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.