwood 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 voting at an election duly and legally called, held and conducted in said city on the 8th day of April, 1952. 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 the City of Lynwood, does not exceed any debt limit prescribed by the laws or Constitution of the State of California. IN WITNESS WHEREOF, said City of Lynwood has caused this bond to be dated the 1st day of April, 1954, to be signed by the Mayor and City Treasurer of said city by their facsimile signatures, counter- signed by the City Clerk of said city, and sealed 3. . , with the corporate seal of said city, and the interest coupons hereto attached to be signed by said Treasurer by his facsimile .signature. Mayor of the Ci y o Lynwood, California City Treasurer o the City of Lynwood; California COUIQTERSIGNED: City Clerk o the City of Lynwood, California (SEAL) (COUPON FORM) On the first day of the City of Lynwood, California, will pay. to the bearer at the office of the City Treasurer of said city, in said city, the sum of dollars in aw u money o he United States of America, being the interest then due on its SWIMMING POOL BOND, 1954, No. Dated April 1, 1954. City Treasurer of the City of Lynwood, California. Coupon 1Qo , (~ Section 5. 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 Lynwood to the credit of a fund to be designated "SWIMMING POOL BONDS,. 1954, CONSTRUCTION FUND," and shall be used exclusively for the acquisition and construc- tion of the municipal improvement described in the bond 4. proposition in the recitals hereof, except as provided in. Section 43628 of the Government Code of the State of California. Section u. 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 a fund to be known as "SWIMMING POOL BONDS, 1954, INTEREST AND REDEMPTION FUND." That for the purpose of paying the principal and interest of said bonds the City Council of the City of Lynwood shall, at the time of fixing the general tax levy, and annually thereafter until said bonds are paid or until there is a sum in the treasury of said city set apart for that purpose sufficient to meet all payments of principal and interest on said bonds as they become due, levy and collect a tax sufficient to pay the interest on said bonds as it falls due and such part of the principal 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 said interest and redemp- tion fund: Said fund shall be used for no other purpose than the payment of said bonds and accruing interest thereon until said bonds and interest are fully paid. Section 7. 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 shall cause this ordinance to be published once in the LYNWOOD PRESS, a newspaper of general circulation published less than six days a week in said city. 5• Section 8 is hereby repealed, Section 9 That Ordinance No, 587 be and the same This ordinance shall take effect thirty (30) days from the date of its passage, ADOPTED, SIGNED AND APpROp~ this 16th day of February, 1954. --" (SEAL) STATE OF CALIFORNIA COUNTY OF LOS ANGELES ~ ss, CITY OF LYNWOOD 111 California?~DO HEREBYMCERTIFYCthatCthekforegoinglordinance was introduced at a regular meetin y Lynwood, city duly held on the 2nd day of oFebruaritylCo~ncil of said at a regular meeting of said Cit y° 95 and thereafter day of February, 1954, was re-readCouncil duly held on the 16th said City Council and signed and a' duly passed and adopted by city, and that said ordinance was pproved by the Mayor of said of more than two-thirds of the memberseofasaiddCpted by a vote to wit: y Council, AYES: Councilmen Bruner Pearson Sneddon a Willard, NOES: Councilmen None, ABSENT: Councilmen Daetweiler, I _ (SEAL) City Clerk t City of Lynwood, `alifornia- 6.