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HomeMy WebLinkAboutOrd. No. 1938-233ATT C)RI)INAME PRCVIDT7G FOH AUTHCAIZ70 IT 12, 193K AND SHALL GO !NTC, ,ASTT_K,�i_ )F T113 CITY OF ELSINORE, CALIFORNIA, 711_�; iSS7A`C_E Of` 3071,3 Cl` SAID CITV 17 77417-1 , T a, PRWIDING 71AT SAI.D 0-r�,I)INIJ-CE' EF�FEf,T illi'MIKELY AS Ar UAGEMY 'TTEREAS, D.rsuant to Ordinance No. 232 of the Citybf Elsinore, California, P special election was duly and regularly held in said city on the 12th day of April, 1938, at -,"-hich, election there was submitted to the qualified voters of said city the following nroposition, to wit: "Shall the City of Elsinore incur a bonded indebtedness in twee sup_ of $15,000.00 for the purpose of the aquisition by the 3itv of Elsinorg of all of the out- standing and unnaid bonds dated Lay 10, 1926, issued by the City of Elsinore under the improvement Bond Act of 1915, and designated 'Series T,' together with appurtenant and unpaid coupons thereon, it being understood tiat the maximun purchase price is 1,17,GCO. of whic',_ suri-. -0 000.00 in cash if now available to be applied upon such purchasq, and that the balance if to be derived from the proceeds of this proposed bond issue?" ; and -7-H said progosition for the issuance of said bonds received the affirmative vote and assent of more than two-thirds of all the qualified voters in said city voting at said snecial bond election, and the cit7 is now authorized to issue bonds in the amount and for the purposes specified in said proposition: 7M, 0711hMaE, the CitV jouncil of the jity of Elsinore does ordain as follows: Section 1. That bonds of the AM7 of Elsinore be issued and sold in the ancunt of 215,000-00 for tie pruposes set out in said proposition in the recitals hereof. Caid bonds all be designated "Elsinore Lunicinal Bonds 1938." Said bonds shell be 15 in number, numbered from 1 to 15, inclusive, and shall be of the denomination of 81,000.00 each. All of said bonds shall be Wid Aaril 25, 1938. Said bonds shall be na7ebie in numerical oraer as follows, to nit: Bond Numbers Katurities 1 _ ril 7 1i 25, 1939 2 and 3 April 25, 194C 4 April 25, 1941 5 and 6 April 25, 1942 7 April 25, 1943 8 and 9 April 25, 1944 10 Qril 25, 1945 11 and 12 April 25, 1946 13 April 25, 1947 14 Ynd 15 April 25, 1948 Said bonds shall War interest at the rate semiannually on the 25th days of April and The bonds shell be payable in lawful money Rt the office of the Treasurer oft City California of 5% Per annum, payable October of each year. of the United States, of Elsinore, Elsinore, Section 2. That said bonds and the coupons for the inter, there on shall be issued in substantially the following form: "UTITED CTATAS OF AFERITA 2T4 TE OF CALIFORNIA CITY OF ELSIXORC-1 11,000.00 Elsinore, California. April 25, 1938 The Lity Of Elsinore, a Z!.'11T1 -cipal corporatl0n, situated. in the Countly of Riverside, State Of California, for value received., Pere Ov acaknowled-es its indebtedness, and '1rc)Tiises t0 pair to 'he bearer hereof, at Lh,-_ Office Of t'ie Treasurer Of Said LOi ty _i.n said Litti l: �"i P. SiiT Of 021.. °, thousand OliSan dollars ln. 1 ^t'?J: u1 T`i0I2eV of tr.e '.'ni.ted. Mates of America, on the twen.i._v- fifth day Of April, 19 , viith interest thereon '.n. li.,Ce lawl'lll .gone=' at the ate Of five ver cent, per an) ;.7!', ne 'b'e ,,m ann 211'? on the wenty% i'ti' days Oi' jl -r .v,. 2' October Of each ar _Civ every 2r fr0`:' ti' ai °, eT'e0 5 bond is pv,,id, on n_- ese`:i£'tlOr e urre, n er he resnec ve in+ re Si. coupons hereto attached< .. This bond is issu.c 'UT. he :1 1,17 of '_lsincre, :Index ?rd in n �rs2l2nre. Of . ^,.nd in ^, :`_+ ..t L? it.;. 5h the '.)r OV, s On Of an 0t v ^: t1-he te?7i Stature Of fie State o> I= .lAfO ._s..: ^-,. r„ =it leC 'F: ".�i ?Ct tO a;.1t3" ^i_'7 a7n.'_C7. -,)p1 Gr"Orati on to issue, :.onds t_'1 °. Of .0 J'^J or ur GS° ;)l rinz� other ce ^eral obli -' ?c: 1Cn JO:nd a' the mU.