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HomeMy WebLinkAboutReso 2637-1958 Signed Copy(Harbor Way Assessment District) RESOLUTION NO. 2637 A RESOLUTION OF'THE ,CITY COUNCIL OF TKE CITY OF SOUTH SAN FRANCISCO CALLING FOR BIDS ON SALE OF II/PROVEMENT 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 Resolutien 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 2d day of June 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 of 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, Harz~eld & Wallace, 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 said "EXHIBIT A" 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 special meeting thereof, held on the following vote: AYES, COUNCILMEN: NOES, " ABSENT, " 12th day of May 1958, by the G. J. Rozzi, Andrew Rocca, Emilio Cortesi, Leo J. Ryan and Patrick E. Ahern None None ATTEST: " Clerk C,I~i~YI~AL RF.,¢ORD~ · (Harbor Way Assessment District) NOTICE CALLING FOR BIDS ON THE SALE OF IMPROVEMENT BONDS NOTICE IS HEREBY GIVEN, 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 Na~ ,12, 1958, that the City Clerk of said City will, at or before 8:00 o'clock p.m. (Pacific Daylight-Saving Time) on MONDAY, THE 2d DAY OF JUNE 1958, 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 Improvement Bond Act of 1915, upon the unpaid assessments under Resolution of Intention No. 2567, adopted by the City Council of said City on January 6, 1958, to cover the costs and expenses of constructing and installing public improvements along and upon Harbor Way and Allen Avenue, public streets situate 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 $105,855.80. The bonds will be issued in fifteen equal annual series, maturing on the 2d day of July in the years 1959 to 1973,inclusive, will bear interest at the rate of not-to-exceed six percent (6%) per annum and be paid by semi-annual coupons on the 2d days of January and July of each year, excepting the first coupon which will be for interest from the 2d day of June 1958 to the 2d day of January 1959. Said bonds will be dated June 2, 1958, and will be designated "Series 52". All bids will be publicly opened, examined, and 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 interest plus premium, if any, and interest to the date of delivery, both the interest and the amount of the premium to be considered in determining the best bid. All bids shall be enclosed in a sealed envelope marked "Proposal for Habor Way Assessment District Bonds". NO BIDS BELOW PAR WILL BE CONSIDERED. The assessed valuation of the City of South San Francisco for the fiscal year 1957-1958 is $60,024,206.00. In the event of a delinquency in the payment of any installment of the assessments levied upon any of the 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 from the available funds of said City to the interest and redemption funds pertaining to said bonds a sum equal to the amount of any such delinquency, including penalties and costs, and in the event there are no available~unds of_said City, then said City shall levy a tax? there£or up to ten cents (10~) on each One Hundred Dollars ($100.00) o£ taxable property in said City, based on the assessed valuation thereo~. In such event, said bonds shall bear interest after maturity until paid at the rate stated therein, provided that they are presented for payment at maturity. 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 the law firms of Messrs. Dolwig & Miller, No. 106 Crocker-Anglo Bank Building, South San Francisco, California, and Messrs. Kirkbride, Wilson, Harzfeld & Wallace, No. 307 "B" Street, San Mateo, California, will be furnished by said City to accompany said bonds. This Notice is given pursuant to an order of the City Council of the City of South San Francisco. Dated: Nay 12, 1958. City San Francisco 0 C~F. NTRAL REC, OROI~