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Ordinance 255ORDINANOE NO. '� 55 AN ORDINAINCF PROVIDING FOR THE ISSUANCE, SALE AND RED- 94PTION OF 3ONDS OF THE CITY OF GILROY TO TKE AMOUNT OF THIRTY --TWO THOUSAND DOLLARS, T -7E diY FIVE THOUSAND ,OLL ARS THEREOF ?BEING FOR THE ACQUISITION, CONSTRUCTION AND COMPLETION OF IMPROVETI TS TO THE MUNICIPAL 'CATER WORKS OF THE CITY OF GILROY, AND SEVEN THOUSAND DOLLARS THEREOF BEING FOR THE ACQUISITION OF FIRE APPARA- TUS FOR THE CITY OF GILROY, IN ACCORDANCE WITH THE RESULT OF A SPECIAL ELEOTION HELD IN THE CITY OF GILROY ON THE 18TH DAY OF FEBRUARY 19139 GIVING NOTICE OF THE INTENTION OF THE ;.1AYOR AND COMMON COUNCIL OF THE CITY OF GILROY TO ISSUE AND SELL SAID BONDS, AND INVITING SEALED PROPOSAL~ FOR THY, PURCHASE OF SAID BONDS„ WHEREAS at a 6Decial election duly called for that purpose and hold in the City of Gilroy in the County of Santa Clara, State of California, on the 18th day of February 1913, the re-- turns of which said election have been duly canvassed by the Mayor and Common Council of tl,ie City of Gilroy, said City of Gilroy was authorized and empowered by the affirmative vote of more than two—thirds of all voters voting at said 8D- ecial election to incur municipal indebtedness and to isss;itf� bonds of said City Of Gilroy to the amount of Twenty five thousand Dollars, with interest thereon nt the rate of Five per centum per annum, for the acquisition, congtruetion and completion of improvements to the municipal water works of the City of Gilroy, and to incur a further indebtedness, P.nd to issue bonds; of the City of Gilroy 15 3r M a to the amo,xnt of Seven thousand Dollars,, with interest thereon at the rate of five per centum per annum, for the acquisition Of fire apparatus for the City of Gilroy. NOW THEREFORE, in consideration of the premises, and in accordance with the Proceedings heretofore had and taken herein and in pursuance of lave and the Ordinances of the City of Gilroy, the Mayor and 0oamon Council of the City of Gilroy do ordain as follows:— Section 1. That bonds of the City of Gilroy to the amount of Twenty.-five thousand Dollars, bearing interest at the rate of five Par eentiun per annum, Payable semi—annually, be issued and sold in accordance with the result of a special election held in the City of Gilroy on the 13th day of February 1913, for the acquisition, construction and conr_oletion of improvements to the Municipal water works of the City of Gilroy. section 2. The bonds of said City of Gilroy for said Twenty- five Dollars shall be dated April Ist 1913, shall be negotiable in form, shall be payable in Gold Coin of the United States of America, and shall bear interest from their date until paid, at the rate of five per centum per annum, Dayarle €semi ann ally in Gold Coin of said United States. at the office of the City � ZP, Tr_ easurer of the City of Gilroy, ACo,xnty of Santa Clara, State oIT California. Section 3. The said bonds for said Twenty -five thousand Dollars i, A shall be known as Gilroy Municipal hater Works Improvement Bonds Nos 2, and shall be of the danomination of Five hundred ( 500 ) Dollars each, Said bonds shall be numbered consecutively from One to Fifty inclusive, and three Of said bonds shall be paid, in Gold Coin of the United States of America., each and every year at the office of the City Treasurer of the City of Gilroy in the County of Santa Clara, State of California, on the let clay of January of each year, together with interest on all muns3 un- paid at giAch dates, provided_ that the interest on said bonds shall be paid semi. -- annually so that there shall be a payment of interest on all mums then uncaid�in each and every one half year, one of € ich semi- »anxnial payments in each year being at the date Of the payment of the annual installment of the principal of said indebtedness, to- -spit: on the 1st day Of January of each yea's', and the other of such semi-- ann,xal -payments of interest in each year being on the lst day of July of each year, and provided further that the said interest shall be evidenced by proper coupons attached to said bonds for each semi—annt1Pl payment of interest to become due on said bonds. The first payment of interest on said. Gilroy Municipal Water Worksn_ ondz 2 shall be raid on the first day of July 1913, and the interest on s3aid. 