HomeMy WebLinkAboutReso 1621-1951RESOLUTION NO. 1621
A RESOLUTIOW PROVIDING FOR THE ISSUANCE OF SERIES B BONDS
OF THE CITY OF SO~fft SAN FRANCISCO KNOWN AS "CITY OF
SOt~H SAN FRANCISCO SE'~AGE DISPOSAL BONDS - 19&9"; PRE-
SCP/BI~ THE AM(~NT,' DATE AND FORM OF SERIES B BONDS AND
THE COT~PONS ATTACHED THERETO; AND PRESCRIBING THE MATURITIES
THEEEOF; AUTHORIZING THE EXECUTION OF SAID BONDS AND COUPONS;
PROVIDIN~ FOR THE LETY OF A TAX TO PAY THE PRINCIPAL AND
INTEREST OF SAID BONDS; AND DIRECTING NOTICE OF SALE OF
SAID S~IES B BOND~ TO BE GIVEN.
RESOLVED by the City Council of the City of South San Francisco as follows:
That said City Cou$cil issue and sell bonds in the amount of $300,000.00, the same being a part
of the principal amount of the bonds authorized at the special election held in said city in July 26, 19&9,
and by Resolution No. 1495, adopted by the City Council on October 10, 19&9, authorizing the issue of
$1,667,000 aggregate principal amount of bonds of said City (which said resolution is hereby incorporated
herein and by this reference is hereby made a part hereof), which bonds are designated "City of South
San Francisco Sewage Disposal Bonds - 19&9". Said ~onds in the principal amount of ~300,000.00 shall
be designated Series B, and shall be negotiable in form and of the character known as serial, and 300
in number, numbered consecutively BI to B300, both inclusive, and of the denomination of $1,000.00 each.
~aid Series B bonds shall be dated December 15, 1950, (which is heeeby fixed and determined to be the
date of the issue of such Series B bonds). Ail said Ser~es B bonds shall bear interest from ~heir date
until paid at a rate, mot exceeding FIVE PERC~WT (5%) per annum, mhich rate shall be the lowest rate
which may be proposed by a bidder for the purchase of said bonds. Said interest shall be payable 8emi-
annually on June 15th and December 15th of each year. Said bonds will mature and become payable in
consecutive numerical order from the lower to the higher as follows:
$10,000.00 principal amount on the 15th day of June in each year of the years 1951 to 1980,
both inclusive. Both the principal and interest on said bonds shall be payable at the office of the
Treasurer of the City of South San F~ancisco, in South San Francisco, California, ia lawful money of the
United Sta~s of America.
Section 1. Said bonds shall each be substantially in the follo'~ing form, the blanks in said
form and in the form of coupon given ~elow to be filled with appropri~e words or figures, namely:
~NITED STATES OF AMERICA
STATE OF CALIFO~IA
San Mateo County
CITY OF SO~TH SAN FRANCISCO SEWAGE DISPOSAL BOND--19&9
SERIES S
No. B $1,000
The CITY OF SOUTH SAN FRANCISCO, a municipal corporation, organized and exieting under the
Constitution and laws of the ~tate of California, hereby acknowledges itself i~debted and for value
received, promises to pay to the bearer (or if this bond be registered, to the registered holder here-
of) on the 15th day of December, 19__, ONE THOUSAND (1,000) DOLLARS, together with interest thereon
at the rate of ( )mercent per annum until payment of said principal sum in
full, payable semi-annually on thel5th day of June and the 15th day of December of each year. Unlems
this bond ia registered such interest, prior to maturity, shall be payable only on presentation and
surrender of the proper interest coupons hereto attached as they respectively become due. Both the
principal of and interest on this bon~ are payable in lawful money of the United States of America
at the office of the Treasurer of the City of South San Francisco, in South Sa~ Francisco, California.
This bond is one of a duly authorized issue of bonds of said City aggregating one million
six hundred sixty-seven thousand (1,667,000) dollars in principal amount, all of like tenor (except
for such variations, if any, as may be required to designate varying series, numbers, maturities or
interest rates) and is issued under and pursuant to the Constitution and statutes of the $+ate of
California. and under and pursuant to the ordinances and nroceedines of said City duly ad~ad ~d
~e;ei~'~d by t~s re~eranc; is he'by ~de a ~ hereof), ~ich bonds ~e designated "City of South
~n Fr~cisco Se~ge ~spos~ Bo~ds - 1929". ~id Bonds in the princi~l ~o~t of ~300,~.~ shall
be desi~ated Series B, ~d eha~ be negotiable ~ fo~ ~d of the character ~o~ as serial, a~ 3~
~ n~ber, m~er~ consecutively B1 ~o B300, both inclusive, ~d of the den~tion of ~1,0~.00 each.
~d ~ries B bonds shall be dated December 15, 1950, (which is heeeby fixed and demeaned to be the
date of the isle of such Series B bo~s). ~1 said Ser~es B bonds shall bear interest from their ~%e
~til ~id at a rat~, ~t exceedi~ FI~ P~ (5%) ~r ~, ~ich rote sha~ be the lowest rate
~ich ~y be pro~sed by a bidder for the purc~se of said bonds. S~d interest sh~l be ~ya~le
~ually on June 15th and ~c~er 15th of each y~r. ~id bonds ~11 ~tu~ ~ becks ~yable
consecutive n~erical o~er f~m the lower to the higher as follows:
$10,000.00 principal amount on the 15th day of June in each year of the years 1951 to 1980,
both inclusive. Both the principal and interest on said bonds shall be payable at the office of the
Treasurer of the City of South San Feancisco, in South San Francisco, California, in lawful money of the
United Sta~s of America.
Section 1. Said bonds shall each be substantially in the following form, the blanks in said
form and in the form of coupon given ~elow to be filled with appropri~e words or figures, namely:
UNITED STATES OF AM]~/CA
STATE OF CALIFO~/~IA
San Mateo County
CITY OF SOUTH SAN FRANCISCO SEWACE DISPOSAL BOND--19&9
SERIES S
No. B ,, $1,000
The CITY OF SOUTH SAN FRANCISCO, a municipal corporation, organized and existing under the
Constitution and laws of the State of California, hereby acknowledges itself fmdebted and for value
received, promises to pay to the bearer (or if this bond be registered, to the registered holder here-
of) on the 15th day of December, 19__, ONE THOUSAND (1,000) DOLLARS, together with interest thereon
at the rate of ( )percent per annum until payment of said principal sum in
full, payable Semi-annually on thelSth day of June and the 15th day of December of each year. Unless
this bond ia registered such interest, prior to maturity, shall be payable only on presentation and
surrender of the proper interest coupons hereto attached as they respectively become due. Both the
principal of and interest on this bond are payable in lawful money of the United States of America
at the office of the Treasurer of the City of South San Francisco, in South San Francisco, California.
This bond is one of a duly authorized issue of bonds of said City aggregating one million
six hundred sixty-seven thousand (1,667,0OO) dollars in principal amount, all of like tenor (except
for such variations, if any, as may be required to designate varying series, numbers, maturities or
interest rates) and is issued under and pursuant to the Constitution and statutes of the S. ate of
California, and under and pursuant to the ord~umnces and proceedings of said City duly adopted and
taken and a vote and assent of more than two-thirds of all the qualified electors of said City
voting at a special election duly called and held for that purpose.
It is hereby certified, recited and declared that all acts, conditions and things required by
law to exist, happen and to be performed precedent toand in the issuance of this bond have existed,
happened and been performed in due time, form and manner as required by law, and that the amount of
this bond, together with all other indebtedness of said City, does not exceed any limit prescribed
by the Constitution or statutes of said State, and the provision has been made as required by the
Constitution and statutes of said State for the collecti~ of an annual tax sufficient to pay the
principal of, and interest on, this honduras the same become due. The full faith and credit of said
City are hereby pledged for the p~nctual payment of the principal and interest of this bond.
This bond may be registered in the manner provided by law and t~reafter the principal hereof,
and intereeZ heeeee~ shall be payable only to such registered owner.
