ORDINANCE NO. 434

 

AN ORDINANCE OF THE COUNTY OF RIVERSIDE PROVIDING FOR LEVY OF ANNUAL TAX TO PAY BOND PRINCIPAL AND INTEREST

 

THE BOARD OF SUPERVISORS OF THE COUNTY OF RIVERSIDE, OF THE STATE OF CALIFORNIA, DO ORDAIN AS FOLLOWS:

 

Section 1. The County of Riverside proposes to issue and deliver $2,404,000 of bonds, authorized to be issued by affirmative vote of more than two thirds of the voters at a special election held on June 5 1956, for the purpose of incurring a bonded indebtedness of the County of Riverside in said amount for the purpose of the acquisition and construction of certain buildings for hospital and allied purposes (including an administration building, kitchen facilities, a medical building, an obstetrical unit, a nursing building, and residence buildings for medical and hospital personnel), and the reconstruction for hospital and allied purposes of certain existing buildings, the acquisition of all furniture, fixtures, furnishings, apparatus and equipment necessary for all of said buildings, the improvement of the hospital grounds, including necessary vehicle parking facilities, and the demolition or removal of certain existing buildings where necessary or convenient in connection with any of the foregoing.

 

Section 2. Said bonds when issued will be dated January 1,1957, will bear interest at a rate not to exceed six per cent per annum, payable annually for the first year and thereafter semi-annually and will consist of a series of 2404 bonds of the denomination of $1,000 each and the principal thereof will be payable according to the following schedule:

 

Bonds Maturity Principal

Numbered Date Amount

1 to 84 January 1, 1958 $84,000

85 to 164 January 1, 1959 80,000

165 to 244 January 1, 1960 80,000

245 to 324 January 1, 1961 80,000

325 to 404 January 1, 1962 80,000

405 to 484 January 1, 1963 80,000

485 to 564 January 1, 1964 80,000

565 to 644 January 1, 1965 80,000

645 to 724 January 1, 1966 80,000

725 to 804 January 1, 1967 80,000

805 to 884 January 1,1968 80,000

885 to 964 January 1, 1969 80,000

965 to 1044 January 1, 1970 80,000

1045 to 1124 January 1, 1971 80,000

1125 to 1204 January 1,1972 80,000

1205 to 1284 January 1,1973 80,000

1285 to 1364 January 1,1974 80,000

Bonds Maturity Principal

Numbered Date Amount

1365 to 1444 January 1,1975 80,000

1445 to 1524 January 1,1976 80,000

1525 to 1604 January 1,1977 80,000

1605 to 1684 January 1,1978 80,000

1685 to 1764 January 1,1979 80,000

1765 to 1844 January 1,1980 80,000

1845 to 1924 January 1,1981 80,000

1925 to 2004 January 1,1982 80,000

2005 to 2084 January 1,1983 80,000

2085 to 2164 January 1,1984 80,000

2165 to 2244 January 1, 1985 80,000

2245 to 2324 January 1, 1986 80,000

2325 to 2404 January 1, 1987 80,000

 

Section 3. At the time of making the next general tax levy after incurring the bonded indebtedness to be represented by said bonds, and annually thereafter until all of the bonds are paid or until there is a sum in the Treasury of the County of Riverside set apart for that purpose sufficient to meet all principal and interest on the bonds, the Board of Supervisors of the County of Riverside shall levy a tax for that year upon the taxable property of the County for the interest and redemption of the bonds.

Said tax for the interest and redemption of the bonds shall not be less than sufficient to pay the interest on said bonds and such portion of the principal, if any, as is to become due before the time for making the next general tax levy and said annual tax shall be sufficient to pay the interest on such indebtedness as it falls due and also provide for a sinking fund for the payment of the principal thereof on or before maturity.

As a minimum requirement, the levy shall be sufficient to meet each and all the provisions of Sections 29922 and 29923 of the Government Code of the State of California, and shall comply with the provisions of Section 18 of Article XI of the Constitution of the State of California.

The tax for interest and redemption of said bonds shall be in addition to all other taxes. Said tax shall be levied and collected at the same time and in the same manner as other taxes in said County, and when collected shall be paid into the Treasury of said County and placed in a fund to be known as 1957 HOSPITAL BONDS INTEREST AND REDEMPTION FUND, and shall be used solely to pay the interest and principal of said bonds as they respectively become due.

 

 

Adopted: 11/26/56 (Eff.: 12/26/56)