HomeMy WebLinkAboutCC Reso No 1926-165
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B!1iOLUlfXON NO../b6
WIifEdAStln the2o~a.day of Ootober li26, a judg-
ment was 1"$<fcf'ver-ed 11:1 the Superior Oourt of the State ofOali-
torn1a. 1n and for the Oounty 0/R1v6r81d$ ag.a1nst the Oi t:y of
Elsinore in f$.vQrot the 1st Nat10nal Bank. of Els inore 1m the
stun of($6104.29) Six 'fhousand One HMdred Four ana 29/100
Dollal'$ and the said. jUdgmenteonstitutes an outstanding indebted
nass of' the s~lid. Oity in the sum of Six Thousand One Hundred
Ii'our and 29/100 Dcl1ars ($6104.29) wi th interest thereon at the
ra.te of seven peree.nt per annum until pa1d,?liitud
'rhere is no-r~ sufficient money in the treasury of the
City at the pre.sent tl_ to pay said i mebted.nes<s and there will
not besuff'tcient money to pay the same and also the g.eneral
ordinary expenses. of the c1 tYi and
T:b.-$ Indebtedness or liability whic.h is eVidenned by
said judt?}llent was not ineuT'red by said City in excess of thtl
income and. ~eV'enU$ provided for the yes-rin which saidind.ebted-
neS$ or liabtllty- was incur'red. within the meaning ofB.eo.tion 18
of A~lele XI of the Constitution of the State of Q.alifornia.
20 NOW 'I'ilEREFORE, be it resolved that the said Indeb$-
21 edness be refunded. under the terms of an act 'lAuthorizing the
22 common coUtleil.. b<)8.ro of trustees., or 0 ther governing body of
23 any imorporated city or town other than 01 ties of the fi:l':elt
24 class, to refund its indebtedness" to issue bonds theretorand
25 to proVide for the payment of ltlae .$amell approoved March 9,189'7
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26 .and. t1l.eam6ndments thereto and tha.t s6J:'1al bonds of the Oity of
27 Els inore be 1.ssued in aecordanc.e w1,th sa id aGco1.mt in the total
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amount of($6"OOO.OO)
Six Thousand andncp/100 Dollars. That
said bonds. shall be twelve in nwn'ber and the denomination ct
Five Hundred and no/1.00 ($500) eac.h a.nd shall bear interest at
the rate ofS~~ per annum payable semi-annually. That one-
twelf'th of the total amount of' said bond.s.. together wi th tIle
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the b\li'be~st. au.. oaaU _._ .,a111 61$.11 come d:ue each yea~
until$aid. bon€11,l are paid i.1'1 hi1 aoosa1d bonds shall be pay-
able in lawi'ttl _n..,of the Un1 tea 8 ts. tea.. ana
It 1s furthe~ resQlved that said bonds shall be sold
at private sale for a tlum n0t less than their .fa.e6 value te the
highest bittd"ej!ltl'1ettecf"G1? tb 1a.wf'Ul mone"0f13he .Tm.1tedState;aaf'te
notle6given by pnblieati.o n in the lUsinore Leader Pres$ onee a
week for at least two Buecessive weeks and tba.t the proceed. of
said sale 'be plaeed in the treaSfU1?}T of th3 City of lUsinore to
the credl to.f the Il]'uuding Fund" and shall he applied to)the fu.nd-
ing o1:che indebtedness I'E;)feX'x-ed to above..
P...e4 at a :regular meeting of tllS Boar.a of Trus.
tees of the a1 ty of 'l:1s1nore on the ~ d&l of
1926.
Trustee A. G. Keek. voting Aye.
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;Tos. Bell
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w. L. Everett
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L. B. Taylor
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p. G. Graham
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PreBi~ent cfth. Board of Trustees
of the City of Elsinore, Califo
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