Calexico Municipal Code Ch. 3.04 Municipal Bonds

Except as otherwise expressly provided, all bonds of the city, issued under the provisions of that act of the legislature of the state of California, entitled, "An act authorizing the incurring of indebtedness by cities, towns, and municipal corporations for municipal improvements, and regulating the acquisition, construction, or completion thereof," which became a law February 25, 1901, and amendments thereof, shall be substantially in the following form:

"UNITED STATES OF AMERICA STATE OF CALIFORNIA CITY OF CALEXICO _____ Bond Election 20___

Series _____(if any) Class ___(if any)

Calexico, California

_____, 20___(date)

On the _____ day of _____, A.D._____, (year of maturity) the City of Calexico, California will pay to the bearer at the office of the Finance Director/City Treasurer of the City of Calexico, in Calexico, California, or at any fiscal agency of the City of Calexico in the City of New York, New York, upon presentation and surrender of this bond, the sum of One Thousand Dollars (1,000) with interest thereon at the rate of _____ per centum per annum, payable semiannually, on the _____ day of _____, and the _____ day of _____, at the office of the Finance Director/City Treasurer of the City of Calexico, in Calexico, California or at any fiscal agency of the City of Calexico in the City of New York, New York, upon presentation and surrender of the interest coupons hereto attached; principal and interest payable in lawful money of the United States. This bond is issued in pursuance of, and in full compliance with the provisions of the Act of the Legislature of the State of California, which became a law February 25, 1901, and amendments thereof, authorizing the incurring of indebtedness by cities for municipal improvements, and the Constitution and laws of the said state.

It is further certified that all requirements of the Constitution and laws of the State of California and of the Ordinances of the City of Calexico have been fully complied with by the proper officers in the issuance of this bond; that this issue of bonds has been authorized by vote of two-thirds of the duly qualified electors of said City voting on the question of such issue at a special election duly and regularly called and held in said City on the _____ day of _____, 20___; that provision has been made for the collection of an annual tax sufficient to pay the interest on said issue of bonds including this bond, as said interest falls due, and also provision to constitute a sinking fund for the payment of the principal thereof; and that the total amount of this issue, together with all other indebtedness of said City, does not exceed the limit prescribed by the Constitution and laws of the State of California.

___________ MAYOR OF THE CITY OF CALEXICO

Countersigned: _____

FINANCE DIRECTOR/ CITY TREASURER OF THE CITY OF CALEXICO

___________ City Clerk of the City of Calexico."

(Prior code §§ 1611, 1611.1)

(Ord. No. 1145, § 1(P), 10-2-2012)

Coupons consecutively numbered shall be attached to each of said bonds for the interest accruing thereon, and said coupons shall be substantially in the following form:

"On the _____ day of _____ (month of maturity) A.D.___ (year of maturity) the City of Calexico will pay to the bearer at the office of the Finance Director/City Treasurer of said City of Calexico, California, or at any fiscal agency of said City in the City of New York, New York, the sum of $_____, in lawful money of the United States, the interest then due on _____ bond, Election 19___, No. _____ (No. of bond to which coupon is attached _____ (Class, if any).

Coupon No._____.

___________ Finance Director/City Treasurer of the City of Calexico"

(Prior code § 1611.2)

(Ord. No. 1145, § 1(Q), 10-2-2012)

Whenever the city council has accepted a bid for the sale of bonds and ordered that bonds shall be issued, the following procedures shall be required:

A. Printing. The finance director/city treasurer is authorized and directed to cause the necessary bonds to be engraved or lithographed.

B. Receipt for Execution. The city clerk is authorized and directed to receive the bonds for the purpose of securing their due execution.

C. Signing of Bonds. The mayor and finance director/city treasurer are authorized and directed to sign all of the bonds with their lithographed or engraved signatures.

D. Signing of Coupons. The finance director/city treasurer is authorized and directed to sign all of the interest coupons of said bonds with his or her lithographed or engraved signature.

E. Countersigning and Seal. The city clerk is authorized and directed to countersign said bonds and affix the corporate seal of the city thereto.

F. Delivery to Purchasers. The finance director/city treasurer is authorized to receive said bonds so signed, countersigned and sealed from the city clerk and to deliver the same to the purchasers or their duly authorized representatives upon receipt of the purchase price therefor.

G. Receipt of Payment. The finance director/city treasurer may receive payment of said purchase price in cash or certified Federal Reserve Bank Funds.

(Prior code § 1612)

(Ord. No. 1145, § 1(R), 10-2-2012)

The finance director/city treasurer from time to time shall designate the fiscal agencies of the city for purposes of bond interest and principal payments from among the banks located in the city of New York, New York, and, upon such designation, shall give public notice thereof in the Daily Bond Buyer and a newspaper of general circulation published and circulated in the city.

(Prior code § 1613)

(Ord. No. 1145, § 1(S), 10-2-2012)

A. Printing and Delivery. The necessary expenses of engraving or lithographing and delivery of the bonds shall be incurred by the finance director/city treasurer and charged to the bond fund.

B. Legal Opinions. Any legal opinion required to be furnished in connection with the sale of such bonds shall be ordered by and the cost thereof incurred by the city attorney, and the fee for such opinion likewise shall be charged to the bond fund.

C. Loans and Advances. For the purposes designated in this section, loans or advances may be made from any appropriate fund and are to be repaid when the bonds are sold.

(Prior code § 1614)

(Ord. No. 1145, § 1(T), 10-2-2012)

Unless otherwise specifically provided, all invitations for bids for sale of such bonds as described in this chapter shall provide for delivery of the bonds in the city of Calexico or in the city of Los Angeles or in the city of New York, at the option of the purchaser.

(Prior code § 1615)