Ordinance 2590 R D I NANO E N0.
AN ORDINANCE PROVIDING FOR THE ISSUANCE, SALE AND RFr
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DE14PTION OF BONDS OF THE CITY OF GILROY TO THE AMOUNT OF
THIRTY —FIVE THOUSAND DOLLARS, FOR THE ACQUISITION, CONSTRUCTION
AND COMPLETION OF A MUNICIPAL IMPROVEJAENT, VI?: THE PAVING OF
MONTEREY STREET IN THE CITY OF GILROY, IN ACCORDANCE WITH THE
RESULT OF A SPECIAL ELECTION HELD IN THE CITY OF GILROY, ON
THE 27TH DAY OF MAY 19139 GIVING NOTICE OF THE INTENTION OF THE
MAYOR AND COMMON COUNCIL OF THE CITY OF GILROY TO ISSUE AND SELL
SAID BONDS, AND INVITING SEALED PROPOSALS FOR THE PURCHASE OF
SAID BONDS.
1171LF;REAS at €► especial election dilly called for that - purpose,
and held in the City of Gilroy in the rjolinty of Santa Clara,
State of California, on the 27th (ay of May 1913, the returns of
which said election hp.ve been d1ily canvassed by the Mayor and
Common Council of the City of Gilroy, said .City of Gilroy 1vas
authorized and empowered by the affirmative vote of more than
taro— thirds of all voters voting at said s,pncial election, to
inm r rminicipal indebtedness and to issue bonds of said City of
Gilroy to the a.molint of Thirty -five thousand. Dollars, with
interest thereon at the rate of six per centum per anrnun, for
the acquisition, construction and completion of a rminicipal
improvement, viz: the paving of a strip in the winter of Mon
terey Street, which strip shall be twenty —foiLr feet wide and
shall extend on Monte-r. ey Street from the ?northerly limits of the
City of Gilroy to the Southerly limits thereof.
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0 R D I NANO E N0.
AN ORDINANCE PROVIDING FOR THE ISSUANCE, SALE AND RFr
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DE14PTION OF BONDS OF THE CITY OF GILROY TO THE AMOUNT OF
THIRTY —FIVE THOUSAND DOLLARS, FOR THE ACQUISITION, CONSTRUCTION
AND COMPLETION OF A MUNICIPAL IMPROVEJAENT, VI?: THE PAVING OF
MONTEREY STREET IN THE CITY OF GILROY, IN ACCORDANCE WITH THE
RESULT OF A SPECIAL ELECTION HELD IN THE CITY OF GILROY, ON
THE 27TH DAY OF MAY 19139 GIVING NOTICE OF THE INTENTION OF THE
MAYOR AND COMMON COUNCIL OF THE CITY OF GILROY TO ISSUE AND SELL
SAID BONDS, AND INVITING SEALED PROPOSALS FOR THE PURCHASE OF
SAID BONDS.
1171LF;REAS at €► especial election dilly called for that - purpose,
and held in the City of Gilroy in the rjolinty of Santa Clara,
State of California, on the 27th (ay of May 1913, the returns of
which said election hp.ve been d1ily canvassed by the Mayor and
Common Council of the City of Gilroy, said .City of Gilroy 1vas
authorized and empowered by the affirmative vote of more than
taro— thirds of all voters voting at said s,pncial election, to
inm r rminicipal indebtedness and to issue bonds of said City of
Gilroy to the a.molint of Thirty -five thousand. Dollars, with
interest thereon at the rate of six per centum per anrnun, for
the acquisition, construction and completion of a rminicipal
improvement, viz: the paving of a strip in the winter of Mon
terey Street, which strip shall be twenty —foiLr feet wide and
shall extend on Monte-r. ey Street from the ?northerly limits of the
City of Gilroy to the Southerly limits thereof.
