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HomeMy WebLinkAboutResolutions - No. 10-21-1918bRESOLUTICH 30. 27 - PROV'DJUG PCP. THE ISSQ_ar4CE Cr L x2-.0 T BONDS TO 'MMESENT An -BE S' . " EY ASSSSSMITS iuAD'42 PcR Tom; COST OF TEm Y oRz am m_.DROV"ri - TS 3IADE IA 1M UPON BORTH SCHOOL SMET FROM THS HORKTii ?.23x":; OF EST ELU STRET TO -TH3 CITY LIMITS OF TBE SAID CIrTOF LORI,Olf TPE HOETH: AM TIM :1LT-�.2 R MUNG THROUGH THE CSITTIM OF BLOOM FOURTEEN ITIM TEE WEST I= OF XOPTH 3301-P-1 1PINT-O 3TIMET .� O 'IC' R:.'saT LIl43 OF NCRTH SCHOOL ME CITY 01' LODI,CrLLIFGMIA, An TO PROVITE F OIR TM: SAME THMMOF'. •a a", B.s IT .,.r.SOLVlD, by the Board. of Trustees of the Cit; of Lodi, California, as follows: WI=A,S, this Board of Trustees by its Resolution of . Intention No. 16, providing for the improvement of Ubath School Street from the Norta Zine of gest Elm street to the City Limits ci the said City of Lodi, on the I3orth; and the Alley ming through tho center of .Block Fourteen from the rest line of Horth 3aeramento Street to the East line of I.1orth school Street. determined that serial bonds to represent unpaid assessments and to bear interest at the rate of seven per cent per annum, would be issued thereunder in the manner provided by the A.Improvement Bond Act of 1915" and that the last installment of thich bonds should mature nine (9) years from the tad day of .7uly next succeeding nine months from their date, and MEMM?S, the work to be done u;:.O.er said Resolution of Intention No.16 has been completed to the satisfaction of the 3vperintendent of Streets, and of the Board of Trustees; and the Superintendent of Streets on the 6th day of September ,1918, filed with the Clark of the Boaxci of Trustees a complete list of all unpaid assessw nta made under said pro- ceedings; and, WREPMEA.S, this Board of Trustees has this day found and determined that the aggregate amount of said unpaid assessments is the sum of 11,399.21 , 1�061,Tr �Cu?E,BE IT RESOLVED, as follows: j- Street Improvement Bonds, to be issued gorsuant to the provisions i of the -improvement Bond Act of 1915", evidencing the aforesaid indebted- ness, shall be issued to the aggregate amount of :,11 3qq-27 , and the number, denomination and character of such bonds shall be as follows: Said bonds shall be dated the 16th day of September, ,1918, emd shall be of the character known as serials, One-tenth part of the total-amornt of the bonds evidencing said indebtedness shall be payable on the 2nd day of owls, 1919 , and a one-tenth part of said total indebted- ness shall be payable on the 2nd day of Jnly of each grnd every year t:_ere- after to ars? incla dnC thq -9nd dal of July, 1928 . said total ind bteinaac shall be evidenced by Tw6nty ( 20 )fonds of the denomination of Five T undre400.00) Col"cars eadh• ,��3'&Ten {�_) bones of the denomination of One Hundred Thirty-Nine and Q2 00 (3139.92) Qollars each;-and Taa of said bonds of the :enomiration of Fly,,* ndred (x500.00 )dollar each, and One " of sFiC bonds of the deno mizir-t_cn of One Htindred Thirty- Nine and 92/100 {> 139.92 } d.311a=s 33[ I 2h-11 mature -nd be payable on the gni -lvy of J`al ,1919 and a like m..muer of bonds of each denomination respecti, oly mall mat-.=a and be payable on the End day of July of each and every year thereafter to and- ineludUng the 2n& day of July,1928 .Said bonds shall be numbered one to Thirty ,both in- clusive, as follows; S,ERIJS BuIT'D i 9-3 011-11-LITIGPTS U TUHITY B-1 1 $500.00 July 2, 1919. 3-1 2 500.00 July 2, 19190 B-1 3 139.92 July 2, 1919. - B-2 4 500.00 July 2, 1920. B-2 5 500.00 July 2, 1920. B-2 6 139.92 July 2, 1920. B-3 7 500.00 July 2, 1921. B-3 8 500.00 July 2, 1921. B-3 9 139.92 July 2, 1921. 3-4 10 500.00 July 2, 1922. B-4 11 500.00 July 2, 1922. B-4 12 19.92 July 2, 1922. 3-5 13 500.00 July 2, 1923. B-5 14 500.00 July 2, 1923. r B-5 15 139.92 July 2, 1923. 3-6 16 500.00 July 2, 1924. B-6 17 000.00 July 2, 1924. B-6 18 139.92 July 2, 1924. B-7 19 500.00 July 2, 1925. B-7 20 500.00 July 2; 1925. B-7 21 139.92 July 2, 1925. B-8 22 500.00 July 2; 1926. B-8 23 500.00 July 2, 1926. 3-8 24 139.92 July 2, 1926. B-9 25 500.00 July 2, 1927. 3-9 26 500.00 July 2, 1927. B-9 27 139.92 July 2, 1927. B-10 28 500.00 July 2. 1928. B-10 29 500.00 July 2, 1928. B-10 30 139.92 July 2, 1928. SAID BOXDS SH 1L BE 111 SUBST-IMIALLY TE FOLD, MG -1-101M, toait; =POVM,agT BOIM City of Lodi. Series No. Bo ._ r-_ Underand by virtuo of the act of legislature of the etate of t Californi$, s rti tlgd "An Act to p,, ovide for the issuance of im- provement bonds to represent and. be secured by said assessments made for the cost of said fork and improvements made in and upon streets, avenues, lanes, alleys, courts, places end siddna7.ks within municipal- ities and upon progert7 sni rights of way owned by mznieipalities, to provide for the collection o_1 such, assessments, the sale of the property affected thereby and -for the pe,y--eat of the bonds so issued", the Cit` of Lodi ( a municipal .^.orporation) will on the 2nd day of Jul5r;19 ,out of tho redemption fund for tae payment of the bogds issued neon the assessments made for tend ir he work upon rrovements on forth School Street and the alley ru-nri_nG=.throug:< the center of Block la, in said City; more fully described in that certain Resolution of intention iio. 169 passed by the Board of Trustees of said municipality on the 11th day of February,1918'' pay to be zer, the sum of dollars (x 1 with interest thereon from the 16tH day of Sept. go at the rate or seven per cent per annun, s.11 as i -e hereinafter X) fied, and at the office of tho trees urgr of said municir-ality. This bond is one of several ars" al. series of bonds of like date, tenor and effect, but differing in amounts and maturities, isared by said municipality under said act for the -rur7ose of providing means for paying for the work and iraprovewents dascribed in said Resolution of intention, and is secured by the moneys in said redemo+ion fund and by the unpaid assessments made for the payment of said work, and, in.- { eluding principal and interest, is payable e clusi oly out of said - fund. The interest is payable semi-ennually, towit; on the seoond.days of January and July in each year hereafter, upon presentation, of the proper caanon.a therefor; provided, that the first of said conpons,is for the interest to the second day of Janusry,1919, and thereafter tha interest coupons arc for the semi-annual izzerast. This bond will continue to bear interest after maturity at the rate above stated; provided, it is presented at maturity and payment thereof is refused upon the sole ground thatthere is not sufficient moneys. in said redemption fund with which to pay same. If it is not presented at maturity interest thereon will run until maturity. This bond may be redeemed and paid in advance of maturity upon the second damp of July in any year by giving the notice provided in said act. IL SWIMSS 71HE R, said City of Lodi has caused this bond to be signed by the treasurer of said city, and by its Clerk, and has caused its Clerk to affix thereto its Corporate Seal, all on the day of September ,1918. j! Treasurer s Clerk. Said bonds shall bear interest at the rate of seven per cent. per annum, payable semi-annually on the second days of January and July of each year. And there shall be attached to each bond an interest coupon for each semi-annual payment of interest to beeome due thereon, and each coupons shall be in such an amount. as to represent six months' interest on the bond to which it is attached, extent t1at the coupon representing the interest due January 2nd,1919, shall be for such an amount as may represent the interest on each of said bonds respectively, from the 16th day of September, ,1918, to the 2nd day of January,1919. Said coupons shall be numbered consecutively according to the order of their payment, and shall be substantially in the following form tosrit; Z.a-n OT— ET BOED,CITFY OF LODI. _ Couaon ido. Bond Fo, j On the 2nd day of A.D. 19- , th^ City of Lodi will pay to the bearer hereof, at the office of the City Treasurer. - in said City, County of.San Joaquin, State of -California, the sun of %' , said sun being the semi- annual interest due on that is, , Series No. Ci�y Treasurer The Treasurer and City Clerk are hereby. authorized and directed to sign each and every one of said bonds, and the City Treasurer is hereby aathori=ed and directed to sign each and every one of the cou-:ons attached to sai_: bonds, provide., however, that the City Treasurer in signing said coupons may use and adopt his printed or lithographed signature,in place of his signature by hand. aSaid bonds shall be issued in annual series, and the unpaid assessments as shown on said list filed by the Superintendent of ,Streets and determined by said Board of Trustees, together vrith interest thereon, shall remain and constitute a trust fund for the redemption and payment of said bonds and of the interest which may be 4 - - - due thereon,Ahich unpaid assessments shall be payable in annual series corresponding in namber to the number of series of boads issued,'and, an even annual proportion of each assessment shall be payable in each year preceding the date of m tnrity for each of the several series of bonds issued.- and such -proportion of ea --h assess - sent core due in any year, together with the emnual interest there- on shall be payable in installments as the general municipal taxes of said City of Lodi on real property are payable, and shall become delinquent at the sane time and in the same proportionate amounts and bear the sane proportionate penalties fir delinquency. Sealed proposals for the lrixchase of said improvement bonds will be received by said Clerk up to the hour of a o'clock P• !&,on Monday, ,the 18th day of November, ,1918. Bids wast be for not lees than par valga of the bonds and accrued interest. The right is reserved to reject any or all bids. If a satisfactory bid be received, the successful bidder may be allowed ten days for ex m nation of the proceedings authorizing the issue of said 'ponds, and may make his bid subject to the legality of said proceedings. Bids must be accompanied by . certified chock or cashiers check upon some responsible bank in the sun of ten per cent of the mar value of the amount of bonds hid for.- such cheek to be made pe, -able to H. S. CIARK ,City Clezk . The City Clerk is hereby directed to advertise for bids for. said bonds as herein provided by publishing notice inviting bids, once a geek for taro creeks in t_e official newspaper. Baia notice shall be in substantially the following form: Sealed bids for the gerchase of street improvement bonds of the City of Lodi, in the County of San Joaqnin, State of California, will be received by the undersigned City Clerk of said City of Lodi, pp to 8 o'clock P.M. Monday, ,November is ,1918. Saa Tiide shall—be addressed o the undersigned and must Da for not less than par value of the bonds bid for, with accrued interest to date of delivery. The right is reserved to reject any and all bids. The successful bidder .,3.11 be allowed tan days for examination of the proceedings, and bids may be made subject to the legality of the proceedings. Each bid must be accompanied by a cortified check or cashier's check upon some responsible bank, in a sum equal to ten per cent of the par - value of the bonds bid for. Said checks shall be made payable to #[e undersigned. Said issue of bonds aggregate the total stmt of 4> 11,399.21 bearing interest at the rate of seven _,er cent rvr arm, nays e semi3aanuE117 on the 2nd days of January and July of each year, Said bonds are of the folloTTing denominations: Twenty of g500.00 each• and Ten of $13.9.92 each, an are dated SteptemberrTRri; ,19 . Saidno s _are .of the character 2nown as Serials an wo bonds of the par value Of i� 500.00 each and one b—on—T-7611the par value of #1 39.92 �Si are rsys a 2=ual rem July 2,1919 toJuly 2nd,192 , , o o -n inclusive, and are issued pursuruat to t!3 provisions ofrii�.Fe—Freet ioprovement bond act of 1915, and pursuant to proceedings taken by the Board of Trustees of the Cit7. of Lodi, under Resolution of In— tention No. 15. i er By ordar of the 3oard of Trustees. Upon motion of Trustee Keeney, seconded by Trustee Crose, the foregoing Resolution No. 27, was adopted by the following vote: Ayes: Trustees Keeney, Crose, Hale, Montgomery and Black. Noes: None. Absent: Icon. Upon motion of Chairmar: Keeney of the Finance Co=lttee the Clerk was authorized to publish the City's annual report in the Lodi Sertineland to have 100 copies printed in pamphlet fora, to be printed or good book paper with neat cover and to be embellished with Ameri— can flag on front cover page, with cut's of the cannery, Lincoln school, the Tokay arch, ITICh school, etc. Upon motion of Trustee Montgomery, seconded by Trustee Keeney, miscellaneous bills amounting to 4876.70 were allowed and ordered paid. Upon motion of Trustee Montgomery, seconded by Trustee Crose, the Clerk was authorized to advertise for proposals for furnishing the City a 1 to 2 tor_ auto truck, new or second hard. In the matter of the petition of T. M. McMahon and others for th.e extension of Lancaster Court Trustee Montgomery moved, sec— onded by Trustee Cross, that it is the sense of this Board that the City take steps to procure the necessary land for such street open— ing; and the. City Attorney be instructed to prepare the necessary resolution. The motion was adopted by unanimous vote. The Board adjourned. /�rQ Attest: 3/'�lJ, �o�� City Clerk.