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HomeMy WebLinkAboutReso 3757-19638/1/63 RESOLUTION NO. 3757 A RESOLUTION PROVIDING FOR THE ISSUANCE OF $893,000 PRINCIPAL AMOUNT OF CITY OF SOUTH SAN FRANCISCO MUNICIPAL IMPROVEMENT BONDS OF 1963, SECOND DIVISION, BEING PART 0P AN ISSUE OF $1,893,000 AUTHORIZED AT AN ELECTION HELD IN SAID CITY ON NOVEMBER 6, 1962; DESCRIBING THE AMOUNT, DATE AND NUMBERS OF BONDS OF THE SECOND DIVISION OF SAID AUTHORIZED ISSUE AND OF THE COUPONS TO BE ATTACHED THERETO, AND PRESCRIBING THE MATURITY THEREOF, FIXING THE MAXIMUM RATE OF INTEREST ON S~ID BONDS AND COUPONS, AND PROVIDING FOR THE LEVY OF A TAX TO'PAY THE PRINCIPAL AND INTEREST THEREOF CITY OF SOUTH SAN FRANCISCO MUNICIPAL IMPROVEMENT BONDS OF 1963 - SECOND DIVISION RESOLVED, by the City Council of the City of South San Francisco, California, that WHEREAS, all the requirements of law have been complied with in calling and holding the special municipal bond election held in the City of South San Francisco on November 6, 1962, at which election the proposition of issuing bonds in the principal sum of $1,893,000 for the objects and purposes hereinafter stated was submitted to the voters of the City~ and WHEREAS, the County Clerk of San Mateo County found and determined by his canvass of the returns of said election, made pursuant to the authority of the City Council of this City and of the Board of Super- visors of said County and entered upon the records of said Board of Supervisors, that the said proposition received at said speoial ~unici- pal bond election the affirmative vote of more than two-thirds of all of the voters voting at the election and the proposition was thereby carried and adopted, and the issuance of all of the bo~d~ was duly authorized~ and WHEREAS, the City Council of the City of South San Francisco heretofore, to-wit, on the 4th day of Febrdary, 196S, duly passed and adopted its Resolution No. 3672, as amended, providing for ~he issu- ance of $1,000,000 principal amount of "City of South San Francisco Municipal Improvement Bonds of 1963, First Division", as set forth in the records of said City Council~ and WHEREAS, pursuant to proceedings heretofore duly had and taken, First Division Bonds of said authorized issue in the principal amount of $1,000,000 have heretofore been issued and the unmatured portion thereof is now outstanding~ and said Resolution No. 3672, as amended, provides that the remaining $893,000 principal amount of said authorized issue may be divided into one or more additional divisions, as the City Council shall determine~ and WHEREAS, this City Council has determined, and does hereby de- clare, that it is necessary and desirable that the remaining $893,000 principal amount of said bonds be issued and sold for the purposes for which they were authorized by the electors; NOW, THEREFORE, IT IS RESOLVED, DETERMINED and ORDERED, as follows: 1. All acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of the bonds have existed, happened and been performed in due time, form and manner as required by law, and the City of South San Francisco is now auth- orized pursuant to each and every requirement of law to incur an indebtedness in the manner and form as in this Resolution provided. 2. Said Resolution No. 3672 providing for the issuance of City of South San Francisco Municipal Improvement Bonds of 1963, First Division, adopted by this City Council on February 4, 1963, as amended by Resolution No. 3699, adopted by this Council on April 15, 1963, is incorporated herein by reference and all of the provisions thereof are made a part hereof and shall be applicable to said remaining $893,000 principal amount of bonds of said authorized issue, except only as herein otherwise expressly provided. 3. Bonds of the City of South San Francisco in the aggregate principal amount of $893,000 to be known as "City of South San Francisco Municipal Improvement Bonds of 1963, Second Division", shall be and constitute the final additional series of said issue, and shall be issued to pay toward the cost of the acquisition, construction and completion of the municipal improvements of said City as set forth in 2 the following proposition, to-wit: PROPOSITION: (Sewage Treatment and Disposal Works and System) "Shall the City of South San Francisco incur a bonded indebtedness in the principal amount of One Million Eight Hundred Ninety-three Thousand Dollars ($1,893,000.00), for the acquisition, construction and completion of municipal improvements including additions, enlargements and modifications of facilities for sewerage treatment and disposal, outfall structures, sewage pumping works, force mains and interceptor and trunk sewer mains and all lands, easements, work and improvements auxil- iary thereto?" 4. The said $893,000 principal amount of bonds of the Second Division shall be issued as hereinafter set forth and shall be sold in accordance with law at not less tha~ their par value and accrued in- terest. The bonds of said Second Division of said authorized issue shall be negotiable in form, and of the character known as serial, 893 and shall be ~8-in number, numbered consecutively from 1 to 893, both ~ inclusive, and of the denomination of $1,000 each. Said bonds of the Second Division shall be dated October 1, 1963. 5. Ail of said bonds of said Second Division shall bear interest from their date until paid at the rate or rates designated by the City Council of the City of South San Francisco at the time of the sale of said bonds of said Second Division, but not to exceed six per cent (6%) per annum, payable semi-annually on the first day of April and the first day of October in each year until and at the respective dates of maturity of said bonds. Such interest shall be evidenced by coupons attached to each bond, and each of said coupons shall represent six months' interest on the bond to which it is attached. Interest rates for different maturities may be in varying multiples of 1/Sth or 1/20th of 1%. If, upon presentation at maturity, payment of any bond or any interest coupon thereof, or both, is not made in full accordance with the terms of this Resolution providing for the issuance thereof, said bond or coupons, or both, shall continue to bear interest at the rate stated therein until paid in full. 3 * Authorized By Resolution No. 3?95 off OctoBer ~4, 1963. 6. Said bonds of the Second Division shall each be of the de- nomination of $1,000 and shall be numbered and be payable in consecu- tive. numerical order, from lower to higher, on October 1 in each of the years, and mature in the total amounts per year as follows,to-wit: Bond Numbers (Both Inclusive) Principal Year of Amount Maturity 1 - 23 $23,000 1965 24 - 48 25,000 1966 49 - 73 25,000 1967 74 - 98 25~oo0 1968 99 - 123 25,000 1969 124 - 148 25~ooo 197o 149 - 173 25,000 1971 174 - 198 25,000 1972 199 - 223 25,000 1973 224 - 248 25,000 1974 249 - 278 30~000 1975 279 - 308 30,000 1976 309 - 338 30,000 1977 339 - 378 40,000 1978 379 - 418 40,000 1979 419 - 468 50,000 1980 469 - 528 60,000 1981 529 - 593 65,000 1982 594 - 663 70,000 1983 664 - 738 75,000 1984 739 - 813 75,000 1985 814 - 893 80,000 1986 7. Both the principal of and interest on said bonds of the Second Division shall be payable in lawful money of the United States of America at the office of the City Treasurer of the City of South San Francisco, City Hall, South San Francisco, California. 8. Said bonds of the Second Division shall each be substantially in the following form, the blanks in said form and in the form of coupon given below to be filled in with the appropriate words or figures: 4 UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF SAN MATEO CITY OF SOUTH SAN FRANCISCO MUNICIPAL IMPROVEMENT BOND OF 1963 SECOND DIVISION NO. $1,000 THE CITY OF SOUTH SAN FRANCISCO, a municipal corporation, organ- ized and existing under the Constitution and laws of ~the State of California, hereby acknowledges itself indebted and for value received promises to pay to the bearer (or if this bond be registered, to the registered holder hereof) on the 1st day of October, 19 , ONE THOUSAND DOLLARS ($1,000), together with interest thereon from date at the rate of per cent (__%) per annum until payment of said principal sum in full, said interest to be payable semi-annually on the 1st day of April and the 1st day of October of each year represented by coupons attached hereto at the time of issuance. Unless this bond is registered, such interest, prior to maturity, shall be payable only on presentation and surrender of the proper interest coupons hereto attached as they respectively become