1975-324
RESOLUTION NO. 75~-324
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A RESOLUTIOn OF TEE CITY COUNCIL OF THE CITY
OF ANAHElr'l PROVIDING FOR THE BORROlvING OF
FUNDS FOR THE 1975-1976 B"ISCAL YEAR Al~D TIlE
ISSUANCE AI\ID SALE OF GENERAL OBLIGATIO!~ l\fOTES
THEREFOR.
~~EREAS, the City of Anaheim, a municipal corporation
of the State of California, desires to avail itself of the pro-
visions of Article 7.6, Chapter 4, Part 1, Division 2, Title 5,
California Government Code for the purpose of borrowing from
time to time sums not exceeo.ing in the aggregate $5,000,000 in
anticipation of the receipts of revenues by the City of Anahe1!~
during its 1975-76 fiscal year (commencing July 1, 1975, and end-
ing June 30, 1976).
vITIEREAS, Section 53858 of said Government Code provides
that notes shall not be issued ,ursuant to said Article 7.6 in
any fiscal :rear in an amount \'{h1ch, when :"~::..';.ed to the interest
payable thereon shall exceed eighty-five percent (85%) of the es-
timated amount of the then uncollected taxes, income, revenue,
cash receipts, and other moneys of the City which will be avail-
~ble in said fiscal year for the payment of said notes and the
interest thereon.
vlHERE.l\.S, the estimated amount of uncollected taxes, j.n-
come, revenue, cash receipts and other funds of the City which
\.,i11 be available in said fiscal ~'ear for the payment of said
notes and the interest thereon is in excess of $6,500,000.
vlHEREAS, United California Bank has offered to lend the
City the sum of $5,000,000 at an interest rate of 4.21 percent
t;)er annUlll upon negotiable notes to lna.ture on June 30, 1976.
N01~, THEREFORE, BE IT RESOL~~D by the City Council of
the City of Anaheim as follows:
1. It 1s necessary for the City to issue negotiable notes
in the amount of $5,000,000 for the purposes hereinafter set forth.
2. The anticipated receipts of the City of Anaheim for the
fiscal year 1975-76 presently uncollected, and which will be avail-
able for the payment of any notes nade pursuant to this resolution,
and any interest thereon, is in excess of ~6,500,OOO.
:3. No sums heretofore have been borrowed by said City in
a.nticipation of the receipts or taxes, income, revenue, cash re-
ceipts, or other funds for this 1975-76 fiscal year.
ll. The Ci t~.7 Treasurer is hereby authorized to borrow, from
time to time, from United California Bank pursuant to the authority
recited in the first paragraph of this resolution, a total sum of
~5,OOO,OOO to be evidenced by notes, which shall be dated as of t~e
date of delivery thereof; shall be in denominations as follows:
30 e.t ~lOO,()OO each, shall be numbered from 1 through 30;
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shall bear interest at the rate of 4.21 percent per annum payable
at maturity; shall mature on June 30~ 1976; and shall be substan-
tially in the form attached hereto as Exhibit "A".
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5. Said money shall be borrow~d from time to tir~ as de-
termined by the City Treasurer to be .necessary or desirable 'for
use and expenditure by the City of Anaheim for any purpose for
which it is authorized to expend funds~ including, but not li~ited
to, current expenses, capital expenditures and the discharge of
any obligation or indebtedness, and said money so borrowed shall
be used only for purposes for which the City of Anaheim is author-
ized to expend funds.
5. ~or the prompt payment of the principal and interest on
the notes so issued, the City of Anaheim hereby pledges such of
the revenues to be received by it during the 1975-76 fiscal year
as shall be necessary to provide for payment of the principal of
notes issued and interest payable thereon. To the extent not paid
from the revenues of the City, pledged for the payment thereor,
eaid note shall be paid with the interest thereon from any other
moneys of the City lawfully available therefor.
