HomeMy WebLinkAboutReso - CC - 008-1949RESOLUTION ITO. 8-49
PROVIDING FOR THE ISSUANCE OF 8170,000.00 PRINCIPAL
Ai,TOUNT OF CITY OF BURLINGA14E GENERAL OBLIGATION FIRE
PROTECTION BONDS OF 1949; PROVIDING FOR THE ISSUANCE
OF SAID BONDS AS "SERIES B;" PRE:SCRIBING THE ATSOUNT,
DATE AND FOW OF SAID "SERIESB" BONDS AND OF THE
COUPONS TO BE ATTACHED THERETO, AND PRESCRIBING THE
MATURITIES THEREOF; FIXING THE MAXIMUM AMOUNT OF
INTEREST OF SAID BONDS; AUTHORIZING THE EXECUTION OF
SAID BONDS AND COUPONS; PROVIDING FOR THE LEVY OF A
TAA TO PAY THE PRINCIPAL, AND INTEREST OF SAID
AUT-IORIZED ISSUE; AND DECLARING NOTICE OF SAID SALE
OF "SERIES B" BONDS TO BE GIVEN
WhEREAS, all the requirements of law have been complied with
in calling and holding the Special Bond Llection held in the City
of Lurlingame on December 7, 1948, at which election the
proposition to issue bonds of said City in the principal sum of
$170,000.00 for the objects and purposes hereinafter stated, was
submitted to the voters of said City; and the City Council of
said City duly and regularly canvassed the returns of said elec-
tion and as a result of such canvass determined and declared,
that the said proposition received, at said Special Bond Election,
the affirmative vote of more than two-thirds of all the voters
voting at said election and was thereby carried and adopted by
said election, and the issuance of all said bonds by said City
.;as duly authorized;
NOV, THEREFORE, BL IT RESOLVED by the City Council of the
City of Burlingame as follows:
- SECTION 1 - That all of the acts, conditions, and things re-
quired by law to exist, happen and be performed precedent to and
in the issuance of said bonds have existed, happened and been
performed in due time, form, and manner, as required by law, and
said City of Burlingame is now authorized pursuant to each and
every requirement of law to incur indebtedness in the manner and
form as in this resolution previded.
SECTION 2 - That the bonds of the City of Burlingame in the
aggregate principal amount of 5170,000.00 to be known as City of
Burlingame General Obligation Fire Protection Bonds of 1949 shall
issue to pay the cost of the acquisition, construction, and com-
pletion of the following municipal improvement of said City as
set forth in the following proposition, to -wit:
Shall the City of Burlingame incur a bonded indebtedness
in the principal amount of R170,000.00 in accordance with the
provisions of the Ordinance calling the election at which this
proposition is submitted, for the object and purpose of acquiri_rF,p
constructing and completing improvements to the facilities of the
Fire Department of the City of Burlingame in the following res-
pects: The acquisition of a new fire station to house equip-
ment and department personnel and the construction and completion
of a Drill Tower; the purchase and acquisition of fire equipment,
the construction and completion of additions to the principal
fire alarm system of the City of Burlingame?
SECTION 3 - Said 2170,000.00 principal amount of said bonds
shall be issued as hereinafter set forte: and shall be sold in
accordance with law at not less than their par value and accrued
interest. Said bonds of authorized issue shall be designated
General Obligation Fire Protection Bonds of 1949, "Series B,"
shall be negotiable in form and of the character known as serial
and shall be 170 in number, numbered consecutively from B1 to
B170, both inclusive, of the denomination of one thousand
($1,000.00) dollars each. Said bonds shall be dated April 15, 1949
(which is hereby fixed and determined to be the date of issue of
said "Series B" Fire Protection Bonds). All of said bonds shall
bear interest from their date until paid at the rate, or rates,
designated by the City Council of the City; of Burlingame at the
time of the sale of said bonds, but not to exceed three (3) per
cent per annum, paya'ole semi-annually. Such interest shall be
evidenced by coupons attached to Gacn bond, and eacn of said —
coupon shall represent six months' interest on the bond to which
it is attached. Sai d coupons shall be payable on the 15th day of
April and the 15th day of October in each year until and at the
respective dates of maturity of said bonds (the first coupon of
each bond representing interest from April 15, 1949, to October
15, 1949). Said bonds shall mature and be payable in consecutive
numerical order from lower to higher, as follows, to -grit:
1$10,000.00 principal amount of bonds shall
mature and be payable on April 15
in each of the years 1950 to 1963,
both inclusive;
5,000,00 principal amount of bonds shall mature
and be payable on April 15 in each of
the years 1964 to 1969,botli inclusive;
Both the principal of and the interest of said bonds shall be
payable at the Office of the Treasurer of the City of Burlingame
in the City Hall at said City of Burlingame, California, in law-
ful money of the United States of America.
SECTIOE 4 - Said bonds shall be substantially in the following
form, the blanks in said form and in the form of coupons given
below to be filled with appropriate words or figures, namely;
UNITED STATES OF AMERICA
STATE OF CALIFOfNIA
COUNTY OF SAN T•IATEO
CITY
it.
BONDS OF 1949
$1,000.00
The City of Burlingame, a municipal corporation, organized and
existing under the Constitution and Laws of the State of Cali-
fornis, hereby acknowledges itself indebted and for value re-
ceived, promises to pay to the bearer (or if this bond be regis-
tered, to the registered holder hereof) on the 15th day of April,
19 , one thousand (yp1,000.00) dollars together with interest
thereon at the rate of _ per cent per anr_um until payment of
said principal amount in full, payable semi-annually on t he 15th
day of April and the 15th day of October of each year. 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 the interest on this bond are payable
in lawful money of the United States of America at the Office of
the Treasurer of the City of urlingame, City }iall, Burlingame,
California.
This bond is one of the duly authorized issue of bonds of said
City aggregating one hundred seventy thousand ($1709000.00)
dollars in principal amount, all of like tenor (except for such
variations, if any, as may be required to designate varying
numbers, maturities or'interest rates) and is issued under and
pursuant to the Constitution and Statutes of the State of Cali-
fornia, and under and pursuant to the ordinances and proceed-
ings 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.
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 anount of this bond, together
with all other indebtedness of said City, does not exceed any
limit prescribed by the Constitution or Statutes of said State,
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.
This bond may be registered in the manner prescribed by law
and thereafter the principal hereof, and the interest hereon
shall be payable to such registered owner.
IN WITNESS "HEREOF, the City of Burlingame has caused this
bond to be executed under its official seal, signed by its Pdayor
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 15th day of April, 1949.
Mayor of the City of Burlingame
Treasurer of the City of Burlingame
Countersigned:
City Clerk of the City of Burlingame
Coupon No.
On the 15th day of , 194
the City of Burlingame will unless the
within mentioned bond be registered) pay
to bearer at the Office of the Treasurer
of said City of Burlingame, California,
Dollars in lawful money of
e n ed States of America, being six
months' interest then due on its General
Obligation Fire Protection Bond of 1949,
"Series B," dated April 15, 1949. No. B
Treasurer of the City of Burlingame
SECTION 5 - The Mayor of said City of Burlingame and the
Treasurer of said City :are hereby authorized ana directed,
respectively, as such officers, to execute each of said bonds on
behalf of said City, and the City Clerk is hereby authorized and
directed to countersign each of said bonds and to affix the
official seal of the sai d City thereto. Said i:iayor and Treasurer
are hereby each, respectively, authorized to cause said bonds to
be signed by their printed, lithographed or engraved facsimile
signatures. Said Treasurer is hereby authorized and directed to
sign each of the interest coupons by printed, lithographed or
engraved facsimile signature. Such signing, countersigning, and
sealing as herein provided shall be sufficient and binding execu-
tion of said bonds and said coupons by said City, and all such
signatures and countersignatures, excepting that of the City
Clerk, may be printed, lithographed or engraved. In case any of
such officers whose signatures or countersignatures appear on the
bonds or coupons shall cease to be such officer before delivery
of such bonds to the purchaser, such signatures or counter-.
signatures shall nevertheless be valid and sufficient for all
purposes the same as if they had remained in office until the
delivery of the bonds.
