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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