HomeMy Public PortalAbout76-091 (10-27-76)~ !
RESOLUTION N0. 76-91
i 1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LYNWOOD AUTHORIZING THE CITY TREASURER TO SOLICIT
A TEMPORARY LOAN.
WHEREAS, pursuant to the provisions of Article 7.6
(commencing with Section 53850), Chapter ~4, Part 1, Division 2,
of Title 5 of the Government Code of the State of California,
the City of Lynwood is empowered to borrow money and issue
temporary notes to represent such indebtedness; and
WHEREAS, this City Council wishes to exercise said
power and to incur a temporary indebtedness of Four Hundred
Thousand Dollars; and
WHEREAS, there is attached hereto the form of a
Temporary Note of the City of Lynwood;
NOW, THEREFORE, the City Council of the City of
Lynwood hereby does resolve as follows:
Section l. The recitals set forth hereinabove,
and each of them, are found and declared to be true and
correct.
Section 2. All of the matters set forth in the
Temporary Note in the form attached hereto are also found
and declared to be true and correct.
Section 3. The City Treasurer hereby is authorized
and directed to solicit a loan from Security Pacific National
Bank in the sum of $400,000.00, said loan to be repaid on or
before December 31, 1976, to bear interest at a rate not to
exceed 8% per year and to be evidenced by a temporary note
in the form attached hereto.
APPROVED AND ADOPTED THIS 27th day of October, 1976.
ATTEST: ~ ~
~
it lerk, City of Lynwoo
~
or of the Ci y of Lynwood
.
CITY OF I,YNWOOD,
STATE OF CALIFORNIA
Temporary Note
No.
Lynwood, California
, 1976
On or before the day of December, 1976, the City of
Lynwood, State of California, promises to pay to the bearer hereof
out of the funds hereinafter mentioned, at the office of the Treas-
urer of said City, the sum of
in lawful money of the United States of America, with
interest thereon at the rate of per cent oer annum from
date until paid.
This note shall be subject to call and redemption, at the
option of said City, at any time prior to its fixed maturity date
at the principal amount thereof and accrued interest thereon to
date of redemption,upon two days' written notice thereof to the
holder hereof.
It is hereby certified, recited and declared that this Note
is issued in strict.conformity with the Constitution and laws of
the State of California, and with the provisions of Article 7.6,
Chapter d, Part l, Division 2 of Title S(Sections 53850-53858,
both inclusive) of the California Government Code, and the nroceed-
ings of the City Council of the City of Lynwood, including a resolu-
tion duly and regularly passed and adopted by said City Council on
, 19 , authorizing the same, and that all
acts, conditions and things required to exist, .happen and be per-
formed precedent to and in the issuance of this Note have existed,
happened and been per_formed in reqular and due time, form and
manner as required by law, and that this Note, toqether with all
other indebtedness and ohl.igations of said City, does not exceed
any limit prescribed by the Constitution or statutes of the State
of California. .
For the payment of the nrit~cipal of and interest on this
Note and all notes of said authorized issue, all of the income
and revenue of said City received from taxes for the fiscal year
1976-1977, and all other income, revenue, cash receipts and monies
of sai~3 City lawLully available therefore are hereby pledged, and
this note shall constitute a first lien and charge thereon.
-1-
IN WITNESS WHEREOF, said City of Lynwood has caused this
Note to be signed by the Mayor and the City Treasurer of said City,
countersigned by the City Clerk of said City and sealed with the
corporate seal of said City and has caused this Note to be dated
the day of _ . 1~_.
Mayor, City of Lynwood, California
City Treasurer, City of Lynwood
(SEAL)
COUNTFRSIGNED:
City Clerk, City of'Lynwood
-2-
STATE OF CALIFORNIA )
. ss.
COUNTY OF LOS ANGELES)
I, the undersigned, City Clerk of the City of Lynwood,
do hereby certify that the above and foregoing resolution was
duly adopted by the City Council of said Citv at a special
meeting thereof held in the City Hall of said City on the
27th day of October 19 76
, , and passed by the
following vote:
Ayes: Councilmen Byork, Green, Higgins, Morris, Rowe.
Noes: Councilmen None.
Absent: Councilmen None.
/ C'/?C-./f',//~w _ ~ / -c~ i .r/,c
~ ) ~ ~~ ~ ~
,:~ty ~lerk; ~ty o~ Lynwo d
• ~ 1-
STATE OF CALIFCFpJIA )
rGUNTY OF • ss.
LOS A.VGELES )
I, the unders~gned, City Clerk of the City op
Lynwood, do hereby certify that the above and foregoing
~'es~lution was duly adopted by the City Council of said
city at a_~,~e__,~~,~1 _regular meeting thereof held
in the Cit,y Hall of said city on the ~'~~3t da,y of
-"~~~'`"~~' __~ 19_7`; and passed by the followi.ng vote:
AYES: COUNCILMEN '%~'~~'~'; ~~"~+sn, ty1M;•~i~i~t, :'~6r~ia, ~fiOse:~.
NOES: COUNCILMF,N `~Q~i~.
ABSENT: COUNCILMEN ~~`'~~•
(SEAL) s/ Josephine L. Shepherd
CITY CLFRK, CITY 0~' LYNWOOD
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ~ ss.
I, Lhe undersigned, Cit,y Clerk of the City ofl
Lynwood, and elerk of° the City Council of said city, do
hereby certify that the above and foregoing is a full,
true and correct copy of Resolution Ne. Tn`~Y
---- c n
file in my office and that said Resolution was a.dopted
on the date and by the vote therein stated.
Dated this ~~~*~~ '~~~~b~r l~ r6
day of
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~-~~~' G~j ~ ~
~=-e'2~~~~'PY CLERK, CITY OF LY OOD~