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HomeMy WebLinkAboutReso 4639-1967 RESOLUTION NO. 4639 A RESOLUTION DETERMINING UNPAID ASSESSMENTS AND PROVIDING FOR ISSUANCE OF PORTION OF BONDS CABOT, CABOT & FORBES INDUSTRIAL PARK, UNIT NO. 2-A RESOLVED, by the City Council of the City of South San Francisco, California, that WHEREAS, said Council did, on January 16, 1967, pass and adopt its Resolution of Intention No. 4613, relating to the acquisition and construction of public improvements in said City under and pursuant to the provisions of the Munici- pal improvement Act of 1913, and amendments thereto, and did therein provide 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; %~{EREAS, 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 and 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. 1-B in the aggregate amount of $1,750,000.00. 2. That for a particular description of said Diagram and Assessment No. 1-B upon which the assessment remains un~id, 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 num- bered and designated upon said diagram and assessment as so confirmed and recorded. S. That the unpaid list is in the amount of $1,750,000.00, and bonds shall be issued forthwith upon the security of said unpaid assessment in the initial amount of $?00,000.00, Jurisdiction being reserved to issue remaining bonds to represent the remaining portion of said unpaid assessment as funds are required for said project, in accordance with the provisions of the Improvement 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 pro- ceedings thereunder duly had and taken; that said $700,000.00 of bonds shall be seven hundred (700) in number, shall be designated "Series 70", shall be dated March 23, 1967, and bear interest from their date at the rate of nOt to exceed six percent (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. That 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 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 num- ber to the number of series of bonds issued, and an annual proportion of such assessment shall be payable in each year preceding the d~te 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, 2 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 delin- quency. 5. That the bonds shall be executed on behalf of the City and under its official Seal by the City Clerk and Treasurer of said City, and the interest coupons attached thereto shall be executed by said Treasurer. For such pur- pose the Treasurer may use an engraved, printed or litho- graphed facsimile of his signature in lieu of signature by hand. The Seal of the City may be affixed by printed, litho- graphed or other reproduction thereof; and such signing and sealing of said bonds by said officers, and signing of said coupons by said Treasurer, shall constitute and be a suffi- cient 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 said Clerk of said City are hereby authorized and directed to sign said bonds. 6. That the interest coupons attached to each of said bonds and evidencing the interest to accrue thereon shall~ be numbered consecutively and be substsntially 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-A, City of South San Francisco, dated March 23, 1967. Coupon No. Treasurer Series ?0 Bond No. 7. 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 hy the City Council of the City of South San Francisco at a regular meeting held this 20th day of March, 1967, hy the following vote: A¥~$, COUNCILMEN NOES, ABSENT, " Frank J. Bertucelli, Patrick E. Ahern, Emilio Cortesi and A~drew Rocca None Guido J. Rozzi ATTEST: Cit~lerk 4 EXHIBIT "A" Series 70 Bond Nos. (Inclusive) i - 15 16 - 30 31 - 46 - 60 61 - 8o 81 - lOO 101 - 120 121 - 140 141 - 16o 161 -185 186 - 210 211 - 235 236 - 260 261 - 290 291 - 320 321 - 350 351 - 385 386 - 420 421 -455 456 - 495 496 - 535 536 - 575 576 - 616 - 655 656 - 700 Amount of Principal $15,ooo 15,000 15,000 15,000 20,000 20,000 20,000 20,000 20,000 25,000 25,000 25,000 25,000 30,000 30,000 30,000 35,000 35,000 35,000 40,000 40,000 40,000 40,000 40,000 45,000 Date of Maturity 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 July 2, 1992