HomeMy WebLinkAboutResolutions - No. 89-153RESOLUTION NO. 89- 153
BEFORE THE CITY COUNCIL OF THE CITY OF
LODI, CALIFORNIA
A RESOLUTION AUTHORIZING ISSUANCE OF DUPLICATE BOND
TO REPLACE LOST BOND UPON THE SECURITY THEREOF
INDUSTRIAL WAY AND B£CK.MAN ROAD ASSESSMENT DISTRICT NO. 1
RESOLVED, by the City Council of the City of Lodi, California, that
WHEREAS, pursuant to proceedings under Resolution of Intention No. 78-165,
adopted by this Council on November 15, 1978, certain street improvement bons s payable
to bearer designated "Improvement Bonds, Industrial Way and Beckman Road Assessment
District No. 1, City of Lodi, California, Bond Series 1979-1," dated January 24, 1979,
were issued in the original aggregate principal amount of $551,000, each bond bearing
interest at 7.70% per annum or, the unpaid principal and representing the amount of the
unpaid assessment upon a particular lot or parcel of land in the assessment district and
described in the bond, pursuant to the Improvement Act of 1911 (Division 7 of the Streets
and Highways Code of the State of California); and
WHEREAS, DEAN h;ITTER REYNOLDS INC., as agent for the reputed owner of
Bond No. 16 of the above Series has filed with the Director of Finance (1) a notification
such bond has been lost, (2) a request for a stop -payment order which has been forwarded
to the San Joaquin County Treasurer, as paying agent for the City, and (3) its application
for the issuance of a duplicate bond to replace the lost bond, together with its surety bond
indemnifying the City of Lodi and the County of San Joaquin as its paying agent against
all claims arising out of the issuance of a duplicate bond; and
WHEREAS, an examination of the records of the paying agent shows that Bond No.
16 of the above Series was issued and secured by the unpaid assessment on Lot 5, Ferdun
6c Woods Industrial Park, in the face amount of $26,610 principal, represented by Coupons
No. 1 through 20, each in the amount of $1,330.50, payable annually on January 2, 1980 to
January 2, 1999, inclusive; that Coupons No. 9 through 20, payable annually on January 2,
1988 to January 2, 1999, inclusive, are outstanding and remain unpaid in the aggregate
amount of $15,966; and that Coupons No. 17 through 40, due July 2, 1987 through January
2, 1999 and representing interest payable semiannually on January 2 and .July 2 in each
year during the term of the bond at 7.70% per annum on the unpaid principal, are
outstanding and remain unpaid in the aggregate amount of $7,990.98; and
WHEREAS, the agent for the reputed owner has deposited with the Director of
Finance its check in the sum of $1,500 to cover the costs and expenses for the reprinting
and replacement of the lost bond;
ZKO , THEREFORE, IT IS ORDERED that:
1. The Director of Finance is hereby authorized and directed to have printed and
issued a duplicate bond to replace Bond No. 16 of Series 1979-1 as above stated, secured
by the unpaid assessment on Lot 5, Ferdun 3c Woods Industrial Park, and to deliver the
same to DEAN WITTER REYNOLDS INC., as agent of the reputed owner of such bearer
bond at the address shown in its application.
2. The bond shall :e issued in the face amount of $26,610, and shall have attached
principal coupons each in the amount of $1,330.50, payable annually on January 2, 1988 to
January 2, 1999, inclusive, numbered No. 9 through 20, representing unpaid principal in
the aggregate amount of $15,966. The bond shall also have attached interest coupons
numbered No. 17 through 40, payable semiannually on July 2, 1987 through January 2,
1999, inclusive, and representing interest at 7.70% per annum on the declining unpaid
principal, in the aggregate amount of $7,990.98 and in the individual amounts as follows:
Coupons No. 17 and 18 each in the sum of $614.69;
Coupons No. 19 and 20 each in the sum of $563.47;
Coupons No. 21 and 22 each in the sum of $512.24;
Coupons No. 23 and 24 each in the sum of $461.02;
Coupons No. 25 and 26 each in the sum of $409.79;
Coupons No. 27 and 28 each in the sum of $358.57;
Coupons No. 29 and 30 each in the sum of $307.35;
Coupons No. 31 and 32 each in the sum of $256.12;
Coupons No. 33 and 34 each in the sum of $204.90;
Coupons No. 33 arid 36 each in the sum of $153.67;
Coupons No. 37 and 38 each in the sum of $102.45;
Coupons No. 39 and 40 each in the sum of $51.22.
3. The bond and each attached coupon so issued shall state upon its face the
number and denomination for which it is issued; that it is issued in the place of the bond
claimed to have been lost or destroyed; that it is issued as a duplicate; and that only one is
to be paid; all in accordance with the provisions of section 53465 of the Government Code
of the State of California.
4. The City Clerk is directed to forward a certified copy of this resolution,
together with a duplicate original of the surety bond posted by the reputed owner, to the
Countv Auditor of the County of San Joaquin.
DATED: November 1, 1989.
I, ALICE im. REiV1CHE, City Clerk of the City of Lodi, do hereby certify that
Resolution No. 89- 153 was passed and adopted at a regular meeting of the City Council
of the City of Lodi, held November 1, 1989, by the following vote:
AYES: Councilmembers - Hinchnan, Olson, Pinkerton and
Snider (Mayor)
NOES: Councilmembers- None
ABSENT: Councilmembers- Reid
ABSTENTIONS: Councilmembers- None
ALICE M. REI-VrCHE, City Clerk
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