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HomeMy WebLinkAboutReso 103-1926AN ORDER PROVIDING FOR THE ISSU~d~CE OF STREET IM~.-.0VEIg~T BONDS, PRESCRIBING T~L DLi~0MINATIONS OF SUCH BONDS AND THE II~TEREST COUP01.!S ATLACHED. No, 54 WHEREAS the Board of Trustees of the City of South San Franc~,sco did, on the 4th day of M~y, 1925, pass it~ Resolution of Intention No. 5z~ for the improvement of certain alleys and avonues in said Resolution of Intentior, mentioned and described, under and I, ursuant %o %he yrovisiom~ of the "I~provement ~ct of 1911", and the ar~endr~ent~ thereto, reference to said Resolution of Intention beinm hereby o::pressly ~ade for a des cr i? ti on of said work and the district in said Rosolution of Intention mentioned and for further ~articulars: and WHEREAS the contract for said work ~nd improver~,~ent was duly awarded to George W. C~'hing and thereafter was duly completed to the satisfaction of the Superintendent of Streets of s-aid City whereupon a disgram and asse~sL, ent were duly made and filec! with the City Clerk: and WHEREA~, after due notice of the fi3inz of said as.'-essment was given as pro- videci~ by ]aw, and sale: assessme.;]t was ~en~ed by order of said Board of Trust~.~es, and said assess~.ent was, on the ]st day of Liarch, 1926, du3y confirmed by said Board of Trustees and thereupon a warrant was ~:ttached thereto by z'aid Su~,erinten¢~,ent of Stroets, and thereafter said diazr~:.r~, as~'e,,-sr, ent and warrant v:ere du~y recorded by said Superintendent of ~treets smd then delivered to the contractor, in tip. e, form and manner as req~ired by said act: and said warx'ant havin~ been d;~ly returned to said Sup~rintendent of £1reots, with a written state~.ent of aid paymonts 'received upon said assessr,~ent, si~.ned by said contractor, which statement was thereupon duly filed by said Superintendent of Streets with the record of said warrant and assessment; and W1~R"Z'AS, on the lOth day of June, 1926, said Superintendent of Streetsduly made and filed with the Clerk of this Board of Trustees a complete li~t of al.]. asses.'~ments unpaid under said assessment upon the respective assess[:~ent or diagram, numbers thoreon, whereu]~on s~id Clerk du/y gave notice of the filing of said list, having fixed Zonday, the ~lst day of ~une, 1926, at the hour of 7:~00~,clock p,m., az' the time when interest- ed per'Jons mizht appear before s8id Board of Trustees and ~.how cause why bond.~3 ~.hould not be issued upon the security of the unpaid as."essmonts shown u?on said list, said tine being that of a' regular meeting, of said Board of Trustees; and it l~ppearin~ from the affidavit of Daniel LicSweeney, C'ity Clerk of said City, which af£idavit i'.~ now on file in the office oi' the City Clerk, that said ~otice was }~osted as required by !aw, and it .likewise appo~rinz fror~ the affidavit of H. E. Reynolds, which affidavit i'. now on file in the office of ,~a~d City Clerk, that said notice was ?~ub]ishod as required hy law: [nd the s~id matter and '~a, id hearin~ h~ving been r~:gula, rly continued by maid Board of Tru'.tees to the 2$th day of Jmes, I~.,£6: and no I;ersons having at any time made objection a~z~.~n,~'t the i~-s.,~a~.ce of bond.c, it is hereby dcterr:ined thor the as~"o~'sment~~ unyaid and the ~g-regate amount of the same are as follows: 27 $ 38.07 28 95.18 ZZ 95.18 Z8 25.58 59 76.14 72 65.45 73 63 .~5 7~ 6Z,aB 75 ~. 91.22 102 405.93 ]51 126.9~ 152 126.90 ~167 101.52 17L 190.56 194 95.18 246, 247, 6~.45 255~ 65.45 256 ' 126.91 268 114.21 271 126.91 ~9~ 65.45 407 65 .z~5 4~ 6~.46 425 65.45 4Z1 6~ .45 469 179.72 429 63.45 The total or aggregate amount of said s~s unpaid is Two Thou.'