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HomeMy WebLinkAboutReso 2434-1956RESOLUTION NO. 2434 A RESOLUTION OF THE CITY COUNCIL OF TEE CITY OF SOUTH SAN FRANCISCO PROVIDING FOR THE ISSUANCE OF IMPROVEMENT BONDS IN CONNECTION WITH MISSION ROAD AND CHESTNUT AVENUE STREET IMPROV~ RESOLVED by the City Council of the City of South San Francisco that WHEREAS the City Council of said City did, on the 1st day of August 1955, pass and adopt its Resolution of Intention No. 2184, relating to certain work proposed to be done and improve- meuts to be made in said City, as therein described, under and pursuant to the provisions of that certain Ac~ 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 pro- vided by the "Improvement Bond Act of 1915", as amended, reference to said Resolution of Intention being hereby expressly made for further particulars; and WHE~ the contract for said work and i~provement was duly awarded and thereafter 'duly completed to the satisfaction of the Director of Public Works of said City, its ex-officio Superintendent of Streets, and to 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 24th day of October 1956, a complete list of all unpaid assessments, together with a designation of the respective assessment or diagram numbers, was made and filed on behalf of said Superintendent of Streets with the Clerk of this Council, NOW, THEREFORE, IT IS HEREBYFOUND, DETERMINED, AND ORDERED AS FOLLOWS: 1. That said list of unpaid assessments, filed on behalf of said Superintendent of Streets, as aforesaid, was, at the time of filing thereof, in all respects complete and correct, and also that the numbers and amounts of the unpaid assessments iu the proceedings duly had and taken under and pursuant to said ResoSution of Intention No. 21~84 are as follows: Assessment Number Amount- 22 $3,148.47 23 6,322.65 2. That the total, or aggregate, amount of said assessments unpaid is the sum of Nine Thousand Four Hundred Seventy-One and 12/lOOths Dollars ($9,471.12). 3- That bonds shall be issued upon the security of said unpaid assessments in said amount of Nine Thousand Four Hundred Seventy-one and 12/100ths Dollars ($9,471.12), all 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. 2184 and the proceedings thereunder duly had and taken; that said bonds shall be fifteen (15) in number, shall be dated December 3, 1956, and shall bear interest at the rate of five percent (5%) per annum from October 7, 1956; and that 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 T-1 1 $631.41 7-2-5U T-1 2 631.41 7-2-59 T-1 3 631.41 7-2-60 T-1 4 631.41 7-2-61 T-1 5 631.41 7-2-62 T-1 6 631-41 7-2-63 T-1 7 631.41 7-2-64 T-1 8 631.41 7-2-65 T-1 9 631.41 7-2-66 T-1 10 631.41 7-2-67 T-1 11 631.41 7-2-68 T-1 12 631.41 7-2-69 T-1 13 631.40 7-2-70 T-1 14 631.40 7-2-71 T-1 15 631.40 7-2-72 4. With reference to said bonds, the first coupon attached to said Bonds shall have a denomination of $39.08, and the subsequent coupons attached to said bonds shall have a denomination of $15.79. 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, 1958, and the sub- sequent 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 sub- sequent to said dste. 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 the i00 interest which ~ay be due thereon, which unpaid assessments shall be payable ia annual series corresponding in number to the number of series of bonds issued, and au even annual proportion of each assessment shall be pay- able iu 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 iu 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 iu the same proportionate amounts and bear the same proportionate penal- ties for delinquency. 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 iu 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 at~ached 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: Coupou 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. T-1. Dated: City Treasurer of South San Francisco. 8. That said bonds shall be payable to bearer and shall forthwith be delivered to Fay Improvement Company, the aforesaid Contractor, or to its duly designated assignee or assignees, the same to be iu full satisfaction of the balance due upon theassessmeut 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 meeting held this 3rd day of December, 1956, by the following vote: AYES: Councilmen G. J. Rozzi, Andrew Rocca, Emilio Cortesi, Leo J. Ryan NOES: None ABSENT: Francis Lucchio ATTEST: Arthur A. Rodondi City Clerk