HomeMy WebLinkAboutReso 5897-1972RESOLUTION NO. 5897
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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