HomeMy WebLinkAboutReso 2157-1955RESOLUTION NO. 2157
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SOUTH SAN
FRANCISCO PROVIDING FOR THE ISSUANCE OF I~PROVEMENT BONDS IN
CONNECTION WITH THE AIRPORT BOULEVARD SANITARY SEWER DISTRICT
RESOLVED by the City Council of the City of South San Francisco, that
WHEREAS the City Council of said City did, an the 30th day of August, 1954, pass and
adopt its Resolution of Intention No. 2054, relating to certain work proposed to be done. and
improvements to be made in 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 for 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 an 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, or his assigns, having
made due return thereon and the same having been duly filed; and
WHEREAS, on the 26th day of May, 1955, 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,
NOW, THEREFORE, IT IS HEREBY FOUND, DETERNINED, AND ORDERED AS FOLLOWS:
1. That said list of assessments unpaid filed by said Street Superintendent, as aforesaid,
was, at the time of filing 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 Intention
No. 2054, and the aggregate amount of the same, are as follows:
does hereby find, determine, and declare that said real property
Assessment
Number Amount
3 $ 3,868.97
7 2,305.17
8 578.14
9 111.86
12 4,505.05
13 8,383.24
14 3,023.94
15 4,102.53
2. That the total or aggregate amount of said assessments unpaid is the sum of Twenty-
six Thousand, Eight Hundred Seventy-eight and 90/100ths Dollars ($26,878.90).
3. That bonds shall be issued upon the security of said unpaid assessments in the said
amount of Twenty-six Thousand, Eight Hundred Seventy-eight and 90/lO0ths Dollars (26,878.90) 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. 2054 and the proceedings thereunder duly had and
taken; that said bonds shall be thirty (30) in number, shall be dated June 6, 1955, and bear interest
at the rate of five percent (5%) per annum from May 14, 1955, 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
(}-1 1 $ 1000.00 7-2-56
(}-1 2 792.02 7-2-56
(}-1 3 1000.00 7-2-57
(}-1 4 791.92 7'2-57
(}-1 5 1000.00 7-2-58
(}-1 6 791.92 7-2-58
(}-1 7 1000.00 7-2-59
Q-1 8 791.92 7-2-59
(}-1 9 1000.00 7-2-60
(}-1 10 791.92 7-2-60
0-1 11 1000.00 7-2-61
(}-1 12 791.92 7-2-61
(}-1 13 1000.00 7-2-62
(}-1 14 791.92 7-2-62
(}-1 15 1000. O0 7-2-63
q-1 16 791.92 7-2-63
(}-1 17 1000.00 7-2-64
(}-1 18 791.92 7-2-64
Q-1 19 1000.00 7-2-65
Q-1 20 791.92 7-2-65
(}-1 21 1000.00 7-2-66
Q-1 22 791.92 7-2-66
(}-1 23 1000.00 7-2-67
(}-1 24 791.92 7-2-67
(}-1 25 1000.00 7-2-68
(}-1 26 791.92 7-2-68
(}-1 27 1000.00 7-2-69
(}-1 28 791.92 7-2-69
Q-1 29 1000.00 7-2-70
(}-1 30 791~92 7-2-70
4. With reference to said bonds, the first coupon attached to Bonds Nos. 1, 3, 5, 7, 9,
11, 13, 15, 17, 19, 21, 23, 25, 27, and 29 shall have a denomination of $31.81, and the subsequent
coupons attached to said bonds shall have a denomination of $25.00. The first coupon attached to
Bonds Nos. 2, 4, 6, 8, 10, 12, 14, 16, 18, 20, 22, 24, 26, 28, and 30 shall have a denomination of
$25.08, and the subsequent coupons attached to said bonds shall have a denomination of $19.80.
The first coupons above referred to shall represent interest upon the principal of the
respective bonds to which the same are respectively attached coming due January 2, 1956, and the
subsequent coupons above referred to shall represent the interest coming due on the principal
of the respective bonds to which the same are respectively attached for the several semi-annual
periods subsequent to 'said date.
5. 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 t~e 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
delinquency.
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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; and 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 2d day of ,
19 , Dollars
($ ) at the office of the City Treasurer; said
sum being the semi-annual interest due on Improvement
Bond No. of Series No.
Dated:
City Treasurer of South San Francisco
8. That said bonds shall be payable to bearer and shall forthwith be delivered to STONE &
YOUNGBERG, Investment Securities, Russ Building, San Francisco, California, 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.
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 this 6th day of
June, 1955, by the following vote:
AYES: COUNCILMEN Andrew Rocca, Francis Lucchio, Telford Smith, Emilio Cortesi, Richard Gamlen
NOES: COUNCILMEN None
ABSENT: COUNCILMEN NONE
ATTEST:
Arthur A. Rodondi
City Clerk