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.
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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.
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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.
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• 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
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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.
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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.
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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.
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(SEAL)
L
City Clerk of the Cit of
West Covina, California.