INWITNESS ~REOF, the City of South San Francisco has caused this bond to be executed under
its official seal, signed by its Mayor and its Treasurer, andcountersigned by its Cler~ and has caused
the interest coupons hereto attached to be signed by it Treasurer, and this bond to be dated on the
15th day of December, 1950.
Mayor of the City of South
San Francisco
Countersigned:
City Clerk of the City of ~uth
San Francisco,
Treasurer of the City of South
San Francisco
(Interest Coupnn)
Coupon No.
On the 15th day of , 19 , the City of
South San Francisco will (unless the within mentioned bond be'
registered) pay to bearer at the office of the Treasurer
of said City, in South San Francisco, California,
Dollars$ in
lawful money of the United States of America, ~eing six
months' interest they due on its 1929 sewage Disposal Bond,
Series B, dated December 15, 1950. No. B
Teeasurer of the City of South
San Francisco
Sec~tion 2. The Mayor of said City of South San Francisco and the Teasurer of
said City are hereby authorized and directed, respectively, as such officers, to execute
each ofsaid bonds on behalg of said City, and the City Clerk, or one or more of his deputies, ~s
hereb~ authorized and directed to co,mtersign each of said bonds and to affix the official seal of said
City %heeeto. Said Mayor and Treasurer are hereby each, respectively, authorized to cause said bonds
to be signed by their printed, lithographed or engraved fac~,~le signatures. Such Treasurer is hereby
authorized and directed to sign each of the interest coupons by printed, lithographed or engraved
facsimile signature. Such signing, countersigning and sealing as herein provided shall be a sufficient
and bindi~ execution of said bonds and coupons by said City, and all s~ch signatures and counter-
signatures, excepting that of the City Clerk o2 his deputies, may be printed, lithographed or engraved.
In case any of such officers whose signatures o2 countersignatures.appear on the ~c~ds or coupons shall
cease to be such officer before the delivery of such bonds to the p~rchaser, such signaturesgr counter-
signatures shall nevertheless be valid and sufficient for all purposes 'the same as if they had remained
in office until the delivery of the bonds.
Section 3. The City Clerk is directed to cause a sufficient number of blank bonds and
coupons of suitable queplity to be lithographed, printed or engraved, and to cause the' blank spaces
thereof to be filled in to cc~ply with the provisions hereof, and to procure their execution by the prop-
er officers, and todeliver them, when so executed, to the Treasurer o£ said City who shall safely keep
the same until they shall be sold by the said City Council, whereupon he shall deliver them to the
purchaser or purchasers thereof, on receipt of the purchase price. Said Mayor, Treasurer and City
Clerk are further .au~hbrized and directed to make, execute and deliver to the purchaser of said bonds
a signature and no-litigation certificate in the form usually required by purchasers of municipal bonds
generally, c~rtifying to the genuineness and due execution of said bonds and further certifying to all
facts within their knowledge relative to any litigation which may or might affect said City, said
officers or said bonds, and said Treasurer is further authorized and directed to make, execute and de-
liver to the p~rchaser of said bonds a Treasurer's receipt in the form usually requred by purchasers
of municipal bonds, evidencing the payment of bhe purchase price of said bonds, which receipt shall
be conclusive evidence that ~id purchase price has been paid and has been received by said City.
Any purchaser or ~ubsequent taker or holder of sa id bands is hereby authorized to rely upon and shall be
Justified in relying upon any such signature and no-litigation ~.ertificate and Treasurer' s receipt
with respect to said bonds executed pursuant to the authority of th~s~eeolution.
Section ~. Ail of said Series B bonds shall be offered for public sale by the City
Council of the City of S~uth San Francisco on the 29th day of January, 1951, and the City Cle~kis
hereby authorized and directed to c ease notice of the sale of said bonds to be published once in
"THE ENTERPRISE-SOUTH SAN FRANCISCO JOUI~AL", the official newspaper of said City, and such notice
shall be substantially in the following form, to-wit.'
