HomeMy WebLinkAboutRESO 3748RBSOLt7PION NO. 3748
A RESOLUTION DETERMINING UNPAID ASSESSMENTS AND PROVIDING
FOR ISSUANCE OP BONDS
FOOTHILLS ANNEXATION NO. 3
PROJECT NO. 62-8
RESOLVED, by the Council of the City of Palo Alto. California,
that
WHEREAS, said Council did on May 28, 1963, peas end adopt
ite Resolution of intention No. 3633 relating to the acquisition
and construction of public improvements in said City under end
pursuant to Article 4, Chapter 5 of the Palo Alto Improvement
Procedure Code, and did therein provide that aerial bonds would be
issued thereunder pursuant to the provisions of Bond Plan B of
Article 3, Chapter 6 of said Code, 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 asaesamente may be paid in cash hes been
duly published and mailed in the manner provided by said Code, and
the time ao provided for receiving the payment of assessments in
cash has expired, and on July 9, 1964, the Superintendent of
Streets has filed with the City Treasurer a list of all assessments
which now remain unpaid; and
WHEREAS, the Council has duly considered said list and hes
determined that the same is an accurate statement thereof;
NOW, THEREFORE, IT IS HEREBY ORDERED, as follows:
1. That the aesesamenta on 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 reopective 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 record-
ed 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
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diagram and assessment as so confirmed and recorded, severally and
respectively.
3. The unpaid list is in the amount of $909,839.90 and bonds
shall be taaued upon the securit^ of said unpaid assessments in the
amount of $909,839.90 in accordance with the provisions of Bond Plan
B of Article 3, Chapter 6 of ordinance No. 1928 adopted by the City
Council of said City on April 11, 1960, entitled "Palo Alto improve-
ment Procedure Code", and under and pursuant to the provialona of
said Resolution of Intention and the proceedinga thereunder duly had
and taken. Said bonds shall be dated September 2, 1964, and beer
interest from their date at the rate of not to exceed six per cent
(6%) per annum. Said bonds shall be nine hundred ten (910) in number,
shall be numbered consecutively 1 through 410, and shall be designated
Series "WWW". All bonds shall be of the denomination of $1,Co0 except
Bond No. 40 in the denomination of $839.90, and said bonds shall be
of the numbers, of the total amounts, and shall mature on July 2 in
each of the years, as follows:
Bond Numbers Total Year of
(Both Inclusive) Amount Maturity
1 - 9 $ 39,000.00 1966
41 - 85 45,000.00 1967
86 130 45,000.00 1968
1'1 - 180 50,000.00 1969
181 - 235 55,000.00 1970
236 - 290 55,000.00 1971
291 - 350 60,000.00 1972
351 - 410 60, 000 . oo 1.973
411 - 475 65,000.00 1974
476 - 54o 65,000.00 1975
541 - 610 70,000.00 1976
611 - 680 70,000.00 1977
681 - 755 75,000.00 1978
856 - 830 75,000.00 1979
31 - 910 80,000.00 1980
4. Said bonds shall be issued in series and the unpaid assess-
ments as shown on said list filed with the City Treaaurer 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,
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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 end in the same proportion-
ate amounts and bear the same proportionate penalties for delinquency.
5. Said bonds shall be signed by the manual signature of the
City Treasurer end by the engraved, printed or lithographed signature
of the City Clerk, and the official seal of said City shall be affixed
thereto, or printed, engraved or lithographed thereon. The interest
coupons affixed thereto shall be aigned by the engraved, printed or
lithographed signature of said Treasurer, and such signing and sealing
of said bonds by said officers and signing of said coupons by seid
Treasurer shall ccnstitute and be a sufficient and binding execution
of each and every one of aaid bonds and all of the coupons thereon
respectively. Said bonds than be substantially in the form set forth
in Bond Plan B of said Improvement Procedure Code.
6. The interest coupons attached to each of said bonds and
evidencing the interest to accrue thereon shall be numbered consecu-
tively and be substantially in the following form, to -wit:
CITY OF PALO ALTO
SANTA CLARA COUNTY, CALIFORNIA
Coupon No.
Will pay to bearer hereof on the 2nd day of
19 , at the office of the City Treasurer, Palo Alto,
Cal Tornia, or at the Main Office of the Bank of America,
National Trust and Savings Association, San Frenciaco,
California, the sum of Dollars ($ )
said sum being the semi-annual interest due on
Improvement Bond No.
of Series No. WNW
$
'treasurer of the City or Palo Alto
7. That the City Clerk shall forward to the City Treasurer
City Controller e certified copy of this Resolution.
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EXHIBIT "A"
LIST OF UNPAID ASSESSMENTS
CITY OF PALO ALTO
FOOTHILLS ANNEXATION NO. 3
PROJECT NO. 62-8
Asst Assessor's Amount of Ass'd Val'n
No. Parcel No. Assessment Land spvt
1-A 3-68-19 $12,293.21 $ 2,630
1-B 5-69-03 40,544.16 3,800
2 5-69-05 41,152.97 4,210
5-66-05 117,078.14 50,000
-B 5-70-17 23,000.00 5,950
4-0 5-71-05 40,860.26 4,260 100
4-D 5-70-18 56,187.25 5,440
5 5-70-06 8,335.97 2,420
6 5-70-12 '4,209.45 1,610
7 5-70-10 5,320.20 1,820
5-70-09 1,56o 3,840
9-A 5-70-0 144,,550625:6980
414,,562 05..6098 5,750 950
• 9-B 5-6g-07 46,831.26 4,000
9-C 5-71-03 22,830.24 1,850 •.•
11-A 5.70-16 500.00 580
11-B 5-70-15 500.00 58o
12 , 5-70-05 2,645.96 1,310 1,590
1 5-71-04 585.40 350
14 5-71-11 13,06.65 1,340
15-A 5-71-10 211,969.97 '10,900
15-B 5-71-07 231,229.33 15,800 3,830
15-C 5-71-09 8434.99 58o
16 5-71-06 1,205.91 360,
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$909,839.90 $127,100 $10,310
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I hereby certify that the foregoing is a full, true and correct
copy of a resolution duly passed and adopted by the City Council
of the City of Palo Alto, California, at a meeting thereof held on
the 13 day of duly , 196_4_, by the
following vote of the members thereof:
AYES, and in favor thereof, Councilmen:
Arnold. !Mehra, Byxbee, Comstock, Cooley, Deb,, Dias,
Porter, Rodgers, Rohre, Rue, Woodward, Zweng.
NOES, Councilmen: none
ABSENT, Councilmen: Cresap, Flint
y Palo Alto
f- lerk of the City of
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