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HomeMy WebLinkAboutReso 1398-1948 AN ORDER PROVIDING FOR THE ISSlIANCE OF STREET IMPROVEMENT BONDS, PRESCRIBING DENC~INATION OF SUCH BONDS, AND THE INT~tE~T COUPONS ATTACHED, PURSUANT TO RESOLUTION OF INTENTION NO. ~ ENTITLED: "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF 'SOUTH SAN FRAN- CISCO DECLARING ITS INTENTION TO CONSTRUCT A S~NITARY SEWER FROM SOUTH MAGNOLIA AVENUE TO SOUTH SPRUOE AVENUE BETWEEN THE BADEN BRANCH OF THE SOUTHERN PACIFIC RAILROAD COMPANY AND NORTH CANAL STREET, IN THE CITY OF SOUTH SAN FRANCISCO," ADOPTED JUNE 2, 19&7. WHEREAS the City Council of the City of S~outh San Francisco. did, on the 2nd day of June~ 19&7, pass its Resolution of Intention No. 1220 entitled: "A Resolution of the City Council of the City ofSouth San Francisco Declaring its Intention to Construct a ~a~itary Sewer from South Magnolia .Agenue to South Spruce Avenue Between the Baden Branch of. the Southern Pacific Railroad Company and North Canal Street, in the City of South San Francisco", for the improvement work in said resolution of intention mentioned and described, under and pursuant to the provisions of the "Improvement Act of 1911", and the amendments thereto, reference to said resolution of intention being hereby expressly made for the description of said work, and for other particular; and ~HEREAS the contract for said work and improvements was entered into by Frank J. Jackson, Jr., and Henry L. Schweining as superintendent of streets of said city, and thereafter was completed to the satisfacti of said superintendent of streets, whereupon a diagram and assessment were made; and WH~2IEAS an assessment was thereafter issued to said Frank J. Jackson, Jr., do~ng business under the name of Gabriel Construction Company, and a warrant was attached thereto by said superintendent of streets, as required by said act; and thereafter said assessment was assigned to L. C. ~mith; and said warrant having been returned to said superintendent of streets with the statement of the amount unpaid upon each assessment shown thereon, which statement was filed by said superintendent of streets; and '~HEREAS, on the 18th d&y Of October, 19&8, said superintendent of streets ~ilid with the city clerk a complete list of all assessments unpaid under said assessment upon the respective assessment and diagram m~mbers thereon, whereupon said city clerk gave notice of the filing of said list, ha~ing fixed the 6th day of December, 19~8, at the hour of 8 o~clock p. m., as the time when interested persons may appear before the City council of the city and show cause why bonds should not be issued upon the security of the unpaid assessments shown upon said assessment list, said time being that of the regular meeting of said city council; and it appearing from the affidavit of Daniel J. Hyland, city clerk of said city, which a~fidavit is now on file in the office of said city clerk, that said notice was posted as required by law; and it likewise appearing from the affidavit of Myra R. Spangler, now on file in the office of said city clerk, that said notice was published as required by law; and · WHEREAS no person has at any time made any objection against the issuance of bonds, it is hereby determined that the assessments uhpaid and the aggregate amount of the s~e are as follows: DIAGRAM AND AMOIB~T ASSESSMENT NO. 309.A9 692.88 309.&9 309.A9 577.A0 919.22 T 0 T A L $3,117.97 The total aggregate amount of said sums unpaid is Three Thousand One Hundred Seventeen and 97/10( dollars ($3,117.97). NOW THEREFORE, in consideration of the premises~ the City Council of the City of South San Francisco does order as follows: Section 1. Said bonds shall be issued~upon the security of the unpaid assessments in the amount of Three Thousand One Hundred Seventeen and 97/100 Dollars ($3,117.97) in accordance with the provisions of sai¢ "Improvement Act of 1911", and the amendments thereto, and of the "Improvement Bond Act of 1915", and the amen~ ments thereto, under and pursuant to the resolutions, notices and proceedings duly adopted and taken by City council. The bonds shall be called "Improvement Bonds" and shall be dated December 6, 19&8, and bear interest at the rate of five (5) percent per annum, commencing on the 27th day of August, 19&8, and shall be six (6) in number and shall be in the following denominations: DENOMINATIONS DENOMINATIONS BOND DATE OF OF INT. COUPONS SEMI-ANNUAL II NUMB~ SERIES DENOMINATIONS MATURITY PAY~ JAN 2. 1950 TEREST COUPONI $519.66 July 2, 1950 $38.97 - 3-~.¢.~ $12.99 519.66 July 2, 1951 38.97 " 12.99 519.66 July 2, 1952 38.97 " 12.99 519.66 jiJuly 2, 1953 38.97 " 12.99 519.66 ~July 2, 195& 38.97 " 12.99 519.66 July 2, 1955 38.97 '~ 12.99 326 Section 2. Said bonds will be issued in annual series and the unpaid assessments, as determined by said city council, together with the interest thereon shall remain and constitute a trust fund for the redemption bonds and for the interest which may be due thereon, which unpaid assessments shall be payable in annual series corresponding in number to the number series of the bonds issued. An even annual proportion of each assessment shall be payable ~n each year preceding the date of maturity of each of the several series of bonds and such proportion of each assessment coming due in any year, together with the annual interest thereon, shall in turn be payable in installments the same as the general municipal taxes of said City of South San Francisco on real property are payable, and shall become delinquent at the same time and. in the same proportionate amounts, and bear the same proportionat penalties for delinquency. Said bonds shall be signed by the treasurer of the City of South San Fran- cisco and countersigned by the clerk who shall affix the official seal of said city. The interest coupons affixed thereto shall bear the engraved or printed or lithographed signature of the treasurer in place of his signature. Said bonds shall be substantially in the. form set forth in said "Improvement Bond Aet of 1915, as amended. The interest coupons attached to each of said bonds and evidencing the interest to accrue thereon shall be numbered consecutively and shall be substantially in the following form, to-wit: CO PON NO. $ The City of South San Francisco, California, will pay the bearer hereof, on the 2nd day of 19 _ , $ at the office of the city treasurer, said s~zm being the semi-annual interest due on Improvement Bond No. , Series X. City T~easurer Section 3. Said city clerk shall forthwith deliver said bonds to said L. C. Smith who is the assignee of said assessment in satisfaction of the balance due to him upon said assessment and warrant. I hereby certify that the foregoing resolution was regularly introduced and adopted by the City Council of the City of South San Francisco on the 6th day of December, 19~8, by the following vote: Ayes :~ Councilmen Nco s: C ouncilme n Absent, Councilmen Victor Boido, Chas. K. Elder, Leo Ferko, Adolph Sani, Emilio Cortesi. None None Attest: DANIEL J. HYLAND City Clerk