HomeMy WebLinkAboutReso 2696-1958
RESOLUTION NO. 2696
RESOLUTION AND ORDER OF CITY COUNCIL OF THE CITY OF
SOUTH SAN FRANCISCO, COUNTY OF SAN MATEO, STATE OF
CALIFORNIA, PROVIDING FOR THE ISSUANCE OF $350,000
PRINCIPAL AMOUNT OF IMPROVEMENT BONDS, INDUSTRIAL
PARK IMPROVEMENT DISTRICT NO. 3, PRESCRIBING THE
PRINCIPAL AMOUNT, DATE AND FORM OF SAID BONDS AND
OF THE COUPONS TO BE ATTACHED THERETO, AND PRESCRIB-
ING THE MATURITY THEREOF; FIXING THE MAXIMUM RATE OF...
INTEREST ON SAID BONDS; AUTHORIZING THE EXECUTION OF
SAID BONDS AND COUPONS; AND SELLING SAID BONDS
WHEREAS, the City Council of-the City of South San Francisco did, on July 21,
1958~ adopt~ its Resolution of IntentionlNo. 2671 relating to certain proposed work, acquis-
itions and improvements to be done and made in Industrial Park Improvement District No. 3
in said City,.described in said Resolution of Intention, under and pursuant to the
provisions of the Municipal Improvement Act of 1913, which said Resolution of Intention
provides that serial bonds to represent unpaid assessments and to bear interest at a
maximum rate of not to exceed 6% per annum, payable'semiannually, will be issued in the
manner provided by Division 10 of the Streets and Highways Code, the Improvement Bond
Act of 1915, and the last installment Of said bonds shall mature fourteen (14) years from
the 2nd day of July next succeeding ten (10) months from their date, reference to said
Resolution of Intention being hereby expressly made for all further particulars; and
WHEREAS, an assessment and diagram were duly made and filed with said City
Council of said City of South San Francisco on July 21, 1958, and after hearing, duly
noticed and held, were confirmed and approved by Resolution duly passed and adopted by
said City Council.of City of South San Francisco on September 2, 1958 (such assessment and
diagram being hereinafter referred to as said assessment and diagram); and
WHEREAS, said assessment and diagram were duly recorded on September 3, 1958,
in the office of the City Tax Collector of said City of South San Francisco, and a
duplicate original thereof was duly recorded on September 3, 1958, in the office~of ~he
Superintendent of Streets of said City of South San Francisco, all in the time, form
and manner required by law; and
WHEREAS, said assessment was in the total amount of $350,000 and was appor-
tioned upon the several subdivisions of land in said Industrial Park Improvement District
No. 3 in proportion to the estimated benefits to be received by such subdivisions, res-
pectively, from said work, acquisitions and improvements as shown in said assessment to
which reference is hereby expressly made for further particulars; and
WHEREAS, notice of the recording of said assessment was duly given to the
owner of all of the property assessed in said Industrial Park Improvement District No. 3,
and notice of such recordation of said assessment and notice otherwise as required by
law has been duly given by mailing and by publication of notice in the time, form and
manner required by law; and
WHEREAS, said owner of all of*the property in said District assessed by said
assessment has filed with the Superintendent of Streets of said City a written notice
stating that it will not pay in cash within the period of time allowed by law for payment
thereof in cash any part of the assessment or assessments against any property owned~by
it, that it waives its right to pay said assessment or assessments in cash on or before
the close of business on October 3, 1958, and that it requests that bonds be issued under
the Improvement Bond Act of 1915 to represent the full amount of the unpaid assessments
against all property owned by it; and
WHEREAS, the Superintendent of Streets of said City on September 15th, 1958,
made and filed with the City Treasurer of said City and with this City Council a complete
list of all unpaid assessments, upon said assessment, showing unpaid assessments in the
aggregate amount of $350,000 and said Treasurer has determined, and this City Council
hereby finds and determines, that said assessments so listed as unpaid upon said list
of unpaid assessments are unpaid and that the aggregate amount thereof is said amount
of $350,000; and
WHEREAS, Stone & Youngberg, a partnership, has offered to purchase, without
accrued interest, not to exceed $350,000 principal amount of bearer bonds to be issued
in said proceedings under amd pursuant to the Municipal Improvement Act of 1913 and
Improvement Bond Act of 1915, at'98% of the par value of the first $250,000 principal
amount thereof to be issued and at 97% of the par value of such bonds issued in excess
of said first $250,000 principal amount thereof to be issued, said bonds to extend over
a period of 14 years from the second day of July next succeeding 10 months from their
date, and to bear interest at the rate of 4% a year payable semiannually.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SOUTH SAN
FRANCISCO, AS FOLLOWS:
1. The foregoing recitals and each of them are true and correct.
2. All acts, conditions and things required by law to exist, happen and be
performed precedent to and in the issuance of the bonds hereinafter provided for have
existed, happened and been performed in the time, form and manner as required by law.
