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HomeMy WebLinkAboutReso - CC - 041-1968WJML:S :gmb RESOLUTION NO. 41-68 A RESOLUTION PROVIDING FOR THE ISSUANCE OF $850,000 PRINCIPAL AMOUNT OF CITY OF BURLINGAME MUNICIPAL IMPROVEMENT BONDS OF 1968, FIRST DIVISION, BEING PART OF AN ISSUE OF $1,250,000 AUTHORIZED AT AN ELECTION HELD IN SAID CITY ON OCTOBER 10, 1967; PRESCRIBING THE DATE, DENOMINATION, FORM AND NUMBERS AND DATES AND AMOUNTS OF THE MATURITY OF THE BONDS AND COUPONS; FIXING THE MAXIMUM RATE OF INTEREST THEY SHALL BEAR, AND PROVIDING FOR THE LEVY OF A TAX TO PAY THE PRINCIPAL AND INTEREST THEREOF CITY OF BURLINGAME MUNICIPAL IMPROVEMENT BONDS OF 1968.- FIRST DIVISION RESOLVED, by the City Council of the City of Burlingame, California, that WHEREAS, all the requirements of law have been complied with in calling and holding the special municipal bond election held in the City of Burlingame on October 10, 1967 at which election the proposition of issuing bonds in the principal sum of $1,250,000 for the object and purpose hereinafter stated was submitted to the voters of the City; and WHEREAS, the City Council did duly and regularly canvass the returns of said election, and did count the votes cast for and against said proposition, and did, .as a result of such can- vass, determine and declare, and does hereby certify, that the said proposition received at said special municipal bond election the affirmative vote of more than two thirds of ,all of the voters voting at the election and the proposition was thereby carried and adopted, and the issuance of all of said bonds was duly authorized; NOW, THEREFORE, IT IS RESOLVED, DETERMINED and ORDERED, as - follows: 1. All acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of bonds have existed, happened and been performed in due time, form and manner as required by law, and the City of Burlingame is now authorized pursuant to each and every requirement of law to incur an indebtedness in the manner and form as in this Resolution pro- vided. 2. The principal amount of the bonds authorized at said election is hereby divided into two or more series. Bonds of the City of Burlingame in the aggregate principal amount of Eight Hundred Fifty Thousand Dollars ($850,000) to be known as "City of Burlingame Municipal Improvement Bonds of 1968 - First Division" shall be issued to pay the cost of the acquisition, construction and completion of the municipal improvement of said City set forth in the following proposition, to wit: PROPOSITION: "Shall the City of Burlingame incur a bonded indebtedness in the principal amount of One Million Two Hundred Fifty Thousand Dollars ($1,250,000) in accordance with the provisions of the Ordinance calling the election at which this proposition is submitted for the acquisition, construction and completion of additions, extensions and improvements to the City's sanitary sewer- age treatment and disposal plant system and works?" 3. Jurisdiction is hereby reserved in the City Council of the City of Burlingame to issue, at any time, the remaining Four Hundred Thousand Dollars ($400,000) principal amount of said authorized issue to pay any additional cost of the acquisition, construction and completion of the municipal improvement set forth in the above proposition, which principal amount may be divided into one or more series, as the Council of said City shall deter- mine; provided, however, that none of said remaining bonds shall be sold within ninety (90) days after the date of sale of the First Division. 4. The said Eight Hundred Fifty Thousand Dollars ($850,000) _:.�c_pal amount of bonds of the First Division shall be issued 2. as hereinafter set forth and shall be sold in accordance with law at not less than their par value and accrued interest. The bonds of said First Division of said authorized issue shall be negotiable in form and of the character known as "Serial", shall each be dated July 1, 1968, be of the denomination of $1,000 or $5,000 as determined from the accepted bid for the purchase of the bonds, shall be numbered consecutively from the earliest to the latest maturity and mature and be payable on July 1 in the amounts and numbers set forth in Exhibit "A" hereto attached and made a part hereof. 5. All of said bonds of said First Division shall bear in- terest from their date until paid at the rate or rates designated by the Council of the City of Burlingame at the time of the sale of said bonds of the First Division, but not to exceed six percent (6%) per annum evidenced by semiannual coupons attached to each bond at the time of its issuance payable on January 1 and July 1 of each year until and at the respective dates of maturity of said bonds and numbered consecutively commencing with number one for the first maturing coupon. Interest rates for different maturities may be in varying multiples of any fraction or com- bination of fractions of 1%. 6. If, upon presentation at maturity, payment of any bond or any interest coupon thereof, or both, is not made in full accordance with the terms of this Resolution providing for the issuance thereof, said bonds or coupons, or both, shall continue to bear interest at the rate stated therein until paid in full. 7. Both the principal of and interest on said bonds shall be payable in lawful money of the United States of America at the main office of the Bank of America National Trust and Savings Association,'300 Montgomery Street, San Francisco, California, the Paying Agent of the City, or at any other bank or trust company designated by said Paying Agent as a correspondent in the Cities of New York, New York, and/or Chicago, Illinois. 