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HomeMy WebLinkAboutReso 3672-1963RESOLUTION NO. B672 A RESOLUTION PROVIDING FOR THE ISSUANCE OF $1,000,000 PRINCIPAL AMOUNT OF CITY OF SOUTH SAN FRANCISCO MUNICIPAL IMPROVEMENT BONDS OF 1963, FIRST DIVISION, BEING PART OF AN ISSUE OF $1,893,000 AUTHORIZED AT AN ELECTION HELD IN SAID CITY ON NOVEMBER 6, 1962; DESCRIBING THE AMOUNT, DATE AND NUMBERS OF BONDS OF THE FIRST DIVISION OF SAID AUTHORIZED ISSUE AND OF THE COUPONS TO BE ATTACHED THERETO, AND PRESCRIBING THE MATURITY THEREOF, FIXING THE MAXI- MUM RATE OF INTEREST ON SAID BONDS AND COUPONS, AND PROVIDING FOR THE LEVY OF A TAX TO PAY THE PRINCIPAL AND INTEREST THEREOF CITY OF SOUTH SAN FRANCISCO MUNICIPAL IMPROVEMENT BONDS OF 1963 - FIRST DIVISION RESOLVED, by the City Council of the City of South San Francisco, California, that WHEREAS, all the requirements of law have been complied with in calling and holding the special municipal bond election held in the City of South San Francisco on November 6, 1962, at which elec- tion the proposition of issuing bonds in the principal sum of $1,893,000 for the objects and purposes hereafter stated was sub. mitted to the voters of the City; and WHEREAS, the County Clerk of San Mateo County found and determined by his canvass of the returns of said election, made pursuant to the authority of the City Council of this City and of the Board of Supervisors of said County and entered upon the records of said Board of SuPervisors, that the said proposition received at said special municipal bond election the affirmative vote of more than two-thirds of all of the voters voting at the election and the proposition was thereby carried and adopted, and the issuance of all of the bonds was duly authorized~ NOW, THEREFORE, IT IS RESOLVED, DETERMINED and ORDERED as follows: l~ All acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of bonds have existed, happened and been performed in due time, form and manner as required by law, and the City of South San Francisco is II I II now authorized pursuant to each and every requirement of law to incur an indebtedness in the manner and form as in this Resolution provided. 2. The principal amount of the bonds authorized at said election is hereby divided into two or more series. Bonds of the City of South San Francisco in the aggregate principal amount of $1,000,000 to be known as "City of South San Francisco Municipal Improvement Bonds of 1963 - First Division", shall be issued to pay the cost of the acquisition, construction and completion of the municipal improvements of said City set forth in the following proposition, to wit: PROPOSITION: (Sewage Treatment and Disposal Works and System) "Shall the City of South San Francisco incur a bonded indebtedness in the principal amount of One Million Eight Hundred Ninety-Three Thousand Dollars ($1,893,000.00), for the acquisition, construction and completion of municipal improvements including additions, enlargements and modifications of facilities for sewerage treatment and disposal, outfall structures, sewage pumping works, force mains and inter- ceptor and trunk sewer mains and all lands, easements, work and improvements auxiliary thereto?" 3. Jurisdiction is hereby reserved to the City Council of the City of South San Francisco to issue, at any time, the remaining Eight Hundred Ninety-Three Thousand Dollars ($893,000) principal amount of said authorized issue to pay any additional cost of the acquisition, construction and completion of the municipal improve- ments set forth in the above quoted proposition, which principal amount may be divided into one or more divisions, as the Council of said City shall determine; provided, however, that none of said remaining bonds shall be sold within sixty (60) days after the date of sale of the First Division. 4. The said One Million Dollars ($1,000,000) principal amount of bonds of the First Division shall be issued as hereinafter set forth and shall be sold in accordance with law at not less than their par value and accrued interest. The bonds of said First Division of said authorized issue shall be negotiable in form and of the character known as "Serial"~ shall be one thousand (1,000) -2- i [ Ill in number, numbered consecutively from I to 1,O00, both inclusive, of the denomination of $1,000 each, and shall be dated April l, 1963. 5. All of said bonds of said First Division shall bear interest from their date until paid at the rate or rates designated by the Council of the City of South San Francisco at the time of the sale of said bonds of the First Division, but not to exceed six per cent (6%) per annum, payable semi-annually. Such interest shall be evidenced by coupons attached to each bond, and each of said coupons shall represent six months' interest on the bond to which it is attached. Said interest coupons shall be payable on October l, 1963 and thereafter on the first day of April and the First day of October in each year until and at the respective dates of maturity of said bonds. Interest rates for different maturities may be in varying multiples of 1/8 or 1/20 of 1%. If, upon presentation at maturity, payment of any bond or any interest coupon thereof, or both, is not made in full