Loading...
HomeMy WebLinkAboutReso 5839-1972RESOLUTION NO. 5839 A RESOLUTION PROVIDING FOR THE ISSUANCE OF $600,000 WATER POLLUTION CONTROL BONDS OF 1972; PRESCRIBING AMOUNT, DATE AND FORM OF THE BONDS OF SAID ISSUE, AND OF THE COUPONS TO BE ATTACHED THERETO, AND PRE- SCRIBING THE MATURITIES THEREOF; FIXING THE MAXIMUM RATE OF INTEREST ON SAID BONDS; AND PROVIDING FOR THE LEVY OF A TAX TO PAY THE PRINCIPAL THEREOF AND INTEREST THEREON CITY OF SOUTH SAN FRANCISCO $600,000 WATER POLLUTION CONTROL BONDS OF 1972 RESOLVED, by the City Council of the City of South San Francisco, California, that WHEREAS, all the requirements of law have been complied with in calling and holding the special municipal election held in the City of South San Francisco on April ll, 1972, at which election the proposition of issuing bonds in the principal sum of $600,000 for the object and purpose hereinafter stated was submitted to the voters of the City; and WHEREAS, the City Council did duly and regularly canvass the returns of said election, and did, as a result of such can- vass, determine and declare, and does hereby certify, that the said proposition received at said special municipal election the affirmative vote of more than two-thirds of all of the electors voting on the proposition and the proposition was thereby carried and adopted, and the issuance of all of said bonds was duly authorized. NOW, THEREFORE, IT IS RESOLVED, DETERMINED and ORDERED, as follows: 1. All acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of bonds have existed, happened and been performed in due time, form and manner as required by law, and the City of South San Francisco is now authorized pursuant to each and every requirement of law to incur an indebtedness in the manner and form as in this Resolution provided. 2. Bonds of the City of South San Francisco shall be · issued to pay the cost of the acquisition, construction and completion of the municipal improvement of said City set forth in the following proposition, to wit: PR 0POS ITION: (Sewerage Treatment and DispOsal Works and System) "Shall the City of South San Francisco incur a bonded indebtedness of $600,000 in accordance with the provisions of the ordinance calling the election at which this resolution is submitted, for the acquisition, construction and completion of add it ions, extensions and improvements to the City's sanitary sewerage treatment and disposal plant system and works ?" 3. The bonds shall be $600,000 in aggregate principal amount, and shall be known as "City of South San Francisco Water Pollution Control Bonds of 1972" ("the bonds"). The bonds shall be dated July 1, 1972, shall be negotiable in form and of the character known as serial, shall be of the denomination of $5,000 each, and shall be numbered from the number "1" consecutively in order of maturity. The bonds shall serially mature on July i in the years and amounts, as follows: Principal Year of Principal Year of Amount Mat ur ity Amount Mat ur ity $ 30,000 1973 $~000 1980 30,000 1974 000 1981 30,000 1975 50,000 1982 35,000 1976 50,000 1983 35,000 1977 55,000 1984 40,000 1978 55,000 1985 40,000 1979 60,000 1986 4. The bonds shall bear interest at the rate of not to exceed seven percent (7%) per annum from their date until paid. Said interest shall be payable semiannUally on January i and July i of each year to the date Of maturity. Attached to each bond shall be interest coupons payable at the times the re- spective payments thereon become due and for the amount thereof, as determined from the accepted bid for the purchase of the bonds. 5. The form of the bonds, and of the interest coupons which shall be attached thereto at the time of their issuance, and the form of endorsement on the bonds for registration shall be substantially as provided in Exhibit "A" hereto attached and made a part hereof by this reference. 6. If, upon presentation at maturity, payment ~of the bonds herein authorized or of any interest coupons thereof, is not made in full accordance with the terms hereof, the bonds or coupons, or both, shall continue to bear interest at the rate stated in the bond until paid in full. ?. Both the principal of and interest on the bonds shall be payable in lawful money of the United States of America at the office of the City Treasurer, City Hall, South San Francisco, California. 8. Any bond is subject to registration, either as to principal and interest or as to principal only, upon written request of the bondholder and presentation of the bond to the City Treasurer for registration, as follows: (a) Principal and Interest. Upon presentation and request for registration as to principal and interest, the Tr'easurer shall cut off the coupons. He shall main- tain a book in which he shall enter the numbers of all registered bonds, the names and addresses of the owners thereof, and a notation shall be made in the book and on the bond that registration is as to principal and in- terest. Until such registration is canceled as herein provided, the interest and principal thereof shall be payable only to the registered owner. (b) Principal Only. The bonds may be registered as to principal~only. When bonds are registered as to prin- cipal only, a notation shall be made to that effect in the registration book and on the bond. The coupons shall not be detached and the interest on such bonds shall be paid upon presentation of such coupons in the same manner as unregistered bonds. Principal, however, shall be paid only to the registered owner upon presentation of such bond. (c) Deregistration. The registration of any un- matured bond may be canceled upon written request of the registered owner. Upon receipt of such request and the bond, the Treasurer shall cancel the registra- tion in the bond registry book and on the back of the bond, cause all unmatured coupons to be reattached to the bond, and deliver the bond and attached coupons to the owner. Until such bond is reregistered, the prin- cipal thereof shall be payable to bearer, and the in- terest shall again be paid upon surrender of proper coupons. Any cost of reprinting the coupons shall be paid by the person requesting deregistration. (d) Reregistration. Deregistered bonds may be reregistered in the same manner as previously unregis- tered bonds. 