OFFICIAL NOTICE OF SALE
City of South San Francisco
Sewage Disposal Bonds-19&9,
~eries B
said ultY a~ he~y auth~xj~ed ~ dxree~-~ r~ep~e~e~,: :aj':~Uch of~iee~-~-execute
each of~d bo~s on behal~ of a~d Oity, ~ the City Oler~,or one Or more of his deputies, ~a
he~b~ authorized ~d directed to co~mtersi~ each of said bonds a~ to affix the official seal of said
City thee~o. S~d ~r and Treasurer ~e hereby each, respective~, authorized to cause said bo~s
to be si~ed by their printed, litho~aphed or engraved fac~le si~tures. ~ch ~easurer is hereby
authorized ~d directed to s i~ each of the interest c~pons by p~nted, litho~aphed or engraved
facs~le si~ature. Such si~ing, co~tersi~ing ~ sealing as herein provided shall be a suf~cient
~d bind~ execution of s~d bonds and cou~ns by s~d City, ~d all ~ch si~atu~s ~d co~te~
si~atures, exce~ing that of the City Clcrk o~ ~s de~ti~s, ~y be prated, ~thographed or engraved.
In case a~ of such of~cers whose sig~tures o? co~terai~atu~.a~ on the ~s or coupons sha~
c~se to be such officer before the de~ve~ of such bo~s to the ~rchaser, such si~aturesgr co~te~
si~at~es shall neve~heless be v~id ~d sufficient for ~1 purposes'the ~me as if they had r~ined
in office ~til the de,very of the bonds.
Section 3. The City Clerk is directed to cause a sufficient number of blank bo~ds and
coupons of suitable queplity to be lithographed, printed or engraved, and to cause the' blank spaces
thereof to be filled in to comply with the provisions hereof,~ and to procure their execution by the pro.D-
er officers, and todeliver them, when so executed, to the Treasurer o£ said City who shall safely keep
the same until they shall be sold by the said City Council, whereupon he shall deliver them to the
purchaser or purchasers thereof, on receipt of the purchase price. Said Mayor, Treasurer and City
Clerk are further .authbrized and directed to make, execute and deliver to the purchaser of said bonds
a signature and no-litigation certificate in the form usmally required by purchasers of municipal bonds
generally, c~rtifying to the genuineness and due execution of said bonds and further certifying to all
facts within their knowledge relative to any litigation which may or might affect said City, said
officers or said bonds, and said Treasurer is further authorized and directed to make, execute and de-
liver to the purchaser of said bonds a Treasurer's receipt in the form usually requred by purchasers
of municipal bonds, evidenci~ the payment of He purchase price of said bonds, which receipt shall
be conclusive evidence that said purchase price has been paid and has been received by said City.
Any purchaser or bubsequent taker or holder of said bonds is hereby authorized to rely upon and shall be
Justified in relying upon any such signature and no-litigation certificate and Treasurer' s receipt
with respect to said bonds executed pursuant to the authority of tht~eeolution.
Section &. Ail of said Series B bonds shall be offered for public sale by the City
Council of the City of S~uth San Francisco on the 29th day of January, 1951, and the City Cle~kis
hereby authorized and directed to c ease notice of the sale of said bonds to be published once in
"THE ENTERPRISE-SOUTH SAN FRANCISCO JOUI~AL", the official newspaper of said City, and such notice
shall be substantially in the following form, to-wit:
OFFICIAL NOTICE OF SALE
City of South SanFrancisc~
Sewage Disposal Bonds-19&9,
Series B
Notice is hereby given that sealed proposals will be received by the City Council of
the City of So~t~ San Francisco, State of California, in the council chamber of said city council
in the city hall, at Orand Avenue and Maple Avenue, South San Francisco, California, on Monday, the
29th day of January, 1951, at the hour of 8 ~'clock p.m. (P.S.T.) for the purchase of $300,000
principal amount of bonds of said city designated "City of South San Francisco Sewage Disposal Bonds-
1929, Series B", more particularly described below. Series B bonds are part of an issue of $1,667,000
aggregate principal amount authorized at an election held in said City of South San Francisco on
July26, 1929. Heretofore bonds in the principal amount of $100,000, designated series A. which are
a part of said aggregate principal amount, have been issued and sold by said city. The remaining
$1,267,000 principal amount of said authorized issue may be sold when and as determined by the city
council of said city but will not be sold prior to the 1st day of September, 1951.
