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HomeMy WebLinkAbout48 CITY OF SARATOGA ORDINANCE NO. 48 AN ORDINANCE CALLING A SPECIAL MUNICIPAL BOND ELECTION IN THE CITY OF SARATOGA FOR THE PURPOSE OF SUBMITTING TO THE ELECTORS OF SAID CITY THE MEASURE OF INCURRING A BONDED INDEBTEDNESS OF SAID CITY FOR THE ACOUISITION, CONSTRUCTION AND COMPLETION OF THE FOLLOWING MUNICIPAL IMPROVEMENT, TO WIT: NEIGHBORHOOD PARK FACILITIES; DECLARING THE ESTIMATED COST OF SAID MUNICIPAL IMPROVE- MENT, THE AMOUNT OF THE PRINCIPAL OF SAID INDEBTEDNESS TO BE INCURRED THEREFOR, AND THE MAXIMUM RATE OF INTER- EST TO BE PAID THEREON; MAKING PROVISION FOR THE LEVY AND COLLECTION OF TAXES; FIXING THE DATE OF SAID ELEC- TION, THE MANNER OF HOLDING THE SAME, PROVIDING FOR NO- TICE THEREOF, AND CONSOLIDATING SAID SPECIAL MUNICIPAL BOND ELECTION WITH THE STATE OF CALIFORNIA DIRECT PRI- MARY ELECTION TO BE HELD ON JUNE 2, 1970. WHEREAS, the City Council (hereinafter sometimes called "the Council") of the City of Saratoga by resolution duly passed and adopted at a meeting of the Council duly and regularly held, by affirmative vote of more than two-thirds of all its members, did determine that the public interest and necessity demand the acquisition, construction and com- pletion of the municipal improvement hereinafter mentioned, and did further determine that the cost of said proposed municipal improvement will be too great to be paid out of the ordinary annual income and revenue of said municipality and that said municipal improvement will require an expenditure greater than the amount allowed therefor by the annual tax levy, and will require the incurring of a bonded indebtedness therefor, which resolution was duly entered on the minutes of said meeting of the Council, and is now on file and of record in the Clerk's office of said City; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SARATOGA DOES ORDAIN AS FOLLOWS: Section 1. A special municipal bond election shall be and is hereby ordered and will be held in the City of Saratoga (hereinafter called "the City!') on Tuesday, June 2, 1970, at which election shall be submitted to the qualified electors of the City the question of incurring a bonded indebtedness of the City for the object and purpose set forth in the following measure, to wit: CITY OF SARATOGA BOND MEASURE : : MEASURE ( ): Shall the City of : : : (Neighborhood Saratoga incur a : : : Park Facilities) bonded indebtedness : : : in the principal : YES: : amount of $880,000 for the acquisition, : : : construction and completion of the fol- : : : lowing municipal improvement, to wit: : : : Neighborhood park facilities, including : : : acquisition of land for neighborhood : : : park sites and preservation of open : : : spaces and the development of neighbor- : : : hood park sites by grading, landscaping : : : and installation of recreational facil- : : : ities and furnishings; and other works, : : : property or structures necessary or con- : NO : : yenlent for neighborhood park facilities : : : for the City of Saratoga? : : : : ~ : The estimated cost of the municipal improvement as set forth in said measure is the sum of $880,000 and the amount of the indebtedness proposed to be incurred for said municipal improvement is the sum of $880,000. The estimated cost here- inabove stated of such municipal improvement includes legal and all other fees incidental to or connected with the authori- zation, issuance and sale of the bonds evidencing the indebted- ness proposed to be incurred for such municipal improvement and the costs of printing said bonds and all other costs and ex- penses incidental to or connected with the authorization, issu- ance and sale of said bonds. Section 2. The Council does hereby submit to the qualified electors of the City at said special municipal bond election said measure set forth in Section i of this ordinance, and designates and refers to said measure in the form of ballot hereinafter prescribed for use at said election. (a) Said special municipal bond election shall be held and conducted, and the votes thereof canvassed, and the returns thereof made, and the result thereof ascertained and determined, as herein provided; and in all particulars not pre- scribed by this ordinance, said election shall be held as pro- vided by law for the holding of municipal elections in the City. (b) All persons qualified to vote at municipal elec- tions in the City upon the date of the election herein provided for shall be qualified to vote upon the measure submitted at said special municipal bond election. (c) The polls at the polling places hereinafter designated shall be opened at 7:00 o'clock A.M. of said day of election and shall be kept open continuously thereafter until 8:00 o'clock P.M. of said day of election, when the polls shall be closed (except as provided in Section 14436 of the Elections Code), and the election officers shall thereupon proceed to can- vass the ballots cast thereat. (d) Said special municipal bond election hereby called shall be and is hereby consolidated with the State of California Direct Primary EleCtion to be held in the City on June 2, 1970, all as required by and pursuant to law; and the election pre- cincts, pollin~ places and officers of election within the City for said special municipal bond election hereby called shall be the same as those selected and designated by the Board of Super- visors of Santa Clara County for said nrimary election