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HomeMy WebLinkAboutOrdinances - No. 33ORDIXANCE NO. 33 AN OFCDINAFTCE ADDITIONALLY DECLARING THE RESULT OF A SPECIAL ELXCTION HELD MAY FOURTH, 1908, AND PROVIDIPJG FOR THE ISSUANCE, SALFl AND REDEI/JPTION OF BONDS OF THE CITY OF LODI IN TIEE SU3d OF FIYTY THOUSAND DOLLARS FOR A SEWER SYSTElM WITH SEVJER PLANT AND II'T THE SUM OF SEVENTY-SIX THOUSAND DOLLARS FOR A COUBINEn PLANT %OW SUPPLYING SAID CITY AND ITS INHABITAXTS WITH WATER AND ELEC- TRIC LIGHT. The Board of Trustees of the City of Lodi do ordain as follows: Section 1. All the statements and recitals contained in that certain resolution and its preamble, adopted by the Board of Trus- tees of the city of Lodi at the meeting of said Board held on the eleventh day of May, 1908, and entered in the minutes Of said meeting at page 7670f said minutes, said resolution being in declaration of the results of the special municipal election held in said city on the fourth day of May, 1908, are hereby confirmed , and said statements and recitals are by this refer- ence thereto made part of this ordinance as fully as if the s&%e \ were fully set forth in this ordinance. It is hereby found, determined and declared that all. and singalar the indebtedness and bonds hereafter in this ordinence mentioned and provided for were at said special election authorized and assented to by the votes of more than two thirds of all the Troters voting at said special election. Sec. 2. For the acquisition, construction and completion in the City of Lodi of a sewer system with sewer plant the said City of Lcsdi shall incur an indebtedness of fifty thousand dollars ( $50,.000.00 ), and bonds of said city evidencing such indebted- ness shall. be issued in said sm of fifty thousand dollars to be paid wlthin thirty years from and after the first day of July, 1908, one-thirtieth part $1666.66 2/3 ss principal on the first day of July, l909,and on that day of every year thereafter to and including the year 1938, together with interest upon all unpaid principal at the rate of five per cent per annum payable semi-annually on the first day of January and the first day of July of each year. There shall be one hundred and twenty of said bonds, numbered consecutivsl>- from one to one hundred and twenty, divided into thirty series of four bonds to each series, the series to be numbered consecutively from one to thirty. One band in each series ( the highest in bond number ) shall be for one hundred and sixty-six and two-thirds dollars ( $1616.66 2/3 1, and each interest coupon thereof shall be for four doliars and sixteen and two-thirds cents ( $4.16 2/3 ), and the three other bonds of each series shall be for five hindred dollars ( $500.00 1 each, and each interest coupon tnereof shall be for twelve dol- lars and fifty cents ( $12.50 ) . ,I Sec. 3. For the acquisition, construction and completion of a combined plant for supplying the City of Lodi and its inhabiltants with water and electric light the said City of Lodi shall incur an indebtedness of seventy-six thousand dollars ( $76,000.00 ) , and bonds of seid city evidencing such indebtedness shall be is- sued in sFiid sum of seventy-six thousand dollars to be paid with- in thirty years from and after the first day of July, 1908, one- thirtieth part ( $2533.33 1/3 ) as principal on the first day of July, 1909 and on that dly of every year thereafter to and includ7 ine the year 1938, together with interest upon all unpaid princi- pal at the rate of fivo! per cent per annm payable semi-annually on the first day of January and the first day of July of each year. There shall be one hundred and fifty of said bonds, number- ed consecutively from one to one hundred and fifty, divided into thirty series of five bonds to each series , the series to be nun- bered consecutively from one to thirty. One bond in each series ( the highest in bond number 1 shall be for five hundred and thirty-three and one-third dollars ( $533.53 1/3 and e8ch in- terest coupon thereof shell be far thirte-en and one-third dollars ( $13.33 1/3 1, and the four other bonds of each series shall be for fire hundred dollars ( $500.00 ) each, a.nd each interest COU- pon thereof shall be for twelve and one-half dollars ( $12.50 ,, Sec. 4. In furm said bonds may be and in substance shall. be as follows, to wit: State of California United States of America Bond of the City of Lodi Bond No.- Series No.- Uunicipel Improvement Fund No.- ( Phrase indicative of inprovement ) Bond ,I On the first day of July, A. D. , the City of Ldi, a mun- icipal carporation in the County of San Joaquin, State of Cali- fornia, will pay to the bearer, at the office of the City Treas- urer of said city of Lodi, the sum of dollars with interest thereon, from d&te of this bond, at the rate of five per cent per annum, payable semi-snnually on the first daj7 of January and the first day of July, at the office of said City Treasurer, upon the presentation and surrender of the proper interest coupon hereto attached, principal and interest payable in gold coin of the United States of America. This bond ceases to bear interest unless presented for payment at its ma- turi ty . This bond and the issue and series to which it belongs are issued by the Board of Trustees of the City of Lodi, under the provisions