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HomeMy WebLinkAboutReso 5897-1972RESOLUTION NO. 5897 - A RESOLUTION DETERMINING UNPAID ASSESSMENTS AND PROVIDING FOR ISSUANCE OF BONDS EL CAMINO REAL SIDEWALK PROJECT (Orange to Ches tnu t) . ASSESSMENT DISTRICT RESOLVED, by the City Council of the City of South San Francisco, California, that WHEREAS' on February 7, 1972, said Council did pas~ and adopt its Resolution of Intention No. 5765, relating to the construction of public improvements in said City under and pursuant to the provisions of the Municipal ImproVement Act of 1913, and did therein provide that serial bonds would be issued thereunder pursuant to the provisions of the Improve- ment Bond Act of 1915, reference to said Resolution of Intention hereby being expressly made for further particulars; WHEREAS, notice of the recordation of the assessment and of the time Within which assessments may be paid in cash ~has been duly published and mailed in the manner provided by law, and the time so provided for receiving the payment of said assessments in cash has expired, and the City Treasurer has prepared and filed in his office a list of all assess- ments which now remain unpaid; and WHEREAS, this Council has duly considered said list and has determined that the same is an accurate statement thereof; NOW, THEREFORE, IT IS HEREBY ORDERED, as follows: 1. That the assessments in said unpaid list which now remain unpaid, and the aggregate thereof, are as shown on Exhibit "A" hereto attached and by reference made a part hereof. 2. That for a particular description of the lots bear- ing the respective assessment numbers set forth in said unpaid list and upon which assessments remain unpaid, severally and respectively, reference is hereby made to the assessment and to the diagram recorded in the office of the Superintendent of Streets after confirmation by said Council, the several lots represented by said assessment.numbers being so numbered and designated upon said diagram and assessment as so confirmed and recorded, severally and respectively. ~3. The unpaid list is in the amount of $9,348.54, and bonds shall be issued upon the security of said unpaid assess- ments in said amount in accordance with the provisions of the Improvement Bond Act of 1915 (Division 10 of the Streets and Highways Code).and under and pursuant to the provisions of said Resolut'ion of Intention and the proceedings thereunder duly had and taken. Said bonds shall be dated September 6, 1972, be designated Series 79, be ten (10) in number, be pay- able at the office of the Treasurer of said City, South San Francisco, California, and bear interest from'their date to their respective dates of maturity at the rate of not to ex- ceed seven percent (7%) per annum, represented by coupons payable on January 2~and July· ~' in each year, commencing on January 2, 1974, and the denomination of said bonds and their respective numbers and dates of maturity are as shown on Exhibit "B" hereto attached and made a part hereof by refer- ence. 4. Said bonds shall be issued in series, and the unpaid assessments as shown on said list and determined by said CounCil, together with the in6erest thereon, shall remain and constitute a trust fund for the redemption and payment of said bonds and of the interest which may be due thereon, which unpaid assessments shall be taxable in annual series corre- sponding in number to the number of series of bonds issued, and an annual proportion of each assessment shall be payable in each ye~ar preceding the date of the maturity for each the s~eve~al bonds issued, and such proportion of each assess- ment coming due in any year, together with the annual interest thereon, shall be payable in installments as the general taxes of said City on real property are payable, and shall become delinquent at the same time and in the same proportionate amounts and bear the same propor, tionate penalties for delinquency. 5. The bonds shall be executed on behalf~ of the City and under its official Seal by the Clerk and Treasurer, and the coupons attached to the bonds shall be executed by the Treasurer. The signature of the Treasurer may be reproduced on the bonds and coupons by engraved, printed or lithographed facsimile thereof, and the official seal may be placed on the bonds in like'manner; and such signing'and sealing shall constitute and be a sufficient and binding execution of each and every one ~of said bonds and coupons thereof, respectively. Said b'onds shall be substantially in the form set forth in said Improvement Bond Act of 1915, except for such changes as are necessary to con- form to the proVisions herein. 