'bonds from the clay they bear date to the let day of July 1913, at the rate of five per centum per annum, shall be evidenced by the first coupon attached to each Of said bonds. The said bonds for said Twenty - -five th011sand Dollars for the improvement of the Municipal water works shall mature and by dine and paya' le as follows : Bonds Mviibered 11 2 and 3 shall Mature and be due and payable on the is3t day c January 1914; ? A Bonds rr=bered 4, 5 and 6 shall rnat,Lre and be due and payable on the lot clay Of January 1915; Bonds numbered 7, 8 and 9 shall mature and be due and ;.payable on the lot day of Jamiary 1916; Bonds numbered 10, 11 and 12 shall mature and be due and Payable on the lot day of January 1917; Bonds numbered 13, 14 and 15 shall mature and be due and payRble on the let day of January 1918; Bonds nl=berad 16, 17 and 18 shall mature and be due and ivayable on the let day of January 1919; Bonds numbered 19, 20 and 21 shall mature and be due and payable on the lnt day of January 1920; Bonds numbered. 22, 23 arcs 24 shall mature and be duo and payable on the let day of Jantiary 1921; Ronds numbered 259 26 and 27 shall ?rrattire and be due and payable on the lst day of Jalluary Bonds nuumbered 28, 29 and 30 shall Mati_ -re and be due and payable on the lot day of January 1923; Rand.s3 n Mbered. 31, 32 and 33 shall mat'I'Tre anc? be due and Payable on the lot day of Januarrr 1y24; Bonci:l, niMbered. 349 35 and 36 shall mature and be due and Payable on the lot day of ?iTanuary 1925; Bonds numbered 37, 38 and 39 shall Mature and be due and Payable on the .lit day of January 1526; Bonds numbered 40, 41 and 4? shall Mature and _be due and Payable on the let day of January 1927; Bonds numbered 43, 44 and- 45 shall mature and be due and Payable on the let day of January 1928; Bonds numbered 46, 47 and 48 shall Mti re and be due and payable on the lot day of January 1929; A Bonds numbered 49 and 50 shall mature and be due and payable on the 1st day of January! 1930; Attached to said bonds shall be interest oo,.inons referrirg to the number of the bond to which they are attached, which coupons shall each represent the eemi-- annual interest on said bond to which it is attached and the number of coupons attached to each off said bonds shall be equal to twice the number of years the bond has to run before it becomes dine, and in computing the number of years a bond has to run before it becomes due, fractional part of a year shall be considered as a full year. Each of said coupons shall represent the interest on said bonds to which it is attached for a period of six months immediate iy prez -tiding the date of inat?;.rity of said coupon, provided that the first coupon attached to each of said bonds shall represent the interest on the bond to rhich it is attached from the day said bond bears date to the lst day of July 1913, computed. at the .rate of five pk;r centum per annum. Said interest coupons shall be _payable at the office of the City Treasurer of the City of Gilroy in the County of Santa Clara, State of California. Said bonds (shall be signed by the lulayor of the City of Gilroy,, who is the chief executive of said City, and shall also be signed by the Treasixrer of the City of Gilroy, and shall also be counter- signed by the ^lerk of saint. City of Gilroy, and said bonds shall have affixed thereto the Corporate seal of the City of Gilroy. The interest coupons of said bonds shall be numbered con- seclitively and signed by the Treasir_rer of said City of Gilroy. The form of said bonds provided for in this section shall be substantially as follows; :- United States of America, State of California, Coiinty of Santa Clara, city of Gilroy. Gilroy Municipal Water Works Improvement Bond xo.,, 2. Bond number er And 4500. On the first day Of January A. D. One thousand nine hundred the- City of Gilroy, a Municipal Corpora- tion, for value received, hereby promises to pay to bearer, at the office of the City Treasurer of said City of Gilroy in -u.../ th Coun y of . ante Clara, State of California, the stun of Five hundred Dollars in Gold Coin of the United Staten Of America, with interest thereon in like gold coin, at the rate of five per oentum per annum, payable semi -- annually, from date hereof, on the first day of July and the first day of January of each year this bond is to run, and until maturity hereof upon the pre- sentation and surrender of the proper interest »,,aring conpons which are hereto attached. This bond is one of fifty bonds of like date, tenor and effect issued by the City of Gilroy for the purpose of aecitliring, constructing and completing improvomente to