1938 (#2547-2611) - Laserfiche WebLink

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RESO~UT'rON D'rRECT-~NG ADVERT'rSING FOR Ah-'/) BORROW'rNG MOiTE~S ~'N ANTIC~PAT~0N OF RECEIPT OF TAX~S FOR CURRENT FISCAL YEAR The Council of the City of Santa Aha do resolve as follows: WHEREAS, the City Auditor as the Chief Accounting Officer of the City of Santa Aha, and the City Treasurer of the City of Santa Aha, have recommended that the City council, as the Legislative Body of the City of Santa Aha, borrow the sum of Fifty Thousand Dollars ($§0,000.00) on notes to be executed by the Mayor and counter- signed by the City Auditor as Chief Accounting Officer of the City, and ~e City Treasurer, to be payable from the first moneys received by the City from taxes for the current fiscal year, and, WHEREAS, the final Budget of hhe City of Santa Aha has been approved for the current fiscal year and the said sum of Fifty Thousand Dollars ($50,000.00) does not exceed fifty per cent of the revenue from taxes provided for in the current fiscal year or that portion thereof remaining uncollected at the time of such borrowing, and does not exceed fifty per cent of the estimated income and revenue provided for this current fiscal year, and, WHEREAS, taxes for the current fiscal year have been levied in accordance with such Budget so adopted; NOW, THEREFORE, this City Council do hereby determine that there is necessit for and that public interest requires the borrowing of the sum of Fifty Thousand Dollars ($BO,O00.O0) and that the amount of revenue from taxes provided for the curren fiscal year for the City of Santa Aha is $~88,729.00, and that notes of the City of Santa Ana, executed by the Mayor and countersigned by the City Auditor as the Chief Accounting Officer, and the Treasurer of said City, shall be offered at public sale to the bidder offering the lowest rate of interest or whose bid represents the lowest net cost to the City of Santa Aha. Any sum so borrowed by the City pursuant to the authority of said Section 3719 of the Political Code of the State of California shall constitute a first lien and charge against the taxes levied for the current fiscal year in which said money was borrowed and shall be repaid from the first moneys received by such City from said taxes. All such notes will be repaid not later than December 31, 19~8. The City Clerk shall cause notice to be given by advertising for not less than two days in a newspaper of general circulation within the City of Santa Ana, calling for bids for such notes and said bids will be received by the City Council not less than five days after the last day on which such advertisement is published; to-wit, on the 28th day of September, 1938. Said advertisement shall be substantially in words and figures as follows, to-wit "Notice of Sale of Notes of the City of Santa Aha to Borrow Money Notice is hereby given that the City of Santa Aha, through its Legislative Body, the City Council of said City, will offer for sale and sell a note of said City, executed by its Mayor and countersigned by its Auditor as Chief Accounting Officer, and the City Treasurer of said City, in the sum of Fifty Thousand Dollars ($BO,O00.O0) to the bidder offering the lowest rate of interest or whose bid represents the lowest