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HomeMy WebLinkAboutReso 2623-1958 Signed Copy(Harbor Way Assessment) RESOLUTION NO. 2623 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SOUTH SAN FRANCISCO CALLING FOR BIDS ON SALE OF IMPROVEMENT 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. 2567, adopted by this City Council on the 6th day of January 1958, said bids to be received by said City Clerk at or before the hour of 8:00 o'clock p.m. on Monday, the 5th day of May 1958, 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. Such call for bids shall be made as follows: A notice in the form of the attached "Notice Calling for Bids on the Sale o5 Improvement Bonds", marked "EXHIBIT A", shall be published at least five (5) days before the aforesaid date, in 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 firms of Messrs. Dolwig & Miller, No. 106 Crocker-Anglo Bank Building, South San Francisco, California, and Messrs. Kirkbride, Wilson, Harzfeld & ~allace, No. 307 "B" Street, San Mateo, Cali- fornia, unqualifiedly approving the legality of the proceedings and the issuance of said bonds. 3. That said City Clerk be, and he is hereby, directed to .forward by mail copies of the attached "Notice oS Sale of Public Improvement Bonds", marked "EXHIBIT B", to the several bond houses and other potential bidders as shall be known to him. (The instructions to the City Clerk in this paragraph contained are directory only and not mandatory, and his failure to mail such notice, or his omission to include certain potential bidders, shall nowise affect the validity of the call for bids in this resolution required to be made.) 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 meeting thereof, held on the April 1955, by the following vote: AYES, COUNCILMEN: NOES, " ABSENT, regular 21st day of G. J. aozzi,Andrew Rocca, Emilio Cortesi, Leo J. Ryan and Patrick E. Ahern None None ATTEST: e NO.: ..... 7 EXHIBIT "B" NOTICE OF SALE OF PUBLIC IMPROVEI~ENT BONDS BY CITY OF SOUTH SAN FRANCISCO (Harbor Way Assessment District) NOTICE IS HEREBY GIVEN, pursuant to a certain resolution of the City Council of the City of South San Francisco adopted on the 21St day of April 1958, that the City Clork of said City will, st or before the hour of 8:00 o'clock p.m. (Pacific Daylight Saving Time) on ~ONDAY, MAY 5, 1958 at the regular meeting place of said City Council, Council Chambers, City Hall, Grand Avenue, South San Francisco, California, receive sealed proposals or bids for the purchase of a certain series of improvement bonds of said City, designated as "Series 52". INFORMATION PERTINENT TO SAID ISSUE OF BONDS ISSUE: Public improvement bonds having a total principal sum of $105,855.80, being represented by the following bonds: 105 bonds of the denomination of $1000.00 each; 5 bonds of the denomination of $57.06 each; and 10 bonds of the denomina- tion of $57.05 each. 7 bonds of the denomination of $1000.00 each will mature on the 2d day of July in each of the years of 1959 to 1973, inclusive; 5 bonds of the denomination of $57.06 each wtll mature on the 2d day of July in each of the years cf 1959 to 1963, inclusive; and 10 bonds of the denomination of $57.05 each will mature on the 2d day of July in each of the years 1964 to 1973, inclusive. All said bonds will bear the date of May 2, 1958. ASSESSMENT AREA: The total assessment is in the amount of the total of the bond issue, namely, $105,855.80. The district to be assessed for the purpose of providing funds for liquidating said bond issue is comprised of prime industrial property, situate east of Bayshore Freeway in the City of South San Francisco, a large portion of which has improvements constructed thereon. The special assessment district has been organized in order to provide moneys to pay the cost and expense of constructing and installing public improvements (a) along and upon a portion of the public street known as "Harbor Way" extending from East Grand Avenue to South San Francisco Industrial Park, and (b) along and upon the public street known as "Allen Avenue", a cul de sac lying entirely within said South San Francisco Industrial Park. The properties being assessed are those benefited by the construc- tion and installation of such public improvements, namely, those abutting upon, and adjoining, each of the aforesaid public streets. INTEREST: The aforesaid bonds will bear interest from the date thereof at the rate of not-to-exceed-six-percent (6%) per annum. Such interest shall be represented by semi-annual coupons which shall become due and payable on the 2d days of January and July of each year, save and except