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HomeMy WebLinkAboutRES NO 42-50 RESOLUTION IN 4 2 5 0 RESOLUTION PROVIDING FOR THE ISSUANCE OF IMPR0VEMENT BONDS IN THE MATTER OF PUBLIC IMPROVEMENT DISTRICT NO. 675. WHEREAS, the City Council of the City of Bakersfield, County of Kern, State of California, did on the 13th day of March, 1950, pass and adopt its Resolution of Intention No. 675 relating to certain work proposed to be done and improvement to be made in Public Improvement District No. 675 of said City, as in said Reso- lution described, under and pursuant to the provisions of the "Improvement .Act of 1911", and amendments thereto, and did therein provide that serial bonds would be issued thereunder in the manner provided by the "Improvement Bond Act of 1915", reference to said Resolution of Intention being hereby expressly made for further particulars; and WHEREAS, the contract for said work and improvement was duly awarded and thereafter duly completed to the satisfaction of the Superintendent of Streets of said City and this Council, whereupon an assessment, warrant and diagram were made, recorded and delivered to the contractor in the time, form and manner as required by law, and the contractor having made due return thereon and the same having been duly filed; and WHEREAS, on the 30th day of October, 1950, the Superintendent of Streets of said City of Bakersfield duly made and filed with the City Clerk and Ex-officio Clerk of this Council a complete list of all assessments unpaid thereunder upon the respective assessment and diagram numbers thereon, whereupon said City Clerk and Ex-officio Clerk gave notice of the filing of said list in the time, form and manner provided by law, and fixed in said notice Monday, the 13th day of November, 1950, at the hour of eight o'clock P.M., as the time 1. when interested persons might appear before the Council of the City of Bakersfield, at the regular meeting place of said Council, located in the Council Chambers in the City Hall, Bakersfield, California, and show cause why bonds should not be issued upon the security of the unpaid assessments shown on said list, all of which appears from affidavits on file in the office of said City Clerk and Ex-officio Clerk of this Council; and WHEREAS, there having been no protests or objections against the issuance of bonds as aforesaid presented before or at the time of said hearing; and WHEREAS/ since the filing by said Superintendent of Streets of said list of assessments unpaid, no assessments have been paid, leaving a balance due on account of the said unpaid assessments of $711.20; and said list of assessments unpaid, filed by said Superintendent of Streets as aforesaid, appearing in all respects complete and correct; NOW, THEREFORE, evidence both oral and documentary having been adduced and submitted to the satisfaction of this Council, IT IS HEREBY RESOLVED and found and determined by the City Council of the City of Bakersfield, County of Kern, State of Cali- fornia, that said list of assessments unpaid, filed by said Super- intendent of Streets, as aforesaid, was at the timeof filing thereof in all respects complete and correct; and that since the filing thereof no assessments have been paid, and also that the unpaid assessments in the proceedings duly had and taken under and pursuant to said Resolution of Intention No. 575, and the aggregate amount of the same are as follows, to wit: 2. ASSESSMENT AND .AMOUNT OF OWNER DIAGRAM NUMBER ASSESSMENT UNPAID, M. R. McKenzie 5 $ 76.94 M. R. McKenzie 6 83.56 E. L. Griffith 7 84.31 E. L. Griffith 8 84.31 Francisco Salazar 11 84.13 Francisco Salazar 12 90.30 Frank Thomasy 13 103.55 Frank Thomasy 14 103.55 and the said City Council does hereby further find and determine that the total or aggregate amount of said assessments unpaid is the sum of $711.20; NOW, THEREFORE, in consideration of the premises, the said City Council does hereby further resolve, order and determine as follows, to wit: Section 1: That bonds shall be issued upon the security of said unpaid assessments in the said amount of $711.20, in accordance with the provisions of said "Improvement .Act of 1911", as amended, and said "Improvement Bond Act of 1915", as amended, and under and pursuant to the provisions of said Resolution of Intention No. 675 in the matter of Public Improvement District No. 675 of said City and the proceedings thereunder duly had and taken; said bonds shall be ten (10) in number, shall be dated November 20, 1950; and the denominations of said bonds, with their respective numbers and dates of maturity, are as follows: SERIES BOND NUMBER DENOMINATION DATE OF MATURITY 532 1 $71.12 July 2, 1952 533 1 71.12 July 2, 1953 534 1 71.12 July 2, 1954 535 1 71.12 July 2, 1955 536 1 71.12 July 2, 1956 537 1 71.12 July 2, 195 53 1 71.12 July 2, 1958 539 1 71.12 July 2, 1959 71.12 July 2, 1960 541 1 71.12 July 2, 1961 3. Section 2: Said bonds shall bear interest at the rate of five percent (5') per annum. The first coupon attached to each of said bonds shall be for interest from the 30th day of October, 1950, to the 2nd day of January, 1952, and the several coupons of interest thereafter shall be for the interest coming due on the principal of the respective bonds to which the same are respect- ively attached for the several semi-annual periods subsequent to said date. Section 3. Said bonds shall be issued in series, and the unpaid assessments as shown on said list filed by the Superintendent of Streets and determined by the said City Council, together with interest thereon, shall remain and constitute a trust fund for the redemption and payment of said bonds and the interest which may be due thereon, which unpaid assessments shall be payable in annual series corresponding in number to the number of series of bonds issued, and an even annual proportion of each assessment shall be payable in each year preceding the date of the maturity for each of the several series of bonds issued, and such proportions of each assessment coming due in any year, together with the annual interest thereon, shall in turn be payable in installments as the general taxes of said City on real property are payable, and shall become delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties for delinquency. Said bonds shall be signed by the Treasurer of said City of Bakersfield and by the Clerk of said City of Bakersfield, who shall affix thereto the official seal of said City of Bakersfield; the interest coupons affixed thereto shall be signed by the Treasurer of said City 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 4. a sufficient and binding execution 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 said "Improvement Bond Act of 1915", as amended; said Treasurer and said Clerk are hereby authorized and directed to so sign. Section 4: Said bonds shall be forthwith delivered to the contractor or its assigns, in satisfaction of the balance due said contractor upon its assessment and warrant. oOo I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the Council of the City of Bakersfield at a regular meeting thereof held on the 20th day of November, 1950, by the following vote: .A,YEES.:CHAR,IMS,CROSS, KUEHN, MORELOCK, WNURLEY,$tMON,%ND�'RM I npp S::^ NA 1 ' ity Clerk and Ex-of is o Clerz o t e Council of the City of Bakersfield. • •ROV • his 20th day of November, 1950, VIV•R o t e ity of Ba•ers/ield. 5.