HomeMy WebLinkAboutGateway/Assessment Distr... (3) RESOLUTION NO. 131-85
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE OF BONDS
SECOND SALE
THE GATEWAY ASSESSMENT DISTRICT NO. ST-82-2
RESOLVED, by the City Council of the City of South San Francisco, County
of San MateD, California, that
WHEREAS, on July 7, 1982, this Council passed and adopted Resolution of
Intention No. 118~82 relating to the acquisition and/or construction of public
Improvements under and pursuant to the provisions of the Municipal Improvement
Act of lgl3, and therein provided that serial bonds would be issued thereunder
pursuant to the provisions of the Improvement Bond Act of 1915, reference to
said Resolution of Intention hereby being expressly made for further
particulars;
WHEREAS, the Director of Finance of this City, the official who has been
designated by this Council as Collection Officer for cash payments of said
assessments, filed with the City Treasurer of this City, on December l, 1982,
a ltst of all assessments which remained upald;
WHEREAS, since the filtng of said 11st of Unpaid Assessments', there have
been apportionments of existing unpaid assessments and therefore a Revised
Ltst of Unpaid-Assessments, a copy of which is attached hereto as Exhibit "A",
has been filed with the City Treasurer of this City, which revised list shows
by assessment and assessor's parcel number the existing unpaid assessments; and
WHEREAS, this Council duly considered said list and determined that the
same was an accurate statement thereof;
C~rN'ri~l-
NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED, as follows:
1. List of Unpaid Assessments. The assessments now remaining unpaid
are as shown on said list and on Exhlbit "A" attached hereto and by this
reference made a part hereof; the aggregate amount thereof is $21,551,870.00;.
and for a particular description of the lots or parcels of land bearing the
respective assessment numbers set forth in said list, reference is hereby made
to the assessment and to the diagram recorded tn the office of the
Superintendent of Streets of this City after confirmation thereof by this
Council.
2. Prior Issue. In the-proceedings under and pursuant to said
Resolution of Intention No. 118-82 this Council adopted on December l, 1982,
Resolution No. 156-B2, A Resolution Oetermining' Unpaid Assessments and
Providing for Issuance of Bonds, pursuant to which bonds tn the amount of
$15,805,1g0.00, to be know as "Improvement Bonds, City of South San Francisco,
The Gateway Assessment District, Series 86-A", were Issued, sold and
delivered. Said Resolution No. 156-B2 expressly reserved jurisdiction to
Issue additional bonds to represent and upon the security of the remaining
$5,746,680.00 of the unpaid assessments shown on the List of Unpaid
Assessments attached hereto as Exhibit "A". Said bonds heretofore issued
together With the bonds herein provided to be issued do not exceed the total
amount of the unpaid assessments as shown on said List of Unpaid Assessments.
3. Issuance of Bonds. Bonds tn the aggregate principal amount of
$5,746,680.00 shall be issued as hereinafter provided upon the security of
said unpaid assessments in accordance wtth the provisions of the Improvement
-2-
FILE NO. J~o 3
Bond Act of 1915 (Division 10 of the California Streets and Highways Code) and
under and pursuant to the provisions of said Resolution of Intention and the
proceedings thereunder duty had and taken. The bonds herein provided to be
issued shall be known as "Improvement Bonds, City of South San Francisco, The
Gateway Assessment District No. ST-B2-2, Series 86-B", and shall be dated
July 2, 1985. Said bonds shall be issued only in fully registered form in
denominations of $5,OOO.O0 or any integral multiple thereof, except that one
bond may include the amount of $1,680.OO, and shall mature i'n the amounts and
on the dates and at the rates of interest set forth in Exhibit "B" attached "
hereto and by this reference made a part hereof. Said bonds shall be assigned
a separate letter prefix for each maturity, and within each maturity shall be
numbered consecutively from 1 upwards.
4. Payment of Bonds and Designation of Agent. Said bonds shall bear
interest at the rate or rates determined by this Council at the time of sale
Of said bonds (not to exceed twelve percent (12%) per annum, or such higher
rate of interest as may be authorized by applicable law at the time of sale of
such bonds), payable commencing on January 2, 1986, and semiannually
thereafter on ~uly 2 and January 2 of each year to maturity.
Each bond. shall bear interest from the interest payment date next
preceding the date on which it is authenticated and registered, unless
authenticated and registered (il prior to an interest payment date and after
the close of business of the fifteenth day preceding such interest payment
date, in which event it shall bear interest from such interest payment date,
or (ii) prior to the close of business on the fifteenth day of the month
preceding January 2, 1986, in which event it shall bear tnteFest from Its
date; provided, however, that if at the time of authentication interest is in
default, each bond shall bear interest from the date to which interest has
been paid. Each bond will continue to bear interest after maturity at the
rate 'stated therein, provided it is presented at maturity and payment thereof
is refused on the sole ground that there is not s~fftcient money in the
redemption fund .with which, to pay same; if it is not presented at maturity,
interest thereon will run only until maturity.
Bank of America National Trust and Savings Association is hereby
designated as the Transfer Agent, Registrar and Paying Agent (hereinafter the
"Agent"). The principal and redemption premium of sa~d bonds shall be payable
in lawful money of the United States of America at the office(s) of the Agent
in San Francisco, California upon the presentation and surrender of said bonds
as the same become due-and payable. Interest on said bonds shall be paid to
the registered owner by check or draft mailed to the address entered in the
registry book provided for herein as of the fifteenth (15th) day immediately
preceding each interest payment date.
S. Form. The bonds shall be substantially in the form set forth in
Exhibit "C" hereto.
6. Execution. 5aid bonds shall be executed on behalf of the Ctty and
under 1ts official seal by its Treasurer and by qts"City Clerk, whose
signatures shall be reproduced on the bonds by engraved, printed or
ltthographed facslmile thereof, and the official seal may be placed on the
bonds tn like manner; such signing and sealing shall constitute and be a
sufflclent and binding execution of each and every one'of said bonds. The
bonds shall then be delivered to the Agent for authentication by it.
CENTI~AL RECOi~D$
FILE NO.
If any officer whose signature appears on said bonds ceases to be such
officer before the authentication and delivery of said bonds to the purchaser
thereof, such signature shall be as valid as tf such officer had remained In
office unit1 the authentication and delivery of said bonds.
7. Authentication. Only such of the bonds a~ shall bear thereon a
certificate of .authentication substantially in the form below, manually
executed by the Agent, shall be valtd or obligatory for any purpose or
entttled to the benefits of this Resolution, and such certificate of the Agent
shall be conclusive evidence that the bonds so authenticated have been duly '-
executed, authenticated and delivered hereunder and are entitled to the
benefits of this resolution. The Agent°s certificate of authentication on any
bond shall be deemed to be executed by tt if signed by an authorized officer
or signatory of the Agent, but it shall not be necessary that the' same officer
or signatory sign the certificate of authentication on all of the bonds tssued
hereunder.
£FORM OF CERTIFICATE OF AUTHENTICATION AND REGISTRATION]
This ts one of the bonds described tn the Resolution Oetermining Unpaid
Assessments and Providing for Issuance of Bonds, which has been registered
on · .
By
Authorized Officer
m8' Preparation and Delivery of Bonds. The Treasurer of the City of
South San Francisco is hereby directed to cause said bonds to be prepared in
CENTRAL
FILE: NO. J- ~-/o,~,
accordance with this resolution and to deliver same upon their completion and
execution to the Agent who shall authenticate and deliver said bonds to the
purchaser thereof, upon receipt of the purchase price therefor, and upon the
performance of the conditions contained in the accepted bid for the bonds.
g. Improvement Fund. Said Treasurer shall keep an improvement fund
designated by the name and/or number, of the improvement, or assessment
district, Into which shall be placed the proceeds received from the sale of
said bonds, Including any premium (except that any interest accrued from the
date of the bonds to the date of dellvery thereof shall be placed tn the
redemption fund provided for herein). All montes in said fund shall be
withdrawn only upon checks or warrants of the City of South 5an Francisco and
shall be applied exclusively to the payment of the cost of the acquisitions.
and/or constructlon of the Improvements described tn the proceedings under and
pursuant to said Resolution of Intentlon, as now or hereafter changed or
modified by appropriate legal proceedings, and all expenses incidental
thereto. Any surplus remaining after payment of all costs and all legal
charges, claims and expenses shall be used as set forth in said proceedings.
10. Redemption Fund. Said Treasurer shall keep a redemption fund
designated by the name of the bonds, into which shall be placed any accrued
interest for the period from the date of said bonds to the date of delivery
thereof and all sums received from the collection of unpaid assessments
provided for in Section l0 hereof, and of the interest and'penalties thereon,
and from which fund disbursement shall be made to pay the principal or advance
redemption price of the bonds and the interest due thereon. --
1l. Collection of Unpaid Assessments. The unpaid assessments shown on
said list, together with the interest thereon, shall be payable tn annual
accordance with this resolution and to deliver same upon their completion and
execution to the Agent who shall authenticate and deliver said bonds to the
purchaser thereof, upon rece!pt of the purchase price therefor, and upon the
performance of the conditions contained In the accepted bid for the bonds.
