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Home My WebLink AboutRESO 5032that • WJM&L: .. :S:zw 11/19/7~ 60c ORIGINAL RESOLUTION NO. so12 A RESOLUTION DETERMINING UNPAID ASSESSMENTS AND PROVIDING FOR ISSUANCE OF BONDS UNDERGROUND UTILITY DISTRICT NO. 17 RESOLVED, by the Council of the City of Palo Alto, California, WHEREAS, said Council did, on July 1, 1974, pass and adopt its Resolution No. 4961 of Preliminary Determination and of Intention relating to the acquisition and construct10n of public improvements in said City under and pursuant to the provisions of Chapter 13.12 of the Palo Alto Municipal Code, and did therein provide that serial bonds would be issued thereunder pursuant to the provisions of Bond Plan B, Section 13.16.110 of Chapter 13.16 of said Code, reference to said Resolution of Preliminary Determination and of Intention hereby being expressly made for further part.iculars; WHEREAS, notic·e of the recordation of the assessment and or the time within which assessments may be paid in cash has been duly published and mailed in the manner provided by said Code, and the time so provided for receiving the payment of assessments in cash has expired, and the City Treasurer has filed in his office a list of all assessments which now remain unpaid; and WHEREAS, this 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 now remaining unpaid and the aggre- gate thereof, are as shown on said list and 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 list and upon which assessments remain unpaid, severally and respec- tively, reference is hereby made to the assessment and to the diagram recorded in the office of the Superintendent of Streets of this City after confirmation by this Council, the several lots or parcels of ~ land represented by said assessment numbers being so numbered and designated upon said diagram and assessment as so confirmed and recorded, severally and respectively. 3. That the unpaid list is in the amount of $6,3~8.~7, and bonds shall be issued upon the security of said unpaid assessments in said amount in accordance with the provisions of Bond Plan B, Section 13.16.110 of Chapter 13.16 of Title 13 of said Palo Alto Municipal Code and under and pursuant to the provisions of said Resolution of Preliminary Determination and of Intention and the proceedings there- under duly had and taken. Said bonds shall be designated Series "J", be dated January 2, 1975, be seven (7) in number, be payable at the principal office of the Paying Agent and Registrar, Bank of America National Trust and Savings Association, in San Francisco, California, and bear interest from their date to their respective dates of maturity at the rate of not to exceed seven percent (7%) per annum, represented by coupons payable on January 2 and July 2 in each year commencing January 2, 1976, and the denomination of said bonds and their respective numbers and dates of maturity are_as shown on Exhibit 11B" hereto attached and made a part hereof by reference. 4. That said bonds shall be issued in series, and the unpaid assessments as shown on said list and determined by this Council, together with the interest thereon, 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 corresponding 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 ot the several bonds issued, and such proportion of each assess- ment coming due in any year, together with the annual interest thereon shall be payable in installments as the general taxes or the City 2 on real property are payable, and shall become delinquent at the same time and in the same proportionate amounts and bear the same propor- tionate penalties for delinquency. 5. The bonds shall be executed on behalf of the City and under its official seal by the Clerk and Treasurer of the City. The Clerk's signature and the seal may be affixed by engraved, printed, litho- graphed or other reproduction thereof. The interest coupons affixed thereto shall be signed by said Treasurer and for such purposes the - Treasurer may use an engraved, printed or lithographed facsimile in lieu of signature by hand. Such signing and sealing shall constitute and be a sufficient and binding execution of each and every one of· said bonds and the coupons thereof, respectively. Said bonds shall· be substantially in the form set forth in said Bond Plan B, except for such changes as are necessary to conform to the provisions herein. 