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R 38,.-......-a . __. ~ RESOLUTION N0. Ci;; (1~~=;;i 3~'_:IliU. ~ `J" • ~ r . ., ~. ~., PP.OVILIbICr F0=' THE ISSUkT~fCI; OF ~;E>0,000 PRINCIPSL Ai.[OUNT OF "CITY OF ARROYO GRANP,Ii '~'rATERVJORKS BONDS GF 129"; ~'P_RESC??IBING TIC DATE AND P'OPI'.~t OF SLID BOIQDS -.DTD OP TIC COUPONS TO BE AT^1ACH- ED TFiERsTO; FIXING THF' R.-',TE OIL' IIdTC:F.B'ST OId SAID BODIDS, ANL' PRESC' IBING 'ITIE M4TURITT.ua THE +FsOF; ALTTIIO?TZING THE EXECUTIGN Q ^ ^ ID BONDS ;.NI; COUPONS, J~idD PROVT_DING FOR THE LEVY OF A TAX TO PAY THE PRIATCIPAL A.'U INTr'REST THEREOF. l'II~REAS all the rer,_uirements of law have been coi:plied vrith in calling; =^~nd holding the special election held in the City of Arroyo Grande, on the 18th day of I~larch, 1929, at which elo,etion tho proposition to issue bonds of said City in the principal stun of '00,000 for the purpose of acquiring, constructing and completing the following municipal improvement of said city, to wit: A water works system, including lands, water, water rights, ri~^;hts of way, pumps, pumping plants, reservoirs, storage facilities, pipe lines, mains, hydrants and other,worlcs, properties and appliances necessary or conven- ient for supplying said city and its inhabitants vdth vrater, was submitted to the voters of said city; And the Council of said City did meet and canvass the returns of said election on Pliorday, the c5th day of Plarch, 1~2Q (said day being the first T~4onday after said election), and did as the result of sttelz canvass determine and declare, and do hereby certify, that saicl proposition received at said special election the affirm- ative vote of more than two-thirds of all of the voters voting at said. election, and was thereby carried and adopted by saki election,,and the issuance of all said bonds by saic, city was duly authorized; -1- ! peso • X10.3 NOW, THEREFORE, BE IT RESODVED by the Council of the City of Arroyo Grande, State of California, as follows; Section 1. That the bonds of the City of Arroyo Grande in',the aggregate principal sum of ~60,000~ to be known as the "City of Arroyo Grande Waterworks Bonds of 1929", shall issue to pay the cost of the acquisition, construction and completion of the following municipal improvement of said city, to wit: A water works system, including lands, water, water rights, rights of way, pumps, pumping plants, reservoirs, stor- age facilities, pipe lines, mains, hydrants and other works, properties and appliances necessary or convenient for supplying said clty;land its inhabitants with water. Section 2. Thst said bonds shall be issued as hereinafter set forth, and shall be sold in accordance with law i at not less than their par value and accrued interest. Said bonds shall be negotiable in form, and of the character known as serial, and shall,be sixty (60) in number, numbered consecutively from 1 to 60, both inclusive, of the denomination of x;1,000 each. All of said bonds shall bear interest from their date until paid at the rate of five and one-quarter (5-1~1}) per cent. per annum, payable semiannually, which interest shall be evidenced by coupons attached to each bond, and each of said coupons shall represent six montha~ interest on the bond to which it is attach- ed. The principal and interest of said bonds shall be payable at the office of the Treasurer of Arroyo Grande in lawful money of the United States of America. Said bonds shall be dated April 1, 1929, and shall mature and be payable in consecutive numerical order from,lo~ver to higher, two (2) bonds on April 1st in each of the years 1939 to 1968, both inclusive. Said interest _ coupons shall be payable on the 1st day of April and the 1st day of October in each year until and at the respective dates of ' maturity of said bonds, the first coupon on each bond being pay- :i -2 - i ~eso • it?o . 3Fs' able on October 1, 1929• Section j. Said bonds shall each be substantially in the following form, the blanks in said form and in the form i of coupon given below, to be filled with appropriate words or figures; namely; i UNITED STATES OF Ad,I~'RICA STATE OF CALTFORPdIA ',CITY OF ARROYO GRAND ',~`7ATBR1~'SORKS BOND 0~' "1 )?9 No. X1,000. P'OR VALUE RF,CEIVED, the City of Arroyo ',Gran de, a municipal corporation organized and existing under the consti- tution and laves of the State of California, hereby acknowledges itself indebted and promises to pay to the bearer hereof on the lst day1of April, 19_, one thousand (1,000} dollars, vaith interest thereon at the rate of five and one-quarter'(5-1/LE) per cent. per annum, payable semiannually on the lst days of April and October of each year, on presentation and surrender of the coupons hereto attached as they respectively become due; both principal and interest being payable in lav/ful money of the Unii;ed States of America at the office of the mrea,surer of said city. This bond is issued under and pursuant to the constitution and statutes of the State of California, and under and pursuant to ordinances and proceedings of said city duly adopted and taken and a vote and assent of more than tvao-thirds of all the qualified electors of said city voting at a special election duly and le6ally called anal held for that purpose. It is hereby certified, recited and declared that all acts, conditions and things required by law to exist, happen and to be performed precedent to and in the issuance of this '. '7- bond haveiexisted, hapr,ened ,nd been performed in due time, form and manner as reduired by law, and that the amount of this bond; together :vit'r.. all other indebtedness of~ said city does,not exceed any limit *~rescribed by the constitution or statutes of said- state or the charter of rs~id city and that provision has been made as required by the constitution and statutes of acid state for the collection of an annual tax suffi- cient to pay the principal of, and interest on, tY~is bond as the same becomes due. The full faith and credit o~f said city are hereby pledged for i;he punctual payment of the principal and interest of tYis bond. IN '~,"'ITYdFSS 1"~~R~~ Cb', said City oI' Arroyo Grande has caused this bond to be executed undor its corporate seal signed by its DIayor and its 1^reasurer, and countersigned by its Clerk, and has caused the interest coupons hereto attached to be signed by its Treasurer, and tk~is bond to be dated the lst day of April, 1929. Illayor o the Ci y o Arroyo Gran e y Treasurer o e Ci.y o Arroyo Grande Countersigned: Ci~C1er o - e Ci y o Arroyo Crrande. Tre intP,regt coupons shall be signed by the Treasurer of said city, by his engraved or lithographed signature, and siijJ_] be substantially in the following form: -~;.- /~eso ~~o~3Ff (F orm of Coupon ) rto.~~~ ;;26.25 On the lst day of e ,1~_, the City of Arroyo Grande will pay to bearer a{; the office of the Treasurer of said city, Twenty-six and 25/100 Dollars in larnful money of the IInited States of .'lmerica, being six months interest then due on its S;iatert^rorks Bond of 1929 rro. Treasurer o_ ti e Ci y;ol Arroyo Grande,State of California. Section ~. For the purpose of paying the principal and interest of said bonds the Council of sa ki City of arroyo Grande shall, at the time of fixing the general ta;c levy and in the manner for. such general taa levy provided, levy and collect annually each year, until such bonds are nail or until there sY~all be a stun in the treasury of said city set apart for that purpose, to meet all sums becoming due for prin- cipal and interest on said bonds, a tax sufficient t'o pay the annual interest on said bonds, and also such part of the princi- pal thereof, as shall become due before the time for fixing the next general tax levy; provided, hot^~ever, that sucYi tax shall be levied and collected at the time and in the manner afore- said, annually each ,year sufficient to pay the interest on such indebtedness as it falls due an~3 also to constitute a sinking fund for the payment of the principal thereof on or before maturity. Said tux shall be in addition to all other taxes levied for municipal purposes, and shall be collected at the sar.,:; time and in the; same manner a.^, other municipal taxes are collected, and as collected shall be forthwith paid into the Fund for which the same vaas levied and collected. Such fund -5- ~eso • No • ~~ shall be designated as "vJaterworks (1929) Bond. Interest and Sinking Fund", and all sums to become due for the principal and interest on said bonds shall be paid from such fund. Section 5o The Mayor of said City of Arroyo Grande and the Treasurer of said city are hereby authorized and directed, respectively, as such officers, to sign each of said bonds on behalf of said city, and the City Clerk is hereby author- ized and directed to countersign each of said bonds and to affix the corporate seal of said city thereto; and the said Treasurer is hereby authorized and directed to sign each of the interest i coupons, either by his own hand or by lithographed or engraved facsimile 'signature; and such signing, countersigning and seal- ing shall be a sufficient and binding execution of said bonds and coupons by said city. Section 6. There is hereby created and established a fund to be known as "iNaterworks Improvement (1929) Fund", which shall be kept by the Treasurer of said city; and all proceeds of sale of any of said bonds shall be placed by the Treasurer to the credit of said fund, and shall be applied exclusively to the acquisition, construction and completion of the aforesaid municipal improvement. Section 7. The City Clerk is directed to cause to be lithographed, printed or engraved a sufficient number of blank bonds and coupons of suitable quality, and to cause the blank spaces thereof to be filled in to comply viith the provisions hereof, and to procure their execution by the proper officers, and to deliver them, when so executed, to the Treasurer of said city, who shall safely keep the same until they shall be sold by the Council; whereupon he shall deliver them to the purchaser or purchasers thereof, on receipt of the purchase price. -6 - i7 eso • ~Uo • 3~ Section 8. mhis resolution sruill take effect from and after its passage and approval. Adopted and passed by vot© of al-~- ti.e ' members of the City Council of the City of Arroyo Grande, State of. California, this 25th day of 'arch ` _, 1929• TeTayor o ..lie i y o~ Arroyo' rte, AT`?'F'ST: --~-~ 'f ;~- -~- C_~~ irk of t e Cz y o. Arroyo Grande. Presented to and areproved by me this 25tTi day of .~.:arc3i , 1929• r--<-~i~ ~f ^ TvTayor o t_ e Ci y o Asro~o~ai~~T, -7 - ~ie,~.No~3&' C:,~:FIiTS C~RTIPICATI; I hereby certify that the fore~*oing resolution was introduced- and read at a meeting of the Council of the City of Arroyo Grande duly called and held on the ti5tli _day o£ t..arch ~, 1Q?_9, anct that s^ id resolution 5^/as thereafter at saic; meeting adopted and passed by vote of all tY:e _ members of said Council, as folioti;^;; _~ A .=~S: Co~~ncilmen, Nol:le Conrad, ;vorgan, i'eolo E: Cox , NOES: Cep:ncilmen, i?arse AF^'lA1T: iouucilmen, Prone land I further eertif;* that said resolution eras presented to, and signers and approved by C. :=. Noble the i~iayor o£ salct City of ..^_rroyo Grande on the NC'tP~, day of larch , 1929 e I further certify that tYe forevoino resolution is spread upon the records of the City Council of tre City of Arroyo Granc9o, California, at paC;e ^'1't of Book 2 o.P I~ccords lNITPnsSS my hand end the seal of said city this ?_°~tl~~ day of 'larch 19~9• ._._ _~~ CTer~l o -the Ca. ,y o~ Arroyo- U'r ax o California.' ,