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0323](�K RESOLUTION NO. 323 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 $75,000 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 purposes, such indebtedness to be represented by a note or notes issued to the lender pursuant to Title 5, Division 2,. Chapter 4, Part 1, Article 705 of the Government Code of the State of California; and WHEREAS, the Southern California First National Bank, 507 Silver Spur Road, Rolling Hills Estates, California, has offered to lend the sum of SEVENTY FIVE THOUSAND ($75,000) DOLLARS, to said City, at an interest rate of SEVEN AND ONE-HALF (7-2%) PERCENT per annum, said note to be payable on or before December 31, 1974, with interest to the date of payment: NOW, THEREFORE, THE CITY COUNCIL OF THE.CITY OF ROLLING HILLS DOES HEREBY RESOLVE, DETERMINE AND ORDER.AS FOLLV8 Section to The City Council finds that it is necessary for said City to authorize the issuance of a negotiable note in the amount of Seventy Five Thousand ($75,000) Dollars, in order to meet the immediate requirements of said City; Section 20 The taxes, income, revenue, cash receipts and other funds to ­be received by said City during the current fiscal year are estimated to'be TWO HUNDRED NINETY FOUR THOUSAND ONE HUNDRED AND SIXTY TWO DOLLARS ($294,162)0 ' The amount of the note hereby authoriz- ed to be issued will not exceed EIGHT FIVE (85%) PERCENT 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 SEVENTY FIVE THOUSAND ($75,000) DOLLARS, Said note must be paid on or before December 31, 1974, and shall bear interest at the rate of SEVEN AND ONE-HALF (7-k%) PERCENT 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 along with such payment of principal, and the interest shall cease on the amount of the 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 Southern California First National Bank, 507 Silver Spur Road, Rolling Hilss Estates, California. Section 5e Said dote shall be payable from the General Fund during the fiscal year 1974-1975,.said Fund being pledged to repay said note; provided, however, that if said Fund or any portion thereof should be encumbered of said note, an equivalent aside for and said-, note will and provided, paid from any ru by the City for a special purpose other than the payment then pursuant to Section 53856 of the Government -Code, amount of -the -proceeds from said note will .be set used for said special purpose; and provided,, further, that be set aside for and used for said special purpose; further, that said note with interest thereon may be other funds of the. City lawfully .available therefor. Section 6.. Said, note shaall 'be,, stSried ,.by, the Mayor, Treasurer and Chief Accounting` Officer '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, Californ.ia,, a municipal corporation, promises to pay to Southern California First National Bank, or.order, on or before December 31, 1974, the sum of $75,000, with interest, thereon, payable at the maturity thereof, at the rate of 7-2% per annum from the date hereof. Both .principal and interest are payable in lawful money of the United States of America at Southern California First National Bank, 5.07 Silver Spur Road, Rolling Hills Estates, 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 the 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 of the City,. does not exceed any debt limit prescribed by the laws or the Constitution 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 b: $294,162. -2- S-0 "IN WITNESS WHEREOF, said -City of Rolling Hills, California,, has caused this note to be signed by the Mayor, Treasurer and Chief Accounting Officer of said City and sealed with the corporate seal of said City and has caused this note to `be dated on the day of 1974. Mayor Pto tt�e-m (SEAL) Treasurer "and" the Chief 'Acc"o'un" ting Officer Section 7. The City Council of said City hereby finds and determines that it is necessary and desirable that the City borrow from the Southern California First National Bank the sum of $75.,.0.00, such indebtedness to be represented by the negotiable note authorized hereby. The Treasurer and the Chief Accounting Officer of the.Cty 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 aceept:ance of the offer of Southern California First National Bank aboveref1erred to PASSED, APPROVED and ADOPTED this 26t ay of ug s -t, 1974 Vice Niayor o the City of .Ro.11ing Hills ATTEST: C1ty ';Clerk APPROVED AS TO FORM: City Attorney I hereby certify that the foregoing resolution, being Resolution.Noo 323 was duly adopted by the City Council of the City of Roiling H"i ls,, California at a regular meeting thereof held on the 26th day of August 1974bythe following vote of the Council: AYES: Councilmen Crocker, Lej:Coritey Rose Mayor pro tempore Heinsheimer NOES: None ABSENT: Mayor Battaglia City Clerk �.. -3®