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III WHEREAS, the City Council of the Town of Pleasanton, a municipal corporation of the
<br />sixth class in the County of Alameda, State of California, by RESOLUTION No. 2271, passed
<br />at a regular meeting of said City Council, on the 2nd day of February, 1953, at its
<br />council chamber, by the affirmative vote of two- thirds of t11 the members of said
<br />City Council of said Town of Pleasanton, did determine that the public interest or
<br />necessity demands the acquisition, construction and completion of the following munici-
<br />pal improvement, to wit: improvement of the municipal water system, including a new
<br />water reservoir, transmission and distribution lines, pipes, valves, fittings, wells,
<br />pumps, machinery, apparatus, equipment, lands, easements, rights of way and other works,
<br />property on structures necessary or convenient for the improvement of the municipal
<br />water system of the Town of Pleasanton, and that the acquisition, construction and
<br />completion of said municipal improvement is necessary and convenient to carry out the
<br />W objects, purposes and powers of said Town of Pleasanton, and that the cost thereof is
<br />.et and will be too great to be paid out of the ordinary annual income and revenue of
<br />said Town of Pleasanton, and that said Town of Pleasanton should incur a bonded debt
<br />therefor, which Resolution No. 2271 was duly entered in the minutes of said meeting
<br />of the City Council of the Town of Pleasanton, and is now on file and of record in the
<br />office of the City Clerk of the Town of Pleasanton, now, therefore,
<br />OF SAID PROPOSED PUBLIC IMPROVEMENT AND THE AMOUNT OF THE INDEBTEDNESS TO BE INCURRED
<br />THEREFOR, AND FIXING THE MAXIMUM RATE OF INTEREST TO BE PAID THEREON; DETERMINING AND
<br />DECLARING THAT THE COST OF SAID PROPOSED MUNICIPAL IMPROVEMENT IN ADDITION TO THE
<br />OTHER LXPENDITURE;S OF SAID TOWN OF PLEASANTON WILL EXCEED THE INCOME AND REVENUE
<br />OF SAID TOWN OF PLEASANTON FOR ANY ONE YEAR AND WILL BE TOO GREAT TO BE PAID OUT OF
<br />THE ORDINARY ANNUAL INCOME AND REVENUE OF SAID MUNICIPALITY; FIXING AND DESIGNATING
<br />TUESDAY, THE 17th DAY OF MARCH, 1953, AS THE DAY UPON WHICH SAID MUNICIPAL BONDED
<br />ELECTION SHALL BE HELD; THi MANNER OF HOLDING SUCH ELECTION AND THE VOTING FOR OR
<br />AGAINST INCURRING SUCH INDEBTEDNESS; ESTABLISHING ELECTION PRECINCTS FOR SUCH ELECTION;
<br />DESIGNATING POLLING PLACES THEREIN AND APPOINTING BOARDS OF ELECTION THEREFOR.
<br />THE CITY COUNCIL OF THE TOWN OF PLEASANTON DOSS ORDAIN AS FOLLOWS:
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<br />Section 1. That a special municipal bond election be, and is hereby ordered and called
<br />to be held in the Town of Pleasanton, on Tuesday the 17th day of March, 1953, at which
<br />election there will be submitted to the qualified voters of the Town of Pleasanton the
<br />proposition of incurring a bonded indebtedness of said Town of Pleasanton for the object
<br />and purpose set forth in the following proposition,,towit:
<br />PROPOSITION A:
<br />Shall the Town of Pleasanton incur a.bonded indebtedness in the principal sum or amount
<br />of $115,000.00 to pay the cost of the acquisition, construction and completion of the
<br />following municipal inprovement, to wit: Improvement of the municipal water system,
<br />including a new water reservoir, transmission and distribution lines, pipes, valves,
<br />fittings, wells, pumps, machinery, apparatus, equipment, lands, easements, rights of way
<br />and other works, property or structures necessary or convenient for the improvement of
<br />the municipal water system of the Town of Pleasanton?
<br />The estimated cost of the,municipal improvement as set forth in said Proposition A
<br />i5 the sum of $115,000.00, and the amount of the principal of the indebtedness proposed
<br />to be incurred is the sum of $115,000.00, and the maximum rate of interest to be paid
<br />on said bonded indebtedness shall be a rate not exceeding four (4 percent per annum,
<br />payable semi annually.
<br />Section 2; That the City Council of the Town of Pleasanton proposes to issue and sell
<br />bonds of the Town of Pleasanton for the object and purpose specified and set forth in
<br />Proposition A of Section 1 of this Ordinance, in the prinicipal amount of $115,000.00,
<br />if two- thirds of the qualified voters of said Town of Pleasanton voting at said special
<br />municipal bond election shall vote in favor of said Proposition A. Said bonds shall
<br />be negotiable in form and of the character known as serial, and shall bear interest at
<br />a maximum rate not to exceed four (4 percent per annum, payable semi annually (except
<br />that interest for the first year after the date of said bonds may be made payable at
<br />the end of said year), provided that said bonds may be issued and sold in accordance
<br />with law as the City Council may determine, and either atta premium or on the basis
<br />of the lowest net interest cost to said Town of Pleasanton, but in no event for less
<br />that the par value and accrued interest to date of delivery. Provision is hereby made
<br />for the payment of the principal of and interest on said bonds as follows: The City
<br />Council of the Town of Pleasanton shall, at the time of fixing the general tax levy and
<br />in the manner for such general tax levy provided, levy and collect annually each year
<br />until said bonds are paid, or until there shall be a sum in the treasury of said Town
<br />of Pleasanton set apart for that purpose to meet all sums coming due for principal
<br />and interest on such bonds, a tax sufficient to pay the annual interest on such bonds
<br />as the sane becomes due, and also such part of the prinicipal thereof as shall become
<br />due before the proceeds of a tax levied at the time for making the next general tax
<br />levy can be made available for the payment of such principal. Said tax shall be in
<br />addition to all other taxes levied for municipal purposes, and shall be collected at
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