Ordinance 824
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WJML :,PDA: gmb 6/6/68 l5c
ORDINANCE NO. 824
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF REVENUE BONDS
PAYABLE SOLELY FROM THE REVENUES OF THE CITY WATER
WORKS AND SYSTEM TO PROVIDE FUNDS FOR THE ACQUISITION,
CONSTRUCTION AND FINANCING OF ADDITIONS, EXTENSIONS,
REPLACEMENTS AND IMPROVEMENTS THERETO; REGULATING THE
ISSUANCE OF SAID BONDS; AND PROVIDING FOR THEIR PAY-
MENT AND THE RIGHTS AND REMEDIES OF BOND HOLDERS THEREOF
The Council of the City of Gilroy does ordain as follows:
1. This Ordinance shall be known and cited as the City of
Gilroy Water Revenue Bond Ordinance.
2. The City may issue revenue bonds to provide funds for
acquiring, constructing and financing additions, extensions, re-
placements and improvements to the City water works and system.
3. The bonds shall be authorized by resolution of the City
Council.
4. The bonds shall be payable solely from and be secured by
a lien upon the revenues of the City water works and system, which
shall constitute the enterprise, or such part thereof as is pledged
in the resolution providing for their issuance, and such other
funds from any other source as may be used by the City for such
purpose without incurring an indebtedness.
5. The applicable provisions of the Revenue Bond Law of 1941
(Government Code, Title 5, Division 2, Part 1, Chapter 6, Sections
54300 through 54700), as now or hereafter amended, excepting Article
3 and Sections 54403 and 54418, shall apply.
6. Upon introduction the City Clerk shall cause this Ordinance
to be published once at least three (3) days prior to its adoption
in the Gilroy Evening Dispatch, a newspaper of general circulation
in the City, and said Ordinance shall be effective thirty '(30)
days after its adoption. ~~- ~~
PASSED AND ADOPTED this 1st day of July, '~<
1968 by the following vote: Mayor of the City 0 Gilroy
ATTEST ;/
/6~t:V<d~?~ ~
/ Ci y Cler
/ AYES:COUNCIL MEMBERS: ALLEMAND,DUFFIN,KENNEDY,
-,t -r-- '~ QUART I ROll ,SILVA,WENTWORTH,and GOODRICH.
/2')) ~~ _ NOES: COUNC I L MEMBERS: None
ABSENT: COUNCIL MEMBERS:None
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I, SUSANNE Eo STEINMETZ, City Clerk of the City of Gilroy,
do herebycerti.fy that the attached Ordinance No. 824 is an
ori,gi.nal Ordinance duly introduced at a regular meeting of the
Council of the City of Gilroy, at a regular meeting of said
Council held on the l7thday of June " 1968, and there-
after duly adopted by-the Council of said City at a meeting of
said Council held on the 1st day of July , 1968,
at which meeting a quorum was present 0
I further certify that the said Ordinance has been published
in accordance with the Charter of the City of Gilroy 0
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the City of Gilroy, this 3rd day of
July , 19680