1939 (#2612-2733) - Laserfiche WebLink

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RESOLUTION NO. 2699 RESOAUTION DIRECTING ADVERTISING FOR, AND BORROWING i~,~ONEYS IN ANTIC!FATION OF RECEIPT OF ~AXES FOR CURRENT FISCAL EAR THE COUNCIL OF THE CITY OF SANTA ANA DO RESOLVE AS FOLLOWB: WHEREAS, the City Auditor as the Chief Accounting Officer of the City · of Santa Aha, and the City Treasurer of the City of Santa Ana, have recommended that the City Council, as the Legislative Body of the City of Santa Aha, borrow the mnu 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 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 emtlmated income and revenue provided for this current fiscal year, and WHEREAS, taxes for the current fiscal year have been levied in accordanc with such Budget so adopted; NOW, THEREFORE, this City Council do hereby determine that there is necessity for and that public interest requires the borrowing of the sum of Fifty Thousand Dollars ($50,000.00), and that said sum and the whole thereof shall will be, and is needed for the irmmedlate requirements of the City of Santa Ana to pay obligations lawfully incurred in the present fiscal year and before the receipt of income for the present fiscal year sufficient to meet auch payments, and that the amount of revenue from taxes provided for the current fiscal year for the City of Santa Ana is $410,758.59, and that notes of the City of Santa Ana,~ ! executed by the Nay or and countersigned by the City Auditor as the Chief Accountin~ ! Officer, and the Treasurer of said City, shall be offered at public sale to the. L bidder offering the lowest rate of interest or whose bid represents the lowest net cost to the City of Santa Ana. ~uy sum so borrowed by the City pursuant to the authority of said Section Z719 of the Political Code of the State of California shall constitute a first llen snd charge against the taxes levie~ for the current fiscal year in whicl said money was borrowed and shall be repaid from~the first moneys received by such City from said t~xes. Ail such notes will be repaid not later than December 31, 1939. The City Clerk shall cause notice to be given by advertising for not les than two days in the Santa Aha Independent, a weekly newspaper of general circulation, printed, published and circulated in the City of Santa Aha, 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 25th day of September, 1939. Said advertisement shall besubstantially in words and figures as follows, to-wit: