HomeMy WebLinkAboutReso 1888-1953RESOLUTION PROV~ING FOR THE ISSUANCE
OF I~,~ROV~MENT BOngo.
REBOLVED: By the City Council of the City of South San Francisco, that
~,~EREAS, the City Council of said City did on the 2nd day of June, 1952, pass
and adopt its Resolution of Intention No. 1762, relating to certain work proposed
to be done and improvements to be made in said City, as therein described, under and
pursuant to the provisions of that certain Act of the Legislature of the State of
California designated as the "Improvement Act of 1911", as amended, and did therein
provide that serial bonds would be issued thereunder in the m~nner provided by the
"Improvement Bond Act of 1915", as amended, reference to said Resolution of Intention
being hereby expressly made for further particulars; and
WH~WREAS, the contract for said work and improvement was duly awarded and there-
after duly completed to the satisfaction of the Superintendent of Streets of said City and this
Council, whereupon an assessment, warrant and diagram were made, recorded and delivered to
the time, form and manner as required by said ~Act, and the Contractor h~ving made due contractor
return thereon and the same having been duly filed; and
WHEEE~, on the 13th day of JanuAry, 1953, the Engineer of Work of said City made and
filed with the Clerk of this Council a complete list of all assessments 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 18th day of May, 1953, at
the hour eight o'clock P.M. as the time when interested persons might appear before the
City Council at the regular meeting place of said City Council in bhe City Hall in the
Council Chambers thereof in the City of South San Francisco, California, 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;
~EAS, No protests or objections against the issuance of bonds as aforesaid having
been presented before or at the time of said hearing May 18, 1953
NO%'4 THERZFORE, IT IS HEREBY FOUND, DETEP~MIN~ AND ORDEQED as follows:
1. That said list of assessments unpaid filed by said Engineer of Work, as aforesaid, was,
at the time of filing thereof, tn all respects complete and correct, and that since the filing
thereof certain assessments have been paid, other than those hereinafter set forth and also that
the unpaid assessments in the proceedings duly had and taken under and pursuant to said Resolution
of Intention No. 1762, and the aggregate amount of the same, are as follows:
DiaEram and Assessment No. Amount of Assessment UDpai~
1 $5729.53
2 4785.1~
3 7487.15
~ 9762.19
7 13166.81
ll 0.00
13 O.00
15 2253.dl
17 '187.~8
19 (formerly Assessment 9, split to form 0.00
20 9 & 20. 9 paid) 2326.89
2. That the total or aggregate amount of said assessments unpaid is the sum of $45,698.60.
3. That bonds shall be issued upon the security of said unpaid assessments in the said amount
of $~5,698.60 in accordance with the provisions of said Improvement Bond Act of 1915, and under and
pursuant to the provisions of said Resolution of Intention No. 1762 and the proceedings thereunder
duly h~d ~nd taken; th.~t siad bonds shall be forty-five (~5) in numbcr, shall be dated May 18, 1953,
and bear interest at the rate of five oar cent (5%) per annum from the 13th day of January, 1953, and
the denominations of said bonds an~ the interest coupons required to be attached thereto, with tDe
respective n~nbers ~nd dates of n~turity, are ~[ ~ .... ~wo:
Series N~mber
K1
Bond No. Denomination Date of Maturity
1. $1,015.52 July 2, 195&
2 $1,015.52 July 2, 195~
3 1,015.52 July 2, 195~
~ 1,015.52 July 2, 1955
5 1,015.52 July 2, 1955
6 1,015.52 July 2, 1955
7 1,015.52 July 2, 1956
8 1,015.52 July 2, 1956
9 1,015.52 July 2, 1956
10 1,O15.52 July 2, 1957
1! 1,O15.52 July 2, 1957
12 1,O15.52 July 2, 1957
13 1,015.52 July 2, 1958
ld 1,O15.52 July 2, 1958
15 1,O15.52 July 2, 1958
16 1,015.52 July 2, 1959
