66-467RESOLUTION NO. 66R -467
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY. OF ANAHEIM PROVIDING FOR THE ISSUANCE
OF A NEGOTIABLE NOTE IN THE AMOUNT. OF
$2,300,00.0.
WHEREAS, funds are needed to meet the immediate
requirements of the. City of Anaheim, 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, 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 5, of the Government Code of the State of California;
and
WHEREAS, Bank of America National Trust and Savings
Association has offered to lend the sum of $2,300,000 at an
interest rate of 3.6% per annum, upon a negotiable note to
be made payable on or before June 30, 1967, 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
$2,300,000 in order to meet the immediate requirements of
said City.
Section 2. The taxes, income, revenue, cash re-
ceipts and other moneys to be received by said City during
the current fiscal year are estimated to be $31,520,083.
The amount of the note hereby authorized to be issued, to-
gether 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 $2,300 shall
be paid on or before June 30,. 1967, and shall bear interest at
the rate of 3.6% 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 principal so paid. No notice need be given prior
to the exercise of such right by the City.
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 1966 -67, said
moneys being hereby pledged to repay said note; provided,
however, that if said moneys or any portion thereof when
received by the City will be encumbered for a special pur-
pose.other. than the repayment of said note, then pursuant to
Section 53856 of 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:
CITY OF ANAHEIM
No. 1 NEGOTIABLE NOTE
FOR VALUE RECEIVED, the. City of Anaheim,
California, a municipal corporation, promises to pay to
Bank of America National Trust and Savings Association
or order, on or before June 30,. 1967, the .sum of Two
Million Three Hundred Thousand Dollars ($2,300,000)
with interest thereon, payable at the maturity thereof,
at the rate of 3.6% per annum from the date. hereof. Both
principal and interest are payable in lawful money of the
United States. of America at the office of the City Trea-
surer in the City of Anaheim, State of 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 principal so paid. No notice need be
given prior to the exercise of such right by the City.
The principal of and the interest on this note
are payable from taxes, income, revenue, cash .receipts or
other moneys of the City of Anaheim to be received during
the fiscal year 1966 -1967, said moneys being pledged for
the payment of this note and the interest hereon. Not-
withstanding said pledge, this note is a general obligation
of the City and, to the extent not paid from said moneys,
shall be paid with interest hereon from any other moneys
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 or Constitution of the State
of California.
IN WITNESS WHEREOF, said City of Anaheim has
caused this note to be signed by the Mayor and the City
Treasurer of said City and countersigned by the City
Clerk of said City and sealed with the corporate seal
of said City, and has caused this note to be dated the
day of July, 1966.
COUNTERSIGNED:
CITY CLERK OF THE CITY OF
ANAHEIM
(SEAL)
Section 7. This City Council hereby finds and
determines that it is necessary and desirable that the City
borrow from Bank of America National Trust and Savings Associ-
ation the sum of $2,300,000, such indebtedness to be repre-
sented 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 sub-
stantially in the form provided in this resolution.
Section 8. This resolution shall constitute
acceptance 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 12th day of July, 1966.
ATTEST:
CIT CLERK OF THE CITY OF ANAHEIM
MAYOR OF THE CITY OF ANAHEIM
CITY TREASURER OF THE
CITY OF ANAHEIM
YOR OF THE CITY OF AHEIM
STATE OF CALIFORNIA
COUNTY OF ORANGE s s
CITY OF ANAHEIM
I, DENE M. WILLIAMS, City Clerk of the City of Anaheim,
do hereby certify that the foregoing Resolution No. 66R -467 was
introduced and adopted at a regular meeting provided by law, of the
City Council of the City of Anaheim, held on the 12th day of
July, 1966, by the following vote of the members thereof:
AND I FURTHER CERTIFY that the Mayor of the City of
Anaheim approved and signed said Resolution No. 66R -467 on the
12th day of July, 1966.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the City of Anaheim this 12th day
of July, 1966.
(SEAL)
AYES: COUNCILMEN: Dutton, Pebley, Chandler and Krein
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: Schutte
C i CLERK OF THE CITY OF ANAHEIM
I, DENE M. WILLIAMS, City Clerk of the City of Anaheim,
do hereby certify that the foregoing is the original of Resolution
No. 66R -467 duly passed and adopted by the Anaheim City Council on
July 12, 1966.
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CITY CLERK