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HomeMy WebLinkAboutCity Council Resolution 289 RESOLUTION N0. 289 A RESOLUTION DETERMINING UNPAID ASSESSMENTS AND PROVIDING FOR ISSUANCE OF BONDS .~SARATOGA AVENUE AND COX AVENUE IMPROVEMENT PROJECT RESOLVED, by the City Council of th~ City of Saratoga, California, that WHEREAS, said Council did on February 5, 1964 pass and adopt its Resolution of Intention No. 177 relating 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 ~endments 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; 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 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 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 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 assessments remain unpaid, severally and respectively, refer- ence is hereby made to the assessment and to the diagram recorded in the office of the Superintendent of Streets of said City after con- firmation by said 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 9. The unpaid list is in the amount of $128,528.00 and bonds shall be issued upon the security of said unpaid assessments in the amount of $12S,~28.00 in accordance with the provisions of the Improvement Bond Act of 1915 (Division lO 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 one hundred twenty-nine (129) in number, sh~ll be dated November ~, 1965j and bear interest from their date at the rate of not to exceed six per cent (6%~ per annum, and the denomina- tion of said bonds with their respective numbers and d~tes of maturity ~re as shown on Exhibit "B" hereto ~ttached and made a part hereof by reference. ~o Said bonds shall be issued in series, ~nd the unpaid assess- ~ents as shown on said list filed with the City Treasurer of said City and determined by said Council, together with the interest the~e- onj shall remain a~d constitute a trust fund for the redemption ~nd payment of seid bonds and of the interest which may be due thereon, which unpaid assessments sh~ll be taxable in annual series correspond- ing in number to the number of series of bonds issued~ and an annual proportion of each assessment sh~ll be p~ysble in e~ch year preceding the date of the m~turity for each of the several bonds issued, and such proportion of each assessment coming due in any year~ together with the ann~al interest thereon, sh~l! in turn be payable i~ install- ments ~s the general ta~es of said City on re~l ~roperty ~re p~yable, ~nd shall become delinquent at the same time and in the s~me pro- portion~te amounts ~nd bear the same proportionate penalties for delinquency. 5. S~id bonds shall be signed by the Clerk and Treasurer of the City or bear the Treasurer's engraved~ printed or lithographed signature, ~nd the official seal of said City shall be ~ffixed thereto. The interest coupons affixed thereto shall be signed by said Treasurer or be~r his engraved, printed or lithogr~phed signature; and s~ch 2 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 alt of the coupons thereof respectively. Said bonds shall be substan- tially in the form set forth in the Improvement Bond Act of 1915. 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- tively 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 2rid day of 19 at the office of the Treasurer of the C~ty of Sara"~ga, the sum of Dollars (~ ) said sum being the semiannual 'interest due on Improvement Bond No. of Series No. Treasurer oi" the C"ity 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 SARATOGA AVENUE AND COX AVENUE IMPROVEMENT PROJECT Assessment Assessor's Amount of Ass 'd Val 'n Number Parcel No. Assessment Land Im.pvt I 386-17-26 $3,207.11 $4,930 $ 750 2 386-17-27 4,142.69 4,930 700 3 386-17-28 3,225.40 4,930 700 5 386-15-1 14,142.40 8,900 5,690 6-A 391-6-119 14,195.49~ 43,520 2,120 7 391-6-7 3,682.80 40,500 8 386-14-2 6,230.24 8,010 940 9 386-14-7 8,765.18 13,620 1,950 10 386 - 14-10 7~ 753.06 t 1,430 40 11 386 -14-9 4,000. O0 9,750 12, 780 12 386-14-8 4,849.98 4,050 13-A 386-14-5 (pot) 11,944.60 7,8oo 14,51o 14 391-14-20 9~ 975.79 84,260 102~ 840 15 391-14-t9 18,590.75 36,560 500 16 391-13-7 13,823.07 22, 230 8810 $128 , 5 28 . 56 $305,420 144,330 EXHIBIT "B" Amount of Series Bond Nos. Princips! Date of Maturity 1965-2 I - 8 $8,000.00 July 2, 1967 9 528.oo July e~ 1968 10 - 17 8~000.00 July 2, 1968 i8 - 25 8~000.00 July 2~ 1969 26 - 33 8,000.00 July 2~ 19ZO 34 - 41 8,000.00 July 2, 1971 42 - 49 8~000.00 July 2~ 1972 50 - 57 8,000°00 July 2, 1973 58 - 66 9,000.00 July e~ 1974 67 - 75 9,000.00 July 2, 1975 76 - 84 9,000.00 July 2, 1976 85 - 93 9,000.00 July 2, 1977 94 - 102 9,000.00 July 2, 1978 103 - 111 9,000.00 July 2, 1979 112 - 120 9,000.00 July 2, 1980 121 - 129 9,000.00 July 2, 1981 I hereby certify that the foregoing ms a 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 in favor thereof~ Councilmen: Glennon, Hartman, Tyler, Burry NOES, Councilmen: None ABSENT, Councilmen: Councilman Drake City Clerk of the City yaz'atoga APPROVED: