The URL can be used to link to this page

Home My WebLink AboutResolution 672&�'k, Resolution Number RESOLUTION PROVIDING FOR BORROWING 240NEY 011 TAX ANTICIPATION WARRANTS AND FIXING AGGREGATE AMOUNT OF MONEY TO BE BORROWED. WHEREAS, Tire City Council of the City of San R�sel, the le - lative body of" said City, has heretofore on the day of 1935, finally approved the budget of sa City for the ensu scal year; WHEREAS, the City Auditor and City Treasurer of said City have recommended to said City Council the issuance of tax anticipation warrants o" said City and the "borrowing of runds thereon for the immediate requirements of said City in the ensuing fiscal year to pay obligations lawfully incurred in said fiscal year; and WHEREAS, it appears to said City Council and -aid City::: • : : Council hereby finds that funds are needed for the immediate req re lents of said City of San Rafael to pay obligations lawfu Yy incurre'd=.,A•ri the ensuing fiscal year commencing July first, 1935, and before the receipt of income for such fiscal year sufficient to meet the payment of said obligations and that it is necessary for sa GKty'::: to borrow money on tax anticipation warrants on behalf of said' in an aggregate amount not to exceed fifty per cent of the estiAmlfed income and revenue provided for said current fiscal year and ti�Hat the issuance of such Lax anticipation warrants ought to be authorized; NOW THEREFORE, IT I5 HEREBY ORDERED AND RESOLVED by said City Council that it is necessary for said City to borrow rands upon said tax anticipation warrants; that said necessity consists in the fact that obligations of said City incurred in said current fiscal year and to be incurred in said fiscal year ought to ue paid when due and that there are insufficient funds in bhe Treasury of said City wherewith to pay said obligations and bhat the income of�id City here- tofore and now received during said current fiscal yyear'", Insufficient to meet the payment of said obligations un�� fih,e T� X co/lecti of Pey-,r'o IT IS u-URTHER ORDERED AND RESOLVED that the amount of income and revenue provided for said current riscal year is the sum of that fifty per cent of bhe estimated income and neve ;ue of said City provided for said current year is bhe sum of $Soo -0 IT 1S FURTHER RESOLVED AND ORDERED that in order to pay said obligations as Lhe same become due tax anticipation warrants shall be issued therefor by the ,,roper officers of said City whose duty it is to issue warrants in payment of the obligations of said City and that said warrants shall be offered at public sale by said City Council after not less than two (2) days advertising in a newspaper of general circulation pi2bl'-Flied within said City and not less than five (5) days after the last day on which said advertisement is published. IT 1S FURTHER RESOLVED that each such sale shall be made to the bidder offering the lowest rate of interest and wq WT bid represents the least net cost to said City; chat in no event` �he rate of interest on said tax anticipation warrants exceed five per cent per annum. I`1' IS ?UftTHER RESOLVED that said warrants shall be signed by the Mayor of said City and countersigned by Lhe auditor and treasurer of said City, MARTINELLI a GARDINER ATTORNEYS AT LAW ALBERT BUILDING SAN RAFAEL, CALIF. 1- �� City. IT IS rURTHER ORDERLD that the sumo evidenced by said warrants and so borrowed shall be repaid in the manner provided by Section 3719 of the Political Code of California. IT IS FURTHER ORDERED that forthwith upon the adoption of this resolution the Clerk of said City shall in behalf ofsaid City Council cause to be published for not less than two (Q) days in the SAN RAFAt;L I1vDEPENDENT, a newspaper of general circulationpublished in said City, a notice and/or advertisement offering said warrants for public sale and oal:ling for bids for the interest rate or net cost of,he sale of said tax anticipation warrants and that the aggregate amount to wbieh said warrants may be issued hereunder shall ce the sum of ver and that none of said warrants shall be sold within less i�a:, t.ve a s after the last dayon which said advertisement is p ,blished, — ---. Berk � ;1 �H Ali •------ introd •-.' Qltl• r8n1liPF1'!'�`r I v.;. l fs� id ;ii:!lsu !r the Coucl or r:r. q lvlu, i!e� . u„G mthe fodlowi JQA A it es : Councilmen 1voes : Cauacii! wn p� — Absent : Councilmen -------------- -. -- -. - -----------------------------Citu Clerk MARTINELLI a G•ARDINER ATTORNEYS AT LAW ALBERT BUILDING SAN RAFAEL, CALIF.