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HomeMy WebLinkAboutReso 4359-1966 RESOLUTION NO. 4359 A RESOLUTION DETERMINING CERTAIN ASSESSMENT UNPAID AND PROVIDING FOR ISSUANCE 01~ PORTION OF BONDS STONEGATE RIDGE UNIT NO. 1 RESOLVED, by the City Council of the City of South San Francisco, California, that WHEREAS, said Council did on August 16, 1965 pass and adopt its Resolution of In~ention No. 4271 relating to the ac- quisition and construction of public improvements in said City under and pursuant to the provisions of the Municipal Improve- ment Act of 1913, and amendments thereto, and did therein pro- vide that serial bonds would be issued thereunder pursuant to the provisions of the Improvement Bond Act of 1915, reference to said Resolution of Intention hereby being expressly made for further particulars; WHEREAS, notice of the recordation of the assessment and of the time within which assessments may be paid in cash, has been duly waived by all of the owners of Diagram and Assessment No. A, and the time so provided for receiving the payment of said assessment in cash has expired, and on January 14, 1966, the City Superintendent of Streets has filed with the City Treasurer a partial list of all assessments which now remain unpaid; and WHEREAS, the Council has duly considered said list and has determined that the same is an accurate statement thereof; NOW, THEREFORE, IT IS HEREBY ORDERED, as follows: 1. That the assessment in said unpaid list which now remains unpaid~ is Diagram and Assessment No. A in the aggregate amount of $800,000.00. 2. That for a particular description of said Diagram and Assessment No. A upon which the assessment remains unpaid, reference is hereby made to the assessment and to the diagram recorded in the office of the Superintendent of Streets of said City after confirmation by said Council~ tha parcel represented by said assessment number being so numbered and designated upon said diagram and assessment as so confirmed and recorded. 3. The unpaid list is in the amount of $800,000.00 and bonds shall be issued forthwith upon the security of said un- paid assessment in the initial amount of $320,000.00, Juris- diction being reserved to issue remaining bonds to represent the remaining portion of said unpaid assessment and any other assessments which may be unpaid, as funds are required for said project, in accordance with the provisions of the Improvement Bond Act of 1915 (Division lO of 'the Streets and Highways Code) and under and pursuant to the provisions of said Resolution of Intention and the proceedings thereunder duly had and taken; that said $320,000.00 of bonds shall be three hundred twenty (320) in number, shall be dated January 15, 1966, and bear In-~ terest from their date at the rate of not to exceed six per cent (6%) per annum, and the denomination of said bonds with their respective numbers and dates of maturity are a's shown on Exhibit "A" hereto attached and made a part hereof by reference. 4. Said bonds shall be issued in series, and the unpaid assessment as shown on said partial list filed with the City Treasurer of said City and determined by said Council, to- gether with the interest thereon, shall remain and constitute a trust fund for the redemption and payment of said bonds and of the interest which may be due thereon, which unpaid assess- ment shall be taxable in annual series corresponding in number to the number of series of bonds issued, and an annual propor- tion of such assessment shall be payable in each year preceding the date of the maturity for each of the several bonds issued, and such proportion of said assessment coming due in any year, together with the annual interest thereon, shall in turn be - 2 - payable in installments as the general 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. 5. Said bonds shall be signed by the Clerk and Treasurer of the City or bear the Treasurer's engraved, printed or lltho- graphed signature, and the official seal of said City shall be affixed thereto. The interest coupons affixed thereto shall be signed by said Treasurer or bear his engraved, printed or litho- graphed signature~ and such signing and sealing of said bonds by said officers and 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 the Improvement Bond Act of 1915. Said Treasurer and Clerk of said City are hereby authorized and directed to sign said bonds. 6. 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. $ CITY OF SOUTH SAN FRANCISCO SAN MATEO COUNTY, CALIFORNIA Will pay to bearer hereof on the 2nd day of , 19 at the office of the Treasurer of the C-~y of South San Francisco, the sum of Dollars ($ ) said sum being the (semiannual)* interest due on Improvement Bond No. of Series No. Treasurer of the City of South San Francisco *On all but first coupon. 7. That the City Clerk shall forward to the City Treas- urer and County Auditor a certified copy of this resolution. - 3 - Series 67 Bond Nos. (Inc lus lye ) 1 - 10 11 - 20 21 - 30 31 - 40 41 - 50 51 -- 60 61 - 70 71 - 80 81 - 90 91 - 100 lO1 - 110 111 - 125 126 - 140 141 - 155 156 - 170 171 - 185 186 - 200 201 - 215 216 - 230 231 - 245 246 - 260 261 - 275 276 - 290 291 - 305 306 - 320 EXHIBIT "A" Amount of Principal $10,000 10,000 10,000 10,000 10,O00 10,OOO 10,000 10,000 10,000 10,000 10,000 15,000 15,O00 15,000 15,ooo 15,O00 15,000 15,000 15,ooo 15,000 15,000 15,OOO 15,000 15,000 15,000 Date of Maturity July 2, 1967 July 2, 1968 July 2, 1969 July 2, 1970 July 2, 1971 July 2, 1972 July 2, 1973 July 2, 1974 July 2, 1975 July 2, 1976 July 2, 1977 July 2, 1978 July 2, 1979 July 2, 1980 July 2, 1981 July 2, 1982 July 2, 1983 July 2, 1984 July 2, 1985 July 2, 1986 July 2, 1987 July 2, 1988 July 2, 1989 July 2, 1990 July 2, 1991 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 ]7th day of 3anuary, 1966, by the following vote: AYES, COUNCILMEN NOES, ABSENT, " Frank J. Bertucelli, Patrick E. Ahern, Emilio Cortesi, Andrew Rocca and Guido J. Rozzi None None ATTEST: ~ ~o~~'