HomeMy WebLinkAboutReso 5248-1970 RESOLUTION NO. 5248
A RESOLUTION INCREASING THE PERCENTAGE CHARGE FOR
COLLECTION EXPENSES TO PAY THE COST THEREOF
CABOT, CABOT &. FORBES INDUSTRIAL PARK
. UNIT NO. 2
ASSESSMENT DISTRICT
RESOLVED, by the City CouNcil of the City of South
San Francisco, California, that
WHEREAS, this Council has conducted proceedings and
·
issued bonds pursuant to the Imsrovement Bond Act of 1915 under
Resolution of Intention No. 4235 adopted June 28, 1965;
WHEREAS, the Auditor's re~ord for the use of the County
Controller-in collecting said assessments provided for the
collection of a percentage of 1/4 of 1% of the amount of each
installment of principal and interest to be collected~on the
regular tax rolls, which percentage has been retained by the
County to cover its expense in ~onnection With such collec-
tion;
WHEREAS, it has been brought to the attention of this
Council that the City is incurring additional expense in con-
nection with the receipt of funds from the County Tax Collector
and the application thereof to the payment of the bonds and
coupons as they are presented for payment at maturity, and it
is the desire of this Council to increase the collection
charges in order to cover the smid additional costs;
NOW, THEREFORE, IT IS OREERED, as follows:
1. That this Council hereby finds that the expenses of
collection exceed the 1/4 of 1% of the amount of principal
installments and interest now being collected, and that said
percentage is hereby increased to 1% of the amount of such
principal installments and interest.
2. That an amount equal to 1/4 of 1% of the amount of
such principal installments a~d interest shall continUe to
be retained by the County to cover the expenses!of collection
of said assessments and the remaining 5/4 of 1% shall be paid
to the City to cover the costs of receiving the funds necessary
to make the bond principal and interest payments, the payment
of said funds to the owners or holders of the bonds and the
bond coupons upon the surrender thereof and theidestruction
of said bonds and coupons in the manner provided by law.
3o That the City Clerk shall provide certified copies
of this Resolution to the Courty Treasurer-Tax Collector of
the County of San Nateo; and the County Controller of the
County of San Nateo and the City Treasurer of the City of
South San Francisco.
I hereby.~certify that the forec, oing resolution was regularly intro-
duced and adopted by the City Council of the City of South San Francisco
at a regular meeting held this 2nd cay of February, 1970, hy the following
vote~
AYES, COUNCILMEN Frank J. Bertucelli, Patrick E. Ahern, F. Frank
Mammini, Andrew Rocca and Warren Steinkamp
NOES, " N on e
ABSENT, None
ATTEST ~
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