due. Both the principal of and interest on this bond are payable in lawful money of the United States of America at the office of the Treasurer of the City of South San Francisco, City Hall, South San Francisco, California. If, upon presentation at maturity, payment of this bond or any interest coupon hereof, or both, is not made in full accordance with the terms of the resolution providing for the issuance hereof, said bond or coupon, or both, shall continue to bear interest at the rate stated herein until paid in full. This bond is one of the Second Division, aggregating $893,000 in principal amount, of a duly authorized issue of bonds of said City aggregating $1,893,000 in principal amount, all of like tenor (except for such variation, if any, as may be required to designate varying divisions, dates, maturity dates and interest rates), and is issued under and pursuant to the ordinances and proceedings of said City duly adopted and taken and a vote and assent of more than two-thirds of all the qualified electors of said City voting at a special election duly called and held for that purpose. It is hereby certified, recited and declared that all acts, conditions and things required by law to exist, happen and to be per- formed precedent to and in the issuance of this bond have existed, happened and been performed in due time, form and manner as required by law, and that the amount of this bond, together with all other indebtedness of said City, does not exceed any limit prescribed by the Constitution or statutes of said State, and that provision has been made as required by the Constitution and statutes of said State for the collection of an annual tax sufficient to pay for the principal of, and interest on, this boned as the same becomes due. The full faith and credit of said City are hereby pledged for the punctual pay- ment of the principal and interest of this bond. This bond may be registered in the manner provided by taw and thereafter the principal hereof and interest hereon shall be payable only to such registered owner. 5 IN WITNESS WHEREOF, the City of South San Francisco has caused this bond to be executed under its official seal, signed by its Mayor and its Treasurer, and countersigned by its Clerk, and has caused the interest coupons hereto attached to be signed by its Treasurer, and this bond to be dated on the 1st day of October, 1963. Mayor of the City of South San Francisco Treasurer of the City of South San Francisco Countersigned: Clerk of the City of South San Francisco City of South San Francisco, California Municipal Improvement Bond of 1963 - Second Division Dated October 1, 1963 Coupon No. Bond No. Due on , 19 being interest then due, is payable to bearer (unless the bond be registered) at the office of the Treasurer of said City in South San Francisco, California, in lawful money of the United States of America. Treasurer of the City of South San Francisco 8. In addition to the authority and direction given to the City Clerk of this City, pursuant to Paragraph 9 of said Resolution No. 3672, said City Clerk is hereby given additional authority pursuant to Section 5502 of the Government Code of the State of California, to affix to bonds of the Second Division, City of South San Francisco Municipal Improvement Bonds of 1963, the official seal of said City which may be printed, engraved, stamped, lithographed, or otherwise placed in facsimile thereon. 10. The proceeds of the sale of said $893,000 principal amount of City of South San Francisco Municipal Improvement Bonds of 1963 - Second Division, shall be deposited in the "City of South San Francisco Municipal Improvement Bonds of 1963 Construction Fund" established by Section 11 of said Resolution No. 3672 passed and adopted by the City Council on February 4, 1963, as amended by Resolution No. 3699, adopted by this Council on April 15, 1963 (ex- cept any premium and accrued interest to the date of delivery received on such sale). 6 I hereby certify that the fore~oin~ resolution was ~e~ularly introduced and adopted by the City Council of the City of South San Francisco at a meetin~ held this 5th day of by the followin~ vote: regular August , 1963, AYES, COUNCILMEN II NOES, ABSENT, " Patrick E. Ahem, Emilio Cortesi, Andrew Rocca, G. J. Rozzi, and Frank Bertucelli None None CITY C~RK