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HomeMy WebLinkAboutReso 336-1931.326 RES 0LUT I0N N0. 68 RESOLUTION PROVIDING FOR THE ISSUANCE 0F TMPROVE~mNT BONDS, RE: IMPROVEMENT 0F PORTIONS OF LINDEN AVENUE, CITY OF SOUTH SAN FRANC ISC 0. WHEREAS, the City Council of the Eity of South Sau Francisco did, on the 18th day of November, 1929, pass and adopt its Resolution of Intsntion No. 68 relating to certain work proposed to be done and improvement to be made in said 0ity, as therein described, under and pursuant to the provisions of the "Improve- ment Act of 1911,~ and amendments thereto, and did therein provide that serial bonds would be issued thereunder in the manner provided by the "Improvement Bond Act of 1915", reference to said Resolution of Intention being hereby expressly made for further particulars; and WHEREAS, the contract for said work and improvement was duly award- ed ~nd thereafter duly completed to the satisfaction of the said City and this Com~cil ~hereupon an assessment, ~arrant and diagram were made, recorded and de- livered to the contractor in time, form and m~nner as required by said act, and the contractor having mmde ~due return thereon and the same ~having been duly ~filed; and WHEREAS, on December 18th, 19~0, the Street Superintendent of said Ci~y made and filed with the clerk of this Council a complete list of all assess- ments unpaid thereunder upon the respective assessment or diagram numbers thereon, whereupon said clerk gave notice of the filing of said list, and fixed in said notice Monday the 2nd day of l~ebruary, 19Z1, at the hour of 7:30 o'clock p. m. as the time when interested pe~ons might R~ppear before said Council at the regular meeting place of said Council in the City Hall and show cause why bonds should not be issued 'upon the security of the unpaid assessments shown on said list, all of which appears from affidavits on file in the office of said clerk; WHEREAS, there having been no protests or ~objections against the issuance of bonds as aforesaid presented before or at the time of said. hearing~ and NOW, THEREFORE, it is hereby resolved and found and determined, by said City Council, that said list of assessments unpaid filed by said street Superintendent as aforesaid was at the time of said filing thereof in all re- spects complete and correct, and that since the filing thereof, assessments hzve been paid aggregating .the sum of $2511.48, as hereina~ove set forth, and also that the unpaid assessments in the proceedings duly had and taken under and pur- suant to said Resolution of Intention No. 68, and the aggregate amount of the same are as~ follows, to-wit: A S SES SLIENT AIfD DIAGRAli N~mER AMOUNT 0F ASSESSMENT UNPAID 17 $ 22.50 18 885.90 19 1012.80 20 22.50 21 22.50 22 22.50 25 22.50 55 ~1~ .30 56 326.70 80 22.50 83 297.90 104 517.60 104 A 706.40 105 22.50 118 22.50 121 234. O0 122 ~03.60 126 351.00 1~3 103.90 144 51.90 156 414.60 161 22.50 165 22.50 166 1006.30 173 11.~O 196 11.30 ~08 11.3 0 209 11.30 210 22.50 211 22.50 would be issued thereunder in the manner provided by the "Improvement Bond Act o~ 1915", reference to said Resolution of Intention being hereby expressly made for further particulars; and WHEREAS, the contract for said work and improvement was duly award- ed ~nd thereafter duly completed to the satisfaction of the said City and this Com~cil ~hereupon an assessment, warrant and diagram were made, recorded and de- livered to the contractor in time, form and m~nner as required by said act, and the contractor having m~de-due return thereon and the same having been duly .filed; and WHEREAS, on December 18th, 1930, the Street Superintendent of said City made and filed with the clerk of this Council a complete list of all assess- ments unpaid thereunder upon the respective assessment or diagram numbers thereon, whereupon said clerk gave notice of the filing of said-list, and fixed iai said notice Monday the 2nd day of l~ebruary, 1931, at the hour of 7:30 o'clock p. m. as the time when interested pe~ns might ~.ppear before said Council at the regular meeting place of said Council in the City Hall and show cause why bonds should not be issued 'upon the security of the unpaid assessments shown on said list, all of which appears from affidavits on file in the office of said clerk; WHEREAS, there having been no protests or ~obJections against the issuance of bonds as aforesaid presented before or at the time of said hearing; and NOW, THEREEORE, it is hereby resolved and found and determined, by said City Council, that said list of assessments unpaid filed by said street Superintendent as aforesaid was at the time of said filing thereof in all re- spects complete and correct, and that since the filing thereef, assessments have been paid aggregating the sum of $2511.48, as herein~ove set forth, aud also that the unpaid assessments in the proceedings duly had and taken under and pur- suant to said Resolution of Intention No. 68, and the aggregate amount of the same are as follows, to-wit: ASSES~IENT AI~D DIAGRAli N d~BER AMOUNT 0F ASSESSMENT UNPAID 17 $ 22.50 1~ $~.90 19 1012. ~0 20 22.50 21 22.50 22 22.50 23 22.50 55 31~ .30 56 326.?0 80 22.50 83 29 ? .90 104 317.60 104 A 706.40 105 22.50 118 22.50 121 234. O0 122 303.60 126 351.00 1~3 103.9 0 144 51.90 156 414.60 161 22.50 165 22.50 166 1006.30 173 11.30 196 11.30 208 11.30 209 11.30 210 22.50 211 22.50 212 1009.80 228 1039.30 229 22.50 242 1013.10 243 22.50 306 1923.30 3O? 534.90 310 323.50 311 11.80 312 11.80 313 552. ?0 322 3332.30 325 11.30 326 11.30 330 2525.70 aud said City Council does hereby further find and determine that the total or aggregate amount of said assessments unpaid is the sum of $18,986.91; NOW THEREFORE, in consideration of the ])remiSes, the City Council of the City of South San Francisco does hereby further resolve as follows, to-wit: Section 1.. That bonds shall be issued upon the security of said unpaid assessments in the amount of $18,986.90 in accordance with the pro- visions of said "Improvement Act of 1911" as amended and said "Improvement Bond Act of 191`5" as amended and under and pttrsuant to the provisions of said Re- solution of Intention No. 68 and the proceedings thereunder dt~ly had and taken said bonds sh~ll be' called "Improvement Bonds", shall bethirty in number, shall be dated February 2nd, 1931, and bear interest st the rate of seven per cent per annum from December 18th, 1930; and the denominations of said bonds and the in- terest coupons required to be attached thereto, with their respective numbers and dates of matmrity, are as follows: Bond Number Denomin~ti on I $1ooo.oo 2 ,500.00 3 398.69 4 $1000.00 `5 500.00 6 398.69 7 $1ooo.oo 8 500.00 9 398.69 Date of Maturity July 2nd, 1932 July 2nd, 1932 July 2nd, 1~932 July 2nd, 1933 July 2nd, 1933 July 2nd, 1933 July ~nd,~ 1934 July 2nd, 1934 July 2nd, 1934 lO $1ooo.oo 11 500.00 12 398.69 July 2nd, 1935 July 2nd, 193`5 July 2nd, 1935 13 $1ooo.oo 14 500. O0 15 398.69 July 2nd, 1936 July 2nd, 1936 'July 2nd, 1936 16. ~1000.00 17 500. O0 18 39 8 · 69 19 $1ooo.oo 20 500,00 21 398.69 July 2nd, 1937 July 2nd, 1937 July 2nd, 1937 July 2nd, 1938 July 2nd, 1938 July 2nd, 1938 22 $1000.00 23 500.00 24 39 8 · 69 July 2nd, 1939 July 2nd, 1939 July 2nd, 1939 25 $1ooo.oo 26 `500.00 27 398 · 69 July 2nd, 1940 July 2nd, 1940 July 2nd, 1940 28 $lOOO.OO 29 500. O0 30 398.69 July 2nd, 1941 July 2nd, 1941 July 2nd, 1941 'Sec. 2. With reference to said bonds having a denomination of $1000.00, the first coupon attached to each of said bonds shall have a denomination of $72.92 and the subsequent coupons attached to each of said bonds shall have a denomination of $35.00. With reference to said bonds having a denomination of $`500.00, the first coupon attached to each of said bonds shall have a denomination of $36.46 and the subsequent coupons attached to each of said bonds sh~ll haves denomination of $17.`50. With reference to said bonas having a denomination of $398.69 the first coupon attached to each of said bonds shsll have a denomination of $29.0~ and the subsequent coupons attached to each of said bonds shall have a denomination of $13.9`5. The first coupons above referrec to sahll represent interest upon the ~ Drinoipal of the re'spective bonds to which the same are respectively attached comping due January 2nd, 1932, and the subsequent coupons above referred to shall represent interest ~,~coming due on the principal of the respective bonds to which the same are respectively attached for ~the several sBmi-annual periods subsequent to said date. Sec. 3. Said bonds shall be issued in series, and the unpaid assess- mS.ts as shown on said list filed by the Superintendent of Streets and de~ermined by the said City Council together with interest thereon, shall remain and con- stitute a trust fund for the redemption aud payment of said bends and of tB~ interest which may be due thereon, which unpaid assessments shall be payable in annual series corresponding in number to the number of series of bonds issued, and an even annual proportion of each assessmm~t shall be pa~ble in each year pre- ceding the date of the maturity for each of the several series of bonds issued, and such proportion of each assessment coming due in any year, together with the annual interest thereon, shall in t~rn be paymble in installments as the general municipal taxes of said City on real property are payable, and shall become delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties for delinquency. Said bonds shall be signed by the Treasurer of said City and counter- s. igned by the clerk who shall affix thereto the official seal of said City; the interest coupons affixed thereto shall be signed by the Treasurer or bear his engraved, printed or lithographed signature; and such signing and sealing ,of said bends by said officers and signing of said coupons by said Treasurer shall constitute and be a sufficient and binding execution of each and everyone of said bonds and all of the coupons thereof respectively. Said bonds shall be substantially in the form set for,th in said "Improvement Bond Act of 1915", as amended; said Treaaurer and said clerk are hereby authorized and directed to so sign and countersign respectively. The interest coupons attached to each of said bonds and evidencing the interest to accrue thereon shall be numbered consecutively and be substantially in the following form, tO-wi t: Coupon No. $ The City of South San ~rancisco, California, will pay to the bearer hereof on the second day of i9 L. $ at the office of the City Treasurer, said sum being the semi-annual interest due on Improvement Bond No. of Series No. Dated: ~ T~ Bec. A. Said bonds shall be forthwith delivered to ~ay Improvement Company the contractor in satisfaction ~of the balance due him upon its assessment and warrant. -,-,-,-,-,-,-,-,-,-,- I hereby certify that th~ foregoing resolution was duly end regularly introduced and adopted by the City Council of the City of South San ~rancisco at an adjourned regular meeting thereof held February 6th, 19Zl,,by the following vote, to-wit: Ayes, Reese Lloyd, ~. Boido, M. Minucci~ni, R. Tibbetts, Jos. P. Quinlan Noes, None Absent, None Daniel Mc Sweeney City Clerk