Ord 0194-INCURRING BONDED INDEBTNESSESS_ RIB "j
N ORDINANCE PROVIDIN YO E INCURRING F THE
BONDED INDEBTEDNESS FOR R THE TGWN OF S G.AT s 5,
1 E COUNTY SANTA C ~R - STATE F A11FORNIA9
TEE SUU O TWELVE 0 a T,D (612.000) LLARSs IN GOLD
COIN RE UNITED ST °T'I O AMERICA, ICA, TO Y `H COST
OF IAIX MUNICIPAL IMPROVEMENTS Y OR SAID T t AND
PROVIDI O F R THE I UA F BOND FOR SAID TO `IL'
v VH t the inc ring of a banded indebtedness of and
% by the Town of Los Gatos i Qe n of Welve Thousand C$12,000)
hares Gold Coin of the United States o Aperica, to y the cost
..p *ertain Municipal Improvements for said, Town, to-wit: T
a , si tign, construction and completion of a main trunk line sewer
f6r the purpose o carrying off and disposing o the sewage from
the Memorial Paxk Grammer School and adjacent property, and of an
outlet seer along the west side of the Los Gatos reek t the
present sewage disposal plant of yid Town for the purpose of
carrying ofd' the sego of the east side of said Town, and of s Yea
sewers from the west side o said Town as may be connected wi ti I t i,
and
the
acquisition
of
nec ssapy rights
of ay
for said
sewers as
was
duly authorized
at
an election duly
called
and held
or that
purpose `inn said Town on the 18th Q7 of September, 1922.
NOW, TH'OREF RE, the Board of Trustees the T
Leas Gatos do ordain a follows:
SECTION 1. That said Town of Los Gatos issue its negotiable bonds,
tle same t be twenty-four (241 i number an each o which shall b
of the s or denomination of Five Hundred. (8500400) Dollars, and
(A
shall be numbered consecutively. from one to t a ty-feau (24) both
inciu 7 , and all of . s d b6 n sal bear intsre t from them
issuance until paid at t? rate of five(j) percent per Anum,
payable semi-annually, both principal an, interest of said bonda
being pAyabl in old Coin of the hit s. States of America in the
manner full n, that is to SAY-i-
One-eighth part of the Whol amotwit o said indebtedness
shall be paid each and every year at ti he Treaury o said own
o the Mat day of Da , together with interest o all sums
unpaid at W date;: p vid d that the mere>gt of said one, hall
be paid emi-annually o that `her Wall be payment of interest
o all sums then unpaid in each and e7ery half year, one o s eh,
semi-annul payments each year being at the date of the ,per .t
of the annual installment of thp principal of such indebtedness as
..q- oeaaid, to-wit: On the First dwky of za- ~ and the anther
of E imann l pgrme t i each year being on the First day
4'
of A. thereof, and provided further that said interest shall be
' dented by proper coupons attached t said bonds, a separate
coupon being attached to such bond for each semi-annual payment of
t: interest t become due thereon.
11 dlq? Me first installment of said bonds, to-wit:
Bonds numbered One, (1) Two $ (2) and Three (3) shall be payable as
aforesaid at the end o one (1 year from tier issuance; and the
second installment of said bards, to-wit: Bonds numbered Point 0411D
ive C5) and Six (6) shall mature and b pAyabl at the and of two
C2 years fromthei-r issuance; and the third installment of sea l
bands, to-wit: Seven , .eight (8), and in C9) 0411 mature and
.;fie payable at the yard of tree (3) years from, h iT issuance; and
said
the fourth in t , aent. of' bondso to-wit: Ands numbered Ten (10),
i ven (11 s and Twelve (12)t shall mature and b p4yable at the
end of Your (4 years from the date of their issuance; and tie
fifth Jh6t lment of said b tdi td-wit: Bond ' numb r6d TWO &
(13)9 Fourteen (14) and Fifteen (15) shall mature and b pAyabl
at the and of five (5) years from the date of their seance: and
the sixth installment of said boards, t wit Bands numbered
Sixteen (16), Seventeen (17) and eighteen (18) all mature and
be payable six W yeas: from the date of their issuance; and tae
seve t1h installment of said boards, to-wit Bonds numbered, Nineteen
(19) $ Twenty (20 and Twenty-one (21) all mature and be pA able
seven (7) years from the date of their issuance; and t eighth
installment of. id bonds, to-wit: Hoed numbered Teen yr-Iwo (22)
awnd Twenty -t ee (23) shall m4 awa and be p ya e eight (8) y ear
from the date o their issuance.
T UK ]IRKS Said Bonds shall. 'fie issued on the drat days of
avab~~
1922, and shall eaz date a of said First day of
1922, and hall be substantially in the following form,,
Q-Wi t:
U 1 TR STATES OF AUER C ~
County of Santa Clara,
Town of Loa Gatos.
19, §5 2 02 -.00 0
O the First day o 40l 1922, the Kwn Los Gatos,
a Mni Pa1 corporation incorporated under the laws of the State o
California, for val. received hereby promises t pays to h bearer
a the Town Trea uq7 of Said Town, i to Town of Los Gatos, Count
of Santa Clara, State of California, the i of Five Hundred ($500.00)
Dollars in gold cuing of the United States of Aperic , with interest
reran in lies old coin from the date thereof a the rate of five
Qj) percent per ann=, pa "ble semi-ann=117 at said Town Treasury,
o the Pi r s day of ku"a., bea and ~ o ada year upon the re seln-
Cation and surrender of the proper interest b axin coupons rhiadh
are .ere to a tached*
This bond is one of a series o bonds of like data, tenor
and effect issued t7 the Town of Los Gatos for the purpose of
acquiring, constructing and completing certain public municipal im-
provements in and for said Town and is feared vnder and in pursuance
of and in conformity with an Act of the Legislature of the State of
Indebted-
ness y Cities, Tons and Municipal Corporations for Municipal
-3-
11pr ve ent a and Regulating the acquisition, Construction or
Cbmpletion hereo ,w in effect ebxuaxy 25th, 1901, and
Ameglmentz thereto, and idh i found in Statutes of 19011,
Chapter 32*
It is hey eQj certified; asserted and declared that this
bond i issued in pursuance of and in conformity with the Con-
stitution and Law of toe State of California, and the Ordinances
of the said Ton o Lays Gatos3 and in purouance of and in conformity
.,swith the vote of more than two-third of all the qualified electors
of said Town of Los Gatos it a special election duly and regula l
called and held in said Town as provided in said Act on the 18th
day of e tenber 3 1922, notice thereof having been du and
regularly given and published in the manner and for the period
required by la and said election having in all things been held
and conducted according to lair and the result of said election
haxi.ng been canvassed and declared and entered in t M manner as
required by lawo
it i further certified and declared that all of the
roTis ons and req rementa of the Constitution and awl of the
State of California, and of the Ordinances of said Town of Los Gatos
is
.nave been duly and regularly and faal3j,1,r complied iM by the proper
officers of said Town in the issuance of this bond, and that all
acts and conditions and things required ° lam to be doe precedent
to and in toe issuance of said bonds have been done and have been
performed in regular and due form, and in direct accordance witi°l
the provisions of'' the lave authorizing said bonds and that the total
Indebtedness of said Town of Los Gatos including toe indebtedneso
evidenced this issue of bonds, does not exceed-the limit pre-
scribed by the Constitution and Laws of toe State o California.
This bond ceases to bear interest unless presented at
manta i ty
-4-
IN WITNESS ERM tae said Town of .Lee Gatos has caused
this bond to be signed the President of its Board of Trustees,
and lie Treasurer of said Town, and to be countersigned by its
Tow Clerk; and has caused its Town Clerk to affix the etc the cor-
porate seal of the said Town of Los Gatos.
Dated, lot day of hat:iltto 1922,
sinEXT T BOARD OF TRUSTEES
OF THE TGWN OF LOS GATOS.
T eA IMP-1 OF T~ TOWN P GATO Sm
( )
OF THE COWN Of LOS GATOS-
The interest coupons attached to said bonds and evidencing
the interest to accrue thereon shall be numbered consecutively and
be substantially in the following form, to-wit:
TOWN O LOS OS.
Coupon No. Bond Nov
_t12_ 5C~
on the first d of A. D. , 19 ~ the
Town of Los Gatos will Ay to the bearer hereof at the Ma Treasut
of said Town in said. Town of Los Gatos, County of Swats Clam., State
of California, the sum of Twelve and 5q/100 Q12.5 ) Dollars in gold
coin of the 'ni.ted States of America, for the semi-annual interest
due o that date pax i is above numbered municipal improvement band.
tec lst3 1922..
y TOWS' TREASURER.
SUCTjqQ ~ 0QR;_ It is further ordered that the President of the
Board of Trustees of said Town, who is the executive of said Town,
be and he i hereby a.' thori.Ad to gn each and ever of said, bonds
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as the executive of said Town as aforesaid, and that the Treasurer
and the Tow Clerk of said pow be, and they are here 0y authorized
t co urstee: sign s and every one of said bonds, and the Town Clerk
shall affix iere the corporate seal of said Town, and the said
sagging and sealing shall cons tutu and be a sufficient and binding
execution of each and every one of said bonds by and, on behalf of
said Town, and every one of the coupons att chBd t said bond. shall
be signed, by the Treasurer of said Town, and said signing shall be
sufficient and binding execution of each and every one of said coa_
Pons by said Town.
Said Ponds .m be eold said pad of Trusteed for not
lass than par value 2 a either public or pr 7a to sales and without
further notice. The proceeds of the sale of said bonds, or any of
them g shall be laQed in the Treasury of said Town to the credit of
the fend hereby designated and to be known as Minicipal Improvement
and. umber ~
it is f' aher ordered and ordained that, there shall be
levied and collected each and every year upon all property subje o
to taxation in ea id Own of leas Gatos, a to sufficient is pay all
the interest said bonded indebtedness as said interest falls due,
and sufficient amount also to pay one-eighth Q/81.. of the Mole of said
amount of said indebtedness each and every year, and s ficien to
ay the shole of the Drinc? pul and interest of said indebtedness on
or before the matu i.by,• thereof, and they said Board of Trustees hereby
makes provision for the levy and collection of said taxes and for We
levy and collection of all sums that shall = may be nece s,,wry to pay
• aJ o
in full all the intereet and principal of said bonded indebtedness
as the same shall fall due, and hereupon contracts and, agrees, repre-
sents and undertakes and promises that such levy shall be made as
aforesaid in case the said bonds shall be issued as aforesaid, and so
fa as this Band has the power no to make said le 7y, it hereby makes
the same.
-6-
SEC
It is fizthear ordered and ordained by the said, Board of
1' ustees of tlie said Tow of Los Gatos that there sh l be, and
gists i hereby provided a sinking fund to be kept by the easux r
of said Town, to be deoig_ sated as the "Sinking Nuns for the payment
of t Municipal Improvement Bonds,* and that -the proceeds Of tie
above- men ti on d tax., shall r emai n in said sinking f id ) ti I re-
quired for the respective payments of principal and interest is be
de upon said bonds, and that, when the. respective payments of the
principal and interest of said bonds shall fall daze, the Treasurer
of said ow b and, h is hereby au°thoriz d and, oa;s mand.ed Uo pay
out of the moneys of aaid sinking ftrid the said respect-livs amounts
thereof when deni d. all be mad therefor as 1Zr leer regtd.reCL,, and
u1jon the surrender of the corresponding ponds and coupons to the
said Treasurer the duty of said ` reasurer shal-2. be t cancel said
'ponds and coupons so paid med ttte ly after their pay e o
QC~m
It is furld e ordained, contractsd.t reixesentsd.s Promised
and agreed t1la o none" of the moneys peas into said s nkIng f-Lmd shall
be used for any other purpose that the Pa3m nt a~ the pri iopal Of
said indebtedness and the interest thereon vit the whole. s tint
shall have been full,,,.- peas; en that each and ever Y, oneof the con-
di t tis and provisions ste to . and provided in relation to the said
bonds by said Ordinance sealing said election shall be, oomp ied with.
is further ordained and ordered that the TTe sue d
s . d Town transfer for 91 ith from the General i mid in ,,,,aid T cas ,y
to -die said sinking fund for the payment of t interest which 'fall
d t'
"all and become du on said bonds on tea. First day of ~ 1923 in
the sum of Tkwee Hundred (4300o o lax'&Q
- 7~_
.is O dina.ce shall be published in the Los Sato .KI
wss a newspaper jubl seg. in said Town.
Passed and adopted at a regular meting of We Board o
Trustees of the Tbvn of Lo Gatos held on • e Ms ay of Baas
1922 bar the following vote, tp-wit-,
,
OR s TRUS E
ABSENT TRUSTEES
V
THE TOW OF LOS G TOS
ATTEST:
w 6
LCD GA m
r