HomeMy Public PortalAbout76-093 (11-02-76); _ , . '` .
RESOLUTION tvo. 76-93
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LYNWOOD AUTHORIZING THF ISSUANCE OF A TEMPORARY
NOTE
U]HEREAS, pursuant to the provisions of Article 7.6 (commenc-
ing 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 borroca 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 ($400,000.00); and
wHEREAS, Security Pacific National Bank has
indicated its willingness to loan said sum to the City of Lynwood;
and
WHEREAS, there is attached hereto the form of a Temporary
Note of the CitV of Lynwood;
^10k1, THERFFORE, the City Council of the City of Lynwood
hereby does resolve as follows:
Section 1. The recitals set forth hereinabove, and each
of them, are found and declared to be true and correct.
Section 2. Al1 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 P~ayor, City Treasurer, and City Clerk are
each authorized and directed to execute an original Temporary
Note in the form attached hereto in the principal sum of $400,000
dated _ , 1976, bearing interest at the rate of
~_o per year from its date, and with a provision for call and
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redemption prior to maturity contained in the Temporary Note.
The City Treasurer and the City Clerk are each further authorized
and directed to deliver said Temporary Note to Security Pacific
National Bank as evidence of said
Security Pacific National Bank's
loan to the City of Lynwood in like amount.
ApPROVEn and ADOPTED this 2nd day of November
1976.
(SEAL)
ATTEST:
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M or, City of Lynwood
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City Clerk, City of Lynu~ood
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CITY OF LYNWOOD,
ST~1TE OF CALIFORNIA
Temporary Note
Lynwood, California
No.
, 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 o£ said City, the sum of
in lawful money of the United States of America, ~vith.
interest thereon at the rate of per cent per 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 notic,e 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 4_, Part 1, Division 2 of Title 5(Sections 53850-53858,
both inclusive) of the California Government Code, and the proceed-
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 regular and due time, form and
manner as required by law, and that this Note, toqether with all
other indebtedness and obligations of said City, does not exceed
any limit nrescribed by the Constitution or statutes of the State~
of California. •
For the payment of the nrincipal 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 said City lawfully available therefore are hereby pledged, and
this note shall constitute a first lien and charge thereon.
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IN WITNESS t4HERFOF, said City of Lynwood has caused this
Note to be siRned 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 dav of , 19
Mayor, City of Lynwoo~, California
City Treasurer, City of Lynwood
(SEAL)
COUNTERSIGNED:
City Clerk, City of Lynwood
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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 City at a regular
meeting thereof held in the City Hall of said City on t~e
2nd da of November 76
Y , 19 , and passed by the
following vote:
Ayes: Councilmen BYork, Green, Higgins, Morris, Rowe.
Noes: Councilmen None.
Absent: Councilmen None.
City Clerk, City of Lynwood