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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'