66-105
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RESOLUTION NO. 66R-I05
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ANAHEIM PROVIDING FOR THE ISSUANCE
OF A NEGOTIABLE NOTE IN THE AMOUNT OF
$1,250,000.
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WHEREAS, funds are needed to meet the immediate require-
ments of the City of Anaheim, including but not limited to the
payment of current expenses, capital expenditures, and the dis-
charge of any obligation or indebtedness of said City; and
WHEREAS, the City may borrow for said purposes, such
indebtedness to be represented by a note or notes issued to the
lender pursuant to Article 7.6, Chapter 4, Part 1, Division 2,
Title~, of the Government Code of the State of California; and
o o. WHEREAS, Bank of America National Trust and Savings
Assoc~at~on has .offered to lend the sum of $1,250,000 at an
interest rate of 2% per annum, upon a neaotiable note to
be made payable on or before February 23, 1969, with interest
to date of payment;
NOW, THEREFORE, the City Council of the City of Anaheim,
California, DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
Section 1. This Council finds that it is necessary
for the City to issue a negotiable note in the amount of $1,250,000,
in order to meet the immediate requirements of said City.
Section 2. The taxes, income, revenue, cash receipts
and other. moneys to be received by said City during the current
fiscal year are estimated to be ~28,522,962. The amount of the
note hereby authorized to be issued, together with other notes
outstanding, if any, does not exceed 85% of the uncollected portion
of said moneys.
Section 3. Said note shall be dated as of the date of
delivery, shall be in the denomination of $1,250,000, shall be
paid on or before February 23, 1966, and shall bear interest at
the rate of 2% . 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 shall be paid along with such payment
of principal, and interest shall cease on the amount of prin~ipal
so paid. No notice need be given prior to the exercise of such
right by the C~ty.
Section 4. Both the principal of and the interest on
said note shall be payable in lawful money of the United States
of America at the office of the City Treasurer in the City of
Anaheim, State of California.
Section 5. Said note shall be payable from taxes,
income, revenue, cash receipts or other moneys of the City of
Anaheim to be received during the fiscal year 1965-1966, said
moneys being hereby pledged to repay said note; provided, how-
ever, that if said moneys or any portion thereof when received
by the City will be encumbered for a special purpose other than
the repayment of said note, then pursuant to Section 53856 of
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the Government Code an equivalent amount of the proceeds of
said note shall 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 moneys of the City lawfully
available therefor.
Section 6. Said note shall be signed by the Mayor
and the City Treasurer, and countersigned by the City Clerk,
and shall be in substantially the following form:
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CIn OF DAPIH
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FOa VALUI UCBIVED, the Clt,. of Aaaheill, Ca11fomia,
a ...tc1~1 co~ati_. pzoai... to .., to .... of '--':l.ea
..ti_1 'h'uat ... ~. Aaaoc:l.atioa 0'1" ord.Z'. OR or befo1:.
W.~ 23 1966 the a. of 011.. 111111_ Two JIinuIl'ecl ad rlft,
1'IlcMIaaail Dollu:a tt1.250,OOO) wltb :Lat.r.at there., ,.,.ab1.
at tb. _tazolt,. thueof. at the rate of 21 pel' .."""
&_ tile elat. beJ:eof. loth prl8Ol,.l a.aa-m&ii't u. pa~l.
in lawful....,. of the 1JD1teCI State. of ...loa at th. oat.c.
of the CI.t7 TrU..._ iD the City of .....111. Stat. of CalifoJ:-
a1&. !be rtabt 1. r........ to .ald Clty to pa, all OZ' ..., part
of W. aoc. ,Z'loJ: to _tarlt,. :1D wblch ...t tb. iDt.e.t
due to date OR the ...t ao pald .bal1 b. paid alOD& vitia
aucb paJll!llDt of p1:1.Go1~~J ail iDt...t .bal1 c.... oa the
eruat of p1::lAci~l ao ~d. Bo DOtice ued be II.". '1:ior
to the ..nl.. of aucb t'labt by the Clt,..
