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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