HomeMy WebLinkAboutReso 13-1978.~. 0362A-25a
WJML:KIJ:HK:ar 01/16/78
RESOLUTION NO, 13 -78
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE OF BONDS
GELLERT BOULEVARD EXTENSION PROJECT
ASSESSMENT DISTRICT
PROJECT NO, ST 77-5
RESOLVED, by the City Council of the City of South San
Francisco, California, that
WHEREAS, this Council has provided in proceedings conducted
pursuant to its Resolution of Intention No. 52-77, adopted May 4,
1977, that serial bonds will be issued to represent the unpaid
assessments;
WHEREAS, notice of the recordation of the assessment and of
the time within which the separate assessments upon said assessment
may be paid in whole or in part has been duly given in the manner
provided by law, or has been duly waived, and the time so provided
for receiving payment of assessments in cash has expired, and a
complete list of all unpaid assessments upon said assessment has
been made by the Collection Officer and filed with the Treasurer of
this City;
WHEREAS, this Council has duly considered said list and has
determined that the same is an accurate statement thereof;
NOW, THEREFORE, THIS COUNCIL HEREBY DETERMINES AND ORDERS, as
follows:
1. List of Unpaid Assessments. That the assessments now
remaining unpaid are as shown on said list and on Exhibit "A"
attached hereto and by this reference made a part hereof, that the
aggregate amount thereof is $1,467,112, and that for a particular
description of the lots or parcels of land bearing the respective
assessment numbers set forth in said list, reference is hereby made
to the assessment and to the diagram recorded in the office of the
Superintendent of Streets of this City after confirmation by this
Council.
2. Issuance of Bonds. Bonds in the aggregate principal
amount of $1,467,112 shall be issued as hereinafter provided upon
the security of said unpaid assessments 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 Resolution of Intention and the proceedings thereunder duly
had and taken. Said bonds shall be known as "Improvement Bonds,
City of South San Francisco, Gellert Boulevard Extension Project
Assessment District, Series 82", be dated January 2, 1978, be
numbered, of the denominations and mature in the amounts and on the
dates set forth in Exhibit "B" attached hereto and by this reference
made a part hereof.
3. Interest. Said bonds shall bear interest from their date
at the rate or rates determined by this Council at the time of sale
of said ~bonds (not to exceed 8% per annum), payable commencing on
January 2, 1979, and semiannually thereafter on July 2 and January 2
of each year to maturity.
Each bond will continue to bear interest after maturity at the
rate stated therein, provided it is presented at maturity and
payment thereof is refused on the sole ground that there is not
sufficient money in the redemption fund provided for herein with
which to pay same; if it is not presented at maturity, interest
thereon will run only until maturity.
4. Payable. The principal of and interest on said bonds
shall be payable in lawful money of the United States of~America at
the office of the City Treasurer. Principal and interest~ on any
fully registered bonds and principal on any bonds registered as to
principal only shall be paid to the registered owner by check or
warrant mailed to the address entered in the registry book provided
for herein.
5. Form. The bonds, the registration endorsement thereon and
the coupons to be attached to the bonds shall be substantially in
the forms set forth in Exhibit "C" attached hereto and by this
reference made a part hereof, the blank spaces therein to be filled
in to conform to the provisions of this resolution.
6. Execution. The bonds shall be executed on behalf of the
City and under its official seal by the Treasurer and by the Clerk,
and the coupons shall be executed by the Treasurer whose signature
may be reproduced'on the bonds and on the coupons by engraved,
printed or lithographed facsimile thereof, and the official seal may
be placed on the bonds in like manner; 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.
If any officer whose signature appears on the bonds or coupons
ceases to be such officer before the delivery of the bonds to the
purchaser thereof, such signature shall be as valid as if such
officer had remained in office until the delivery of the bonds.
7. Preparation and Delivery of Bonds. The Treasurer is
hereby directed to Cause said bonds to be prepared in accordance
with this resolution and to deliver same upon their completion and
execution to the purchaser thereof, upon receipt of the purchase
price therefor, and upon the performance of the conditions contained
in the accepted bid for the bonds, as determined by this Council.
8. Proceeds of Sale of Bonds. The proceeds received from the
sale of the bonds, including any premium, shall be placed in the
fund for the acquisition and/or construction of the project, except
that any interest accrued from the date of the bonds to the date of
delivery thereof shall be placed in the redemption fund provided for
herein.
9. Redemption Fund. The Treasurer shall keep a redemption
fund designated by'the name of the bonds, into which shall be placed
any accrued interest and all sums received from the collection of
unpaid assessments provided for in Section 11 hereof, and of the
interest and penalties thereon, and from which fund disbursement
shall be made to pay the principal of the bonds and the interest due
thereon.
10. Bond Register. The Treasurer shall keep or cause to be
kept a register showing the series, number, date,~amount, rate of
interest, the last known holder of each bond, and the number and
amount of each interest coupon paid. The Treasurer shall cancel or
cause to be canceled each bond and coupon paid.
11. Collection of Unpaid Assessments. The unpaid assessments
shown on said list filed with the Treasurer and determined by this
Council, together with the interest thereon, shall remain and
constitute a trust fund for the redemption and payment of the
principal of the bonds and for the interest due thereon, which
unpaid assessments shall be payable in annual series corresponding
in number to the number of serial maturities of the bonds issued.
An annual proportion of each unpaid assessment shall be payable in
each year preceding the date of maturity of each of the several
series of bonds issued, sufficient to pay the bonds when due, and
such proportion of each unpaid assessment coming due in any year,
together with the annual interest thereon, shall be payable in the
same manner and at the same time and in the same installments as the
general taxes of the City on real property are payable, and become
delinquent at the'same times and in the same proportionate amounts
and bear the same proportionate penalties and interest after
delinquency as do the general taxes on real property of the City. A
record of the several installments of principal and interest on said
unpaid assessments which are to be collected in each year during the
term of the bonds shall be kept in the office of the Controller of
San Mateo County. When the first interest coupon is for interest
for a longer period than six months, the County Controller shall
enter the amount thereof in the column on the assessment roll
provided for the first installment, and the balance in the column on
the assessment roll provided for the second installment. Ail sums
received from the collection of said unpaid assessments and of the
interest and penalties thereon shall be placed in the redemption
fund provided for herein.
12. Redemption Prior to Maturity. Each bond outstanding may
be redeemed and paid in advance of maturity upon the second day of
January or July in any year by giving at least 60 days notice and by
paying the principal amount thereof together with a premium equal to
5% of the principal plus interest to the date of advanced maturity,
unless sooner surrendered, in which event said interest will be paid
to the date of payment, all in the manner and as provided in the
Improvement Bond Act of 1915.
The provisions of Part 11.1 of the Bond Act are applicable to
the advance payment of assessments and to the calling of bonds.
The Treasurer shall call for redemption and retire bonds upon
prepayment of assessments in amounts sufficient therefor. In
selecting bonds for retirement, the lowest numbered bonds of the
various annual maturities shall be chosen pro rata in a manner
intended to disturb as little as possible the relationship of unpaid
assessments to bonds outstanding.
13. Registration and Transfer of Bonds. Each bond herein
authorized may be registered as to both principal and interest or as
to principal only, upon the' written request of the holder and upon
presentation of the bond to the Treasurer, who shall be the
Registrar for the bonds.
(a) Registration Book. An appropriate book shall be kept in
the Registrar's office showing at all times what bonds are
registered and in whose names, and, upon presentation of the bonds
for such purpose, the Registrar shall, and under such reasonable
regulations as the Registrar may prescribe, register or transfer or
cause to be registered or transferred, in said registry book, the
bonds as herein provided.
(b) Principal and Interest. When a bond is presented for
registration as to both principal and interest, the coupons shall be
removed therefrom and canceled (or preserved in a place of
safekeeping, at the option of the Registrar), and the number of the
bond, the name and address of the holder in whose name it is to be
registered, the date of such registration and a notation that the
bond is registered as to both principal and interest shall be
entered in the registry book, and appropriate endorsement thereof
shall be made by the Registrar in the space provided therefor on the
back of the bond. Until such registration is discharged as
hereinafter provided, the interest when due shall be payable only to
the registered owner and the principal when due shall be payable
only to such owner upon surrender of the bond to the Registrar.
(c) Principal Only. When a bond is presented for registration
as to principal 'only, the entries specified in the preceding
paragraph shall be made in the registry book and on the bond, except
that a notation in said book and on said bond shall indicate that
the bond is registered as to principal only. In such case, the
coupons remain negotiable and transferable by delivery and shall not
be removed from the bond. Interest on such bond shall be paid to or
upon the order of the person presenting the coupons for payment;
principal, however, shall be paid only to the registered owner upon
surrender of such bond to the Registrar.
(d) Transfer. A registered bond may be transferred only by
the registered owner, in person or by attorney duly authorized in
writing, by a written instrument of transfer in form acceptable to
the Registrar, and by the Registrar endorsing such transfer on the
bond and in the registry book. No transfer shall be required to be
made during the fifteen (15) days next preceding an interest payment
date.
(e) Discharge from Registration. A registered bond may be
discharged from registration upon written request of the registered
owner. In such case, the Registrar shall transfer the bond to
bearer by appropriate endorsement on the bond and in the registry
book, cause all unmatured coupons that have been removed from the
bond to be reattached to the bond (such coupons to be reprinted, if
necessary), and deliver the bond and coupons to the owner, and
thereupon negotiability and transferability by delivery shall be
restored.
(f) Reregistration. Bonds that have been discharged from
registration are subject to successive registrations and transfers
in the manner heretofore provided.
(g) Charges. The person requesting registration, transfer or
discharge from registration shall, as a condition precedent to the
exercise of such privilege, pay the Registrar's reasonable charges
therefor, if any, including any cost of reprinting the coupons and
any tax or other governmental charge required to be paid with
respect thereto.
14. Certificate as to Non-Arbitrage. 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 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 certification shall be
delivered to the purchaser at the time of delivery and payment for
the bonds.
15. Certified Co~ies. The Clerk is hereby directed to forward
a certified copy of this resolution to the Treasurer of this City
and to the Controller of San Mateo County.
I hereby certify that the foregoing resolution was regularly
introduced and adopted by the City Council of the City of South San
Francisco, California, at a regular meeting held on the 1st day
of February , 1978, by the following vote:
AYES, Councilmembers: Richard A. Battaglia, Emanuele N. Damonte,
Terry J. Mirri and Leo Padreddii
NOES, Counc i lmembe r s: None
ABSENT, Councilmembers: None
ABSTAIN, Councilmembers : ~
William A. Borba
ATTEST:
City Clerk
LIST OF UNPAID ASSESSMENTS
CITY OF SOUTH SAN FRANCISCO
GELLERT BOULEVARD EXTENSION PROJECT
ASSESSMENT DISTRICT
PROJECT NO. ST 77-5
Diagram and
Assessment Number
Assessor's
Parcel' No.
91-142-31 (Por.)
91-142-25
91-142-28 (Por.)
91-142-31 (Por.)
And Excess R/W Land
91-142-24
91-142-29
91-142-32
Amount of
Unpaid AsSessment
$ 361,050
446,363
659,699
Total Unpaid Assessments
$1,467,112
EXHIBIT "A" ~.
Bond Numbers
(Inclusive)
1
2 - 6
7 - 11
12 - 16
17 - 21
22 - 27
28 - 34
35 - 40
41 - 45
46 - 51
52 - 56
57 - 63
64 - 68
69 - 76
77 - 81
82 - 90
91 - 95
96 - 105
106 - 110
111 - 121
122 - 126
127 - 137
138 - 142
143 - 154
155 - 159
160 - 172
173 - 177
178 - 191
192 - 196
197 - 211
212 - 216
217 - 233
234 - 238
239 - 257
258 - 262
263 - 281
282 - 286
287 - 305
306 - 310
311 - 332
333 - 337
338 - 361
362 - 366
CITY OF SOUTH SAN FRANCISCO
GELLERT BOULEVARD EXTENSION PROJECT
ASSESSMENT DISTRICT
PROJECT NO. ST 77-5
$1,467,112 IMPROVEMENT BONDS, SERIES 82
Denomination
Principal
Amount
$ 2,112 $ 2,112
5,000 25,000
5,000 25,000
5,000 25,000
5,000 25,000
5,000 30,000
5,000 35,000
5,000 30,000
1,000 5,000
5,000 30,000
1,000 5,000
5,000 35,000
1,000 5,000
5,000 40,000
1,000 5,000
5,000 45,000
1,000 5,000
5,000 50,000
1,000 5,000
5,000 55,000
1,000 5,000
5,000 55,000
1,000 5,000
5,000 60,000
1,000 5,000
5,000 65,000
1,000 5,000
5,000 70,000
1,000 5,000
5,000 75,000
1,000 5,000
5,000 85,000
1,000 5,000
5,000 95,000
1,000 5,000
5,000 95,000
1,000 5,000
5,000 95,000
1,000 5,O00
5,000 110,000
1,000 5,000
5,000 120,000
1,000 5,000
Maturity
Date
(July 2)
1979
1980
1981
1982
1983
1984
1985
1986
1986
1987
1987
1988
1988
1989
1989
1990
1990
1991
1991
1992
1992
1993
1993
1994
1994
1995
1995
1996
1996
1997
1997
1998
1998
1999
1999
2000
2000
2001
2001
2002
2002
2003
2003
EXHIBIT "B"
BOND FORM. The bonds shall be substantially in the following
form:
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF SAN MATEO
IMPROVEMENT BOND
CITY OF SOUTH SAN FRANCISCO
GELLERT BOULEVARD EXTENSION PROJECT
ASSESSMENT DISTRICT
SERIES'82
BOND NO. $
Under and by virtue of the Improvement Bond Act of 1915,
Division 10 of the Streets and Highways Code, the City of South San
Francisco, State of California, will, on the second day of July,
, out of the redemption fund for the payment of'the bonds issued
upon the unpaid portion of the assessments made for the acquisition,
work and improvements more fully described in the proceedings taken
pursuant to Resolution of Intention No. 52-77, adopted by the City
Council of said~City on the 4th day of May, 1977, pay to bearer (or,
if this bond is registered as herein provided, to the registered
owner hereof) the sum of
Dollars ($ )
with interest thereon from the second day of January, 1978, at the
rate of percent ( %) per annum, all as is hereinafter
specified, and at the office of the Treasurer of said City.
This bond is one of several annual series of bonds of like
date, tenor and effect, but differing in *(interest rates,) amounts
and maturities, issued by said City under said law for the purpose
of providing means for paying for the acquisition, work and
improvements described in said proceedings, and is secured by the
moneys in said redemption fund and by the unpaid portion of the
assessments made for the payment of said acquisition, work and
improvements, and, including principal and interest, is payable
exclusively out of said fund.
The interest is payable semiannually, to wit: On the second
days of January and July in each year hereafter, upon presentation
of the proper coupons therefor; provided, that the first of said
* delete if only one interest rate
EXHIBIT "C"
coupons is for the interest to the second day of January, 1979, and
thereafter the interest coupons~ are for the semiannual interest.
This bond will continue to bear interest after maturity at the
rate above stated; provided, it is presented at maturity and payment
thereof is refused upon the sole ground that there is not sufficient
money in said redemption fund with which to pay same; if it is not
presented at maturity, interest thereon will run until maturity.
This bond may be registered as to principal and interest or as
to principal only, with the privilege of transfer, discharge from
registration and successive registration, upon written request of
the owner and presentation of the bond to the Treasurer, who shall
be the Registrar therefor, and payment of the charges, if any, all
as set forth in the resolution providing for the issuance hereof.
This bond may be redeemed and paid in advance of maturity upon
the second day of January or July in any year by giving the notice
provided in said law and by paying principal and accrued interest
together with a premium equal to five per centum of the principal.
IN WITNESS WHEREOF, said City of South San Francisco has
caused this bond to be signed by the Treasurer of said City and by
its Clerk, has caused the coupons attached hereto to be signed by
the Treasurer, and has caused its Clerk to affix hereto its official
seal, all on the second day of January, 1978.
Treasurer Clerk
( SEAL )
COUPON FORM. The coupons to be attached to the bonds shall be
substantially in the following form:
CITY OF SOUTH SAN FRANCISCO, California, will,
on the due date hereof, unless the bond specified
herein is redeemed prior thereto, pay to bearer
the sum hereon at the office of the Treasurer
of said City, as interest on its IMPROVEMENT
BOND designated GELLERT BOULEVARD EXTENSION
PROJECT ASSESSMENT DISTRICT, SERIES 82,
dated January 2, 1978.
Due
$
Coupon No.
No.
2,
Treasurer
EXHIBIT "C"
(ii)
REGISTRATION FORM: The form of endorsement for registration
on the bonds 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 only to such owner, unless registered as to
principal only, in which event only the principal is so payable;
provided that this bond may be registered to bearer and thereby
discharged from registration and the negotiability hereof restored.
Note: No writing below except by the Registrar.
Date of
Registr,¥
Type of
Registration*
mrlncipal only
and Interest
mrincipal only
and Interest
mr~nc~pal'only
and Interest
mrincipal only
and Interest
Name and Address
of Registered Owner
Signature of
Registrar
*If registration is as to principal only, strike 'the words "and
Interest"; if as to principal and interest, strike 'the word "only".
EXHIBIT "C"
(iii)