Ordinance 1025
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ORDINANCE NO. 1025
AN ORDINANCE OF THE CITY OF GILROY, CALIFORNIA,
AMENDING CHAPTER 12A OF THE GILROY CITY CODE BY
AMENDING SECTION 12A.130 OF DIVISION 1 OF ARTICLE
III THEREOF RELATING TO THE ISSUANCE OF BONDS
The Council of the City of Gilroy does ordain as follows:
SECTION 1. Section 12A.130 of Division 1 of Article III
of Chapter 12A is amended to read as follows:
"Sec. 12A.130. Resolution of intention to
issue. When the council shall have determined that
bonds shall be issued to represent the cost and
expenses of any proposed work or improvement or of
the possession or acquisition of any property in any
such proceeding, it shall so declare in its resolution
of intention therefor, and shall specify pursuant to
which plan herein provided such bonds shall be issued,
the date of their maturity following the date of their
issuance, the interest rate which they shall bear,
which shall not exceed eight per cent (8%) per annum;
provided, however, that such interest rate may be
stated to be not to exceed a rate stated therein."
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Mayor
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The foregoing ordinance was regularly introduced at a
regular meeting of the Council of the City of Gilroy held on the
--Z1h... day of October
, 1974, and thereafter duly adopted by said
Council at a regular meeting held on the ~ day of October
,
1974, at which meeting a quorum was present, by the following vote:
AYES, Councilmemers: DeBEll, DUFFIN, HUGHAN, PATE, SilVA, STOUT
and GOODRICH.
NOES, Councilmefflers: None
ABSENT, Councilmembers: None
ATTEST! ,/ J:
(7)) U<Ni"mu/ V 9{ 4
' City Clerk ~
(SEAL)
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ORDINANCE NO. 1025