9. Improvement Fund. Said Treasurer shall keep an Improvement fund
designated by ~he name and/or number, of the improvement, or assessment
district, tnto which shall be placed the proceeds received from the sale of
said bonds, Including any premium (except that any Interest accrued from the
date of the bonds to' the date of' deltvery thereof shall be placed in the
redemption fund provided for herein). All monies in said fund shall be
withdrawn only upon checks or warrants of the City of South San Francisco and
shall be applted excluslvely to the payment of the cost of the acquisitions.
and/or construction of the Improvements described in the proceedings under and
pursuant to sald Resolution of Intention, as now or hereafter changed or
modified by appropriate legal proceedlngs, and all expenses incidental
thereto. Any surplus remaining after payment of all costs and all legal
charges, claims and expenses shall be used as set forth in said proceedings.
10. Redemption Fund. Sald Treasurer shall keep a redemption fund
designated by the name of the bonds, tnto whtch shall be placed any accrued
tnterest for the pertod from the date of said bonds to the date of delivery
thereof and all sums received from the collection of unpaid assessments
provtded for In Section 10 hereof, and of the interest and'penalties thereon,
and from which fund disbursement shall be made to pay the principal or advance
redemption price of the bonds and the interest due thereon. - -
11. Collection of Unpaid Assessments. The unpaid assessments shown on
said llst, together with the tnterest thereon, shall be payable tn annual
-6- Ci'N"I"RAL
series corresponding in number to the number of serial maturities of the bonds
issued. An annual proportion of each unpaid assessment shall be payable in
each year preceding the date of maturity of each of the'several series of
bonds issued, sufficient to pay the bonds when due, and such proportion of
each unpaid assessment coming 'due In any year, together with the annual
tnterest thereon~ shall be payable In the.same manner and at the same time and
tn the same Installments as the general taxes on real.property are payable,
and become delinquent at the same times and in the same proportionate amounts
and bear the same proportionate penalties and interest after delinquency as do
the general taxes on real property. All sums received from the collection of
said unpaid assessments and of the interest and penalties thereon shall be
placed in the redemptlon fund provided for herein.
12. Redemption Prior to Maturity. Each bond outstanding may be
redeemed and patd tn__advance of maturlty upon the second day of January or
July in any year by givtng at least 60 days notice and by paying the principal
amount thereof together with a premium equal to 5~ of the principal plus
'interest to the date of advanced maturity, unless sooner surrendered, tn which
event satd interest wtll be paid to the date of payment, all in the manner and
as provtded tn the Improvement Bond Act of 1gl5.
The provisions of Part ll.1 of the Improvement Bond Act of lgl5 are
applicable to the advance payment'of assessments and to the calling of said
bonds.
The Treasurer shall call for redemption and retire bonds upon prepayment
of assessments in amounts sufficient therefor, or whenever sufficient surplus
funds are available therefOr in the redemption fund. In selecting bonds for
FILE
retirement, the lowest numbered bonds of the various annual maturities shall
be chosen pro rata in a manner inte.nded to disturb as little as possible the
relationship of unpaid assessments to bonds outstanding.
13. Exchange of Bonds. Any bond, upon surrender thereof at the office
of the Agent, together wlth an assignment duly executed by the registered
owner thereof or.. his attorney or legal representative in such form as shall be
satisfactory to the Agent, may, at the option of such owner, be exchanged for
an aggregate principal amount of bonds equal to the principal amount of the
bond so surrendered, and of any authorized denomination or denominations.
The City shall make provision for the exchange of bonds at the office of
the Agent.
14. Negotiability, Registration and Transfer of Bonds. The Agent shall
keep books for the registration, and for the registration of transfers, of
bonds as provided In this resolution which shall at all times be open to
inspection by the City. The transfer of any bond may be registered only upon
such books upon Surrender thereof to the Agent together with an assignment
duly executed by the owner or his attorney or legal representative in such
form as shall be satisfactory to the Agent. Upon any such registration of
transfer the City shall execute and the Agent shall authenticate and deliver
tn exchange for. such bond a new bond or bonds registered tn the name of the
transferee, of any denomination or denominations authorized by this
resolution, and tn an aggregate principal amount equal to the principal amount
of such bond or bonds so surrendered.
In all cases in which bonds shall be exchanged the City shall execute
and the Agent shall authenticate and deliver at the earliest practicable time
bonds in accordance with the provisions of this resolution. All bonds
surrendered in any such exchange or registration of transfer shall forthwith
be cancelled by the Agent. The City or the Agent may make a charge for every
such exchange or registration of transfer of bonds sufficient to reimburse it
for any tax'or other governmental' charge required to be paid with respect to
such exchange °K registration of transfer, but no other charge shall be made
.to .any owner for the privilege of exchanging or registering the transfer of
bonds under the.proVisions of this resolution. Neither the City nor the Agent
shall be required to make such exchange or registration of transfer of bonds
during the fifteen (15) days immediately preceding any January 2 or July 2.
1S. Ownership of Bonds. The person in whose name any bond shall be
registered shall be deemed and regarded as the absolute owner thereof for all
purposes and payment of or on account of the principal, and redemption
premium, if any, of any such bond, and the interest on any such bond, shall be
made only to or upon the order of the registered owner thereof or his legal
representative. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such bond, including the redemption premium, if'
any, and interest thereon to the extent of the sum or sums so paid.-
16. Advances from Available Surplus Funds. The City shall be the
purchaser of property upon which payment of an annual installment of principal
and' interest due upon any of said unpaid assessments is delinquent, in llke
manner in which it becomes or may becOme the purchase~ of property sold for
the nonpayment of general taxes, and shall transfer from available surplus
funds into the redemption fund for said bonds, as an advance recoverable upon
sale or redemption of the property, the amount of the delinquent unpaid
bonds tn accordance with the provisions of this resolution. All bonds
surrendered in any such exchange or registration of transfer shall forthwith
be cancelled by the Agent. The City or the Agent may make a charge for every
such exchange or reglstration of transfer of bonds sufficient to reimburse tt
for any tax or other governmental' charge required to ,be paid with respect to
such exchange oR registration of transfer, but no other charge shall be made
to .any owner for the privilege of exchanging or registering the transfer of
bonds under the provisions of this resolution. Neither the City nor the Agent
shall be requlred to make such exchange or registration of transfer of bonds
during the fifteen (15) days immediately preceding any January 2 or July 2.
15. Ownership of Bonds. The person in whose name any bond shall be
registered shall be deemed and regarded as the absolute owner thereof for all
purposes and payment of or on account of the principal, and redemption
premtum, if any, of any such bond, and the interest on any such bond, shall be
made only to or upon the order of the registered owner thereof or his legal
representative. All such payments shall be valtd and effectual to satisfy and
discharge the llabtllty upon such bond, Including the redemption premium, if'
any, and Interest thereon to the extent of the sum or sums so paid..
16. Advances from Available Surplus Funds. The City shall be the
purchaser of property upon whlch payment of an annual installment of principal
and' interest due upon any of said unpaid assessments is delinquent, in like
manner in which it becomes or may become the purchase~ of property sold for
the nonpayment of general taxes, and shall transfer from available surplus
funds into the redemption fund for said bonds, as an advance recoverable upon
sale or redemption of the property, the amount of the delinquent unpaid
assessment Installment upon whlch said sale is made. The City shall also.pay
and transfer from available surplus funds into said redemption fund, as an
advance recoverable upon sale or redemption of the property, the amount of any
future delinquent unpaid assessment installments on such property pending
redemption.
17. Reserve Fund. Upon placement of the proceeds from the sale of said
bonds in the improvement fund, the Treasurer shall forthwith transfer the sum
of $459,734.00 'from said fund into a special reserve fund, which shall be
designated .by the name and/or number of the improvement or assessment
district. The money in said speclal fund shall be administered by the City in
accordance with and pursuant to the provisions of Part 16 of the Improvement
Bond Act of 1915; provided, that proceeds from redemption or sale of the
properties with respect to which payment of delinquent assessments and
tnterest thereon was paid from the reserve fund, shall, be credited to the
reserve fund; -and .provided, further, that for the purposes of (1) assuring
that the bonds to be issued will not become arbitrage bonds as defined in the
Internal Revenue Code of 1954, as amended (Title 26 of the United States Code)
and regulations promulgated thereunder by the Department of Treasury, and (2)
providing for reduction of the amount of money in the reserve fund during the
term of the bonds pursuant to Section B887 of the California Streets and
Highways Code, all proceeds from investment of monies in the reserve fund
shali be credited upon the assessments. In the event that the crediting of
any portion of such proceeds upon assessments not theretofore paid in full in
cash would result in monies in the bond redemption fund remaining therein for
a period of more than twelve (12) months, then any portion of such proceeds
CEI~TI~AL I~ECOi~D$
which would otherwise remain Jn the bond redemption fund for a period of more
than twelve (12) months shall be used to call bonds prior to their maturity
date on the earliest call date next succeeding the deposit thereof in the
redemption fund.
18. Investment of Funds. HonJes in the redemption fund, the reserve
fund and the Improvement fund shall, whenever practicable, be invested tn
legal Investments for the City of South San Francisco under appllcable law for
the monles held pursuant to this resolution at the time when any of such
monies are to be Invested therein. Any income therefrom or interest thereon
shall accrue to and be deposited in the fund from which said monies were
Invested, except as otherwise provJded tn Section 16.
19. .Covenant to 'Foreclose. The City hereby covenants with and for the
benefit of the holders of the bonds that tt will order, and cause to be
commenced within 120 days following the date of delinquency, and thereafter
dlllgently prosecuted, an action in the superior court to foreclose the lien
of any assessment or Installment thereof not paid when due, pursuant to and as
provided tn Sections 8830 through 8835, inclusive, of the Streets and Highways
Code of the State of California.
20. Non-Arbitrage Covenant. The City hereby covenants With the owners
of the bonds that tt w111 make no use of the-proceeds of sald bonds at any
time during the term thereof which, If such use' had been reasonably expected
on -the date satd bonds were issued, would have caused said bonds to be
arbitrage bonds within the meanJng of Section 103(c) of the Internal Revenue
Code of 1954, as amended, and the Treasury Regulations promulgated thereunder.
C~rN'rR~L R~CORCIS
21. Certificate as to Non-Arbitrage. On the basis of the facts,
estimates and clrcumstances now in existence and in existence on the date of
issue of said bonds, as determined by the City Treasurer, said City Treasurer
Is authorized and directed to certify that tt is not expected that the
proceeds of said issue will be used in a manner that would cause such
obllgatlons to be arbitrage bonds. Such certification shall be delivered to
the purchaser of said bonds at the time of dellvery of and payment for said
bonds.
22. Certified Copies. The City Clerk shall furnish a certified copy of.
this resolution to the Treasurer, to the Agent and to the Auditor of the
County of San Mateo.
I hereby certify that the foregoing resolution was regu]arly Introduced
and adopted by the City Counc)l of the City ~f South San Francisco at a
regular meeting held on this 26th day of dune , 1985, by the
following vote:
AYES: Councilmembers Mark N. Addiego, Emanuele'N~ Damonte, Gus Nicolopulos;
and Roberta Cerri Teglia
NOES: None
ABSENT: Councilmember Richard A. Halley
ATTEST:
/s/ Barbara A. Battaya
Ctty Clerk of the City of
South San Francisco
.:
STATE OF C~iFORNIA
COUNTY OF ~ MATEO. SS.
I, latbara A. lattaya, City Cleft of th~ c~/ of S~dk Sa~ b -12-
cJsco, County of San M4~o, State of ~41lfomjJ, att m~.'~ Cl~ d
~e City ~ouncil thereo~, do he. by ce~flf~ ~d t~e ib~m ami
going is · full, true end correct copy of
RFSF)LLFFI(1N NO. 131-85
th~ o~g~n~l of which i~ on file In my office, end that I kmm ~
cOmlO4fed the $&me ~;th the ofiginel.
· Z/t" o, duns
the C;ty of South Sen PrencG$co
BARBARA A. BATTAY^
Ci~/ Clerk end E~-offic;o Clerk.,~f the City Cour~.U ~lf ~ C~
S~th $.. Frencisco
Deputy Cify Clerk
REVISED LIST OF UNPAID ASSESSMENTS
CITY OF SOUTH SAN FRANCISCO
THE GATEWAY ASSESSMENT DISTRICT NO. ST-82-2
Assessment Assessor's Amount of
Number Parcel No. Assessment Unpaid
1 015-025-020 $ 343,485.02
2 015-023-030 305,166..39
3 015-024-050 387,136.65
4 015-024-040 367,977.34
5 015-024-030 395,037.40
6 015-024-020 2,266,527.08
7 015-024-010 6,509,821.31
8-1 015-024-060 2,418,186.67
8-2 015-024-070 1,240,847.25
9 015-023-140 598,086.62
10-1 015-023-190 71,493.21
10-2 015-023-200 205,429.87
10-3 015-023-260 1,523,076.92
11 015-023-210 3,218,764.74
12 015-023-250 576,S57.09
13 015-023-240 1,124,276.44
14 015-023-230 0.00
EXHIBIT A
CEI~[I~L RF. CORi:~
FIrE NO. ~/o ~,
$5,746,680.00 IMPROVEMENT BONDS
SERI ES 86-B
CITY OF SOUTH SAN FRANCISCO
THE GATEWAY ASSESSMENT DISTRICT NO. ST-82-2
Maturity Date Principal Interest
(3uly 2) Amount Rate (~)
1986 $ 21,680 7.00
1987 $100,000 7.00
1988 $125,000 7.00
1989 $125,000 7.00
1990 $150,000 7:25
1991 $150,000 7.50
1992 $175,000 7.75
1993 $200,000 8.00
1994 $22.5,000 8.20
1995 $250,000 8.40
1996 $275,000 8.60
1997 $300,000 8.70
1998 $325,000 8.75
1999 $350,000 8.75
2000 $400,000 8.75
2001 $425,000 8.75
200Z $475,000 8.75
2003 $s2s,ooo ~.75
2oo4 $575,ooo
2oos $575,000 8.78
EXHIBIT B FILE
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF SAN MATEO
