HomeMy WebLinkAbout2887_CCv0001.pdf CITY OF REDLANDS
RESOLUTION NO. 2857
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS,
CALIFORNIA, AUTHORIZING THE ISSUANCE OF $1,500,000 WATER
REVENUE BONDS OF SAID CITY AND PROVIDING THE TERMS
AND CONDITIONS FOR THE ISSUANCE OF SAID BONDS.
WHEREAS, pursuant to Resolutions Nos. 2541 and 2549, a special municipal election was held
in the City of Redlands on October 18, 1966, for the purpose of submitting to the qualified voters of
said city the proposition of issuing water revenue bonds of said city in the amount of $3,000,000
pursuant to the Revenue Brand Law of 1941 (Chapter 6, Part 1, Division 2, Title 5 of the Govern-
ment Cade of the State of California) for the following purposes, to wit:
The acquisition, construction and financing of additions to the waterworks system of the City of
Redlands, including works and facilities for the production, treatment, storage, transmission and
distribution of water, including water storage reservoirs, water wells, water treatment plants, water
transmission mains, pumping stations, and for the foregoing appurtenances and appurtenant works;
and including the acquisition of all water rights, lands, easements, pipe, pumps, valves, fittings, meters,
machinery, equipment, materials, appartus and other property necessary therefor, and including all
fees, costs and expenses incidental to and connected with such acquisition and financing.
and
WHEREAS, said proposition was approved by the votes of more than a majority of all the
voters voting on said proposition at said special municipal election, and this City is now authorized
to issue said bonds as provided in said Revenue Bond Law of 1941; and
WHEREAS, bonds authorized at said election in the amount of $1,500,000 have been issued and
sold and $1,500,000 in bonds so authorized remain unissued and unsold; and
WHEREAS, said bonds were authorized by the election at a maximum rate of 6% per annum
and this Board is of the opinion that bonds might not be sold in the current municipal bond market
within said 617o rate limits; and
WHEREAS, at the 1969 session of the Legislature, Article 8 (commencing with Section 53540)
was added to Chapter 3, Part 1, Division 2, Title 5 of the Government Code of the State of Cali-
fornia, which Article applies to the City of Redlands and to said bonds and permits the cancellation
of the unissued bonds and the issuance and sale without further election of bonds in an amount equal
to the unissued bonds at an interest rate not to exceed 77o per year for the same purpose as was
approved at said election; and
WHEREAS, this City Council deems it necessary to issue and sell $1,500,000 bonds for the pur-
pose authorized at said election in the form and manner hereinafter provided and to order the
cancellation of $1,500,000 bonds authorized at said special election as provided in Section 53541.
NOW THEREFORE, the City Council of The City of Redlands, California, DOES HEREBY
RESOLVE, DETERMINE AND ORDER as follows:
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STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO ss.
CITY OF REDLANDS
I, Peggy A. Mosely, City Clerk of the City of Redlands, California, DO HEREBY CERTIFY
that the foregoing resolution was duly adopted by the City Council of said City at a regular meeting
of said City Council held on the 1st day of June 1971., and that it was adopted by the following vote,
to wit:
AYES: Councilmen De MERJYN, KNUDSEN,
MILLER, MAYOR CUMMINGS
NOES: None
ABSENT: COUNCILMAN SEWALL
City Clerk of the City of Redlands, California
(SEAL)
STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO ss.
CITY OF REDLANDS
1, Peggy A. Mosely, City Clerk of the City of Redlands, California, DO HEREBY CERTIFY
that the above and foregoing is a full, true and correct copy of Resolution No. 2887, and that the
same has not been amended or repealed.
DATED: June 3, 1971
' PA. MO LY
City Clerk of the City of Redlands, Ca ifornia
(SEAL)
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