HomeMy WebLinkAboutResolution 1959 - 0716r~ESOLUTI~~N NO.716-3
RESOLUTION ~JTHORIZING T~POR~.RY BORROW
ING UNDER TH~PROVISIONS OF THE GOVERN
JtENT CODE SECTION 53850 THROUGH 53~5
WHEREAS,it is anticipated that County Sariit.~tion iJistrict
No.3 will need to borrow the sum of ~50,000.00 to ~iieet cur
rent obligations likely to become due before January 1,1960,
before taxes for 1959—196Q will be received by the District;and
WHEREAB,said sum is less than 85 percent of the r~venu~
anticipated from taxes for the current fiscal year,which taxes
have not been collected at this time;and
WHEREAS,the Auditor and Treasurer of the District have
recommended and approved the af~resaid borrowing in accordance
with the provisions of Section 53851 of the Government Code:
NOW,THEREFORE BE IT RESOLVED,that the District borrow the
sum of $50,000.00 and issue its promissory note to the lender
in the full amount of the money borrowed,said note to be due
and payable on or before January 31,1960 and to bear interest
at the rate of 3 percent per annum,interest payable at maturity.
BE IT FURTHER RESOLVED,that The chairman and Secretary of
the District are authorized and directed to sign the aforesaid
promissory note.
BE IT FURTHER RESOLVED,that said sum be borrowed from the
bond,interest and sinking fund of County Sanitation District
No.3 of Orange County,California.
The foregoing Resolution ~o.716-3 was passed and ~dopted
the Board of Directors of County Sanitation District No.3 at
a regular adjourned meeting thereof on the 23rd day of
September,1959.
(~
S~retary,Board of Directors
County Sanitation District No.3
Orange County,California
—
STATE OF CALIFORNIA)
88
COUNTY OF ORANGE )
I,ORA MAE ~I~RITT,Secretary of the Board of Directors of
County SanftatiOn District No.3 of Orange County,California,do
hereby certify that the above and foregoing Resàiution No.716•3
was.regularly passed and adopted by the Board of Directors of
County SanitatiOn District No.3 of Orange Cdui1tj~,CaLifornia,at
a regular a~tjöurned ~ñeeting of said Board held on the 23rd day
of Septenib~z~,1959 by the following roll call vote,to wit:
AYES:birectors Howard N.Cornwell,Thomas Baroldi,
Herbert Cook,John R.Dunham,Glenn G.Fry,
Paul C.Furman,Earl T.Irby,Robert Wardlow
Frank J.Schweitzer,Jr.,Walter W.Walker
and Willis H.Warner
NOES:Directors None
ABSENT:Directors W.A.MacKinnon and William R.Effinger
IN WITNESS WHEREOF,I have hereunto set my hand and affixed
the official seal of County Sanitation District No.3 of Orange
County,California,this 23rd day of September,1959.
~z .~
Ora Mae Merritt,Secretary of the
Board of Directors of
County Sanitation District No.3
Of Orange County,California
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