The URL can be used to link to this page

Home My WebLink About029139 CITY OF IRWINDALE COUNTY OF LOS ANGELES, CALIFORNIA ORDINANCE NO. 29 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF IRWINDALE, PROVIDING FOR THE ISSUANCE OF TEMPORARY NON-NEGOTIABLE NOTES. WHEREAS, the City of Irwindale was incorporated as a general law city on the 6th day of August, 1957; and WHEREAS, said City has not received revenues from property taxes, sales taxes, or other taxes; and WHEREAS, the fiscal year of this City starts on the 1st day of July and ends on the 30th day of June; and WHEREAS, an analysis of the various sums that will be paid to this City discloses that between the 6th day of August, 1957, and the 30th day of June, 1958, this City will receive the sum of $180,000.00 which it will have available to pay its obligations (hereinafter sometimes called "anticipated revenues"); and WHEREAS, under Government Code Section 37210 this City is authorized to issue temporary non-nego- tiable notes, the aggregate amount of which shall not exceed 85% of said anticipated revenues; and WHEREAS, Bank of America National Trust and Savings Association, Baldwin Park Branch, Baldwin Park, California (hereinafter sometimes referred to as "Lender"), has offered to lend the City under said Government Code Section 37210 up to said authorized amount at the rate of four per cent (4%) per annum; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF IRWINDALE DOES ORDAIN AS FOLLOWS: SECTION 1. That it is necessary for the City of Irwindale to issue temporary non-negotiable notes from time to time under and pursuant to Government Code Sec- tion 37210 for the purpose of paying lawfully incurred current expenses and salaries and wages of officers and employees, and said notes shall be issued from time to time as this City needs money for said purpose without further authorization from this City Council. The aggregate amount of notes to be issued shall not exceed 85% of said anticipated revenues. The City Clerk and City Treasurer shall keep current information and shall make a report to this City Council once a month while said notes are outstanding, said information and report to show the aggregate amount of said notes and the amount of anticipated revenues for said fiscal year which will be available to pay said notes, so that should the esti- mate herein of anticipated revenues for said fiscal year, be incorrect, the aggregate amount of notes issued can be adjusted accordingly to meet the requirements of Government Code Section 37210. A copy of said report shall be mailed to Lender. SECTION 2. Said notes must be repaid on or before June 30, 1958, the maturity date of said notes. The right shall be reserved to this City to pay all or any part of said notes prior to maturity, in which event the interest due to date on the amount so paid shall be paid along with such payment of principal, and interest shall cease on the amount of principal so paid. Both principal and interest of said notes shall be payable in lawful money of the United States only from revenues re- ceived during or allocable to the fiscal year 1957-1958. SECTION 3. The offer of Lender is hereby ac- cepted and said notes shall bear interest at the rate of four per cent (4%) per annum from the date of delivery thereof. SECTION 4. The notes may be in such denomina- tions as is agreeable to the City Treasurer and Lender, but all notes shall be in a sum which is an even multiple of $1,000. The notes shall be dated the date of their execution and delivery, and shall be numbered in consecutive numerical order. Said notes shall be payable at Bank of America National Trust and Savings Association, Baldwin Park Branch, Baldwin Park, Calif- ornia. SECTION 5. The Mayor and City Treasurer are hereby authorized and directed to sign each of said notes, and the City Clerk is hereby authorized and dir- ected to countersign said notes and affix thereto the corporate seal of this City. SECTION 6. Said notes shall be in substantially the following form: CITY OF IRWINDALE, CALIFORNIA Temporary Non-negotiable Note No. FOR VALUE RECEIVED the City of Irwindale prom- ises to pay to Bank of America National Trust and Sav- ings Association, Baldwin Park Branch, Baldwin Park, California, on or before June 30, 1958, the sum of interest thereon at the rate o pe our r cen ). with annum from the date hereof until this note is paid. per . This note shall be repaid only from revenues received during or allocable to the fiscal year 1957-1958. Both principal and interest are payable in lawful money of the United States of America at Bank of America National Trust and Savings Association, Baldwin Park Branch, Bald- win Park, California. The right is reserved to said City to pay all or any part of this note prior to maturity, In which event the interest due to date on the amount 141 so paid shall be paid along with such payment of princi- pal, and interest shall cease on the amount of princi- pal so paid. 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 note have existed, happened, and been performed in due time, form, and manner as required by law and that the amount 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 WHEREOF, said City of Irwindale has caused this note to be signed by the Mayor and the City Treasurer of said City, countersigned by the City Clerk of said City and sealed with the corporate seal of said City, and has caused this note to be dated the day of , 19 (SEAL) COUNTERSIGNED: r'.f�'rao a_ Mayor of the city o Irwindale, California 01ty Weasurer o. t e Ci of Irwindale, California SECTION 7. This ordinance is an ordinance for the immediate preservation of the public peace, health, and safety and, pursuant to the provisions of subsection (b) of Section 36937 of the Government Code, shall take effect immediately. The facts constituting such urgency are as follows: The City was incorporated on August 6, 1957. It needs funds for the purpose of paying expenses and the salaries and wages of officers and employees in order to preserve and protect the public peace, health, and safety. Unless such funds are made available immediately the saf- ety of persons and property within the City will be seriously impaired. SECTION 8. This ordinance shall take immediate effect after the date of its adoption, and the same shall be posted in three public places within the city limits of the City of Irwindale, as prescribed by Resolution No. 57-1. 14:2 ADOPTED THIS 16th day of September, 1957. ATTEST: f. City I, MIKE MARTINEZ, City Clerk of the City of Irwindale, do hereby certify that the above Ordinance No. 29, which was adopted at a regular meeting of the City Council held on the 16th day of September, 1957, was passed by the following vote, to wit: Ayes DIAZ MARTINEZ MIRANDA TAPIA ORNELAS Noes NONE Absent NONE I further certify that said ordinance was thereupon signed by the Mayor of the City of Irwindale. '+, r^ 14tj STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) ss CITY OF IRWINDALE ) and says; MIKE MARTINEZ, being first duly sworn, deposes That he is the City Clerk of the City of Irwin - dale, California, and is and was at all times herein mentioned a citizen of the United States over the age of eighteen (18) years and competent to be a witness herein. On September 17, 1957, he securely and con- spicuously posted at each of the public places in said City, to wit: (1) 5140 North Irwindale Avenue (2) Post Office on Irwindale Avenue (3) Southwest corner of Arrow Highway and Irwindale Avenue a copy of Ordinance No. 29 of the City of Irwindale, being in all respects the same as that attached hereto and made a part hereof. Dated: September 16, 1957 Subscribed and sworn to befog -c rr` me this 18th day of September 1957 Notary Public in and for said County and State My Commission Expires October 14, 1960