1970 ORD NO 1367 - Laserfiche WebLink

Browse Search

Section 13 Bonds of the City of Colton, Cali- fornia, in the principal sum of $1,220,000 shall be issued and sold for the purpose set forth in the bond proposition in the recitals hereof. Said bonds shall be designated "CITY OF COLTON$ 1970 ELECTRIC UTILITY BONDS." Said bonds shall be all in the denomination of $5,000 each, and shall be 244 in number, numbered 1 to 244, inclusive. Said bonds shall be dated September 15 1970, and shall be payable in consecutive numerical order on September 1 in the amounts for each of the several years as follows: Years of Amount Maturity Each Year 1973-1976 $ 105000 1977-198o 15,000 1981-1983 20,000 1984-1985 25,000 1986-1987 353000 1988 405000 1989-1990455000 1991 55,000 1992 605000 1993 655000 1994 70,000 1995 755000 1996 803000 1997 853000 1998 90,000 1999 1005000 2000 130,000 Section 2. Said bonds shall bear interest at a rate or rates to be hereafter fixed by resolution, but not to exceed seven per cent (7%) per annum, payable annually the first year and semiannually thereafter. Said bonds and the interest thereon shall be payable in lawful money of the United States of America at the office of the City Treasurer of the City of Colton, California, in said City, or, at the option of the holders of the bonds, at any paying agent of said City in the Cities of Los Angeles or San Francisco, California, Chicago, Illinois, or New York, New York. 2.