0216RESOLUTION N0. 62'16
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 $301000.00
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 indebt-
edness 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 Govern-
ment Code of the State of California; and
WHEREAS, the Gateway National Bank has offered to lend the sum
of $30,000 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 December 30,
1967, with interest to date of;payment.�
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
$30,000 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 $40,000.00. The amount of the note hereby author-
ized 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 $30,000.00. Said note must
be paid on or before December 30, 1967, and shall bear interest at the
rate of 3 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 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
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 1967-1968, said Fund -being pledged to repay said
note;•.provided, however; that if said Fund,, or any portion thereof, when
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.,f,,or said special purpose,; and provided, further, that
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 Clerk of the City of Rolling Hills, and shall be in substantially
the following 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'br before December 30, 1967, the sum of
$30,000.00 with interest thereon, payable at the maturity
thereof, at the rate of 3,1,13/4% per annum from the date hereof.
Both principal and interest are -payable in lawful money of
the United States 'of 'Ainerica -' 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
payment of 'principal and ,interest: •shall cease- •on the amount
of principal so paid.
"The principal of and the interes on this note are payable
from the" General`Fund. This note is a general obligation
of the City of Rolling Hills, and, to the extnet not paid �
from said Fund, shall 'be paid, with inte're'st 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 Con-
stitution of the State of California.
"Thetaxes', income; "revenue and cash -receipts to be received
by said City during the current fiscal year from and after
the 'date 'hereof` ar'e estimated to 'lie $140,000.'00."
"IN WITNESS WHEREOF2• said' City of Rolling Hi11s, California,
has caused this note to be signed by the Mayor and the City
Clerk of said City and sealed'with the cotporate seal of said
City, and has caused this note to be dated on the 24 day
of July , 1967.
(Seal) '
Mayor,
�o�rk�, /�/���
C i y Gyle
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 $30",000.00, such -in&btedness
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'thd'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.
ADOPTED, SIGNED AND APPROVED this 24 day of July, 1967.
ATTEST:
City Clerk %%j
1
Mayor o the City Rolli Hills
1
APPROVED AS TO FORM:
City Attorney
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. 216 was passed
and adopted by the City Council of the City of Rolling Hills, Cali-
fornia, 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
July, 1967, and that the same was passed and adopted by the following
vote, to wit:
AYES: Councilmen Fay, Hesse, Nadal, Tourtelot
NOES: None
ABSENT: Mayor' -Klein
City Clerk