7. It hereb~.T is covenanted and vlarranted by the City o:~..
Anaheim that all representations and recitals contained in this
resolution are true and correct, and that the City, and its a.npro-
!,r1ate officj.als, have Guly taI:en all proceed:lngs necessary to be
tal:en b;;7 thern, and ~lill take a.ny addit:i.onal proceed.ings necesi)(lry
to be t2ken by them, for the le~T, collection, and enforcement of
the revenues 91edged hereunder in accordance with the law for car-
r~:TinJ?': out the provisions of thj_s resolution and any pledee here-
under.
3. Each of the aforesa.id notes, upon issuance, shall be ex-
ecuted by the Cit~T Treasurer, who is hereby authorized to execute
the same, and the City Clerk is hereby authorized and directed to
countersign and seal each of said notes for and on behalf of the
City, and said execution, counters1ening and sealing shall consti-
tute a valid and sufficient execution of each of said notes.
THE FOREGOI:'.]G RESOLUTION is approved and
this 1st day of JulY, 1975.
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A.TTEST:
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c~ ~" --E -fiTY OF ANAHEIM
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CITY OF ANAHEIM
REVENUE ANTICIPATION NOTE
FISCAL YEAR 1975-76
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No.
$
For value received, the City of Anaheim, a municipal
corporation of the State of California, promises to pay to
bearer at the office of the Treasurer of said City, in
Anaheim, Ca11forn1a~ the principal sum of $ in
lawful money of the United States of America, on June 30,
1976, together with interest thereon at the rate of 4.21
percent per annum in like lawful money from the date hereof.
Both the principal of and the interest on this note shall be
payable only upon surrender of this note as the same shall
fall due; provided, however, no interest shall be payable for
any period after maturity during which the holder hereof fails
to properly present this note for payment.
This note Is made, executed, and given pursuant to
and by authority of Resolution No. 75R-32~ of the Council
of the City of Anaheim dUly passed and adopted on July 1,
1975, under and by authority of Article 7.6~ Chapter 4,
Part 1, Division 2, Title 5, California Government Code.
It 1s 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
Constitution of the State of California or the Charter of the
City of Anaheim.
The principal of and interest on this note are payable
from the revenues to be received by the City of Anaheim
during the Fiscal Year 1975-76, and to the extent not paid
from said monies, this note shall be paid with interest
hereon from any other monies of the City lawfully available
therefor.
IN WITNESS WHEREOF, the City of Anaheim has caused
this note to be executed by the City Treasu~e~ of the City
of Anaheim, and countersigned by the City Clerk of the City
of Anaheim, and caused its offieial seal to be affixed
hereto this day or July, 1975.
CITY OF ANAHEIM
By
City Treasurer
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STATE OJ' CALIfORNIA )
COUNTY !JP OlWlGE ) ss .
CrrY OF ANAHEIM 1.
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I., ALOHA M~ HOUGABD, City Cle.J:k of :the City of Anehe~, do
heJ;'eby certify tha.t the foregoi.ng Resolution :MD. 75R...324 was. intro~
duced and adopted at a regular JQ.eettng p%c)vi.ded . by. law', Qf the C1ty'
Council of the City of Anahe:bll held on the 1st. a..,y: ot. July., ~975,
by the followinq vote of the members thereof eft .
A~', COUNCIL MEMBERS, KayWaod, Seymour, Sneegas ~d ThQ1ll
NOES. COUNCI'L MEMBERS'c None
ABSENT, CC1UNCIL MEMBE~ J Pebley
AND r- FURTHER CERTI!'Y that the Mayor ot the Ci,tr ot. Ana.heitn
approved and signed said Resolution No_ 75R")24 on the 1st Clay' o.f
3uly, 19.75"
IN WI'l'NESS WHEREOF, I have hereunto set 1JY.. hand and .ff~ed
the seal of the ctty of Anaheim th!.s 1st d~y of JU1Yf ~975,
~~~al t# ...
c. . ~ . [ . ~.~~. .
(SEAL).
I, ALONA M. HOUGARD, City Clerk of the City of Anaheim, do
here~ certify that the foregoing is the original of Resolution No.
75R-324 duly passed and adopted by the Anaheim City Council on
July 1, 1975.
<-'~U2/ )?7.~~P
City C er1V' .
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