NUMBER $
A-
IMPROVEMENT BOND
CITY OF SC)UTH SAN FRANCISCO
THE GATEWAY ASSESSMENT DISTRICT NO. ST-82-2
SERIES B6-B
INTEREST RATE MATURITY DATE BOND DATE CUSIP
Under and by virtue' of the Improvement Bond Act of 1915, Division 10 of
the California Streets and Highways Code (the "Act".), the City of South San
Francisco, California (the "City") will, out of the redemption fund for the
payment of the bonds issued upon the unpaid portion of assessments made for
the acquisition, work and improvements more fully described in proceedings
taken pursuant to Resolution of Intention No. 118-82, adopted, by the City
Council of the City on the 7th day of July, 1982, pay to
or registered assigns
on the maturlty date stated above, the principal 'sum of
0ollars
in lawful money of the United States and in like manner to pay Interest at the
rate per annum stated above, payable semiannually on 3anuary g and July 2 in
each year commencing 3anuary 2; 1986. This Bond bears interest from the
tnterest payment date next preceding its date of authentication and
r.egistratlon unless it is authenticated and registered (il prior to an
Jnterest payment date and after the close of business of the fifteenth day
preceding such interest payment date, in which event it shall bear interest
from such interest payment date, or (ii) prior to the close of business on the
fifteenth day of the month preceding 3anuary 2, lg86, in which event it shall
bear interest from its date, until payment of such principal sum shall have
been discharged. Both the principal hereof and redemption premium hereon are
payable, upon presentation and surrender hereof at the principal corporate
agency division of Bank of America National Trust and Savings Association as
Transfer Agent, Registrar and Paytng Agent (the "Agent") in San Francisco,
California,. and the interest hereon is payable by check or draft mailed to the
owner hereof at such owner's address as it appears on the registration books
EXHIBIT C
CEI~AL R~GORD~
of the Agent, or at such address as may have been filed wi~h the Agent for
that purpose, as of fifteenth day immediately preceding each interest payment
date.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET
FORTH IN THE REVERSE SIDE HEREOF WHICH SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS THOUGH FULLY SET FORTH HEREIN.
This Bond~will continue to bear .interest after maturity at the rate
above stated, provide'd; It !s'presented at maturity 'and payment' thereof is
refused upon the sole ground that there are not ~suffictent moneys in said
redemption fund with which to pay same. If it is not presented at maturity
tnterest thereon"wlll run until maturity.'
This Bond shall not be entitled to any benefit under the Act or the
Resolution Determining Unpaid Assessments and Providing for the Issuance of
Bonds (the "Resolution of Issuance"), or become valid or obligatory for any
purpose, until the certificate of authentication and registration hereon
endorsed shall have been dated and signed by the Agent.
IN WITNESS WHEREOF, the City of South San Francisco has caused this Bond
to be signed in facsimile by the Treasurer of said City and by 1ts Clerk and
has caused its corporate seal to be reproduced in facsimile hereon all as of
July 2, 1985.
CITY O~ SOUTH SAN FRANCISCO, CALIFORNIA
£S£AL~
CITY CLERK ~REASURER
CERTIFICATE OF AUTHENTICATION AND REGISTRATION
This Is one of the Bonds described in the wlthln mentioned Resolution of
Issuance, which has been reg!stered on
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
as Transfer Agent, Registrar and Paying Agent
By
Authorized Officer
EXHIBIT C
2
CgNT1,tA. L
FILE: NO. ..~""~/o .~
IMPROVEMENT BOND
CITY OF SOUTH SAN FRANCISCO
THE GATEWAY ASSESSMENT DISTRICT NO. ST-82-2
SERIES 86-B
This Bond ,is one of several annual series of bonds of like date, tenor
and effect~ but differlng in amounts, maturities and' interest rates, tssued by
said Ctty' under the Act and the Resolution of Issuance tn the aggregate
principal amount of Five. Million Seven Hundred Forty-Six Thousand Six Hundred
Etghty Dollars ($5,746,680.00) for the purpose of providing means for paying
" for the improvements and acquisitions descrlbed in satd proceedings, and is
secured by the moneys in said redemption fund and by the unpaid portion of
said assessments made for the payment of said improvements and acquisitions,
and, Including principal and interest, is payable exclusively out of said fund.
