HomeMy WebLinkAboutRESO 896296
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R E S 0 L U T I 0 N N 0 • 896 ------------.._.....
RESOLUTION PROVlD!lHl FOR THE ISSUANCE OF I'MPROVEMENT
OONDS, RE: IJ&PRCV'EMENT OF MIDDLEFIELD :OOAD AND LANE E!
WHEREAS, the Council of the City of P&lo Alto
did, on the 19th day of D~cember, 1929, pass and adopt
ita Resolution of Intention No. 815 relating to certain
work proposed to be done and improvement to be made in
said City, a~ therein described, under and pursuant to
the provisions of the ~Improvement Act of 1911, and
amendments thereto, and did there1r. provide that serial
bonds would be issued thereunder in the manner urovided
by the 11 Impi-ovement .Bo.nd Act of 1915n, 1•eterenee to said
Resolution of Intention being hereby expr9ssly made tor
further pa:-ticulai•a; and
. w:rr;REAS, the contract for aaid work and improvement
wan du~ awarded and thereafter duly completed to the
nat1sfact1on of the Superintendent of Streets of said City
and this Council, whereu-pon an assessment, warrant and
diagram ware mado, recorded and delivered to the contractor
in time, form a.nd manner as required by add net, and the
contractor having made due return thereon and the same
baving been duly filed; and
vmEREAS, on June 18, 19:30, the Street Superintendent
of said City made and filed with the clerk of this City
a complete 11at of all assessments unpaid thereund~r upcn
the respective ar.sessment or diagram numbers thereon,
whereupon, said elet'k gave notice of the filling of said list,
and f1.xi.id in aa1d not1ee the 27th day of June, 1930, at
the hour of 7:30 o•clock p. m. as the time when interested
persons might appear before the City Council at the regular
m';1.;t1ng place of said City in the City Hall md show
cause wh~r bonds should not be issued upon the security of
the unpaid aasessments shown on 9a1d list, all of ~h1eh
appears from aff1c.e.v1 ts o.n fila in the office of said clerk;
·,·mEREAS, there having been no. protests or objections
agn1nst tho issuance of bonds as aforena1d presented before
or at the time of said hearing; and
WHEREAS, since the filing by said Superintendent
of Streets of said 11ot of assessments unpaid, the following
assessments have been paid, to-wit:
Assessment and
D1e.grnm Number
l
11
12
lb4
155
187
188
Amount of
Assessment Paid
~132.66
905o70
452.87
0.92
23.11
23.13
11.56
aggregating the total sum of $1,549.95 leaving a balance
due on account of said unpaid assessments of i5,625.95;
and sai¢1st of assessmenta unpaid. filed by said Streot
Superintendent ns afore.'3&.1d 9 appearing in all respects
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complete and correct after excepting and deducting
therefrom the asseasmenta paid a1nee the filing thereof,
as hereinabove set forth,
NOW 'l'HEREFORE, it 1s hereby resolved and found
nnd determined by said Council, that 3&1d 11st of
assessments urtpaid filed by :said Stl•eet Superintendent
as atoreaa1d was at the time of said filing thereof
in all res pee ts complete and corr·ect,. and that since
the f111ng thereof, assessments have been paid
aggregating the sum of ~1,549.95, as hereinabove set
forth, and also that the unpaid assessments in tl1e
proceedings duly had and tekan under and purs~ant to
said Resolution of Intention No. 815, and the
aggregate amount of the same are as follows; to-wit:
(See list in file}
and the said Council does hereby further fir.td and
determine that the total or aggr·egate amount of aa1d
as~essments unpaid is the sum of $5,€25.95;
NCW THEREFORE, in consideration of the premises,
the Council of the City of Palo Alto does hereby further
resolve as follow:J, to-w!t:
Section 1. That bends shall be 1saued upon the
secur1 ty of said unpaid S:J.sessment3 1r. tho said amount
of $5,625.95 1n accordance with the provisions of said
"J.roprovement Act of 1911" as amended and said "lmp:rover.1cnt
Bo.nd Act of 191..5~'~ as amended and under and pursuant to
the prov1a1ons of said Resolution of Intention No. 815
and the proceedings thereundf'Jr· duly hade and taken, sdd
bonds shall oe called "ImpX'ovement Bonds", shnll be
twenty (20) in number, sh~ll be dat~d June 27, 1930,
and bear interest at tho rata of six l6} per cent ner
mmum fror.1 June 13, 1930; and the denominatio:l~ cf s3'1.~
bonds and tr.e 1aLCb)~1t CO'.l?~::-.s required to be attach·"..:
tnJ-?to, w1 th their rospec ttve n·um'bcrs and dates of
maturity, are as follow3:
:3eries Bond No. Denominnt1on p~te of Maturitz
s l $500.00 July 2, 1931 s 2 62.60 JUly 2' 1931 s 3 500.00 July 2, 1932
s 4 62 .. 60 July 2, 1932
s 5 500.00 July 2, 1933 s 6 62.60 JUly 2, 1933
3 '7 500.00 July 2. 1934 s 8 62.60 J'uly 2,. 1934
s 9 500.00 July 2,. 1935
s 10 6Z .. 60 July 2, 1935
s. 11 500.00 July 2,. 1936 s 12 62.59 July 2, 1936
s 13 500.00 .Tuly 2, 1937
s 14 62.59 July 2, 1937
s 15 500.00 .Tuly 2 , 1938 s 16 62.59 July 2, 1938
s 17 500.00 .U.y 2, 1939
s 18 62.59 July 2, 1939
s 19 500.00 JUly 2., 1940
s 20 62.59 July 2, 1940
sec. 2. With reference to 3aid bonds hRv1ng
a demominat1on of i500.00, the first co11pon attached t~
each of sa1d bonds shall have a denomination of $16.67
and the subsequent coupons attached to each or said
bonds shall have a denomination of $15.00.