9. The Mayor and the City Treasurer, or one or more of his duly authorized deputies, are hereby authorized and directed, respectively, as such officers, to execute each of the bonds on behalf of said City, and the City Clerk, or one or more of his duly authorized deputies, is hereby authorized and directed to countersign each of the bonds and affix the official seal of said City thereto. All of the signatures and countersignatures, except that of the City Clerk or his deputy, and the official seal may be printed, engraved, lithographed, stamped or otherwise placed in facsimile upon said bonds. Said Treasurer, or one or more of his duly authorized deputies, is hereby authorized and directed to sign each'of the interest coupons by his printed, lithographed or · engraved facsimile signature placed thereon. Such signing, countersigning and sealing as herein provided shall be a sufficient and binding execution of said bonds and coupons of said City. If any officer whose signature or countersignature appears on the bonds or coupons ceases to be such officer before delivery of the bonds, his signature is as effective as if he .had remained in office. 10. At the time of making the general tax levy after incur- ring the bonded indebtedness, and annually thereafter, until the bonds are paid or until there is a sum in the treasury set apart for that purpose sufficient to meet all payments of principal and interest on the bonds as they become due, the City Council shall levy and collect a tax sufficient to pay the interest on the bonds and such part of the principal as will become due before the pro- ceeds of a tax levied at the time for making the next .general tax levy shall be available. The earliest maturity of the bonds being more than one year after the date of issuance, the City Council shall levy and collect annually a tax sufficient to pay the interest as it falls due and to constitute a sinking fund for payment of the principal on or before maturity. Said taxes shall be levied and collected as other City taxes, and in addition to all other taxes. The~moneys derived from said taxes shall be used only for the pay- ment of the bonds and the interest. Said tax moneys, 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 Water Pollution Control Bonds of 1972 Bond Fund", or other designation sufficient to identify it, and all sums to be- come due for the principal of and interest on the bonds shall be paid from such fund. There shall likewise be deposited in said fund all premiums and any money received on account of interest accrued on the ~bonds, from their date to the date of delivery and actual payment 9f the purchase price thereof. ll. There is'hereby created and established a fund to be known as the "City of South San Francisco Water Pollution Control Bonds of 1972 Construction Fund", or other designation sufficient to identify it, which shall be kept by the Treasurer of said City and whO ~shall also see that the 'proceeds of the sale of any of~ the bonds of the authorized issue (except any premium and accrued in- terest 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 solely to the object and purpose specified in the proposition authorized at said -5- special municipal election and set forth in Section ~ of this resolution, excepting as otherwise provided by law. 12. The City Clerk is directed to cause a sufficient number of blank bonds and coupons of suitable quality to be lithographed, printed or engraved and to cause the blank spaces thereon to be filled in to comply with the provisions hereof, and to procure their execution by the proper officers and to deliver them when so executed to the Treasurer of said City who shall safely keep the same until they have been sold by the said Council, whereupon he shall deliver them to the purchasers thereof on re- ceipt of the purchase price. 13. Said Mayor and said Treasurer and City Clerk, or one or more of their duly authorized deputies, are further authorized, and directed to make, execute and deliver to the purchaser of the bonds, a signature and no-litigation certificate in the ~form usually required by purchasers of municiRal bonds generally certi- fying to the genuineness and due execution of the bonds, and further certifying to all facts that in their knowledge, relative to any litigation, may or might affect said City and said officers or the bonds,· and said Treasurer is further authorized and directed to make, execute and deliver to the purchaser of the bonds a Treasurer's Receipt in the form usually required by purchasers of municipal bonds, evidencing the payment of the purchase price of the bonds, which receipt shall be conclusive evidence that said purchase price has been paid and has been received by said City.. l~. Any purchaser or subsequent taker or holder of