the Municipal ir?ater works of the City Of Gilroy, and it is hereby certified and declared that it is insiled under, in -P r. nuance of, and in full complianod with the Constitution of the State of California, the lags of said State, and the Ordinances of said City of Gilroy, and in pursuance of, and in conformity with the votes of more than two thirds of all gt.ialified voters Of said City of Gilroy, voting at a WoeciRl election duly and regulaitly called and held in said City of Gilroy on the 18th day of FIebruartr 1913, upon and after notice thereof duly and regularly given and published in the manner and for the period required by law, which said election was in all respects held and eonduotedland the result thereof duly canvassed and d.eclaredJin all particulars, as re- quired by law. It is further c,3rtifiedt and declared, that all the provisions anti requirements of the Constitution and laws of the State of California, and of the Ordinanoes of tile, City of Gilroy have been duly, regularly and fill_Ly complied with by the proper offi- cers of said City of Gilroy in the issuance of this bond, and. that all acts, conditions and things required by law to be done prededent to, and in the issuance of said, bonds have been done and Performed in regular and due form and in exact compliance With the provisions of law authorizing the issuance hereof. It is further certified and declared that the total out- standing ind obtedness of said]. Cit-ur of Gilroy, including the indebtedness evidenced by this issue of bonds does not exceed the limit of indebtedness presorired by the Constitution and laws of the State of California. IN ` "dITNESS THEREOF, saki City of Gilroy has Oaused the Corporate seal of the City of Gilroy to be hereto affixed and this bond to be signed by the Mayor of said City and the Treasurer Of said City andt to be countersigned, btr the Clerk of said City, and the coupons hereto annexed to be signed] by the Treamrrar Of the Oity of Gilroy this first day of Aril 9. D. 1913. Mayor Of tile City of rl. rny, (Saal of the City ) Treasurer Of the City of Gilroy t of Gilroy. )Countersigned by Clerk of the City of Gilroy„ i r The interest coupons attached to the bonds last above de- scribed ( except the first interest ooijpon attached to each of said bonds) and evidencing the interest to accrue thereon, shall be in :substantially the following form and_ contain substantially the following recitals, viz: -- Coupon ii tuber 412.50 On the first day of A. D. 19 the City of Gilroy will pay to the bearer hereof the min, of Twelve and 50/100 Dollars in Gold: Coin of the United States of America at the office of the Treasurer of the City of Gilroy, said sum bein tics interest due on Gilroy Municipal eater Worke Improvement Bonds No. Z, Treasiarer of the City of Gilroy. The first interest coupon attached to each of the bonds last above desoribed and evidencing the interest to accrue thereon to July 1st 19139 shall be in substantially the following form a,1-4 contain substantially the following recitals, viz:- Coupon Number 1 46.25. On the first day of July A.D. 1913, the City of Gilroy will pay to the baarFN.r hereof the siun of Six and 25/100 Dollars in Gold Coin of the United States of Arneriea at the office of the Treasurer of the City of Gilroy, said skim 'being the interest du.e on Gilroy Municipal Ta*.3r lo.-Xs Improvement_,- RondsNo.� Treasurer of the city of Gilroy. Section 41 That bonds of the City of Gilroy to tre anount of Seven thousawl Dollars, bearing interest at the rate of five per centum per annum, payable semi—annually, be issued and sold in accordance with the result of a special election held in the City of Gilroy on the 18th day of Fenruary 1913, for the ae— quisition of fire ap�carattis for the city of Gilroy, section 5. The bonds of the City of Gilroy for said Seven thousand Dollars Shall be dated April 1st 19131 shall be negotiable in form, shall be payable in GoIq coin of the United. States of America, and Shall bear interest from date until paid at the rate of five par centum per annum, payable semi-- anrnally in Gold Coin of said United States, at the office of the Cit�l, Treas — u er of the City of Gilroy, A County of Santa Clara, State of California. Section 6. The bonds for said Seven thousand Dollars shall be known as Gilroy Municipal ?sire Department Improvement Bonds, and shall be of the denomination of Five hundred (540) Dollars each. Said bonds shall be numbered o0n4r:)cutiva17r from Onto, to Fourteen