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CITY OF SANTA ANA
<br /> RESOLUTION NO.._~J..-.~.7.~
<br />
<br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
<br />ANA, CALIFORNIA, AUTHORIZING THE ISSUANCE OF $2,000,000
<br />WATER REVENUE BONDS OF SAID CITY AND PROVIDING THE
<br />TERMS AND CONDITIONS FOR THE ISSUANCE OF SAID BONDS.
<br />
<br /> Whereas, pursuant to Ordinance No. NS-561, a special election was held in the City of
<br />Santa Ana, for the purpose of submitting to the qualified voters of said city the proposition
<br />of issuing water revenue bonds of said city in the amount of $6,950,000 pursuant to the charter
<br />of said city and the Revenue Bond Law of 1941 (Chapter 6, Part 1, Division 2, Title 5 of the
<br />Government Code of the State of California) for the following purpose, to wit:
<br />
<br /> The acquisition and construction of additions to the revenue producing water utility of
<br /> the City of Santa Ana (i.e. the water supply and distribution system) for which the property
<br /> to be acquired and the improvements or additions to be made to the equipment for such
<br /> revenue-producing utility shall consist of works and facilities for the production, storage,
<br /> transmission and distribution of water, including water storage reservoirs, water wells, pump-
<br /> ing and pressure regulating stations, water transmission and distribution mains, capacity
<br /> rights in works and facilities to be used jointly with other public corporations, facilities of
<br /> existing water companies; and for the foregoing appurtenances and appurtenant works, and
<br /> including the acquisition of all water rights, lands, easements, pipe, pumps, and other property
<br /> necessary therefor; the estimate of the cost of the foregoing purpose being $6,950,000; the
<br /> regulations and procedures for the sale and issuance of such bonds to be as set forth in the
<br /> Revenue Bond Law of 1941 (Chapter 6, Part 1, Division 2, Title 5 of the Government Code
<br /> of the State of California); and the provision to be made from the revenue of snch revenue-
<br /> producing utility for the payment of interest on, and retirement of, the bonds to be that
<br /> said bonds are secured by and are payable from all of the revenues of said utility as now or
<br /> hereafter constituted, all as more particularly set forth in said Revenue Bond Law of 1941.
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<br />and
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<br /> WHEREAS, said proposition was approved by the votes of more than a majority of all the
<br />voters voting on said proposition at said special election, and this city is now authorized to
<br />issue said bonds as provided in said Charter and said Revenue Bond Law of 1941; and this City
<br />has issued and sold $3,000,000 of said bonds designated 1962 Water Revenue Bonds, Series A; and
<br />
<br /> WHEREAS, this City Council deems it necessary to issue and sell at this time $2,000,000 of
<br />said bonds as "Series B";
<br />
<br /> NOW, THEREFORE, the City Council DOES HEREBY RESOLVE, DETERMINE
<br />AND ORDER as follows:
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<br /> Section 1. Definitions. As used in this resolution, unless the context indicates otherwise, the
<br />following terms shall have the following meanings:
<br />
<br /> (a) "City" means the City of Santa Ana, California.
<br />
<br /> (b) "City Council" or "Council" means the City Council of said City.
<br />
<br /> (c) "Director of Finance" means the Director of Finance of said City.
<br />
<br /> (d) "Clerk" means the Clerk of the Council of said City.
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