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ORDINANCE NO. NS-865 <br /> <br />AN ORDINANCE OF THE CITY OF SANTA ANA, CALIFORNIA, <br />ORDERING, CALLING, PROVIDING FOR AND GIVING <br />NOTICE OF A SPECIAL ELECTION TO BE HELD IN SAID <br />CITY ON APRIL 4, 1967, FOR THE PURPOSE OF SUB- <br />MITTING TO THE QUALIFIED VOTERS OF SAID CITY <br />PROPOSITIONS TO INCUR BONDED INDEBTEDNESS BY <br />SAID CITY FOR CERTAIN MUNICIPAL IMPROVEMENTS <br />AND CONSOLIDATING SAID ELECTION WITH THE GENEBAL <br />MUNICIPAL ~LECTION TO BE HELD ON SAID DATE. <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 <br />least two-thirds of the members thereof, adopted a resolution <br />determining that the public interest and necessity demand the <br />acquisition and construction of certain municipal improvements, <br />and making findings relating thereto; <br /> <br /> NOW, THEREFORE, the City Council of the City of Santa Ana, <br />California, DOES ORDAIN as follows: <br /> <br /> Section 1. That a special election be held and the same is <br />hereby called to be held in said city on April 4, 1967, for the <br />purpose of submitting to the qualified voters of said city the <br />propositions hereinafter set forth of incurring indebtedness and <br />issuing bonds of said city therefor, in the respective principal <br />amounts stated in the respective ballot propositions hereinafter <br />set forth, and for the respective objects and purposes set forth <br />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 proposi- <br />tions hereinafter set forth are as follows: <br /> <br />Proposition <br /> <br />Estimated Cost <br /> <br />A $ 4,595,000 <br />B 5,095,000 <br />C 11,415,000 <br />D 3,895,000 <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, six per cent (6%) per annum, the <br />actual rate or rates of interest on said bonds to be determined <br />at or prior to the time of the sale or sales thereof. Said <br />interest shall be payable semiannually except that interest for <br />the first year may be made 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. of the day of said election and <br />shall remain open continuously from said time until seven o'clock <br />P.M. 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 /> <br />