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HomeMy WebLinkAboutOrdinance 63 CITY OF SARATOGA ORDINANCE NO. · 63 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 ACQUISITION OF THE FOLLOWING MUNICIPAL IMPROVEMENT, TO WIT: PARK AND RECREATION FACILITIES;.DECLARING THE ESTIMATED COST OF SAID MUNICIPAL IMPROVEMENT, THE AMOUNT OF THE PRIN- CIPAL OF SAID INDEBTEDNESS TO BE INCURRED THEREFOR, AND THE MAXIMUM RATE OF INTEREST TO BE PAID THEREON; MAKING PROVISION FO~ THE LEVY AND COLLECTION OF TAXES; FIXING THE DATE OF SAID ELECTION, THE MANNER OF HOLDING THE SAME, PROVIDING FOR NOTICE THEREOF, /~ND CONSOLIDAT- ING SAID SPECIAL MUNICIPAL BOND ELECTION WITH THE 'STATE OF CALIFORNIA DIRECT PRIMARY ELECTION TO BE HELD ON JUNE 8, 1976. WHEREAS, the City 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 inter- est and necessity demand the acquisition of the municipal improve- ment 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 ~nnual income and revenue of said municipality and that said municipal improvement will re- quire an expenditure greater than the amount allowed therefor by the annual tax levy, and will require the incurring of a bonded indebtedness theref6r, 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 FOLL~gS: 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 8, 1976, at which election shall be s~mitted to the qualified electors of the City the question of incurring a bonded in- debtedness of the City for the object and purpose set forth in the following measure, to wit: MEASURE ( ): .Shall the City of (Park and Recreation Saratoga incur a Facilities) bonded indebtedness in the principal amount of $2,000,000 for the acquisition of the following municipal improvement, to wit: Park and recreation facilities, comprising the acquisition of approximately 400 acres of land located in the Saratoga hillside area for open soace preservation, generally being a portion of those lands in and about the western foothills of Saratoga from Hakone Gardens north to the Parker Ranch? The estimated cost of the acquisition of said muni- cipal improvement as set forth in said measure is the sum of $2,000,000 and the amount of the indebtedness proposed to be incurred for said municipal improvement is the sum of $2,000,000. The estimated cost hereinabove stated of such municipal improve- ment includes legal and all other fees incidental to or con- nected with the authorizatign, issuance and s~le of the bonds evidencing the indebtedness proposed to be incurred for such municipal improvement and the costs of printing said bonds and all other costs and expenses incidental to Or connected with the authorization, issuance and sale of said bonds. Section 2. The City Council does hereby submit to the qualified electors of the City at said special municipal bond election said measure set forth in Section 1 of this ordinance, and designates and refers to said measure in the form of ballot hereinafter ~rescribed 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 prescribed by this ordinance, said election shall be held as provided 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 3 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 canvass the ballots cast thereat. (d) Sai~ 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 8, 1976, all as required~by and pursuant to law; and the election.precincts, polling places and officers of election within the City for said special municipal bond election here- by called shall be the same as those selected and designated by the Board of Supervisors of Santa Clara County. for said'Direct Primary Election and set forth or to be set forth in the notice of election officers and polling places for said Direct 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 designation of the precincts, polling places, and election officers of the special municipal bond election hereby called. Only qualified voters of the City shall be permitted to vote at said special municipal bond elec- tion. The Registrar of Voters of said County is authorized to canvass 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 ballots to be used at said Direct Primary Election and said special municipal bond election hereby con- solidated therewith, in addition to all other matters required by law to be printed thereon, shall appear the measure set forth in Section 1 hereof. To vote for or against said measure hereby submitted and to authorize or not authorize, respectively, the incurring of the indebtedness in said measure set forth, 4 each voter shall stamp a mark (e) in the blank space opposite the word "YES" or opposite the word "NO", respectively, on the ballot to the right of said measure. On absent voter ballots the cross (+) may be marked with pen or pencil, except that if and to the extent that Votronic ballots are provided for absent voters, each voter shall stamp a mark (e) in the blank space opposite the word "YES" or opposite the word "NO" on the ballot to the right of said measure. Absent voter ballots setting forth said measure shall be issued to qualified elec- tors residing within the City entitled thereto, in the manner provided by law, and such absent voter ballots shall likewise be canvassed by the Registrar of Voters of Santa Clara County. (f) At the next regular meeting of the Council oc- curring after the returns of said special municipal bond elec- tion have been canvassed by the Registrar of Voters of said County, and the certification of the results thereof. to the Council, or at a special meeting called thereafter for such purpose, the Council shall cause to be spread uponits minutes a statement of the results of said special municipal bond election as. ascertained by said canvass. Section 3. 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 municipal 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 eight percent (8%) per annum, payable semian- nually (excep~ 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 5 of and interest on said bonds as follows: At the time of mak- ing the general tax levy after incurring the bonded indebted- ness, and annually thereafter until the bonds are paid or until there is a sum in the treasury set apart for that pur- pose sufficient to meet all payments of principal and interest on the bonds as they become due, the Council shall levy and collect a tax sufficient to pay the interest on the bonds and such part of the principal as will become due before the pro- ceeds of a tax levied at-the next general tax levy will be available; provided, however, that if said bonds are authorized 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 avail- able to pay such principal or interest, the Council, at the time of fixing the annual tax levy, may levy a tax in an amount clearly sufficient to pay that portion of the principal of and interest on said bonds which it is expected will become due before the proceeds of the next succeeding tax levy will be available. If the earliest maturity of 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 ad- dition to all other taxes and shall be used only for payment of 'the bonds and the interest thereon. Section 4. The City Clerk of the Cityis hereby directed, upon the passage and adoption of this ordinance, to publish the same once a week for two (2) successive weeks in the Saratoga News, and such publication shall constitute notice of said election. No other notice of the election hereby called 6 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 30th day of March , 1976, by the following vote: AYES: Councilmen Bridges, Kraus, Brigham, Corr, Matteoni NOES: None ABSENT: None The foregoing ordinance was Dresepted to me for approval and is hereby approved this 30th 'day of March 1976. Mayor of t!{e "~ r~ The above and foregoing is a true and correct copy of Ordinance <; 3 which has been published ~rnn. rd 7