HomeMy WebLinkAboutReso 156-1982 RESOLUTION NO. 156-F~
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE OF BONDS
THE GATEWAY ASSESSMENT DISTRICT
NO. ST-82-2
RESOLVED, by the City Council of the City of South San Francisco, County
of San Mateo, California, that
WHEREAS, on July 7, 1982, this Council passed and adopted Resolution of
Intention No. 74-82 relating to the acquisition and/or construction of public
improvements under and pursuant to the provisions of the Municipal Improvement
Act of 1913, and therein provided that serial bonds would be issued thereunder
pursuant to the provisions of the Improvement Bond Act of 1915, reference to
said Resolution of Intention hereby being expressly made for further
parti cul ars;
WHEREAS, the Director of Finance of this City, the official who has been
designated by this Council as Collection Officer for cash payments of said
assessments, filed with the City Treasurer of this City, on December 1, 1982,
a list of all assessments which remained unpaid; and
WHEREAS, this Council duly considered said list and determined that the
same was an accurate statement thereof;
NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED, as follows:
1. List of Unpaid Assessments. 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; the aggregate amount thereof is $21,551.870.00;
r~l ....and 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 thereof by this
Council.
2. Issuance of Bonds. Bonds in the aggregate principal amount of
$15,805,190 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 lO 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. Jurisdiction is reserved to issue bonds to
represent and upon the security of the remaining $5,746,680 of' said unpaid
assessments. The bonds herein provided to be issued shall be known as
~ "Improvement Bonds, City of South San Francisco, The Gateway Assessment
District, No. ST-82-2, Series 86-A", and shall be dated December 2, 1982.
Said bonds shall be issued as coupon bonds, registrable as to principal and
interest or as to principal only, be numbered and 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 twelve percent (12%) per annum, or such higher rate of interest
as may be authorized by applicable law at the time of sale of such bonds),
payable commencing on January 2, 1984, 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 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 Crocker
National Bank, the Paying Agent of this City, at its corporate trust division
in San Francisco, California. 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 coupon bonds, the registration endorsement thereon and
,, ,
the coupons to be attached to such bonds shall be substantially in the forms
set forth in Exhibit "C" attached hereto and incorporated herein by reference,
the blank spaces therein to be filled in to conform to the provisions of this
resolution.
6. Execution. Said bonds shall be executed on behalf of the City and
under its official seal by said City Treasurer and by its City Clerk, and the
coupons attached to the coupon bonds shall be executed by said City 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 of
any coupons thereon, respectively.
If any officer whose signature appears on said bonds or on any coupons
thereon ceases to be such officer before the delivery of said bonds to the
purchaser thereof, such signature shall be as valid as if such officer had
remained in office until the delivery of said bonds.
7. Preparation and Delivery of Bonds. The City 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. Improvement Fund. Said City Treasurer shall keep an improvement
fund designated by the name and/or number of the improvement or assessment
district, into which shall be placed the proceeds received from the sale of
said bonds, including any premium (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). All moneys in said fund shall be
withdrawn only upon checks or warrants of the City of South San Francisco and
shall be applied exclusively to the payment of the cost of the acquisitions
and/or construction of the improvements described in the proceedings under and
pursuant to said Resolution of Intention, as now or hereafter changed or
modified by appropriate legal proceedings, and all expenses incidental
thereto. Any surplus remaining after payment of all costs and all legal
charges, claims and expenses shall be used as set forth in said proceedings.
9. Redemption Fund. Said City Treasurer shall keep a redemption fund
designated by the name of the bonds, into which shall be placed any accrued
interest for the peri od from the date of said bonds to the date of
delivery thereof and all sums received from the .collection of unpaid
assessments provided for in Section ll hereof, and of the interest and
penalties thereon, and from which fund disbursement shall be made to pay the
principal or advance redemption price of the bonds and the interest due
thereon.
10. Bond Register. The City 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, and shall cancel or cause to be canceled each bond and coupon paid.
11. Collection of Unpaid Assessments. The unpaid assessments shown on
said list, together with the interest thereon, 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 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. All 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 Int)rovement Bond Act of 1915.
The provisions of Part ll.1 of the Improvement Bond Act of 1915 are
applicable to the advance payment of assessments and to the calling of said
bonds.
