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66-467RESOLUTION NO. 66R -467 A RESOLUTION OF THE CITY COUNCIL OF THE CITY. OF ANAHEIM PROVIDING FOR THE ISSUANCE OF A NEGOTIABLE NOTE IN THE AMOUNT. OF $2,300,00.0. 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 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 5, of the Government Code of the State of California; and WHEREAS, Bank of America National Trust and Savings Association has offered to lend the sum of $2,300,000 at an interest rate of 3.6% per annum, upon a negotiable note to be made payable on or before June 30, 1967, 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 $2,300,000 in order to meet the immediate requirements of said City. Section 2. The taxes, income, revenue, cash re- ceipts and other moneys to be received by said City during the current fiscal year are estimated to be $31,520,083. The amount of the note hereby authorized to be issued, to- gether 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 $2,300 shall be paid on or before June 30,. 1967, and shall bear interest at the rate of 3.6% 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 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 1966 -67, 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 pur- pose.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 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: CITY OF ANAHEIM No. 1 NEGOTIABLE NOTE FOR VALUE RECEIVED, the. City of Anaheim, California, a municipal corporation, promises to pay to Bank of America National Trust and Savings Association or order, on or before June 30,. 1967, the .sum of Two Million Three Hundred Thousand Dollars ($2,300,000) with interest thereon, payable at the maturity thereof, at the rate of 3.6% 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 Trea- surer 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 1966 -1967, 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 Constitution 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 July, 1966. COUNTERSIGNED: CITY CLERK OF THE CITY OF ANAHEIM (SEAL) Section 7. This City Council hereby finds and determines that it is necessary and desirable that the City borrow from Bank of America National Trust and Savings Associ- ation the sum of $2,300,000, such indebtedness to be repre- sented 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 sub- stantially in the form provided in this resolution. Section 8. This resolution shall constitute acceptance 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 12th day of July, 1966. ATTEST: CIT CLERK OF THE CITY OF ANAHEIM MAYOR OF THE CITY OF ANAHEIM CITY TREASURER OF THE CITY OF ANAHEIM YOR OF THE CITY OF AHEIM STATE OF CALIFORNIA COUNTY OF ORANGE s s CITY OF ANAHEIM I, DENE M. WILLIAMS, City Clerk of the City of Anaheim, do hereby certify that the foregoing Resolution No. 66R -467 was introduced and adopted at a regular meeting provided by law, of the City Council of the City of Anaheim, held on the 12th day of July, 1966, by the following vote of the members thereof: AND I FURTHER CERTIFY that the Mayor of the City of Anaheim approved and signed said Resolution No. 66R -467 on the 12th day of July, 1966. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Anaheim this 12th day of July, 1966. (SEAL) AYES: COUNCILMEN: Dutton, Pebley, Chandler and Krein NOES: COUNCILMEN: None ABSENT: COUNCILMEN: Schutte C i 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. 66R -467 duly passed and adopted by the Anaheim City Council on July 12, 1966. --4-e-ee-g--"c-- CITY CLERK