Ordinance No. 960
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ORDINANCE NO. 960
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AN ORDINANCE OF THE CITY COUNCIL OF THE CITY
OF VERNON, CALIFORNIA, CALLING, PROVIDING FOR
AND GIVING NOTICE OF A SPECIAL BOND ELECTION
TO BE HELD IN SAID CITY ON TUESDAY, JUNE 17,
1986 FOR THE PURPOSE OF SUBMITTING TO THE
QUALIFIED VOTERS OF CITY A PROPOSITION FOR THE
ISSUANCE OF GENERAL OBLIGATION BONDS BY SAID
CITY
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The City Council of the City of Vernon DOES HEREBY ORDAIN,
8 DETERMINE AND ORDER as follows:
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1. That a special bond election to be held and the same
10 is hereby called to be held in the City of Vernon, California,
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on Tuesday, June 17, 1986, for the purpose of submitting to the
12 qualified voters of said City the proposition of issuing general
13 obligation bonds pursuant to the Government Code of the State of
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California and Proposition 46 (which proposition is subject to the
15 approval of the qualified voters of the State of California at an
16 election to be held on June 3 , 1986) in an amount for the objects
17 and for the purpose of the acquisition, construction and
18 financing by said City of municipal improvements, including but
19 not limited to additions, extensions and improvements of the
20 electrical power system of the City, and the acquisition of land
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and rights of way, and including a11 engineering, inspection, and
22 legal fees, costs of the bond election and of the issuance of the
23 general ~~ligation bonds, and other costs and expenses incidental
24 to or connected with the acquisition, construction and financing.
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2. The estimated costs of such acquisition and construction
26 and financing, including engineering, inspection and legal fees,
27 costs of the bond election and of the issuance of the general
28 obligation bonds and other costs and expenses incidental to or
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connected with such acquisition, construction and financing is
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$150,000,000.
The principal amount of the bonds proposedto
3 be is $150,000,000. The maximum rate of interest to be paid on
4 said bonds shall not exceed the maximum rate permitted by law as
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of the date of issuance of the bonds payable at the time and in
6 the manner provided by law. The actual rate or rates of interest
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I on said bonds to be determined at the time of the sale of sales
8 thereof.
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3. If the proposition for the incurring of bonded
10 indebtedness, so submitted, receives the requisite number of
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votes, to-wit:
the vote of a majority of all the voters voting
12 on the proposition, and if Proposition 46 is duly enacted into
13 law upon a vote of a majority of the qualified voters of the
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State of California, general obligation bonds as provided
15 herein in not exceeding the principal amount stated in such
1e proposition shall be issued and sold for the purposes set forth
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he:-ein.
Said bonds are to be general obligation bonds payable
18 from the income, receipts and revenues of the City, including
19 revenues of the enterprise and may be secured by the taxing
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power of the City of Vernon.
4. The enterprise referred to herein is defined to be the
e1ectrical power system of the City, and other public
improvements as approved by the City Council and appurtenant
24 works the acquisition and construction of additions, extensions
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and improvements, of said electrical power system and other
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public improvements as approved by the City Council and which
is proposed to be paid for with funds derived from the sale of
the general obligation bonds herein proposed to be issued.
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5. The election shall be conducted wholly by mail in the
2!lmanner provided in Chapter 5 of Division 2 (commencing with
3 Section 1340) of the Elections Code of the State of California.
4 The proposition hereinafter set forth to be submitted to the
5 voters of the City may be submitted to the voters at such
6 election together with such other propositions as may be deter-
7 mined by the City Clerk.
8 6. On the ballot to be issued at said special bond
9 election, in addition to any other matter required by law, there
10 shall be printed substantially the following proposition:
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GENERAL OBLIGATION BOND PROPOSITION:
Shall the City of Vernon authorize the issuance
of general obligation bonds in one or more
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series, in an aggregate principal amount not to
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exceed $150,000,000 for the acquisition, con-
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struction improvement and financing of addi-
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tions, extensions and improvements of the
electrical power system of the City and other
public improvements, and the acquisition of
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land and rights of way inside or outside the
City boundaries, and including all engineering,
inspection and legal fees, bond reserve funds
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and interest during the construction period and
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for a period not to exceed twelve months after
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completion of construction, and other costs
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and expenses incidental to or connected with
such acquisition, construction, improvement
and financing?
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8. The notice of the time and place of holding said
2 election is hereby given and the City Clerk is hereby authorized,
3 instructed and directed to give such further and additional notice
4 of said election in time, form and manner as required by law.
5 9. The City Clerk shall certify to the passage and adoption
6 of this ordinance, shall enter the same in the book of original
7 ordinances of said City and shall make a minute entry of the
8 passage and adoption thereof in the records of the proceedings of
9 the City Council of said City, in the minutes of the meetings at
10 which the same is passed and adopted.
11 10. This ordinance shall be published once a week for two
12 (2) succeeding weeks in a newspaper of general circulation,
13 printed and published in said City of posted in three public
14 places in the City.
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11. This ordinance shall take effect immediately, pursuant
16 to the provisions of Section 36937(a) of the Government Code of
17 the State of California.
18 ADOPTED, SIGNED AND APPROVED this 6th day of May, 1986.
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~"",. (M~yo'r, , City of V~r~o~ ;'
(SEAL)
ATTEST:
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25 City Clerk, City of Vernon
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STATE OF CALIFORNIA
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COUNTY OF LOS ANGELES
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I, Bruce V. Malkenhorst, City Clerk of the City of Vernon,
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California, do hereby certify that the above and foregoing is
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a full, true and correct copy of ORDINANCE NO. 960
of
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said City Council and that the same has not been amended
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or repealed.
DATED: Mav 6. 1986
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City Clerk, City of Vernon
(SEAL)
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1 STATE OF CALIFORNIA
2 COUNTY OF LOS ANGELES
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I, Bruce V. Malkenhorst, City Clerk of the City of Vernon,
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do hereby certify that the foregoing ordinance was duly adopted
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by the City Council of said City and was approved by the Mayor
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of said City at a regular meeting of said City Council held on
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the
day of April, 1986, and that it was so adopted by
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the following votes:
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AYES:
COUNCILMEN: Gonzales, Davis, McConnick, Malburg
COUNCILMEN: None
NOES:
ABSENT:
COUNCILMEN: Ybarra
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City Clerk, City of Vernon
(SEAL)
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AFFIDAVIT OF POSTING
2 STATE OF CALIFORNIA )
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3 COUNTY OF LOS ANGELES) SS
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4 CITY OF VERNON . )
5 I, BRUCE V. MALKENHORST, City Clerk of the City
6 of Vernon, do hereby certify that I did, on the 7th day of
7 May , 19~, post three (3) copies of
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ORDINIANCE NO. 960
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one in each of the following places, to wit:
At the northwest
10 corner of 38th Street and Santa Fe Avenue, at the northeast cor-
11 ner of Leonis Boulevard and Pacific Boulevard, and on the bulletin
12 board in the lobby of the City Hall of the City of Vernon, locat-
13 ed at 4305 Santa Fe Avenue, all in said City, there being no
14 newspaper of general circulation printed and published in the City
15 of Vernon.
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Signed this 8th day of
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May
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BRue V.~LKENHORST, City Clerk
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Subscribed and sworn to before me
this day of , 19_.
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Notary Public in and for the County of
Los Angeles, State of California.
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