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SSO t r ON S395 <br /> <br /> That on account of the recent Supreme Court Decision in the City of Lake Port <br /> Street Improvement matter, the City of Santa Aha as a whole is held responsible for the <br /> 1915 Street Assessment Bonds, and by reason thereof the credit of the City of S~nta Aha <br /> is at stake; <br /> <br /> That Santa Ana at present enjoys, and always has enjoyed an enviable reputatioz <br />for integrity and ability. The privilege and responsibility of sustaining that <br />reputation is on Santa Aha and her representatives. Compliance with the decision of <br />the Court in informally accepting this obligation through the voting of these bonds, is <br />necessary to accomplish that end; <br /> <br /> That there is no probability that this will add to the tax burden of any <br />citizen, for the City is subrogated by this act to the rights of the bondholders in <br />relation to the special assessment district. As a consequence, the City will collect <br />this from these districts, and the funds so collected will be kept segregated in a <br />special fund, for the purpose of meeting the principal and interest on the~e bonds. <br /> <br /> That we respectfully urge all citizens to consider this matter in a broad way, <br />and as your representatives, promise that in adjusting and substituting these bonds, <br />we will take advantage-of every opportunity afforded to purchase the assessment bonds <br />for the market price, which may be less than par, to insure the City against any possibl~ <br />loss. <br /> <br /> We are confident that the entire issue of (~250,000.00 of bonds sought to be <br />issued at this time can be retired, both principal and interest, without increasing the <br />tax burden on the taxpayers of this City. <br /> <br /> That the bonds sought to be voted at this time will bear interest, we are sure <br />not exceeding 4 1/2~ per annum, while the street bonds which would be retired by this <br /> <br /> 6~. <br />bond issue, bear ~ <br /> <br /> I HEREB~Z CERTIFY that the foregoing Resolution was duly and regularly passed <br /> <br />by the City Council of the <br />6th day of August, 1934. <br /> <br /> A.YE~, TRUSTEES: <br /> <br />City of Santa Aha, at a regular meeting thereof held on the <br /> <br />A.F.LeGaye, Fred C. Rowland, W.H.Penn, <br />Flummer W. Bruns~ E.G.Warner. <br /> <br />NOES, TRUSTEES: None <br /> <br />ABSENT, TRUSTEES: None <br /> <br />(SEAL). <br /> <br />ATTEST: ...E.L.V. egely <br /> Clerk of"the City of' Santa Ana. <br /> <br />335 <br /> <br /> <br />