SECTION 6 - For the purpose of paying the principal and
interest on said bonds, the City Council of the City of
Burlingame shall, at the time of firing the general tax levy and
in the manner for such general tax provided, levy, and collect
annually eachyear until said bonds are paid, or until t?ere
shall be a sum in the treasury of said City set apart for that
purpose to meet all sums coming due for principal and interest
on such bonds, a tax sufficient to pay the annual interest on such
s the same becomes due and also such part of the principal
thereof as shall become due before the proceeds of a tax levied
at the time for making the next general tax levy can be made
available for the payment of such principal. Said tax shall be
in addition to all other taxes levied for municipal purposes,
and sYell be collected at the same time and in the same manner as
other municipal taxes are collected, and be used for no other
purpose than the payment of said bonds and accrued interest.
Said taxes as collected shall be forthwith paid into the fund
for which the same were levied and collected and shall be desi-
gnated "City of Burlinmame General Obligation Fire Protection
Bonds of 1949, Interest and Sinking Fund," and all sums to become
due for the principal of and interest on said bonds shall be paid
from such fund. There shall be likewise deposited in said fund
any moneys 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.
SECTION 7 - There is hereb: created and established a fund to
be known as the "1949 Fire Protection Bond Pund" which shall be
kept by the Treasurer of said Cit , and all proceeds of the sale
of the bonds (other than accrued interest received on the sale
of said bonds)shall be placed by the Treasurer to the credit of
said fund and shall be kept separate and distinct from a1L other
municipal funds and shall be applied solely to the purposes and
the objects specified in the proposition set forth in Section 2
of this resolution.
Any premium received upon the sale of said bondsissued shall
be placed in such fund.
SECTION 8 - The City Clerk is directed to cause a sufficient
number of blank bonds and coupons of suitable quality to be
lithomraphed, printed or engraved, and to cause the blank spaces
m , ._
thereof to be filled in to comply idth the provisions hereof and
to procure their execution by proper officers and to deliver
them, when so executed, to the Treasurer of the City who shall
safely keep the same until they shall be sold by the said City
Council, whereupon he shall deliver them to the purchaser or
purchasers thereof, on receipt of the purchase price. Said
14ayor, Treasurer and City Ulerk 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
certifying to the genuineness and due execution of said bonds
and further certifying to all facts within their knowledge
relative to any litigation which may or might affect said City,
said officers or said bonds, and said Treasurer is further
authorized and directed to make, execute, and deliver to the
purchaser of said bonds a Treasurer's receipt in the form usually
required by purchasers of municipal bonds, evidencing the payment
of the purchase price of said bonds, which receipt shall be con-
clusive evidence that said purchase price has been paid and has
been received by said City. Any purchaser or subsequent taker or
holder of said bonds is hereby authorized to rely 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.