and set forth or to be set forth in the notice of election officers and polling places for said primary election published or to be published by the County Clerk of said County, as required by law, to which notice reference is hereby specifically made for a des- ignation of the precincts, polling places, and election officers of the special municipal bond election hereby called. Only qual- ified voters of the City shall be permitted to vote at said spe- cial municipal bond election. The Board of Supervisors of said County is authorized tojcanvass, or cause to be canvassed~ the returns of said special municipal bond election with respect to the votes cast in the City and to certify the results to the Council. (e) On the ballot cards to be used at said primary election and said special municipal bond election hereby consolidated therewith, in addition to all other matters re- quired by law to he printed thereon, shall appear the measure set forth in Section 1 hereof. Each voter to vote for said measure hereby submitted and for incurring said bonded indebtedness shall punch the ballot card in the hole after the word "YES" to the right of said measure, and to vote against said measure and against incurring said indebtedness shall punch the ballot card in the hole after the word "NO" to the right of said measure. Absent voter ballots setting forth said measure shall be issued to qualified electors residing within the City entitled thereto, in the manner provided by law, and such absent voter ballots shall like- wise be canvassed, or caused to be canvassed, by the Board of Supervisors of said County. (f) At the next regular meeting of the Council occur- ring after the returns of said special municipal bond election have been canvassed, or caused to be canvassed, by the Board of Supervisors of said County, and the certification of the results thereof to the Council, or at a special meeting called thereaf- ter for such purpose, the Council shall cause to be spread upon its minutes a statement of the results of said special municipal bond election as ascertained by said canvass. Section B. The Council proposes to issue and sell bonds of the City for the object and purpose, but not exceeding the amount, specified in said measure, if two-thirds of the qualified electors voting on such measure at said special muni- cipal bond election shall vote in favor of said measure. Said bonds shall be negotiable in form and of the character known as serial, and shall bear interest at a rate not to exceed seven percent (7~) per annum, payable semiannually (except that interest for the first year after the date of said bonds may be made payable at or before the end of said year). Provision is hereby made for the payment of the principal of and interest on said bonds as follows: At the time of making the general tax levy after incurring the bonded indebtedness, and annually thereafter until the bonds are paid or until there is a sum in the treasury set apart for that purpose sufficient to meet all payments of principal and interest on the bonds as they become due, the Council shall levy and collect a tax suf- ficient to pay the interest on the bonds and such part of the principal as will become due before the proceeds of a tax levied at the next general tax levy will be available; provided, how- ever, that if said bonds are ahthorized to be issued at said election, and it is expected that all or any part of said bonds will be sold at such time that the principal of or interest on such bonds will become due before the proceeds of a tax levied after such sale would be available to pay such principal or in- terest, the Council, at the time of fixinn the annual tax levy, may levy a tax in an amount clearly sufficient to pay that por- tion of the principal of and interest on said bonds which it is expected will become due before the proceeds of the next suc- ceeding tax levy will be available. If the earliest maturity o~ the bonds is more than one year after the date of issuance, the Council shall levy and collect annually a tax sufficient to pay the interest as it falls due and to constitute a sinking fund for the payment of the principal on or before maturity. Such taxes shall be levied and collected as other City taxes and shall be in addition.to all other taxes and shall be used only for payment of the bonds and the interest thereon. 6 Section 4. The City Clerk of the City is hereby directed, upon the passage and adoption of this ordinance, to publish the same once a week for two (2) weeks in the Saratoga News, which is a newspaper of general circulation published less than six (6) days a week in the City, and such publica- tion shall constitute notice of said election. No other notice of the election hereby called need be given. SectiOn 5. This ordinance shall be forthwith entered upon the minutes of the Council and in the Ordinance Book of the City. This ordinance, being an ordinance calling and ordering an election, shall take effect from and after its final passage and approval. PASSED AND ADOPTED this 18th day of March, 1970, by the following vote: AYES: Councilmen ~ler, Robbins, Smith, Sanders NOES: None ABSENT: Councilman D~er Attest: City Cle / The foregoing ordinance was presented to me for approval and is hereby approved this 18th day of March, 1970. The above and forego' is true and correct . Ma ~r of t~ t copy of Ordinance .,.~g a . which has been published according to law. Deputy City Date ?