Resolution No. 1031
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RESOLUTION NO. 1031
A RESOLUTION OFTrffi CITY COUNCIL OF Trill CITY OF
VERNON, CALIF'ORNIA, AUTHORIZING THE SALE OF BONDS IN THE
SlJM OF THREE HUNDRED FIFTY THOUSAND DOLLARS ($350,000.00)
OF CITY OF VERNON S~VER DISTRICT NO. ONE, DESIGNATED AS
"CITY OF VERNON SEWER DISTRICT NO. ONE BONDS, ELECTION 1939",
FIXING THE TIME FOR AND THE PLACE OF THE HOLDING OF SAID SALE
AND THE BIORM OF NOTICE OF SAID SALE.
WHEREAS, the City Council of the City of Vernon has
heretofore by its resolution No. 993, as amended, authorized
the issuance of bonds of City of Vernon Sewer District No. One
in the principal sum of Three Hundred Fifty Thousand Dollars
($350,000.00) in accordance with the provisions of an Act of
the Legislature of the state of California, known as "Municipal
Sewer District Act of 1939", and in accordance with the laws of
the State of California and the Ordinance of the City of Vernon
for the purpose of the construction and acquisition of sewers in
said district and the construction of outlets for sewers already
constructed in said district, for collecting and disposing of
the sewage of said district, including the acquisition and con-
struction of all necessary machinery, apparatus and other property
to enable said sewage to be gathered and collected, including the
acquisition of rights in sewers and outfall sewers of the City
of Los Angeles to enable the sewage of said district to be dis-
posed of by flowing the same through said sewers and outfall
sewers of the City of Los Angeles, and its works and plants, to
and into the Pacific Ocean; and
\iVHEREAS, the City Council believes that the 'best interests
of the City of Vernon will be served by selling and disposing of
all, to wit, Three Hundred Fifty Thousand Dollars (~~350,000.OO), of
bonds of said City of Vernon Sewer District No. One at public
auction.
NOW, THEREFORE, the City Council of the city of Vernon
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do hereby resolve and order as follows:
Section 1: That the City Council of the City of
Vernon do hereby find and declare that in the opinion of the
City Council it is and will be for the best interests of the
City of Vernon that Three Hundred Fifty Thousand Dollars
(;W350,OOO.00) of "CitJT of Vernon Sewer District No. One Bonds,
Election 1939" be sold by the Treasurer of the City of Vernon
at public auction to the highest bidder therefor, that is, to
the bidder or bidders offering such rate as will produce the
lowest interest cost over the life of the bonds.
Section 2: The Treasurer of the City .01' Vernon is
hereby authorized and instructed to sell Three Hundred Fifty
Thousand Dollars (~350,000..00) of bonds of the nCity of Vernon
Sewer District No. One, Election 1939n at public auction in the
office of the Treasurer of the City of Vernon, at the City Hall
of the City of Vernon, 4305 Santa Fe Avenue, at the hour of
10:00 o'clock A.M., Thursday, December 26, 1940, to the highest
bidder therefor, that is, to the bidder or bidders offering such
rate as will produce the lowest interest cost over the life of
the bonds, in accordance with the terms and provisions of the
Notice of Sale, the form of which is prescribed and set forth
at length in Section 3 of this Resolution. The City Council,
at its meeting on Thursday, December 26, 1940, will award the
bonds to the highest bidder therefor at said auction, or reject
the bid.
Section 3: The City Clerk is hereby instructed to post
in three public places in the City of Vernon, to wit: at the
entrance of the City Hall of the City of Vernon located in the
City of Vernon; and, likewise, in the City of Vernon Sewer Dis-
trict No. One, to wit: on the bulletin board in the lobby of the
City Hall of the City of Vernon 4305 Santa Fe Avenue; at the
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Northwest corner of 38th street and Santa Fe Avenue; and
at the Northwest corner of 37th street and Santa Fe Avenue,
a notice that the Treasurer of the City of Vernon will sell
Three Hundred Fifty Thousand Dollars ($,5350,000.00) of bonds
of the "City of Vernon Sewer District No. One, Election 1939"
at public auction in the office of the Treasurer of the City
of Vernon at the City Hall of the City of Vernon 4305 Santa
Fe Avenue, at the hour of 10:00 o'clock A.M., Thursday, December
26, 1940, in accordance with the terms and provisions of this
resolution, and of the notice of sale, each of which notices
shall be substantially in the following form:
IINOTICE OF SALE OF THREEHD1~DB.ED F'IFTY THOUSAND
DOLLARS ($350,000.00) OF BONDS OF THE 'CITY OF
VERNON SEWER DISTRICT NO. ONE, ELECTION 1939'
OP THE P AR VAL 1J'E OF' ONE THOUSAND DOLLARS ($1000.00)
EACH.
