HomeMy WebLinkAboutCity Council Resolution 290 RESOLUTION NO. 290
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE OF BONDS
SARATOGA AND COX AVENUES STORM DRAIN AND
SANITARY SEWERAGE PROJECT
RESOLVED, by the City Council of the City of Saratoga~
Ca!ifornia~ that
WHEREAS, said Council dig on November 4, 1964 pass and adopt
its Resolution of Intention No. 211 as subsequently amended, relat-
ing 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 issued thereunder pursuant to
the provisions of the Improvement Bond Act of 1915~ reference to
said Resolution of Intention, as amended~ 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
published and mailed in the manner provided by law, and the time so
provided for receiving the payment of assessments in cash has expired~
and on September 28: 1965~ the City Clerk has filed with the City
Treasurer s 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 assessments in said unpaid list which now remain
unpaid, and the aggregate thereof, are as shown on Exhibit "A" hereto
attached and by reference made s 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 assessments remain unpaid, severally and respectively,
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 several lots represented by
said assessment numbers being so numbered and designated upon said
diagram and assessment ss so confirmed and recorded, severally and
respectively.
3. The unpaid list is in the amount of $58~088.14 and bonds
shall be issued upon the security of said unpaid assessments in the
amount of $58,088.14 in accordance with the provisions of the Improve-
ment Bond Act of 1915 (Division 10 of the Streets and Highways Code)
and under and pursuant to the provisions of said Resolution of Inten-
tion, as amended, and the proceedings thereunder duly had and taken;
that said bonds shall be fifty-nine (59) in number, shall be dated
November 2, 1955, 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 "B" hereto attached and made a part hereof by reference.
4. Said bonds shall be issued in series, and the unpaid assess-
ments as shown on said list filed with the City Treasurer of said
City and determined by said Council, together with the interest there-
on, 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 correspond-
ing in number to the number of series of bonds issued, and an annual
proportion of each assessment shall be payable in each year preceding
the date of the maturity for each of the several bonds issued~ and
such proportion of each assessment coming due in any year, together
with the annual interest thereon, shall in turn be payable in in-
stallments as the general taxes of said City on real property are pay-
able, 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 City Clerk and Treasurer
of the City or bear the Treasurer's engraved, printed or tithographed
signature~ a~d the official seal of said City shall be affixed thereto.
2
The interest coupons affixed thereto shall be signed by said Treasurer
or bear his engraved, printed or lithographed signature; 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 coupons thereof respectively. Said bonds shall be substan-
tially in the form set forth in the Improvement Bond Act of !915.
Said Treasurer and Clerk of said City are hereby authorized and
directed to sign said bonds.
6. The interest coupons attached to each of said bonds and
evidencing the interest to accrue thereon shall be numbered consecu-
tivel~ and be substantially in the following form, to wit:
Coupon No. $
CITY OF SARATOGA
SANTA CLARA COUNTY~ CALIFORNIA
Will pay to bearer hereof on the 2nd day of ~
19 at the office of the Treasurer of the City of
Saratoga, the sum of Dollars (~ ~
said sum being the semiannual interest due on
Improvement Bond No.
of Series No.
Treasurer of the City of Saratoga
y. That the City Clerk shall forward to the City Treasurer
and County Auditor a certified copy of this resolution.
EXHIBIT "A"
LIST OF UNPAID ASSESSMENTS
CITY OF SARATOGA
STORM DRAIN AND SANITARY SEWERAGE PROJECT
Assessment Assessor's Amount of Ass 'd Vat 'n
Number Parcel No. Assessment Land Impvt
10 386-14-10 $4,157.84 $1m, 43o $ 4o
11 386-14-9 1,301.27 9,750 12,780
12 386 - 14-8 3, 2O5.53 4, O5O
13-A 386-14-5 (por) 5,866.70 7,800 14,510
14 39m-14-20 6,546.42 84,260 102~ 840
15 391-14-19 15,185.44 36,560 500
16 391-13-7 10,533.19 22,230 810
t9 391-13-4 11,098.99 70,670 693,350
20 391-14- 21 192.76 7,640 23,870
$58,088.14 $254,390 $848,700
EXHIBIT "B"
Amount of
Series Bond Nos. Principal Date of Maturity
1965-3 1 - 3 ~i~3,000.00 July 2, 1967
4 88.14 July 2, 1968
5 - ? 3,000.00 July 2~ 1968
8 - 11 4,000. O0 July 2~ 1969
12 - 15 4~000.00 July 2, 1970
16 - 19 4,000.00 July 2, 1971
20 - 23 4~ 000.00 July 2, 1972
2~ - 27 4,000.00 July 2, 1973
28 - 31 4,000.00 July 2, 1974
32 - 35 4,000.00 July 2, 1975
36 - 39 4,000°00 July 2, 1976
40 - 43 4~000.00 July 2, 1977
44 - n? 4,000. O0 .. July 2, 1978
48 - 51 4,000.00 July 2, 1979
52 - 55 4,000.00 July 2, 1980
56 - 59 4,ooo.oo July 2, 1981
I hereby certify that the foregoing is s full, true and
correct copy of Resolution duly passed and adopted by the City
Council of the City of Saratoga~ California, at a meeting thereof
held on the 6th day of October , 196 5_ , by the following
vote of the members thereof:
AYES, and Zn favor thereof, Councilmen:
Glennon, Hartman, Tyler, Burry
NOES, Councilmen: None
ABSENT, Councilmen: Drake
City Clerk of the i y/aratoga
APPROV ~ '
'or