HomeMy WebLinkAboutReso 5754-1972RESOLUTION NO. 5754
A RESOLUTION DETERMINING SUFFICIENCY OF REVENUES AND
DECLARING POLICY OF THE CITY COUNCIL OF THE CITY OF
SOUTH SAN FRANCISCO ON BONDED INDEBTEDNESS FOR SEWER
PROJECT
RESOLVED, by the City Council of the City of South San
Francisco, California, that
WHEREAS, the City Council adopted on February 7, 1972,
its Ordinance No. 629 , an Ordinance Calling A Special Election
In The City Of South San Francisco For The Purpose Of Submitting
To The Electors Of Said City A Proposition For The Incurring Of
A Bonded Indebtedness Of Said City For 'The Acquisition, construc-
tion And Completion Of A Certain Municipal Improvement, Declaring
The Estimated Cost Of Said Improvement, The Amount Of The Princi-
pal Of Said Indebtedness To Be Incurred Therefor, And The Maximum
Rate Of Interest To Be Paid Thereon; Fixing The Date Of Said
Election, The Manner Of Holding The Same And Providing For Notice
Thereof, calling a special municiPal election in the City on the
question of incurring a bonded indebtedness of the City for the
purpose of financing improvements to the City's sewerage works
and system, said election to be held on April ll, 1972;
WHEREAS, .this Council, by Ordinance No. 396, as amended, has
established sewer service charges for. said City~ and
WHEREAS, this Council has reviewed a report on the revenues
to be derived pursuant to said Ordinance No. 396, as amended, and
on the funds required to pay said bonds, which demonstrates that
said bonds may be paid solely from said sewer service charges,
without further increase, and that no ad valorem taxes need be
levied therefor;
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED and ORDERED,
as follows:
1. That the sewer service charges established pursuant
to Ordinance No. 396, as amended, will be sufficient, without
further increase, to pay the bonds to be submitted to the voters
of the City at the special municipal election on April 11, 1972,
pursuant to Ordinance No. 629 , and that no ad valorem taxes
need be levied therefor.
2. That it is hereby declared as the policy of the City
Council of the City of South San Francisco that, subject to the
requirements of law, the funds required for the payment of the
bonds to be submitted to the voters of the City at the special
municipal election on April ll, 1972, pursuant to Ordinance No.
629 , shall be derived solely from sewer service charges es-
tablished pursuant to Ordinance No. 396, as amended.
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 7th day of February, 1972, by the following vote:
AYES, COUNCILMEN Patrick E. Ahern, Frank J. Bertucelli, Wi lli.am A.
Borba, F. Frank Mammini and Warren STeinkamp
NOES, " None
ABSENT, " None
ATTEST: ~~ ~ '
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