Imperial Valley press., 1912-09-19
ORDINANCE NO. 81

bonds of the City of Ell Centro In
the Amount Of Forty Thousand Dol
lars !s4O.oc.o0D. for the PURPOSE of
pieting by the City of Ell Centre. of
Certain Revenue Producing NUM-
eipai Improvement. to witt. An Ex-
Works and Water system Of said
City, for the Purpose Of Furnishinx
and Simplifying Water to the said City
%h.rsof G T.cIvd,ne nns the the ",s,.,"n %n.Ssns.
Of Lands. Water Rights, Capital Stock
In Other Corporations, Rights Of Way,
and the Construction of Aqueducts,
bitches. Canals, Reservoirs, Distrib-
utinE System, Pumping and Purifica-
ttOn Plants, and Other Works Neces-
sary Therefor. Authorized by n Vote
Voters of said City Of FL Centre,
Voting at n Special Election Held In
said City ON August 28th. 1912, I'm
der the PrOvisiOns Of Ordinance No.
ed, Approved and Published; Deter
mining the Denomination and Form
or Said Bonds, and How. When, and
Where Said Bonds Shall he Payable,
and Fixing the Rate of Interest
Thereon.
| WHEREAS, the Board of Trustees of
the City of Ell Centro, at it's regular
meeting, held on the 1st day of July,
1912. by vote of two-thirds of all its
members, duly passed and adopted a
| resolution determining that the public
interest and the public necessity of the
CITY Of Ei Centro and the inhabitants
thereof. demand the acquisition, con-
! struction. and completion, by the City
of Ell Centre, of a certain reve-
nue. producing municipal improve
! Municipal Water Works and Water
System of said city, for the purpose OF
furnishing and supplying water to the
CITY OF FL Centro and the inhabitants
thereof. including for
the acquisition of lands, water rights,
capital stock in other corporations,
rights Of way, and the construction
Of aqueducts, bitches, canals, reser-
voirs, distributing system, pumping and
publication plants, and other works
necessary therefor; That the estimated
works and municipal improvements
connected herewith, is Forty Thou
sand Dollars l$4O,000.00), and that said
cost Is. and will be, too great to be paid
out or the ordinary annual income and
revenue of said city; and said reso-
luton was approved by the executive
Of said City: to wit, the President of
the said 1st day of July, 1912, and was
thereafter duly published on the Srd
day of July, 1912, in the Imperial VAL
ley Press, daily newspaper Of general
said City of Ell Centre; and.
WHEREAS. said Board of Trustees,
at subsequent regular meeting there
Of, held on the 23d day of July, 1912,
by a vote of two-thirds of all its
members, did, by ordinance, call a spe-
cial election to be held on August 26th,
1912, in said city, submitting to the
qualified voters of said city. the prop
| osition of mourning a debt in the sum
| of Forty Thousand Dollars (S4O, 900 OO)
for the purposes set forth in said res
olution, and said ordinance was duly
passed, adopted. and duly signed. and
approved by the President of the Board
of Trustees; and said ordinance No. So
was thereafter published as provided
therein, on the 25th day of July, 1912,
paper of general circulation. printed
| and published in said City of Ell Cen
| tro. and was also published, as in said
ordinance provided. in the last seven
is12; and, ' VI N ~
WHEREAS, said special election was
| regularly held on said 26th day Of Au.
gust. 1912, as called, and,
WHEREAS. more than wo-thirds of
the qualified voters voting at said spe-
c1al election, voted TO incur q bonded
debt of Forty Thousand Dollars CS4O,-
100000 for the acquiring, constructing
and completing of the aforesaid reve-
nue. producing municipal Improvement.
and.
/ WHEREAS, said Board of Trustees,
at an adjourned regular and spe-
cial meeting, held for such purpose,
7
1872, did canvass the returns of said
| special election and did then and there
find and declare, by resolution, that
| said special election had been regular
ly held; that a: said special election
140 votes, and no more, were cast; that
! 13l of said votes were cast in favor
of incurring said bonded Indebtedness
/ in the sum of Forty Thousand Dollars
| t$4O.OOO.OD that 8 of said votes were
! cast against incurring said bonded in
debtedness; and that more than two
! thirds of all the voters voting at said
special election voted to authorize the
incurring of said bonded debtedness
| and,
| WHEREAS, the total amount of For.
ty Thousand Dollars ($4o, 100000. to
gether with all the Indebtedness of sale
city, is within the limits prescribed by
| the laws of the State of California
and it becomes the duty of said Boart
law, and said Ordinance No S3;
NOW. THEREFORE,, the Board O.
ordain as follows:
Section l. That the bonds of the Cit,
OF Ell Centre, in the amount of Forty
Thousand Dollars ($40,O0O.00) be ISSUED
in accordance with the provisions O.
the Act of the Legislature of the Stat,
of California, which became a law un
der constitutional provision, withou
1901, and all acts or parts of act
amendatory thereof and supplemental,
thereto, and in accordance with tn,
ordinances of said city and the laws o
the state of California,-said bonds L
be forty in number, of the denomina
tion of one thousand dollars Isl 600 OO)
each, shall be issued on the 1st da.
| of September, 1912, and sold for no
less than their par value, to provid,
money for the acquisition construction
and completion of said municipal i'm
provements that said bonds shall b,
numbered consecutively, 1 to 40, boil
inclusive, according to their date o
maturity, commencing with the one
of earliest maturity; that the earlies
by postponed until the 1st day of Sep
tember, 1922, and that on said 1st da,
of September, 1922, two of said bonds
being the bonds numbered 1 and z
said bonds shall mature on the 1st da,
of September of each succeeding yea
until the 1st day of September, 1871
when the last two of said bonds shall
mature
Section 2. That all of the amount
unpaid on said bonds shall bear in
terest at the rate of 514 per cent pc
annum until maturity,-interest com
mencing on the 1st day of September
1912 And all accruing interest shall
be paid on the 1st day of March AM
the 1st day of September of each sue
ceeding year.
Section 8. That all sums due upol
said bonds, whether principal or in
terest, shall be payable at the time
City Treasurer Of the City of Ell Cen
tro, County of Imperial, State of Cali
fornia, which day and place shall b
specified in said bonds and the cou
pons thereto attached.
Section 4. That said bonds shall b
substantially in the following form
except the Number of the Bonds an
the date of maturity, to wit:
ONE THOUSAND (s1 ,ooo.o .oo) DOLLAR,
UNITED STATES OF AMERICA.
STATE OF CALIFORNIA
CITY OF Ell CENTRIC.
MUNICIPAL IMPROVEMENT BOND.
ISSUED FOR
EXTENSION OF WATER WORK
II AND WATER SYSTEM AND CON
STRUCTION PURPOSES.
Ell Centre, California, September -
1912, on the 1st daY of Septembe]