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®