This Bond is transferable by the registered owner hereof, in person or
by the owner's attorney duly authorized in writing, at said office of the
Agent., subject to the terms and conditions provided in the Resolutlon of
Issuance, including the payment of certain charges, if any, upon,surrender and
cancellation of this Bond. Upon such transfer, a new registered Bond or
Bonds, of any authorized denomination or denominations, of the same maturity,
for the same aggregate principal amount, will be issued to the transferee in
exchange therefor.
Bonds shall be registered only in the name of an individual (including
Joint owners), a corporation, a partnership or a trust.
--- Neither the City nor the Agent shall be required to make ~uch exchange
or registration of transfer of Bonds during the fifteen (15) days immediately
preceding any 3anuary 2 or 3uly 2.
The City and the Agent may treat the owner hereof as the absolute owner
for all purposes, and the City and the Agent shall not .be affected by any
nottce to the contrary.
Thts Bond may be redeemed and paid in advance of maturtty upon the 2nd
day of 3anuary or 3uly in any year by glvtng at least 60 days' nottce by
registered mail to the registered owner hereof at such owner's address as it
appears on the registration books of the Agent and by paying principal and
accrued interest together with a premium equal to 5 percentum of the principal.
EXHIBIT C
--3--
LEGAL OPINION
I hereby certify that the following is a correct copy of the signed
legal opinion of Jones Hall Hill & White, A Professional Law Corporation, San
Francisco, California, addressed to the City of South San Francisco and on
file in my office, dated the date of delivery of and payment for the Bonds
therein described.
CITY CLERK ~
OPINION: $5,746,680.00 Improvement Bonds, City of South San Francisco,
The Gateway Assessment District No. ST-82-2, Series 86-B
Members of the Council:
We have acted as bond counset in connection with the issuance by the
City of South San Francisco (the "Issuer") of $5,746,680.00 Improvement Bonds,
The Gateway Assessment District No. ST-B2-2, Series 86-B, dated July 2, 1985,
(the "Bonds") pursuant to Division l0 of the California Streets and Highways
Code (the "Act") and Resolution No. (the "Resolution") of the Issuer
adopted June 26, 19B5. We have examined the law and such certified
proceedings and other papers as we deem necessary to render this opinion.
As to questions of fact material to our opinion, we have relied upon
representations of the Issuer contained in the Resolution and In the certified
proceedings and other certifications of public officials furnished to us,
without, undertaking to verify such facts by independent investigation..
Based upon our examination, we are of the opinion, as of the date
-_ hereof, that:
.... 1. The Issuer Is a municipal corporation and general law city duly
organized and validly existing under the Constitution and the laws of the
State of California.
2. The Bonds constitute valid and binding special'obligations of
the Issuer enforceable in accordance with their terms.
3. The Bonds are secured by the unpaid portion of special
assessments levied upon the lands benefited by the improvements to be acquired
and/or constructed with the proceeds of the Bonds and by the moneys in the
redemption fund established pursuant to the Resolution. Principal of and
interest on the Bonds are payable exclusively out of said fund. Installments
of principal and Interest of the assessments levied for the payments of the
Bonds are collected on the tax roll on which general taxes on real property
are collected.
4. Under existing laws, regulations, rulings and Judicial
decisions, tnterest on the Bonds is exempt from income taxation by the United
States of America and from personal income taxation imposed by the State of
California.
EXHIBIT C
C~i~'TRAL RECORD~
FILE NO..5-~o~
The rights of the owners of the Bonds and the enforceability thereof may
be subject to bankruptcy, Insolvency, moratorium and other similar laws
affecting creditors' rights heretofore or hereafter enacted and their
enforcement may be subject to the exercise of Judicial discretlon In
accordance with general principles of equity.
RespectfUlly submitted,
A Professional Law Corporation
ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of
this Bond, shall be construed as though they were written out in full
according to applicable laws or regulations:
TEN COM - as tenants_!n common
TEN ENT - as tenants by the entireties
JF TEN - as 3otnt tenants with right of
survivorship and not as tenants
in common
UNIF GIFT MIN ACT - Custodian
(Cust) (Minor)
under Uniform Gifts to Minors
Act
(State)
Additional abbreviations may also be used thOugh not in the above list.
