1974-362RESOLUTION NO. 74R362
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM PROVIDING FOR. THE BORROWING OF
FUNDS FOR THE 1974 -75 FISCAL YEAR AND THE
ISSUANCE AND SALE OF GENERAL OBLIGATION 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 from
time to time sums not exceeding in the aggregate $5,000,000 in
anticipation of the receipts of revenues by the City of Anaheim
during its 1974 -75 fiscal year (commencing July 1, 1974 and
ending June 30, 1975).
WHEREAS, Section 53858 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 receipts, and other moneys of the City which will
be available in said fiscal year for the payment of said notes
and the interest thereon.
WHEREAS, the estimated amount of uncollected taxes,
income, revenue, cash receipts and other funds of the City 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.
WHEREAS, Security Pacific National Bank has offered to
lend the City the sum of $5,000,000 at an interest rate of 6.92%
per annum upon negotiable notes to mature on June 30, 1975.
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 receipts of the City of Anaheim
for the fiscal year 1974 -75 presently uncollected, and which will
be available for the payment of any notes made pursuant to this
resolution, and any interest thereon, is in excess of $6,500,000.
3. No sums heretofore have been borrowed by said City
in anticipation of the receipts of taxes, income, revenue, cash
receipts, or other funds for this 1974 -75 fiscal year.
4. The City Treasurer is hereby authorized to borrow,
from time to time, from Security Pacific National Bank, 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 date of delivery thereof; shall be in the denom-
ination of $50,000 each; shall be 100 in number, numbered from 1 to
100; shall bear interest at the rate of 6.92% per annum, payable
at maturity; shall mature on June 30, 1975; and shall be
substantially in the form attached hereto as Exhibit "A
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5. Said money shall be borrowed from time to time
as determined 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
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 expend 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 revenues to be received by it during the
1974 -75 fiscal year as shall be necessary to provide for payment
of the principal of notes issued and interest payable thereon.
Said notes are a general obligation of the City and to the
extent not paid from the revenues of the City, pledged for the
payment thereof, 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
appropriate .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 executed 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 constitute a valid and sufficient execution of
each of said notes.
THE FOREGOING RESOLUTION is approved and signed by me
this 16th day of July 1974.
ATTEST:
ALONA M. HOUGARD, CITY CLERK
By. s�J Ti j Deputy
CITY C RK OF THE (.1'1'Y OF ANAHEIM
ROF:jh
YO OF THE CI OF ANAHEIM
Pro Tem
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Pro Tem
AND I FURTHER CERTIFY that the Mayor /of the City of Anaheim
approved and signed said Resolution on the 16th day of July, 1974.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the seal of the City of Anaheim this 16th day of July, 1974.
ALONA M. HOUGARD, CITY CLERK
STATE OF CALIFORNIA
COUNTY OF ORANGE ss.
CITY OF ANAHEIM
I, ALONA M. HOUGARD, City Clerk of the City of Anaheim, do hereb:
certify that the foregoing Resolution No. 74R -362 was passed and adopted
at a regular meeting of the City Council held on the 16th day of July,
197A, bit the following vote of the members thereof:
(SEAL)
Ai S COUNCIL MEMBERS: Kaywood, Pebley, Sneegas and Seymour
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Thom
By 1;(2,_ Deputy
CITY CLERK OF THE CITY-OF ANAHEIM
I. ATIWA M. HOTTrA1'T), CJty C1rsrl of the City of Anaheim do
hereby certify that the foregoing is the original of Resolution No.
74R -362 duly passed and adopted by the Anaheim City Council on
July 16, 1974.
ALONA M. HOUGARD, CITY CLERK
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