1968-009RESOLUTION NO, 68R -9
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ANAHEIM PROVIDING FOR THE ISSUANCE
OF A NEGOTIABLE NOTE IN THE AMOUNT OF
$392,000.
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 indebt-
edness 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, Security First National Bank has offered to lend the
sum of $392,000 at an interest rate of 3.9% per annum, upon a negotiable
note to be made payable on or before June 30, 1968, 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 $392,000 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 $32,156,663. 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 $392,000, shall be paid on or before
June 30, 1968, and shall bear interest at the rate of 3.9% per annum, pay-
able 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 1967 -68, 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 purpose 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 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:
No. 1 NEGOTIABLE NOTE
FOR VALUE RECEIVED, the City of Anaheim, California, a
municipal corporation, promises to pay to Security First National Bank
or order, on or before June 30, 1968, the sum of Three Hundred Ninety
two Thousand Dollars ($392,000) with interest thereon, payable at the
maturity thereof, at the rate of 3.9% 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 Treasurer 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 1967 -1968, 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
Consititution 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 January, 1968.
COUNTERSIGNED:
CITY CLERK OF THE CITY OF ANAHEIM
(SEAL)
CITY OF ANAHEIM
MAYOR OF THE CITY OF ANAHEIM
CITY TREASURER OF THE CITY OF ANAHEIM
Section 7. This City Council hereby finds and determines
that it is necessary and desirable that the City borrow from Security
First National Bank the sum of $392,000, 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 acceptance
of the offer of Security First National Bank above referred to.
THE FOREGOING RESOLUTION is approved and signed by me this
2nd day of January, 1968.
ATTEST:
l
CIT CLERK OF THE CITY OF ANAHEIM
STATE OF CALIFORNIA
COUNTY OF ORANGE ss.
CITY OF ANAHEIM
e
MAYIIT OF ANAHEIM
I, DENE M. WILLIAMS, City Clerk of the City of Anaheim, do
hereby certify that the foregoing Resolution No. 68R -9 was introduced
and adopted at a regular meeting provided by law, of the City Council
of the City of Anaheim, held on the 2nd day of January, 1968, by the
following vote of the members thereof:
(SEAL)
AYES: COUNCILMEN: Dutton, Krein, Chandler and Pebley
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: Schutte
AND I FURTHER CERTIFY that the Mayor of the City of Anaheim
approved and signed said Resolution No. 68R -9 on the 2nd day of January,
1968.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the City of An -heim this 2nd day of January, 1968.
CITt 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.
68R -9 duly passed and adopted by the Anaheim City Council on January
2, 1968.
City Clerk