HomeMy WebLinkAboutRESO 4753that
• • WJML:KIJ:v 4-13-73-60
ORIGINAL
RESOLUTION NO. 4753
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE.OF BONDS
GREEN ACRES I UNDERGROUND UTILITIES CONVERSION
PROJECT NO. 71-85
RESOLVED, by the Council of the City of Palo Alto, California,
WHEREAS, said Council did, on February 28, 1972, pass and adopt
its Resolution No. 4566 of Preliminary Determination and of Inten-
tion relating to the acquisition and construction of public improve-
ments 1n 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
ot Bond Plan B, Section 13.16.110 of Chapter 13.16 of said Code,
reference to said Resolution of Preliminary Determination end of
Intention hereby being expressly made for further particulars;
WHEREAS, notice of the r~cordation or t~e assessment and of
the time within which assessments may be paid 1n cash has been duly
published and mailed in the manner provided by said Code, and the
time so provided for receiving the payment of aaaessments in cash
has expired, and the City Treasurer lu?.s filed in his office a list
of all assessments which now remain un~id; and
WHEREA.S, this Council has duly considered said list and has
determined tr.at 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 4?ld by reference made a part hereof.
2. Th&t for .-a p~rticular description of the lots or parcels
of land be--.rins the respective assessment num.bers set forth in said
list and upon which assessments remain unpaid, aev•rally and respec-
tively, reference is hereby made to ~he aaaeaaaent and to the diagram
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recorded 1n the office or the Superintendent of Streets or this City
after confirmation by this Council, the several lots or parcels of
land represented by said assessment numoers 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 $26,571.30, and
bonds shall be iss~ed upon tr~ security of said unpaid assessments in
said am¢unt in accordance with the provisions of Bond Plan B, Section
13.16.110 of Chapter 13.16 or Title 13 of said Palo Alto Municipal
Code and under and pursuant to the provisions or said Resolution of
Preliminary Determination and of Intention and the proceedings there-
under duly had and taken. Said bonds shall be designated Series "G",
be dated September 2, 1972, be twenty-seven (27) in number; be payable
at ~he 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 Janu&ry 2 and July 2 in each
year commencing January 2, 1974, and the denominatio~ or said bonds
and their respective numbers and dates of maturity are as shown on
Exhibit nB" 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 or
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 or 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 a~ tne general taxes of the City
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on real property are payable, and shall become delinquent at the aame
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 ot the City. The Clerk's
signature and the seal may be affixed by engraved, printed, litho-
graphed or other reproduction thereof. The interest coupais attixed
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 ot each and every one or
said bonds and the coupons thereof, respectively. Said bonds shall
be substantially in the form set forth in said Bond Plan B, except
for ouch changes as are necessary to conform to the provisions herein.
6. Registration o~~ Bonds. Any bond __ may be regi&tered either
as to principal and interest or as to_ principal only, upon wr~tten
request ot 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 or safekeep-
L,g, at the option of the Registrar, an~ the numbers of all regis-
tered bonds and the names and addressee. ot the owners thereof shall
be entered·' in the regis tra t1on book main taiznd 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 payableo~ to the registered
owner, and the principal shall be payable only to such owner upon
presentation of the bond.
b) Principal Onl.y. When bonds are registered as to prin-
cipal only, a notation shall be made to that effect in the registra-
tion book and on the bond. The coupons shall not be removed and the
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interest on ouch 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) Deregistration. The registration of any unmatured
bond may be cancelled upon written request of the registered owner~
Upon receipt of such request and the bond, t.he Registrar shall cancel
the registration in the bond registry book and on the back of the bond,
cause all unmatured co~pons 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 the;.'.10f shall be .
payable to bearer, and the interest shall again be paid upon surrender
of proper coupons.
d) Reregistration. Deregistered bonds may be reregis-
tered in the same manner as previously unregio:Jtered bonds.
e) The person requesting registration, deregistration or
reregistration shall pay the fees charged by the Registrar for such
service, including any cost of reprinting the coupons.
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 of any cancellation thereof.
7. The coupons shall be numbered consecutively and be substan-
tially in the following form, to wit:
On the second day ot ~~~~---' 19~ CITY OF PALO ALTO, California, will pay to
bearer the sum hereon (unless the herein
designated bond 1s redeemed prior thereto} $
--~~~~~--~~--~ at the principal office of its Paying Agent,
Bank or America National Trust and Savings
Association, in San Francisco, California, Coupon No.
as interest on Improvement Bond Green Acres
I Underground Utilities Conversion Project
No. 71-85, Series G Bond No.
Tr·easurer of the City or Palo Alto
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8. The City hereby covenants to the purchaaera of the Bonda,
and their successors in interest, that it will make no use or the pro-
ceeds ot said Bonds at any time during the term thereot which, it such
use had been reasonably expected at the date the Bonds were issued,
would have caused them to be arbitrage bonds ~1th1n the meaning of
Section 103(d) of the United States Internal Revenue Bond of 1954 and
the a~plicable regulations of the United States Trea~ury Department.
9. The City Clerk shall forward certified copies of this reao-
1 ution to the c;.ty Treasurer and to the Director ot Finance of the
County ot ~~ta Clara and the Paying Agent, Bank ot America N.T. & s.A.
* * * * * * * *
I hereby certify that the foregoing is a tull, true and correct
copy of a resolution du1y passed and adopted by the Council ot the
City of Palo Alto, California, at a meeting thereof held on the 23rd
day of April , 1973, by the tollowing vote of the members
thereof:
AYES, and in favor thereof, Councilmen: UNANIMOUS
NOES,
ABSENT,
APPROVED:
Councilmen:
Councilmen:
~OJ~~
Mayor
APPROVED:
NONE
NONE
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.IST OF UNPAID ASSESSHENrs •
GREEN ACRES I UNDERGRCU~O UTILITIES
IMPROVEMENT PLMI 71-85
Unpatd
P~rc~~l~N~o~·~~~~~~~~~~~N~o~me,;:._~~~~~~~~~~~~~~~A~s$~e~s~s~me~-n~t;_;t~o~Bo~n~d
167-5-06 D. C. & G.H. Kuhn $ 530.10
167-5-08 Ira & Rosalie Weissman 530.10
167-5-09 Ne 1 son & Edyth R. Peck .. 530~ 10
167-5-12 Robert & Mar ion Logan 530.10
167-5-13 Betty J. Emory 530.10
167-5-15 Marion E. ~Susan J. Hill 530.10
167-5-16 Blaine & Setty Swinyard 530.lO
167-5-17 Larry E. & Amber Henninger 530.10
167-5-18 Paul & Marjorie Jones 530.10
167-6-01 Oan W. & Lois R. Rehor · 530.10
167-6-03 Robert W. & Donna Ruth 280.10
167-6-04 Ade1e B. Moreno 530.10
167-6-05 . W. £. & l. f<. Johns 530. 10 ·
167-6-06 R.B. & C.A.Vespe 530.10
167-6-07 S.B. & l.S.Hurray 530.10·
1~7-6-08 Jamie & Barbara B. Barton 530.10
167-6-09 P.H. & R.L.Hoore 530.10
167-6-21 Robert & L.Louise Gaston 530.10
167-6-22 Edward & Mary Buchanan 222. to
167-6-7.4 E.E. & H.H.Ensminger 530.10
167-6-26 W.R. & N.A.Swanson 530.10
167-6-27 C.S. & J,J.Guzek 530.10
167-6-28 J.R. & E.G.Twohy 530.10
167-6-29 .G.P. & J.F.Jost 372.10
167-6-30 JJil .• & V.H.Christy 530.10 ~
167-6-32 G.A. & F.A.St.John 280.10
167-5-33 D.S. S S.G.Har.iayek 530.10
167-6-35 J.F. & Tamara MacMurray 530.10
167-G-35 ... D.L. & H.D.Dell 530.10
167-G-37 Janet E. Franks 530.10
~67-6-38 Jack & Christine G. Rakestraw 530.10
197-6-39 L.M. & C.S.Tannenwald 472.lO
167-6-40 E.R. & J.H. Yoder 280.10
167-6-41 V.W. & N.C.Hesterman 530.10
167-6-42 F.S. & ~.G.Kessler 530.10
167-6-47 Heyer~ E.R.Steinbach 530.10
167-6-48 Earl R. \./a ring, Jr. 530.10
167-6-50 J.J. & H.E.Gould 530.10
167-6-52 Patricia H. Ho11~y 530.10
167-6-55 PeLer M. & Jovce Laur 530.10
167-S-5S Arnold & Ruth T. Kaufman 530.10
167-6-57 S.E. & D.S.Mullin 530.10
167-6-58 E.J. & B.E.Guptill 530.10
157-6-59 A.F. & P.H. Gerlock 530.10
167-7-01 Donald K. & Janice Ko-ller 530.10
167-7-05 Ron & Bente.Riley 530.10
167-7-06 Dorothy F. Sharp 530.10
167-7-07 Charles E. & Martha Winkleman 530.10
167-7-08 S.G. & Claire Main 530.10
167-7-10 ur. Arnold Gorin 280.10
167-7-11 G.P. & A.H.V09el • 530.10
167-7-12 C.J. & Joan s~kaldasis 530.10
167-7-13 J.H. & E.C.Filippi 530.10
Tot~l Unpaid AssesSfTlent to Rond $26,571.JO
EXHIBIT II A"
!+/2/73
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EXHmIT "B"
Series Bond Numbers* Pr1nc1Eal Amount
G 1 $ 571.30
2 1,000.00
3 4 2,000.00
5 -6 2;000.00
7 -9 3,000.00
10 12 3,000.00
13 -15 3,000.00
16 -18 3,000.00
19 -21 3,000.00
22 -24 3,,000.00
25 -27 3,,000.00
*All bonds,, with the exception of Bond No. l
are in the denomination of $1,,000.00.
Date of Matur1tl
July 2, 1974
July 2, 1974
July 2, 1975
July 2, 1976
July 2, 1977
July 2, 1978
July 2, 1979
July 2, 1980
July 2, 1981
July 2, 1982
July 2, 1983