0234RESOLUTION NO. 234
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ROLLING HILLS, CALIFORNIA PROVIDING FOR THE IS-
SUANCE OF A NEGOTIABLE NOTE IN THE AMOUNT OF $10,000
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
e rCodeeot.UeCStaterot'California; -and
Part 1, 2, Title' 5 of the Govern-
ment
WHEREAS, the Gateway National Bank has offered: to lend the
sum of $10,000.00 at an interest rate of three and three quarters (3 3/4)
per cent per annum, said note to be payable on or before December 31,1968
with interest to date of payment,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ROLLING HILLS
<C DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
a�
Section 1. This Council finds that it is necessary for said
City to authorize the issuance of a negotiable note in the amount of
$10,000 in order to meet the immediate requirements of the 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 $215,000.00. The amount of the now hor@by 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
tate of delivery and.shall be in the amount of $10,000. Said note mu®t
be paid on or before December 31, 1968, and shall boar interest at th@
rate of 3 3/4% per annum, payable at the maturity thereof. Th@ right
shall be reserved to said City to pay all or any part of said not@ prior
to maturity, in which event the interest due to-dato on the amount so
paid shall be paid along with such pa ym out of principal, and int@r@®t
shall cease on the amount of principal so paid.
Section 4. Both the princi al�of and inter@®t on ®aid not@
shall be payable in lawful money of t o United States of Am@rica at
the Gateway National Bank, Lomita Branch, 2.201 Pacific Cog®t Highway,
Lomita, California.
Section 5. Said note shall be payable from th@ G@n@ral Fund
during the tis:cai:.year 1968-19.69,_ said Fund being pl@dg@d to r@pa
said note; provided,- however; that if said Fund, or any portion t@r@®f,
when by the City should be encumbered for a specialpnr ose oth@r than
the payment of said note, then pursuant to Section 538 5 -of th@ Gbv@rn-
ment Code, an equivalent amount of the proe@ed® from ®gi':ote wiii:O@
set aside for and used for said special. purpos@; and'prbvid@d, furfh@r,
that said note with interest thereon may be paid from any other fund®
of.the City lawfully available therefor.
Section 6. Said note shall be si nod by the Mayor and the
ity Clerk of -the _(Aty of Rojgng.-Hills, and shah be in substantially
Rhe following form;-
NO. 1
CITY OF ROLLING HILLS, LOS ANGELES COUNTY, CALIFORNIA
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.December 31, 1968, the sum of
$10,000.00 with interest thereon, payable at the maturity
thereof,at the rate of 3 3/4% per annum from the date here-
of. 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
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 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.
"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 $215,000.00.
"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 31sT day of
October, 1968.
Mayor
(Seal) City Clerk �lS
Section 7. The City Council of said City hereby finds and
determines that it is necessary -and -desirable that the City borrow
from the Gateway National Bank the sum of $10,000, 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 there-
of. 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 31st day of October, 1968.
ATTEST:
WIN
City"Cleik
Mayor of ttiecity I of ROILIng, hi is
APPROVED AS TO FORM:
C.0
At
City Attorney
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES as
ITY OF ROLLING HILLS I
1, Teens, Clifton, City Clerk of the City of Rolling Rills,
do hereby certify that the foregoing Resolution No. 234 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 hold on, the 28th day of
October, 1968, and that the same was passed and adopted by the
following vote, to wit:
AYES: Councilmen Hassel Klein, Sauer, Mayor Nadal
ABSENT: . Councilman Pay
it
4�1
C y Clerk