ISSUE:
$300,000 consisting of 300 bonds of the denomination of $1,000 each, numbered B1 to
B300, inclusive, all dated December 15, 1950, and designated S~ries B.
MATURITIES:
Said bc~ds mature serially in consecutive nummrical order, from lower to higher, $10,000
on December 15 in each of the years 1951 to 1980.
INTEREST RATE:
Maximum five (5) per cent per annum, payable semi-annually Juna~15 and December 15, of
each year, Bidders must specify the rate. of interst which t he bonds hereby offered for sale shall bear.
Bidders will be permitted to bid different rates of interest and to split rate ireespective of the
maturities of said bonds. ~he interest rate stated in the bid must be in a multiple of one-quater of
one per cent per annum, payable semi-annually.
PAYMENT:
Both principal and interst shall be payablein lawful money of the United States at the
office of the Treasurer of said City, in South San Francisco, California.
REGISTRATION:
Coupon bonds will be issued by the city.
principal and interest.
Such bonds are registered only as to both
P~POSE OF ISSUE:
Said bonds are authorized by vote of two--thirds of the qualified voters voting at a spmial .
election for the purpose of authorizing bhe~ds for the acquisition, construction, and completion of a sewage
disposal system for said city.
SECURITY:
Said bonds are general obligations of the City of South San Francisco, and said city has po~r
and is obligated to levy ad valorem taxes for the payment of said bonds and the interest thereon upon all
property within the ~ity of South San Francisco subject to taxation by said city (except certain intangible
personal progerty, which is taxable at l~mited rates), without limitation for rate or amount.
TAX ~PT STATUS:
In the event that, prior to the delivery of the ~ands, the income received by private holders
from bonds of the same type and character shall be declared to be taxable under Federal Income Tax daws,
wither ~y the terms of such laws or by ruling of a Federal Income Tax authority orafficial which
followed by the Bureau of Internal Hevenue or by decision of any.Federal Court, the successful bidder
may, at his option, prior to the tender of said bonds by the city, be relieved from his obligation
under the contract to purchase the bonds and in such case the deposit accompanying his bond will be
returned.
LEGAL OPINION:
The legal opinion of Messrs. Orrick, Dahliquist, Neff & Herrington, of San Francisco,
California, approving the validity of said bonds will be furnished to the successful bidder without ch~ge.
Hi~hest ,Bi~: 'Abe bonds will be awarded to the highest and best bidder considering the
interest rate or rates aPecifie~ and the premium offered, if any. The highest bid will be determined
by ded~cting the amount of the premium bid (if any) from the total amount of interett which the City
would be required to pay from the date of said bonds to the eespective maturity dates at the coupon
rate or rates specified in the bid, and the award will be made on the basis of the lowest net interest
cost to the City. The lowest net interest cost shall be compute~ between the date aforesaid according
to thirty-day month standard four decimal municipal bond interest tables. The purchaser must pay
accrued interest fram the date of the bonds to the date of del~ery. The cost of printing the bonds will
be borne bY the city.
Right of ReJectio_n3 The City of South San Francisco reserves the right, in its discretion,
to reject any and all bids and to waive any irregularity or informality in any bid.
Pram~t Award: The City Council of the City of South San Francisco will take action
awarding the bonds or rejecting all bids not later than twenty-four (2&) hours after the expiration
of the time herein prescribed for the receipt or p~Dposal; provided that the award may be made after
the expiration of the specified time if the bidder shall not have ~iven the city council notice in
writing of the withdrawal of such proposal.
Pram~t Del,iver~[: Delivery of said bonds will be made to the success~ull bidder at the
office of the city treasurer in South San Francisco, California, as soon as the bonds can be prepared,
which it is estimated will be about Marchl, 1951.
Right of Cancellation: The successful bidder shall have the right, at his option, to
cancel the contract of purchase, if the city shall fail to tender the vonds for delivery ~n or before
April 1, 1951, and in such event the successful bidder shall be entitled to the return of the deposit
accompanying his bid.
FOrm of Bid: All bids must be unconditional; for not less than all of the bonds hereby
offered for sale;- and for not less than the par value thereof and accrued interest to date of delivery.
