Ordinance No. 005 - Temporary Non-Negotiable NotesI. ,
ORDINANCE NO.
C RDWAKCR OF THE CITY OF ROGEMAD,
CALIVORMIAv PROVIDING FOR MIM:
USUAN OF 'i' MPGRARY RON-t SYrZABL3
NOTES*
W 4 S, the City of Rosemead (hereinafter ,some-
times called "City" or "the city") is to newly incorporated
city being incorporated as a general law city an the
4th day of August, 1959; and
/ WHEREAS, the City has net received revenues from
property taxes; and
wto=S, the riscal year or the City "starts; on
the lot day or July and ends on the 30th day of June; and
VMEA s, an analysis or the various scams that
will be paid to the City discloses that between the 4th
day of August, lg!$9* and the 30th dray or ,Tuna, 2960, the
/ City will receive the am Of $300#000 which it will have
avellaable to pay its obligations (hereinafter "sometimes
walled "anticipated revenues"); and
MHUSt under Government Code Section 37210
the City is authorized to issue temporary non-negotiable
notes, the aggregate amount of which shall not exceed 8
of said anticipated revenues; and
WMMAS# the Firct Mate BW%k of Rosemead# Rosemead,
California (hereinafter sometimes referred to as "Lender")
has offered to lend the city under said Government Code
not to exceed
NMI# Twmwon" the city council of the City
of Rosemead,* California, DOES ORDAIN as follows:
Section 1. That is is necessary for the City
to issue t aorary nova-negotiable notes from time to time
under and pursuant to t#averr nt Code Section 37210 for
the purpose of praying lawfully incurred current expenses
and salaries and wages of officers and employees, and
said notes shall Sae Issued from time to time as the City
needs money for said purpose without further authorization
rrom this City Council, The earehgate amount of notes to
be Issued shall not exceed the lesser of either $255,OOO
or $5% of said anticipated revenues. The City Clerk and
City Treasurer shall keep current information and shall
male a report to this City Council when requested, said
information and report to shots the aggregate amount, of
notes Issued pursuant to said Section 37210 and outstand-
1ng and the amount of antiolpated revenues for said fiscal
year whicth will be available to said notes,
should the estimate herein or anticipated revenues for
said fiscal year be incorrect, the aggregate amount or
noteac.lssucsd will be adjusted accordingly to met the
requirements of Government Code section 37210. A copy
of said report shall be wiled to Lender at its request.
Section 2. Said notes must be repaid on or
before June 3Ca 1960# the maturity date of said notes.
The right shall be re8ervedl to the City to pay all or any
Interest due to date on the amount 50 paid shall be paid
along with auch payment or principal., and interest shall
cease can the amount of principal so paid. Both principal
and interest of said notes shall be payable in latoful
money of the United Mates only from revenues received
during or allocable to the fiscal year 19:9 - 196a,
otion 3. The offer of TmWer Is hereby
accepted and said notes shall bear Interest at the rate not to exceed
we four per cent (9%) per annum from the date of delivery
section 4, The notes may be in such der-o.mina-
tions at is agr eeable to tho City Trcasauror and bender,
but all notes *haall be in a3 Laura which Is an raven multiple
or $1,000. The notes shall be dated the date of their
execration and delivery, and shall be numbered in consecu-
tive numerical order. Said notes shall be payable at
H
First State Sank of Rose ad: Rosemeaad, California,
Section 5. The Myor and City Treasurer of said
City a hereby authorized and directed to sign each of said
notes anal the City Cleric of said City is hereby authorized
and directed to countersign said notes and affix thereto
the corporate weal of the City.
Reotion 6, Said notes ahall be In substantially
the following form:
CITY OF R ADD GALDWNIA
Temporary Non-negotiable Note
No.
FOR VALUE RECEIVED the City of RoaMead
promises to pay to F'lrat Stele jggnk of g6A^m0"A
le -17 & 17 a"f
io oov, oo w n eres thereon a the rate o
t_hree-a7i/f- 1our~per cent ( 2 S14 per annum from
the a e ereo until this note s a This note shall
be repaid only from revenues received during or allocable to
the fiscal year 1939 - 19 60. Both principal and interest
are payable in law=uT money of the United States of America
at Virst State Bank of Rosemad
aye a California. The right ii
reserve to said y to pay all or any part of this note
prior to maturity in which event the interest due to date
on the amount so paid shall be paid along with such payment
of principal, and interest shall cease on the amount of prin-
cipal so paid.
It is hereby certified, recited and declared that
all acts, conditions and things required by law to exist,
happen and be performed precedent to and in the issuance of
this note have existed, happened and been performed in due
time, form and manner as required by law and that the amount
of this note, together with all other indebtedness of the
City does not exceed any debt limit prescribed by the laws
or Constitution of the State of California.
IN WITNESS WHEREOF, said City of has has caused this note to be signed by the ayor an the ZriEy'
Treasurer of said City, countersigned by the City Clerk of
said City and sealed with the corporate seal of said City
and has caused this note to be dated the day of
, 19
Mayor o the City o f??e
Ca orn a
msd°
(SEAL)
City Treasurer o e y o
RpaGmead. California
I nTT Tm~ TnTTT .
Section 'j. This Ordinance Is an ordinance for
the immediate Preservation Of the Public Veacse, health and
safety and pu.~*suant to the provisions of Subsection (b) of
section 36937 of the Government Code shall take effect
Immediately. The facts constituting such urgency are as
follows:
The city was incorporated on Ault 4, 1959.
It needs funds for the purpose of paying expenses and
. the salaries and etages of officers and employees in
order to preserve and protect the public peace, health and
safety. Maeas such funds are made available Immediately
the safety of persons and property Within the.City will
be seriously Impaired.
PASSED AND ADOPTED by the followln called vote
X"h Ascot
this day of , 19 .
STATE OF CILIFQRWIA
COUNTY OF s ®es ss'
CITY OF Row=s
I, WU=K 1 Yd,LI' Jr, , City Clerk of
the City of Roaem ad , California, D0,
HEREBY CERTIFY a the foregoing or nance was duly passed
and adopted by the City Council and signed and approved by.
the Mayor of said City, and that said ordinance was passed
and adopted by a vote of four-fifths of the members of said
City Council, to wit-
AYES- Councilmen , Cc*, Lo ►s X64,
~illi~spr~s
NOES- Councilmen NCme
ABSENT- Councilmen VWG
City Clerk o he city of.,,, '
Rosemead, Californit_w.
(SEAL)
STATE OF CALIFORNIA
COUNTY OF Los Angeles ss°
CITY OF gp T~_Ad
I, WY rm WaftunTs Jr, , City Clerk of
the City of Rosamaad , California, DO
HEREBY CERTIFY that the above and foregoing is a full,
true and correct copy of Ordinance No° 5 of said
city and that said ordinance was adopted at the ime and
by the vote stated on the certificate attached thereto,
and has not been amended or repealed.
Dated- Augut, 39 19
City Clerk of the City of