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In Re Reso. No. 2395 Approving Bond Election. $250,000.00 covering delinquencies under the 191~ Street Improvement Bonds. On motion of Trustee Rowland, seconded by Penn and car- ried, the following Resolution No. 2390 was adopted: "That on account of the recent Supreme Court Decision in the City of Lake Port Street Impr~ement matter, the City of Santa Ana as a whole is held responsible for the 1915 Street Assessment Bonds, and by reason thereof the credit of the City of Santa Ama is at stake; That Santa Aha at present enjoys, and always has enjoye~ an enviable reputation for integrity and ability. The privilege and responsibility of sustaining that reputa- tion is on Santa Ana and her representatives. Compliance with the decision of the Court in informally accepting this obligation through the voting of these bonds, is necessary to accomplish that end; That there is no probability that this will add to the tax burden of any citizen, for the City is subrogated by this act to the rights of the bondholders in relation to the special assessment district. As a consequence, the City will collect this from these districts, and the funds so collected will be kept segregated in a special fund, for the purpose of meet~g the principal and interest on these bonds. That we respectfully urge all citizens to consider this matter in a broad way, and as your representatives, prom- ise that in adjusting and substituting lthese bonds, we will take advantage of every opportunity afforded to pur- chase the assessment bonds for the market Price, which .may be less than par, to insure the City against any possible loss. We are confident tSat the entire issue of $250,000.00 of bonds sought to be issued at this time can be retired, both principal and interest, without increasing the tax burden on t~ taxpayers of this City. That the bonds sought to be voted at this time will bear interest, we are sure, not exceeding 42A%o per annum, while the street bonds which would be retired by thi~ bond issue, bear 6%. I hereby certify that and regularly passed by Santa Aha, at a regular day of August, 1934. Ayes, Trustees: A. F. Noes, Trustees Absent, Trustees: the foregoing Resolution was duly the City Council of the City of meeting thereof held on the 6th LeGaye, Fred C. Rowland~ W. H. Penn, Plummet W. B~uns, E. G. Warner. : None. None. (SEAL) Attest:i E. L. Vegely Clerk ~ the Cit~ of Santa Ana." On motion of Trustee Bruns, seconded by Rowland and car- ried, the City Council adjourned to F~tday, August 10th, 1934, at 12 Noon, in the Cauncil Chamber. APPROVe2): CityjC~rk.