~and Seven Hundred Forty-five and 41/]00 Dollars (~2745.41). NOW, THEREP0.RE, in consideration of the premises, the Board of Tru'."tees of the City of South San Francisco do order as follows: SECTION 1: That bonSs be issued upon the security, of said unpaid ass-e~':.ments in the m~ount of Two Thousand Seven Hundred Forty-five and 4]./100 Dollars ($2745,41),-in accordance with the provisions of said "Improvement Act of 191]", and t~,,e amendments thereto, and of the "Improvor:~ent Bond Act of 1915", and the ~r.~endment~-~ thereto, under and pursuant to the 1-08 resolutions, notices, andproceedings duly adopted and taken by said Board of Tru.~tees: said bonds shall be called "I~:~proverhent Bonds" and shall be dated June 28th, 1926, and st~,]l bear interest at tho rate of seven (7) per cent per annur~, and shall bo ten (10) in ntunber, and of the follov~ing denominations, and ~hatl be numbered and mature as hereinafter indicated, and %he coupons attached sh~]l be of the denon~inations a[~ follows: BONE SERIES DENONINATIONS DATE OF NL%IBER~ I,LA. ~ I '. Y DEt~O~INATI 0NS COUPONS PAYABLE JANUARY E, 19£?. DENOI~Ii NAT I 0N S 0£ EEl, II-ANNUAL INTEREST COUPONS. 1 L $~74.~5 July 2, 1927 $10.8~ $9 61 2 L 274.5~ July 2, 1928 10.83 9.61 5 L £74.5~ July 2, 1929 ~0.85 9.61 4 L 274.54 July 2, 1950 10.85 9.61 5 L 274.5~ July 2, 1951 10.83 9.61 6 L 274.5~ July 2, 19~2 10.85 9.61 7 L 274.5~ July 2, 1955 10.85 9.61 8 L 274.5~ ~uly 2, ]954 10.85 9.61 9 L 274.~ July 2, 19~5 10.8Z 9.61 ]0 i 274.§A July 2, 1956 10.85 9.61 SECTION 2: Said bonds shall be issued in annual series and tho unpaid as[~essr,:ents as deterr~ined by s~id Board of Trustees, together with the interest thereon, shall remain cud constitute a trust fund for the redemption and payment of said bonds and of the interest which z~ay be due thereon, w?dch unpaid as~es~nents shall be payable in annu[~l series corresponding in number to the n~]ber of series of the bond~, issued, and an evem annual proportion of each assess~ent shall be payable in each year precedin~ the date of maturity of each of the' several series of bondr, and such proportion of each ~ssess~ent coming due in ~uy year, together with the ennual interest thereon shall in turn be payable in installments the s~me ~s the general municipal taxes of said City of South San Fr~uci~,co on real property ore payable, and shall become delinquent at the sa~e t~es and in the sane proportionate amounts and bear the sa:~e proportionate penalties for del- inquency. Said bond~· shall be signed by the Treasurer of said City of South San Francisco and countersigned by the Clerk who shall affix thereto the Ofi'icial seal cz' ~aid city; and interest coupons affixed thermate sh~ll be signed by tho Tre[~urer and ear his engraved or lithographed signature; said bonds sh~ll bo substantially in the form set forth in said "lnprove:,ont Bond ~ct of 1915", as amc nd e d. ~Le interest coupons at~ached to e~ch el' acid bonds and evidencing the intero~ t to accrue thereon ~11 be nu~nbered consecutively and shall be sub(~ant- ia.]By in the follow'lng form, to-wit: Coupon No. $ The City of South San ~'r~nci.(,co. Cal., will pay the bearer h,~reo£ on the 2nd day of , , $ at the office of the City Treasurer, ~'aid sum bein~j tho semi-annu~.l interest duo on Imyrovenent Bond i;o. Series I~o. City Treasurer SECTION Z: "aid City Clerk shall forthwith deliver said bonds to said George W. ~ushing, said contrector, in satisfaction of the b~lsnce due him upon his assers~::ont and warrant. -O-0-O-O-O-O-O-0- I hereby certify that the forogoin~ resolution was re~u]ar!y introduced ~nd adopted by the Board of Trustees of the City of South Sbn Fr~ncisco, this 'eth d~y of June, 1926, by the following vote: Ayes, Trustees: E~chelbach, Lloyd, t,iinucciani, Tibbetts, and Cunningh~::. Noes, Trustees: i~one. Absent, Trustees: None. Attest: D~ni el l~icSweeney. City Clerk.