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
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ORDINANCE NO.
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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;
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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
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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
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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
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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:
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(Form of Coupon)
No.
$
On the
day of
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, 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
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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.
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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:
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ATTEST:
City Clerk
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I hereby certify that the above and foregoing ordinance
was duly passed and posted as set forth above.
City Clerk
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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
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