"Notice is hereby given that pursuant to Resolution No.
1031 of the City Council of the City of Vernon, F. G. French,
as Treasurer of the City of Vernon, will sell Three Hundred
l"ifty Thousand Dollars ($350,000.00) of bonds of the "City of
Vernon Sewer District No. One, Election 1939" at public auction
in the office of the Treasurer of the City of Vernon, at the
City Hall of the City of Vernon 4305 Santa Fe Avenue, at the
hour of 10:00 o'clock A.M., Thursday, December 26, 1940, to
the highest bidder therefor, that is, to the bidder or bidders
offering such rate as will produce the lowest interest cost
over the life of the bonds, in accordance with the terms and
prOVisions of this notice of sale; said bonds being three hundred
and fifty (350) in number, of the denomination of One Thousand
Dollars ($1000.00) each, and each of said bonds bearing date of
March 1, 1940; said bonds being numbered and being made payable
at the time and in the manner as hereinafterfo110ws, to wit:
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Bonds Nos. 1 to 12, both inclusive, on March 1,1941;
Bonds Nos. 13 to 24, both inclusive, on March 1, 1942;
Bonds Nos. 25 to 36, both inclusive, on March 1, 1943;
Bonds Nos. 37 to 48, both inclusive, on March 1,.1944;
Bonds NoS. 49 to 60, both inclusive, on l'ilarch 1, 1945;
Bonds Nos. 61 to 72, both inclusive, on March 1, 1946;
Bonds Nos. 73 to 84, both inclusive, on March 1, 1947;
Bonds Nos. 85 to 96, both inclusive, on March 1, 1948;
Bonds Nos. 97 to 108, both inclusive, on lvlarch 1, 1949;
Bonds Nos. 109 to 120, both inclusive, on March 1, 1950;
Bonds Nos. 121 to 132, both inclusive, on March 1, 1951;
Bonds Nos. 133 to 144, both inclusive, on :fiIarch 1, 1952;
Bonds Nos. 145 to 156, both inclusive, on March 1, 1953;
Bonds Nos. 157 to 168, both inclusive, on Maroh 1, 1954;
Bonds Nos. 169 to 180, both inclusive, on March 1, 1955;
Bonds Nos. 181 to 192, both inclusive, on 1\;Iarch 1, 1956;
Bonds Nos. 193 to 204, both inclusive, on JYlarch 1, 1957;
Bonds Nos. 205 to 216, both inclusive, on March 1, 1958;
Bonds Nos. 217 to 228, both inclusive, on Th~rch 1, 1959;
Bonds Nos. 229 to 240, both inclusive, on March 1, 1960;
Bonds Nos. 241 to 251, both inclusive, on NIar ch 1, 1961;
Bonds Nos. 252 to 262, both inclusive, on March 1, 1962;
Bonds Nos. 263 to 273, both inclusive, on March 1, 1963;
Bonds Nos. 274 to 284, both inclusive, on March 1, 1964;
Bonds Nos. 285 to 295, both inclusive, on March 1, 1965;
Bonds Nos. 296 to 306, both inclusive, on I:Iarch 1, 1966;
Bonds Nos. 307 to 317, both inclusive, on March 1, 1967;
Bonds Nos. 318 to 328, both inclusive, on March 1, 1968;
Bonds Nos. 329 to 339, both inclusive, on 1\'larch 1, 1969;
Bonds Nos. 340 to 350, both inclusive, on IVlarch 1, 1970.
Each of said bonds will bear interest at a rate not to exceed
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six per cent (6%) per annum" payable semiannually, which rate
of interest shall be determined upon the sale. Both principal
and interest are to be payable at the office of the City
Treasurer of the City of Vernon, California.
"The bonds will be sold for cash only, and at not less
than par and accrued interest.
"Each bid will be for par and accrued interest at the
rate stated by the bidder. The entire issue of three hundred
fifty (350) bonds shall be offered for sale in one block, and
bids for varying rates of interest for portions of said bonds
will be rejected. Payment for and delivery of bonds will be
made in the office of the Treasurer of the City of Vernon.
tlA certified or cashier's check" for a sum not less
than three per cent (3;b) of the amount of the bonds bid for"
payable to the order of the Treasurer of the City of Vernon,
shall be delivered by the highest bidder to the Treasurer of
the City of Vernon on or before the hour of 3 :00 0 I clock P .I\'I.
of Thursday, December 26" 1940" as a guarantee that the bidder
will accept and pay for the bonds described in this notice in
accordance with the terms and provisions. of his bid" and said
check shall remain in possession of the Treasurer of the City
of Vernon until all of said bonds are paid for. The Treasurer
of the City of Vernon shall have the right to continue said
auction and sale from hour to hour until said sale shall have
been consummated, or until the treasurer of the City of Vernon
is satisfied that no sale can be effected.
tiThe bonds herein referred to were voted in accordance
with the provisions of an Act of the Legislature of the state
of California known as "Municipal Sewer District Act of 1939t1"
and in accordance with the laws of the state of California, and
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the Ordinances of the City of Vernon for the purpose of the
construction and acquisition of sewers in City of Vernon
Sewer District No. One, and the construction of outlets for
sewers already constructed in said district, for collecting
and disposing of the sewage of said district, including the
acquisition and construction of all necessary machinery, appar-
atus and other property to enable said sewage to be gathered
and collected, including the acquisition of rights in sewers
and outfall sewers of the City of Los Angeles to enable the
l;3ewage of said district to be disposed of by flowing the same
through said sewers and outfall sewers of the City of Los
Angeles, and its works and plants, to and into the Pacific
Ocean.
"A certified copy of an opinion of Messrs. O'Melveny
8:: Myers, of Los Angeles, California, approving the validity of
the bonds offered for sale, will be furnished by the City of
Vernon to the successful bidder.
liThe City Council of the City of Vernon reserves the
right to reject the highest bid at its meeting on December 26,
1940, but expects to award the bonds to the highest bidder at
the said auction sale.
tlBy order of the City Council of the City of Vernon,
state of California, adopted December 17, 1940.
T. . J. FURLONG
City Clerk of. the City of. Vernon,
Calif. <<
Section 4: The notice provided for in Section 3 shall
be posted not less than three (3) days prior to the date fixed
for the sale.
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Section 5; That the City Clerk shall certify the
passage of this resolution by the City Council of the City of
Vernon and cause the same to be posted in three public places
in the City of Vernon and likewise in City of Vernon Sewer
District No. One, to wit; at the entrance of the City Hall
of the City of Vernon, 4305 Santa Fe Avenue; at the Northwest
corner of 38th Street and Santa Fe Avenue; and at the Northwest
corner of 37th street and Santa Fe Avenue. This resolution
shall take effect immediately.
Passed and adopted by the City Council 'of the City of
Vernon, California, and approved by the Mayor of said City,
this 17th. day of December, 1940.
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U Mayor. Pro Tern
, CALIFORNIA
COt~l'Y OF LOS, ANGELES
CITY OF VERN ON
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I.- T. J. FURLONG, City Clerk of the City of Vernon, Calif-
ornia, do certify that the whole number of members of the City
Council of said City is five; that the foregoing resolution,
being resolution number 1031 was passed and adopted by the said
City Council, approved and signed by the Mayor, and attested by
the City Clerk of said City, all ata regular meeting of the said
City Council held on the 17th day of December, 1940, and tha.t
the same was so passed and adopted by the following vote:
AYES: Councilmen SCHEIDER, PEHALTA and LEONIS
NOES: none
ABSENT: Councilmen FURLONG and LEVY.
Y of Vernon,
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Al"lt' IDA V I'!'OP PO:3TlNO;
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state of Cklltorn1a. }
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Oounty of Loa Angelo.. 8S
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Oity of Vernon )
do hereby
1940, post
I. T. J. Fu1'long, Oity Olerk of the (''1ty of Vernon,
nert1ty that I did on the . /7. day Of~
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0/ copies of Resolution No. 1031, in the following
places to-wIt. on the Bulletin Bo~ in the Lobby of the olt'1
Ball of the Oity of Vernon, 4305 Hanta Pe Avenu.e. at the No:rthwe.t
corner of 37th Streot and San.ta 'e Avenu.e; at the Northwest Gom.-
of 38th Street and Santa Fe Avenue, and likewise in the olt'1 of
Vernon Sewer P18tr1ot No. One. '!'here being no newspaper of
general circulation prInted and publlshed in the 01ty of Vernon.
SigMd this .-!:.. day ~ 19*1
T. J.. Fu"
O1tyOlerk, 01t'1 of Vernon
Oallfornia
SUbscrlfed and 3worn to before me
this h day ~ 1941
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L4.
Notary Publlo in and for the Oounty
of Los Angeles, 8tateof Oallfo:rn1a
~,~:\i Cornmhsl-on E~phes March Ill, 1941