297
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With reference to said bonds havinr a denomination
of $62.60, the first coupon attached to each of said bonos
:('lall have a dunom1nat1on ot $2.09 and the aub3o~uent
coupons attached to each of said bonds shall have a
denomination of il.88.
Witt... reference to said bends having a d.,nornination
of $62.59, the first coupon attached to each of said bonds
shall nave a d~nom1nat1~n of $2.08 and tho subsequent
cou..,ons attached to t.lllCh of said bonds shall have a
denomination of ~1.68 •
Tne first coupons above referred to shall represent
interest upor. th~:; princ-ipal of the respect1 ve bonds to
which the :u.:ne ar~;S :renpl:'ctively attached coming due
Jan. z, 1931, and the subse~uent coupons above referred
to shall repre:Jent the interest <~oming du.e on the
Pl'"inciprj,l of the respect1 ve bonds to which the same are
respectively !lttached for the several semi-8l81U.al periods
St4bS6-1:1.16nt to said date.
Sec. 3. Said bonds shall be issued 1n series, and
the unpaid assessments as ahown on said list filed by the
Superintendent of Streets and d.:1ter.n1ned by the :Ja~.d City
Council together .w1 th interest thereon, shall remain and
constitut~ a trust fur.:.d for the redemption and payment
of add bonds and of the interest which may be due thereon,
which unpaid as:1essments shall be payable 1n annual aeries
corresponding in number· to tl:J{!, numbez:·. of series of bonas
1s:1ued, a:nd an even annual p:roportio'n of. each assessment
shall be payable in each year pr.ece~~~~tho date of the
maturity for each of the several series of bonds issued,
and such proportion of each assessment coming due in any
yen:-, together with the annual 1ntere~t theroon, shall in
turn o~ p~yabla in installments &s the general municipal
taxes of said C1 ty or. real property 11re payable, and
shall become delinquent at the same times and in the same
pro~rt1onate amounts and bear the same proportionate
penalt1~s for delinquency.
Said bonds shall be signed by the Treasurer of
said City and countelS1gnt~d by the c1•3rk who shall affix
thereto the official seal of said City; the interest c~pons
af.f1xec. thereto shall be signed by the Treasurer cr be!lr
his engrav.:ld, printed ox-11 the graphed signat·.lre: and
such s1e;n.1ng and sealing of sa.td bonds by said officers
and s1:-"n1ng o.r said coupons by said •rreasu.rer shal~onst1 tu te
and 'be a sufficient and binding execution of each and ~very
one of said !:lends and 911 of the coupons thereof
resptJct1vely. Said bonos sh&ll be substantially tn the
forrn aet forth in said "Improver.1ent Bond Act of 1915", as
emended; s&id Treasurer and s&.id clerk are hereby authorized
and directed to so sign and countersign respectively.
The intero:--t. coupons attached to o;;:ach of said bonds
and evidencing thu 1.nterest to 11ccrue thereon sh8.ll be
numb~:red consecutively and.be substantia~ly 1n the followtng
form, to-wit:
Coupon No. $
'J.'he C1 ty of Palo Alto, Ce.liforn1a, will pay
to tbe bearer heveof on the second day
of 19 , $
at tbe office of the City Treasurer, said sum
being the semi-an~al interest due on Improvemont
Bond No. of Series No. s.
Dated:
H. F. CC:$don
Tr•easurer
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See. 4. Said bonds shall be fO!·thwith delivered
to Union SafeDeposit Bank of StocktOll, assi.p;ne.as ot w. A. Dontanv1lle, the contractor, in satisfaction of the
balance due him upon hl3 assessment and wsrrant.
I hereby certify that the foregoing resolution waa
duly and regularly introduced and adontod by the Council
of the C! ty C>f Palo Alto at a regule.r moeting thereof
held June 2P!, 1930. by the following vote, to-wit:
AYES:
tWES:
Bertsche, Christensen, hobart, Johnson, Judson,
Kelly, Laust€tn, Mosh~r.
!~one.
ABSENT~ rliss Bauf.rJ'l.-Cathcart, Mitchell, Tho1ts, Thom~:;,
Mrs. Thom11s, Wood.
Approved e ./:}_, ~-~-~7~--T
Mayor
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