0181RESOLUTION NO. 181
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ROLLING HILLS, CALIFORNIA, PROVIDING FOR
THE ISSUANCE OF A NEGOTIABLE NOTE IN .THE
AMOUNT OF $40,000.00
WHEREAS, funds are needed to meet the immediate requirements
of the City of Rolling Hills, including but not limited to the payment
of current expenses, capital expenditures, and the discharge of any
obligation or indebtedness of said City; and
WHEREAS, said City may borrow for.said purpose, such
indebtedness to be represented by a note or notes issued to lender
pursuant to Article 7.6, Chapter 4, Part 1, Division 2, Title 5, of
the Government Code of the State of California; and
WHEREAS, the United California Bank has offered to lend the
sum of $40,000.00 at an interest rate of two and one-half (22) per
cent per annum, with said note to be payable on or before June 30,
1965, with interest to date ofpayment.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ROLLING
HILLS DOES HEREBY RESOLVE, DETERMINE, AND ORDER as follows:
H
Section 1. This Council finds that it is necessary for
said City to authorize the issuance of a negotiable note in the amount
of $40,000.00 in order to meet the immediate requirements of said City.
Section 2. The taxes, income, revenue, cash receipts and
other funds to be received by said City during the current fiscal year
are estimated to be $98,929.00. The amount of the note hereby
authorized to be issued will not exceed 85% of said funds.on the
date of issuance. No other notes are outstanding.
Section 3. Said negotiable note shall be dated as of the
date of delivery and shall be in the amount of $40,000.00. Said note
must be paid on or before June 30, 1965, and shall bear interest at
the rate of 22% per annum, payable at the maturity thereof. The
right shall be reserved to said City to pay all or any part of said
note prior to maturity, in which event the interest due to date on
the amount so paid shall be paid along with such payment of principal,
and interest shall cease on the amount of principal so paid.
Section 4. Both the principal of and interest on said note
shall be payable in lawful money -.of the United States of America -at
the United California Bank, San Pedro Branch, 7+07 West -7"th Street,
San Pedro, California.
1
Section 5. Said note shall be payable from the General
Fund during the fiscal year 1964-1965, said Fund being pledged to
repay said note; provided, however, that if said Fund, or any portion
thereof, when received by. -the City should be encumbered for a special
purpose other -:than the-.pa.yment of said note, then pursuant to Section
53856 of the Government Code, an equivalent amount of the proceeds from
said note will be set aside for and used for said special purpose; the
provided, further, that said note with interest thereon may be paid
from any other funds of the City lawfully available therefor.
Section 6. Said note shall be signed by the Mayor and the
City Clerk of the City of Rolling Hills, and shall be in substantially
the following form:
"CITY OF ROLLING HILLS, LOS ANGELES COUNTY, CALIFORNIA.
N0. 1
NEGOTIABLE NOTE
"FOR VALUE RECEIVED, the City of Rolling Hills,
California, a municipal corporation, promised to
pay to UNITED CALIFORNIA BANK, or order, on or
before June 30, 1965, the sum of $40,000.00 with
interest thereon, payable at the maturity thereof,
at the rate of 22% per annum from the date hereof.
Both principal and interest are payable in lawful
money of the United States of America at United
California Bank, San Pedro Branch, 407 West 7th Street,
San Pedro, California. The right is reserved to said
City -to pay all or any part of this note prior to
maturity, in which event the interest due to date
on the amount so paid shall be paid along with such
payment of principal and interest shall cease on the
amount.of principal so paid.
"The principal of and the interest on this note are
payable from the General Fund. 'This note is a general
obligation of the City of Rolling -Hills and, to the
extent not paid from said Fund, shall be paid, with
interest hereon, from any other fund of the City
lawfully available therefor.
"IT IS HEREBY CERTIFIED, RECITED AND DECLARED that
all acts, conditions and things required by law to
exist, happen and be performed precedent to'and in the
issuance of this note have existed, happened -and been
performed in due time, form and manner -as 'requirled by
law, and 'that the amount of - this note," - "together with
all other indebtedness . of "the City, does; not exceed any
debt,- limit -pre by the -laws or the Constitution
of the State of -California:
"The taxes, income, revenue and cash receipts to be
received by'saia City during the current fiscal year
from and after the date hereof are estimated to be
$98,929.00.
"IN'�TNESS WHEREOF, said City of Rolling Hills,
California, has caused this note to be -signed by the
mayor and the City Clerk of said City and sealed with
the corporate seal of said City, and has aused this
note to be dated on the y day of �� , 1964.
/ yor
City Clerk
(Seal) "
Section 7. The City -Council of said City hereby finds and
determines that it is necessary and desirable that the City borrow
from the United California Bank the sum of $40,000.00, such indebted-
ness to be represented by the negotiable note authorized hereby. The
Mayor and the City Clerk of the City of Rolling Hills are authorized
to sign the note in the amount to be borrowed and the City Clerk is
authorized to date and seal said note on the date of delivery thereof.
Said note shall be issued according to the terms and substantially in
the form provided in this Resolution.
Section 8. This Resolution shall constitute -acceptance of
the offer of United California Bank above referred to.
ADOPTED, SIGNED AND APPROVED this 13th day of July, 1964.
ATTEST:
City CleO
APPROVE AS TO FORM•
City Attorney
ZMaVyvorI"the City of Roll
a--,
Hills
STATE OF CALIFORNIA ) '_ a
ss.
COUNTY OF LOS,ANGELES.)
I, Teena.,Clifton,_C.ity Clerk of the City of Rolling Hills,
do hereby certify that the foregoing Resolution No. 181 was passed
and adopted by the.City Council of the City of Rolling Hills, California,
signed by the .Mayor of said City and attes.te.d .by ,the. City Clerk, all
at a regular meeting thereof held on the 13th day of July, 1964, and
that the same was passed and adopted by the following vote, to wit:
AYES: Councilmen Goodman, Fay, Tourtelot, and Mayor Van Note
NOES: None
ABSENT: Councilman Klein. _
V.
City Clerk �J