HomeMy WebLinkAboutReso 1890-1953 RESOLUTION NO. 1890
~OLUTION PROVIDING FOR THE
ISSUANCE OF IMPROV~T BONDS.
City Clerk
Rh~OLVED: By the City Council of the City of South San Francisco, that
¥~EAS, the City Council of said City did on the 20th day of March, 1950,
pass and adopt its Resolution of Intention No. 1525, 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 "Improv~ement Bond Act of 1915", as amended, reference to said
Resolution of Intention being hereby expressly made for further particulars; and
P~M}REAS, 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, re-
corded and delivered to the Contractor in the time, form and manner as required
by said Act, and the Contractor having made due return thereon and t~e same having
been duly filed; and
YM~REAS, on February l, 1952, the Superintendent of Streets of said City
made and filed with the Clerk of this Council a complete list of all assessments
unpaid thereunder and 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 of 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 the City Hall and show cause why bonds
should not be issued upon the s~curity of the unpaid assessments shown on said list,
all of which appears from affidavits on file in the office of said Clerk;
~FREAS, No protests or objections against the issuance of bonds a~ aforesaid
having been presented before or at the time of said hearing May 18, 1953.
NOW, THFREFORE, IT IS HAREBY FOUND, DETERMINED AND 0RD~P.~ED as follows:
1. That said list of assessments unpaid filed by said S~reet Superintendent,
as aforesaid, was, at the time of filing thereof, in all respects complete ~nd
correct, and also that the unpaid assessments in the proceedings duly had and taken
under and pursuant to said Resolution of Intention No. 1525, and the aggregate
amount of the same, are as follows:
Diaaram & Assessment No. Amount of Assessment Unpaid
1 $ 270.71
2 243.6A
3 2A3.6A
~ 2~.6~
5 243.64
6 2/+3.6~
7 2~3.6~
8 2~3.6~
9 2A3.6~
lO 2~3.6A
11 270.71
12 270.71
2. That the total or aggregate amount of said assessments unpaid is the sum of
$3,00~. 89.
3. That bonds shall be issued upon the security of said unpaid assessments in
the said amount of $3,00~.89 in accordance with the provisions of said Impro-,ement Bond
Act of 1915, and under and pursuant to the provisions of said Resolution of Intention
No. 1525 and the proceedings thereunder duly had and taken; that said bonds shall be
fifteen (15) in number, shall be dated May 18, 1953, and bear interest at the rate of
five per cent (5%~ per annum from February 1, 1952, and the denominations of said bonds
and~be interest coupons required to be ~ttached thereto, with the respective numbers and
dates of m~turity, are as fol!o~s:
Series Number Bond No. Denomination Date of Maturity
G-1 1 $ 200.33 7-2-5~
G-1 2 200.33 7-2-55
G-1 3 ~00.33 7-2-56
G-1 ~ 200.33 7-2-57
G-1 5 200.33 7-2-58
G-1 6 200.33 7-2-59
G-1 7 200.33 7-2-60
G-1 8 200.33 7-2-61
G-1 9 200.33 7-2-62
G-1 10 200.33 ~-2-63
G-1 11 200.33 7-2-6~
G-1 12 200.33 7-2-65
G-1 13 200.33 7-2-66
G-1 1~ 200.33 7-2-67
G-1 15 ~' 200.33 7-2-68
224
&. With reference to said bonds, the first coupon attached to s~id bonds shall
have a denomination of $19.26, and the subsequent coupons attached to said bonds shall
have a denomination of $5.01.
The first coupon above referred to shall represent interest upon the principal
of the respective bonds to which the same are respectively attached coming due Jan-
usry 2, 1954, and the subsequent coupons above referred to shall represent the interest
coming due on the principal of the respective bonds to w~ich the same are respectively attached for
the several semi-annuAl periods subsequent to said date.
5. Said bonds shall be issued in series, and the unpaid assessments as shown on
the list filed by the Superintendent of Streets and determined by the said City Council,
together with the interest thereon, shall remain and constitute a trust fund for the
redemption and payment 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
~he number of series bf bonds issued, and an even annual proportion of each assessment shall be payable
n each year preceding 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 turn be payable 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.
6. Said bonds shall be signed by the Treasurer of said City and countersigned
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 llthographed signature; And such signing'of said s£gnihg bf-sald~c&dpons
by said Treasurer shall constitute and be a sufficient and binding execution of
each and every one of said bonds and all of the coupons thereof respectively. Said
bonds shall be substantially in the form set forth in said I~provement Bond Act
of 1915; said Treasurer and said Clerk are hereby authorized and directed t° se
sign and countersign, respectively.
7. That 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 foll~,ing form, to-wit:
Coupon No. $
The City of South San Francisco,
bearer hereof on the 2nd day of
California, will pay to the
, 19 ,
Dollars ($ ) at the office
of the City Treasurer; said sum being the semi-annual interest
due on Improvement Bond No.
of Series No.
City Treasurer of South San Francisco.
8. That said bonds shall forthwith be delivered to the firm
of Hannaford& Talbot, 519 California Street, San Francisco, by
~rtue~df~an~assignment from L.C. SMITH, contractor, to the said
Hannaford & Talbot, in satisfaction of the balance due upon the
assessment and warrant.
9. The City Clerk shall forward a certified copy of this resolution to the
City Auditor and City Treasurer.
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 18th day of May, 1953, by the following
vote, to-wit:
AYES: CounciLmen John Noonan, Adolph Sani, Emilio Cortesi, Joseph Bracco
NOES$ Councilmen None
ABSENT: Councilme~ Telford Smith
Arthur A. Rodondi
City Clerk