HomeMy WebLinkAboutReso 2114-1955RESOLUTION NO. 2114
A RESOLUTION OF THE CITY COUNCIL OF TEE CITY OF SOUTH SAN
FRANCISCO CALLING FOR BIDS ON SALE OF IMPROV~4ENT BONDS.
BE IT RESOLVED by the City Council of the City of South San Francisco as follows:
1. That the City Clerk of said City be, and he hereby is, directed to call for bids for the sale of
improvement bonds to be issued pursuant to Resolution of Intention No. 1987 adopted by this Council on the 15th
day of March, 1954, as amended, said bids to be received by said City Clerk at or before the hour of 8:00 o'clock
P. M. of Monday, the 7th day of March, 1955, and to be publicly opened, examined, and declared at said time in the
regular meetim~ place of said City Council, namely, the Council Chambers, City Hall, Grand Avenue, South San
Francisco, California. Said notice shall be in the form of the attached document, marked Exhibit "A", and shall be
given by publishing the same once, at least five (5) days before said date, iu the South San Francisco Enterprise-
Journal, a newspaper published in said City.
2. That the City Council will furnish the legal opinion of the law firm of RICHARDP. LYONS-CONRAD B.
REISCH, No. llO Bank Building, South San Francisco, California, unqualifiedly approving the legality of the pro-
ceedings and the issuance of said bonds.
I hereby certify that the foregoing resolution was duly and regularly adopted and passed by the City
Council of the City of South San Francisco, California, at a regular meeting thereof, held on the 21st day of
February, 1955, by the following vote:
AYES: COUNC~
Andrew Rocca, Francis Lucchio, Emilio Cortesi, Richard Gamlen and Telford Smith.
NOES: None
ABSENT: None
ATTEST:
ARTHUR A. RODONDI, CITY CLERK
(Continued)
NOTICE CALLING FOR BIDS ON THE S~Lw. OF
IMPROVEMENT BONDS
Industrial Area Outfsll Sewers and Pumping Stations
EXHIBIT A
NOTICE IS HEREBY GIVEN pursuant to a resolution calling for bids on the sale of improvement bonds, as
adopted by the City council of th~ City of South San Francisco on February 21, 1955, that the City Clerk of Said City
will, at or before 8:00 o'clock P. M. of MONDAY, the 7TH DAY OF MARCH, 1955, receive at the regular meeting place of sai~
City Council, namely the Council Chambers, City Hall, Grand Avenue, South San Francisco, California, sealed proposals
or bids~for the purchase of impro~ement bonds of said City to be issued pursuant to the Refunding Assessment Bond Act
of 1935, as modified in the Municipal Improvement Act of 1913, upon the unpaid assessments under Resolution of
Intention No. 1987, adopted by the City Council of said City on March 15, 1954, as amended, to cover the costs and
expenses of constructing industrial area outfall sewers and pumping stations in said City.
Said bonds are callable at 105, in accordance with the provisions of the improvement Bond Act of 1915.
Said Bonds will be issued in the amount of approximately $283,080.00.
The bonds will be issued in fifteen equal annual series, maturing on the 2nd day of July in the years
1955 to 1969, inclusive, will bear interest at a rate of not to exceed five percent (5~) per annum and be paid by
semi-annual coupons on the 2nd days of January and July of each year, excepting the first coupon which will be for
interest from August 9, 1954 to January 2, 1955. Said Bonds will be dated August 9, 1954, and will be designated
Series "P".
All bids will be publicly opened, examined, and declared at the time and place abc~e stated, after which'
said bonds will be awared to the bidder who offers to take them at the lowest rate of interest plus premium, if any,
and interest to the date of delivery, both the interest and the amount:of the premium to be considered iu determining
the best bid.
All bids shall be unconditional and enclosed in a sealed envelope marked "Proposal for Bonds". NO BIDS
BELOW PAR WILL BE CONSIDERED.
The assessed valuation of the City of South San Francisco is $45,756,708.00
In the event of a delinquency in the payment of any installment of the assessments levied upon any of
said benefited properties for the payment of the principal and interest of said bonds, it is a mandatory duty on the
part of the City to transfer to the interest and redemption funds of said bonds an amount equal to the amount of such
delinquency, with penalties~and costs, from available funds of said City, and in theevent such funds are not-available,
then to levy a tax therefor up to ten cents (10¢) on each One Hundred Dollars ($100.00) of taxable property in said
City. In such event said bonds ~ bear interest after maturity until paid at the rate stated therein. .
The City reserves the right to reject any and all bids, if to do so is deemed to be for the public good.
The legal opinion of RICHARD P. LYONS - CONRAD B. REISCH, No. llO Bank Building, South San Francisco,
California, will be ~furnished by said City to accompany said bonds.
By order of the City Council of the City of South San Francisco, Dated: February 21, 1955.
ARTHUR A~ RODONDI
City Clerk of the City of South San Francisco
EXEI~T A