Ordinance 381
ORDINANCE NO. ,3' S /
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AN ORDINANCE PROVIDING FOR THE INCURRING OF A BONDED IN-
DEBTEDNESS OF THE CITY OF GILROY IN THE SUM OF EIGHT THOUSAND
($8000.00) DOLLARS AND PROVIDING FOR THE ISSUANCE OF BONDS THERE-
FOR.
WHEREAS, at a special election duly called for that purpose
and held in the City of Gilroy, in the County of Santa Clara,
State of California, on the fifteenth day of October, 1931, by
the Mayor and Common Council of the City of Gilroy, said City of
Gilroy was authorized and empowered by the affirmative votesof
more than twothirds of all the voters voting at said special
election to incur a municipal indebtedness and to issue bonds of
said City of Gilroy in 'the amount of Eight Thousand ($8000.00)
DOllars, with interest thereon at the rate of six percent per
annum, payable semi-annually for the acquisition, construction
and completion of a municipal improvement, viz: The boring and:;
construction of a well to furnish water to the inhabitants of the
City of Gilroy and the installation of a pump thereon and s'llch
buildings as may be necessary in connection therewith.
NOW, THEREFORE, in consideration of the premises and in ac-
cordance with the proceedings heretofore had and taken herein and
in pursuance of law and the ordinances of the City of Gilroy, the
Mayor and Common ,Council of the City of Gilroy do ordain as fol-
lows:
Section 1:
That bonds of the City of Gilroy to the amount of Eight
Thousand ($8000.00) Dollars, bearing interest at the rate of six
percentum per annum, payable semi-annually, be issued and sold in
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accordance with the result of a special election held in the City
of Gilroy on the fifteenth day of October, 1931, for the ac-
quisition, construction and completion of a municipal improve-
ment, viz: The boring and construction of a well to furnish
water to the inhabitants of the City of Gilroy, and the instal-
lation of a pump tpereon and such buildings as may be necessary
in connection therewith.
Section 2:
The bonds of said City of Gilroy for said Eight Thou-
sand ($8000.00) Dollars shall be dated January 2nd, 1932,
shall be negotiable in form, shall bepayable in gold coin of the
United States of America, and shall bear interest from their
date until paid'at the rate of six percentum per annum, payable
semi-annually, in like gold coin of the United States, at the
office of the City Treasurer of the City of Gilroy, in the City
of Gilroy, County of Santa Clara, State of California.
Section 3:
The said bonds for said Eight Thousand ($8000.00) Dol-
lars shall be known as Gilroy Water Works Improvement Bonds of
1931, and shall be of the denomination of Five Hundred ($500.00)
Dollars each. Said bonds shell be numbered consecutively from
one to sixteen inclusively, and shall be payable at the office of
the Treasurer of the City of Gilroy, in the City of Gilroy, Cal-
ifornia, as follows:
Bonds numbered 1 and 2 shall mature and be due and payable
on the first day of January, 1934;
Bonds numbered 3 and 4 shall mature and be due and payab~
on the first day of January, 1935;
Bonds numbered 5 and 6 shall mature and be due and payable
In the first day of January, 1936;
Bonds numbered 7 and 8 shall mature and be due and payable
on the first day of January, 1937;
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Bonds numbered 9 and 10 shall mature and be due and payable
on the first day of January, 1938;
Bonds numbered 11 and 12 shallmature and be due and payable
on the first day of January, 1939;
Bonds numbered 13 and 14 shall mature and be due and payable
on the first day of January, 1940; and
Bonds numbered 15 and 16 shall mature and be due and payable
on the first day of January, 1941.
The interest on said bonds shall be paid semiannually so
that there shall be a payment of interest on said sums then un-
paid in each and every half year; one of such semi-annual pay-
ments in each year being on the first day of January of each year,
and the mther said semi-annual payment of interest in each year
being on the first day of July of each year; and provided further,
that said interest shall be evidenced by proper coupons attached
to said bonds and each semiannual payment of interest to become
due on said bonds.
Each of said interest coupons shall refer to the number of
the bond to which it is attached, and each of said coupons shall
represent the interest on the bond to which it is attached for
a period of six months immediately preceeding the date of matur-
ity of said coupon. Said interest coupons shall be payable in
the office of the City Treasurer of the City of Gilroy, in the
City of Gilroy, County of Santa Clara, State of California.
Said bonds shall be signed by the Mayor of the City of Gil-
roy, and shall be signed by the Treasurer of the City of Gilraw,
and shall be countersigned by the Clerk of the said City of Gilroy,
and each of said bonds shall have affixed thereto the corporate
seal of the City of Gilroy.
The interest coupons attached to the said bonds shall be
numbered consecutively and signed by the Treasurer of the City
of Gilroy.
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The form of said bonds provided for in this section shall
be substantially as follows:
United States of America, State of California, County of
Santa Clara, City of Gilroy.
