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ORDINANCE NS-1069 OF THE CITY COUNCIL OF TI~E <br />CITY OF SANTA ANA, CALIFORNIA, ORDERING, <br />CALLING, PROVIDING FOR AND GIVING NOTICE OF <br />A SPECIAL ELECTION TO BE HELD IN SAID CITY <br />ON APRIL 6, 1971, FOR THE PURPOSE OF <br />SUBMITTING TO THE QUALIFIED VOTERS OF SAID <br />CITY PROPOSITIONS TO INCUR BONDED INDEBTEDNESS <br />BY SAID CITY FOR CERTAIN MUNICIPAL IMPROVEMENTS <br /> <br /> WHEREAS, at a meeting held prior to the meeting at which <br />this ordinance is adopted the City Council, by a vote of at least <br />two-thirds of the members thereof, adopted a resolution determining <br />that the public interest and necessity demand the acquisition and <br />construction of certain municipal improvements, and making <br />findings relating thereto; <br /> <br /> NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />DOES ORDAIN AS FOLLOWS: <br /> <br /> SECTION 1: That a special election be held and the same <br />is hereby called to be held in said city on April 6, 1971, for <br />the purpose of submitting to the qualified voters of said city <br />the propositions hereinafter set forth of incurring indebtedness <br />and issuing bonds of said city therefor, in the respective <br />principal amounts stated in the respective ballot propositions <br />hereinafter set forth, and for the respective objects and purposes <br />set forth in said resolution and in said ballot propositions. <br /> <br /> SECTION 2: That the respective estimated costs of the <br />respective municipal improvements described in the ballot <br />propositions hereinafter set forth are as follows: <br /> <br />Proposition <br /> <br />Estimated Cost <br /> <br />A $17,000,000 <br /> <br />B $ 4,900,000 <br /> <br /> That in each case the estimated cost of said municipal <br />improvement includes the following: (a) legal or other fees <br />incidental to or connected with the authorization, issuance and <br />sale of the bonds, and (b) the costs of printing the bonds and <br />other costs and expenses incidental to or connected with the <br />authorization, issuance and sale of the bonds. <br /> <br /> SECTION 3: That the maximum rate of interest to be paid <br />on each said indebtedness shall not exceed the maximum rate <br />permitted by law, to wit, seven per cent (7%) per annum, the actual <br />rate or rates of interest on said bonds to be determined at or <br />prior to the time of the sale or sales thereof. Said interest <br />shall be payable semiannually except that interest for the first <br />year may be payable at the end of said year. <br /> <br /> SECTION 4: That the polls for said election shall be <br />opened at seven o'clock A.M. on the day of said election and shall <br />remain open continuously from said time until seven o'clock P.M. <br />of the same day, when said polls shall be closed, except as <br />provided in Section 14436 of the Elections Code of the State of <br />California. <br /> <br />-1- <br /> <br /> <br />