Ordinance 407
q:Jt)
L/O/7
r--.-"---'---'~----
~_.__.m._.__.~.., __'__'_'~__"_ _._..,.----...--__.,...-_... ..._~.__ ____
ORDINANCE No.~v7
AN ORDINANCE AMENDING ORDINANCE NO. 404 OF THE CITY OF GILROY,
PROVIDING FOR 'l'HE ISSUANCE OF $29,000 PRINCIPAL AMOUNT OF
WATER MAIN REPLACEMENT BONDS OF 1934 OF THE CITY OF GILROY.
.... - - - -
of
WHEREAS by Ordinance No. 404/the City of Gilroy
duly passed and adopted on the 22nd day of May, 1931.~, the
issuance of $29,000 principal amount of Water Main Replacement
Bonds of 1934 of said City of Gilroy was authorized; and
~
WHEREAS said bonds, after due advertisement, have
been sold to the highest and best bidder therefor, who agreed
to purchase the same bearing interest at rates substantially
less than the rate provided in said Ordinance No. 404, and
it is advisable that s aid Ordinance No. 404 be amended to
prescribe the terms and conditions of said bonds as specified
in the bid of the successful bidder therefor,
Now, therefore,
BE IT ORDAINED BY THE CO~IDN COUNCIL OF THE CITY OF
GILROY, as follows:
Section 1. Section 2 of Ordinance No. 404 of the
City of Gilroy, duly passed and adopted on May 22, 1934, is
hereby amended to read as follows:
"Section g. That said bonds shall be issued
as hereinafter set forth, and shall be sold in a cco.rdance with
law and with the provisions of this ordinance. Said bonds
shall be negotiable in form, and of the character known as
serial, and shall be twenty-nine )29) in number, numbered
consecutively from 1 to 29, both inclusive, and all of said
bonds shall be of the denomination of $1000 each. All of said
bonds shall bear interest from their date until paid at the
-1-
following rates, to wit: Bonds numbered 1 to 10, inclusive,
shall bear interest at the rate of four (~) per cent. per
annum, payable semiannually, and bonds numbered II to 29, both
inclusive, shall bear interest at the rate of three and one-
half (3-1/2) per cent. per annum, payable semiannually. Such
interest shall be evidenced by coupons attached to each bond,
and each of said coupons shall represent six monthst interest
on the bond to which it is attached. The principal and inter-
est of said bonds shall be payable at the office of the
Treasurer of said City of Gilroy in such funds as are on the
respective dates of payment of the principal thereof and
interest thereon 1ega,1 tender for debts due the United States
of America. All of said bonds shall be dated July 1, 1934.
One of said bonds of the denomination of $1000 shall mature
and be payable in consecutive numerical order from lower to
higher on JUly lst in each of the years 1935 to 1945, both
inclusive, and two of said bonds of the denomination of $1000
each shall mature and be payable 'in consecutive order from
lower to higher on July lst in each of the years 19~6 to 1954,
both inclusive. Said interest coupons shall be, payable on the
first day of January and first day of, July in each 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 2. Section 3 of said Ordinance No. 404 of
the City of Gilroy, duly passed and adopted May 22, 1934, ill
hereby amended to read as follows:
"Seotion 1- Said bonds shall each be substan-
tially in the f.ollowing form, the blanks in said form and in
the form of coupon given below, to be filled with appropriate
words or figures, namely:
-2-
4~~
.,
"
"'-
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF BANTA CLARA
No.
$1000
aITY OF GILROY
WATER MAIN l'{EPLACElJl:ENT BOND OF 1934
~
For value received, the CITY OF GILROY, a municipal
corporation organized and existing under the constitution and
laws of the State of California, hereby acknowledges itself in-
debted and promises to pay to the bearer on the 1st day of July
19 , One Thousand Dollars ($1,000.00) with interest thereon
..
at the rate of
per cent. per annum, payable semiannually
on the first day of January and the first day of July of each
year, on presentation and surrender of the coupons hereto attached
as they respectively become due; both principal and interest
being payable in such funds as are on the respective dates of
payment of such principal and interest, legal tender for debt's
due the United States of Amerioa, at, the office of the Treasurer
of said city.
This bond is issued under and pursuant to the constitu-
tion and statutes of the State of California, and under and pur-
suant 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 performed precedent to and in the issuance of this bond
have existed, happened and been performed in due time, form and
....3-
manner as required by law, and that the amount of this bond,
together with all other indebtedness of said city does not
exceed any limit prescribed by the constitution or statutes of
said state or 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
principa.1 of, and interest on, this bond as the same become due.
The full f ai th and credit of said city are hereby pledged
for the punctual pa.yment of the principal and interest of this
bond.
.
IN WITNESS WHEREOF, said City of Gilroy has caused this
bond to be executed under its corporate seal, signed by ite
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, 1931~.
~~tn
ayor 0 rt Ci ty of Gilroy
Countersigned:
~ity Treasurer of the City of
Gilroy
C1 ty Clerk of the 6i ty of Gilroy.
...--......
The interest coupons shall be signed. by the Treasurer
of said city, by his engraved or lithographed signature, and
be substantially in the following form:
-4-
~
;<
45U
(Form of Coupon)
On the first day of
the City of Gilroy, Oa1ifornia, will pay to the
bearer at the office of the Treasurer of said
,19
-
City
Dollars
$
in such funds as are on s aid. date legal tender
for debts due the United States of America,
being six months' interest then due on its
"Water Main Replacement Bond of 193411 No,.
Treasurer of the City of Gilroy
Ooupon No. "
-
S ection ~. In all other respects said Ordinance
No. 404 of the City of Gilroy is hereby ratified, confirmed and
approved.
Section 4.
This ordinance shall take effect
immediately.
DULY PASSED AND ADOPTED by the Oornmon Council of the
Oity of Gilroy this 4th day of September, 1934, by the following
vo t e :
Ayes:
Noes:
Absent:
Approved:
Mayor
Attest:
City 01erk.
....~....
..I
C1ER.KfS CERTIFIOATE
.
I hereby certify that the foregoing Ordinance
was duly passed and adopted as an ordinance of the City
of Gilroy, at a
meeting of the
Common Council of the City of Gilroy held on the 4th day
of September, 1934, by the following vote:
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 September, 1934.
I further certify that the foregoing Ordinance is
spread upon the records of the Common Council of the City of
Gilroy, California, at page
of
and in Ordinance Book
of said City, at page
t I
WITNESS my hand and the seal of said city this
~ day of September, 1934.
Clerk of the City of Gilroy,Oa1ifornia
~
.~
j
~
4
~