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)