of an Act of the Legislature of the State of Californ- ia, entitled “An act authorizing the incurring of indebtedness by cities, towns, and municipel corporations for municipal improve- ments, and regulating the acquisition, construction, or comple- tion thereaf ," which became a law under constitutional provision without the Governor's approval, February 25th, 1901; and are issued upon and with the declaration and representation, on the part of said city, that all and singular the requirements of the law for a valid issue of the same have been and are had, met, conplied with ceedings leading up to said issue have been and are full, regularT in accordance with law, and in every particular adequate and suf- ficient unto a valid issue of this bond and the series and isstre to which it belongs, and that no part of the indebtedness evidenc- ed by this bond or the issue of which it is n part is in excess and existent, and that all and singular the pro- of the amount of indebtedness to said city permitted by law. In witness whereof, the said City of Lodi, by its Board ot'-Truw-'- tees and the President thereof, has authorized and caused the President of the Board of Trustees of said city and the Treasurer of said city to sign hereto the name af said city, and its City Clerk to countersign the Bame and affix hereto the corporatr-. seal. of said city, on this first day of duly, 1Y08. THE CITY OF Lorn BY As President of the Board 09 Trustees of the City of Lodi, and for himself as such President and the Executive of said ci tg, Ad Treasurer of the Cicy of Lodi, and for himself as such Treasurer. Countersigned by // &/City Clerk of the City of Ladi. The interest coupons attached to said bonds may be in forn and shall he in subtance as follows, to wit: Municipal Improvenent Fund KO. -. Bond NO.-. Coupon No.- .$ -4 I, On the first day of , A. 3. 39- , the City of Lodi pronises to pay to bearer, at the office of the City Treasurer of said city, the SIUR of - dollars in gold coin of the United States of America for sem-i-an-. nual interest on the bond aforesaid. As Treasurer of said City. Sec. 5. A31 of said bonds shall be executed as of the date July lst, 1908, shall be in substance as in this ordinance afore- said provided and by -cne aforesaid forms indicated. The interest co~apons shall be consecutively numbered. Board of Trustees , the Treasurer and the City Clerk of the City of Lodi are herebz authorized and directed to sign and execute all of said bonds , and said Treasurer all of said hn'terest coup- ons, of said substance in substantially said forms, and the acts The President of the af each of them in so doing are hereby declared to be and to be construed as being those of both the City of Lodi and his official self. Sec. 6. Said bonds, or any portion of them may be sold by the Board of Trustees of the City of Ladl at not less than their par value and at either public or private sale, without further notic@. I, Seco 7, There shall be levied and collected annually for ihe term 05 thirty year8 beginning with the fiscal year commencing July 1, 1908, by the municipal authorities of the City of Ladl, at the the of the levy and collection of other city taxes, but in addition thereto, B special tax sufficient to pay, and with . .... . ... . . . . . . . . .. . . . .. .. . . . , .... . .. . Mnich shall be paid, one-thirtieth part of the aggregate amount of the indebtedness evidenced by the principal of said bonds to- gether with such interest as may become due before a subsequent annual tax levy. The moneys so collected shall. constitute a sink- ing fund for the payment of the principal of said indebtedness within thirty years from and after the first day of July, 1908. A pr@pop$lonate amount of the money derived from such special tax Levy shall be deposited in the treasury of said city to the credit of a fund for said sewer system witn sewer plant, which shall be known and designated as Municipal Improvement Fund No. , One, to the credit of which fund shall also be likewise deposit- ed tne proceeds of the sale of the bonds issued for said sewer system with sewer plant. And a proportionate amount of the money derived froa such special tax levtj shall be likewise deposited to the credit of a fund for said combined plant for furnishing said city and its inhabitants with water and electric light, which shall be known and designated as Municipal Improvement Fnnd No. Two, to the credit of which fund shall also be likewise deposited the proceeds of the sale of the bonds issued for said combined plant far furnishing said city and Its inhabitants with water and electric light. ,I Sec. 8. This ordinance shall be published twice in the The Lcdi Daily Herald, a newspaper published in said City of Ladi, and ahall take effect upon the completion of such publication. The foregoing ordinance was introduced for passage at a regular meeting of the Board of Trustees of the City of: Lodi, held on the 18th day of May, 1908, an adjourned regular meeting of said gsara; hela on the 20th bay of May, 1908, finally passed by the following vote. and more than five days thereafter was, at 'C 3 Absent : I hereby sign, approve and attest the foregoing ord'inance this 25th day of May, 1908. President of the Board\,&Trustees of the City of Ladi and as the Executive of said City. / I W? Attest: