HomeMy WebLinkAboutResolutions - No. 01-05-1920d_'o. /3 imai al.'i le .. .+ 0Y t"' _:'-I i1y
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PROrIDIi+'C :Ori TL ISSUADCE Oyv
BOiiDS m0 t� Pi? .,c. iiT AND DF, SEC�^:En 3Y ASS-
ESSaiWITS 2UD , ^OR' TR? COST OF .sem 30PX A1TD
IM PROV-5- UT S :.rAl rE IH AND
'201 SAC =�4LI.IT 0
STP= -T FROM M,:S SGUTH L1:r c. OF LOC- OR -D
STT.RMT TO =,M CITY LIZjITS crit -_E I:CR Ty, IN
THE CIT- OF LODI, AZ+D TO PROVIDE FOR TIM
SALE TRuRE OF .
BE IT RUSCL7:0, by the Board of Trustees of the City of Lodi,
as follocs:-
woad :ZAS, this Board Gf "'ruses by its ^esolation of Intention
go. 22 providing for the I-iprovement of Sacramento Street from the
South Lire of Locxeferd Street to the Cit -1 Limits on the :forth, in
the City of Lodi, determined that serial bonds to represent r ipaid
assessments and to bear interest at the rate of seven -per cent per
annum, would be issued thereunder in the manner provided by the
"Improvement Bond Act of 1915" and amendments thereto, and that the
last installment of which bonds should mature nine (9) years from the
2nd day of Jul,," next succeeding nine mont s from their date, and
Tui wAS, the woe's to be done under said c'esolution of Intention
No. 22 has been completed to the satisfaction of the Superintendent
of Streets, and of the Board OX Trustees; and the Superintendent of
Streets on the 15th day of December, 1919 filed Frith the Clerlr of
the Board of Trustees a complete list of all urpuid assessments made
under said proceedings, rand
t-7NE-3 AS, this Board of Trzstees has this day foram and determined
that the aggregate amount cf the anpaidssses--ments is the sem of
6,399.11
907, TH-22-STORE, 3r-, IT i SOi:��..+D, as follows: -
Street Improvement bG=ds to be issued parsus..zit -b the provisions of
the "Improvement Bond Act of 1915" and amendments thereto, evidencing
L
the aforesaid indebtedness, shall be issued to the aggregate amount of
6, 399.10 and the number, aenomi.nati on and character of such bonds
shall be az follows:
Said bonds shall be fated the 5th day of January, 1920 and shall
be of the character xnorn as serials. One tenth past of the total amount
of the bonds evidencing said indebtedness shall be payable on the 2nd
day of July 1921, and one-tenth part of said total indebtedness shall
be payable on the 2nd day of July of each and every year thereafter to
and including the 2nd dey of 7uly 1930.
Said total indebtedness shell bo s7ideneed by ten (10) bonae of the
denomination of five hundred (500) dolla=a each; and ten (10) bonds of
the danonination of cne hundred thirty-nine and 91100 (139.91; dollars
each. One (1) of said 'ponds of the denomination of five hundred (500)
doffs -'_s each, and one (1) of ak id ljonds O:,,' she deno�_..tintltion oiGII6 hiind ed
thirty-nina and 91/100 (139.91) dollars each shall me.trre and be payable
on the 2nd day of July. 1921, and one (1) of said bonds of a like denom-
ination scall mature and be payable on the 2nd day of Jul; of eaai and
every year thereafter to an& including the 2nd day of July, 1930.
Said bonds shell be =mbered 1 to 20, bots inolueive, as fclloms:-
37MMS.
!K-7
600.00
July 2nd,
1921.
F-1
130.91
JUIy 2--A,
1921
F-2
3
5&- .0C
jtaly 2rd,
1922
F-2
4
159.91
Judy 2nd.
1922
F'—°
5
5.0.00
July 2nd,
1923
F-3
6
139.91
July 2nd,
1923
FA
7
500.00
July 2nd,
1924
F -A-
8
139.91
July 2nd.
1924
F-5
9
500.00
July 2nd,
19ZB
:-z
10
1.39.91
J--iy 2:nd,
192-
F{
11
500.00
Ju? y 2nd,
1926
F-6
12
139.91
July End,
1925
FQ7
73
500.00
July c^.nd,
1927
$
14
139.91
July 2nd,
1927
F-8
LI;
5()0. 0C
July 2nd,
1928
F-8
16
1:19.31
July 2nd,
1928
F-9
17
z-01 y0
July 2nd-,
1929
F-9
18
139.91
July 2nd,
1929
F-10
19
500.00
July 2nd.,
1930
F-10
20
139.91
Jaly 2nd,
1930
L--
Said bonds shall be in substantially the following form to -wit:
170. ILUROVc Ei1T BO -1 -ID t
CITY OF LODI ,
STA► OF CALFOF-T.T A.
SERrES NO.
Under and by. virtue of the act of the legislature of the State
of California, entitled "An act to provide for the issuance of im-
provement bonds to represent and be secured by certain assessments
made for the cost of certain work and improvements made in and upon
streets, avenues, lanes, alleys, courts, places and sidewalks within
municipalities and upon property and rights of way owned by municipal-
ities, to provide for the collection of such assessments, the sale
of the property affected thereby and for the pa7ment of the bonds so
issued", approved June 11th, 1915, and amendments thereto, the City
of Lodi (a municipal corporation) will on the second day of July 19 ,
out of the redemption fund for the payment of the bonds issued upon
the assessments made for the work upon and improvements on Sacramento
Street from the South Line of Lockeford Street to the City Limits on
the North, in said City, as more fully described in Resolution of
Intention leo. 22 passed by the Board of Trustees of said municipality
on the 2nd day of June, 1919 pay to bearer the sum of
dollars ( ) with interest thereon
from the 15t:i day of December, 1919, at the rate of seven ( 7 ) per cent
per annum, all as is hereinafter specified, and at the office of the
treasurer of said municipality.
This bond is one of several annual series of bonds of like date,
tenor and effect, but differing in amounts and maturities, issued by
i
Lsaid municipality under said act for the purpose of providing means
for paying for the work and improvements. -described in said Resolution
of Intention, and is secured by the moneys in said redemption fund
and by the unpaid assessments made for the pa7ment of said cork, and,
incluli^o principal and interest, is payable exclusively out of said
und.
The interest is payable semi-eanutilly, to --At : On t'r-e second
da7s of January a_d July in each yea -r hereafter, upon presentation
of the proper coupons therefor; provided, that the first of said
coupons is for the interest to the second da;, of January, 1921, an11
thereafter t1w interest coupons are -for the semi-annual interest.
This bond will continue to bear interest after maturity at the
rate above stated; provided, it is presente at matority and payment
thereof is refused upon the sole ground that there is not sufficient
moneys in said redemption funi cnth rich to pay same. If it is not
presented at maturity interest thereon -7111 run until maturity.
ills bond may be redeemed and paid in advance of maturity upon
the second de;;- of Jul; Inn _y year by giving the notice provided in
sail act.
IirT said City of 1,_3i ..as caused t1_is bond to
be siC.ad by the Treasurer of said Cita/ of Lodi and by its Clem,
and has cause) its Clerk to affirm thereto its corporate seal all on
the 5th day of Januazi, 1920.
Treasurer
Clerk
Said bonds shall bear l terost at the rate of seven per cent
Ter a~: uW, pcyable an the second d, --sof January and July of each year,
commenciag Jena 2n1, 1921.
Fhe_e shall be attached to each bond an interest coupon for each
sem-annual Dayment of interest to become due thereon, and each coupon
shall be in such an amort as to represe:zt siz months interest on the
bond to which it is attaclaed, except t_.at t:_e coupen rer•resentin; 41- e
Interest due Januar, 2nd, 1921, small be for such an amount as may
represent the interest on each of said 'ponds respectively, from the 15th
day of Dece- ger, 1919 to the 2r_d day of Januar) 1921.
Said coupons shall be numbered consecutively according to the
order of their payment, and sl -,all be subst„ntially in the following
form, tc-i;it:-
Coupon 3o. Bond No. V
Improvement Bond- Cit,- of Lodi.
On the 2nd day of , A. D. 19 , the City of Lodi will
pay to the bearer hereof, at "lie offico of the Cit„ Treasurer in said
City, County of San Joaquin, State of California, the am of
said sum Dein,- the interest due on that date upon the above numbered
im�rovenent bond.
Series No.
Ci Treasurer.
The City Treasurer and City Clerk- are hereby authorized and
directed to sign each and every one of said bonds, and the City Clezk
is authorized and directed to affix thereto the corporate seal of the
City, and the City Treasurer is hereby authorized and directed ':o si-,=
each and evert one of the coupons attache'_ to said bonds, provided
however, that the Cit., 'Treasurer in signing said coupons may use and
adopt his printed or lithographed signature, in place of his signature
bJ hand.
Said bonds shall be issued in annual series, and the u;::paii
�- assessments as shown on said list filed b,- the Superintendent of
Streets and determined by said Board of Trustees together :pith
interest thereon, shall remain and constitute a trust fund for the
redemption and payment of said bonds ren.:d of the interest which may be
due thereon, Much unp .ii assessments shrill be psZable in annual
series co_respondi_g in number to ttae number of series of bonds
issued, end an even annual proportion of each assessment shall be
payable in each year preceding the da`e of maturity for each of the
several series of bonds issued, and such _r,roportion of each assess-
ment coming due in any year together .Tit'r: the annual interest thereon,
sha-1 be payable in installments as the general municipal taxes of
cc -id Cit;, of Lodi on real property are payable and shall became
delingaent at the same tines and in the same proportionate amour -to
and be::r the same proportionate penalties and interest for delinquency.
Sealed proposals for the purchase of said improvement bonds gill
be received by Said Clerk up to the hour of ei7-ht o'clock '. ... on
2 -- F-6#-.,«7
4AJonday the t6tt. do j of Jeneardy, 192% Bids dust be for not less than
par value of the bonds and accrued i_nterezt. The right is reserved
to reject any and a.7.1 bids. If a satisfactory bid be received, the
successful bidder W be allowed ten days for examination of the
proceedings authorizing the issue of said bonds, and may make his bid
subject to t -.e legnl.it;; of said ?roc edi.2gs. Rias must be accompanied
by certified chec' or eas:_ier's c:_eck on some responsible bank in t_.e
sum of ten _ger cent of the Tax value of the account of bdknds bid for,
such check to be made payable to :. City Cler'_t.
The Cit. Cler'L is hereby directe:i to advertise for bids for such
bonds as 'rerein provided by publishing notice inviting bids, once a
Tree:c for tro 7neks it the nodi Sentinel. Said notice shall be in
substan. tiaily the 'following fora:
Seale: bids --Per the purchase of street improvement bonds of the
City of Lodi, in the County of San Joagnin, State of California, will
be received by the underei--ned City Cork of sail City of Lodi,up
y ..
t o eight o' clo cis _ . H., Monda;;- the �h day of �, 1920. Such
bids shall be addressel to the andersipied and must be for not less
than -nryr value of the bo.:ds bid for, pith accrued i.1ter6st to date
of delivez j. she right is reserved to reject any or all bids. The
successful bidder will be allo:rod ten days for examination .of the
proceedings, and bids maybe ^.:P.34? subject to the lez;7lity of the
proceedings. Each bid Faust be Fecom7va_nlel b,; a cortified check or
cashier's cheak aeon some respory it'_e bazi'k: in a s= soasl to tell
per cent of the par value of bonds bid f07. Such checks shall be
made payable to the undersipmed.
Said issue of bonds aggregate the total sum of "W" 6,899.10, bearr
ing interest at the rate of aeven pox cant rc: ..n x_. , payable seai-
annuu'ly on the 2n, day o_ January as3 :ulvy of each ;ear. Said
bor_do aro of T ;B fall owitaa' (i zoni :LiCZa:: - Oon (10) 'ov^a:ts of the
denominz_tios of Rive hundrad (500) lollars each, and ten (10) 'ponds
of the denomination of one hundred thirty nine and 91100 (139.91) e
dolla=o each, a 0- are dated Janu_.M-5th, 1920.
Said bonds are of the ouaracter known as serials, and ore (1)
of said bonds of the denomination of five hundred (5G)) dollars Cash
and one (1) of said bonds of the danomination of one hundrQd thirt7-
ri.ne a& 91/10o (139.91) doll-&rs each is aayable annus�lly fror, :I.; y
2nd, 1921, to July 2nd, 1930, both inclusive, and are iwaedurziant
to the provisions of the " 1=rovement Bon& Butt o3 191511, and _ani-
ments thereto, ::sic pvreutsnt to rrocee_ >?gc ta':er. bd the Bc—y1 of Trus-
tees of the cit;; of -oat -tadsr es• 'titian of ...tent.ion No. 9".
r Cit;; Clerk
By order of the Board vZ mrusteoo.
Lazed << —_azy 5th, 1920.
ford JOln j rc301UtiOn :0. 79 wad ad;.;;ted by ti:c iv11ov it
.3 L a. ' /
y". lr_Lst:ads Hale, Crowe, _.�7:�__C2.ti, ,.:0,1�O.T„arf al -a BiasS.
Bice. Nona.
iO3d.: . 'vO:iv3.
The Board, upon_ i;otioI- 1'eaularyJ lack, 3-Conded a,.d c-,zried,
to .feet aLaln at a^ o 'vl%)ck P -a,. , ..:01'Ldly 7 1Iluaryj 12 1920.
' CI jr v_e_" .