HomeMy WebLinkAbout0069NORDIIANCE NO. ( Yew Series)
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AN ORDIRA CE CREATING A BONDED 'INDEBTEIIVESS, PROVIDIYG
FOR THE ISSUANCE AND SALE OF BOPeDS, 'lhl`AG.r;It ENT OF THE: FUNDS, AND
1tLAKIRG PROVISIOI FOR ASSESSING, IEVYIDG Ai1D COLLECTING TAXES FOR
THE REDWPTIOP OF SUCH BONDS DS AND INTEREST COUPONS.
BE IT ORDAINED by the Council of the City of San Luis
Obispo, as follows:
SECTION I In pursuance of Resolution No. I 19
(New Series) and Resolution No. AW _, (Few Series), and Ordin-
ance No. jp!?" , (Few Series), of the City of San Luis Obispo, and
of the Special Election held on October 30th, 1917, and of the laws
pertaining to the bonding of said City and public improvements, it
is hereby ordered, and the City Council of said City does Ordain
that said City incur indebtedness in the amount of 121000.00 for
the following named purpose, to wit:
For the acquisition and improvement by grading and laying
pipe for distributing and disbursing thereon the sewage of said
City, of all that certain real property situate in the County of
San Luis Obispo, State of California, known as and called the "City
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Farm" and particularly described as Lots Six (6), seven (7), eight
(8), nine (9), ten (10), eleven '(11), eighteen (18) and nineteen (19)
of the San Luis Obispo Suburban Trant, as the same are laid down
and designated on the map thereof on file in the office of the
County Recorder of said County, to which reference is hereby made
and containing forty -eight (48) acres of land.
SECTION II For said purpose bonds of said City shall
issue as follows:- forty bonds of rive hundred and twenty -five
0525.00) Dollars each.
SECTION III The character of said bonds shall be :,-hat
is known as "Serial" and the same shall be payable in gold coin of
the United States in the manner following: One (1) of said bonds
shall be payable on the first day'of April, 1919, and one thereof
on the same day pf said month in etch succeeding year until all of
said bonds are paid.
from 1 to 40.
SECTION IV
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Said bonds shall be numbered consecutively
Each of said bonds shall be dated the first
day of April, 1918, shall bear interest from said date at the rate
of five per centum per annum, payable semi - annually, and to each
of said bonds shall 'be attached as many interest coupons as it
shall have half years to mature, the coupons of each bond to be
numbered consecutively, the number of each coupon to correspond
with the number of half years it may have to mature, each coupon
to be for six months interest on the bond to which attached, one
of which coupons on each of such bonds shall be payable on the
first day of October, 1918, and one on the first day of each succeEdi"'k
six months.
SECTIOre V Said bonds and coupons shall be payable
at the office of the City Treasurer of said City.
SECTION T The form of said bonds and coupons shall
be as follows:
United States of America,
State o f California,
County of San Luis Obispo,
City Farm Bond.
No. $525.00
KNOW ALL YDEN BY THESE :tRESEN S: That the City o f San
Luis Obispo, in the County of San Luis Obispo, and State of
California, acknowledges itself to owe, and, for value received,
hereoy promises to pay to bearer the sum of rive Hundred and
Twenty -five Dollars on the first day of April, 19 +, together
with interest thereon from the date hereof at the rate of five per
centum per annum, payable semi- annually, as evidenced by and upon
the surrender of the annexed interest coupons as they severally
become due. Both principal and interest are payable in gold coin
of the United States of America O� or equivalent to the present
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standard of weight and fineness, at the office of the City
Treasurer of the City of San Luis Obispo, in said County and "State;
and for the prompt payment of this bond with interest as aforesaid,
at maturity, the full faith, credit and resources of said City are
hereby irrevocably pledged.
This bond is issued by the City of San Luis Obispo for
the purpose of acquiring and improving for the distribution and
dispersal thereon of the sewage of said City, certain real property
situate in the County of San Luis Obispo, State of California,
known as and called the "City Farms`, and its issuance has been
authorized by the vote of more than two- thirds of all the voters
voting at a special and duly called election duly and lawfully
held on the 30th day of October,41917, and is issued in accordance
with the provisions of -Resolution No.cl I (Bew Series), Resolution
No. _q2L- (ITew Series) , and Ordinance IIo. ( New Series) of
said City; and is:issued pursuant to and in conformity with an Act
of the Legislature of the State of California entitled f► An act
authorizing the incurring of indebtedness by Cities, towns and muni-
cipal corporations for municipal improvements, and regulating the
acquisition, construction or completion thereof", and all acts
amendatory thereof or supy)lemental thereto.
AI.D IT IS HEREBY CETERI "IED r 1TD RECITED that all acts,
conditions and things required by the Constitution and laws of the
State of California to be done precedent to and in the issuance
of this bond have been properly done, happened and been performed
in regular and due form and ti_ !e'' as required by law, and that the
total indebtedness of said City of San L; ?is Obispo, including this
bond, does not exceed any constitutional or statutory limitation.
IN 'TESTI1`1101TY TI.EREOF, the said City of San Luis Obispo
has caused this bond to be signed by the i,ayor and by the Treasurer
of said. City, countersigned by its City Clerk, and its corporate
seal to be hereto affixed, and the coupons hereto attached to be
executed by the lithographic signature of said City Treasurer this
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first day of April, 1918.
Countersigned:
No.
ATAYOR
CITY �REt?SURER
City Clerk
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The City of San Luis Obispo, in the County of San Luis
Obispo and State of California will pay the bearer
Dollars, gold coin of the United States of America of
or equivalent to the present standard of Freight and fineness, on the
first day of 19—, at the office of the City
Treasurer of the City of San Luis, Obispo in said :;
SECTION IX On receipt of said bonds by the City
Treasurer he shall open and thereafter keep an account of said
bonds as follows:
1. A bond account with appropriate heading, which
account must show as to each bond its number, date, amount, when
payable, name of the purchaser, when issued, amount paid to the
City therefor, date of redemption, amount Daid for redeption, and
also the number.
2. A tax and redemption account with an appropriate
heading which account must be debited with the taxes and other
money collected and received by t:le Treasurer for that account,
and credited with the cash paid out for redemption of bonds and
coupons, or otherwise as the Council may order.
SECTION X The City Council shall offer said bonds
for sale, and sell the same for not less than their par value, in
gold coin of the United States, ; Before the sale of said bonds
the City Clerk shall, upon the order of the City Council, cause
notice of such sale to be puclished for two weeks in the "Daily
Telegram', a daily newspaper printed and -oublished in said City,
and also in a daily newspaper printed and published in San
Francisco, California. Such notice shall briefly describe the bonds
to be sold, invite sealed proposals for their -purchase, to be
filed with the City Clerk before a day and hour to be named in
said notice. On the day and after the hour so specified the
Council shall open the proposals and accept the offer of the highest
bidder if it equals or exceeds the par value of said bonds bid
upon; but if no offer is equal to such par value the Council shall
re jmt all bids. Should the bids of two or more persons equal in
amount the council may accept the offer of either and reject the
others. Should no bid be received equal to the face value, the
Council may either -re- advertise or may sell any of said bonds for
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the face value without advertising and at private sale.
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SECTION XI
At the time
of fixing
the rates
and
levying
other municipal taxes
of said city of
San Luis
Obispo in
the
year
1918, and at such time each year thereafter until sufficient money
is raised to pay off said indebtedness and interest, the Council
in addition to the rates for other municipal purposes, shall fix
a rate sufficient to pay the interest to.fall due on said bonds
and to pay the bond maturing before the time for fixing the next
general tax levy of said City; and the Council shall accordingly
levy a tax for said purpose on all the taxable property of said
City, which taxes shall be collected at the time and in the manner
provided.for collecting other municipal taxes of said City; and
when said taxes are -received by the City Treasurer he shall place
the same in the proper fund.
SECTIOP XII This Ordinance shall bepublished twice in
the "Daily Telegram ", a daily newspaper printed, published and
circulated in said City of San Luis Obispoli, before its final
.passage.
age Introduced and passed to print this a day of T-Jarch,
1918, by the following vote:
NO B&
ABSENT
, ?11�z ,
ATTEST:
CITY CLEPH
Finally pas' ed this 15th day of Jmly 1918.
Ayes %V-
1\1 0 e S
y
Absent:
City Clerk.' 1 a.yor.
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