Ordinance 3415 - Laserfiche WebLink

Section 2. The city shall acquire property located at the southwest corner of California and Lombard Avenue from the Water De- partment of the city , shall construct and equip a new fire alarm office building and garage thereon, and shall acquire and install a fire and police alarm signal system therein. That for the purpose of providing funds for the above de- scribed purposes, the city shall issue and sell its general obligation bonds in the principal sum of $125 ,000 . Said bonds shall bear interest at a rate of not to exceed 6% per annum, and shall mature in from two to not to exceed twenty years from date of issue in such amounts as will, as nearly as practicable , together with the interest on said bonds, be met by equal annual tax levies for the payment of the principal and interest thereof . Both principal and interest of said bonds shall be payable out of annual tax levies to be made without limitation as to rate or amount. The exact date , form, terms and maturities of said bonds shall be as hereafter fixed by ordinance of the city . Section 3. It is hereby found and declared that an emergency exists requiring the submission to the qualified electors of the city at a special election to be held therein on April 24, 1953 , of the proposition of whether or not the city should issue such general obligation bonds for the purposes hereinbefore provided. The proposition to be submitted to the qualified electors of the city at said special election shall be as follows: 2.