Resolution No. 5286
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RESOLUTION NO. 5d8~
RESOLUTION OF THE CITY. COUNCIL OF THE CITY OF
VERNON, CALIFORNIA, CALLING, PROVIDING FOR AND
GIVING NOTICE OF A SPECIAL MUNICIPAL ELECTION
TO BE HELD IN SAID CITY FOR THE PURPOSE OF
SUBMITTING TO THE QUALIFIED VOTERS OF SAID
CITY A PROPOSITION FOR THE ISSUANCE OF REVENUE
BONDS BY SAID CITY
The City Council of the City of Vernon DOES HEREBY RESOLVE,
DETERMINE AND ORDER as follows:
1. That a special municipal election be held and the same
is hereby called to be held in the City of Vernon, California, on
Tuesday, August 5, 1986 (provided, that, if Proposition 46 on the
June 3, 1986 statewide primary election ballot shall be approved,
said special municipal election shall be held on Tuesday, August 12,
1986), for the purpose of submitting to the qualified voters of said
City, together with any other matters submitted to said voters at
that time, the proposition of issuing revenue bonds pursuant to the
Revenue Bond Law of 1941 (Chapter 6, Part 1, Division 2, Title 5 of
the Government Code of the State'of california) in an amount and for
the objects and for the purpose of the acquisition, construction and
financing by said City of municipal improvements inside or outside
the City boundaries, including but not limited to additions, exten-
sions and improvements of the electrical power system of the City,
and the acquisition of land and rights of way, and including all
engineering, inspection and legal fees, bond reserve funds and inter-
est during construction costs of the bond electiori and of the issu-
ance of the revenue bonds, and other costs and expenses incidental to
or connected with the acquisition, construction and financing.
2. The estimated costs of such acquisition and construc-
tion and financing, including engineering, inspection and legal fees,
costs of the bond election and of the issuance of the revenue bonds
and other costs and expenses incidental to or connected with such
acquisition, construction and financing is $150,000,000. The princi-
pal amount of the bonds proposed to be issued is $150,000,000. The
maximum rate of interest to be paid on said bonds shall not exceed
the maximum rate permitted by law as of the date of issuance of the
bonds payable at the time and in the manner provided by law. The
actual rate or rates of interest on said bonds to be determined at
the time of the sale or sales thereof.
3. If the proposition for the incurring of bonded indebt-
edness, so submitted, receives the requisite number of votes,
to-wit: the vote of a majority of all the voters voting on the prop-
osition, revenue bonds as provided herein in not exceeding the
principal amount stated in such proposition shall be issued and sold
for the purpose set forth herein. Said bonds are to be revenue bonds
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payable exclusively from the revenues of the enterprise and are not
to be secured by the taxing power of the City of Vernon.
4. The enterprise referred to herein is defined to be the
electrical power system of the City, and other public improvements as
approved by the City Council and appurtenant works, the acquisition
and construction of additions, extensions and improvements of said
electrical power system and other public improvements as approved by
the City Council and which is proposed to be paid for with funds
derived from the sale of the revenue bonds herein proposed to be
issued.
5. The necessary and reasonable costs of the maintenance
and operation of the enterprise shall be paid from the revenue of the
enterprise prior to the payment of the principal and interest on the
bonds proposed to be issued and sums for other security funds which
may be provided.
6. The election shall be conducted whOlly by mail in the
manner provided in Chapter 5 of Division 2 (commencing with
Section 1340) of the Elections Code of the State of California. The
proposition hereinafter set forth to be submitted to the voters of
the City may be submitted to the voters at such election together
with such other propositions as may be determined by the City Clerk.
7. On the ballot to be issued at said special municipal
election, in addition to any other matter required by law, there
shall be printed substantially the following proposition:
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: REVENUE BONDS PROPOSITION:
:Shall the City of Vernon authorize the:
:issuance of revenue bonds in one
:or more series, in an aggregate
:principal amount not to exceed
:$150,000,000, for the acquisition
:construction and financing of
:municipal improvements inside
:or outside the City boundaries,
:including additions, extensions and
:improvements of the electrical power
:system of the City and other public
: improvements, and the acquisition
, :of land and rights of way,
:and including all engineering,
:inspection and legal fees, bond
:reserve funds and interest
:during the construction period
:and for a period not to exceed
:twelve months after. completion
:of construction, and other
:costs and expenses incidental
:to or connected with such acquisi-
:tion, construction, improvement
: and financing?
:YES
.,
.
.
.
:NO
.
.
8. The notice of the time and place of holding said elec-
tion is hereby given and the City Clerk is hereby authorized,
instructed and directed to give such further and additional notice of
said election in time, form and manner as required by law.
9. In all other particUlars, the election shall be held
and the votes canvassed pursuant to law for special municipal elec-
tions as required by the provisions of the Elections Code and the
Government Code.
10. Resolution 5269 of this City council, calling a special
municipal election on June 17, 1986, is hereby rescinded and
repealed, and shall be of no further force and effect.
11. The City Clerk shall certify to the passage and adop-
tion 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
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council of said City, in the minutes of the meeting at which the same
is passed and adopted.
12. 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.
13. The Board of Supervisors of the County of Los Angeles
is hereby requested to permit the county Registrar to provide the
City with an official list of the registered voters of the City for
use in said special municipal election.
14. This resolution shall take effect immediately.
ADOPTED, SIGNED AND APPROVED THIS 3rd day of June, 1986.
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-' Mayor, CJ. ty . f Verno
(SEAL)
ATTEST:
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City Clerk, City of Vernon
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1 STATE OF CALIFORNIA )
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2 COUNTY OF LOS ANGELES )
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I, BRUCE V. MALKENHORST, City Clerk of the City of
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Vernon, do hereby certify that the foregoing Resolution, being
Resolution No. 5286, was duly adopted by the City Council of
the City of Vernon, and was approved by the Mayor of said City
at an adjourned regular meeting of the City Council held on
Tuesday, June 3, 1986.
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14 (SEAL)
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BRUCE V. MALKENHO S , City
Clerk
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AFFIDAVIT OF POSTING
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STATE OF CALIFORNIA
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COUNTY OF LOS ANGELES )
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CITY OF VERNON
Chief
Gloria Jean Orosco Deputy City Clerk of the City
6 of Vernon, do hereby certify that I did, on the 4th day of
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j)iune
, 19.J!2, post three (3) copies of Resolution
Providin for ~nd Givin Notice of a
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to wit: At tbenorthwes t
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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.
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Signed this 4th day of
, 19 86.
June
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Subscribed and sworn to before' me
this 4-~' day of -::::Fu.\tU"L " 19~.
~RDII"Q,...'-+f)
Notary Public i~~e County of
LOs Angeles, State of California4
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., OFJl'ICtAL SEAL
SfotARON 1. DlJCK'WOtTH
, ., NOTARY "', ellc - CALIFORNIA
IDS NIGEI..tS CGUN1Y
,,' ' ,., ...... ... API" 1987
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