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66-105 .- RESOLUTION NO. 66R-I05 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM PROVIDING FOR THE ISSUANCE OF A NEGOTIABLE NOTE IN THE AMOUNT OF $1,250,000. - WHEREAS, funds are needed to meet the immediate require- ments of the City of Anaheim, including but not limited to the payment of current expenses, capital expenditures, and the dis- charge 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~, of the Government Code of the State of California; and o o. WHEREAS, Bank of America National Trust and Savings Assoc~at~on has .offered to lend the sum of $1,250,000 at an interest rate of 2% per annum, upon a neaotiable note to be made payable on or before February 23, 1969, 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 $1,250,000, 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 ~28,522,962. 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 $1,250,000, shall be paid on or before February 23, 1966, and shall bear interest at the rate of 2% . 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 prin~ipal so paid. No notice need be given prior to the exercise of such right by the C~ty. 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 1965-1966, said moneys being hereby pledged to repay said note; provided, how- ever, 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 -1- .- 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: .- -2- CIn OF DAPIH - .0. 1 ~ FOa VALUI UCBIVED, the Clt,. of Aaaheill, Ca11fomia, a ...tc1~1 co~ati_. pzoai... to .., to .... of '--':l.ea ..ti_1 'h'uat ... ~. Aaaoc:l.atioa 0'1" ord.Z'. OR or befo1:. W.~ 23 1966 the a. of 011.. 111111_ Two JIinuIl'ecl ad rlft, 1'IlcMIaaail Dollu:a tt1.250,OOO) wltb :Lat.r.at there., ,.,.ab1. at tb. _tazolt,. thueof. at the rate of 21 pel' ..""" &_ tile elat. beJ:eof. loth prl8Ol,.l a.aa-m&ii't u. pa~l. in lawful....,. of the 1JD1teCI State. of ...loa at th. oat.c. of the CI.t7 TrU..._ iD the City of .....111. Stat. of CalifoJ:- a1&. !be rtabt 1. r........ to .ald Clty to pa, all OZ' ..., part of W. aoc. ,Z'loJ: to _tarlt,. :1D wblch ...t tb. iDt.e.t due to date OR the ...t ao pald .bal1 b. paid alOD& vitia aucb paJll!llDt of p1:1.Go1~~J ail iDt...t .bal1 c.... oa the eruat of p1::lAci~l ao ~d. Bo DOtice ued be II.". '1:ior to the ..nl.. of aucb t'labt by the Clt,.. !be pt':1Dclpa1 of aad tb. iDt.eat oa thi. aote ar. payable froa t..., iac~. Z'...... cub 1:..1,t. 01' other ...,. of the Clty of Aaab..iIa to be rec.l.... duriq the fl.a1 ~J: 1965-1966. ..14 ..ey. belD& p1e." f01" the ,.~t of thi. aot. aad the 1Dt.r..t her... Botw1tbataad~ ..i4 p1.... thia DOte 1. a a_.ra1 obllaaCiOD of the Cie,. ad co the ateat aot paid for. aaid ~.. .bal1 be ~id ;Ith iDt.Z'eat beS080D fr:_ _,. ot'" ~a of the City.1_ful1,. avallabl. th..m. IT 18 .._. CZRnrDD. IBCIBD A1ID DBCLADD tut all Mta, c_lti.. .. tbilla. J:..u1r.... ~ law to ai.t, happeD aDd be ,..fox.d pzoeoea.t to aad 1a the i..uac. of thi. DOte ...... al.t..... ..."cecI ad b-. ,.Z'fo~ ill clue tiaa fOt'll aDd ...ar .. Z'equlZ'ed by law. iIDcl that the ....t of W. ute, toaetber with all other :bUI.bt.eda... of the Clt,., doe. aot eac:eec1 a,. debt li1dt ~acrlb" by th. I.. OJ: CoD.titutlOD of the state of Cali la. D WI1'lIISS WIIJBI&OI'. aa14 C:I of ...ia .... c..- tM. DOt.. to"be .~ bJ' t. .,or the Clt7 ftuauer of .aiel Clty aacI couat...iped 1>>1 the Cltl' C1Hk of .a14 Clt, ad ...1.. With the corporat. a..l of ..iil City, aDd .... cauaed thia DOte to b. ated the 9tb elay of ".._1:Y. 1966. Cuu.aDSIcasDl - em "dwDu. dI' ua eIft or AIWf1.DI CX'D" cLBA 01' 1.... CIn 01' ...11&111 (8W.) -3- "- Section 7. This City Council hereby finds and deter- mines that it is necessary and desirable that the City borrow from Bank of America National Trust and Savings Association the sum of $1,250,000, 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 accept- ance 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 8th day of February, 1966. c?~?~~ ATTEST: L)x~ LERK OF . -<<K Of ANAHEIM I, DEN~~ M. WILLIAMS. CITY CLE'RK OF THE CITY OF AN!\HEIM DO HEREBY CERTIfY THAT THE FOREGOING IS THO:: ORI3IN: AL OF RESOLUTION NO. 66R-105 DULY PASSED AND ADO I BY THE ANAHEIM CITY ~~UNCIL ON 2-8-1966 CITY CLER"K STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF ANAHEIM ) ~ SSe I DE~i M. WILLIAMS, City Clerk of the City of Anaheim, do hereby c~rtify that the foregoing resolution was passed and adopted at a regular meeting of the City Council of the City of Anaheim held on the 8th day of February, 1966, by the following vote of the members thereof: AYES: COUNCILMEN: Dutton, Pebley, Schutte, Chandler and Krein NOES: COUNCILMEN: None ABSENT: COUNCILMEN: None AND I FURTHER CERTIFY that the Mayor of the City of Anaheim approved and signed said resolution on the 8th day of February, 1966. IN l-lI'I'NESS WHEREOF, I have hereunto set my hand and affixed the seal of the City of Anaheim this 8th day of February, 1966. ~~pN.~LM (SEAL) -4-