HomeMy WebLinkAboutCC RES 74-080 RESOLUTION 74-80
RESOLUTION OF THE CITY COUNCIL OF THE
CITY 0F TUSTIN , CALIFORNIA,
PROVIDING FOR THE ISSUANCE OF A NEGO-
TIABLE NOTE IN THE AMOUNT OF $350,000.00
%~ER~S, funds are needed to meet the i~mediate
requirements of the City of Tustin , including
· but not limited to the pa~nnent of current expenses,
capital expenditures, and the discharge of any obliga-
,
tion or indebtedness of said city; and .
·
%.rH]EREAS, the city may borrow for said purposes,
such :I. ndebtedness to be r'epresented by a note or notes
issued to the lender pursuant to Article 7'.6, Chapter ~,
Part 1, Division 2, Title 5, of the Goverr~nent Code of
.,
the State of California.; and
"~ ~ & S A
W~UEREAS, Bank of ~.arica, .~..,. .....
has offered to lend the sum of $ ~50 000 oo at a~ interest
:rate of 6.75 ~ per ann,~m, upon a, negotiable note.
.
to be made payable on or before April 2S , 1975 ~
with interest to date of pa~nent;
NOW~ THEREFORE, the City Council of the City of
Tustin
, California, DOES h~REBY RESOLVE, DETER-
MINE AND ORDER as foltows'
Section 1. This Council 'finds that it. is nec'es-
sary for the city to issue -. negotiable notes in .the
amount of $35o,ooo.oo , in o'rder to meet. the 'immediate
requirements of said city.
Section 2. The taxes, income, revenue, cash
receipt's-and other moneys to be received .by sa.id city
during t.~e fiscal year 19 7_~_4 -19_75___ are estimated to be
. --
~; TS0 6~0 oo The amount of the notes hereby authoF-
~.'~ed to be issued, ~o~ethe~ with other notes outstand!n~.
if any~ does not exceed 85~ 0£ said moneys°
Section 3o Said nOtes shall be dated as of
· the date 'of delivery, shall be in the denomination of
$ 25~o00.o0' shall be
~ ~ paid on or before April 28
1975 ~ and shall bear interest at the ~a~. of 6.75
,
per 'ann~m, .payable at the matumity thereof.
Section 4. Both the principal of and the inter-
.
est on said notes ~ shall be payable in lawful money of the
United Sta~= ~
· ~ s o~ America at the Tustin. Branch of the Bank of ~merica,
N. T. &S. A.
Section 5. Said note shall be payable from
- · --, revenue, cash receipts and other moneys
o
to be ~ecei:;'~d ~uring the fiscal year 1974 '1975 ~ said
~o~]eys bei?S hereby pledged to r'epay said note ; provided
ho'~(:ver, ?:at if sa~d moneys or any portion thereof' when
2~
meceived by the city will be encumbered for a. special
purpos& other than the repayment Of sai~ note·s , 'then
pursuant to Section 53856 of the Government~ ~Code an
equivalent amount of the proceeds of said notes shall.
be set aside for and used for said special purpose;
and provided, further, that said·nOtes with interest
thereon may be paid from any other moneys of the ¢it7'
·
·
law£uily aua:l.l~ble there£Oro
, .
0
Section 6. Said notes shall be signed by the
Mayor and the City Treasurer, and countersigned by the
form:
City.Clerk, and shall be in substantially the following
New For,.u 10/65
79 i_.
CITY OF
~';:' City o~
FOR VALUE RECEI%~D, ..~:., ?askin
'Cal4_fornia ~ a muni. ctoal, corpc~'.~. _rich ~ prcmis~s ~.o.~ o~y, _ .to
. .
Bank of America, N. T. & S.A. ~r order,
on or %of ore April 28 ., 1975 ~ the s~m oF twenty-five
thousand ~md no/100 (25,000 00) - ~
. ~, bh intero s
thereon, paya ~ .. = ~. the. m~t:.url'-y.. ~'*.~ .~,erec~¢, at 4,he. ~**.~
, 6.75, % .O=~-.- ann~um from th~_ u~te~'~ heroo~- >. Bo~.h~ principal
s.~ft, in'berest a~'e payable in 1 ..... ~'~ ne
-- . ~ . ~,.,~__ mo y of the Uni ~ed
St%res of America at Tustin Branch o~ Bank of ~erica, '~. T. &. S. A.
' The right is
reserved to .said city t.$' pay all cr any part of. this note
~-rio ,, .. ..... -, , u due to date
~ r 'bo ~turity, in which el.'sn= '~.-~ ~nter.~s~
cn ~=, amount so' pai'd shall be ~ ~ ~ - -
~ .... Y a_ ~ '~-~o :~ '~t t.h such pay-
man% of pri;~cipal, and Inters.-~ ~
~,~. o,~all ca,se on the
of principal so. paid, No no%ice n%~{~d be given prior to
the exercise of such right by ~'-
' The principal .of and the interest on this note
ammo payable from. taxes, income, revenue, cash receiots
and Other moneys
t.o %':~ received duri~,o r. ne fis~-~i! year 19 74 19 75 , sa~d
~oney~ b~ing ~ledged for the .... ~ '
inter ~ ~
,:.st hereon, Notwith~tana'~. said ele~~. ~=.~ ~ th~ s no%~ is
"~ ..... ,~ paid
a g.~nera! obligation .of the~ clay and, to the ~xtent no~
from said moneys~ 'shall. be' pafld with interest hereon from
~y other moneys of the city l~.3f_lly
IT IS'-HE~BY CERTIFIE~D RECITED A~fD n~nv..~' .~RED that
all acts, conditions and things ~=-uired by law to exi~'~
b~ppen and be perfo~ed.precedent to and in 'the iss~nce
of this note .... have existed, happened and been p_~Io~.m~d~~ - ~ in
due 'time~ fo~ and m~nner as required by law, and that the
~,'~ '~ gerber ~ ~ all other indeb~.~~,
s~~~ of. this note~ ,~o w
cf th~ city, does no~' exc ~ ,,.~ .prescr ed
-. ~ aed any debt !i-~' ib by
tl~e laws or Constitut
~o~ cf t'i:e Sta'~e of 'California,
.
.
IN WI~ESS WNI. R,~OP~ =.=,~ ~.~ ..... } of Tust~
~. ': ~ +~ Rayo and tn~-
h~.s caused this note
O.tty.. ~f'reasurer Of said c. lby and .-cunt. ersIEned by the City
Cie~:~- ~ "' id i'ty
· ~ o ~a c and oeala~ ' "
~ ~' 't c-~oorate seal of
. ..... , and has c~',:.sed this tote %0 he dated tl~e 28th
~*., ~
,a~y o~. Co,char ~ 19
(SEAL)
i . ii i i .... J
i ............................. ii ....... I .................. I .... 1 ........................ ]._ _
Section 7, This City Council hereby finds and
determines 'that it is necessary and desirable that the city
borrow from Bank of A~merica, N. T.'& S.A. ~.'
the sufn of $ 350,000.00 , such indebtedness to be represented
by the ne~otiabte notes authorized hereby'~ The Mayor and
·
the City Treasurer are authorized to sign said notes and
.
· the City Clerk is authorized to countersign said'note .
and to date and seal said notes on the date of delivery
ther'eof, Said notes shall be issued according 'to the
.terms and substantially in the. form provided in .this resolu'
,
tion. "
Section 8. This resolution shall constitute accept-
ance of the offer of Bank of o~merica, N. T. a. $. A.
above referred to,
ADOPTED, SIGNED A1~[D APPR0'~ED this 21st
Octobe 21, 19 74 .
day of
AT±'mST'
~ xork of th~ Civy, or
'6I~y. C~.~-. :~.. . · .
Tusz~n ~- ~ : '.
.
.
,
( s ?, )
~6~r of the city
5~