HomeMy WebLinkAboutReso 2584-1958RESOLUTION NO. 2584
CITY OF SOUTH SAN FRANCISCO
LINDENVILLE INDUSTRIAL PARK I~PROVEM~NT DISTRICT
RESOLUTION AND ORDER OF CITY COUNCIL OF THE CITY OF SOUTH SAN
FRANCISCO, COUNTY OF SAN MATEO, STATE OF CALIFORNIA, PROVIDING
FOR THE ISSUANCE OF $178,972.88 PRINCIPAL AMOUNT OF I~PROVEMENT
BONDS, LINDENVlLLE INDUSTRIAL PARK IMPROVEMENT DISTRICT, PRESCRIBING
THE MAXIMUM AMOUNT, DATE AND FORM OF SAID BONDS AND OF THE COUPONS
TO BE ATTACHED THERETO, AND PRESCRIBING THE MATURITY THEREOF: FIXING
THE MAXIMUM RATE OF INTEREST ON SAID BONDS: AUTHORIZING THE EXECUTION
OF SAID BONDS AND COUPONS: AND SELLING SAID BONDS
WHEREAS, the City Council of the City of South San Francisco did, on November 18,
1957, adopt its Resolution of Intention No. 2543 relating to certain proposed work and
improvements to be done and made in Lindenville Industrial Park Improvement District in
said City, described in said Resolution of Intention, under and pursuant to the provisions
of the Municipal Improvement Act of 1913, which said Resolution of Intention provides that
serial bonds to represent unpaid assessments and to bear interest at a maximum rate of not
to exceed 6% per annum, payable semi-annually, will be issued in the manner provided by
Division 10 of the Streets and Highways Code, the Improvement Bond Act of 1915, and the
last installment of said bonds shall mature fourteen (14) years from the 2nd day of July
~next succeeding ten (10) months f~om their date, reference to'said Resolution of Intention
being hereby expressly made for all further particulars; and
WHEREAS, an assessment and diagram were duly made and filed with said City Council
of said City of South San Francisco on November 18, 1957, and after hearing, duly noticed
and held, were confirmed and approved as modified by Resolution duly passed and adopted by
said City Council of City of South SanFrancisco on December 19, 1957 (such assessment and
diagram as so modified being hereinafter referred to as said assessment and diagram); and
WHEREAS, said assessment and diagram were duly recorded on December 20, 1957, in
the office of the City Tax Collector of said City of South San Francisco, and a duplicate
original thereof was duly recorded on December 20, 1957, in the office of the Superinten-
dent of Streets of said City of South san Francisco, all in the timei form and manner re-
quired by law; and
WHEREAS, said assessment was in the total amount of $200,000 and was apportioned
upon the several subdivisions of land in said Lindenville Industrial Park Improvement
District in proportion to the estimated benefits to be received by such subdivisions, res-
pectively, from said work and improvements as shown in said assessment to which reference
is hereby expressly made for further particulars; and
WHEREAS, notice of such recordation of said assessment and notice otherwise as
required by law has been duly given by mailing and by publication of notice in the time,
form and manner required by law; and
WHEREAS, all sums assessed by said assessment were due and payable to said C~ y
Tax Collector at his office in the City of South San Francisco, San Mateo County, Calif-
ornia, on or before the close of business on January 20, 1958; and
WHEREAS, the Supe~intendent of Streets of said City on January 27, 1958, made
and filed with the City Treasurer of said City and with this City Council a complete list
of all unpaid assessments, upon said assessment, showing unpaid assessments in the aggre-
gate amount of $178,972.88 and said Treasurer has determined, andthis City Council hereby
finds and determines, that said assessments so listed as unpaid upon said list of unpaid
assessments are unpaid and that the aggregate amount thereof is said amount of $178,972.88;
and
WHEREAS, Stone & Youngberg, a partnership, has offered to purchase at 96% of
the par value thereof (96%of the aggregate principal amount thereof) without accrued inter-
est not to exceed $200,000 principal amount of bearer bonds to be issued in said proceed-
ings under and pursuant to the Municipal Improvement Act of 1913 and Improvement Bond Act
of 1915, said bonds to be dated February 19, 1958, to extend over a period of 14 years from
the second day of July next succeeding 10 months from their date, and to bear interest at
the rate of 5% a year payable semi-annually beginning January 2, 1959.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SOUTH SAN FRAN-
CISCO, AS FOLLOWS:
1. The foregoing recitals and each of them are true and correct.
2. All acts, conditions and things required by law to exist, happen and be per-
formed precedent to and in the issuance of the bonds hereinafter provided for have existed,
happened and been performed in the time, form and manner as required by law.
3. Bonds shall be issued upon the security of said unpaid assessments in the
amount of $178,972.88 in accordance with the provisions of said I~provement Bond Act of
1915 and under'and in pursuance of the provisions of said Resolution of Intention No. 2543
and the proceedings thereunder duly had and taken. Said bonds shall be known as "Improvement
Bonds, Lindenville Industrial Park Improvement District, City of South San Francisco"; shall
be in form and of the character known as serial and shall be in the principal amount of
$178,972.88; shall be dated February 19, 1958 (which is hereby fixed and determined to be
the date of issue of said bonds); shall bear interest from February 19~ 1958, at a rate of
5% per annum; and shall be of the denominations and numbered and shall mature and become
payable as follows:
202
Bond Numbers
(both inclusive)
Denomination
Maturity
Date
July 2
1 - 11 $ 1,000.00 1959
12 931.52 1959
13 - 23 1,000.00 1960
24 931.52 1960
25 - 35 1,000.00 1961
36 931.52 1961
37 - 47 1,000.00 1962
48 931.52 1962
49 - 59 1,000.00 1963
60 931.52 1963
61 - 71 1,000.00 1964
72 931.52 1964
73 - 83 1,000.00 1965
84 931.52 1965
85 - 95 1,000.00 1966
96 931.52 1966
97 - 107 1,000.00 1967
108 931.52 1967
1091,- 119 1,000.00 1968
1207 931.52 1968
121 - 131 1,000.00 1969
1321 931.52 1969
133 - 143 1,000.00 1970
144 931.52 1970
145 - 155 1,000.00 1971
156 931.52 1971
157 - 167 1,000.00 1972
168 931.52 : 1972
169 - 179 1,000.00 1973
180 931.60 1973
Interest shall be evidenced by coupons attached to each bond, and each of said coupons
shall represent six (6) months' interest on the bond to which it is attached, except
that the first coupon attached to each bond shall represent interest from the date of
said bond to January 2, 1959, and thereafter said interest coupons shall be payable
semiannually on the 2nd day of January and the 2nd day of July in each year until and
at the respective dates of maturity of said bonds, comencing July 2, 1959.
4. Said unpaid assessments in said aggregate amount of $178,972.88, as shown
on said list hereinabove referred to and as determined by said Treasurer and this City
Council, together with interest thereon, shall constitute and remain a trust fund for
the redemption and payment of the bonds and of the interest which may be due thereon.
Said unpaid assessments shall be payable in annual series corresponding in number to
the number of years in which the bonds issued mature as hereinabove provided, and an
even annual proportion of each assessment shall be payable in each year preceding the
date of maturity of 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 be payable in the same manner and at the same time and in the same installments
as the general taxes of said City of South San Francisco on real property are payable,
and said assessment installments and said annual interest shall be payable and become
delinquent on the same dates and in the same proportionate amount~ and bear the same
proportionate penalties and interest after delinquency as do the general taxes on real
property of said City of South San Francisco. The redemption period shall be such as
is set forth in said ImProvement Bond Aat of IO1K
84 931.52 1965
85 - 95 1,000.00 1966
96 931.52 1966
97 - 107 1,000.00 1967
108 931.52 1967
109:. - 119 1,000.00 1968
1207 931.52 1968
121 - 131 1,000.00 1969
132 ' 931.52 1969
133 - 143 1,000.00 1970
144 931.52 1970
145- 155 1,000.00 1971
156 931.52 1971
157 - 167 1,000.00 1972
168 931.52 .. 1972
169 - 179 1,000.00 1973
180 931.60 1973
Interest shall be evidenced by coupons attached to each bond, and each of said coupons
shall represent six (6) months' interest on the bond to which it is attached, except
that the first coupon attached to each bond shall represent interest from the date of
said bond to January 2, 1959, and thereafter said interest coupons shall be payable
semiannually on the 2nd day of January and the 2nd day of July in each year until and
at the respective dates of maturity of said bonds, commencing July 2, 1959.
4. Said unpaid assessments in said aggregate amount of $178,972.88, as shown
on said list hereinabove referred to and as determined by said Treasurer and this City
Council, together with interest thereon, shall constitute and remain a trust fund for
the redemption and payment of the bonds and of the interest which may be due thereon.
Said unpaid assessments shall be payable in annual series corresponding in number to
the number of years in which the bonds issued mature as hereinabove provided, and an
even annual proportion of each assessment shall be payable in each year preceding the
date of maturity of 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 be payable in the same manner and at the same time and in the same installments
as the general taxes of said City of South San Francisco on real property are payable,
and said assessment installments and said annual interest shall be payable and become
delinquent on the same dates and in the same proportionate amounts and bear the same
proportionate penalties and interest after delinquency as do the general taxes on real
property of said City of South San Francisco. The redemption period shall be such as
is set forth in said Improvement Bond Act of 1915.
5. Said bonds and coupons shall each be in substantially the following forms,
the blanks in said forms to be filled in with appropriate words or figures, namely:
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
County of San Mateo
IMPROVEMENT BOND
LINDENVILLE INDUSTRIAL PARK IMPROVEMENT DISTRICT
CITY OF SOUTH SAN FRANCISCO
SERIES 50
No.
