Loading...
0212the City current tion or iless to Article Code of C,Q t : r RESOLUTION NO. 212 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 $25,000.00 WHEREAS, funds are needed to meet the immediate requirements of of Rolling Hills, including but not limited to the payment of expenses, capital expenditures, and the discharge of any obliga- indebtedness of said City; and L WHEREAS, said City may borrow for said purpose, such indebted - be represented by a note or notes issued to lender pursuant to 7.6. Chapter 4, Part 1, Division 2, Title 5 of the Government the State of California; and WHEREAS, the Gateway National Bank has offered to lend the sum of $25,000. at an interest rate of three and three quarters (3 3/4) per cent per annum, with said note to be payable on or before June 30, 1967, with interest to date of 0.ayment. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ROLLING HILLS DOES HEREBY RESOLVE, DETERMINE, AND ORDER as follows: Section 1. This Council finds that it is necessary for said City to authorize the issuance of a negotiable note in the amount of $25,000 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 $57,503.00. 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 9. f delivery and shall be in the amount of $25,000.00. Said note must be aid on or before June 30, 1967, and shall bear interest at the rate of 3/4% 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 matur- ity,,,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 Gateway National Bank, Lomita Branch, 2201 Pacific Coast Highway, Lomita, California. Section 5. Said note shall be payable from the General Fund during the fiscal year 1966-1967, 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 payment 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; and 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 lerk of the City of Rolling Hills, and shall be inasubstantially the ollowing,form: "CITY OF ROLLING HILLS, LOS ANGELES COUNTY, CALIFORNIA.. No. 1 NEGOTIABLE NOTE "FOR VALUE RECEIVED, the City of Rolling Hills, ,California, a municipal corporation, promised to pay to Gateway National Bank or order, on or before June 30, 1967, the sum of $25,000 with interest theron, payable at the maturity thereof, at the rate of 3 3/4% per annum from the date haerof. Both principal and interest are payable in lawful money of the United States of America at Gateway National Bank, Lomita Branch, 2201 Pacific Coast Highway, Lomita 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 pay- ment 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 required by law, and that the amount of this note, together with all other indebtedness of the City, does not exceed any debt limit prescribed by the laws or the Consti- tution of the State of California. "The taxes, income, revenue and cash receipts to be received by said City during the current fiscal year from and after the date hereof are estimated to be $57,503.00. "IN WITNESS 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 caused this note to be dated on the day of , 1967. Mayor City Clerk (Seal) Section 7. The City Council of said City hereby finds and determines that it is necessary and desireable that the City borrow from the Gateway National Bank the sum of $25,000.00, such indebtedness 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 Gateway National Bank above referred to. ATTEST: Ci y Cler JAPROVED AS TQ L-0 City " ttorney ADOPTED, SIGNED AND APPROVED THIS 24th day of?:April , 1967. Mayor of the City of Rolling Hills ata STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) ss. CITY OF ROLLING HILLS ) I, Teena Clifton, City Clerk of the City of Rolling Hills, do hereby certify that the foregoing Resolution No. 212 was passed and adopted by the City Council of the City of Rolling Hills, California, signed by the Mayor of said City and attested by the City Clerk,.all at a regular meeting thereof held on the 24th day of April, 1967, and that. the same was passed and adopted by the following vote, to wit: AYES: Councilmen NOES: ABSENT: Councilmen / e ity Clerk 1