Gilroy Water Works Improvement Bonds of 1931.
Bond No.
$ 500.00
On the first day of January, A. D. One Thousand, Nine Hun-
dred and
, the City of Gilroy, a municipal
corporation, for value received, hereby promises to pay to bearer
at the office of the City Treasurer of the said City of Gilroy,
in the City of Gilroy, in the County of Santa Clara, State of
California, the sum of Five Hundred ($500.00) Dollars in gold
ooin of the United States of Amerioa, with interest thereon in
like gold coin at the rate of six percentum per annum, payable
semi-annually from date hereof, on the first day of January and
the first day of July of each year this bond is to run and until
the maturity thereof, upon presentation and surrender of the
proper interest bearing coupons which are attached hereto.
This bond is one of sixteen (l6) bonds of like date, tenor
and effect issued by the City of Gilroy for the purpose of the
acquisition,;,oonstruction and completion of a municipal improve-
ment, viz: The boring and construction of a well to furnish
water to the inhabitants of the City of Gilroy and the installa-
tion of a pump thereon and such buildings as may be necessary
in connection therewith, and it is hereby certified and declared
that it is issued under, in pursuance of, and in full compliance
with the Constitution of the State of California, the laws of
said State and the ordinances of the said City of Gilroy, and in
conformity with, the votes of more than two-thirds of all quali-
fied voters of said City of Gilroy voting at a special election
duly and regularly called and held in the said City of Gilroy,
on the fifteenth day of October, 1931, upon and after notice
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thereof duly and regularly given and pUblished in the manner
and for the period required by law, which said election was in
all respects held and conducted and the results thereof duly
canvassed and declared, in all particulars as required by law.
It is further ~ertified and declared that all the pro-
visions and requirements of the Constitution and laws of the
State of California and of the ordinances of the City of Gilroy
have been duly, regularly and fully complied with by the proper
officers of said City of Gilroy in the issuance of this bond,
and that all acts, conditions and things required by law to be
done precedent to, and in the issuance of said bonds have been
done and performed in regular and due form and in exact compli-
ance with the provisions of law authorizing the issuance thereof.
It is further certified and declared that the total out-
standing indebtedness of the City of Gilroy, including the in-
debtedness evidenced by this issue of bonds, does not exceed the
limit ~f indebtedness prescribed by the Constitution and laws of
the State of California.
IN WITNESS WHEREOF, said City bf Gilroy has caused the cor-
porate seal of the City of Gilroy to be hereto affixed and this
bond to be signed by the Mayor of said City, and the Treasurer
of said City, and to be countersigned by the Clerk of said City,
and the coupons hereto attached to be signed by the Treasurer of
the City of Gilroy, this day of , A. D.
1932.
---Mayor of the City of Gilroy
~Seal of the City of Gilroy)
Treasurer of the City of Gilroy
Clerk of the City of Gilroy
The interest coupons attached to the bonds last above de-
scribed and evidencing the interest to accrue thereon, and shall
be in subst::intia.llytb.e following fOrm and contEdn sllbs,tantially::;
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the following recitals, viz:
Coupon Number
$ 15.00
On the first day of , A. D. 19 , the
-
City of Gilroy will pay to the bearer hereof the sum of Fifteen
($15.00) Dollars in gold coin of the United States of America,
at the office of the Treasurer of the City of Gilroy, in Gilroy,
California, said sum being the semi-annual interest due on Gilroy
Waber Works Improvement Bonds of 1931. 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 authorized and directed to sign each and every
one of the said bonds, and that the Treasurer of the City of Gil-
roy be, and he is hereby authorized and directed to sign each and
everyone of said bonds, and that the Clerk of the said City of
Gilroy be, and he is hereby authorized to countersign each and
everyone of said bonds and affix the corporate seal of the City
of Gilroy thereto, and said signing and sealing shall be a suf-
ficient and binding execution of each and everyone of said bonds
~ hereinbefore provided for, by and on behalf of said City of Gil-
roy, 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 hereinbefore provided for, by his lithographis or engraven
signature.
Section 5.
All of said bonds above mentioned and described shall
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bonded indebtedness 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 aufficient to
pay the annual interest on said bonds, and all of such interest
on said bonds, and also such part of the principal thereof as
shall become due before the time of fixing the next general tax
levy, said taxes so levied shall be in addition to all other
taxes for municipal purposes, and shall be collected at the same
time and in the same manner as the other municipal taxes and shall
be used for no other purpose than the paying of said bonds and
the accruing interest.
Section 7.
This ordinance shall take effect immediately after its
passage and approval.
Passed this day of December, A. D. 1931, by the follow-
ing vote:
AYES: Councilmen
NOES: Councilmen
ABSENT: Councilmen
The fOl'egoing ordinance is hereby approved by me this
day of December, 1931.
Mayor of the City of Gilroy
ATTEST:
Clerk of the City of Gilroy
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