Under and by virtue of the Improvement Bond Act of 1915, Division 10
of the Streets and Highways Code, the CITY OF SOUTH SAN FRANCISCO will on the
second day of July, 19 ,out of the redemption fund for the payment of the
bonds issued upon the assessments made for the work and improvements in an im-
provement district designated "Lindenville Industrial Park Improvement District",
which said work and improvements and improvement district are more fully des-
cribed in Resolution of Intention No. 2543 passed by the City Council of said
City of South San Francisco on the 18th day of November, 1957, pay to the bearer
the sum of Dollars ($ ) with interest
· '~thereon from the 19th day of February, 1958, at the rate of five percent (5%)
per annum, all as is hereinafter specified, and at the office of the Treasurer
of said City.
This bond is one of several annual series of bonds of like date, tenor and
effect, but differing in amounts and maturities, issued by said City under said law
~or the purpose of providing means for paying for the work and improvements described
in said Resolution of Intention, and is secured by the moneys in said redemption fund
and by the unpaid assessments made for the payment of said work and improvements, and,
including principal and interest, is payable exclusively out of said fund.
The interest is payable semiannually, to wit: On the 2nd day of January and
the 2nd day of July in each year hereafter, upon presentation of the proper coupons
therefor; provided, that the first of said coupons is for the interest to the 2nd day
of January, 1959, and thereafter the interest coupons are for the semiannual interest.
This bond will continue to bear interest after maturity at the rate above
stated; provided, it is presented at maturity and payment thereof is refused upon the
sole ground that there are not sufficient moneys in said red~nption fund with which to
pay same. If it is not presented at maturity, interest thereon will run until maturity.
This bond may be redeemed and paid in advance of maturity upon the second day
of January or July in any year by giving the notice provided in said law and by paying
principal and accrued interest together with a premium equal to five percent (5%) of
the principal.
IN WITNESS WHEREOF, said City of South San Francisco has caused this bond to
be signed by the Treasurer of said City and by its Clerk and has caused its Clerk to
affix thereto its corporate seal all on the 19th day of February, 1958.
(SEAL)
Treasurer
Clerk
(Form of Coupon)
Coupon No.
The City of South San Francisco will pay to bearer hereof on the
day of , 19 , at the office of the Treasurer
of said City, in the City of South a~g-n--Francisco, County of San Mateo,
California, Dollars ($ ), being
interest then due on Improvement Bond, Lindenvllle Industrial Park
Improvement District, City of South San Francisco, dated February 19,
1958, No. ,SERIES 50.
Treasurer
6. Said bonds shall be signed by the Treasurer of said City and countersigned
by the City Clerk of said City, who shall affix thereto the official seal of said City.
The interest coupons attached to said bonds shall be signed by said Treasurer by his
engraved, printed or lithographed signature. Such signing, countersigning and sealing
as herein provided shall be a sufficient and binding execution of said bonds and coupons.
7. The City Clerk is directed to cause a sufficient number of blank bonds
and coupons of suitable quality to be lithographed or printed and to cause the blank
spaces thereof to be filled in to comply with the provisions hereof and to procure
their execution by the proper officers and to deliver them, when so executed, to the
Treasurer of said City who shall deliver them to the purchaser or purchasers thereof,
on receipt of the purchase price. Said Treasurer and City Clerk are further authorized
and directed to make, execute and deliver to the purchaser of said bonds a signature and
no-litigation certificate in the form customarily required by purchasers of municipal
bonds, certifying to the genuineness and due execution of said bonds and further certi-
fying to all facts within their knowleage relative tO any litigation which may or might
affect said improvement district or said City, said officers or said bonds, and said
Treasurer is further authorized and directed to make, execute and deliver to the pur-
chaser or purchasers of said bonds a Treasurer's receipt in the form customarily re-
quired by purchasers of municipal bonds, evidencing the payment of the purchase price
of said bonds, which receipt shall be conclusive evidence that said purchase price has
been paid and has been received by said City. Any purchaser or subsequent taker or
holder of said bonds is hereby authorized to rely upon and shall be justified in relying
upon any such signature and no-litigation certificate and any such Treasurer's receipt
with respect to said bonds executed pursuant to the authority of this resolution.
8. Said offer of Stone & Youngberg for $178,972.88 principal amount of said
bonds, bearing interest at the rate of five per cent (5%) a year payable as aforesaid,
shall be and is hereby accepted, and the Treasurer of said City is hereby authorized
and directed to deliver said bonds in bearer form to said Stone & Youngberg as purchaser
upon payment to said Treasurer of the purchase price, to wit 96% of said par value of
said bonds without accrued interest.
9. This Resolution shall take effect from and after its passage and approval.
PASSED AND ADOPTED this 3rd day of February, 1958, by the City Council
of the City of South San Francisco, by the following vote:
AYES:
OES i
ABSENT:
Councilmen G. J. Rozzi, Andrew Rocca, Emilio Cortesi and Leo J. Ryan
None
Councilman Francis Lucchio
G. J. ROZZI
MAYOR OF THE CITY OF SOUTH SAN FRANCISCO
ATTEST:
ARTHUR Ao RODONDI
CITY CLERK