HomeMy WebLinkAboutReso 2119-1955RESOLUTION NO. 2119
A RESOLUTION OF THE CITY COUNCIL OF TttE CITY OF SOUTH
SAN FRANCISCO CALLING FOR BIDS ON SALE OF IMPROVEY~NT
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 hereoy 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. on Monday, the
21st day of March, 1955, and to be publicly opened, examined, and declared at said time
in the regular meeting 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, in the South San Francisco Enterprise-
Journal, a newspaper published in said Uity.
2. That the City Council will furnish the legal opinion of the law firm of
RICHARD P. LYONS-CONRAD B. REISCH, No. ll0 Bank Building, South San Francisco, California,
unqualifiedly approving the legality of the proceedings 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 7th day of March, 1955, by the following vote:
AYES,
Councilmen: Andrew Rocca, Francis Lucchio, Emilio Cortesi, Richard Gamlen, and
Telford Smith.
NOES, " None
ABSENT, " None
ATT EST:
ART~UR A. RODONDI, CITY CLERK
E~tIBIT A
NOTICE CALLING FOR BIDS 0N THE SAL~. OF I~gPROVE~NT BONDS
Industrial Area 0utfall Sewers and Pumping Stations
NOTICE IS HEREBY ~I~ZEN, pursuant to a resolution calling for bids on the sale
of improvement bonds, as adopted by the City Council of the City of South San Francisco on
March 7, 1055, that the City Clerk of said City will, at or before 8:00 o'clock P.M. of
MONDAY THE 21st DAY OF MARCH, 1955, receive at the regular meeting place of said City
Council, namely, the Council Chambers, City Hall, Grand Avenue, South San Francisco,
California,~ sealed proposals or bids for the purchase of improvement bonds of said City
to be issued pursuant to the Refunding Assessment Bond Act of 1913~ upon the unpaid assess-
ments under ResOlution of Intention No. 198V, adop'Sed by the City $ounci,1 of said City on
March 15, 195~, as amended, to cover~the costs and expenses of constructing industrial
area outfall sewers and pumping staticns in said City.
Said bonds are callable at 105, in accordance with the provisions of the
Improvement Bond Act of 1.~15.
Said bonds wtll~i:be issued in the maount of approximately $283,080.00.
*as modified in the Municipal Improvement Act of 1913,
394
The bonds will be issued in fifteen equal annual series, maturing on the 2nd day of
July in the years 1956 to 1970, 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, 1~56. Said bonds will be dated August 9, 1954, and will be designated Series "P-l."
All bids will be publicly opened, examined, an~'~ declared at the time and place above
stated, after which said bonds will be awarded to the bidder who offers to take them at the
lowest rate of iuterest plus premium, if any, and interest to the date of delivery, both the
interest and ~he amount of the premium to be considered in determining the best bid.
All'bids shall be enclosed in a sealed envelope marked "Proposal for Bonds."
NO BIDS BELOV~PAR WILL BE CONSIDERE~)o
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 the event.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 shall bear interest
after maturity until paid at the rate stated ~herein.
The City reserves
to be for the public good.
the right to reject any and all bids, if to do so is deemed
.The legal opinion of RICHAtiD P. LYONS-CONRAD B. REISCH, No. ll0 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: March 7, 1955
ARTHUR A. RODONDI, CITY CLERK