HomeMy WebLinkAboutReso 5269-1970RESOLUTION NO. 5269
A RESOLUTION INCREASING THE PERCENTAGE CHARGE FOR
COLLECTION EXPENSES TO PAY THE COST THEREOF
STONEGATE RIDGE UNIT NO. 1
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 _-mprovement Bond Act of 1915
under Resolution of Intention No. 4271 adopted August 16,
1965;
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 Lnterest to be collected on the
regular tax rolls, which percentage has been~retained by
the County to cover its expense in connection with such
collection;
WHEREAS, it has been brought to the attention of this
council that the City is incurring additional expense in
connection 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 said additional costs;
NOW, THEREFORE, IT IS ORDERED, 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 an.1 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 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
the destruction of said bonds and coupons in the manner pro-
vided by law.
3. That the City Clerk shall provide certified copies
of this Resolution 'to the Counvy Treasurer-Tax Collector of
the County of San Mateo; the County Controller of the County
of San Mateo; and the City Treasurer of the City of South
San Francisco.
I hereby certify that the foregcing Resolution was regularly intro-
duced and adopted by the City Council of the City of South San Francisco
at a regular meeting held on the 16th day of March, 1970, by the following
vote:
AY£S, COUNCILM~N
NOES,
ABSENT, "
Frank J. Bertucelli, Patrick 5. Ahern, F. Frank
Mammini, Andrew Rocca and Warren Steinkamp
None
None
ATTEST: