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Ordinance 404 On Motion of Councilman George Easton, seconded by Council- man Fred C. Boock, it was moved and carried That Ordinance No. 404, be and the same is hereby duly passed and adopted. Vote, Ayes Councilmen George Easton, Fred C. Boock, S. D. Heck, J. H. Rush; Noes, CounciLmen, None; Absent Councilmen George Wentz, George C. Milias, Jr. . 450 ).1 iI f .-If :2-1, o-~ .(b..r...J. ;'-4_~ / ~- / ~,;; {\ / }iT \.Ii;.> /' ,j N \,7>. ./ ~b>/' " (.~../i ~ ,," ~ f'~"~'0\., .' \..' ;'",,> "'f" "_i ~ l ________..a ORDINANCE NO. I ! 'f i PROVIDING FOR THE ISSUANCE OF $29,000.00 PRINCIPAL ANIOUNT OF WATER MAIN REPLAC111VIENT BONDS OF 1~34 OF THE CITY OF GILROY; PRESCRIBING THE DATE AND FORM OF SAID BOl'IDS AND OF THE COUPONS TO BE ATTACHED ~IERETO; FIXING THE Nil~~JM RATE 0]' INTEREST ON SAID BONDS, AND PRESCRIBING THE M~~~JRITIES THEREOF; AUTHORIZING THE ~ECTJTION OF SAID BONDS AND COUPONS ~tND PROVIDING FOR THE L-r-'VY OF A TAX TO PAY THE PRINCIPAL AND INTEREST THEREOF. WHEREAS all the requirements of law have been complied with in calling and holding the special election held in the City of Gilroy. on the 7th day of May 1934, at which election the proposition to issue bonds of said city in the principal sum of $29.000.00 for the purpose of acquiring. constructing and completing the following municipal improvement of said city, to wit, a ma in cast iron pipe line to replace the present main steel pipe line conveying water to the City of Gilroy, was submitted to the voters of said city; and the Common Council of said City did meet and canvass the returns of sai'd election on ,'Ne<~day . the 15th day of May, 1934, and did as the result of such canvass deternline and declare, and do hereby certify that said proposition received at said special ~lection the affirmative vote of more than two-thirds of all of the voters voting at said election, and was thereby carried and adopted by said election. and the issuance of all said bonds by said city was duly authorized; . -1- r Jm] NOW, THEREFORE, THE COM:MON COTT.NCIL OF THE CITY OF GILROY DO ORDAIN as follows: Section 1. That bonds of the City of Gilroy in the aggregate principal SUDl of $29,000.00, to be known as the "Water Main Replacement Bond" of 1934, shall issue to pay the cost of acquisition, construction and completion by said city of a main cast iron pipe line to replace the present main steel pipe line cOnveying water to the City of Gilroy. set forth, and shall be sold in accordance with law and with the Section,&. That said bonds shall be issued as hereinafter provisions of this ordinance. Said hands shall be negotiahle in form, and 01' the character known as serial, and shall be twenty-nine (29) in number, numbered consecutively from 1 to 29, both inclusive, and ~ of said bonds shall bear interest from their date until paid at a all of said bonds shall be of the denomination of ~~lOOO each. All Such interest shall be eVidenced by coupons attached to each bond, rata not to exceed four (4) per cent. per annum, payable semiannually. and each of said coupons shall represent six months' interest on the bond to which it is attached. The principal and interest of said bonds shall be payable at the office of the Treasurer 01' said City of Gilroy in lawfUl money of the United States. All of said bonds . s'hall be dated J"uly I, 1934. One 01' said bonds 01' the denomination of $1000 shall mature and be payable in consecutive numerical order from lower to higher on July 1st in each of the years 1935 to 1945, both inclusive, and two of said bonds of the denomination of $lOOO each shall mature and be payable in consecutive order from lower to higher on July 1st in each of the years 1946 to 1954, both inclusive. Said interest coupons shall be :layable on the first day of January and first day of July in each -2- ., T year until and at the respective dates of maturity of said bonds, the first coupon on each bond being payable on January 1, 1935. Section 3. Said bonds shall each be substantially in the following form, the blanks in said form and in the form of coupon given below, to be filled with appropriate words or figures, namely: UNITED STATES OF iUAERICA STATE OF C.ii.LIE'OHNIA CITY OF GILROY VIJAT3;R MAIN REPLACEMENT BmID OF 1934 No. $1000 For value received, the City of Gilroy, a municipal II I 1 i ( ! corporation organized and existing under the constitution and laws of the State of California, hereby acknowledges itself indeb~ed and promises to pay to the bearer on the 1st day of July, 19___,ONE THOUSAND (1000) DOLLARS, with interest thereon at the rate of four (4) per.cent. per annum, payable semiannually on the first day of July and the first day of January of each year, on presentation and surrender of'the coupons hereto attached as they respectively become due; both principal an~ interest being payable in lawful money of the United states at the office of th~ Treasurer of said city. This bond is issued under and Dursuant to the constitution and statutes of the State of California, and under and pursuant to the charter, ordinances and proceedings of said city duly adopted and taken and a vote and assent of more than two-thirds of all the qualified electors of said city voting at a special election duly and legally called and held for that purpose. It is hereby certified, recited and declared that all acts, conditions and things required by law to exist, happen and to be per- formed precedent to and in the