Resolution No. 5269
. J
1
2
RESOLUTION NO. 5269
A RESOLUTION OF THE CITY COUNCIL OF THE
3 CITY OF VERNON, CALIFORNIA, CALLING,
PROVIDING FOR AND GIVING NOTICE OF A
4 SPECIAL REVENUE BOND ELECTION TO BE HELD
IN SAID CITY ON TUESDAY, JUNE 17, 1986 FOR
5 THE PURPOSE OF SUBMITTING TO THE QUALIFIED
VOTERS OF CITY A PROPOSITION FOR THE
6 ISSUANCE OF SAID REVENUE BONDS BY SAID CITY
7 The City Council of the City of Vernon DOES HEREBY RESOLVE,
8 DETERMINE AND ORDER as follows:
9 1. That a special revenue bond election to be held and the
10 same is hereby called to be held in the City of Vernon,
11 California, on Tuesday, June 17, 1986, for the purpose of submit-
12 tingrto the qualified voters of said City the proposition of
13 issuing revenue bonds pursuant to the Revenue Bond Law of 1941
14 (Chapter 6, Part I, Division 2, Title 5 of the Government Code
15 of the State of California) in an amount and for the objects and
16 for the purpose of the acquisition, construction and financing
17 by said City of municipal improvements, including but not limited
18 to additions, extensions and improvements of the electrical power
19 system of the City, and the acquisition of land and rights of
20 way, and including all engineering, inspection, and legal fees,
21 costs of the bond election and of the issuance of the revenue
22 bonds, and oth~r costs and expenses incidental to or connected
23 with the acquisition, construction and financing.
24 2. The estimated costs of such acquisition and construction
25 and financing, including engineering, inspection and legal fees,
26 costs of the bond election and of the issuance of the revenue
27 bonds and other costs and expenses incidental to or connected
28 with such acquisition, construction and financing is
1 $150,000,000. The principal amount of the bonds proposed to be
2 issued is $150,000,000. The maximum rate of interest to be paid
3 on said bonds shall not exceed the maximum rate permitted by law
4 as of the date of issuance of the bonds payable at the time and
5 in the manner provided by law. The actual rate or rates of
6 interest on said bonds to be determined at the time of the sale
7 or sales thereof.
8
3. If the proposition for the incurring of bonded
9 indebtedness, so submitted, receives the requisite number of
10 votes, to-wit: the vote of a majority of all the voters voting
11 on the proposition, revenue bonds as provided herein in not
12 exceeding the principal amount stated in such proposition shall
13 be issued and sold for the purposes set forth herein. Said
14 bonds are to be revenue bonds payable exclusively from the
15 revenues of the enterprise and are not be secured by the taxing
16 power of the City of Vernon.
17
4. The enterprise referred to herein is defined to be the
18 electrical power system of the City, and other public improvements
19 as approved by the City Council and appurtenant works, the
20
21
acquisition and construction of additions, extensions and
improvements of said electrical power system and other public
22 improvements as approved by the City Council and which is proposed
23 to be paid for with funds derived from the sale of revenue bonds
24 herein proposed to be issued.
25
5. The necessary and reasonable costs of the maintenance
26 and operation of the enterprise shall be paid from the revenue
27 of the enterprise prior to the payment of the principal and
28 interest on the bonds proposed to be issued and sums for other
-2-
1 security funds which may be provided.
2 6. The election shall be conducted wholly by mail in the
3 manner provided in chapter 5 of Division 2 (commencing with
4 Section 1340) of the Elections Code of the State of California.
5 7. On the ballot to be issued at said special revenue
6 bond election, in addition to any other matter required by law,
7 there shall be printed substantially the following proposition:
8
9
10
11
12
13 construction, improvement and financing of
14
15
addition, extensions and improvements of
:YES
the electrical power system of the City and
.
.
--
.
.
16 other public improvements, and the acqui-
t7 sition of land and rights of way inside or
18 outside the City boundaries, and including
19 all engineering, inspection and legal fees,
20 bond reserve funds and interest during the
21
22
23
24
25
26
27
28
construction period and for a period not to
. .
. .
exceed twelve months after completion of NO
construction, and other costs and expenses
incidental to or connected with such
acquisition, construction, improvement and
. financing?
.
8. The notice of the time and place of holding said
-3-
1
2
3
4
election is hereby given and the City Clerk is hereby autho-
rized, instructed and directed to give such further and addi-
tional notice of said election in time, form and manner as
required by law.
9. The City Clerk shall certify to the passage and adoption
of this resolution, shall enter the same in the book of original
resolutions of said City and shall make a minute entry of the
passage and adoption thereof in the records of the proceedings of
the City Council of said City, in the minutes of the meeting at
which the same is passed and adopted.
10. This resolution shall be published once a week for two
(2) succeeding weeks in a newspaper of general circulation,
printed and published in said City or posted in three public
places in the City.
11. This resolution shall take effect immediately.
ADOPTED, SIGNED AND APPROVED this 15th day of April, 1986.
..
~)
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
(SEAL)
Mayor, City of Vernon
ATTEST:
23 City C1ecl:-K, City of Vernon
24
25
26
27
28
-4-
1 STATE OF CALIFORNIA )
) ss.
2 COUNTY OF LOS ANGELES )
3
4
I, Bruce V. Malkenhorst
, City Clerk of the City of
5 Vernon, do hereby certify that the foregoing resolution was
6 duly adopted by the City Council of said City and was approved
7 by the Mayor of said City at an adjourned regular meeting of said
8 City Council held on the 15th day of April, 1986, and that it
9 was so adopted by the following vote:
10
11
12
13
14
15
16
AYES:
COUNCILMEN: Malburg, McCormick, Davis, Ybarra
Gonzales
NOES:
COUNCILMEN:
ABSENT:
COUNCILMEN:
City Clerk, City of Vernon
17
18 (SEAL)
19
20
21
22
23
24
25
26
27
28
1
AFFIDAVIT OF POSTING
2 STATE OF CALIFORNIA )
)
3 COUNTY OF LOS ANGELES) S5
)
4 CITY OF VERNON )
5 G(C)Q.IA (!)f20SCO/ Ch"'2rD.(?f~ City Clerk of the City
6 "of Vernon, do hereby certify that I did, on the C7.fu day o~
7
~PR\ ( , 19 <2to, post three (3) copies of
~so\u-+'o,^- WO, 6"D:2loq
,
8
9 one in each of the following places, to wit: At the northwe.st
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 edat 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.
16
17
18
19
20
21
22
23
24
25
26
27
28
Signed this ;Z~*\-.. day of
~pR\ \
, 19 ~~ .
~tJ1u/ tlwJ//<J
~ '. .."
Subscribed and sworn to before' me
this @~ day of ~<\l , 1gero.
~~ RD,rQ.~-+O
Notary Public i~~;;1the County of
Los Angeles, State of California.
OFFICIAL SEAL
SHARON l DUCKWORTH
NOTARY PUBLIC - CALIFORNIA
LOS ANGELES COUNTY
My oomm. expires APR 6, 1987