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HomeMy WebLinkAboutResolutions - No. 03-07-1921aMinutes- 1921 zip, ri< 1; Lo,__ , calif 7, -- Lustze HicKOk,-6ecanded by Trustee Rich trtat Resolution iio.l2 be adopted: :i.^30LUTIGi VO.124-. . 1-.%SOLUTIOiv PROVIDING zoa THE ISSUAi;CF++ A141) isZir IPTIO OF TEE B^v:DS OF THEE CIit Ok LODI, STA—LE, OF CALIF02NIA, TO THE A:..OTNT OF WO U� ED 1HOUSA D DOLI,yRS, FOR THE -Q,.,UISITION, CG iSTRUCTIOi A:iD CONPLETIC OFuiUiv- ICI=rI I;.IPROVMaN'TS FOR SAID CIM', IN ACCORD- iuiCE WITH AND AS AUTHORIZ.) AT d SPECIAL BL- FCTT,li HELD III SAID CITY Old Va FlYTZ iTH i)AY OF FEBRUARY, 1921. L+.I�i�•isS, a oj)P,cial election wu3 r:@ld or! `ha 15th. day Of F? rtia.r3' 1921, i;l a::COrdance with t e provisions and requireiaents of Ordii_2;Ce No.117, of said city, bailing, providing for and Ziv- Ing notice, of sucla election, rPfere'.atce to said Ordinance for fur— .particulars beim here.de; and iMiscvT�<,S, it tial b?en deter :1ned by a canvass Of lite reL- urns 0; Said ?lection by the Board Of Trustees Of said pity, rade iIonday, February 21st.1921, and entered uuon t::.e minutes of said board, that at said special election tP.e incurrI116 of a bonded indebt- edness by said city for all the purposes and to the azounts..atated in said Ordinance No.117 was authorized by an affirmative vote of more than two-thirds of all the voters,votir4 thereat on each Of said purpoaes, now be it therefore iIZSOLVED, by tie Board of Trustees of the City of Lodi as follows. Section 1. That tele bonds of the City of Lodi, State of California, ;vial be issued in accordance with the result of the special election held in said city on the 15t:2. day of February, 1921, and n compliance wits the statutes of the State of California all-' tre ora inances of said city, to the amount of Z:io Hundred Thou- 6azri Doilara(j200 000.00), for :.he purposes stated in said Ordin- ance 1;0,117; that paid bonds snail be called u1m.-provement Bordswy s!a�l be tro :aul dred Ii:. number, of the uenomination of One Thousa:-!d Dollars (41,000) Baca al -..d ahail be numbered consecutively from one to tvro hundred, both inclusive, and arall be payable in nuL:=,mac l oraer Cons:�cu-lively, CO:tu„B2;C1n with the lowest nuP'J2rs iYl t" -.e man— ner fOiiOw;i;la, thz:.t is to say: Five of said bonds each '+ear for forty Consecutive veu..ra w.arCtl 1,1922, and until all of said bonds shall be paid. A11,of said bonds issued as herein provided shall be of the form and :�araelar t-.nown as "Serials° . T ley ssriall be dated :,:arch 1, 1921, shall bear interest at the rate of five and one. fourth per Celitum Der az-rum, payable seal-a:::'.ually on, the first days of '•'arch and SepteLber of each year until the ,Iaturity thereof; aria t;e Interest and principal . -:�reoi shall be payable in 4old coin of the United States, at t.e office of the Treasurer of said City, or, at 4 :.Olde~ , at ..le f' ica1 aLen.Cy Of s --Ad city in t.'le +_!yam Oiti02: Of Ol`jr c. ;'_Q `'ata -. Of .yew York. _ ,+ rJ UL :Lar. j—lyc:l QU=.1.1, 1u C}4 / Sa0.2. 541' oor4s shall be si4:ed by t,' --e President of the Board of Trusties of s ,id city, and by the. Treasurer tr.ereof; they stall be countersi6ned by the CiarX of said city, and the seal of said city shall be affixed thereto. Said bonds Miall be substantially icn the fol;.ortii:z form: U31- ITER STATES OF =—RIrA SLATE OF 10"LIFORiIps CI OF LODI I:tiPRC� E:.vaiv T BOb-D No. y1000.00 For value received, the City of Lodi, a municipal corpor- ation organized and existing uinder the laws of the State of California, hereby acknowledges itself indebted and - promises to pay to the bearer on the first day of ::arch, 19_, One Thousand Dollars (41000.00) with interest there- on at the rate of five and one-fourth per centum per ar_raam, payable semi-anr:aally, March- Ist. and September lat. , on presentation and surrender of the coupons hereto attached as they respectively become due; both principal and int- erest being payable-. in goldl coin of t e United States at the office of tine Treasurer of said city, or, at tine option of tine holder, at ti_e fiscal agency of said city iii tte City aid state of New York. This bond is issued under and pursuant to tre Conat- itution a:id statutes of tine State of California, a:id u -der ana purl uant to the ordinances a.:d procaedings of said city duly adopted and taken and a vote and assert of more -than two-thirds of all the qualified electors of said city voting at a special election duly and legally called ar.d held for that purpose. It is -hereby certified, recited and declared that all acts, conditions and thinda.required by law to exist, 'Happen and be performed precedent to and in the issuance of this_ bond :ave existed, ap_ened and baen performed in due time, form and canner as required by law, and that the amount of - t:aia.bond together with all other indebtedness of said city does not exceed ax{y limit prescribed by the c nstitution or statutes of said state, and t. -at provision has been Made as required by tree