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.
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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: