HomeMy WebLinkAboutReso 4446-1966RESOLUTION NO. 4446
A RESOLUTION PROVIDING FOR ISSUANCE OF
PORTION OF BONDS
STONEGATE RIDGE UNIT NO. 1
SECOND SALE
RESOLVED, by the City Council of the City of So~h San
Francisco, California, that
WHEREAS, said Council did, on August 16, 1965, pass and
adopt its Resolution of Intention No. 4271 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 mssued thereunder
pursuant to the provisions of the Improvement Bond Act of 1915,
reference to said Resolution of Intention hereby being ex-
pressly made for further particulars;
WHEREAS, notice of the recordation of the assessment
and of the time within which assessments may be paid in cash,
was duly waived by all of the owners of and persons having
any interest in 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 filed with the City Treasurer a partmal 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 there-
of, and has provided for the issuance of and has sold and
delivered $320,000 principal amount of bonds to represent a
portion of said Diagram and Assessment No. A;
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 aggre-
gate amount of $800,000.00.
2. That for a particular description of said D~agram
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, the parcel repre-
sented by said assessment number being so numbered and designated
upon said diagram and assessment as so confirmed and recorded.
5. The unpaid list is in the amount of $800,000.00~ and
bonds shall be issued forthwith upon the security of said
unpaid assessment in the amount of 9480,000.00, jurisdiction
being reserved to issue any additional bonds to represent any
remaining portion of said unpaid assessment in the event it
should become necessary to increase the amount thereof to pay
the cost of said acquisitions and improvements, and any other
assessments which may be unpaid, as funds are required fc~said
project, in accordance with the provisions of the Improvement
Bond Act of 1915 (Division l0 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 9480,000.00 of bonds shall be four hundred eighty
(480) in number, shall be dated January 15~ 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.
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,
together with the ~nterest 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 ~n annual series corresponding 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 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 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 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 coupcns affixed 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 s~gning 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 substantmally in the form
set forth in the Improvement Bond Act of 1915. Said Treasurer
and said Clerk of said City are hereby authorized and directed
to sign said bonds.
6. All premiums received shall be deposited in the
Construction Fund and all interest accrued from the date of
the bonds to date of delivery shall be deposited in the bond
redemption fund.
7. 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:
3
On the 2nd day of
The CITY OF SOUTH SAN FRANCISCO will pay 19
to bearer hereof at the office of the
Treasurer of samd City~ in the City of
South San Francisco, County of San Mateo,
California~ the sum shown hereon~ being
interest then due on Improvement Bond,
Stonegate Ridge Unit No. l, City of South
San Francmsco~ dated January 15, 1966.
Coupon No.
Treasurer
Series 67
Bond No.
8. 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 thi~ 18ths day of April, 1966, by the followinG
vote:
AYES, COUNCILMEN
NOES,
ABSENT, "
Frank J. Bertuce]l~, Patrick E. Ahern, Emilio
Cortesi, Andrew Rocca and Guido J. Rozzi
None
None
C~f,y Clerk
1 I1~ I
Serles
67
Bond Nos.
(Inclusive)
321 - 325
326 - 330
331 - 3~0
341 - 355
356 - 370
371 - 385
386 - 400
401 - 415
416 - 435
436 - 455
456 - 475
476 - 495
496 - 515
516 - 535
536 - 560
561 - 585
586 - 61o
611 - 640
641 - 670
671 - 700
701 - 730
731 - 765
766 - 800
EXHIBIT "A"
Amount of
PrIncipal
$ 5,0oo
5,000
10,000
15,000
15,oo0
15,000
15,000
15,0o0
20,000
20,000
20,000
20,000
20,000
20,000
25,000
25,000
25,000
30,000
30~ 000
30,000
30,000
35,000
35,000
Date of
Maturity
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