6. ReEistration of Bonds. Any bond may be registered either as to principal and interest or as to principal only, upon written request of the bondholder and presentation of the · bond to the Treasurer for registration. a) Principal and Interest. Upon presentation and request for registration as to principal and interest, the coUPons shall be removed and cancelled, or preserved in a place of safekeeping~ at the option of the Treasurer, and the numbers of all registered bonds and the names and addresses of the owners thereof shall be entered in the registration book main- tained by the Treasurer, and a notation shall be made therein and on the bond that registration is as b0 principal and inter- est. Until such registration is cancelled as herein provided, the interest shall be payable only to the registered owner, and~ the principal shall be payable only to such owner upon presenta- tion of the bond. b) Pringi~al Only.. When bonds are registered as to principal only, a notation shall be.made to that effect in the registration book and on the bon~.~ The coupons shall not be removed and the interest on such bonds shall be~ paid upon pre- sentation 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 unmatured bond may be cancelled Upon written request of the registered owner. Upon receipt of such request and the bond, the Treasurer shall cancel the registration in the bond registry book and on the back of the bond, cause all unmatured coupons to be reprinted, if necessary, and reattached to the bond, and deliver the bond and attached coupons to the owner. Until such bond is reregis- tered, the principal thereof shall be payable to bearer, and the interest shall again be paid upon surrender of proper coupons. d) RereMistration. Deregistered bonds may be ., reregistered in the same manner as previously unregistered bonds. e) The person requesting registration, deregistration or reregistration shall pay the fees charged by the Treasurer for such service, including any cost of reprinting the coupons. f) There shall be provided on the back of each bond a suitable statement to be signed by the Treasurer indicating the date of registration, the type of registration, the name of the registered owner, and the date of any cancellation thereof'. 7. 'The coupons shall be numbered consecutively and be sub- stantially in the following form, to wit: On the Second day of CITY OF SOUTH SAN FRANCISCO, California, will pay to bearer (unless the bond is redeemed prior thereto)the sum hereon, at the office of the Treasurer in the City of South San Francisco, California, as interest on Improvement Bond, dated September 6, 1972, E1 Camino Real Sidewalk Project (Orange to Chestnut) Assessment District. No. Coupon No. SERIES 79 19 Treasurer 8. The City Clerk shall forward certified copies of this resolution to the City Treasurer of said City and Controller of San Mateo County. I hereby certify that the foregoing resolution was regularly intro- duced and adopted by the City Council of the City of South San Francisco at a result meeting held this 7th day of August, 1972, by the following vote: AYES, COUNCILMEN NOES, " ABSENT, " Patrick E. Ahern, Gordon T. Boblitt, William A. Borba, F. Frank Mammini and Warren Steinkamp None None ATTEST: EXHIBIT "A" LIST OF UNPAID ASSESSMENTS CITY OF SOUTH SAN FRANCISCO EL CAMIN0 REAL SIDEWALK PROJECT (Orange to Chestnut) ASSESSMENT DISTRICT Assessment Number 6 7 13 14 16 Assessor;s Parcel Number · Mission Roadway Easement Calif. Golf Course of S.F Mission Roadway Easement Hensley, Smith & Co. 014-011-090 014-o11-o7o o13-25o-o31 OLO-4OO-O6O OLO-4OO-O5O Amount of Assessment 952.33 1,016.12 457.02 1,006.53 4,139.40 755.79 1,021.35 $ 9,348.54 EXHIBIT "B" Series Bond Numbers Amount of Principal Date of Maturity 79 1 2 5 6 7 8 9 lO $ 348.54 1, ooo'. oo 1,000. O0 l, 000. O0 1,000. O0 .. 1,000. O0 1,000. O0 1,000. O0 l, 000. O0 1,000. O0 July 2, 1974 July 2, 1975 July 2, 1976 July 2, 1977 July 2, 1978 July 2, 1979 July 2, 1980 July 2, 1981 July 2, 1982 July 2, 1983