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HomeMy WebLinkAboutRESO 3825RESOLUTION NO. 38zs A RESOLUTION DETERM/NINO Uli, , IIF ASSESSMENTS AND PROVIDING FOR ISSUANCE OF BONDS MISCELLANEOUS STREETS IMPROVEMENTS PROJECT NO. 62-5 RESOLVED, by the Council of the City of Palo Alto, Californit, tha t (WHEREAS, said Council did on June 8, 1964, adopt and pass its Revolution No. 3741 of Preliminary Determination and of Intention, as modified, relating to the acquisition and construction of public im- provements in said City under and pursuant to the provisions of the Municipal Improvement Act of 1913 and amendments thereto, and did there- in provide that serial bonds would be issued thereunder pursuant to said Resolution of Preliminary Determination and of Intention, as mod- ified, 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 provided for receiving the payment of assessments in cash has expired and the City Treasurer has filed a list of all assessments which now 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: 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 re- spective 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 • ro • • • by said Council, the several lots represented by said assessment numbers being so numbered snd designated upon said diagram and assess- ment es so confirmed and recorded, severally and respectively. 3. Assessments are hereby classified so that any assessment in ,the total amount of $50.00 or less is due and payable in one installment to be collected during the fiscal year 1965-66. 4. The unpaid list is in the amount of $34,254.42 and bonds shall be issued upon the security of said unpaid assessments in the amount of $34,254.42: .n accordance with the provisions of the Improvement Bond Act of 1915 (Division 10 of the Streets and Highways Code) and under and pursuant to the provisions of said Resolution of Preliminary De- termination and of Intention, as modified, and the proceedings thereunder duly had and taken; that said bonds shall be thirty-five (35) in number, shall be dated July 2, 1965, and bear interest from their date not to exceed 6% at the ratelalSailk per annum, and the denomination of said bonds with their respective numbers and dates of maturity are as follows: Series Bond Nos. Prirc. Amount Date of Maturity XXX 1-3 $3,000.00 July 2, 1966 4 July 2, 1966 5-7 3,000.00 July 2, 1967 8-10 3,000.00 July 2, 1968 11-13 3,000.00 July 2, 1969 14-16 3,000.00 July 2, 1970 17-19 3,000.00 July 2, 1971 20-23 4,000.00 July 2, 1972 24-27 4,000.00 July 2, 1973 28-31 4,000.00 July 2, 1974 32-35 4,000.00 July 2, 1975 5. Slid bonds shall be issued in series, and the unpaid assess- ments as shown on said list filed in the office of the City Treasurer of said City and determined by said Council, together with the interest thereon, shall remain and constitute a trust fund for the redemption 2 i 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 iasued, and an even annual proportion of each assessment shall be payable in each year pre- ceding 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 arf payable, and shall become delinquent at the same time and in the same proportion- ate amounts and bear the same proportionate penalties for delinquency. 6. Said bonds shall be signed by the City Clerk and Treasurer or bear the engraved, printed or lithographed signature of said Treasurer, and the official seal of said City shall be affixed thereto. The in- terest coupons affixed there o 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 execu- tion of each and every one of said bonds and all of the coupons thereof respectively. Said bonds shall be substantially in the form set forth in the Improvement Bond Act of 1915. Said Clerk and Treasurer of said City are authorized and directed to sign said bonds. 7.' The interest coupons attached to each of said bonds and ev- idencing the interest to accrue thereon shall be numbered consecutively and be substantially in the following form, to -wit: Coupon No. $ CITY OF PALO ALTO SANTA CLARA COUNTY, CALIFORNIA Will pay to bearer hereof on the 2nd day of 19 at the Main Office of Hank of America lt.T.S.A. 307Rontgomery Street, San Francisco, California, the sum of Dollars ($ said sum being the semi- annual IFTERist due on Improvement Bond No. Series Treasurer of the City of Palo Alto 8. That the City Clerk shall forward to the City Treasurer and the City Controller a certified copy of this Resolution. 0 LIST OF UNPAID ASSESSMENTS • CITY OF PALO ALTO MISCELLANEOUS STREETS IMPROVEMENTS PROJECT NO. 62-5 Assessment Amount of Number Assessor's Parcel No. Assessment 13 5-40-107 $ 24.46 15 3-18-21 6,508.35 18 1-44-22 4,350.04 �9 1-44-91 4,031.20 21 1-44-89 & 90 2,352.24 n 1-44-11 5,503.97 25 2-59-30 11,484.16 $ 34,254.42 • • • 0 0 I hereby certify that the foregoing is a full, true and correct copy of a resolution duly passed and adopted by the Council of the City of Palo Alto, California, at a meeting thereof held on the ?4th day of M&y , 196_1_, by the following vote of the members thereof: AYES, and in favor thereof, Councilmen: Arbuckle, Arnold, Byxhee, Comstock, Cooley, Dabs, Dias, Flint, Rrdgers, Rohrs, Rua, Woodward, hoc . NOBS, Councilmen: None ABSENT, Councilmen: Beahrs, Porter. Zweng. • • • •