HomeMy WebLinkAboutReso 116-1975WJML: KJmh 7-25-75-20
RESOLUTION NO. 116 -75
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE OF BONDS
ANTOINETTE LANE STREET OPENING PROJECT
ASSESSMENT DISTRICT
SUPPLEMENTAL ASSESSMENT REASSESSMENT
that
RESOLVED, by the City Council of the City of South San Francisco,
WHEREAS, this Council did, on June 4, 1975, pass and adopt its
Resolution No. 71-75, A Resolution Directing Reassessment, relating
to the acquisition and construction of public improvements in said
City, and.did provide that serial bonds would be issued pursuant to
the provisions of the Improvement Bond Act of 1915, reference to said
Resolution Directing Reassessment hereby being expressly made' for fur-
ther particulars;
WHEREAS, notice of the recordation of the reassessment and of the
time within which reassessments may be paid in cash has been duly
waived by all of the owners, and the City Treasurer has filed in his
office a list of all reassessments which now remain unpaid; and
WHEREAS, this Council has duly considered said list and has deter-
mined that the same is an accurate statement thereof;
NOW, THEREFORE, IT IS HEREBY ORDERED, as follows:
1. That the reassessments now remaining unpaid and the
aggregate thereof, are as shown on said list and on Exhibit "A" hereto
attached and by reference made a part hereof.
2. That for a particular description of the lots or parcels
of land bearing the respective re as se s sment numbers set forth in said
list, and upon which reassessments remain unpaid, severally and respec-
tively, reference .is hereby made to the reassessment and to the diagram
recorded in the office of the Superintendent of Streets after con-
firmation by this Council, the several lots or parcels of land repre-
sented by said reassessment numbers being so numbered and designated
upon said diagram and reassessment as so confirmed and recorded,
severally and respectively.
3. That the unpaid list is in the amount of $47,650.00 and
bonds shall be issued upon the security of said unpaid reassessments
in said amount in accordance with the provisions of said Improvement
Bond Act of 1915 (Division 10 of the Streets and Highways Code)and
under and pursuant to the provisions of said Resolution Directing Re-
assessment and the proceedings thereunder duly had and taken. Said
bonds shall be dated August 28, 1975, be designated Series 81, be
forty eight (48) in number, be payable at the office of the Treasurer
of said City, City Hall, South San Francisco, California, and bear
interest from their date to their respective dates of maturity, at the
rate of not to exceed 8% per annum, represented by coupons payable on
January 2 and July 2 in each year, commencing on January 2, 1976, 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 reference.
4. That said bonds shall be issued in series, and the un-
paid reassessments as shown on said list and determined by this Council,
together with the interest 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 reassessments shall be
taxable in annual series corresponding in number to the number of
series of bonds issued, and an annual proportion of each reassessment
shall be payable in each year preceding the date of the maturity for
each of the several bonds issued, and such proportion of each reassess-
ment coming due in ~any year, together with the annual interest thereon
shall be payable in installments as the general taxes of the 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 signa-
ture of the Treasurer may be reproduced on the bonds and coupons by
engraved, printed or lithographed facsimile thereof, and the official
seal may be place 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 bonds shall be substantially in the form set forth in said
Improvement Bond Act of 1915, except for such changes as are necessary
to conform to the provisions herein.
6. Registration 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 canceled, 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 maintained by the Treasurer, and a notation shall
be made therein and on the bond that registration is as to principal
and interest. Until such registration is canceled as herein provided,
the interest shall be payable only to the registered owner, and the
principal shall be payable only to such owner upon presentation of
the bonds.
b) Principal Only. When bonds are registered as to
principal only, a notation shall be made to that effect in the regis-
tration book and on the bond. The coupons shall not be removed and
the interest on such bonds shall be paid upon presentation of such cou-
pons 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 canceled 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 re-
attached to the bond, and deliver the bond and attached coupons to
the owner. Until such bond is reregistered, the principal thereof
shall be pay. able to bearer, and the interest shall again be paid upon
surrender of proper coupons.
d) Reregistration. Deregistered bonds may be reregis-
tered in the same manner as previously unregistered bonds.
e) The person requesting registration, deregistration
or rer~gistration 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 August 28,
1975, Antoinette Lane Street Opening
Project Assessment District,
Supplemental Assessment Reassessment
19
Coupon No.
Bond No.
SERIES 81
Treasurer
On the basis of the facts, estimates and circumstances
~-~ now in existence and in existence on the date of issue of the bonds,
as determined by the City Treasurer, the Treasurer is authorized to
certify that it is not expected that the proceeds of the issue will be
used in a manner that would cause such obligations to be arbitrage
bonds. Such certificatio'n shall be delivered to the purchaser together
with the bonds.
·
The City Clerk shall forward copies of this resolution
to the City Treasurer and to the Controller of San Mateo County.
LIST OF UNPAID REASSESSMENTS
ANTOINETTE LANE STREET OPENING.PROJECT
REASSESSMENT DISTRICT
Re as se s sment
Number
R-1
R-7
R-8
R-9
R-10
R-11
R-12
R-13
R-14
R-15
R-16
R-17
R-18
R-19
R-20
R-21
R-22
R-23
R-24
R-25
R-26
R-27
Assessor's
Parcel Number
14-300-010
14-300-200
14-300-210
14-300-220
14-300-230
14-300-240
14-300-250
14-300-260
14-300-270
14-300-280
14-300-290
14-300-180
14-300-170
14-300-160
14-300-150
14-300-140
14-300-100
14-300-300
14-300-110
14-300-120
14-300-130
14-300-080
14-300-310
14-300-060
Amount o f
Reassessment
$ 39,
644.41
399.17
356.06
356.06
369.60
497.09
504.98
381.22
394.76
394.76
404.32
245.18
240.04
265.61
265.61
263.04
263.04
260.63
265.61
240.03
245.18
536.21
496.09
361.30
$ 47,650.00
EXHIBIT"
· Serie s
CITY OF SOUTH SAN FRANCISCO
ANTOINETTE LANE STREET OPENING PROJECT
Bond Numbers Amount of
(Inclusive) * Principal
1 $ 650
2 1,000
3 - 4 2,000
5 - 6 2,000
7 - 8 2,000
9 - 10 2,000
ll - 13 3,000
14- 16 3,000
17- 19 3,000
20 - 22 3,000
23 - 26 4,000
27 - 30 4,000
31 - 34 4,000
35 - 38 4,000
39- 43 5,000
44 - 48 5,000
Date of Maturity
July 2, 1976
July 2, 1976
July 2, 1977
July 2, 1978
July 2, 1979
July 2, 19 80
July 2, 19 81
July 2, 19 82
July 2, 1983
July 2, 1984
July 2, 1985
July 2, 1986
July 2, 1987
July 2, 1988
July 2, 1989
July 2, 1990
EXHIBIT "B"
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
6th day of Augu~t , 1975, by the following vote:
AYES, COUNCILMEN Richard A. Battaglia, F. Frank Mammini,
Terry J. Mirri, Leo Padreddii and Warren Steinkamp
NOES,
ABSENT,
COUN C I LMEN None
COUNCILMEN None
ATTEST'