HomeMy WebLinkAboutReso 1992-1954RESOLUTION NO. 1992
ISSUANCE OF IMPROVEMENT BONDS.
(Second Lane Improvement)
RESOLVED: By the City Council of the City of South San Francisco, that
WHEREAS, the City Council of said City did on the /*th day of May, 1953, pass
and adopt its Resolution of Intention No. 1881, 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 designed as the "Improvement Act of 1911", as amended, and did there-
in provide that serial bonds would be issued thereunder in the manner provided by
the "Improvement Bond lct of 1915", as amended, reference to said Resolution of In-
tention being hereby exDressly made for further particulars; and
WHEREAS, the contract ~or said work and improvement was duly awarded and there-
after duly completed to the satisfaction of the Sunerintendent of Streets of said City
and this ~o~ncil, 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 filed;
and
WHEREAS, on the 9th day of March, 195/*, the Director of Public Works of said
City, pursuant to his duties in connection with public improvement work, 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.
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED, AND ORDERED as follows:
1~ That the said list of assessments unpaid and filed by said Director of Public
Works, as aforesaid, was, at the time of filing thereof, in ail respects complete and
correct, and also that the unnaid assessments in the proceedings duly had and taken
under and nursuant to said Resolution of Intention No. 1881, and the aggregate amount
of the same, are as follows:
Assessment Number Amount
1 $ 760.37
2 253.1~6
7 253 ./*6
8 253 ./*6
9 253. ~6
10 253 ./*6
13 253.46
15 253./*6
17 2 53./*6
20 253 ./,6
21 760.37
2~ 760.37
25 285.1
26 316.82
30 253 ./+6
31 253 ./+6
32 ~253 ./*6
33 253 ./*6
3~ 285.1~$
35 285.1/*
36 633.6/*
2. That the total or aggregate amount of said assessment unpaid is the sum
~7,3 81.97.
3. That bonds shall be issued uoon the security of said unnaid assessment in the
said amount of ~7,381.97 in accordance with the Drovisions of said Improvement Bond Act
of 1915, and under and pursuant to the orovisions of said Resolution of Intention No.
188~ and the oroceedings thereunder duly had and taken; that said bonds shall be fifteen
15) in number, shall be dated March 15, 195/*, and bear interest at the rate of five
15~) per cent per annum from December 28, 1953, and the denominations of said bonds and
the interest coupons required to be attached thereto, with the respective numbers and
tention being hereby expressly made ~r furthe~ particulars; and
WHEREAS, the contract eot 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 Co~ncil, whereupon sn 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 ~ving made due return thereon and the same having been duly filed;
and
WHEREAS, on the 9th day of March, 195&, the Director of Public Works of said
City, pursuant to his duties in connection with public improvement work, 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.
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED, AND ORDERED as follows:
1~ That .the said list of assessments unpaid and filed by said Director of Public
Works, as aforesaid, was, at the time of filing thereof, in all respects complete and
correct, and also that the unpaid assessments in the proceedings duly had and taken
under and pursuant to said Resolution of Intention No. 1881, and the aggregate amount
of the same, are as follows:
Assessment Number
Amount
i $ 760. 7
2 253. ~6
7 253 .~6
8 253 .~6
9 253.46
10 253
13 253 .~6
15 2 53.
17 253
20 253.7+6
21 760.37
22 760.37
25 285 .l~
26 ' 316.82
30 253.46
31 253.7+6
32 ' 253 .g6
33 253 .~6
3~ 285.1~
35 285.1~
36 633.6~
2. That the total or aggregate amount of said assessment unpaid is the sum
~7,381.97.
3. That bonds shall be issued upon the security of said unpaid assessment in the
said amount of $7,381.97 in accordance with the provisions of said Improvement Bond Act
of 1915, and under and oursuant to the provisions of said Resolution of Intention No.
18~t and the proceedings thereunder duly had and taken; that said bonds shall be fifteen
15) in number, shall be dated March 15, 1954, and bear interest at the rate of five
5%) per cent per annum from December 28, 1953, and the denominations of said bonds and
the interest coupons required to be attached thereto, with the respective numbers and
~ates of maturity, are as follows:
Series No. Bond No. Denomination Date of Maturitv
N-1 1 $ 492.14 7-2-55
N-1 2 g92.1~+ 7-2-56
N-1 3 ~92.13 7-2-57
N-1 4 492.13 7-2-58
N-1 5 ~92.13 7-2-59
N-1 6 492.13 7-2-60
N-1 7 ~92.13 7-2-61
N-1 8 ~92.13 7-2-62
N-1 9 492.13 7-2-63
N-1 10 492.13 7-2-64
N-1 11 492.13 7-?-65
N-1 12 492.13 7-2-66
N-]. ]-3 492.13 7-2-67
N-1 1~ 492.13 7-2-68
N-1 15 492.13 7-2-69
r soo
4. With reference to said bonds, the first coupon attached to said bonds
shall have a denomination of ~2~.95~ and the subsequent coupons attached to said
bonds shall have a denomination of $12.30.
The first coupon above referred to sh~ll reoresent interest upon the principal
of the respective bonds to ~ich the same are respectively attached coming due Jan-
uary ?, 1955, and the subsequent cou~ons Rbove referred to shall represent the interest
coming due on the principal of the respective bonds to which 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 suoerintendent 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 un~aid assesDment shall be payable in annual series ~orrespond-
lng in number to the number of series of bonds issued, and an even annual proportion
of each ~ ~sessment shall be payable ine~ch year preceding the date of the maturity
~or each of the several series of bonds issued, and such proportion of each assess-
ment 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 prooerty are payable, and shall become delinquent at the same times and in the
same oroportionate .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
of lithogra~hed 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 t~ereof 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 interest coupons attached to each of said bonds and evidencing the
interest to accrue thereon shall be numbered consecutively and be substantially in the
followinK form, to-wit:
Coupon No. $
The City of South San Francisco, California, will pay to the bearer
hereof on the 2nd day of ._~ 19 , _
Dollars (~ ) at the office of
the City Treasurer; said sum being the semi-annual interest due on
Improvement Bond No. of Series No. N-1.
DATED:
City Treasurer of South San Francisco.
8. That said bonds shall forthwith be delivered to Eastland, Douglass & Co.,
Inc., Assignees of John E. Furrer dba Millbrae Wood & Coal Co. is satisfaction
of the balance due uDon 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 passed at a regularly adjourned meet-
ing of the City Council of the City of South San Francisco held
on the 24th day of March, 1954, bM the following vote, to-wit:
Ayes, Councilmen John Noonan, Adolph Sani, Emilio Cortesi, Telford Smith
Noes, Councilmen None
Absent, Coundlmen Joseph Bracco
Arthur A. Rodondi
City Clerk