EXHIBIT C '
ASSIGNMENT
For value received the undersigned do.(es) hereby sell. assign and transfer unto
the within-mentioned Bond and hereby irrevocably.constitute(s) and appoint(s)
attorney, to transfer the same on the books of the Bank of America National
Trust and Savings Association as Transfer Agent, Registrar and Paying Agent
with full power of substitution in the premises.
Dated:
Signature(s) must correspond exactly
to name(s) on face hereof
Signature Guaranteed
EXHIBIT C
--6-
FILE
RESOLUTION NO. 132-85
A RESOLUTION AWARDING SALE OF BONDS
(Second Sale)
THE GATEHAY ASSESSHENT DISTR[CT NO. ST-82-2
RESOLVED, by the City Council of the City of South San* Francisco, County
of San MateD, California, that
1. Thls Council has received a written offer from M. L. Stern & Company,
Inc. : acting on behalf* of themselves and on behalf of. other
underwriters, tb purchase bonds to be *lssued to represent unpaid assessments
levied in proceedings had pursuant to Resolution of Intention No. 118-82,
adopted by this Councll on July 7, 1982.
2. The public tnterest and convenience will be served by the
acceptance of said offer.
3. Said bonds'~be, and they are hereby, ordered sold to M. L. Stern &
Company, Inc. and the underwriters on whose behalf said purchaser is
acting, said sale to be sub3ect to all of the terms and conditions set forth
in said written offer.
4. The City Treasurer of said City be, and is hereby, directed to
cause the bonds printed and the same to be authenticated and delivered on
receipt of the amount to be paid therefor as stated in said offer, and upon
the performance of the conditions contained in said offer.
5'. The interest rates of said bonds shall be, and the same are hereby,
fixed at the rates stated in said offer.
C~'NTRAL
mL~ NO.
I hereby certify that the foregoing resolution was regularly introduced
and adopted by the City Council of the City of South San Francisco at a
regular meeting held' on this26th day of June , lg85. by the
following vote:
AYES: Councilmembers Mark N. Addiego, Emanuele N. Damonte, Gus Nicolopulos;
and Roberta Cerri Teglia
NOES: None
ABSENT:Councilmember Richard A. Halley
ATTEST:
/s/ Barbara A. Battaya
City Clerk of the City of
South San Francisco
STATE OF CALIFORNIA ~
COUNTY OF SAN MATEO
I, ~erbere A. ~lteye, City Clerk of the ~ =f seu~ Sen Fnm-
ct~co, County of Sen Metea, Stere of Cellforni.e, en ex-officio Clerk Of
the City Council thereof, do hereby ce~fy ~,t the ebeve lad
going is .e full, true ,end con'ect copy d
RESOLUTION NO. 132-85 '
the erig;n.el of which ;s em file in my effice, end thet I I~ c~re(ull)'
competed the ~mme v/ifh ~)he origin~ml.
IN WI?N~$ WHEREOF I hmve hereunto ~ef my h~nd end the reel of
BARBARA A. BATTAYA
City Cleric end Ex-officle Clerk of the City CouncJ] J~: ~le C.i~/ of
By
Deputy City C;erk
C~ITI~AL REfl-,ORD~
June 27, 1985
Stephen R. Casaleggio, Esq.
Jones Hall Hill & White
A Professional Corporation
Four Embarcadero Center, Suite 1950
San Francisco, CA 94111
Subject: Gateway Assessment District - Second Bond Sale - Series 86-B
Dear Mr. Casaleggio:
Enclosed are six (6) certified copies of Resolution No. 131-85, entitled "A
Resolution Determining Unpaid Assessments and Providing for Issuance of Bonds-
Second Sale - The Gateway Assessment District No. ST-82-2," and Resolution
No. 132-85, entitled "A Resolution Awarding Sale of Bonds (Second Sale - The
Gateway Assessment District No. ST-82-2," which were adopted by the South San
_Francisco City Council at their regular meeting of June 26, 1985.
If this Office can be of further assistance, pl. ease do not hesitate'to contact us.
Very truly yours,
Barbara A. Battaya ~
City Clerk
BAB: cg
Enclosures
cc: W. J. Bergman, Jr., San Mateo County Controller/Auditor (w/encls.)
City Treasurer (w/encls.)
Deputy City Manager/CD&A (w/encls }
Fi nance Di rector {w/encl s. )
CENTRAL
400 GRAND AVENUE - P.O. BOX 71]. - 9~