that the first coupon shall represent the amount of interest accruing from May 2, 1958 to January 2, 1959. C,E.N T~ RE. GORD~ SPLIT ~TEREST RATE: All bidders must specify the rate of interest which the bonds hereby offered for sale shall bear. It is permissible to bid different rates of interest and to split rates of interest, irrespective of the maturities of said bonds. However, the interest rate, or rates, bid must be in multiples of one quarter of one percent (1/4 of 14) per annum. INTEREST aFTER MATURITY: The aforesaid bonds will continue to bear Interest after maturity at the rate stated in the bonds, provided that they are presented at maturity and that payment thereof is refused upon the sole ground that there is not sufficient moneys in the redemption fund with which to redeem the same. If they are not presented for payment at maturity, interest thereon will run only until maturity, and will thereafter cease. PAYMENT OF INTEREST AND REDEMPTION OF BONDS: All interest shall be paid, and all bonds redeemed, tn legal tender upon the interest coupons and bonds being presented at the specified times at the office of the City Treasurer, City Hall, Grand avenue, South San Francisco, California. NEGOTIABILITY: All the bonds, and all coupons thereto attached, Shall be payable to bearer; and, unless registered, title thereto shall pass by physical delivery. REGISTRATION: The bonds as originally issued may be registered, both as to principal and interest. CALLABLE FEATURE: All the bonds of the bond issue herein described may, upon any interest payment date, be called and redeemed in advance of maturity by giving sixty (60) days' prior notice, and by paying one hundred five percent (10§$) of the principal of each bond so called, plus all interest accrued at such interest payment date. ISSUING AUTHORITY: The City of South San Francisco is a municipal corporation duly organized and existing pursuant to the laws of the State of California applying to sixth class cities, and is classified as a "General Law City". STATUTES GOVERNING ISSUE: All proceedings for the acquisition of rights- ~f-way and the construction and installation of public improvements, and the levy of assessments for the bond issue herein described, are being had pursuant to the provisions of the Municipal Improvement Act of 1913 (Div. 12 of Sts.& Hwys. Code of Calif.), and all bonds representing unpaid assessments are being issued pursuant to the provisions of the Improvement Bond Act of 1915 (Div. 10 of its. & Hwys. Code of Calif.). Resolution of Intention No. 2567, as adopted by the City Council of the City of South San Francisco on January 6, 1958, is hereby referred to for more particulars. There has been full compliance with all applicable provisions of the Special Assessment'InvestigatiGn,. Limitation and Majority Protest Act of 1931 (Div. 4 of Sts. & Hwys. Code of Calif.). ,.2ENTRAL RECORD~ COLLECTION OF ASSESSMENTS: For the purpose of liquidating the bond issue, the amounts of unpaid assessment, together with interest accruing on the reducing balances of principal are collected in equal installments on the same real property tax roll forming the basis for t~he collection of the general taxes of the City of South San Francisco. Such unpaid assessments are payable, and become delinquent, at the same time and in the same proportionate amounts as general city taxes. Also, in the event of delinquency, the same proportionate penalties and interest are assessed, and the affected properties are subject to the same provisions with respect to redemption and sale. SUPPLEMENTAL REMEDY: By the provisions of the Improvement Bond Act of 1915, should there be a delinquency in the payment of any installments of assessments levied upon any of the benefited properties to pay the principal and interest of the bonds, the City has a continual,mandatory duty to transfer, from available funds of the City to the interest-and-redemption fund for the bonds, a sum of money equal to the amount of such delinquency, including penalties and costs. Should there be no such funds available, the City shall levy a tax therefor up to a maximum of 10~ on each' $100.00 of taxable property within the City, determined upon the basis of the assessed valuation thereof. (Note: The assessed valuation of the City of South San Francisco for the fiscal year 1957-1958 is $60,024,206.00~ TAX EXEMPTION: It is the opinion of bond counsel that the interest on tee bond issue is wholly exempt from taxation by the United States of America under present Federal income tax laws, and also from taxation by the State of California under present state income