3. Bonds shall be issued upon the security of said unpaid assessments in the
amount of $350,000 in accordance with the provisions of said Improvement Bond Act of
1915 and under and in pursuance of the provisions of said Reso]ntion of Intention No. 2671
and the proceedings thereunder duly had and taken. Said bonds shall be known as "Improve-
ment Bonds, Industrial Park Improvement District No. 3, City of South San Francisco";
shall be in form and of the character known as serial and shall be in the principal
amount of $350,000; shall be dated November 3, 1958 (which is hereby fixed and determined
to be the date of issue of said bonds); shall bear interest from November 3, 1958, at a
rate of 4% per annum; and shall be of the denominations and numbered and shall mature
and become payable as follows:
Maturity
Bond Numbers Date
(both inclusive) Denomination .T,,'~v ~.
. ~v.u...v.. v. .~ . _.,=,,. a..u no~ice o~nerwxse as requlred by
has been duly given by mailing and by publication of notice in the time, form and
manner required by law; and
WHEREAS, said owner of all of the property in said District assessed by said
assessment has filed with the Superintendent of Streets of said City a written notice
stating that it will not pay in cash within the period of time allowed by law for payment
thereof in cash any part of the assessment or assessments against any property owned'by
it, that it waives its right to pay said assessment or assessments in cash on or before
the close of business on October 3, 1958, and that it requests that bonds be issued under
the Improvement Bond Act of 1915 to represent the full amount of the unpaid assessments
against all property owned by it; and
WHEREAS, the Superintendent of Streets of said City on September 15th, 1958,
made and filed with the City Treasurer of said City and with this City Council a complete
list of all unpaid assessments, upon said assessment, showing unpaid assessments in the
aggregate amount of $350,000 and said Treasurer has determined, and this City Council
hereby finds and determines, that said assessments so listed as unpaid upon said list
of unpaid assessments are unpaid and that the aggregate amount thereof is said amount
of $350,000; and
WHEREAS, Stone & Youngberg, a partnership, has offered to purchase, without
accrued interest, not to exceed $350,000 principal amount of bearer bonds to be issued
in said proceedings under amd pursuant to the Municipal Improvement Act of 1913 and
Improvement Bond Act of 1915, at'98% of the par value of the first $250,000 principal
amount thereof to be issued and at 97% of the par value of such bonds issued in excess
of said first $250,000 principal amount thereof to be issued, said bonds to extend over
a period of 14 years from the second day of July next succeeding 10 months from their
date, and to bear interest at the rate of 4% a year payable semiannually.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SOUTH SAN
FRANCISCO, AS FOLLOWS:
1. The foregoing recitals and each of them are trUe and correct.
2. All acts, conditions and things required by law to exist, happen and be
performed precedent to and in the issuance of the bonds hereinafter provided for have
existed, happened and been performed in the time, form and manner as required by law.
3. Bonds shall be issued upon the security of said unpaid assessments in the
amount of $350,000 in accordance with the provisions of said Improvement Bond Act of
1915 and under and in pursuance of the provisions of said Reso~tion of Intention No. 2671
and the proceedings thereunder duly had and taken. Said bonds shall be known as "Improve-
merit Bonds, Industrial Park Improvement District No. 3, City of South San Francisco";
shall be in form and of the character known as serial and shall be in the principal
amount of $350,000; shall be dated November 3, 1958 (which is hereby fixed and determined
to be the date of issue of said bonds); shall bear interest from November 3, 1958, at a
rate of 4% per annum; and shall be of the denominations and numbered and shall mature
and become payable as follows:
Bond Numbers
(both inclusive)
Denomination
Maturity
Date
July 2
1 - 23
24
25 - 47
48
49 - 71
72
73 - 95
96
97 - 119
120
121 - 143
144
145 - 167
168
169 - 191
192
193 - 215
216
217 - 239
24O
241 - 263
264
265 - 287
288
289 - 311
312
313 - 335
336
337 - 359
36O
1.000.00
333.38
1,000.00
333.33
1,000.00
333.33
1,000.00
333.33
1,000.00
333.33
1,000.00
333.33
1,000.00
333.33
1,000.00
333.33
1,000.00
333.33
1,000.00
333.33
1,000.00
333.33
1,000.00
333.33
1,000.00
333.33
1,000.00
333.33
1,000.00
333.33
1960
1960
1961
1961
1962
1962
1963
1963
1964
1964
1965
1965
1966
1966
1967
1967
1968
1968
1969
1969
1970
1970
1971
1971
1972
1972
1973
1973
1974
1974
800
Interest shall be evidenced by coupons attached to each bond, and each of said coupons
shall represent six (6) months' interest on the bond to which it is attached, except
that the first coupon attached to each bond shall represent interest from the date of
said bond to January 2, 1960, and thereafter said interest coupons shall be payable
semiannually on the 2nd day of January and the 2nd day of July in each year until and
at the respective dates of maturity of said bonds.
4. Said unpaid assessments in said aggregate amount of $350,000, as shown
on said list hereinabove referred to and as determined by said Treasurer and this
City Council, together with~intereSt thereon, shall constitute and remain a trust fund
for the redemption and payment of the bonds and of the interest which may be due thereon.
Said unpaid assessments shall be payable in annual series corresponding in number to
the number of years in which the bonds issued mature as hereinabove provided, and an
even annual proportion of each assessment shall be payable in each year preceding the
date of maturity of 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 be payable in the same manner and at the same time and in the same installments
as the general taxes of said City of South San Francisco on real property are payable,
and said assessment installments and said annual interest shall be payable and become
delinquent on the same dates and in the same proportionate amounts and bear the same
proportionate penalties and interest after delinquency as do the general taxes on real
property.of said City of South San Francisco. The redemption period shall be such as
is set forth in said Improvement Bond Act of 1915.
5. S~id bonds and coupons shall each be in substantially the following forms,
the blanks in said forms to be filled in with appropriate words or figures, namely:
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
County of San Mateo
IMPROVEMENT BOND
INDUSTRIAL PARK IMPROVEMENT DISTRICT NO. 3
CITY OF SOUTH SAN FRANCISCO
$ Series No.
Under and by virtue of the Improvement Bond Act of 1915, Division 10 of the
Streets and Highways Code, the CITY OF SOUTH SAN FRANCISCO will on the second day of
July, 19 , out of the redemption fund for the payment of the bonds issued upon the
assessmen--/~ made for the work, acquisitions and improvements in an improvement district
designated "industrial Park ImProvement District No. 3", which said work, acquisitions
and improvements and improvement district are more fully described in Resolution of
Intention No. 2671 passed by the City Council of said City of South San Francisco on the
21st day of July, 1958, pay to the bearer the sum of Dollars
($ ) with interest thereon from the 3rd day of November, 1958, at the
rake of four per cent (4%) per annum, all as is hereinafter specified, and at the office
of the Treasurer of said City.
This bond is one of several annual series of bonds of like date, tenor and
effect, but differing in amounts and maturities, issued by said City under said law for
the purpose of providing means for paying for the work, acquisitions and improvements
described in said Resolution of Intention, and is secured by the moneys in said redemp-
tion fund and by the unpaid assessments made for the payment of said work, acquisitions
and improvements, and, including principal and interest, is payable exclusively out of
said fund.
The interest is payable semiannually, to wit: On the 2nd d~,y of January and
2nd day of July in each year hereafter, upon presentation of the proper coupons therefor;
provided, that the first of said coupons is for the interest to the 2nd day of January,
1960, and thereafter the interest coupons are for the semiann,,~l
shall be payable in the same manner and at the same time and in the same installments
as the general taxes of said City of South San Francisco on real property are payable,
and said assessment installments and said annual interest shall be payable and become
delinquent on the same dates and in the same proportionate amounts and bear the same
proportionate penalties and interest after delinquency as do the general taxes on real
property.of said City of South San Francisco. The redemption period shall be such as
is set forth in said Improvement Bond Act of 1915.
5. S~id bonds and coupons shall each be in substantially the following forms,
the blanks in said forms to be filled in with appropriate words or figures, namely:
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
County of San ~ateo
II/PROVEMENT BOND
INDUSTRIAL PARK IMPROVEMENT DISTRICT NO. 3
CITY OF SOUTH SAN FRANCISCO
$ Series No.
Under and by virtue of the Improvement Bond Act of 1915, Division 10 of the
Streets and Highways Code, the CITY OF. SOUTH SAN FRANCISCO will on the second day of
July, 19 , out of the redemption fund for the payment of the bonds issued upon the
assessmen--/~ made for the work, acquisitions and improvements in an improvement district
designated "industrial Park Improvement District No. 3", which said work, acquisitions
and improvements and improvement district are more fully described in Resolution of
Intention No. 2671 passed by the City Council of said City of South San Francisco on the
21st day of July, 1958, pay to the bearer the sum of Dollars
($ ) with interest thereon from the 3rd day of November, 1958, at the
rate of four per cent (4%) per annum, all as is hereinafter specified, and at the office
of the Treasurer of said City.
This bond is one of several annual series of bonds of like date, tenor and
effect, but differing in amounts and maturities, issued by said City under said law for
the purpose of providing means for paying for the work, acquisitions and improvements
described in said Resolution of Intention, and is secured by the moneys in said redemp-
tion fund and by the unpaid assessments made for the payment of said work, acquisitions
and improvements, and, including principal and interest, is payable exclusively out of
said fund.
The interest is payable semiannually, to wit: On the 2nd day of January and
2nd day of July in each year hereafter, upon presentation of the proper coupons therefor;
provided, that the first of said coupons is for the interest to the 2nd day of January,
1960, and thereafter the interest coupons are for the semiannual interest.
This bond will continue to bear interest after maturity at the rate above
stated; provided, it is presented at maturity and payment thereof is refused upon the
sole ground that there are not sufficient moneys in said redemption fund with which to
pay same. If it is not presented at maturity, interest thereon will run until maturity.
This bond may be redeemed and paid in advance of maturity upon the second day
of January or July in any year by giving the notice provided in said law and by paying
principal and accrued interest together with a premium equal to five per cent (5%) of
the principal.
IN WITNESS ~HEREOF, said City of South San Francisco has caused this bond to
be signed by the Treasurer of said City and by its Clerk and has caused its Clerk to
affix thereto its corporate seal all on the 3rd day of November, 1958.
Treasurer
(SEAL) Clerk
(Form of Coupon)
Coupon No.
The City of South San Fraficisco will pay to bearer hereof on the day
of 19 , at the office of the Treasurer of said City, in the City of South
San Francisco, Cou--u-h-~y of San Mateo, California, Dollars ($ ), being
interest then due on ImProvement Bond, Industrial Park Improvement District No. 3, City
of South San Francisco, dated November 3, 1958, No. , Series .
Treasurer
6. Said bonds shall be signed by the Treasurer of said City and countersigned
by the City Clerk of said City, who shall affix thereto the official seal of said City.
The interest coupons attached to said bonds shall be signed by said Treasurer by his
engraved, printed or lithographed signature. Such signing, countersigning and sealing
as herein provided shall be a sufficient and binding execution of said bond and coupons.
7. The City Clerk is directed to cause a sufficient number of blank bonds
and coupons of suitable quality to be lithographed or printed and to cause the blank
spaces thereof to be filled in to comply with the provisions hereof and to procure
their execution by the proper officers and to deliver them, when so executed, to the
Treasurer of said City who shall deliver them .to the purchaser or purchasers thereof,
on receipt of the purchase price. Said Treasurer and City Clerk are further authorized
and directed to make, execute and deliver to the purchaser of said bonds a signature and
no-litigation certificate in the form customarily required by purchasers of municipal
bonds, certifying to the genuine'ness and due execution of said bonds and further certify-
ing to all facts within their knowledge relative to any litigation which may or might
affect said improvement district or said City, said officers or said bonds, and said
Treasurer is further authorized and directed to make, execute and deliver to the pur-
chaser or purchasers of said bonds a Treasurer's receipt in the form customarily re-
quired by purchasers of municipal bonds, evidencing the payment of the purchase price
of said bonds, which receipt shall be conclusive evidence that said purchase price has
been paid and has been received by said City. Any purchaser or subsequent taker or
holder of said bonds is hereby authorized to rely upon and shall be justified in rely-
ing upon any such signature and no-litigation certificate and any such Treasurer's
receipt with respect to said bonds executed pursuant to the authority of this resolution.
8. Said offer of Stone & Youngberg for $350,000 principal amount of said
bonds, bearing interest at the rate of four per cent (4%) a year payable as aforesaid,
mhall be and is hereby accepted, and the Treasurer of said City is hereby authorized and
directed to deliver said bonds in bearer form to said Stone & Youngberg as purchaser
upon payment to said Treasurer of the purchase price, to wit, 98% of the par value of
the first $250,000 principal amount thereof to be issued and 97% of the par value of
such bonds issued in excess of said first $250,000 principal amount thereof to be issued,
without accrued interest.
9. This Resolution shall take effect from and'after its passage and approval.
PASSED AND ADOPTED this 15th day of September, 1958, by the City Council of
the City of South San Francisco, by the fo llowing vote:
AYES, Councilmen G. J. Rozzi, Andrew Rocca, Emilio Cortesi, Leo J. Ryan
and Patrick E. Ahem
NOES None
ABSENT, None
G. J. ROZZI
MAYOR OF THE CITY OF SOUTH SAN FRANCISCO
ATTEST:
ARTHUR A. RODONDI
CITY CLERK