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NOW THEREFORE in consideration of the _aremine€s, end in
accordance with the proceedings heretofore had and taken herein,
and in pursuance of lar and the Ordinances of the City of Gilroy,
the Mayor and Common ro,zncil of the City of Gilroy do ordain as
fo l lolgre : -
Section 1,
That bonds of the City of Gilroy to the amount of
Thirty -five thousand cellars, bearing interest at the rate of
six per eentiun tier annum, payable semi -- annually, be issued and
sold in accordance with the rem.alt of a special election held in
the City of Gilroy, on the 27th day of May 1913, for the a.cglaisi-
tion, constriction and oo:koletion of a Innicipal improvement, viz:
the paving of a dtrip in the cdnter of Montermf Street in the
City of Gilroy, rrhich strip shall be trenty- four 'feet ride, and
shall extend on Monterey Street f2'nm the Northerly limits of the
City to the Southerly lillits thereof,
Section ?,
The bonds of said City of Gilroy for said Thirty --five
Thousand Dollars shall be dated. July 1st 1913, shall be negotiable
in form, shall be payable in Gold Coin of the United State, of
Arteries, and shall bear interest, from their date WItil paid, at
the rate of six per eentiun per annum, payable semi - ;annually, in
,old coin of said United States, at the office of the City
Treasurer of the City of Gilroy, in the City of Gilroy, in the
County of Santa Clara, State of California.
Section 3.
The said bonds for said Thirty --five thousand Dollars,
shall be known as Gilroy Municipal Street Improvement Ponds.
and shall be of the denomination of Five hundred ( 500.) Dollars
each. Said bonds shall be numbered consecutively from One to
Seventy inclusive, and shall be payable at the office of the
City Treasurer of the City of Gilroy, in the City of Gilroy,
California, as follows;—
Bonds numbered 1 and 2 shall mature and be due and payable
on the first day of January 1914,
Bonds Numbered 3 and 4 shall mature and be due and payable
on the first day of Jamiary 1915,
Bonds Nunn »tired 5 and 6 shall mature and be due and payable
on the first day of Jamlary 1916,
Bonds Numbered 7 and. 8 shall mature and be due and payable
on the first day of January 1917,
Bonds Numbered 9 and 10 shall nature and he rlu,e and payable
on the first day of JanYxgry 1918,
t3onds Numbered 119 129 13 and 14 shall 7]lature and be due
and payable on the first clay of Jnnuamr 1919,
Bonds Nwnbered 15, 16, 17 and 18 shall mature and be due
and palm »le on the first clay of Jarnlary 1920,
Bonds NuMbe -red 19, 209 21 and 22 shall mature anct be dice
and payable on the first day of January 1921,
Bonds Numbered 23, 249 25 and 26 shall Mature and be due
and payable on the first day of Jarniary 1922,
Bonds Numbered 279 289 29 and 30 shall Iiature and be (tile
and payable on the first day of Jaralary 1923,
Bonds NUMbored 31, 32, 33 and 34 shall mature and lie due
and payable oh the first day of Jarrza-ry 1924,
Bonds Numbered 35, 36, 37 and 38 shall mature and be due
and payable on the first day of January 19259
Bonds Numbered -_39, 40, 41 and 42 shall mature and be dire
and payable on the first clay of January 19269
Bonds Nuliibered 43, 449 45 and 46 shall mature ani be (tile
and ?sayable of the first day of January is ?7
Ronda NwAbared 479 48, 49 and 50 shall mature and be due
and payable on the first day of January 19?8,
?3oncis Ntunbered 51, 521 53 and 54 shall mature and be due
and payable on the first day of January 1929,
Bor►ds Ntvnbered 55, 56, 57 and 58 shall mature and be due
and payable on the first day of January 1930,
:! 30nda N11111bered 599 60, 61 and 62 shall mature and be due
and payable on the first day of January 1931,
z3onds Nwnbewed 63, 64, 65 and 66 shall mature and be due
and pt gable on the first day of January 1932,
-7 3onds Nilmbered 67, 689 69 and 70 shall mature and be due
and payable on the first day of jar
nxary 1933,
The interest on said bonds shall be Paid semi -- annually so
that there shall be a payment of interest on all sIMS then unpaid,
in each and every onerrhalf year Jone of :;uch semi-- annilal: payments
in each year being at the datd of the payment of the annual
installment of the principal of said indebtedness, vi '7: on
the first day of JaMlary of each year, and the other of such
semi — annual Payments of interest in each year being on the first
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 — annual payment of interest to become due on
said bonds.
Each of said interest coupons shall refer to the nwnber of
the bond to which it is attached, and each of said coupons shall
represent the interest on the bond to i-4111ch it is attached, for
a period of six months immediately prOceding the date of n atizr. ity
of said coupon. Said interest coupons shall be payable at
the office of the City Treasurer of the city of Gilroy, in Gilroy, Santa
Olara County, California.
