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1977-624RESOLUTION NO. 77R- 624 A RESOLUTION OF THE CITY COUNCIL or THE CITY OF ANAHEIy°i PROVIDI NG FOR THE BORROWING OF FUNDS FOR THE 1977 -1978 FISCAL YEAR AND THE ISSUA "ICE AND SALE OF NEGOTIABLE NOTES THEREFOR. WHEREAS, the City of Anaheim, a municipal corporation of the State of California, desires to avail itself of the provisions of Article 7.6, Chapter 4 Part 1, Division 2, Title 5, California Government Code for the purpose of borrowing the sum of $5,000,000 in anticipation of the receipts of revenues by the City of Anaheio during its 1977 -78 fiscal year (commencing July 1, 1977, and end- ing June 30, 1978); and WHEREAS, Section 53853 of said Government Code provides that notes shall not be issued pursuant to said Article 7.6 in any fiscal year in an amount which, when added to the interest payable thereon shall exceed eighty -five percent (85%) of the estimated amount of the then uncollected taxes, income, revenue, cash re- ceipts, and other moneys of the City which will be available in said fiscal year for the payment of said notes and the interest thereon; and WHEREAS, the estimated amount of uncollected taxes, in- come, revenue cash receipts and other funds of the City (herein- after referred to as revenues) which will be available in said fiscal year for the payment of said notes and the interest thereon is in excess of $6,500,000; and WHEREAS, Security Pacific National Bank has offered to lend the City the sum of $5,000,000 at an interest rate of 3.42 percent per annum, plus a premium of $14.00, upon negotiable notes to mature on June 30, 1978. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Anaheim as follows: 1. It is necessary for the City to issue negotiable notes in the amount of $5,000,000 for the purposes hereinafter set forth. 2. The anticipated revenues of the City of AnaheiTI for the fiscal year 1977 -78 presently uncollected and which will be avail able for the payment of any notes made pursuant to this resolution, and any interest thereon, are in excess of $6,500,000. 3. No sums heretofore have been borrowed by said City in anticipation of the revenues of taxes, income, revenue, cash re- ceipts, or other funds for this 1977 -78 fiscal year. 4. The City y yeas urer is hereby author zed to borrow from Security Pacific National Dank pursuant to the authority recited in the first paragraph of this resolution, a total sum of $5,000,000 to be evidenced by notes, which shall be dated as of the :ate of delivery thereof; shall be iIi denominations as follows: 100 at $50,000 each, shall be numbered from 1 through 100; shall bear interest at the rate of 3.42 percent per annual, plus a premium of $14.00, payable at maturity; shall mature on June 30, 1978; and shall be substantially in the form attached hereto as Exhibit "A." 5. Said money shall he borrowed by the City of Anaheim for any purpose for which it is authorized to expend funds, including, but not limited 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 authorized to upend funds. 6. For the prompt payment of the principal and interest on the notes so issued, the City of Anaheim hereby pledges such of the general fund property taxes to be received by it during the 1977 -1978 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 said taxes of the City, pledged for the payment thereof, said note shall be paid with the interest thereon from any other moneys of the City lawfully available therefor. 7. It hereby is covenanted and warranted by the City of Anaheim that all representations and recitals contained in this resolution are true and correct, and that the City and its appro- priate officials have duly taken all proceedings necessary to be taken by them, and will take any additional proceedings necessary to be taken by them, for the levy, collection and enforcement of the revenues pledged hereunder in accordance with the law for carrying out the provisions of this resolution and any pledge hereunder. 8. Each of the aforesaid notes, upon issuance, shall be exe- cuted by the City 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, countersigning and sealing shall consti- tute a valid and sufficient execution of each of said notes. THE FOREGOING RESOLUTION is approved and adopteO by the City Council of the City of Anaheim this 20t f ptember 1977. ATTEST: CITY CLERK OF THE CITY OF ANAHEIM WPH: fm -2- Ted CI_'Y 0 ANAHEIM STATE OF CALIFORNIA COUNTY OF ORANGE ss. CITY OF ANAHEIM (SEAL) iaansaa.zs A1T3 T(l,'1a TT.r a'1 T1V11T r CITY CLERK I, LINDA D. ROBERTS, City Clerk of the City of Anaheim, do hereby certify that the foregoing Resolution No. 77R -624 was introduced and adopted at a regular meeting provided by law, of the City Council of the City of Anaheim held on the 20th day of September, 1977, by the following vote of the members thereof: AYES: COUNCIL MEMBERS: Kaywood, Seymour, Kott, Roth and Thom NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS: None AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said Resolution No. 77R -624 on the 20th day of September, 1977. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the City of Anaheim this 20th day of September, 1977. CITYF THE ITY OF ANAHEIM I, LINDA D. ROBERTS, City Clerk of the City of Anaheim, do hereby certify that the foregoing is the original of Resolution No. 77R -624 duly passed and adopted by the Anaheim City Council on September 20, 1977. No $50,000 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, California, the principal sum of $50,000 in lawful money of the United States of America on Jurie 30, 1978, together with interest thereon at the rate of 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; prov 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. 77R-624 of the Council of the City of Anaheim duly Passed and adopted on September 20, 1977, under and by authority of Article 7.6, Chapter 4, Part 1, Division 2, Title 5, California Govern- ment Code. It is hereby certified, recited and declared that all acts, con- ditions and things required by law to exist, happen and be performed 2recedent 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 Anaheiic. The principal of and interest on this note are Payable fro the general fund property taxes to be received by the City of Anaheii, during the Fiscal Year 1977-1972, and to the extent not paid frop said moneys, this note shall be paid with interest hereon fro any other moneys of the City lawfully available therefor. IN WITNESS WHEREOF, the City of Anaheim has caused this note to be executed by the City Treasurer of the City of Anaheim, and counter- signed by the City Clerk of the City of Anaheim, and caused its offi- cial seal to be affixed hereto this 22nd aay of SePtember, 1977. COUNTERSIGNED: WPH:fm CITY OF AnAnnIe: REVZ,J:JU A.TICTPATTON, NOT FISCAL YEAR 1977-78 City Clerk CITY Or ANAHEIM EY September 22, 1977 City Treasurer EXHIBIT "A"