1938 (#2547-2611) - Laserfiche WebLink

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RESOEUTION NO. 2597 RESOEUTION D~CLARING NECESSITY FOR BORROWING MONEY; AND ORDERING THE ISSUANCE AND SALE OF A TAX ANTICIPATION NOTE OF THE CITY OF SANTA ANA THEREFOR. BE IT RESOEVED BY THE COUNCIL OF THE CITY OF SANTA ANA, AS FOLLOWS: WHEREAS, the City Auditor as the Chief Accounting Officer of the City of Santa Ana, 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 ($50,000.00) on notes to be executed by the Mayor and countersigned by the City Auditor as Chief Accounting Officer of the City, and the 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 the City of Santa Ana 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 fr~n 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; and WHEREAS, said recommendation of the City Auditor and City Treasurer has been presented to the City Council as the Legislative Body of said City, and said City Council has directed the publication of notice of sale of notes of the City of Santa An~ tb borrow money pursuant to and in accordance with Resolution No. 2595 of said City Council, and WHEREAS, publication of said notice has been made in the newspaper hereto- fore designated by the City Council for official publication, to-wit, in the SANTA ANA DALLY EVENING REGISTER, a newspaper of general circulation, printed, published and circulated in the City of Santa Ana for not less than two days, to-wit: on the 15th and 16th days of September, 1938, and not less than five days have elapsed after the last day on which such advertisement was published, and WHEREAS, bids were received on the 26th day of September, 1938, by said City Council, and the Bankamerica Company was the bidder offering the lowest rate of interest, and whose bid represents the lowest net cost to the City of Santa Ana, and WHEREAS, said bid was accepted by the City Council of the City of Santa Ana, subject to the approval of the City Attorney and the City Attorney has heretofore approved the same; NOW, THEREFORE, the City Council of the City of Santa Ana does hereby determine that funds in an amount of the sum of Fifty Thousand Dollars ($50,000.00) shall, will be, and are needed for the immediate requirements of the City of Santa Aha to pay obligations lawfully incurred by said City in the present fiscal year, and before the receipt of income for ~lue present fiscal year sufficient to meet such payment and that the amount of revenue from taxes provided for the current fiscal year for the City of Santa Aua is $388,V29.00, and that said sum of $50,000.00 does not exceed fifty per cent (50%) of the revenue from taxes provided for the current fiscal year remaining uncollected at this time.