HomeMy WebLinkAboutReso 4438-1966 RESOLUTION NO. 4438
A RESOLUTION DETERMINING UNPAID ASSESSMENTS AND
PROVIDING FOR ISSUANCE OF PORTION OF BONDS
CABOT, CABOT & FORBES INDUSTRIAL PARK, UNIT NO.
RESOLVED, by the City Council of the City of South
San Francisco, California, that
WHEREAS, said Council did, on June 28,1965, pass and
adopt its Resolution of intention No. 4236, as subsequently
amended, relating to the acquisition and construction of
public improvements in said City under and pursuant to the
provisions of the Municipal Improvement Act of 1913, and
amendments thereto, and did therein provide that serial
bonds would be issued thereunder pursuant to the p~ov~sions
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 published and ma~led in the manner pro-
vided by law, and the time so provided for receivmng the
payment of said assessments in cash has expired, and on
April 4, 1966, the City Superintendent of Streets has filed
with the City Treasurer a 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. i in the
aggregate amount of $3,500,000.00.
2. That for a particular description of said Diagram
and Assessment No. i 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, the
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 $3,500,000.00,
and bonds shall be issued forthwith upon the security of
said unpaid assessment in the initial amount of $700,000.00,
jurisdiction being reserved to issue remainiog bonds to
represent the remaining portion of said unpaid assessment
as funds are required for said project, in accordance with
the provmsions of the Impro~rement Bond Act of 1915 (Division
10 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
$700,000.00 of bonds shall be seven hundred (700) in number,
shall be designated "Series 68"~ shall be dated April 5,
1966, and bear interest 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 as shown on Exhibit "A" hereto attached and
made a part hereof by reference thereto.
4. Said bonds shall be issued in series, and the
unpaid assessment as shown on said list filed with the City
Treasurer of said City and determined by said Council, to-
gether with the interest thereon, shall remain and consti-
tute a trust fund for the redemption and payment of said
bonds and of the interest which may be due thereon, which
unpaid assessment shall be taxable in annual series corre-
sponding in number to the number of series of bonds issued,
and an annual proportion 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
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assessment coming due in any year, together with the annual
interest thereon, shall in turn be payable in installments
as the general taxes of said City on real property are pay-
able, and shall become delinquent ~t the same time and in
the same proportionate amcunts and bear the same proportionate
penalties for
5- Said bonds shall be signed by the Clerk and
Treasurer of the City or bear the Treasurer's engraved,
printed or lithographed signature~ and the official seal of
the City shall be affixed thereto. Said seal may be affixed
by printed~ lithographed or other reproduction thereof. The
interest coupons affi×ed thereto shall be signed by said
Treasurer or bear his engraved., printed or lithographed sig-
nature; and such signing and sealing of said bonds by said
officers and signing of said coupons by said Treasurer shall
constitute anS~ be a sufficment and binding execution of each
and every one of ss~.d bo~ds aod ~ll of the coupons thereof
respectively. Said bonSs shall be substantially in the form
set forth in the Improvement Bond Act of 1915. Said Treasurer
and said Clerk of said Cmty a:~e hereby authorized and directed
to sign said bonds°
6. The interest coupons at'ta~hed to each of said
bonds and evidencing the interest to accrue thereon shall
be numbered consecutively arid be substantially in the follow-
ing form, to-wit:
On the 2nd day of
The CITY OF SOUTH SAN FRANCISCO will pay to 19
bearer hereof at the office of the Treasurer
of said City, in the City of South San
Francisco~ County of San Mateo~ California,
the sum shown hereon, being interest then due
on Improvement Bond, Cabot, Cabot & Forbes
Industrial Park Unit No. 2, City of South San
Francisco~ dated April 5, 1966. Coupon No.
~Treasurer
Series 68
Bond No.
7. The amendment to the original bond proposal,
accepted by this Council by its Resolution No. 4248, A
Resolution Awarding Sale of Bonds, adopted July 19, 1965~
which amendment is dated March 2B, 1966, is hereby accepted
and approved, and the interest rates on said $?00,000.00
of bonds are hereby fixed at the rates set forth in said
amendment.
8. That Resolution No. 4402, entitled "A Resolution
and Order Adopting Engineer's Report, Confirming the Assess-
ment and Ordering the Work and Acquisitions", adopted by this
Council on February 28, 1966, be, and it is hereby amended
nu~c pro tunc to add a new paragraph to page B thereof~ as
follows, to-wit:
"l A. That it is hereby further determined and
ordered, based on the value evidence set forth in the report
of the California Districts Securities Commission, dated
February 18, 1966, and on file in the office of the City
Clerk, that the total amount of the proposed assessment,
being $5,500,000.00, will not exceed seventy-five per cent
(75%) of the estimated fair market value of the land to be
assessed after the proposed acquisition and construction
of the proposed public improvements."
9. That the City Clerk shall forward to the City
Treasurer and County Controller a certified copy of this
resolution.
I hereby certify that the foregoing resolution was regularly intro-
duced and adopted by the City Council of the City of South San Francisco
at a regular meeting held this 4th day of April, 1966, by the following
vote:
AYES, COUNCILMEN
NOES, "
ABSENT, "
Frank J. Bertucelli, Patrick E. Ahem, Emilio
Cortesi, Andrew Rocca and Guido J. Rozzi
None
None
ATTEST
City C~-erk
J' II I
EXHIBIT "A"
Series
68
Bond Nos.
(Inclusive)
1- 15
16 - 30
31 - 45
46 - 60
61 - 75
76 - 100
101 - 125
126 - 150
151 - 175
176 - 2oo
201 - 230
231 - 28O
261 - 290
291 - 32O
321 - 35o
351 - 385
386 - 420
421 - 455
456 - 490
491 - 525
526 - 560
561 - 595
596 - 63O
631 - 665
666 - 70O
Amount of
Principal
$ 15,000
15,000
15,000
15,000
15,000
25,000
25,000
25,000
25,000
25,000
30,000
30,000
30,000
30,000
30,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
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
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