inclusive, and, timo of said bonds shall be paid in Gold Coin of the United States of America each and every year, at the Office of the City Treasurer of the City of Gilroy, in the County of Santa Clara, State of California, on the lot day of January of each year, together with int,:,_r. est on all sums unpaid at suo74 dates, provided that the interest on said bonds shall be paid semi -- annually so that there shall be a payment of interest on all Sums then unpaid in a Bch and every one --half yea3T one of such semi -- annual payments in each year being at the date of the pay r ment of the annual installment of the principal of said indebted- ness, to—wit on the let day of January of each year, and the Oth °r of ;such semi -- annual payments of interest in each year being on the let day of July of each year, and provided further that the said interest shall be evidenced by proper coupons attached to the ;;Rini. bonds f (dr each semi - annual payment of interest to become due on said bonds. The first pay, ,ient of interest on said Gilroy Municipal Fire Denaxtment Improvement Bonds shall be paid on the let day of Jixly 1913, and the interest on said bonds from the day:, they - bear slate to the first day of July 19131 at the rate of Five per centum per annum shall be evidenced by the first coupdh attached to each of said bonds. The said bonds for said seven thousand Dollars for the ac- quisition of fire apt,aratuo shall )latu:re And 'he due and payable as follows: -- Ronds numbered 1 and ? shall mature and be due and pay- able on the 1st date of Janunry 1914; Ronds numbered 3 and 4 shall mature and be due and payable on the lot day of January 1915; Ronds nuzInbeTed 5 and 6 shall stature and be due and payable on the Ist day of Jamiavy 1c)16; Ronds numbered 7 and 8 shall Mnti re and be due and payable on the let day Of January 1917; Bonds Munbered 9 and 10 shall mature and be due and - palrable on the 1st day of January 1918; Bonds ,numbered ll.and_ 12 shall mature and be due and payable on the lot day of January 1919; r Bonds ni mbered 13 and 14 shall nature and be due and -payable on the Ist day of January 1920, Attachbd to said bonds shall be interest coupons referring to the number of the bond to which they are attached, irhieh ornipons shall each represent the semi - annual interest on said bona to which it is attaohed, and the Mizaber of coupons attached to each of said bonds shall be equal to twice the number of years the bond has to run before it 'becomes dne, and in computing the name er of i years a bond has to run before it becomes, •lue A frac- tional part of a S *ear shall be considered as a hill year. Each of said coupons shall represent the interest on said bond to which it is attached for a period of si.x months immediate- ly sruaXed.ing the date of maturity of said coupon, provided that r. the first coupon attached to each of said bonds shall re-present the interest on the bond to which it is attached from the day said bond bears date to tho 1st clay of ji.jly 1913, computed at the rate of five per oentum per annum. Said interest coupons be ?payable at the office of the City Treasurer of the City of Gilroy, in the County of Santa Clara, State of California. Said bonds shall be signed b!T the Mayor of the City of Gilroy, who is the chief executive of said City, and. shall also be signed by the- Treasurer of the City of Gilroy, and shall also be co,.xnter- signed by the Clerk of said. City of Gilroy, and said bonds shall have affixed thereto the Goraorate seal of thre City of Gilroy, The interest coupons of said bonds shall be rnimbered con- secutively and signed by the Treasurer of said City of Gilroy. The form of said bonds provided for by this section shall be substantially as follows:- United States off America, State of California, County of. Sarita Clara, City of Gilroy, Gilroy Municipal Fire Department Improvement Bonds Bond Number 4500. On the first day of January A. D. One thousand nine hundred and the City of Gilroy, a 'Municipal Corporation, for value received, hereby promises to pay to bearer, at the office of the City Treasurer of said City of -w7C� Gilroyin the gint Santa Clara, State of California, the sum of Five hundred. Dollars in Gold Coin of the United States of America, with interest thereon in like Bold coin at the rate of five per centum per annum, Payable semi— annually,i'rom date hereof, on the first day of July and the first d6r of January Of each year, this Mond is to run, and unti bn ::maturity hereof, upon the presentation and surrender of the proper interest bearing coupons which are hereto attached. This bond is one of fol.irtmen bonds of like date, tenor and effect ismxed by the City of Gilroy for the pi. rpoge of acquiring fire apparatus for the City of Gilroy, and it is hereby oeDtified and declared that it in is -xed under, in pursuance of, and in full oomplianoe with the Constitution of the State of California, the law of said State, and the Ordinances of said 0ity of Gilroy, and in pursuance of, and in conformity witil the votes of more than two — thirds of all qualifio(I voters of said city of 4ilrot *, va ting at a ^reciril X31 ention dilly and regularlir callad and held. in ;;aid City of Gilroy on the 18th day of February 1913, upon and after notice thereof duly and regularly given and published in the manner and for the period required by law, which said election was in all respects held and conducted, and the result thereof duly canvassed and declared in all particulars as re-- qui r ed by law. It is further certified and declared that all the provisions and requirements of the constitution and laws of the State of California, and of the Ordinances of the City of Gilroy have been duly, regularly and fully complied frith by the proper officers of said City of Gilroy in t)le iumaanee of this bond and that all acts, conditions and things rerniired by law to be done izecedent to, and in the issuance of said bonds have been done and performed in regular and due form and in exact com- pliance with the ? rovisions of law authorizing the issuance hereof. It is further certified and declared that the total out- standing indebtedness of said City of Gilroy, inoluding the indebtedness evidenced by this issue of bonds does not exceed. t-he limit of indebtedness Prescribed by the constitution and laws of the State of California. IN WITNESS Cite of Gilroy has caused the Corporate Beal of the City of Gilroy to be hereto affixed and this bond to be signed 'b1 the Mayor of said City anti the Treas urw Of said City, and to be oolintPrsigned by the Clerk of said City, and the coilpons hereto annexed to be signed by the Treasurer of the City of Gilroy this first day of April A. D. 1913. ( Seal of the city ) (of Gilroy ) Mayor of the. City of Gilroy Treasurer Of the City O UWj— . Countersigned by Clerk of the City of Gilroy. 0 , The interest coupons attached to the bonds last above de- scribed (except the first interest coupon attached to each of said bonds) and evidencing the interest to accrue thereon, shall be in substantiall* the following form and contain substantially the following recitals, viz: -- Coupon Number on the first Ray of of Gilroy will pay to the hear 50100 Dollars in Gold Coin of at the office of the Treasurer being; the semi annual interest Department Improvement Bonds 12.50 A. D. 19_1 the City Qr hereof the sum of Twelve and the United States Of America, Of the City Of G' troy, said mail due on Gilroy Municipal Fire Treasurer of the City of Gilroy. The first interest coupon attached to each of the bones last above described, and evidencing the interest to accrue thereon to July lot 19139 shall be in substantially the follo�,- ins form and contain substantially the following recitals, viz: -- Coupon Number 3 4s. 25 On the first day Of July A.D. 19139 the City of Gilroy will pay to the bearwr hereof the sum of Six and 25 /1oa Dollars in Gold Cain of the United States of America, at the Office of the Treasurer of the City. of Gilroy, said sum being the interest dues on Gilroy Municipal Fire Department Improvement .Bond No. Treasurer Of the City of Gilroy. section 7. It is further ordained and ordered that the Mayor of the City of Gilroy, who is the chief executive of said City, be and he in hereby authorized and directed to sign each and eve"T one of said bonds, and that the Treasurer of the City of Gilroy be, and he is hereby authorized and directed to sign each and every one of said bonds and that the Clerk of the City of Gilroy be, and he is hereby a1- .thorizod and directed to countersign each and every one of said bonds and affix the CorPorate seal of the City of Gilroy thereto, and said signing and sealing shall be a sufficient and bindirgexociition of each and every one of said bonds by a. d n t�phal;1-0�f said City of Gilroy, and the Treasurer of the City of Gilroy is hereby authorized and directed to sign all of the interest coupons of said bond ^' 3 1-- A I grsaphie or engraven signature. Section