HomeMy WebLinkAboutCC RES 75-617
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RESOLUTION NO. 75-61
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFIORNIA, PROVIDING FOR THE ISSUANCE
OF NEGOTIABLE NOTES IN THE AMOUNT OF $425,000.
WHEREAS, funds are needed to meet the J_nu~edia'te
requirements of the City of Tustin, including but not limited
'to 'the payment of
the discharge 'of
i' and
WHEREAS ,
current expenses, capital expenditures, and
any obligation or indebtedness of said city;
.
the city may borrow for said purposes, .such ·
indebtedhness 'ho be represented by a note or notes issued to the
ap_=r 4, _ ,
lender pursuant to Article 7.6, Ch +~ '~art 1 Division 2,
Title 5, of the Government Code. of the State of California; and
WHEREAS, United California Bank has
offered to lend
the sum of $425,000 at an in._~rest rate o'f 4.48% per anntun, upon
negotiable notes to b° made payable on or before April 2'6, 1976
with interest to date of payment;
..
NOW, THEP~EFORE, the City Council of the City of
Tus.tin, California, DOES. HEP~BY RESOL%~, DETEPi, ITNE_: - ,AND ORDER
as follows-
Section .I. This Council finds that it is necessary
· .
for the· city. to issue negotiable notes in the· amount of·
$425',000, in order to meet the. i_m_mediate requirements of said
city ..
section 2. The uncollected taxes,.income, revenue,
cash receipts and other moneys to be received by the city during
the fiscal-year 1975-1976 and which will be available in said'
fiscal.' year for the payment of said notes and the interest
thereon are estimated to be $4,.612,585; the amount of the notes
hereby authorized
to b~ issued, to~.~=n~r ith oth=r notes
standing, if any, does not exceed 85% of said moneys.
OUt-
//
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345
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of delivery,, shall
· paid on 'or before
the rate of 4.4o°%
~ai~ - -'I m ' ~
~ notes on~_.~_n Ca~e,i, as o£. the date
be in the following denominations, shall be
April 26,
per annum,
.
1976, and shall, bear interest at
payefo!e at the maturity thereof.
Note No. Denomination.
1 $!00,000
2 lOO,'O00
50,000
4 ... 50,000
5 50,000
6 25,000
7 25,000
13 . 8
141I .
15ii.. Secti°n 4' ~
i~i. said notes shall' be .
· States of ~merica ae
·
181 Section 5.
1
~~.i' in come, rouenue, cash
during, the fiscal
· .
21 .. pledged to' repay
22
25,000
TOTAL $425,000
Both the p~incipal of and the interest on
payable in lawful money of
the Uni ted
Tustin Branch of United California Bank.
Said note shall be payable from taxes,
receipts
!
year 19 75-7 6,
and other moneys to be received
said moneys being hereby
said notes; provided however, that
moneys, or any portion thereof when received.by the
.
be. encumbered for a soocial pu~o
. ,.. .,...:. cae other than the
if said
city will
repayment '
of said nOtes, then pursuant to Section 53856 of the Govern-.
ment Code an equivalent am..ount o- the proceeds oz said notes
shall be .set asic= zor and used zor said special purpose; and
provided, further, that said notes with interest thereon .may
· . e = th~ city lawfully available
be paid from any other mon ys o~_ ~
therefor.
and the
Section 6. Said notes shall'be signed by ttte Piayor
City Treasurer, and counters'gned' }Dy the City Clerk,
and shall be in substarttially the following fo~.'
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346 /
CITY OF TUSTIN
No.
NEGOTIABLE NOTE
FOR VALUE PSCEIVED, the City of Tustin, California,
a municipal corporation, promises to pay to United California
Bank or order, on or before Apri'l 26, .19 76, '~ne s'~n oz
Four Hundred and 'Twenty-five Thousand Dollars ($.425,000)
with interest thereon, payable at the maturity thereof, at the
rate of 4.48% per annum from the date hereo'~.. 'Both principal
and interest are payable in lawful money of the United States
of .America at the Tustin Branch of United Cali¢ornia Bank..
The principal of and the interest on this note are
pay~_ble ~rom taxes, income, reven,~= cash rec~i~ots, and other
'-- __~ ... --
moneys to be received during the fiscal year 1975-76, said
moneys' being pledged for the payment of this note and the
interest hereon. To the. extent not paid from said moneys,
this note shall be paid with interest .hereon from.any other
moneys of. the city lawfully avai!-~._ble therefor.
·
·
IT IS HEREBY CERTIFIED, RECITED AND DECLAP~D that all
acts, conditions eaad 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, an~ that the am.o~nt 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 ~EPEOF, said City of Tus.tin 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 corpora.re seal of said city, and has caused
this' note to be dated the 26th day of September, 1975.
COUNTERS I GNED-
C'~ty--cle~k' 0'f' ~the' '-~± ty o f
Tus-tin
~:ayor of:~ ~he- city Of-:-T-~S-t.-in ....
City T~ea~'~'~e'r ~ the city of
Tustin
347
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Section 7. This City 'Council° hereby finds and deter-
~ ' !e
~' mlnes tha~ zu z~. ~~,~sary and des~rab_ ~h~u ........ un~ -~ clay' borrow
~ -~-- = 000 00 such
from bnited Ca]~ ~ornia Bank the sum oz $~25, . ,
indebtedness to be .,represente~] by th= ne,~otiab~ '
,r ~ne Mayor and th= City Treasurer ar~
authorized hereb= . _ .~ ~ ~ ..
..
authorized to countersign, said notes and t° date. and seal said
no'hes on the date of delivery thereof. Said notes .shall be
issued according, to the terms and substan~ia!!y in the form,
provided in this resolution.
Section 8. This resolution shall constitute acceptanc~
of the offer o~_ un~ted California Bank above ret_erred~. to
ADOPTED, SIGNED. ~D APPROVED THiS 15th day of September, 1975.
,
ATTEST
Maybr of t~' City of '?ustin
348
STATE OF CALIFORiC[A
C OU,~FfY 'OF
C ~ OF
ss.
I, ......WUT~ ~ e___ _.oo~ .................................. , City Clerk
of tb,~ City of ._ =U. Sw3_-n , California,
DO HEREBY CERTI~Z that "~h~--'~ .............. ~ ........ ~ ~ ~, '
~oregozng resolution w~s duly adopted
by the Ci'~ ~ ~ -
~ Council o~ said city and was appro~ed by the Mayo~
of said city at a regular meeting of said
City Council held~n' {[,e - 15'h~ .... ~day'~of se~.t_e~o_~ ....................... ,
19. 75 , and that it was S-~ .... adop6Ed as follows-
.
A~S: Councilmen .....EpgAR, . SHA~,.. ~.~LSH .............. :.
NOES'.
ABSENT. ·
SUTCLI~'t'
Councilmen NONE .
Councilmen
;C[tY~c-]%erk of the City of
STATE OF CALIFORNIA
C OI~.i. TY OF
CITY OF
I~ RUTH C. POE
__~ City Clerk
of the City Of ................... TU§t~ ...... .... _ -~-..- ~ __ _~ California,
DO HEREBY CERTI;~Y t'pat~t~'~ a~b'~e--and foregoing is a full, true
and correct copy of Resolution ~o. ~:~75--,~,~, _ _~ and
that the same, has not been amended or repealed.
DATED' , 19 -
clerk o£ the ~ity o~