HomeMy WebLinkAboutReso 1924-1953 RESOLUTION NO. 192&
RESOLUTION PROVIDING FOR THE ISSUANCE OF
IMPROVEMENT BONDS.
RESOLVED: By the City Council of the City of South San Francisco, that
WHEREAS, the City Council of said City did on the 5th day of November, 1952,
pass and adopt its Resolution of Intention No. 1838, relating to certain work pro-
Dosed to be done and improvements to be made in said City, as therein described, under
and pursuant to the prbvisions 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 manner
provided by the "Improvement Bond Act pt 1915", as amended, reference to said Resolution
of Intention being hereby expressly made for further particualrs; and
WHEREAS, the contract for said work and improvement was duly awarded a~d 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 Contractor in the time, form and manner as required by said Act,
and the Contractor having made due return thereon and the same having been duly ~iled;
and
WHEREAS, on the 8th day of June, 1953, the Engineer of Work of said city made and
filed with the Clerk of this Council a complete list of all assessments thereud~s~,and
WHEREAS, on the 21st day of August, 1953, a complete list of all assessments
unpaid thereunder upon the respective assessment or diagram numbers thereon, was filed with
the Clerk of this Council, whereupon said Clerk gave notice of the fillAEgof said list,
and fixed in said notice Tuesday, the 8th day of September, 1953, at the hour of eight
o'clock P.M., as the time when interested nersons might appear before the City Council
at the regular meeting place of said City Council in the 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 anpears from affidavits on file in.the office of said Clerk;
WHEREAS, No protests or objections against the issuance of bonds as aforesaid
havin~ been presented before or at the time of said hearing .
NOW, THEREFORE, IT IS HEREBY FOUND, DETE~IINED AND ORDERED as follows:
1. That said list of assessments unpaid filed by said Engineer of Work, as
aforesaid, was, at the time of filing thereof, in all respects complete and correct, and
that since the filing thereof (no) (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 pusuant to said Resolution of Intention No. 1838, and the
aggregate amount of the same, are as follows:
Diagram and Assessment No.
Amount of Assessment Unpaid
$ 507.67
2 417.38
3 558.61
7O4.85
7 1,150.30
9 325.77
1~ 793.88
15 163 -43
2. That the total or a~gregate amount of said assessments unoaid is the sum of
$~,619.89. ~
3. That bonds shall be issued upon the security of said unpaid assessments in the
said amount of $4,619.89 in accordance with the provisions of said Improvement ~ond
Act of 1915, and under and pursuant to the provisions of said Resolution of Intention
No. 1838 and the proeeedinEs thereunder duly had and taken; that said bonds shall be
ten (10)in number, shall be dated September 8,'1953, and bear interest at the rate
of five per cen~ (5%) net annum from the 9th day of July, 1953, being thirty-one (31)
days after June 8, 1953 - the date of the recording of assessment, and the denominations
of said bonds and the interest coupons required ~o be attached thereto, ~with the
respective numbers and dates of maturity, are as follows:
Series Number
Bond No.
Denomination
Date of Maturity
1 $ &61.99
2 461.99
3 ~61.99
~ 461.99~
5 461.99
6 461.99
7 461.99
8 461.99
9 461.99
10 461.99
July 2, 1955
July 2, 1956
July
July 2, 1959
July 2, 1960
July 2, 1961
July 2, 1962
July 2, 1963
July 2, 1964
4. With reference to said bonds, the first coupon attached to said bonds shall
have a denomination of $3&.10. and the subsequent coupons attached to said bonds
shall have a .denomination of $11.55.
The first counon above referred to shall represent interest upon the nrincipal
of the respective bonds to which the same are respectively attached coming due
January 2, 1955, and the subsequent couoons above referred to shall represent the
interest coming due on the principal of the resnective ~onds to which are respectively
attached for the several semi-annual periods subsequent to said date.
5. Said~bonds shall be issued in series, and the unpaid assessments as shown on
the list filed by the Engineer of Work and determined by the said City Council, to-
gether with the interest thereon, shmll remain and constitute a trust fund for the
redemption and payment of said bonds and of the interest which may be due thereon,
which unDaid assessments shall be payable in annual series corresponding in number
to the number of series of bonds issued, and an even annual proportion .of each assess-
ment shall be payable in each year preceding the date of the maturity for each of the
several series of bonds issued, and such proportion of each assessment coming due
in any year, together with the annual interest thereo$, shall.in turn be payable in
insballments 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 sea! ~ said City; the interest
couoons affixed thereto shall be signed by the Treasurer or bear his engraved,
printed or lithographed signature; and such signing of said coupons 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 sub-
stantially 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, res-
pectively.
7. That the interest coupons attached to each of S~bonds and evidencing
the interest to accrue thereon shall be numbered consecutively and be substantially
in the following form, to-wit:
Coupon No. $
The City of South San Francisco, California, will pay to the bearer
hereof on the 2nd day of ~ Dollars ($ )
' '(19 )
at the office of the City Treasurer; said sum being the semi-snnual interest
due on
Improvement Bond No.
of Series No. M1
Dar es:
City Treasurer of South San Francisco.
8. That said bonds shall f~rthwith be delivered to B.MILES THOMAS COMPANY,
the Contractor, 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
intorduced and passed at a regular meeting of the City Council of the City
of South San Francisco held on the 8th day of September, 1953, by the following
vote, to-wit~
Ayes, Councilmen
Noes, Councilmen
Absent, Councilmen
Adolph Sani, Emilio Cortesi, Joseph Bracco, Telford Smith
None
John Noonan
Arthur A. Rodondi
City Clerk