HomeMy WebLinkAboutReso - CC - 016-1968WJML:KJmh 1-31-68-20
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RESOLUTION NO. 16 -68
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND'PROVIDING FOR ISSUANCE OF BONDS
BAYSIDE IMPROVEMENT DISTRICT NO. 4
FIRST SALE
RESOLVED, by the City Council of the City of Burlingame, California,
WHEREAS, on November 6, 1967, this Council did pass and adopt its
Resolution of Intention No. 60-67, relating to the acquisition and con-
struction of public improvements in said City under and pursuant to the
provisions of the Municipal Improvement Act of 1913, and did therein pro-
vide that serial bonds would be issued thereunder pursuant to the provi-
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 waived by all
of the owners of all of the property assessed, and a list of all assess-
ments which now remain unpaid has been prepared;
WHEREAS, this Council has duly considered said list and has deter-
mined that the same is an accurate statement thereof;
NOW, THEREFORE, IT IS HEREBY ORDERED, as follows:
1. That the assessments on said unpaid list which now remain un-
paid, and the aggregate thereof, are as shown on Exhibit "A" hereto
attached and by reference made a part hereof.
2. That for a particular description of the lots bearing the
respective assessment numbers set forth in said unpaid list and upon
which said assessments remain unpaid, severally and respectively, refer-
ence is hereby made to the assessment and diagram to be recorded in the
office of the Superintendent of Streets of said City after confirmation
by this Council, the several lots represented by said assessment numbers
being so numbered and designated upon, said diagram and assessment as so
confirmed and recorded, severally and respectively.
3. The unpaid list is in the amount of $1,227,627.00, and bonds
shall be issued forthwith upon the security of said unpaid assessments
in the initial amount of $525,000.00, jurisdiction being reserved to
issue remaining bonds to represent the remaining portion of said unpaid
assessments 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 proceedings thereunder duly had and
taken; that said bonds shall be five hundred twenty-five (525) in number,
shall be dated February 19, 1968, shall be designated "Series 51 First
Sale", shall bear interest 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 "B" hereto attached
and made a part hereof by reference.
4. That said bonds shall be issued in series, and the unpaid
assessments as shown on said list to be filed with the City Treasurer
and determined by this Council, together 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
assessments shall be taxable in annual series corresponding in number to
the number of series of bonds issued, and an annual proportion of such
assessments shall be payable in each year preceding the date of the
maturity for each of the several bonds issued, and such proportion of
said assessments coming due in any year, together with the annual inter-
est thereon shall in turn be payable in installments as the general
taxes of said City on real property are payable, and shall become delin-
quent 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 of Burlingame, or bear the Treasurer's engraved, printed or litho-
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 her engraved, printed or lithographed signature;
F4
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 cou-
pons thereof respectively. Said bonds shall be substantially in the form
set forth in the Improvement Bond Act of 1915. Said Treasurer and Clerk
of this City are hereby authorized and directed to sign said bonds.
6. The interest coupons attached to each of said bonds and evi-
dencing the interest to accrue thereon shall be numbered consecutively
and be substantially in the following form, to -wit:
On the 2nd day of
The CITY OF BURLINGAME will pay to bearer hereof at 19
the office of the Treasurer of said City, in
Burlingame, California, the sum shown hereon, being $
the interest due on Improvement Bond,, Bayside
Improvement District No. 4, First Sale,
dated February 19, 196.8. Coupon No.
Treasurer of the City of Burlingame
No.
Series 51
7. That the City Clerk shall forward to the City Treasurer and
City Auditor a certified copy of this resolution.
8. This resolution shall become effective immediately upon:
a) The recordation of the diagram and assessment as confirmed
by this Council in the office of the Superintendent of Streets of the
City of Burlingame;
b) The recordation of the Notice of Assessment and the
Assessment Diagram in the office of the County Recorder of the County of
San Mateo; and
c) The filing of the List of Unpaid Assessments, in the form
hereto attached as Exhibit "A", in the office of the City Treasurer of
the City of Burlingame.
3
EXHIBIT "A"
LIST OF UNPAID ASSESSMENTS
CITY OF BURLINGAME
BAYSIDE IMPROVEMENT DISTRICT NO. 4
Assessment
Amount of
Number
Parcel Area Acreage
Assessment
1
0.846 acres
$ % 919
2
0.744
8,728
3
0.744
8,728
4
0.748
8,778
5
1.296
15,198
7
0.908
io;656
8
0.542
6,359
9
3.8o8
443661
10
2.028
23,791
11
1099
12,890
12
1..587
18,611
13
2.093
24,553
14
o.7,16
8,397
15
1.016
115920
16
o.818
9,600
17
0.723
8,483
18
0.545
65396
19
0.615
7,218
20
o.697
8,176
21
0.723
8,483
22
o.68o
7,98o
23
25.190
295,490
24
23.367
274,117
25
23.632
3.595
277,223
26
1003825
$1,227,627
EXHIBIT "B"
Annual
Series Bond
Numbers
Principal
Date of
Maturity
51 1
- 10
$ 105000
July
2,
1970
First Sale
11
- 20
10,000
July
25
1971
21
- 35
15,000
July
2,
1972
36
- 50
15,000
July
21
1973
51
- 65
15,000
July
2,
1974
66
- 85
20,000
July
25
1975
86
- 105
20,000
July
2,
1976
lo6
- 125
20,000
July
2,
1977
126
- 150
25,000
July
2,
1978
151
- 175
25,000
July
25
1979
176
- 205
30,000
July
2,
1980
2o6
- 235
30,000
July
25
1981
236
- 270
35,000
July
25
1982
271
- 310
40,000
July
2;
1983
311
- 350
40,000
July
25
1984
351
- 390
40,000
July
2,
1985
391
- 435
45,000
July
25
1986
436
- 480
45,000
July
2,
1987
481
- 525
45,000
July
2,
1988
I hereby certify that the foregoing is a full, true and
correct copy of a resolution duly passed and adopted by the
City Council of the City of Burlingame, California, at a meeting
thereof held on the 7th day of February , 1968 ,
by the following vote:
AYES, and in favor thereof, Councilmen:
Crosby-Diederichsen-George-Johnson-Martin-
NOES, Councilmen: None
ABSENT, Councilmen: None
City of the Cityf bur�ingame
APPROVED:
Mayor