Such bids, together with bidder's check, must be enclosed in a sealed envelope addressed to the Ci~
Council of the City of South San l~rancisco and endorsed "Proposal for City of South San Francisco
Sewage Dispo~l Bonds-19&9, Series B".
Bid Check: '~ith each bid must be submitted a certified check or cashier' s check for $10,OOO,
drawn on a bank or trust company transacting business inthe State of California, payable to the order of
the City Treasurer of the City of South San Francisco to secure the city frm~ any los.~ ~-,,~+-4~ ~-^-
the failure of the
Highest ,Bed'. 'Abe bonds will be awarded to the highest and best bidder considering the
interest rate or rates apecifie~ and the premium offered, if any. The highest bid will be determined
by deduc~ing the amount of the premium bid (if any) from the total amount of intere%t which the City
would be required to pay from the date of said bonds to the eespective maturity dates at the coupon
rate or rates specified in the bid, and the award will be made on the basis of the lowest net interest
cost to the City. The lowest net interest coat Shall be compute~ between the date aforesaid according
to thirty-day month standar~ four decimal municipal bond interest tables. The purchaser ~ust pay
accrued interest from the date of the bonds to the date of del~er¥. The cost of printing the bonds will
be borne bY the city.
Right of Rejection_: The City of South San Francisco reserves the right, in its discretion,
to reject any and all bide and to waive any irregularity or informality in any bid.
Prompt Award: The City Council of the City of South San Francisco will take action
awarding the bonds or rejecting all bids not later than twenty-four (2&) hours after the expiration
of the time herein prescribed for the receipt or p~posal; provided that the award may be made after
the expiration of the specified time if the bidder shall not have Riven the city council notice in
writing of the withdrawal of such proposal.
Prompt Delivery: Delivery of said bonds will be made to the success~ull bidder at the
office of the city treasurer in South San Francisco, California, as soon as the bonds can be prepared,
which it is estimated will be about Marchl, 1951.
Ri~h~ of Cancellation: The successful bidder shall have the right, a~ his option, to
cancel the contract of purchase, if the city shall fail to tender the vonds for delivery ~n or before
April 1, 1951, and in such event the successful bidder shall be entitled to the return of the deposit
accompanying his bid.
FOrm of Bid: Ail bids must be unconditional; for not less than all of the bonds hereby
offered for sale; and for not less than the par value thereof and accrued interest to date of delivery.
Such bids, together with bidder's check, must be enclosed in a sealed envelope addressed to the Oily
Council of the City of South San l~rancisco and endorsed "Proposal for City of South San Prancisco
Sewage Dispoai Bonds-19&9, Series B".
Bid Check: '~ith each bid must be submitted a certified check or cashier's check for $10,0OO,
drawn on a bank or trust company transacting business inthe State of California, payable to the order of
the City Treasurer of the City of South San Francisco to secure the city fre~ any loss resulting from
the failure of the bidder to comply with the terms of his bid. In addition bidders are requested (but
not required) to supply an estimate of the total net interest cost to the City on the basis of their
respective bids, which shall be considered as informative only and not binding on either the bidder or
the City. Checks of the unsuccessful b.~ddere will be returned by the city by mail upon the award of
the bonds. No interest will be paid upon the deposit made by the successful bidder.
FINANCIAL STATEMENT
Further information relative to the financial condition of the City of South San Francisco
will be furnished to any bidder u. pon request.
Dated: January 15, 1951.
DANIEL J. HYLAND
City Clerk of the City of South San
Francisco, California.
Section 5. This resolution shall take effect from and after its passage and approval.
Passed and adopted this 15th day of January, 1951, by the following vote:
Ayes, Councilmen Victor Boido, Charles K. Elder, Adolph Sani, Joseph Bradco, Emilio Cortesi
Noes, Councilmen, None
Absent, Councilmen, None
Adolph Sara
Mayor of the City of South San Francisco
Attest:
Daniel J. Hyland
Oity Clerk
Presented to and approved by me this 15th day of January, 1951. Adolph Sani
Mayor of the City of South San Francisco, California