HomeMy WebLinkAboutOrdinance 1161 N.C.S. 09/23/1974OUNC.ILMAN' SECONDED BY - COUNCILMAN''
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IN RODUCED BY G "
ORDINANCE NO, 1161 N.C.S.,
AN ORDINANCE AMENDING ORDINANCE, ,NO. 1154 N.C.S.
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CALLING A.SPE,CI'A_L MUNICIPAL -BOND ELECTIiON IN THE
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CITY OF PETALUMA
BE IT ORDAINED BY THE COUNC:IIL OF THE_ CITY OF PETALUMA.
AS FOLLOWS:
Section _l . ; Ordinance No. 1154 N.C.S., passed sand
adopted on August 19, 1974, and ,entitled.
" "AN ORDINANCE CALLfiNG A, SPECIAL MUNICIPAL BOND'
ELECTION IN' THE CITY OF PETALUMA FOR THE PUR-
POSE OF SUBMITTING TO�THE ELECTORS OF SAID CITY
THE MEASUP F INCURRING A BONDED' INDEBTEDNESS
OF SAID .CITY FOR THE ACQUISITION, CONSTRUCTION
A14D COMPLETION OF THE FOLLOWING' MUNICIPAL IM-
'PROVEMENT,'TO WIT: PARK AND RECREATION IMPROVE-
MENTS;,; DECLAR THE ESTIMATED COST' OF SAID
MUNICIPAL' IMPROVEMENT, THE.AMOUNT OF THE PRINCIPAL
OF SAID I N EBTEDNES'S TO' BE INCURRED THEREFOR,
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THE MAXIMUM RATE OF INTEREST TO BE.P'AID THEREON;,
MAKING PROVISION FOR THE LEVY AND COLLECTION OF
TAXES'; FIXING.. THE DATE OF SAID ELECTION AND THE
MANNER OF HOLDING THE :SAME AND PROVIDING FOR
NOTICE THEREOF.."
is here by' amended by amending Section 3 thereo`f to. read as
,f 0.1 lows .
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" Section, 3. The. .Council proposes to issue and
sell bonds of the City for the.objects;,and purposes,
but not - exceeding the amount, specified in said measure
if two - thirds of the qualified,electors voting on said
,measure at said 'special municipal bond election shall
vote in favor of said measure.
Said bonds shall be'hegoaiable in form and of
the .character. -known as serial:, and shall bear interest .
at a rate not to exceed eight per cent (81$) per annum;,
payable semiannually (.except that interest for the first'
year after the: date of said bonds may °be made payable
at or before 'the end o.f said year).. Provision, is here
made for the payment of the principal of and interest on
said bonds as follows: At
the ,time making the
general tax le,wy after incurring the bonded indebtedness,
and-annually thereafter until the bonds are paid or
until there .is a sum in the treasury set apart for that
purpose sufficient to meet all payments of principal
and interest on the bonds as they become due, the Council
shall 'levy and collect a tax sufficient, to. pay the interest
on.the bonds and such ,part of the princ -ipal as will
become due before the proceeds of a, tax:lev.ied at the
next general tax - levy will be! available;; provided,
however, that if;said bonds are 'authorized to be issued
at said, election, and it is expected that all or any,,
paart of said bonds - will be sold at such time that the
principal of or i_nteres't.on suc -h bonds become due
before the proceeds,of a tax. levied after such sale"would
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be available to pay such principal or interest,, the
Council, at the time of''fixing the annual tax levy, may
levy a. tax in an amount clearly sufficient to pay that
portion of the principal of and interest on said bonds
which it is expected Will become due before the, proceeds
of the next succeeding tax levy will be available. I,f
.the earliest maturity of the bonds is more than one year
after the date.of i"s'suan'ce, the Council shall levy and
'collect annually a tax : sufficient to pay the interest as
it falls duesand to constitute a sinking fund for the
payment of the princ ipal on or - before maturity. Such
taxes shall be levied and' collected as other City taxes
and shall be In addition to all oafie'r taxes and shall be
used only for payment of the bonds an interest
thereon."
Section `2. .. The City :Clerk of the City is hereby
directed; upon the ;passage and adoption of this ordinance,
to publish. the same once a day f:or seven (7) days in the
PETALUMA ARGUS- CO.URIE_R,, which is a newspaper of general cir
culation published at'least six (6) days a week in the
City.
Section 1 . This ordinance sha1_1 be forthwith
entered upon the minutes of the Council and in the ordinance
Book of the,, City This Ordinance,, being an- ordinance amend-
ing an.'ordin°ance calling and ord'erin:g an election, shall
take .effect from and after its final,adoption.
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ORDERED -PUBLIS`HED -on this I6th day of September, 1974, .
by the following vote
AYES: Councilmen Brunner;, Cavanagh,, Jr., 'Daly, H'arberson,
Perry, Jr.-, 'and Mayor Putnam.
NOES:. None.
ABSENT': Councilman
And ADOPTED•on this 23rd day of September, 1974; by
the - following vote:
AYES: Councilmen Brunner.,, Cavanagh, Jr., Harberson, Mattel, Perry, Jr., and
Mayor
NOES : None.
ABSENT: Councilman Daly.
Mayor
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CLERK'S CERTIF'I'CATE
I , . MA.RJORI_E J WILSON City Clerk of the
City of ,t
Pealma Sta "te o`f Californ ia,, do
hereby ce-rtify ,as,, follows:
The foregoing ordinance. is a f,ull, true and
correct copy of an ordinance introduced.and read at a.
regular meeting of the Council of said City duly and
reguh
a °rly and, legally held on Septemb.er '16 '1974, and said
ordin °ance was thereafter duly passed . and adopted by vote.
of at least two - thirds of -all of the members of the Council,,
at a regular meeting, of the Council..duly and ;regularly
and legally held at the regular meeting place thereof' 'on
September 23 ,: 1,974, of which meeting all of the
members of the Council had.. due notice as follows:
AYES; Councilmen Brunner., Cavanagh, Jr., `Harberson; Mattef,'
Perry; Jr:, and Mayor Putnam.
NOESa:,
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ABSENT" Coun. cf`lman Daly,.
I' have carefully compared ,thel same with ,the
original m nutes of said meeting- on file and, of record in
my office and; _said. ordinance is duly °entered; of record
in the minutes of the Council and .in the Ordinance Book of
said City, acrid said. ordinance i a full, true and correct
copy of the original ordinance adopted, at-" said meeting
'and entered in said minutes and Ordinance Book. Said"
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ordinance 'has not been amended, modified or rescinded
s nce the' -date of i:ts .pass°age and that the' same is now i:n
full ' and eff
WI'.TNESS my hand and the seal of' the City of
Petalunfa. on September 24 _� 1.974.
Katy of the7C�i: of
Petaluma "1 "for n -a
�'S SAL