the bonds is hereby authorized to rely upon and shall be justified in relying upon any such signature and no-litigation certificate and Treasurer's Receipt with respect to the bonds executed pursuant to the authority of this resolution. -6- Bond Form - The bonds shall be substantially in the following form: UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF SAN MATEO CITY OF SOUTH SAN FRANCISCO WATER POLLUTION CONTROL BOND OF 1972 NO. $ 5,000.00 KNOW ALL MEN BY THESE PRESENTS, that the City of South San Francisco, a municipal corporation, in the County of San Mateo, State of California, hereinafter referred to as "City", for value received, has obligated itself to pay to the bearer (or, if this bond is registered, to the registered owner hereof), on the 1st day of July, 19 , the sum of FIVE THOUSAND DOLLARS with interest thereon from date at the rate of % per annum, as evidenced by interest coupons attached hereto at the.time of issuance, said in- terest payable semiannually on the 1st days of January and July in each year, all as more particularly set forth in the resolution pro- viding for the issuance hereof. The holder of this bond has all the rights of a holder of a negotiable instrument payable to bearer. If, upon presentation at maturity, payment of this bond or any interest coupon hereof, or both, is not made in full accordance with the terms of the resolution providing for the issuance hereof, said bond or coupon, or both, continue to bear interest at the rate stated herein until paid in full. Both principal and interest are payable in lawful money of the United States of America at the office of the TreasUrer of the City of South San Francisco, City Hall, South San Francisco, Cali- fornia. This bond may be registered as to principal and interest upon written request of the owner and presentation of the bond to the Treasurer for registration. Thereafter, the principal hereof and interest hereon shall be payable only to such registered owner. This bond may also be registered as to principal only, in which event the coupons shall not be removed. The registration may be canceled and the bond may be reregistered. This bond is one of an issue in total principal amount of Six Hundred Thousand Dollars ($600,000), all of. like tenor (except for such variations, if any, as may be provided in the resolution pro- viding for the issuance hereof), and is issued under and pursuant to the Constitution and Statutes of the State of California, and under and pursuant to the proceedings of said City duly taken, and author- ized by a vote of more than two-thirds .of the qualified electors of said City voting at a special municipal election duly called and held for that purpose. EXHIBIT "A"' ~ ' ' It is hereby certified, recited and declared that all acts, conditions and things required by law to exist, happen and to be performed precedent to and in the issuance of this bond have existed, happened and been performed in due time, form and manner as required by law, and that the amount of this bond, ~t0gether with all other indebtedness of said City, does not exceed any limit prescribed by the Constitution or Statutes of said State, and that provision has been made as required by the Constitution and Statutes of said State for the collection of an annual tax sufficient to pay the principal of and interest on this bond as the same become due. The full faith and credit of said City are hereby pledged for the punctual payment of the principal of and interest on this bond. IN WITNESS WHEREOF, the City of South San Francisco has caused this bond to be executed under its official seal, signed by its Mayor and its Treasurer, and countersigned by its City Clerk, and has caused the interest coupons attached hereto to be signed by its Treasurer, and this bond to be dated the 1st day of July, 1972. Mayor of the CitY of South SaWn FrancisCo Treasurer of the City of South San ~'rancisco (SEAL) COUNTERS IGNED: City Clerk of the City of South San Francisco (ii) Interest Coupon Form- The coupons shall be substantially in the following 'form: CITY OF SOUTH SAN FRANCISCO, SAN MATE0 COUNTY, CALIFORNIA, WATER POLLUTION CONTROL BOND OF 1972- The sum .shown hereon is payable to bearer (unless registered) in lawful money as interest at the office of the City Treasurer, City Hall, South San Francisco, California. Dated: July l, 1972. On Coupon No. Bond No. 1, Treasurer Registration Form - The form of endorsement on said bonds for -registration shall be substantially as follows: This bond is registered in the name of the registered owner last entered below, and both the principal of and interest on this bond are payable to such owner, unless registered as to principal only, in which event only the principal is so payable. NOTE: There must be no writing below eXcept by the Treasurer. REGISTRATION CANCELLATION Dste of Type of Registered Signature of Date of Signature of Re~gis~try Registration* Owner Treasurer Cancellation Treasurer Principal only and Interest Principal only and Interest Principal only and Interest Principal only and Interest Principal only and Interest *In the event registration is as to principal only, strike the words "and interest"; if as to principal and interest, strike the word "only". 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 held this ~st day of May following vote: AYES, COUNCILMEN NOES, COUNC ILM~N ABSENT, COUNCILMEN regular me e ting , 1972, by the Patrick E. Ahern, Gordon T. Boblitt, William A. Borba. F, Frank Mammini and Warren STeinkamD None None ATTEST: