HomeMy WebLinkAboutReso 5249-1970RESOLUTION NO. 5249
A RESOLUTION 'INCREASING THE PERCENTAGE CHARGE FOR
COLLECTION EXPENSES TO PAY THE COST THEREOF
CABOT, CABOT. & FORBES INDUSTRIAL PARK
UNIT NO. 2A'.,
ASSESSMENT D-STRICT
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 Imorovement Bond Act of 1915 under
Resolution of Intention NOo 4613 adopted January 16, 1967;
WHEREAS, the Auditor's record 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 i~terest to be collected on the
regular tax rolls, which percentage has been retained by the
County to cover its expenses in connection 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 ~o increase the collection
charges in order to cover the said additional costs;
NOW, THEREFORE~ IT iS ORDERED, as follows:
lo 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 arid interest shall continue to
be retained by the County to cover the expenses'of collection
of said assessments and the remaining 3/4 of 1% shall be paid
to the City to cover the costs of receiving the funds necessary
to make the bond principal ant interest payments, the payment
of said funds to the owners or holders of the bonds and the
bond coupons upon the surrender thereof and the~destruction
of said bonds and coupons in ~he manner provided by law.
3o That the City Clerk shall provide certified copies
of this Resolution to the Cou]~ty Treasurer-Tax Collector of
the County of San Mateo; and ~he County Controller of the
County of San Mateo and the City Treasurer of the City of
South San Francisco°
I hereby certify that the foregoing resolution was regularly intro-
duced and adopted by the City CouncL1 of the City of South San Francisco
at a regular meeting held this 2nd day of February, 1970, by the following
votes
AYES, CO~NCI LM[~:
NOES, "
ABSENT, "
Frank J. Bertucelli Patrick E. Ahern, F. Frank
Ma,wnini, Andrew Rocca and Warren Steinkamp
None
None
ATTESTs
City C~Ierk