6. Reg~stration of Bonds. Any bond may be registered either as to principal and interest or as to principal only, upon written request of the bondholder and presentation of the bond to the Registrar for registration. ~ .a) Principal and Interest. Upon presentation and re- quest for registration as to principal and interest, the coupons shall be removed and canceled, or preserved in a place of safekeep- ing, at the option of the Registrar, and the numbers of all regis- tered bonds and the names and addresses of the owners thereof shall be entered in the registr&.tion book maintained by the Registrar, and a notation shall be made therein and on the bond that registration is as to principal and interest. Until such registration is canceled . as herein provided, the interest shall be payable only to the registered owner, and the principal shall be payable only to such owner upon presentation of the bond. b) Principal Onl;l. When bonds are registered as to prin- cipal only, a notation shall be made to that errect in the registra- tion book and on the bond. The coupons shall not be removed and the 3 -' . ' interest on such bonds shall be paid upon presentation of such cou- pons in the same manner as unregistered bonds. Principal, however, shall be paid only to the registered owner upon presentation of such bond. c) Dereg1strat1on. The registration of any unmatured bond may be cancelled upon written request of the registered owner. Upon receipt or such request and th~ bond, the Registrar shall cancel the registration in the bond ·registry book and on the back of the bond, cause all unmatured coupons to be reprinted, if necessary, and re- attached to the bond, and deliver the bond and attached coupons to the owner. Until such bond is reregistered, the principal thereof shall be payable to bearer, and the interest shall again be paid upon sur- render of proper coupons. d} Reregistration. Deregistered bonds may be reregis- tered in the same ~er as previously unregistered bonds. e) The person requesting registration, deregistration or reregistration shall pay the fees charged by the Registrar service, including any cost of reprinting the coupons. for .. such ~~ -·~ \'. J .. . ·' f) There shall be provided on the back of each bond a suitable statement to be signed by·the Registrar indicating the date of registration, the type of registration, the· name of the registered owner, and the date or any cancellation thereof. 1. The coupons shall be numbered consecutively and be substan- tially in the foll~wing form, to wit: On the second day of CITY OF PALO ALTO~ California, will pay to bearer the sum hereon (unless the herein designated bond is redeemed prior thereto) at the principal office ot its Paying Agent, Bank of America National Trust and Savings Association, in Sa.~ Francisco, California, as interest on Improvement Bond Un~erground Utility District No. 17 Series J Treasurer or the city ot Palo Alto 4 Coupon No. QL W-»-. .. 8. On the basis of the facts, estimates and circumstances now in existence and in existence on the date or issue of the bonds, as determined by the City Treasurer, the City Treasurer is authorized to certify that it is not expected that the proceeds of the issue will be used in a manner that would cause such obligations to be arbitrage bonds. Such certification shall be delivered to the purchase·r together w1 th the bonds. -9. The City Clerk shall forward certified copies of this reso- lution to the City Treasurer and to the Director of Fin&nce of the County of Santa Clara and the Paying Agent, Bank of America N.T. & S.A • • • • • • • • ••• • • • I hereby certify that the foregoing is a full, true and correct copy of a resolution duly pa~sed and adopted by the Council of the City.of Palo Alto, California, at a meeting thereof held on the 9th day 0 r December thereor: , 197~, by the following vote of the members AYES, and in .favor thereof', Councilmen: Bea.hrs, BerWald, Clay, .Ben.deraon, Norton; Pe&rson, Rosenba1m, Sher· NOES, Councilmen: None .ABSENT, Councilmen: Comstock • LJ .· ~JE-~ CltJCerk()t e City of" Palo Alto APf~OVED: ~ .. ~u~· APPROVED: ~~··,) 5 . . • LIST OF UNPAID ASSESSMENTS CITY OF PALO ALTO UNDERGROUND UTILITY DISTRICT NO. 17 Assessment And Diagram Assessor's Amount of Number Parcel No. Assessment 3 120-15-49 $ 2,583.10 5 120-15-51 132.33 6 120-15-52 132.33 8 120-15-sq 132.33 10 120-26-08 1,148.32 12 120-26-10 1,091.66 14 120-26-96 1,128.20 TOTAL $ 6,348.27 EXHIBIT "A" . . .. . • CITY OF PALO ALTO UNDERGROUND UTILITY DISTRICT NO. 17 Annual Series Bond Nos. Principal Date of Maturity HJll 1 $ 348.27 July 2 1,000.00 July 3 1,000.00 July 4 -5 2,000.00 July 6 -7 2,000.00 July NOTE: All bonds in the denomination of $1,000 each except Bond No. 1 in the amolint of $3q8.27. EXHIBIT "B" 2, 1976 2, 1977 2, 1978 2, 1979 2, 1980