CC RES 1973-045 RESOLUTION NO. 45
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS
VERDES, LOS ANGELES COUNTY, CALIFORNIA, PROVIDING FOR THE
ISSUANCE OF NEGOTIABLE NOTES IN AN AMOUNT NOT TO EXCEED
$25,000.00
THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES HEREBY RESOLVES AS
FOLLOWS:
WHEREAS, the City of Rancho Palos Verdes (hereinafter sometimes called
the "City") is a duly incorporated City in the County of Los Angeles, California;
and
II/ WHEREAS, funds are needed in the fiscal year of said City commencing
September 7, 1973, and ending on June 30, 1974, for the immediate requirements
of said City to pay obligations lawfully incurred in said fiscal year, and said
City has not yet received income for the fiscal year sufficient to meet said
obligations; and
WHEREAS, said City is in need of funds sufficient to pay said obligations
lawfully incurred and may borrow for said purpose on negotiable notes issued
pursuant to Sections 53850 to 53858 of the Government Code of the State of
California; and
WHEREAS, Security Pacific National Bank has offered to lend said City up
to the sum of $25,000.00 at the rate of not to exceed four and seven eights
percent (4 7/8%) per annum, calculated on the outstanding daily balance, on
negotiable notes maturing on or before June 30, 1974;
NOW, THEREFORE, the City Council of the City of Rancho Palos Verdes,
Los Angeles County, California, DOES HEREBY RESOLVE, DETERMINE AND ORDER as
follows:
Section 1. This City Council finds that it is necessary for said City
to authorize the issuance of negotiable notes in the amount of not to exceed
$25,000.00 for the purpose of paying obligations of the City lawfully incurred
in said fiscal year.
Section 2. The income to be received from taxes, income, revenue, cash
receipts and other unrestricted current income for the current fiscal year is
estimated to be well in excess of One Hundred Thousand ($100,000) dollars. Thus,
the amount of the notes hereby authorized to be issued does not exceed 85% of
said income.
Section 3. Said notes may be issued from time to time in any denomination.
Said notes must be repaid on or before June 30, at four and seven eighths percent
(4 7/8%) per annum, calculated on the outstanding daily balance. The right
shall be reserved to said City to pay all or any part of said notes 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 principal so paid. Said note shall be in a form similar to that
attached hereto as Exhibit A.
Section 4. Both the principal of and the interest on said notes shall be
payable in lawful money of the United States of America from income from the
aforesaid sources for the current fiscal year, said revenues being hereby pledged
to the payment of said notes and the interest thereon. Notwithstanding said
pledge of revenues said notes shall be general obligations of the City, and to
the extent not paid from said revenues, shall be paid with the interest thereon
from any other funds of the City lawfully available therefor.
Section 5. This City Council, promises, agrees and represents that the
proceeds from the sale of said notes will be expended only for obligations of
the City lawfully incurred in said fiscal year.
Section 6. The City Council of the City hereby finds and determines
that it is necessary and desirable that the City borrow from Security Pacific
National Bank from time to time up to the sum of $25,000.00 on negotiable notes
authorized hereby as funds are needed for the purposes set forth in the recitals
hereof. Upon a determination by the City Council of the need for funds, upon
the recommendation of the City Treasurer or Acting City Treasurer, the Mayor
of the City and the City Treasurer or Acting City Treasurer are hereby authorized
to sign a note in the amount to be borrowed and the City Clerk or Acting City
Clerk of the City is hereby authorized to countersign said note and to date and
seal said note the date that the money is paid to the City.
ADOPTED, SIGNED AND APPROVED this 17th day of October, 1973.
MAYOR
ATTEST:
Qti� 1 CITY CLERK urd:J
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No. , California , 19
On ...
for value received, the undersigned jointly and severally promise to pay to SECURITY PACIFIC NATIONAL BANK, or order, at its
Branch in the City of California,
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Dollars,
with interest from at the rate of per cent per annum, computed on a basis of a
360 day year and actual days elapsed,payable beginning , 19
Any payment of principal or interest not paid when due hereunder shall bear interest from its due date at a rate of interest two per cent per
annum higher than the interest rate specified above, payable on demand. Should default be made in the payment of any instalment of principal or
interest when due, then the whole sum of principal and interest shall become immediately clue and payable, all without demand, presentment or
notice. Principal and interest payable in lawful money of the United States. The undersigned further promise to pay all costs of collection,
including reasonable attorney's fees, incurred in the collection of this note. The makers, sureties, guarantors and endorsers of this note hereby
consent to renewals and extensions of time at or after the maturity hereof and hereby waive diligence, presentment, protest and demand and
notice of every kind and (to the full extent perniitted by law) the right to plead any statute of limitations as a defense to any demand here-
under or in Connection with any security herefor, and hereby agree that no failure on the part of the holder of this note to exercise any power,
right or privilege hereunder, or to insist upon prompt compliance with the terms hereof, shall constitute a waiver thereof.
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EXHIBIT A - , Alo /f\5
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NUMBER MAKER DUE DATE 1 RATE DISC.AMT. I AMOUNT OF NOTE
Ce S S
. DATE
INTEREST PRINCIPAL BALAt,
The undersigned,jointly and severally,guarantee payment of the within PAID PRINCIPAL AFTER PAYMENT
AN
tote and all ol_,ligations mentioned therein,and in any other contract seeur- TO AMOUNT
tag or taken in connection with said note, and of all expenses of collection
.i ereof, including attorney's fees and also of all expenses, including attor-
fry's fi es, incurred in enforcing this guaranty. The `1•:t't'11.1'I`1' P.tt'1) IC �._.
c:.1'ru)NA 1, HANK,, anti the maker may make renewals and extensions of
line of said note and may change, decrease, increase or otherwise alter
my property directly or indirectly securing said note or any extensions
'r renewals thereof, and the Bank may otherwise deal with the maker or
, ith any endorser or co-guarantor as it may elt•e:t, without in any way ■ �'
.fr acting the liability hereunder of the undersigned. Notice of.acceptance
�€ this guaranty as well as all demands, presentments, notices of protest, •and notices of every l;itid or nature, including those of any action or non-
action on the part of the maker, the Bank. or anyone else, are hereby
valved. Upon any default of the maker.the lank tnay.at its option,proceed
erectly and at once, without notice, against the undersigned to collect and
-ecover the full amount hereby guaranteed, or any portion thereof, with-
,ut proceeding against the maker or any other person. or foreclosing upon,
? fling, or otherwise disposing of or collecting or applying any property,
<'al or personal, securing said note or any renewals or extensions thereof.
Lhe undersigned hereby waives the pleading of any statute of limitations -
vs a defense to the obligation hereunder, to the full t xtent permitted by
;ztr.Any married woman who signs this guaranty agrees that recourse may
had against her separate property for all of her obligations hereunder.
1xecuted on the same date as said note.
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Pcs,�HIBIT --
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