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Ordinance - 207if ORDINANCE NO. 207 AN ORDINANCE OF THE CITY OF WEST COVINA, CALIFORNIA, PROVIDING FOR THE_ISSUANCE OF BONDS OF.SAID CITY IN THE AMOUNT OF $110,000. • WHEREAS, pursuant to Ordinance No. 204 of the City of West Covina, California, a special muni- cipal election was duly and regularly held in said city on the 21st day of November, 1950, at which election there was submitted to the qualified voters of said city the following bond propositions, to wit: "BOND PROPOSITION NO. 1: Shall the City of West Covina incur a bonded indebtedness in the principal sum of $75,000.00 for the acquisition and construction by said City of a certain muni- cipal improvement, to wit: the acquisition of a parcel of real property (approximately nine acres) located on the south side of Garvey Boulevard just west of Sunset Avenue, and the remodeling of the existing building thereon, and the construction of additional buildings thereon, for a city hall and quarters for the police and fire departments, in- cluding the acquisition of all furniture, furnishings, equipment and other property necessary therefor?" "BOND PROPOSITION NO. 2: Shall the City of West Covina incur a bonded indebtedness in the principal sum of $35,000.00 for the acquisition by said City of a -certain municipal improvement, to wit: fire fighting apparatus and equipment?" ; and WHEREAS, each of said propositions received the affirmative vote and assent of more than two-thirds of all of the qualified voters of said city voting at said election, and said City is now authorized to issue bonds in the amounts and for the purposes hereinbefore specified; NOW, THEREFORE, the City Council of the City of West Covina DOES ORDAIN as follows: Section 1. That bonds of the City of West Covina in the principal sum of $110,000 be issued and sold for the purposes set forth in Bond Propositions Nos. 1 and 2 in the recitals hereof. Said.bonds shall be designated MUNICIPAL IMPROVEMENT BOND, 1951, shall be one hundred ten (110) in number, numbered 1 to 110, • inclusive, and shall be of the denomination of $1,000 each. Said bonds shall be dated February 1, 1951, and shall be payable in consecutive numerical order, $5,000 on February 1 in each of the years 1952 to 19?3, inclusive. Said bonds shall bear interest at a rate or rates to be hereafter fixed by resolution, but not to exceed • four per cent (V-) per annum, payable semiannually on the first days of February and August of each year. Said bonds and the interest thereon shall be payable in lawful money of the United States of America at the office of the City Treasurer of the City of West Covina, in the City of West Covina, California. Section 2. That the Mayor of the City of West Covina and the City Treasurer of said City are hereby authorized and directed to sign all of said bonds by their printed, lithographed or engraved facsimile signatures, and the City Clerk of said City is hereby authorized and directed to countersign said bonds and to affix thereto the corporate seal of said City, and the City Treasurer of said City is hereby authorized and directed to sign the interest coupons of said • bonds by his printed, lith®graphed or engraved fac- simile signature, and to number said interest coupons of each of said bonds consecutively. Section 3. That said bonds and the coupons for the interest thereof shall be issued in substantially the following form: 2. UNITED STATES OF AMERICA STATE OF CALIFORNIA- CITY OF WEST.COVINA MUNICIPAL IMPROVEMENT BOND, 1951 No. $12000.00 • The CITY OF WEST COVINA, a municipal corporation situated in the County of Los Angeles, State of California, FOR VALUE RECEIVED, hereby acknowledges its indebtedness and promises to pay the bearer hereof the sum of ONE THOUSAND DOLLARS ($1,000.00) on the first day of February, 19 _'—, with interest thereon at the rate of per cent per annum, pay- able semiannually on the first days•of February and August of each and every year from the date hereof until this bond is paid, on presentation and surrender of the respective interest coupons hereto attached. Both principal and interest are payable in lawful money of the United States of America at the office of the City Treasurer of said City in said City. This bond is issued by the CITY OF WEST COVINA under and in pursuance of and in conformity with the provisions of Article 1, Chapter 4, Division 4, Title 4 of the Government Code of the State of California, and acts supplementary thereto, and in pursuance of the laws and Constitution of the State of California, and is authorized by a vote of more than two-thirds of all the qualified voters of said City of West Covina voting at an election duly and legally called, held and conducted in said City on the 21st day of November, • 1950- 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 bond have existed, happened and been performed in due time, form and manner as required by law, and that the amount of this bond, together with all other indebtedness of said City, does not exceed any debt limit prescribed by the laws or Constitution of the State of California. 3• 11 IN WITNESS WHEREOF, said City of West Covina has caused this bond to be signed by the facsimile signa- tures of the Mayor and the City Treasurer of said City, countersigned by the manual signature of the City Clerk of said City, and sealed with the corporate seal of said City, and the interest coupons hereto attached to be signed by the facsimile signature of said City Treasurer, and has caused this bond to be dated the first day of February, 1951. 0 • COUNTERSIGNED: (facsimile signature) Mayor of the City of West Uovina, California. (facsimile signature) City Treasurer of the Uity of West Covina, California. City Ulerk of the City of West Covina,. California. (SEAL) 4. (COUPON FORM) On the first day of the CITY OF WEST COVINA, California, will pay to the bearer at the office 19 of the City Treasurer of said City, in said city the sum of COUPON NO. in lawful • DOLLARS (j ) money of the United States of America, being the semiannual interest then due on MUNICIPAL IMPROVEMENT BOND 1951, NO. dated February 1, 1951 (facsimile signature) City Treasurer of the City of West Covina, California. Section 4. That the proceeds of the sale of said $110,000 Municipal Improvement Bonds shall forth- with be turned,.over to and placed in the municipal treasury of the City of West Covina to the credit of two funds, as follows, to wit: 75/110ths of the proceeds of the sale of said bonds shall be placed to the credit of a fund to be known as "Municipal -Buildings Bond Acquisi- tion and Construction Fund, 1951" and shall be applied exclusively to the acquisition and construction of the municipal improvement described in Proposition No. 1 in the recitals hereof, and 35/110ths of the proceeds of the sale of said bonds shall be placed to the credit of be known "Fire Apparatus Acquisition a fund to as Bond Fund, �951" and shall be applied exclusively to the acquisition of the municipal improvement described in Proposition No. 2 in the recitals hereof. Section 5. That for the purpose of paying the principal and interest of said bonds, the City Council of the City of West Covina, shall, at the time of making the general tax levy, and annually thereafter until said bonds are paid or until there is a sum in the treasury of said City set apart for that purpose sufficient to meet all payments of principal and interest on said bonds as they become due, levy and collect a tax sufficient to pay the interest on said bonds and such part of the 5. I 0 0 principal thereof as will become due before the proceeds of a tax levied at the next general tax levy will be available. Said tax shall be in addition to all other taxes levied for municipal purposes and shall be levied and collected as. other city taxes, and shall forthwith be turned over and paid into a fund of the City of West Covina to be known as "MUNICIPAL IMPROVE- MENT BONDS, 1951, INTEREST AND REDEMPTION FUND." Said fund shall be used for no other purpose than the payment of said bonds and interest thereon. Section 6. That the City Clerk shall certify to the passage and adoption of this ordinance by a vote of more than two-thirds of all the members of the City Council of said City, and shall cause copies thereof to be posted in three public places in said city,. as follows: 1. Northwesterly corner of Puente Avenue and Lark Ellen Avenue; 2. West Covina City .Hall; 3. On Sunset Avenue in front of Nest Covina Elementary School. Section 7. This ordinance shall take effect thirty (30) days after its passage. ADOPTED, SIGNED AND APPROVED this 27th day of December, 1950. -G M yor of the City of 6bst vina, California. ATTEST: City Clerk of t e City of West Covina, California. (SEAL) 6. • 0 Eli rll STATE OF CALIFORNIA ) COUNTY OF LOS.ANGELES ) ss. CITY OF VEST COVINA ) I, C. C. TOLAND, City Clerk of the City of Nest Covina, California, DO HEREBY CERTIFY that the fore- going ordinance was introduced at a regular meeting of the City Council of said City, duly held on the 13th day of December, 1950, and thereafter at a regular meeting of said City Council, duly held on the 27th day of December, 1950, was re -read, duly passed and adopted by said City Council, and signed and approved by the Mayor of said City, and that said ordinance was passed and adopted by a vote of more than two-thirds of the members of said City Council, to wit: AYES: Councilmen -j.G NOES: Councilmen ABSENT: Councilmen City Clerk of the City of (SEAL) Nest Covina, California. 7• STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) ss. CITY OF WEST COVINA ) I, C. C. TOLAND, City Clerk of the City of West Covina, California, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Ordinance No. 207. of said City, and that said ordinance was,adopted at the time and by the vote stated on the certificate attached thereto, and has not been amended or repealed. Dated: pecember 13, , 1950. 0 (SEAL) L City Clerk of the Cit of West Covina, California.