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1976-596LJ U RESOLUTION NO. 76R- 596 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM PROVIDING FOR THE BORROWING OF FUNDS FOR THE 1976-1977 FISCAL YEAR AND THE ISSUANCE 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 Anaheim during its 1976-77 fiscal year (commencing July 1, 1976, and ending June 30, 1977). 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 (hereinafter 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. WHEREAS, Wells Fargo Bank has offered to lend the City the sum of $5,000,000 at an interest rate of 3.12 percent per annum upon negotiable notes to mature on June 30, 1977. 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 Anaheim for the fiscal year 1976-77 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 revenues of taxes, income, revenue, cash receipts, or other funds for this 1976-77 fiscal year. 4. The City Treasurer is hereby authorized to borrow from Wells Fargo 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 -1- denominations as follows: 100 at $50,000 each, shall be numbered from 1 through 100; shall bear interest at the rate of 1912 percent per annum payable at maturity; shall mature on June 30, 1977; and shall be substantially in the form attached hereto as Exhibit "A." 5. Said money shall be 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 -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 1976-77 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 the revenues 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 appropriate officials, have duly taken all proceed- ings 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 this 8 h day of sej2temher , 1976 ATTEST CITY CLERK OF THE -CITY OF.ANAHEIM 0 WPH:jh -2- STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss. CITY OF ANAHEIM ) I, LINDA D. ROBERTS, City Clerk'of the City of Anaheim, do hereby certify that the foregoing Resolution No. 76R-596 was intro- duced and adopted at a regular meeting -provided by-law ,-of " the City Council of the City of Anaheim held on the 28th day of September, 1976, by the fo nowing vote of the members thereof: AYES: COUNCIL MEMBERS: Kaywood, Roth and Thom NOES: COUNCIL MEMBERS.: None ABSENT: COUNCIL MEMBERS: Seymour and Kott AND I FURTHER CERTIFY that the Mayor of the City of Anaheim approved and signed said Resolution No. 76R-596 on the 28th day of September, 1976. IN WITNESS WHEREOF, I have hereunto set my hand and 'affixed the seal of the City of Anaheim this 28th day of September, 1976. CITY CLERK OF THE CITY OF ANAHEIM (SEAL)-. I, LINDA D. ROBERTS, City Clerk of the City of Anaheim, do hereby certify that the foregoing is the original of Resolution No. 76R-596 duly passed and adopted by the Anaheim City Council on September 28, 1976. ,l1� Jk i/ City Clerk 0I 0 • CITY OF ANAHEIM NEGOTIABLE NOTE FISCAL YEAR 197E-77 No. $ 50,000.00 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 $50,000.00 in lawful money of the United States of America, on June 30, 1977, together with interest thereon at the rate of 3.12 percent per annum in like lawful money from the date here`or. 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; provided, 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. 76R-596 of the Council of the City of Anaheim duly passed and dopted on 9/28/76 , 1976, under and by authority of Article 7.6, Chapter4 ,� Part 1, Division 2, Title 5, California Government Code. 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 or the Charter of the City of Anaheim. The principal of and interest on this note are payable from the revenues, taxes_, income, tax receipts or other funds to be received by the City of Anaheim during the Fiscal Year 1976-77, and to the extent not paid from said moneys, this note shall be paid with interest hereon from any other moneys of the City lawfully available therefor. IN WITNESS WHHREOF, the City of Anaheim has caused this note to be executed by the City Treasurer of the City of Anaheim, and countersigned by the City Clerk of the City of Anaheim, and caused its official seal. to be affixed hereto this 1st day of October , 1976. COUNTERSIGNED: C ty Clerk CITY OF ANAHEIM By City Treasurer - EXHIBIT "A"