HomeMy WebLinkAboutReso 3699-1963 RESOLUTION NO. R699
A RESOLUTION AMENDING SECTIONS 10 AND 11 OF RESOLUTION
NO. 3672, PROVIDING FOR THE ISSUANCE OF BONDS
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 Sections l0 and ll of Resolution No.
3672, entitled "A Resolution Providing for the Issuance of
$1,000,000 Principal Amount of City of South San Francisco Muni-
cipal 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 Maximum 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 Im-
provement Bonds of 1963 - First Division", adopted by this Council
on the 4th day of February, 1963, are hereby amended as follows:
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 y~ar 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 suf-
ficient 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. S~id 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 princiapl and interest on said bonds
shall be paid from such fund. There shall likewise be
deposited in said fund any premium and 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.
11. There is hereby created and established a fund
to be known as the "City of South San Francisco Municipal
Improvement Bonds of 1~63 ConstructionFund", which shall
be kept by the Treasurer of said City and who shall also
see that the proceeds of the sale of any of said bonds of
said authorized issued (except any premium and 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 applied to the acquisition, construction and
completion of said municipal improvements in the amount
as set forth in the proposition authorized at the special
municipal election held on November 6, 1962.
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 this 15th day of
April , 196B, by the following vote:
AYES, COUNCILMEN
Patrick E. Aheru, Emilio Cortesi. Andrew
Rocca, G. J. Rozzi, and Frank Bertucelli
NOES, " None
ABSENT, " None
ATTEET:
City Clerk