!be pt':1Dclpa1 of aad tb. iDt.eat oa thi. aote ar.
payable froa t..., iac~. Z'...... cub 1:..1,t. 01' other
...,. of the Clty of Aaab..iIa to be rec.l.... duriq the fl.a1
~J: 1965-1966. ..14 ..ey. belD& p1e." f01" the ,.~t of
thi. aot. aad the 1Dt.r..t her... Botw1tbataad~ ..i4 p1....
thia DOte 1. a a_.ra1 obllaaCiOD of the Cie,. ad co the
ateat aot paid for. aaid ~.. .bal1 be ~id ;Ith iDt.Z'eat
beS080D fr:_ _,. ot'" ~a of the City.1_ful1,. avallabl.
th..m.
IT 18 .._. CZRnrDD. IBCIBD A1ID DBCLADD tut
all Mta, c_lti.. .. tbilla. J:..u1r.... ~ law to ai.t,
happeD aDd be ,..fox.d pzoeoea.t to aad 1a the i..uac. of
thi. DOte ...... al.t..... ..."cecI ad b-. ,.Z'fo~ ill clue
tiaa fOt'll aDd ...ar .. Z'equlZ'ed by law. iIDcl that the ....t
of W. ute, toaetber with all other :bUI.bt.eda... of the
Clt,., doe. aot eac:eec1 a,. debt li1dt ~acrlb" by th. I..
OJ: CoD.titutlOD of the state of Cali la.
D WI1'lIISS WIIJBI&OI'. aa14 C:I of ...ia .... c..-
tM. DOt.. to"be .~ bJ' t. .,or the Clt7 ftuauer
of .aiel Clty aacI couat...iped 1>>1 the Cltl' C1Hk of .a14 Clt,
ad ...1.. With the corporat. a..l of ..iil City, aDd ....
cauaed thia DOte to b. ated the 9tb elay of ".._1:Y. 1966.
Cuu.aDSIcasDl
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em "dwDu. dI' ua
eIft or AIWf1.DI
CX'D" cLBA 01' 1.... CIn 01'
...11&111
(8W.)
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Section 7. This City Council hereby finds and deter-
mines that it is necessary and desirable that the City borrow
from Bank of America National Trust and Savings Association
the sum of $1,250,000, such indebtedness to be represented by
the negotiable note authorized hereby. The Mayor and the City
Treasurer are authorized to sign said note and the City Clerk
is authorized to countersign said note and 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 accept-
ance of the offer of Bank of America National Trust and Savings
Association above referred to.
THE FOREGOING RESOLUTION is approved and signed by me
this 8th day of February, 1966.
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ATTEST:
L)x~
LERK OF . -<<K Of ANAHEIM
I, DEN~~ M. WILLIAMS. CITY CLE'RK OF THE CITY OF AN!\HEIM
DO HEREBY CERTIfY THAT THE FOREGOING IS THO:: ORI3IN:
AL OF RESOLUTION NO. 66R-105 DULY PASSED AND
ADO I BY THE ANAHEIM CITY ~~UNCIL ON 2-8-1966
CITY CLER"K
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF ANAHEIM
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SSe
I DE~i M. WILLIAMS, City Clerk of the City of Anaheim,
do hereby c~rtify that the foregoing resolution was passed and
adopted at a regular meeting of the City Council of the City of
Anaheim held on the 8th day of February, 1966, by the following
vote of the members thereof:
AYES: COUNCILMEN: Dutton, Pebley, Schutte, Chandler and Krein
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: None
AND I FURTHER CERTIFY that the Mayor of the City of
Anaheim approved and signed said resolution on the 8th day of
February, 1966.
IN l-lI'I'NESS WHEREOF, I have hereunto set my hand and
affixed the seal of the City of Anaheim this 8th day of February,
1966.
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(SEAL)
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