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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)