HomeMy WebLinkAbout1972 159 CC RESO1972 159 CC RESO (Ìì ý jÔÏRESOLUTION NO. 72-159
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF BALDWIN PARK PROVIDING
FOR THE ISSUANCE OF A NEGOTIABLE NOTE
IN THE AMOUNT OF $150.000.00.
THE CITY COUNCIL OF THE CITY OF BALDWIN PARK DOES
RESOLVE AS FOLLOWS:
SECTION 1. That the City Council of the City of
Baldwin Park does hereby find, determine and declare, as
follows:
a) That funds are needed to meet the
immediate requirements of the City of Baldwin
Park, including, but not limited to, the pay-
ment of current expenses, capital expenditures
and the discharge of any obligation or indebted-
ness of said City; and
b) That the City may borrow for said
purposes, such indebtedness to be represented
by a note or notes issued to the lender
pursuant to Section 53850 et seq. of the Govern-
ment Code of the State of California; and
c) That Bank of America National Trust
and Savings Association, a national banking
association, has offered to lend the sum of
$150,000.00 at an interest rate of 3.25't per
annum, upon a negotiable note to be made payable
on June 29, 1973, with interest to
date of payment; and
d) That this City Council finds that it
is necessary for the City to issue a negotiable
note in the amount of $150,000.00 in order to
meet the immediate requirements of said City*
SECTION 2. That the taxes, income, revenue, cash receipts
and other moneys to be received by said City during the fiscal
year 1972-1973 are estimated to be $2,273,794.00. The amount
of the note hereby authorized to be issued, together with
other notes outstanding, if any, does not exceed 85% of the
uncollected portion of said moneys.
SECTION 3. That said note shall be dated as of the date
of delivery, shall be in the denomination of $150,000.00,
shall be paid on June 29, 1973, and shall bear
interest at the rate of 3.251 per annum, payable at the
maturity thereof. The right shall be reserved to said City
to pay all or any part of said note 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. No
notice need be given to the lender prior to the exercise of
such right by the City.
SECTION 4. That both the principal of and the interest
on said note shall be payable in lawful money of the United
States of America at the office of the City Treasurer of the
City of Baldwin Park, in Baldwin Park, California.
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1972 159 CC RESO (Ìì ý jÔÏRESOLUTION NO. 72-159
SECTION 5. That said note shall be payable from taxes,
income, revenue, cash receipts or other moneys to be
received by the City of Baldwin Park during the fiscal year
1972-1973, said moneys being hereby pledged to repay said
note; provided, however, that if said moneys or any portion
thereof when received by the City will be encumbered for a
special purpose other than the repayment of said note, then
pursuant to Section 53856 of the Government Code an equivalent
amount of the proceeds of said note shall be set aside and
used for said special purpose; and provided, further, that
said note with interest thereon may be paid from any other
moneys of the City lawfully available therefor.
SECTION 6. That said note shall be signed by the Mayor
and the City Treasurer, and countersigned by the City Clerk,
and shall be in substantially the following form:
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1972 159 CC RESO (Ìì ý jÔÏRESOLUTION NO. 72-159
SECTION 7. This City Council hereby finds and determines
that it is necessary and desirable that the City borrow from
Bank of America National Trust and Savings Association, the
sum of $150,000.00; such indebtedness to be represented by a
negotiable note authorized hereby. The Mayor and the City
Treasurer are authorized to sign said note and the City Clerk
is authorized to countersign said note and to date and seal
said note on the date of delivery thereof. Said note shall
be issued according to the terms and substantially in the
form provided in this Resolution.
SECTION 8. The proceeds from said note shall be kept in
separate accounts from City General Funds, and said proceeds
shall not be invested, other than during a temporary period",
aa such term is defined in the regulations promulgated by the
Internal Revenue Service under Section 103(d) of the Internal
Revenue Code of 1954, to acquire taxable obligation securities
which will yield a rate of return that is materially higher"
than the yi6ld of said note, as such terms are defined by said
regulation.
SECTION 9. That this Resolution shall constitute
acceptance of the offer of Bank of America National Trust and
Savings Association above referred to.
APPROVED AND ADOPTED this 6th day of December
1972.
Baldwin Park, California
ATTEST:
S^-^^C-A^^
City Clerk
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1972 159 CC RESO (Ìì ý jÔÏResolution No. 72-159
PW No. 5
STATE OF CALIFORNIA 1
COWTY OF LOS MIBEiH SS:
Cin OF BALWIM MBK
I, 1HELNA L. BALKUS, City Clerk of the City of Baldwin Park do hev«by
Certify that the foregoing resolution was duly and regularly passed and adopted
by the City Council of the City of Baldwin Park at Its regular ting of the
City Coimcll on the th dv December^ y^ following vote:
COJNCILNEN AYE NAY N.». COUICILNEN AYE MY N.V. AB
GREGORY xl MC CARON X
HAMILTON X2 MAYOR BLEWETT x
KING x
X Indicates tote AB Absent N.V. Not Voting
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1972 159 CC RESO (Ìì ý jÔÏCITY OF BALDWIN PARK
NEGOTIABLE NOTE
FOR VALUE RECEIVED, the City of Baldwin Park, California,
a municipal corporation, promises to pay to BANK OF AMERICA
NATIONAL TRUST AND SAVINGS ASSOCIATION, on order, on June 29,
1973, the sum of ONE HUNDRED FIFTY THOUSAND $150,000.00)
DOLLARS, with interest thereon, payable at the maturity
hereof, at the rate of 3.25% per annum from the date hereof.
Both principal and interest are payable in lawful money of
the United States of America at the office of the City
Treasurer in the City of Baldwin Park, State of California.
The principal of and the interest on this note are
payable from taxes, income, revenue, cash receipts or other
moneys of the City of Baldwin Park to be received during the
fiscal year 1972-73 and, said moneys are pledged for the
payment of this note and the interest hereon. Notwithstand-
ing said pledge, this note is a general obligation of the City
and, to the extent not paid from said moneys, shall be paid
with interest hereon from any other moneys of the City
lawfully available therefor.
IT IS HEREBY CERTIFIED, RECITED AND DECLARER that all
acts, conditions and things required by law to exist, happen
and be oerformed 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 bv the laws or
Constitution of the State of California.
IN WITNESS WHEREOF, said City of Baldwin Park 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 corporate seal of said City, and has
caused this note to be dated the day of
1972.
Baldwin Park, California
/^
Z_ L^
/ CiW Treasurer of the
C/ City of Baldwin Park,
California
City Clerk of the City of Baldwin Park
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