The City Treasurer shall call for redemption and retire bonds upon
prepayment of assessments in amounts sufficient therefor, or whenever
sufficient surplus funds are available therefor in the redemption fund. 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. Reqistration Book. The City Treasurer shall keep or cause to be
kept an appropriate book showing at all times which of said bonds are
registered and in whose names, and, upon presentation of bonds for such
purpose, the City Treasurer shall, pursuant to such reasonable regulations as
the City Treasurer may prescribe, register or transfer or cause to be
registered or transferred, in said registry book, any of said bonds presented
for such purposes.
14. Reqistration and Transfer of Coupon Bonds. Each coupon 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 Paying Agent for such purpose.
{a) Principal and Interest. When a coupon bond is presented for
' iii ~m ~ T'i T
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 Paying Agent), 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 Paying Agent 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 Paying Agent.
(b) Principal Only. When a coupon 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 Paying Agent.
(c) Transfer. A registered coupon 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 City Treasurer, and
by the Paying Agent 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.
(d) Discharge from Registration. A registered, coupon, bond may be
discharged from registration upon written request of the registered owner. In
such case, the Paying Agent 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.
(e) Reregistration. Coupon bonds that have been discharged from
registration are subject to successive registrations and transfers in the
manner heretofore provided.
(f) Charges. The person requesting registration, transfer or discharge
from registration of coupon bonds shall, as a condition precedent to the
exercise of such privilege, pay the reasonable charges of the Paying Agent
therefor, if any, including any cost of reprinting the coupons and any tax or
other governmental charge required to be paid with respect thereto.
15. Advances from Available Surplus Funds. The City shall be the
purchaser of property upon which payment of an annual installment of principal
and interest due upon any of said unpaid assessments is delinquent, in like
manner in which it becomes or may become the purchaser of property sold for
the nonpayment of general taxes, and shall transfer from available surplus
funds into the redemption fund for said bonds, as an advance recoverable upon
sale or redemption of the property, the amount of the delinquent unpaid
assessment installment upon which said sale is made. The City shall also pay
and transfer from available surplus funds into said redemption fund, 'as an
advance recoverable upon sale or redemption of the property, the amount of any
future delinquent unpaid assessment installments on .such property pending
red emp t i on.
16. Reserve Fund. Upon placement of the proceeds from the sale of said
bonds in the improvement fund, the City Treasurer shall forthwith transfer the
sum of $1,264,415 from said fund into a special reserve fund, which shall be
designated by the name and/or number of the improvement or assessment
district. The money in said special fund shall be administered by the City
Treasurer in accordance with and pursuant to the provisions of Part 16 of the
Improvement Bond Act of 1915, provided only that proceeds from (1) investment
of moneys in the reserve fund and (2) redemption or sale of the properties
with respect to which payment of delinquent assessments and interest thereon
was paid from the reserve fund, shall be credited to the reserve fund only to
the extent that the amount credited to the reserve fund will not result in the
bonds becoming "arbitrage bonds" as defined in Section 103(c) of the Internal
Revenue Code of 1954, as' amended, and regulations promulgated by the United
States Department of the Treasury thereunder. To the extent that such
proceeds, or any portion thereof, would cause the bonds to become "arbitrage
bonds" if credited to the reserve fund and invested at a higher yield than
permitted by said Section 103(c) and said regulations, then such proceeds, or
portion thereof, shall be credited upon the assessments, provided only that in
the event crediting of any portion of such proceeds upon assessments not
theretofore paid in full in cash would result in moneys in the bond redemption
fund remaining therein for a period of more than twelve (12) months, then any
portion of such proceeds which would otherwise remain in the bond redemption
fund for a period of more than twelve (12) months shall be used to call bonds
prior to their maturity date on the earliest call date next succeeding the
deposit thereof in the redemption fund. The amount in the reserve fund shall
not in any event exceed ten percent {10%) of the outstanding principal of the
bonds.
17. Investment of Funds. Moneys in the Redemption Fund, the Reserve
Fund and the Improvement Fund shall, whenever practicable, be invested in
legal investments for the City of South San Francisco under applicable law for
the moneys held pursuant to this resolution at the time when any of such
moneys are to be invested therein. Any income therefrom or interest thereon
shall accrue to and be deposited in the fund from which said moneys were
invested.