Said bonds shall be signed by the Mayor of the City of
Gilroy and shall also be signed by the Treasurer of the City of
Gilroy, and shall also be cottntersigned by the Clerk of the City
of Gilroy, and each of said bonds shall have affixed thereto Vie
Corporate seal of the City of Gilroy.
The interest coupons attached to said bonds ^hall be rnmbered
consecutively and signed by the Treasurer of the City of Gilroy.
The form of said bonds ?provided for in this section shall
be wibstantially as folloTg; --
United States of America, State of California,
County of Santa Clara, City of Gilroy.
Gilroy Municipal Street Improvement Bonds.
Bond Number $500;
On the first day of January A.D. One thousand nine hundred
and _ , the City of Gilroy, a Municipal Corpora-
tion, for value received, hi:reby promises to pay to bearer,
At the office of the City Treasurer of said City of Gilroy in
the City of Gilroy, in the County of Santa Clara, State of Calif-
ornia, the stun of Five hundred Dollars in Gold Coin of the
United States of America., Frith interest thereon in like gold coin,
at the rate of six per centum per annum, payable semi -- annually,
from date hereof, on the first day of Janaa.'My and the first day
of July of each (rear this bond is to run, and until maturity hereof;
upon the presentation and surrender of the Proper inter est bear-
ing coupons which are hereto attached.
This bond is one of Seventy bonds of likes Cute, tenor and
effect issued by the City of Gil!Voy for the purpose of the
acquisition, construction and coiapletion of a Municipal improve-
ment, viz, the paving of Monterey Street in the City of Gilroy,
and it is hereby certified and declared that it is issued under,
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in purssuaneeA and in full compliance with the Constitution of
the State of California, the laws of ssa.:Ld 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 qualified voters
Of said City of Gilroy, voting at a special election duly and
regularly called and held in said City of Gilroy on the 27th
day ,of May 1913, upon and aftiar notice thereof duly and regularly
given and published in the manner and for the period required by
law, rbich said election was in all respects held and conduoted,
and the result thereof duly canvassed. anti. clec lased, in all par-
ticulars, an required rn• lave,
It is i%rther certified and declared that all the Provisions
and requirements of the Cons3tItution pnci laws of the State of
California, and of the Ordinances of the City of Gilroy have
been duly, r. eMllarly and fully complied with by the proper offi --
eers of ;said City of Gilroy in the issuance of this bond and
that all acts, conditions and things required by law to be d-one
precedent to, and in the issuance of said bonds have been done
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and performed in regular and due form and in exact compliance
with the provisions of law authorizing the issuance hereof.
It in fitrther certified and declared that the total out-
standing indebtedness of said City of Gilroy, including the
indebtedness evidenced by this is-,- to of bonds, does not exceed
the limit of indebtedness; pr�lscribed by the Constitution and
laws of the State of California,.
IN 'FITNESS WHEREOF, said City of Gilroy has caused the
Corporate seal of the City of Gilroy to be her. eto affixed and
this bond to be signed by the Mayor of said City, and. the Trea.surw
Of said City, and to be countersigned by the Clerk of said ritzy,
and the coupons hereto annexed to be signers by the Treasurer of
the City of Gilroy this first day of July A. D. 1913.
Mayor of the City of Gilroy.
( Seal of the City
( of Gilroy. ) Treasurer of the City of Gilroy,
Co,intersigned by
Clerk of the City of Gilroy.
The interest coupons attached to the bonds last above
described, and evidencing. the interest to accrue thereon, shall
be in substantially the follovring form, and contain sltbstantially
the following recitals, viz;- -
Coupon Number 415.
On the first st day of A. D. 19�9
the City of Gilroy will pay to the bearer_ hereof the sum of
Fifteen Dollars in Gold Coin of the United States of America,
at t he office of the Tream%rer of the City of Gilroy, in Gilroy,
Ca.lifOrnia, said sum being the semiannual interest due on
Gilroy Municipal Street Imd)rovetent Bons.
:Bond No
Treasurer of the City of Gilroy.
Section 4.
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 is hereby authorizers and directed to sign each and every
one�qaid bonds, and that the Treamirer 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 authorized to countersign each and every one
Of said bonds and affix the Corporate seal of the City of Gilro•-
thareto, and said signing and sealing shall be a sufficient and
binding execution of each and every one of said bonds hereinbefore
Provided for, by and on behalf of Fuaid. City of Gilroy, and the
Treasurer of the City of Gilroy is hereby authorized and directed
to sign all of the interest coupons of all of said bonds herein-
befo_r. e pr. ovided for, by his lithographic; or ergraven signature.
Section 5.
All of said bonds above mentioned and described shall
be sold by the Mayor and Common 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 slid bonds, or any of them, shall
be placed i!�. the Treasury of the City of Gilroy to the credit
of the fund, And used exclusively for the purpose for which said
bonded inde'btegnegs was created.
Section 6.
It is further 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
to pay the annual interest on said bonds and also such part of
the principal thereof as shall become dire before the time for
fixing the next general tax levy, said taxes so levied (shall be
in addition to all other taxes for Municipal purposes, shall 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 7.
It is the Antention of the ,flavor 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 the
United States of A.meriea, as expressed hereinp 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 block, or in parcels, to the
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highest bidder therefor. Such sale will be mmacie on the day
Of 1913, at the hoixr of Eight C t clock, P , rd, of said day,
at the City Mall in the City of Gilroy.
Public notice is further given that sealed bids or proposals
Will be received at the office of the City Clerk in said City
Hall in said City of Gilroy gip to and until the said day
Of A 1913, at the hour of Eight o I clack P. M. of said day
(4t which time and place said bids or. proposals will be opened)
for the purchase of the wilole or any part of, or and number of
said bands.
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Section 6.
It is further 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
to pay the annual interest on said bonds and also such part of
the principal thereof as shall become dire before the time for
fixing the next general tax levy, said taxes so levied (shall be
in addition to all other taxes for Municipal purposes, shall 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 7.
It is the Antention of the ,flavor 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 the
United States of A.meriea, as expressed hereinp 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 block, or in parcels, to the
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highest bidder therefor. Such sale will be mmacie on the day
Of 1913, at the hoixr of Eight C t clock, P , rd, of said day,
at the City Mall in the City of Gilroy.
Public notice is further given that sealed bids or proposals
Will be received at the office of the City Clerk in said City
Hall in said City of Gilroy gip to and until the said day
Of A 1913, at the hour of Eight o I clack P. M. of said day
(4t which time and place said bids or. proposals will be opened)
for the purchase of the wilole or any part of, or and number of
said bands.
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All bids or proposals must be unconrlitional, must be for
cash in gold coin of the United States, and for not less than
the par face value of said bonds. Said bids or proposals must
be for and must also include accrued interest on said bonds, or
so many thereof as are bid for, from the date thereof to and
until the delivery thereof, and if for less than the vfhole amount
of said bonds, must n.escribe, the particular portion thereof bid
for, giving their n.unbor and denomination and the date of their
maturity.
Each bid or proposal must be accompanied by a check 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 With the Clerk of the City
of Gilroy. If the proposal of the bidder depositing said
check be accepted by said Mayor and Common council and said
b -idler refuses or neglects to receive and pay for the bonds
awarded to him for fifteen days after notice of such acceptance,
said check shall by deemed forfeited, and shall thereupon become
the property of the City of Gilroy as liquidated damages for
such refusal or neglect. In ease the bid is not accepted,
said certified check is to be returned to the bidder depositing
the name.
The right to reject any or all bids or portions of bids is
hereby expressly reserved by said Mayor and Common Council.
• Section 8.
It is further ordained and ordered that this Ordinance
be published in the , a weekly newspaper of
general cirrmilation printed and published in the City of Gilroy,
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once a week for two successive weeks before the said � day
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of _.._ 1913, and the Clerk of the City of Gilroy is hereby
14 authorized and directed to cause such publication to be made.
The publication of raid Ordinance shall be notice to bidders
Of the sale of said bonds, and it is hereby ex?oressly Ordered
that no other or further notice of the sale of said bonds need
be given,
section 9.
This Ordinance shall take effect immediately after
its passage axe. a n—roval.
Passed this* of Ju� n_e _ A. D. 1913, by the Common
Colznoil of the City of Gilroy by the following Votes-
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Ayes, aolznoilmen
Noes, councilmen
Absent, rouncilxnen
The foregoing Ordinance is hereby approved by me this % y
day of June, 1913.
MOVE
Mayor of the City of Gilroy.
Attest:
City Clerk of City of Gilroy„