3. 8. Said bonds and coupons of the First Division shall each be substantially in the form, the blanks therein to be filled with appropriate words or figures as set forth in Exhibit "B" attached hereto and by reference incorporated herein. 9. The bonds shall be subject to registration in the manner provided bylaw. 10. The Mayor and the City Treasurer, or one or more of his duly authorized deputies, are hereby authorized and directed, respectively, as such officers, to execute each of said bonds on behalf of said City, and the City Clerk, or one or more of his duly authorized deputies, is hereby authorized and directed to countersign each of said bonds and affix the official seal of said City thereto. All of the signatures and countersignatures, except that of the City Clerk or his deputy, and the official seal may be printed, engraved, lithographed, stamped or otherwise placed in facsimile upon said bonds. Said Treasurer, or one or more of his duly authorized deputies, is hereby authorized and directed to sign each of the interest coupons by his printed, lithographed or engraved facsimile signature- placed thereon. Such signing, countersigning and sealing as herein provided shall be a sufficient and binding execution of said bonds and coupons of said City. If any officer whose signature or counter- signature appears on the bonds or coupons ceases to be such offi- cer before delivery of the bonds, his signature is as effective as if he had remained in office. 11. At the time of making the general tax levy after incur- ring the bonded indebtedness, and annually thereafter, until the bonds are paid or until there is a sum in the treasury set apart for that purpose sufficient to meet all payments of principal and interest on the bonds as they become due, the City Council shall levy and collect a tax sufficient to pay the interest on the bonds and such part of the principal as will become due before the proceeds of a tax levied at the time for making the next general tax levy shall be available. If the earliest maturity of the bonds is more than one year after the date of issuance, the City Council shall levy and collect annually a tax sufficient to pay the interest as it falls due and to constitute a sinking fund for payment of the principal on or Before maturity. Said taxes shall be levied and collected as other City taxes, and in addi- tion to all other taxes, The moneys derived from said taxes shall be used only for the payment of the bonds and the interest. Said tax moneys, as collected, shall be forthwith paid into the fund for which the same were levied and collected and which shall be designated "City of Burlingame Municipal Improvement Bond Fund of 1968" or other designation sufficient to identify it and all sums to become due for the principal of and interest on said bonds shall be paid from such fund. There shall likewise be deposited in said fund all premiums and any money received on account of interest accrued on said bonds, from their date to the date of delivery and actual payment of the purchase price thereof. 12. There is hereby created and established a fund to be known as the "City of Burlingame Municipal Improvement Bonds of 1968 Construction Fund", or other designation sufficient to identify it, which shall be kept by the Treasurer of said City and who shall also see that the proceeds of the sale of any of said bonds of said authorized issue (except any premium and accrued interest to the date of delivery) shall be placed by the Treasurer to the credit of such fund and shall be kept separate and distinct from all other municipal funds and shall be applied solely to the object and purpose specified in the proposition authorized at 5. said special municipal election and set forth in Section 2 of this resolution, excepting as otherwise provided by law. 13. The City Clerk is directed to cause a sufficient number of blank bonds and coupons of suitable quality to be lithographed, printed or engraved and to cause the blank spaces thereon to be filled in to comply with the provisions hereof, and to procure their execution by the proper officers and to deliver them when so executed to the Treasurer of said City who shall safely keep the same until they have been sold by the said Council,,whereupon he shall deliver them to the purchasers thereof on receipt of the purchase price. 14. Said Mayor and said Treasurer and City Clerk, or one or more of their duly authorized deputies, are further authorized and directed to make, execute and deliver to the purchaser of said bonds, a signature and no -litigation certificate in the form usually required by purchasers of municipal bonds generally certi- fying to the genuineness and due -execution of said bonds', and further certifying to all facts that in their knowledge., relative to any litigation, may or might affect said City and said officers or said bonds, and said Treasurer is.,:further authorized and di- rected to make, execute and deliver to the purchaser -of -said bonds a Treasurer's Receipt in the form usually required by pur- chasers of municipal bonds, evidencing the payment of the purchase price of said bonds, which receipt shall be conclusive evidence that said purchase price has been paid and has been received by said City. 15. Any purchaser or subsequent taker or holder of said bonds is hereby authorized to rely upon and shall be justified in rely- ing upon any such signature and no -litigation certificate and Treasurer's Receipt with respect to said bonds executed pursuant to the authority of this resolution. 