issuance of this bond have existed, happened and been performed in due time, form and manner as required by -3- I I ~ 1 1 II II I I law, and that the amount of this bond, together with all other indebtedness of said city does not exceed any liillit prescribed by the constitution or statutes of said state Dr the charter of said city, and that provision has been made as required by the constitution and statutes of said state for the collection of an annual tax sufficient to pay the principal of, and interest on, this bond as the same become due. The full faitb and credit of said city are hereby pledged for the punctual~)aYlilent of the principal and interest of this bond. IN WITNESS vVHEREOF, said City of Gilroy has caused this bond to be executed under its corporate seal, signed by its Mayor and its Treasurer, and countersigned by its Clerk, and has caused the interest coupons hereto attached to be signed by its Treasurer, and this bond to be dated the first day of July, 1935. ~; City Treasurer of the City of Gilroy Countersigned: . City Clerk of the City of Gilroy The interest coupons shall be signed by the Treasurer of said city, by his engraved or lithographed signature, and be sub- stantially in the following form: -4- -- (Form of Coupon) No. $ On the day of ,l~ , the City of Gilroy will pay to the bearer at the office of the Treasurer of said city dollars in lawtul money of the United States, being six months' interest then due on its "Water Main Replacement Bond" of 1~34 No. . Treasurer of the City of Gilroy. Section 4. For the purpose of paying the principal and interest of said bonds the Common Council of said City of Gilroy shall, at the time of fixing the general tax levy and in the manner for such general tax levy provided, levy and collect annually each year, until such bonds are paid or until there shall be a sum in the treasury of said city set apart for that purpose, to meet all sums becoming due for principal and interest on said bonds, a tax sufficient to pay the annual interest on said bonds, and also such part of the principal thereof as shall become due before the time for fixing the next general tax levy. Said tax shall be in addition to all other taxes levied for municipal purposes, and shall be collected at the same time and in the same manner as other nUlnicipal taxes are collected, and as collected shall be forthwith paid into the fund for . which the same was levied and collected. Such fund shall be designated ttWater Main Replacement Fund'" of' 1934, and all sums to become due for the principal and interest on said bonds shall be paid from such fund. Section 5. The Mayor of said City of Gilroy and the Treasurer of said city are hereby authorized and directed respectively as such officers to sign each of said bonds on behalf of said city, and the City Clerk is hereby authorized and directed to countersign -5- ~,., r I I each of said bonds and to affix the corporate seal of said City thereto; and the said Treasurer is hereby authorized and directed to sign each of the interest coupons, either by his own hand or by lithographed or engraved facsimile signature; and such signing, countersigning and sealing shall be a sufficient and bind'ing execution' of said bonds and coupons by said city. Section~. There is hereby created and established a fund to be known as "Water Main Replacement E'und" of 1934, which shall be kept by the Treasurer of said city, and all proceeds of sale of any said bonds shall be placed by the Treasurer to the credit of said fund, and shall be applied exclusively to the acquisition, construct- ion and completion of the aforesaid nmnicipal improvement. Section 1. The City Clerk is directed to cause to be lithographed, printed or engraved a sufficient number of blank bonds and coupons of suitable quality, and to cause the blank spaces thereof to be filled in to comply with the provisions hereof, and to procure their execution by the proper officers, and to deliver them, when so executed, to the Treasurer of said city who shall safely keep the same until they shall be sold by the Council, whereupon he shall deliver them to the purchaser or purchasers thereof, on receipt of the purchase price. . Section 8. This Ordinance shall take effect from and after its passage and approval. -6- ""e.'I'J. ,_ "1,,J~~ ~~-< """_'",_ .)<........~:oi!;........"""""'""+~.,~,,",.,< ~, . , j'" r This ordinance was 'duly passed and adopted as an ordinance of the City of Gilroy at an adjourned regular meeting of the Common Council of the City of Gilroy, held on the day of , 1934, by the following vote: AYES: NOES: ABSENT: APPROVED: ~ ATTEST: City Clerk . I hereby certify that the above and foregoing ordinance was duly passed and posted as set forth above. City Clerk -7- '~.. r CLERKtS CERTIFICATE I he~eby certify that the foregoing Ordinance was o' duly passed and adopted at a meeting of the Commo~ Council of the City of Gilroy duly called and held on the day of , 1934, by the vote of members of said Common Council, as follows: Ayes: Noes: Absent: And I further certify that said Ordinance was presented to, and signed and approved by the Mayor of said City of Gilroy on the day of May, 1934. And I further certify that the foregoing Ordinance is spread upon the records of the Common Council of the City of Gilroy, California, in Ordinance Book No. at pages , and in Book of Minutes, at pages . WITl\fESS my hand and the seal oJf said ci ty this . day of May, 1934. Clerk of the City of Gilroy California .