18. Covenant to Foreclose. The City hereby covenants with and for the
benefit of the holders of the bonds that it will order, and cause to be
commenced within 120 days following the date of delinquency, and thereafter
diligently prosecuted, an action in the superior court to foreclose the lien
of any assessment or installment thereof not paid when due, pursuant to and as
provided in Sections 8830 through 8835, inclusive, of the Streets and Highways
Code of the State of California.
19. Non-Arbitraqe Covenant. The City hereby covenants with the holders
of the bonds that it will make no use of the proceeds of said bonds at any
time during the term thereof which, if such use had been reasonably expected
on the date said bonds were issued, would have caused said bonds to be
arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue
Code of 1954, as amended, and the Temporary and Proposed Treasury Regulations
promulgated thereunder.
20. Certificate as to Non-Arbitrage. On the basis of the facts,
estimates and circumstances now in existence and in existence on the date of
10
issue of said bonds, as determined by the City'Treasurer,, said City Treasurer
is authorized to certify that it is not expected that the proceeds of said
issue will be used in a manner that would cause such obligations to be
arbitrage bonds. Such certification shall be delivered to the purchaser of
said bonds at the time of delivery of and payment for said bonds.
21. Certified Copies. The City Clerk shall furnish a certified copy of
this resolution to the City Treasurer, to the Paying Agent and to the Auditor
of the County of San Mateo.
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 on this 1st day of December , 1982, by the
following vote:
AYES:
NOES:
Councilmembers Ronald G. Acosta, Mark N. Addiego, Emanuele N.
Damonte, Gus Nicolopulos; and Roberta Cerri Teglia
None
ABSENT' None
ATTEST-
11
- LIST OF UNPAID ASSESSMENTS
CITY -OF sOUTH` SAN FRANC !SCO
THE GATEWAY ASSESSMENT DISTRICT
NO. ST-82-2
WHEREAS, an assessment and diagram were directed to be recorded in the
office of the Superintendent of Streets of the City of South San Francisco for.
the acquisition and construction of the improvements described in the
proceedings taken pursuant to Resolution of Intention No. 72-84, adopted by
the City Council of the City of South San Francisco on July 7, 1982;
WHEREAS, notice of said recordation and of the place where and the time
within which the individual assessments could be paid, in whole or in part,
and the time so provided for such payments has been waived by all of the
owners of the properties subject to said assessments;
NOW, THEREFORE, the undersigned Director of Finance of the City of South
San Francisco, being the person designated ColleCtion Officer to receive
payments of assessments, does hereby certify that Exhibit "A" attached hereto,
and by this reference made a part hereof, is a true, correct and complete-list
of all assessments remaining unpaid upon said assessment and that this List of
Unpaid Assessments was filed in my office on December 1, 1982. .
The total amount of assessments unpaid is $2,551,870.00 .
Dated: DecemberI 1, 1982.
Directo~ of ~qXance o
City of Sout~v~San Francisco
I, the undersigned Treasurer of the City of South San Francisco, hereby
certify that this List of Unpaid Assessments was filed with me by.the Director
of Finance of the City of South San FranciSco on<pecember 1, 1982.
Treasurer of the City of South
San Francisco
LIST OF UNPAID ASSESSMENTS
As ses sment
Number
9
10
11
12
13
14
CITY OF SOUTH SAN FRANCISCO
THE GATEWAY ASSESSMENT DISTRICT
NO. ST-82-2
Assessor' S
Parcel No.