6. I hereby certify that the foregoing is a full, true and correct copy of a resolution duly and regularly passed and adopted by the City Council of the City of Burlingame, California, at a meeting thereof held on the 3rd day of June , 1968, by the following vote: AYES, and in favor thereof, Councilmen: Crosby-Dieclerichsen-George-Johnsonmilartin. NOES, Councilmen: None ABSENT, Councilmen: None APPROVED: &yor BOND NUMBERS BOND NUMBERS $1,000 $5,000 TOTAL AMOUNT YEAR OF DENOMINATION DENOMINATION PER YEAR MATURITY 1 - 25 1 - 5 $ 25,000 1969 26 - 50 6 - to 25,000 1970 51 - 75 11 - 15 25,000 1971 76 - 100 16 - 20 25,000 1972 101 - 125 21 - 25 25,000 1973 126 - 155 26 - 31 30,000 1974 156 - 185 32 - 37 30,000 1975 186 - 255 38 - 51 70,000 1976 256 - 400 52 - 8o 145,000 1977 401 - 550 81 - 110 150,000 1978 551 - 710 111 - 142 16o,000 1979 711 - 850 143 - 170 140,000 198o EXHIBIT "A" UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF SAN MATEO CITY OF BURLINGAME MUNICIPAL IMPROVEMENT BOND OF 1968 FIRST DIVISION No. THE CITY OF BURLINGAME, a municipal corporation, organized and existing under the Constitution and laws of the State of California, hereby acknowledges itself indebted and for value received promises to pay to the bearer (or if this bond be registered, to the registered owner hereof) on the 1st day of July, 196 , THOUSAND DOLLARS ($ ), together with interest terepn at the rate of percent (� ) per annum until payment of said principal sum in full, said interest to be payable semiannually on the 1st day of January and the 1st day of July of each year, represented by coupons attached hereto at the time of issuance. Unless this bond is registered, such interest, prior to maturity, shall be payable only on presentation and surrender of the proper interest coupons hereto attached as they respectively become due, Both the principal of and interest on this bond are payable, in lawful money of the United States of America at the main office of the Bank of America National Trust and Savings Association, San Francisco, California, the Paying Agent of the City, or at the designated correspondent banks of said Paying Agent in New York, New York, and/or Chicago, Illinois. If, upon presentation at maturity, payment of this bond or any interest coupon hereof, or both, is not made in full accord- ance with the terms of the Resolution providing for the issuance hereof, said bond or coupons, or both, shall continue to bear interest at the rate stated herein until paid in full. This bond is one of the First Division, aggregating Eight Hundred Fifty Thousand Dollars ($850,000) in principal amount, of a duly authorized issue of bonds of said City aggregating One Million Two Hundred Fifty Thousand Dollars ($1,250,000) in prin- cipal amount, all of like tenor (except for such variation, if any, as may be required to designate varying divisions, principal amounts, denominations, numbers, dates, maturity dates, and in- terest rates), and is issued under and pursuant to the ordinances and proceedings of said City duly adopted and taken and a vote and assent of more than two thirds of all the qualified electors of said City voting at a special election duly called and held for that purpose. This bond may be registered in the manner provided by law and thereafter the principal hereof and interest hereon shall be payable only to such registered owner. It is hereby certified, recited and declared that all acts, conditions and things required by law to exist, happen and to be performed precedent to and in the issuance of this bond have existed, happened and been performed in due time, form and manner as required by law, and that the amount of this bond, together with all other indebtednesses of said City, does not exceed any limit prescribed by the Constitution or statutes of said State, EXHIBIT "B" and that provision has been made, as required by the Constitution And statutes of said State, for the collection of an annual tax sufficient to pay the principal of and interest on this bond as the same become due. The full faith and credit of said City are hereby pledged for the punctual payment of the principal and interest of this bond. IN WITNESS WHEREOF, the City of Burlingame has caused this bond to be executed under its official seal, signed by its Mayor and its Treasurer and countersigned by its Clerk, and has caused the interest coupons hereto attached to be signed by its Treasurer and this bond to be dated the lst day of July, 1968. Countersigned: City Clerk of the C ty of Burlingame City of Burlingame, California Municipal Improvement Bond of 1968-First Division Dated July 1, 1968 Mayor of the City of Bur ngame Treasurer of the City of Burlingame On , 19 Coupon No. Bond No. The sum shown hereon, being interest then due, is payable to bearer (unless the bond be registered), at the main office of the Bank of America National Trust and Savings Association, San Francisco, California, the Paying Agent of the City, or the designated cor- respondent bank of said Paying Agent at New York, New York and/or Chicago, Illinois, in lawful money of the United States of America. Treasurer of the City of Bur ingame REGISTRATION This bond is registered pursuant to the statute in such cases made and provided in the name of the registered owner last entered below and the interest and principal thereof are hereafter payable to such owner. DATE OF REGISTRATION NAME OF REGISTERED OWNER SIGNATURE OF CITY TREASURER OR REGISTRAR EXHIBIT "B"