17 1,O15.52 July 2, 1959
18 1,015.52 July 2, 1959
19 1,015.52 July 2, 1960
0 1,015.52 July 1960
1~ 1,015.52 July 2'
, 1960
22 1,015.52 July 2, !961
23 1,015.52 July 2, 1961
2~ 1,015.52 July 2, 1961
25 1,O15.52 July 2, 1962
26 1,015.53 July2, 1962
27 1,015.53 JulyS2, 1962
28 1,015.53 July 2, 1963
29 1,015.53 July 2, 1963
30 1,O15,53 July 2, 1963
31 1,O15.53 July 2, 1964
32 1,015.5~ July2, 1964
33 1,015.53 July 2, 1964
34 1,O15.53 JulY 2, 1965
35 1,015.53 July 2, 1965
36 1,O15.53 July 2, 1965
37 1,015.53 July 2, 1966
38 1,015.53 July 2, 1966
39 1,015.53 July 2, 1966
40 1,015.53 July 2, 1967
41 1,015.53 July 2, 1967
42 1,015.53 July 2, 1967
49 1,O15.53 July 2, 1968
A4 1,015.53 July 2, 1968
45 1,015.53 July 2, 1968
4. With reference to said bonds, the first coupon attached to said bonds shall have a
denomination of $49.39, and the subsequent coupons attached to s~id bonds shall have a deno-
mination of $25.39.
The first coupon above referred to sh~ll represent interest upon the principal of the
respective bonds to ;~ich the same are respectively attached coming due January 2, 1954, and the subsequent
coupons above referred to shall represent the interest coming due on the principal of the respective
bonds to which are respectively attached for the several semi-annual periods subsequent to said
date.
5. Said bonds shall be issued inseries, end the unpaid assessments as sha~n on the list
filed by the Engineerof Work and determined by the 8aid City Council, together with the interest
thereon, shall remain and constitute a trust fund for the redemption and pay~ent of said bonds
and of the interest which may be due thereon, which unpaid assessments shall be payable in annual
series corresponding in number to the nmmber of series of bonds issued, and an even annual
proportion of each ~ssessment shall be payable in each year preceding the date of $I~e 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 turn be payable in installments ss the general
municipal taxes of said City on real property are ~ayable, and sh~ll become deliquent at the
same times and in the same proportionate amouht~ and be~r~ thesame, proportionate penalties for delinquency.
6. Said bonds shall be signed by the Treasurer of s~id City and countersigned by the Clerk
who sB~ll affix thereto the official seal of said Cit~; the interest coupons affixed thereto
shall be signed by the Treasurer or be~r his engraved, printed or lithographed signature; .~nd
such signing of said coupons by said Treasurer shall constitute and be a sufficient and binding
execution of each and every one of s~id bonds and all of t~e coupons thereof respectively.
Said bonds shall be substantially in the form set forth in said Improvement Bond Act of 1915;
said Treasurer and said Clerk are hereby authorized and directed to so sign and countersign,
respectively.
7. That the internist coupons attached to each of said bonds and evidencing the interest
to accrue thereon shall be nmnbered consecutively and be substantially in the follow,lng form,
to-wit:
Coupon No. $
The ~City of South San Francisco, California, ~11 pay to the bearer hereof on the 2nd
day of Dollars ($ ) at the office
(19
of the City Treasurer; said sum being the semi-annual interest due on
Improvement Bond No.
of Series No. K1
Dst ed:
City Treasurer of South San Francisco.
8. That said bonds shall forthwith be delivered to Bank of America, N.T.&. S.A by virtue of an
assignment from Peter Sorensen, as Contractor.
I hereby certify that the foregoing resolution was duly and regularly introduced and passes
at a regular meeting of the City Council of the City of South San Francisco held on the 18 day of
May, 1953, by the follo~ng vote, to-wit:
AYES, Councilmen John Noonan, Adolph Sani, Emilio Cortesi, Joseph Bracco
NOES, Councilmen None
ABSENT, Councilmen Telford Smith
Arthur A. Rodondi
City Clerk