constitution and statutes of said state f -r t.ae collection of an a=-.ual tax sufficient to pay tae the Interest on tits bond as it fails due, anal also prov- ision to constitute a sinking fund for t. -ie payment of tine principal of th ia, bond on or before its maturity. Tire full fait: and credit of said city are hereby pledsed for the punctual payment of the principal and interest of this bond. In witness whereof, said City of Lodi has caused tail: bord to be executed under its corporate seal, Signed by t.e President of its Board of Trustees, and by its Treasurer, and countersi?ned by its Clerk; and has caused the interest coupons, hereto attachad.to be ale; ed by its Treasurer, and t. -Us, bond to be dated the first -day of ':arch, 1921. Presiaerit of zhe Board of Trustees City Treasurer Countersigned {. L City Clerk. SaC.3. Interest coui)ona small be attached to each bond to the number of twice t' --e number of years auch bond will run until the maturity .nareof, and the amount of Twenty-six Dollars and twenty- five cents each, which suy. vtiil be ti -re a-mIbunt due for interest on, such bond for silt i:onth8. SUCK si:all be numbered from one upwards and each shall state the number f the bond to va"llcii it is attached. Such coupons shall be signed by the Treasurer of said city, by his eng- raved or lithoz-;raphed signature, and be substantially ax in t're folloiyInd form. J tt iOZZ OF COUPON lro On , 19 , the City of Lodi, Call ornia, mill pay to the bearar at tine office of tree Treasurer of said city, or, at the option of the holder, at the fiscal agency of said city in the city and state of New York, Twenty—aix and 25/'100 Dollars in gold coin of the United states, being int— erest for six :..onti;s thea due on Its, Ir.:rovement Bond NO , dated larch 1, 1921. Treasurer. Sec. 4. For the purpose of paying the principal az.d interest of said bonda, tre Board of Trustees of tale City of Lodi shall, at the time+ of fixing t::e general tax7 levy provided, levy and collect for the fund rereinafter provided for, a-7.ually each year, until said bonds are paid or until there shall be a sum in the treas— ury of said city, set apatt for t.aat purpose, sufficient to meet all sums becoming due for the principal and interest on said bonds, a tax sufficient to pay the annual interest on said bonds, and also such part of the principal tr_ereof as snail become, due°before the time for fixing the'next general tax levy. Said tax shall be in addition to all other taxes lavied for municipal purposes, and shall be col— lected at the same time and in the same manner as other municipal taxes are collected, and as collected shall forthwith be paid into. the fund for which the same was levied and collected. Such fund shall be designated 61 Bond Interest and Redemption Fund,19210i and all sums. to becone due for t: a principal and interest on said bonds shall be paid from such fund, Sec.5. The President of the Board of Trustees and the Treas— urer are hereby authorized and directed to fill in the blank spaces in said bonds in accordance with this resolution and to sign all said bonds on behalf of said city, and the city cleric is.author— _. ized to counterslgn the same and to affix the city's seal thereto. sec.o. The Board •.f Trustees ray s ell said bonds at such times and in such amounts: as it raay determine, a.^.d the proceeds arising Zo from ar;T such sale shall be placed In the treasury to the credit of the rIr�provemert Construction Fund", which fund is aereby created; and such pr=ceeds shall be used exclusively for the purposes for which the bonds were authorized a:d issued. Tile foregoing resolution was adopted by the following vote:— tires. Trustees, Hickok, Rich, Crose, Yale and Montgomery. Noes: Trustees, done. Absent: Trustees, None. Trustee ..ale, seconded by Trustee Hickod, Moved that the board pass Resolution po.125.: RESOLUTION tio.125 B SODTZD , t. -.at sealed bids for the purctase of improvement bonds of the City Of Lodi, authorized to be issued at an election held in said city on the 15th. day of February, 1921, to the amount of 8200,000.00, or so much thereof as tr-e Board of Trustees shall deem it necessary to dispose of , will be received on 31onday the 21st. day of Jaarch, A.D.1921. Bids stall be addressed to the city Clerk, endorsed °Proposals for the Purchase of Bonds", and each proposal shall be accompanied by a. certified check to the amount of I(A of the amount bid cond— itioned tr.at the purexiaser will take and pay for any and all bonds that may be sold and awarded to him, otherwise to be forfeited to and become the property of the City of Lodi, provided that no cert— ified check read f..rnished by the State of California. The City clerk is. hereby directed to publish,•for one weep, a notice of such sale in the Lodi Sentinel, a tri—weeKly newspaper of general circulation, published In said City of Lodi. :,aid notice shall contain a description of tl,e bonds to be sold a-nd a statement that the right to reect any and all bids is reserved by the Board of Trustees.