tax laws. LEGAL INVESTMENT: It is the opinion of bond counsel that the bond issue constitutes a legal investment for excess funds of insurance companies and for moneys of the State of California Retirement Fund, municipal pension or retirement funds, teachers' retirement funds, and for moneys of county employees' retirement funds which are not required for current disburse- ments (such investment being subject to the approval of the particular county Board of Supervisors). LEGAL OPINION: The legal opinion of the law firms of Messrs. Dolwlg & Miller, No. 106 Crocker-Anglo Bank Building, 304 Grand Avenue, South San Francisco, C01ifornta, and of Messrs. Kirkbride, Wilson, Horzfeld & Wallace, No. 307 "B" Street, San Mateo, California, approving the validity of the bond issue will be furnished without charge to the successful bidder. HIGHEST BID: The bonds will be awarded to the highest and best ~idder, with consideration being given to the interest rate or rates specified, and the proffered premium or discount, if any. The highest bid will be determined by deducting the premium from, or adding the discount to, the total amount of interest which the City would be required to pay from the dote of said bonds to the respective several maturity dates, such interest to be computed at the coupon rate or rates thereof as specified in the bid. The award will then be made on the basis of the lowest net interest cost to the City, which shall be ascertained by computing the interest for the several periods intervening between the dates aforesaid, with the standard bond interest tables being used. RIGHT OF REJECTION: The City Council of the City of South San ~ranclsc0 reserves the right, in its discretion, to reject any and all bids and, further, to waive any irregularity or informality pertaining to any bid. PROMPTNESS OF AWARD: Not later than twenty-five (25) hours after the expiration of the time herein prescribed for the receipt of proposals, the City Council of the City of South San Francisco will act to award the bonds or reject all bids; provided, however, that said City Council may make an award after the expiration of the specified time if the particular bidder involved shall not have given to said City Council written notice of withdrawal of his proposal. PROMPTNESS OF DELIVERY: The bonds will be delivered to the successful bXader within sixty (60) days from the date of their sale, with such bidder having the option to cancel the purchase of the bonds if the City shall fail to execute and tender them for delivery within said period of time. ENGRAVING AND PRINTING OF BONDS: The cost of engraving and printing the bonds will be borne by the City. FORM OF BID: All bids must be unconditional, must provide for accrued interest to date of delivery, and must include the entire bond issue. They shall be in writing, enclosed in a sealed envelope addressed to the City Council of the City of South San Francisco, City Hall, Grand Avenue, South San Francisco, California, and shall be entitled "Proposal for Harbor Way Assessment District Bonds". For the convenience of the City in analyzing and appraising the bids, each bidder is requested to accompany his bid with an estimate thereof, which shell be cnnsidered as informative only, and in no way binding upon the bidder or the City. ABSENCE OF LITIGATION: No litigation of any nature whatsoever is now pending or threatened which will have the effect of restraining or enjoining the issuance and delivery of the bonds herein described or the levying and collecting of assessments to pay the principal and interest thereof, or which in any manner questions the proceedings and authority under which said bonds are being issued, or which in any way affects the validity of said bonds. Further, there is neither pending nor threatened any litigation or other proceeding whatsoever which questions the corporate existence or the boundaries of the City, and neither the right to hold office nor the title thereto, insofar as the present officers of said City are concerned, is being contested. In addition, the authority for the issuance of the bonds has been neither repealed nor revoked, and none of the proceedings with respect thereto has been cancelled or rescinded. ADDITIONAL INFORMATION: Any pertinent additional information which is desired with respect to the bond issue herein described may be obtained upon request directed to the City Clerk of the City of South San Frencisco, or to Messrs. or Messrs. K~rkbride, Wilson, Harzfeld & Wallace, the bond counsel hereinabove designated. Dated this 23d day of April 1958. ARTHUR A. RODONDI C~ty of South San Francisco