SECTION 9 - All of said bonds shall be offered for public
sale by the City Council of the City of Burlingame on the 7th
day of March, 1949, and the City Clerk is 'hereby authorized and
directed to cause notice of the sale of the said bonds to be
published once in the Burlingame Advance -Star, the official
newspaper of said City, and such notice shall be substantially
in the following form, to -wit:
Votioe is
ceived by the
O'rice of the
Of Burlinf-MMOS
CITY OF BUALINSONAM
,SERIES U
bereby t�ivax tint
City of burl! ngano r
�;ity Clerk thereof
a li god on
scaled proposals will be rem
State of Cry; i f ornia # at the
In the City hall of said City
lAondays mamh 7s, 1949
at t1-1e �jour of 10 0 # 010€1 a.m., for the ,urobane of t170# 000900
prinelp4l a scum of bonds of said City desl. tted "City of
D rli General Obligatlon Fire kroteotion Bonds of 1949,
serios b#a so"particularly described bel said "Series Dt�
bands we" authorized at an election held in the said City of
Burlingem ort December 7# 1948o
'A URI T IC t
AY151�t
denozination of :i�t q each, riL e:Lvd D1
to B170, 3 yjaluaive, all t€�c3 A'-. i 1. 15 p LJ 49,
and d,esi nstted "Series 1 sx
ciaid bonds mature serially i
numrical order, from lower
�10.Of O*00 principal amount
in caci°it of the ears 1950 to
inclusive,
5,#OWOOO principal ai our
in each of the years 1064
Inclusive, without opt:i oll
11 consecutive
to higher,
on lt'prll. 1 th
1.963, both
on 15tb
to 1069, both
or prior puyzwnt
Naxim-um three i 3 a per Bent per wmum# pay**
ible semi -wally can April.. 2. th and October
IM in cave year. Bidders not specify the
rate of f.nterost whioh the bands offered for
salo shall bear. Didders will be permitted
to bid different rages of interest and to
split rates I rreirpective of the maturities
of said hands, Tho -.nte apt irate in the bid
=at be in a multij.sle of oliom uarter of one
per cent per annua, payabls
Both principal and interest payable in larivo
ful, money of the ultdted, 8ta a of America
at the orri oe of the Troanurer of .said Cite
its Burli,t'2f;vnz et California*
Coikpon bonds will be issued by the City*
such bonds acre re el. sterable only a s to bath
principal and interest.
"series 1311 bonds ai%o wut< o3.,, zod un
'VW=dr-e#s" the Volpose of " i coxM►
struictirZ and completing rnu-delpal improve••
menu Fire Do xvt.:,sera purpotsoa pursuant: to
vote Of more tin t owtldrds (.X tho voters
voting for said 1'.r nxmoverents at a speoial
olecation.
E UIRII ."k a said bonds are gene,ml obli ,sti.ons of the
City of Burlingame and said City has Power
acid is obligated to levy ad valorem ta;tes
or ti1a t" t of said bonds and the i me roe
est thereon upon all property within the City
of burliniAm subject to ta¢-.ation by said 04i.t
( except certain intangible ,ible personal I rope rt ,#
which is tax able at limited rates) without
1ird tati on, of rate or amounts
TAB: B)���PT STATUS* In the event that prior to the delivery of
the bands the income rocei.ved by pri.vr to
holders rr om bonds of the same L; po and obar►-
actor shy:" be deci arod to be ta.-able, undt-IY.
any Federal 'JE ncome Tax Laws either by the
taxna of such laws or by the milinc; of a
radoral income tag: authority or official
wId.ch in followed by the ureau of Internal
revenues, or by decision of any Federal Cour #
the successful bidder may,, at Me option#
prior to the tender of said bonds by the City
be r li.e ved of his obligation under the con-
tract to urabase t% bo .fs and in such ease
the csepos t accompanying his bid will be
raturnedo
Ai�.ht of libIs ationt
Yr.++ w++r YFi��Ml��i i111 iMi Y�u1
The legal opinion of
Vert and Lerr in ton„
forniap approving the
will be fu-n—dshed to
without Char go,
7LIM OF `CIE
I:essrs. Orrick !* qui
of A_as Franci sco a calf-
validity of said bonds
the successful bidder
The bonds Yri.11 be awarded to the }aist and
best bidder eosidering the 4.ntereat rate or
rates ' specif"ied mid the pr4wdum offered if
ary. The # �aost bid will be deterrAnned by
deducting tbo a. aunt of the prer2ium bi.d# if
any, frortho total wziount of inters st which
the City. would be roqui.red to pay from the
Date of sai€ fonds to their respective turit;
dates at the eoup€:in rate or rats specified
in the bi.d# and the a yard will be xaade on tIr
basis of the lowest not intez st cost of the
City. The loviest iaet interest east shall be
computed betwoon the d a.tes aforesaid accordew
ine, to a tancalard brand isAterest tablos * e
purchaser :;fit pay acc Trace, Intoivat: from the
date of the 9z orids to the ate of del lvory.
The cast of -,xd.ntinr, the brands will be borne
by tip City.
Tbo City of Burlingano reaorves the+
in its discretion to reject axiy card, aill biul
and to wive arty
The k4ty Cotcnoll of the City of iruri lric'€ m
jai-:.1 tako action aviardi rag the bands or relm
Jecting, all bids not later than 24 hours
after the expiration of the time herein
pxvsoribod for the receipt of proo.posals, p:
viding that thca award may be made after th
e.)voiration of the speoi fi.ed time if Macs
bidder shall =Tot have j.;iven to t1 City
Council not.'V!e In aritinf!,-, ol' the withdraval
of -.Awh propo.3al *
PrOENLt" Dellyea: slivery of said bonds will be made to the
awcessfia bidder at the Office of Ule City
Treasurer in Burlingaxw# waliforrla an soon
oaths bonds can be prepaxedv w1-.oh It is
estimted vrill be about Apill 15j, 1949*
tdLbt.or Cancellation: "AU. successful bidder audl lavo the right
at his option# to cancel tbe contract of
purchase it the City shall fail to tender the
bonds for delivory on or before Mas, 3..) 1949
and in vuc!;. event the nhall
be entitled to the ,vturn of the deposit
&aoonwtnYirj,jc,,, 1-da bid*
of .731d: All bids rTast be unconditiorvd; for not lose
than all of the bonds hereby otTered for
%a*; and f'or not lose-, than the par value
thereof and accrued Interest to date of
delivery* much bidep together with bidder's
check, must be enclosed In a sealed envelope
addressed to the City Council of the City at
BurlinCtuwp lncax* or the City 01orko City
'jail# BurlirleAmg CaUforniap and or-dorsody
"ilroposal for amity' of Durlingaw Gerwral
Obligation Fire Protection Bonds of 1949,,
series B'"
131id C-heck: With cach bid =at be submitted a certified
check or cas.1rderts *book for �',6#000,00 draviiz
on a bank or trust oompany transactint; busi-
rAss in the state of California$, payable to
t1w order of t1w Treasurer of the CUty of
Burlinpae to secure the City fry any lose
resulting frora t1* I'alluro of tho bidder to
coq)ly with the terms of 111is bid* In addition
bidders are requested (but not roquired) W
aw,ply an estitats of the total not interest
coat to the Cltm on the basis of their roan -
Idive bids# Aich shall be considered as
nfoxv.mtive only and not bindine, on either
the bidder or the City, Chocks of the
=successful bi."ders wiil be returrad by the
City by mil t4)on the ay.,ard of the bonds*
14"o Interest 'AJil be paid upon the dwposit
rjr,cio by the suceessfu"I bi�;der,
AND ECONO:N11C 14&,
The Glt'y of is an incorporatod City of tbo Gth
Class# laving boon ineorporatod in 1908*
A recent special Pedeml censtw was taken# tend tho rep,,art
of the 'lepartront of Co.-r.V-4ce shows t1he population of the City
to be 18*682.
The present assessed valuation of all taxable property withii
the City is $i21,657,960.00, and the total bonded indebtedness
(not including this issue) is �2989000.00.
Further information relative tot he financial condition of
the City of Burlingame will be furnished to any bidder upon
request by the Treasurer of said City.
There is no controversy or litigation pending or threatened
concerning the validity of the above issue, the corporate exist-
ence of the City of Burlingame, or the title of the officers of
said City to their respective offices.
Dated February 9, 1949.
Herbert E. iuhite,
City Clerk,
of the City of Burlingame
SECTION 10 - This resolution shall take effect from and
after its adoption.
Passed and adopted this 7th day of February, 1949,
AYES: COUNCILMEN: Dahl -Harper -Hunt -Love -Simonds
NOES: COUNCILMEN: None
ABSENT COUNCILMEN: None
U. S. Simonds, Jr.
Mayor,
of the City of Burlingame
ATTEST:
Herb t K. Vuhite,
City Clerk of the City of Burlingame
Presented to and approved by me this 7th day of February, 1949.
U. S. Simonds, Jr.
Ivayor,
of the City of Burlingame