s. All of said bonds above mentioned and described shall be sold by the Mayor and Conmon Council of the City of Gilroy at not less than their par value,to the highest bidder therefor, and the proceeds of the sale of said bonds, or any of them, shall be placed in the Treasury of the City of Gilroy to the credit Of their respective. funds and usefi. ex9lusively for the purposes for which said bonded indebtedness was created. Section 9, It is farther ordained that the legislative branch Of the City of Gilroy shall .,at the time of fixing the general tax levy, levy and collect each and every year, a tax sufficient t0 pay the annul ,l interest on said bonds and also such port of the ?principal thereof as shall become due before the time for fixing the next genes_ al tax levy, said taxes so levied shall be in addition to all other taxes for 114unicipal purposes, shall be be collected at the time and in the same manner as the other Municipal taxes, and shall be used for no other purpose than the payment of said bonds and accruing interest. Section 10, It is the intention of the Mayor and Common Council Of the City of Gilroy to sell and dispose of said bonds herein -- before described to the highest bidder for gold coin of ghe United States, as exl)ressed herein, and it is therefore ordained and notice is hereby given that it is the intention of said Mayor and Common Council of the City of Gilroy to sell the 'bonds hereinbefore mentioned, in one bloek or in parcels to the h- ighest bidder therefor. Such sale will be made on the 31st clay of March 1913, at the ho,xr of Fight 01cloolL P. M. of said day at the City Hall in the City of Gilroy. Public notice in fi rther given that sealed bids or proposals +rill be received at the office of the City Clerk in said City Hall in said City of Gilroy up and until the said 31st day of i March 1913, at the hour of Fight o'clock P.M. of said day (at which time and ;dace said bids or proposals will be opened) for the purchase of the whole or any part of, or ari number of said bonds. All bids or proposals Must be unconditional, nilst b,-, for cafih in gold coin of the United States, and for not lees than the par race value of said bonds. --,aid bids or proposals must be for and must also include accrued interest on said bonds, or 80 ::iarly thereof as are bids for, from the date thereof to Pnd until the delivery thereof, and if for 1 ,-�>> thAn " %f) -hole aTrmunt It At of said bonds, must describe the particular portion thereof bid for, giving their ni-vAbor and r.onomination and the date of their Ina t1jrity. Each bid or proposal must be accompanied by a cheov, on some .responsible bank properly certified thereby, in the sum. of .five per cent of the amount bid, said check to be payable to the Mayor of the, City of Gilroy and deposited wit)a the Clerk of the City of Gilroy. If the proposal of the bidder depositing said check be accepted by said Mayor and Cormnon Council m *kd V*44A0.4 and said bidder refuses or neglects to receive and pay for the bonds awarded to him for fifteen days after notice of such acaept- ance, said check shall be deemed forfeited and shall thereupon become the property of the City of Gilroy as liquidated damages for such refussil or neglect. In case the bid is not accepted, said certified check in to be returned to the bidder depositing the same. The right to reject any or all bids or portions of bids is hereby expressly reserved by said Mayor and Coimnon Council. section 11. It is farther ordained and ordered that this ordinance be published in the Gilroy Advocate, a weekly newspaper of general circulation printed and published in the City of Gilroy, once a week for two successive weeks before the said 31st day of March 19139 and the Clerk of the City of Gilroy is hereby authorized and directed to cause such publication to be made. The publication of said Ordinance shall be notice to bidders of the sale of said bonds, and it is hereby expressly ordered that no other or farther notice of the sale of said bonds need be given. Section 12, This Ordinance shall take effect immediately after its passage and approval. Passed this Tq day of March A. D. 1913, by the Common Council of the City Jof Gilroy by the following vote: — Ayes, Councilmen p m Noes, Councilmen � . Absent, Coixneilmen The foregoing Ordinance is hereW aPProved bV me, this 3,--111 day of March 1913. Mayor of the City of Gilroy. Attest: Cite Clerk of the ity of Gilroy. 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