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HomeMy WebLinkAboutReso 2084-1954RESOLUTION NO. 2084 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SOUTH SAN FRANCISCO PROVIDING FOR THE ISSUANCE OF IMPROVEMENT BONDS FOR TEE IMPROVEMENT OF VICTORY AVENUE. RESOLVED by the City Council of the City of South San Francisco, that WEEREAS the City Council of said City did on the llth day of January, 1954, pass and adopt its Resolution of I~teuttou No. 1966, relating to certain work proposed to be done and improvements to be m~de iu said City, as therein described under and pursuant to the provisions of that certain Act of the Legislature of the State of California designated as the "Improvement Act of 1911," as amended, and did therein provide that serial bonds would be issued thereunder in the manner provided by the "Improvement Bond Act of 1915", as amended, reference to said Resolution of Intention being hereby expressly made for further particulars; and WHEREAS the contract ~or said work and improvement was duly awarded and thereafter duly completed to the satisfaction of the Superintendent of Streets of said City and this Council, whereupon au assessment, warrant and diagram were made, recorded and delivered to the Contractor in the time, form and manner as required by said Act, and the Contractor having made due return thereon and the same having been duly filed; and W~ on October 24, 1954, the Superintendent of Streets of said City made and filed with the Clerk of this Council a complete list of all assessments unpaid thereunder and upon the respective assessment or diagram numbers thereon, thereupon said Clerk gave notice of th~ filing of said list, and fixed in said notice Monday, the 15th day of November, 1954, at the hour of eight o'clock p. m. as the time when interested persons might appear before the City Council at the regular meeting place of said City Council in the City Hall and show cause why bonds should not be issued upon the security of the unpaid assessments shown ou said list, all of which appears from affidavits ou file in the office of said Clerk; ~RF~, NO protests or objections against the issuance of bonds as foresaid having been presented before or at the time of said he~ing NOW, THEREFORE, IT IS HEREBY FOUND, DETEENED, AND ORDERED as follows: 1. That said list of assessments unpaid filed by said Street Superintendent, as aforesaid, was, at the time of filiu~ thereof, in all respects complete and correct, and also that the unpaid assessments in the proceedings duly had and taken under and pursuant to said Resolution of IntentionS!No. 1966, and the aggregate amount of the same, are as follows; Assessment Number Amount 4 $ 162.20 7 12B.87 8 1,108.51 l0 1,404.8B 12 24.75 lB . 2,248.78 14 3,950.09 20 91.40 2. That the total or aggregate amount of said assessments unpaid is the sum of $9,114.43. 3. That bonds shall be issued upon the security of said unpaid assessments in the said amount of $9,114.4B in accordance with the provisions of said Improvement Bond Act of 1915, and under and pursuant to the provisions of said Resolution of Intention No. 1966 and the proceedings thereunder duly had and taken; that said bonds shall be fifteen (15) in number, shall be dated November 15, 1954, and bear interest at the rate of five per cent (5~) per annum from July 30, 1954, and the denominations of said bonds and the interest coupons required to be attached thereto, with the respective numbers and dates of maturity are as follows: Series No. Bond No. Denomination Date of Maturity 0-1 i $607.63 7-2-56 0-1 2 607.63 7-2-57 6-1 3 607,63 7-2-58 o-1 4 607.63 7-2-59 0-1 5 607.63 7-2-60 0-1 6 607.63 7-2-61 o-1 7 607.63 7-2-62 o-1 8 607.63 7-2-63 0-1 9 607.63 7-2-64 0-1 lO 607.63 7-2-65 0-1 11 607.63 7-2-66 0-1 12 607.63 7-2-67 0-1 13 607.63 7-2-68 0-1 14 607.62 7-2-69 o-1 15 607.62 7-2-70 4. With reference to said bonds, the first coupon attached to said bonds shall have a denom- ination of $43.B0, and the subsequent coupons attached to said bonds shall have a denomination of $15.20, The first coupon above referred to shall represent interest upon the principal of the respective bonds to which the same are respectively attached comi~ due January 2, 1956, and the subsequent coupons above referred to shall represent the interest coming due ou the principal or, the respective bonds to which the same are respectively attached for the several semi-annual periods subsequent to said date. ~. Said bonds shall be issued in series, and the unpaid assessments as shown on the list filed by the Superintendent of Streets and determined by the said City Council, together with the interest thereon, shall remain and constitute a trust fund for the redemption and payment of said bonds and of the interest which may be due thereon, which unpaid assessment shall be payable in annual series corresponding in number to the number of series of bonds issued, and an even' annual proportion of each assessment shall be payable in each year preceding the date of the maturity for each of the several series of bonds issued, and such proportion of each assessment coming due in any year, together with the annual interest thereon, shall in turn be payable in installments as the general municipal taxes of said City on real property are payable, and shall become delinquent at the same time and in the same proportionate amounts and bear the same proportionate penalties for ~elinquency. 6. Said bonds shall be signed by the Treasurer of said City and countersigned by the Clerk who shall affix thereto the official seal of said City; the interest coupons affixed thereto shall be signed by. the Treasurer or bear his engraved, printed or lithographed signature; and such signing of said coupons by said Treasurer shall constitute and be a sufficient and binding execution of each and every one of said bonds and all of the coupons thereof respectively. Said bonds shall be substantially in the form set forth in said Improvement Bond Act of 1915; said Treasurer and said Clerk are hereby authorized and directed to so sign and countersign, respectively. 7. That the interest coupons attached to each of said bonds and evidencing the interest to accrue thereon shall be numbered consecutively and be substantially in the following form, to-wit: Coupon No. The City of South San Francisco, California, will pay to the bearer hereof on the 2nd day of ,19 , Dollars"($ ) at the office of the City Treasurer; said sum being the semi-annual interest due on Improve- meut Bond No. of Series No. O-1. Dated: City Treasurer of South San Francisco 8. That said bonds shsd_l forthwith be delivered to the Bank of America, N. T. & S. A., Main Office, San Francisco, Calif. in satisfaction of the balance due ~upon the assessment and warrant. 9. The City Clerk shall forward a certified copy of this Resolution to the City Auditor and City Treasurer. XXXXX~XXXXX~XXXXX I hereby certify that the foregoing Resolution was regularly introduced and adopted by the City Countil of the City of South San Francisco at a Regularmeeting held this 15th day of November, 1954, by the following vote: AYES, Councilmen Andrew Rocca, Francis Lucchio, Telford Smith, Emilio Cortesi, Richard Gamlen Noes, None ABSENT None ATTEST: ARTHUR A. RONDONDI CITY CLERK