accordance with the terms of this resolution providing for the issuance thereof, said bonds or coupons~ or both, shall continue to bear interest at the rate stated therein until paid in full. 6. Said bonds of the First Division shall each be of the denomination of $1,000, shall be numbered and be payable in con- secutive, numerical order, from lower to higher, on April i in each of the years, and mature in the total amounts per year as follows~ to wit: Bond Numbers (Both Inclusive) Principal Year of Amount Maturity i - 25 $ 25,000 1964 26 - 50 25,000 1965 51 - 80 30,000 1966 81 - 120 40,000 1967 121 - 160 40,000 1968 161 - 205 45,000 1969 206 - 255 50,000 1970 256 - 310 55,000 1971 311 - 365 55,000 1972 366 - 440 75,000 1973 441 - 520 80,000 1974 521 - 605 85,000 1975 606 - 690 85,000 1976 691 - 775 85,000 1977 776 - 875 100,000 1978 876 - 1,ooo 125,o0o 1979 -3- 7. Both the principal of and interest on said bonds shall be made payable at the office of the City Treasurer of the City of South San Francisco, City Hall, South San Francisco, California, in lawful money of the United States of America. 8. Said bonds of the First Division Shall be in substantially the following form, the blanks in said form and in the form of coupon given below to be filled in with the appropriate words or figures: UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF SAN MATEO CITY OF SOUTH SAN FRANCISCO MUNICIPAL IMPROVEMENT BONDS OF 1963 FIRST DIVISION NO. ,1,O00 THE CITY OF SOUTH SAN FRANCISCO, a municipal corporation, organized and existing under the Constitution and laws of the State of California, hereby acknowledges itself indebted and for value received promises to pay to the bearer (or if this bond be registered, to the registered holder hereof) on the 1st day of April, 19 , ONE THOUSAND DOLLARS ($1,000), together with interest thereon from date at the rate of per cent ( %) per annum until payment of said principal sum in full, said interest to be payable on October l, 1963, and thereafter payable semi-annually on the 1st day of April and the 1st day of October of each year repre- sented by coupons attached hereto at the time of issuance. Unless this bond is registered, such interest, prior to maturity, shall be payable only on presentation and surrender of the proper interest coupons hereto attached as they respectively become due. Both the principal of and interest on this bond are payable in lawful money of the United States of America at the office of the Treasurer of the City of South San Francisco, City Hall, South San Francisco, California. If, upon presentation at maturity, payment of this bond or any interest coupon hereof, or both, is not made in full accordance with the terms of the resolution providing for the issuance hereof, said bond or coupon, or both, shall continue to bear interest at the rate stated herein until paid in full. This bond is one of the First Division, aggregating $1,000,000 in principal amount, of a duly authorized issue of bonds of said City aggregating $1,893,000 in principal amount, all of like tenor (except for such variation, if any, as may be required to designate varying divisions, dates, maturity dates, and interest rates), and is issued under and pursuant to the ordinances and pro- ceedings of said City duly adopted and taken and a vote and assent of more than two thirds of all the qualified electors of said City voting at a special election duly called and held for that purpose. It is hereby certified, recited and declared that all acts, conditions and things required by law to exist, happen and to be performed precedent to and in the issuance of this bond have existed, happened and been performed in due time, form and manner as required by law, and that the amount of this bond, together with all other indebtedness of said City, does not exceed any limit prescribed by the Constitution or statutes of said State, and that provision has been made as required by the Constitution and statutes of said State for the collection of an annual tax sufficient to pay for the principal of, and interest on, this bond as the same becomes due. The full faith and credit of said City are hereby pledged for the punctual payment of the principal and interest of this bond. This bond may be registered in the manner provided by law and thereafter the principal hereof and interest hereon shall be payable only to such registered owner. IN WITNESS WHEREOF, the City of South San Francisco has caused this bond to be executed under its official seal, signed by its Mayor and its Treasurer, and countersigned by its Clerk, and has caused the interest coupons hereto attached to be signed by its Treasurer, and this bond to be dated on the 1st day of April, 1963. Mayor of the City of South San Francisco Countersigned: Treasurer of the City of South San Francisco Clerk of the City of South San Francisco City of South San Francisco, California Municipal Improvement Bond of 1963 - First Division Dated April 41963. $ Coupon No. Bond No. Due on being interest then due, is payable to bearer (unless the bond be registered), at the office of the Treasurer of said City in South San Francisco, California, in lawful money of the United States of America. Treasurer of the City of South San Francisco 9. The Mayor and Treasurer of the City of South San Francisco are hereby authorized and directed, respectively, as such officers, to execute each of said bonds on behalf of said City, and the City Clerk, or one or more of his deputies, is hereby authorized and directed to countersign each of said bonds and to affix the official seal of said City thereto. Said Mayor and Treasurer are hereby each, respectively, authorized to cause said bonds to be signed by their printed, lithographed, or engraved facsimile signatures. Said Treasurer is hereby authorized and directed to sign each of the interest coupons by printed, lithographed or engraved facsimile signature. Each signing, countersigning and sealing as herein -5- provided shall be a sufficient and binding execution of said bonds and coupons of said City, and all signatures and countersignatures, excepting that of the City Clerk, or his deputies, may be printed, lithographed or engraved. If any officer whose signature or countersignature appears on the bonds or coupons ceases to be such officer before delivery of the bonds, his signature is as effective as if he had remained in office. 10. For the purpose of paying the principal of and interest on said bonds, the Council of the City of South San Francisco shall at the time of fixing the general tax levy and in the manner for such general tax levy provided, levy and collect annually each year until said bonds are paid or until there shall be a sum in the Treasury of said City, set apart for that purpose, to meet all sums coming due for principal and interest on such bonds, a tax sufficient to pay the annual interest on such bonds as the same becomes due, and also such part of the principal thereof as shall become due before the proceeds of the tax levied at the time for making the next general tax levy can be made available for payment of such principal. Said tax shall be in addition to all other taxes levied for municipal purposes and shall be collected at the same time and in the same manner as other municipal taxes are collected, and be used for no other purpose than the payment of said bonds and accruing interest. Said taxes as collected shall be forthwith paid into the fund for which the same were levied and collected and which shall be designated "City of South San Francisco Municipal Improvement Bonds of 1963 Bond Fund", and all sums to become due for the principal and interest on said bonds shall be paid from such fund. There shall likewise be deposited in said fund any moneys received on account of interest accrued on said bonds, from their date to the date of delivery and actual payment of the purchase price thereof. ll. There is hereby created and established a fund to be known as the "City of South San Francisco Municipal Improvement -6- I I I Bonds of 1963 Construction Fund", wh~iCrh: 5haI1 be kept Treasurer of said City and who shall also see that the of the sale of any of said bonds of said authorized issue ( accrued interest to the date of delivery ) shall be placed by the Treasurer to the credit of such fund and shall be kept separate and distinct from all other municipal funds and shall be a to the acquisition, construction and completion of said muni~ improvements in the amount as set forth in the proposition ized at the special municipal election held on November 6, 12. The City Clerk is directed to cause a sufficient of blank bonds and coupons of suitable quality to be litho printed or engraved and to cause the blank spaces thereon to filled in to comply with the provisions hereof, and to their execution by the proper officers, and to deliver them so executed to the Treasurer of said City who shall safely same until they have been sold by the said Council. shall deliver them to the purchasers thereof on receipt of the ~i purchase price. Said Mayor, Treasdrer and City Clerk are authorized and directed to make, execute and deliver to the.;i chaser of said bonds, a signature and no-litigation certifi the form usually required by purchasers of municipal bonds certifying to the genuineness and due execution of said bone further certifying to all facts that in their knowledge, to any litigation, may or might affect said City and said or said bonds, and said Treasurer is further authorized and to make, execute and deliver to the purchaser of said bonds Treasurer's receipt in the form usually required by purchasers'o municipal bonds, evidencing the payment of the purchase price said bonds, which receipt shall be conclusive evidence that purchase price has been paid and has been received by said Any purchaser or subsequent taker or holder of said bonds~ is hereby authorized to rely upon and shall be Justified in -?- upon any such signature and no-litigation certificate and Treasurer's receipt with respect to said bonds executed pursuant to the auth- ority of this resolution. I hereby certify that the fore~oin~ resolution was regularly introduced and adopted by the City Council of the City of South San Francisco at a reMular held this 4th day of February the followin~ vote: meetin~ , 1963, by AYES, COUNCILMEN NOES, " ,, ABSENT, Patrick E. Ahem, Emilio Cortesi, Andrew Rocca, G. J. Rozzi, and Frank Bertucelli None None ATTEST: CITY CLERK -8-