__;:t. COr oratlo-1 or bonds, issued by or fol, districts . herin, or bonds 1 Ssued _. or :Are e_t 'work Or Ot-er tubiIC !1y�)ro eml en"t,s, . DldJ. providi i acQU. i rlr^ Stich bond: and t'rl— levy Cr col --t7. on -of a-e > and esseso7eT is to ^,a Urine' )al end interest of bonds c, u r -d use Of funds derived , 1 irQ7l bonds issued. under "L.'t'is act Or 2C _,,)ired, rider th -'S &.. ci, F ^:d the ras ent of bor_ds issued under -,1-is act, "arnTo-.ea ^ril 26, 1909 as a,rended, end in ti"3UF+ -of '° n on h Je av � 8.i,1.., v+...ot tl<�iOn '7f .e :State Of �al.ifornaa, and T aut' o ' 7.ed 01: he vote of ^":Or V,= two-thirds Of all the i].alifled voters Of .said- City of Sl`=inore vOt- lnM at an election dul * an gula.rly called, held 'and co ducted ___ said "1.ty of Elslno-e on, the 12t1'. day of r'-_,nr:t �.y i93" It is _lereb- certlfled, rec=ited and decie -T,ed. that ^c_11 _ acts, COn.QltlO: =S c.n t,..i; ?t^S r2G1 rC: ^. b to e7:isi and'.. be -erf .rye ^eCP,dEnt t0 C Ltf.e issuance Of t 11S bond, t:e'v@ e,t- isted, li.a.npened and been -erf Ormfed in due for=m, and r.anrer as re- quired by law, and that tie a;.r.01n'U c" thib, bond, ?1tl all other ndedtedness Of siad does not eXC °,eC any dept .l. ii'it •)Y'e SCZ''..bed b tie i. :a'I:i .ih .i n.;t1. +.'. t'. ?.On ^.f the >`., ?.,te C_ �nlifornia. sai,, "it-Y of "lsin Ore ilfts _Used_ +". bond'' to be si-?ned by the .'c„'Or Finld, 'Trea.- l.re., a t' -'n e �Ltv of :i.>i?1 ore t0 be coiante'si-ned O �1t I l of _ ;ne - i_t'% of Eisincre.,, to be sealed .i'_ Its corporate, seal , an.. ',-.as Cai.iSed i.'le 7 ntere St cou -cons ;''ereto attached to be s t?ned. !dv l.ts reasitrer, �VJ , �:..�ifornia re2S'.;_rer of t'-.e Jity of .?.' forn is _,.'rater ai.7,ned : 31.t7- ,)ler_;. of u�ie; Lit„ of 7-Elsinore, _ vi'..l f Or n,—a <FF o, ; z5.00 i✓ .- Cn the . i': Pin ljSi.��'.�. L day _± !T .r �.i t;,1 Of �`=. i'r i1, l.'7 i, iP, v1.t1' of . �1s1210re, California, -;Vi 11 n2,` t0 �.he � bearer 2.t the o as of , it-% ire asurer of said City, in said Lit y, the sure a- ' five dollars In J_al''.f J 7 ^OT. e'`.r Of e r]. tE .fates OJ. iZ erl Cu, De'nr• ^u semi-annual interest t=hen due on E111sinore ':iznici3P" 1 Bonds 1936 'So,___ -- —, dated Anr.il 25, 1938. Treasurer of the Ci_t* of Cali forria `P "J Section 3. That the proceeds of the "sale of said mun "fc al bonds shall forthwith be turned over and placed to the credit of a fund of the 'vita; i of Elsinore to be known as "Genreal mprovel ent Fund" and, shall be used exclusively for to purchase of outstanding - and unpaid bonds dater Vay 10, 1926, issued by the Cite; of Elsinore under the improvement ;ond Act of l 91 , and designated � "Series H," together with appurtenant and Unpaid coupons thereon; provided, ' ho ever, that any and all proceeds not so required and used and all suas received in ",e,nt of principal. or interest of said_ bonds of ,Ry 1C, 1926, to be acquired by the Cit7 cf Elsinore, shall be used for the payment of principal and interest of the bonds to be issued pursuant to said electzoa, held April 12, 1932. -and ;his ordinance. :Section 4. Mat for the purpose of laing the principal and interest of said Slyinore °.uni. ipal :ponds 1938, the City Council ! of the City of Elsinore shall, at the time of fixing the general tax l Rv- and in the manner for such rellerel tars. levy DI ov-� - _sea, levy 1 and collect annually each 'Tear until said Elsinore Kunicipal Bonds 193' are paid, or inter! there shall be .. .>lln is the treasury of said city set apart for that Durnose suf i ieht to beet all sums coming due for nrinciDal and interest on said bonds, a, tax sufficient t0 pP7 the annual interest on said bonds a. d ._..;_so such Dart of the principal ].D3L t}:.`,ere0£ as (3i11 be (;, ^rt'e Al'e before P + ?.,n �'�, fixing, the next general tax levy. Said tax S; ?`ll be the addition to all- other taxis levied for municipal purposes rnd shall be collected at the time and in the same .canner as other municipal taxes are collected, and shall forthwith be turned over and paid into a fund of the City of 71sinore, to be known as .Elsinore .Tn cipal Bonds 1938 interest !. and Sinking Fund." Said fund shall be used °orro other '.l'u'rpose than for the payment of said Elsinore ,iunici,;al Bonds 1938 and accruing interest thereof. Section. 