1934 (#2379-2403) - Laserfiche WebLink

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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA~ CALIFORNIA~ DETERi,~NING AND DECL~ING THAT THE PUBLIC INTEREST AND NECESSITY DEMAND THE ACQUISITION OF SERIAL II~PROFEMENT BONDS A~D THE CREATION OF A FUND THEREFOR BY THE ISSUANCE OF I~EST- ~E. NT BONDS OF THE CITY OF SANTA ANAo V~R-EREAS, for street and other improvements in the City of Santa Ana, the City of Santa Aha has heretofore issued bonds under the "Improvement Bond Act of 1915", to represent the assessments levied in the street or other improvement proceedings; and V~IF~REAS, many of said assessments are unpaid and to provide the funds necessary to pay the principal and interest of said bonds the City of Santa Aha mayi be required to.levy a tax during the next fiscal year in such amount that the same would be onerous and difficult for the property ov~ers in the City of Santa Aha to pay; and ~HEREAS, the City of Santa Aha may, under an act entitled "An act to authorize municipal corporations to issue bonds, for the purpose of investing the proceeds arising from the sale thereof, in other bonds issued for public improve- ments", approved April ES, 1909, issue "Investment Bonds" of the City of Santa Aha the proceeds of which may be used for the purchase of the said bonds issued under said Improvement bond act of 1915 and thereby avoid the levy of such heavy tax during the next fiscal year: NOW, THEREFORE~ the City Council of the City of Santa Aha does hereby resolve and determine as follows: SECTION ~. That the oub~ic interest and necessity demand the acquisitio~ of Serial Improvement Bonds issued for street or other improvements within the City of Santa ~a and the acquisition of said Serial Improvement Bonds is necessary and convenient to carry out the objects~ purposes and powers of the City of Santa Ans. That the cost of acquiring said Serial Improvement Bonds is estimated to be the sum of ~!iiE$O,000~00. The said sum of ~80,000.00 is and will be too great to be paid omt of the ordinary annual income and revenue of said City of Santa Ans. SECTION ~. ~at the City of Santa Aha proceed under the act hereinabove mentioned to incur a bonded indebtedness in the principal s~uu of ~80~000.00 to provide a fund to be called a "General Improvement Fund" to be invested in said "Serial Improvement Bonds." SECTION 3. That Resolution No. 2389 is hereby repealed. ADOPTED, SIGNED AND APPROVED this 30th day of July~ 1934. AT TE ,'.! T: E. L. Vegely,, City Clerk. STATE OF CALIFORNIA ) )ss COUT~5~/ OF ORANGE ) I, E. certify that the E. G. Warner Nayor of the uity of Santa Aha, California. (SEAL). L. Vegety, Clerk of the City of Santa Ana, California, do hereby above and foregoin~ Resolution was duly adopted by the City Counci of the City of Santa Aha, at its regular meeting duly held on July 30~ 19~4, b~ a vote of more than two-thirds of the members of said Council, and that said Reso- lution was adopted by the following vote, to-wit: