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RESOLUTION NO. 339
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 $609000
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 I
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 7.5 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
land the sum of SIXTY THOUSAND ($60,000) DOLLARDS, to said City,
at an interest rate of FIVE AND ONE-HALF (5.5%)'PERCENT per annum,.
said note to be payable on or before December 31, 1975, 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 FOLLOWS:
Section L The City Council finds that it is necessary,
for said City to authorize the issuance of -a negotiable note in the
amount of SIXTY THOUSAND ($60,000) DOLLARS, 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 TWO HUNDRED NINETY TWO THOUSAND EIGHT HUNDRED AND
NINETY ONE DOLLARS ($292t891). The amount of the note hereby authorized
to be issued will not exceed EIGRT)t'VM(857.) PERCENT of said funds
on the date of issuance. No other notes are outstanding.
Section -3-6 Said negotiable note shall be dated as of the
delivery and shall be in the amount of SIXTY THOUSAND ($609000) DOLLARS,,'
Said note must be paid on or before December 31, 19759 and shall beat
interest at the rate of FIVE AND ==HALF (565%) 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 go paid,
.Section_,4. Both the principal of and 'Interest on said note
shall be payable it lawful money of the United States of America at the
Southern California First National tank, 507 Silver Spur Road., Rolling
Hills Estates, California
Section 5i Said hote shall be payable from the General Putid
during the fiscal year 1975i-1976, said Fund being pledged to repay said
note; provided, hot4ever, that if said Fund or any portion thereof should
be encumbered by the City 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
asiJe for an used for 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,
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
"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 nate
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 be $292,891.
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41
NO. l
NEGOTIABLE NOTE
V
"_FOR VALUE RECEIVED. the City of Rolling Hills, California,
a municipal corporation, promises to pay to Southern
California First National Bank, or order, on or before
December 31, 1975, the sum of $60,000, with interest
thereon, payable at the maturity thereof, at the rate
of 5.5% 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, 507 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 nate
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 be $292,891.
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41
1-714
"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 filth day of Au ust 19
Mayor
(SEAL) TYeasurer #d the Ch Accounting 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 $60,000
such indebtedness to be represented by.the negotiable note authorized
hereby. The Treasurer and the Chief Accounting Officer 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 Southern California First National Bank above referred to.
PASSED, APPROVED and ADOPTED this llt o gust, 75.
e
Mayor of the City of Rolling Hills
ATTEST:
City Clen
APPROVED AS TO FORM:
liam Kinley ...-...:._ ..:.-...
City Attorney
I hereby certify that the foregoing resolution, being Resolution No.
339 was duly adopted by the City Countil of the City of Rolling Hills,
California at a regular meeting thereof held on the 11th day of August
1975 by the following vote of the Council:
AYES: Councilmembers Crocker, Le Conte, Pernell, Rose
Mayor Heinsheimer
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