015-023-170P
015-023-180P
015-023-170P
015-023-180P
015-023-170P
015-023-180P
015-023-170P
015-023-180P
015-023-170P
015-023-180P
015-023-170P
015-023-180P
015-023-170P
015-023-180P
015-023-170P
015-023-180P
015-023-140
015-023-150
015-023-160
015-023-170P
015-023-180P
015-023-170P
015-023-180P
015-023-170P
015-023-180P
015-023-170P
015-023-180P
Amount of
Assessment Unpaid
$343,485.02
$305,166.39
$387,136.65
$367,977.34
$395,037.40
$2,266,527.08
$6,509,821.31
$3,659,033.92
$5 98,086.62
$1,800,000. O0
$3,218,764.74
$576,557.09
$1,124,276.44
$0.00
EXHIBIT A
$15,805,190 IMPROVEMENT BONDS
SERIES 86-A
CI?Y OF SOUTH SAN FRANCISCO
THE GATEWAY ASSESSMENT DISTRICT
NO. ST-82-2
Coupon
Bond Numbers
(Inclusive)
Principal
Denomi n at i on Amount
1 $5,190.00 $5,190.00
2-21 $5,000. O0 $100,000. O0
22-61 $5,000. O0 $200,000. O0
62-121 $5,000. O0 $300,000. O0
122-181 $5,000. O0 $300,000. O0
182-261 $5,000. O0 $400,000. O0
262-341 $5,000. O0 $400,000. O0
342-431 $5,000. O0 $4 50,000. O0
432-531 $5,000. O0 $500,000. O0
532-641 $5,000. O0 $5 50,000. O0
642 - 761 $ 5,000. O0 $ 600,000. O0
762-901 $5,000. O0 $700,000. O0
902-1061 $5,000. O0 $800,000. O0
1062-1241 $5,000. O0 $900,000. O0
12 42 - 1441 $ 5,000. O0 $1,000,000. O0
1442-1661 $5,000. O0 $1,100,000. O0
1662-1901 $ 5,000. O0 $1,200,000. O0
lg02-2171 $5,000. O0 $1,350,000. O0
2172-2471 $5,000. O0 $1,500,000. O0
2472-2801 $5,000. O0 $1,650,000. O0
2802-3161 $5,000. O0 $1,800,000. O0
Maturity
Date
(July 2)
1984
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
EXHIBIT B
COUPON BOND FORM. The coupon bonds shall be' substantially in the following
form:
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF SAN MATEO
CITY OF SOUTH SAN FRANCISCO
IMPROVEMENT BOND
THE GATEWAY ASSESSMENT DISTRICT
NO. ST-82-2
SERIES 86-A
BOND NO.
Under and by virtue of the Improvement BOnd Act of 1915, Division l0 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. 74-84, adopted by
the City Council of the City of South San Francisco on the 7th day of July,
1982, 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 day of , 19 ., at the rate
of percent ( %) P'er annum, all as is hereinafter specified,
at Crocker National Bank, the Paying Agent of the City of South San Franci.sco,
at its corporate trust division in San Francisco, California.
This bond is one of several annual series of bonds of like date, tenor
and effect, but differing in interest rates and maturities, issued by the City
of South San Francisco 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 coupons is for the interest
to the second day of January, 1984, 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
EXHIBIT C
]'il[ TI i Ti '
refused upon the sole ground that there is not suff, icient .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 succes si ve regi strat i on, upon written request of the owner and
presentation of the bond to the Paying Agent 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 the
premium equal to five per centum of the principal.
IN WITNESS WHEREOF, the City of South San Francisco has caused this bond
to be signed by its City Treasurer and by its City Clerk, has caused the
coupons attached hereto to be signed by said City Treasurer, and has caused
said City Clerk to affix hereto its official seal, all on the day
of , 1982.
City Clerk of the City of
South San South San Francisco
City Treasurer of the City of
Francisco
(SEAL)
COUPON FORM. The coupons to be attached to the coupon bonds shall be
substantially in the following form'
THE City of South San Francisco,
County of San Mateo, California,
will, on the due date hereof, unless
the bond specifiedherein is
redeemed prior thereto, pay to
bearer the sum hereon
at Crocker National Bank,
the Paying Agent of the
City of South San Francisco,
at its corporate trust division,
San Francisco, California
as interest on its IMPROVEMENT
BOND designated The Gateway Assessment
District, No. ST-82-2, SERIES 86-A,
dated , 1982.
Due 2,
Coupon No.
Bond No.
City Treasurer of the City of South
San Francisco
EXHIBIT C
(ii)
REGISTRATION FORM: The fora of endorsement for registration on the
coupon 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 the
principal is so payable; provided, however, 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 Paying Agent of the City of South San
Francisco.
Date of
Registry
Type of
Re~i stration*
Principal only
and Interest
Principal only
and Interest
Principal only
and Interest
Principal only
and Interest
Name and Address
of Registered Owner
Signature of
Paying Agent
*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)