HomeMy Public PortalAbout78-067 (07-05-78)
RESOLUTION NO. 78_67
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LYNWOOD AUTHORIZING THE ISSUANCE AND SALE
OF $300,000 OF NEGOTIABLE PROMISSORY NOTES
WHEREAS, the City of Lynwood is a municipal corporation
of the State of California; and'
WHEREAS, the City may issue its negotiable promissory
notes pursuant to Sections 53850 et seq of the Government
Code of the State of California for City purposes, and
WHEREAS, Home Bank has offered to purchase negotiable
promissory notes of the City in the principal amount of
$300,000; and
WHEREAS, this City Council deems it proper that notes
in the amount of $300,000 be issued and sold to Home Bank in
accordance `with the terms and provisions hereinafter set
forth,
NOW, THE~2EFORE, the City Council of the City of Lynwood
-- DOES-uEREBY RESOLVE, DETERD4INE-AND ORDER as follows
SECTION. 1. That funds are needed for immediate lawful
City purposes and that in order to provide funds with which
to meet such obligations, it is necessary and desirable that
the City authorize the issuance of $300,000 Negotiable
Promissory Notes pursuant to Section 53850 et seq of the
Government Code bf the State of California, which shall be
general obligations of the City payable in the manner herein-
after provided.
SECTION 2. That said Notes shall be dated July 6,
197.8, shall be two in number, numbered No. land No. 2, in
the denomination of X150,000, and shall bear interest at the
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rate of five percent (50) per. annum, said interest to be
payab:.~e, orb, September 30 , and December 29 , 19 78 ; that Note
No. 1 shall mature on September 30, 1978; and that Note
No: 2 shall mature on December 29, 1978.
SECTION 3. That the total aggregate amount of :said
Notes outstanding at any one time, when added to the inter-
est payable thereon, shall not exceed eighty-five percent
(850) of the estimated amount of the t.zncollected taxes,
income, revenue, cash receipts, and other moneys of the City
which will be available for the payment of the Notes and the
interest thereon.
SECTION 4 That said Notes shall constitute general
obligations of the City; and that all of the income and
revenue of -said City received from taxes for the fiscal year
1978-1979 and all other revenue, cash receipts, and other
moneys of the City, including moneys deposited in inactive
or term deposits lawfully available therefor, hereby are
pledged to the payment of the Notes and~the interest tlzere-
on; provided, however,, that no moneys which, when received
by the City, will be encumbered for a special purpose, are
or will be so pledged.
SECTION 5. That the Notes evidencing such indebtedness
shall be negotiable and in slbstantially the following form,
to wit:
- G -
SECTION G That said Notes hereby are sold to Home
Bank at the par value thereof, the Diayor and the City
Treasurer are hereby authorized and directed to sign said
Notes, and the City Clerk to countersign said Notes and to
affix thereto the official seal of said City, and the City
Treasurer hereby is authorized and directed to deliver said
_. ~- Notes to Home Bank upon receipt of the aforesaid purchase
price .
ADOPTED, SIGNED AND APPROVED this 5th day of July,
1978.
M or, C' y o ynwood
(SEAL)
ATTEST:
Ci y Clerk of the C't of Lynwood
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STATE OF CAL~FORIJIA )
ss.
COUNTY OF LOS: ANGELE'S )
I,. LAUREEN COFFEY, City Clerk of the City of Lynwood,
do hereby certify that the foregoing resolution was duly
adopted by the City Council of said City at a regular meet-
ing of said City Council duly held on the 5th da.y of July,
1978, and that it was so adopted by the following vote
AYES• BYOF2K, GREEN, MORRIS, HIGGIA~S.
NOES : NOI`?E .
ABSENT: ROWS.
~---2~-
Cit` clerk of the C'ty of ynwood
{SEAL}
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STATE OF CALIFORNIA )
ss. i
COUNTY OF LOS. ANGELES ) l
I, LAUREEN COFFEY, City Clerk of the City of Lynwood,
do hereby certify that the above and foregoing is a full,
true and correct copy of RESOLUTIOi1 NO ~~-67 , and that
the same has not been amended or repealed
DAT$D: Julv 6 1978
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Cit Clerk of the C t Lynwood
(SEAL )
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STATE OF CALIFORi1IA )
ss DECLARATION OF CI~1~Y TREASURER
COUNTY OF LOS ANGELES )
I, DAVE t4 RICHNiAN, City Treasurer of the City of Lynwood,
hereby declare that the Negotiable Promissory Plotes of said City
- in the total amount of $300,.000, which Notes were authorized by
Lynwood City Council Resolution No 78-67 are. the only Notes of
said City authorized to be issued pursuant to the provisions of
Government Code Sections 53850 et seq in fiscal year 1978-1979,
and that the amount of said Notes, when added to the interest
payable thereon, does not exceed 8~5% of the' estimated amount of.
the uncollected taxes, income, revenue, cash payments, and other
monies of said City which will be available for the payment of
said Notes and the interest thereon
I declare under penalty of perjury that the foregoing is
true and-.correct to the best of my knowledge and belief.
Dated this 6th day of July, 1978, at Lynwood, California
Dave M Richman., Treasurer,
City of Lynwood
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