5. That the Pa,.or of said City of Elsinore and ,The-Treasurer of said city are hereby authorized and directed to sign, and the City Clerk is hereby authorized and directed to ' countersign, all of sa C ^od designated .s desiated a.s "Elsinore Lunici al ir Bonds 1938," and ,e City Clerk is hereby further authorized and directed_ to affix the corporate seal of said city to all of said bonds, and he _'reas'urerli of said city is hereby authorized and di- to sign the interest coupons of all Said bonds by d"':.is print- ed, litl or -rapped or enuraTed facsimile signature, and to number co_ secq _velar said interest coupons of each of said bonds. Section o. That the M+ Olerr shall certify to the passage and adoption of this ordinance by a vote of at least four- fifths of all the members of the City Council of said city, at a regular meeting of Said cot:ntil , aY tr its ca.. proval by the Ra"yror of said City, end shall coi.lse this ordinance to be published once in the Elsinore Le , er 'Tess a weekly newspaper of general circula- tion _printed, published <nd circulated in said City of Elsinore. Section7. This is eordinance is ..ereby deemed and declared to be an ordinance relating to an election. Furthermore, this ordin- ance reletina' to and glect:i.on. Fu th roore, this ordinance is hereb declared to be en urvencv re.>ure ec ss — f-r the immediate i : 'preservation of the , bl t c peo A health and safety, and for each and ell of said reasons this ordinance shall take effect immed.iately. The following is P staterent of the facts constituting ,such urgency: On or about nny 10, 1926, the City of Elsinore issued 0113,524.29 of bonds finder the Improvement fond Act of 1915, designat- e as "Series .."; that anproa ~rately 142,733.6.`. f said bonds are sti.l_l outstanding and unpaid, together with a 'substantial amount of unpaif and delinquent :interest; that two suits are pending in the United States District Court in and for the aourtl' ern District of California, ventral Division, based . upon said bonds, one being entitled The 3r'own -CZ .-z_..:.er investment vov.pan'T, P corporation, vs. `1'h.e City of Elsinore, a municipal corporation, A a!" that in said suits substantial no_ ey 4udgments are sought ca.gainst". the City of Elsinore; that the payment of both general and district, taxes and assess$ eats- in the City of Elsinore have become substantially delin- ! Cuent, due primarily y `Lo the fact that said 1915 1m7roveme tt Act bonds are outstanding and delinquent, and that a. continuation of :said condition will seriously affect the income and revenue, of the !entire, city and its ability to cam* on .and Day for the n.orman funs - :bons of government; ^t that settlement of sai:. litigations can be affected if the bonds nrovided to be issued by this ordinance can promptl-,✓ be issued and sold Pnd the nroceeds thereof turned over to the plaintiffs in said lit- ?a in settlement of said suits. PASSED, ADOPTED A7_,D this 25th dc of April, 19Y ayor of the City of Alsinore, California. ( SEW ATTEST: City Clerk of the 174 of7jcinore, California. 3TA77 OF "i COUNTY OF R=RSIDE S3. CITY CF 7TSTYCRE 1, 0. J. XAI!rA, City Clerk of the City of Elsinore, California, do hereby certify tne v7hole nunber of members of the City Council of the City of Elsinore is five, and that the foregoing ordinance, being Rodinance No. 233 -_ , was duly passed, approved and adoptef by said City Council by at least as four-fifths vote tLereof, and approved and signed by the 11yor and attested by tin City Clerk, all at a regular meetinR of said council held on the 25th day Of Anril, 1938, and that the same was passed end adopted TT the following vote, 0o wit: AYES: jounpilmen. ",CAS: Councilman: BS YT: Councilman: of the City of Elsinore, California.