HomeMy WebLinkAboutCity Council Resolution 456 WJML:JS:dao 9/23/68 lOc
RESOLUTION NO. 456
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE OF BONDS
VERDE VISTA IMPROVEMENT PROJECT
RESOLVED, by the City Council of the City of Saratoga, Cali-
fornia, that
WHEREAS, said Council did on October 19, 1966 pass and adopt
its Resolution of Intention No. 344 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 amend-
ments 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 pub-
lished and mailed in the manner provided by law, and the time so pro-
vided for receiving the payment of assessments in cash has expired,
and the City Clerk has filed with the City Treasurer a list of all
assessments which new remain unpaid~ and
WHEREAS~ the Council has duly considered said list and has de-
termined that the same is an accurate statement thereof~
NOW~ THEREFORE, IT IS HEREBY ORDERED, as follows:
lo 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 or parcels of
land bearing the respective assessment numbers set forth in said un-
paid 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 re-
presented by said assessment numbers being so numbered and designated
upon said diagram and assessment as so confirmed and recorded, severally
and respectively.
3. The unpaid list is in the amount of $28,8~0.00 and bonds shall
be issued upon the security of said unpaid assessments in said amount
in accordance with the provisions of the Improvement Bond Act of 1915
(Division l0 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 twenty-nine
(29) in number, shall be dated October 30, 1968, and bear interest from
their date at the rate of not to exceed six percent (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 install-
ments as the general taxes of said City on real property are payable,
and shall become delinquent at the same time and in the same pro-
portionate amounts and bear the same proportionate penalties for delin-
quency.
5. Said bonds shall be signed by the Clerk and Treasurer of the
City or bear the Treasurer's engraved~ printed or lithographed signa-
ture, and the official seal of said City shall be affixed thereto°
The interest coupons affixed thereto shall be signed by said Treasurer
or bear his engraved, printed or lithographed signature; and such sign-
ing 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 substantialIy 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 evi-
dencing the interest to accrue thereon shall be numbered consecutively
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 Bank of America, N.To& SoA.~
300 Montgomery Street~ San Francisco~ California, the
sum of Dollars ($ ....... )~ said sum
being th~semiannuai interest due on
Improvement Bond No.
of Series Noo
Treasurer of City of Saratoga
7. That the Clerk shall forward to the City Treasurer and
County Auditor a certified copy of this resolution.
, , , , ,
EXHIBIT r'A"
LIST OF UNPAID ASSESSMENTS
CITY OF SARATOGA
Assessment Assessor's Amount of Ass'd Val'n
Number Parcel No. Assessment .L.a~d Impvt
i 5o3-2o-12 $2,460.00 $1,75o $8~98o
~ 503-20-14 4,24.3.00 11,900 1,610
6 503-20-35 222.00 1,850 5,510
7 503-20-34 1,660.00 2,650 3,720
8 503-20-50 1,990.00 3,050 910
9 503-20-28 5,204.00 2,650
11 503-21-01 13,061.00 7,480 75O
$ 28,840.00 $3t,330 $21~480
EXHIBIT "B"
ANNUAL
SERIES BOND NOS. PRINCIPAL AMOUNT DATE OF MATURITY
1968-2 i $ 800.00 July 2, 1970
2 - 3 2~000.00 July 2~ 1971
4 - 5 2,000.00 July 2~ ].972
6 - 7 2,000.00 July 2, 1973
8 - 9 2~000o00 JUly 2, 1974
10 - 11 2,000.00 July 2, 1975
12 - 13 2,000.00 July 2, 1976
i4~ - 15 2,000.00 July 2, 1977
16 - 17 2,000.00 July 2, 1978
18 - 19 2~000.00 July 2, 1979
20 - 21 2,000°00 July 2, 1980
22 - 23 2~000.00 July 2, 1981
2~ - 25 2,000.00 July 2, 1982
26 - 27 2,000.00 July 2, 1983
28 - 29 2,000.00 July 2, 1984
I hereby certify that the foregoing is 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 2nd day of October , 1968 , by the following
vote of the members thereof:
AYES, and in favor thereof, Councilmen: Ryler, Robbins, Dwyer, Smith
NOES, Councilmen: None
ABSENT, Councilmen: Sanders
Cl~y Cly/}{ of l~he Clt~y' of S~'~a'toga