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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