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HomeMy WebLinkAboutResolutions - No. 03-15-1920cAnd the Board hereby finds and determines that the unpaid assess— ments made pursuant to the proceedings taken ander said Resolution of Intention No. 26 and the aggregate amount of the same are as f ollows ASSESS !MMEi UTOU'n 4.39 33 30*08 37 160*52 Jil 3.53 42 30.87 61 9.45 83 5=*95 88 635.17 97 213,,86 finds and determines teat the agzrega-te amount of said assessments unpaid Is the sup, or 41,878.82 Z -,e foreZ oing resolution No. 96 was adopted by the following vote; Ayes: Trustees ;Iontgomery Morehead, Crose, Hale and Black. Noes. Norse.. Absent: None. RESOLUTION NO. 97. PROVTDIijG FOR T-ILE ISSUANCE OF =PiOVMi75T BONDS TO iEPRESENT AND J3--- SECURED BY ASS Z -SS= -NTS `BADE FOR T%I--- COST OF MM WORK AND BjPROVZ;i1L,T$ ;,CAD: IN AND} UPON SOUTH SC TOOL STREET IN THE CITY OF LODI , AND TO PROVIDE FOR THE SALE OF. BF, IT RESOLVE:), th-3 Board of Trustees of the City of Lodi, as follows: 7=1MAS, this Board of Trustees by its Resolation of Intention No. 26 providing for 1,1.e Improvement of South School Street from the South Line of Oak. Street to the North Line of i7almat Street, and from the South Line of Walnut Street to the _'forth Line of Lodi Avenue, and from the South Line of Lodi Avenue to. the City limits on the South, in the City of Lodi, determined that serial bonds to represent unpaid assessments and to bear interest at the rate of seven per cent per annum, would be issued 'hereunder in the manner provided Irj the "Im— provement 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 Tuly next succeeding nine months from their date, and WHIEMA-S, the work to be done under said Resolution of Intention 2J i Do. 26 has been completed to the satisfaction of the Superintendent of Streets, and of the Board of -Trustees; and the Superintendent of Streets on the 5th da$ of LIareh, 1920, filed with the Clerk of the Board of Trustees a complete list of all/ asseMbents made under said proceedings, M-13-IMEAS, this Board has this deg found end determined that the aggregate amount of the unpaid assessments is the sum of 11, 8.78.82 NOW, Tom:. &v0 E, By IT -]SOL4_:), as follows: - Street Improvement Bonds to be issued pursuant to the provisions of the "Improvement Bond Act of 1915" and amendments thereto, evidenc- ing the aforesaid indebtedness, shall be issued to the agregate amount of 1,878.80 and the number, denomination and character of such bonds shall be as f ollosrs : Said bonds shall be dated the 15th day of [arch, 1920 and shall be of the character knoem as serials. One tenth part of the total amount of the bonds evidencing said indebtedness shall be payable on the 2nd dare 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 there- after to and including the 2nd dory of Jul;, 1930. Said total indebtedness shall be evidenced by ten (10) bonds of the denomination of one hundred (100) dollars each, and ten (10) bonds of the denomination of eighty-seven and 88100 (87.88) dollars e acro . One (1) of said bonds of the denomination of one hundred (100) dollars each and one (1) of said bonds of the denomination of eighty- seven and 88100 (87.88) dollars each shall mature and be payable on the 2nd dwr of July, 1921. and one (1) of said bonds of a like denom- inat i on shall mature and be payable on the 2nd day of July of each and every year thereafter, to and including the 2µd day of July, 1930. Said bonds shall be numbered 1 to 20, both inclusive. as follows:- - 5E.?ISS. BOiT7 TGf iBMS. DT— C ,iIITAT-I O- DATED 0? MATL RI'iIES. 100.00 July 2nd, 1921 I-1 2 67.88 July 2nd, 1921 I-2 3 100.00 July 2nd, 1922 I-2 4 87.88 July 2nd, 1922 -- I-3 5 100.00 July 2nd, r 1923 I-3 6 87.88 Jul;, 2nd, 1923 I-4 7 100.00 Jul;, 2nd, 1924 I-4 8 87.88 July 2nd, 1924 Q-5 9 100.00 duly 2nd, 1925 I-5 10 87.88 July 2nd, 1925 I-6 11 100.00 July 2nd, 1926 I-a6 12 87.88 Jul; 2nd, 1926 I-7 13 100.00 July. 2nd, 1927 I-7 14 87.88 July End, 1927 I-8 15 100.00 July 2nd, 3.928 I-8 16 87.88 July 2nd, 1928 I-9 17 100.00 July 2nd, 1929 I-9 18 87.88 July 2nd, 1929 I-10 19 100.00 July 2nd, 1930 I-10 20 87.88 July 2nd, 1930 Said bonds sh—n11 be in subIt—tiall.;r the following form to-:pit: Uo. ILii' OV?LMUTT BOND CI^I Or L,,DI, STA:-TS OF C.A1I202MA. S-ZIMS ITO. 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 tro^zrty and rights of way- owned by municip- 4ities, to provide for the collection of such assessments, the sale of the property affected thereby and for the payment of the bonds so issued", approved Jane 11th, 1915, and amendments thereto, the City of Lodi (a municiprl corporation) Trill on the second day of July 19 , _ aut of the redemption fur' for the payment of the'bai..ds issued neon the assessments made for the work apon and improvements on South L School Street from tine Sorthline of Oak atreet to the forth amine of 7jalnut Street, and from theSouth Line of 7,alnut Street to to ,orth Zine of Lodi nven¢e, and from the Booth Line of Lodi sve^ue to tae City Limits on the South, in said City, as more fully described in 3eeolution of Intention No. 26 passed by the Board of Trustees Of said. municipality on the 22nd day of September, 1919, pay to bearer the sum of dol l a:?s ( } with interest thereon from the 5th day of Marc'--, at the rate of seven (7) per cent her annum, all as is h.e: einafter specified, and at the office of the treasurer of sal?. municipality:, This bond is one of several ennc�7 series of boa ds of like date, tenor and effect, but differing in amounts and maturities, issued.''br said municipality under said act for the prrpose of providing means for pati~g for the work :.nd improvements described in said 'Resolution': of Intention, and is secured by the moneys in said redemption Pend and by the unpaid assessments made for the payment of said work, and,. including principal, and ?nterost, is payable exclusively out of said fund. Toe interest is payable semi-annually, to -crit: On the second days of Jamar, and July in each year hereafter, upon presentation of the proper coupons therefor; provide-', that the first of said coupons is for t1.e interest to the second day of January, 1921, and thereafter the interest coupon-^ are for the semi-arnual interest. This bond -will continue to beex interest meter maturity at the rate above stated; provide3, it is rreserted at maturity and owlment thereof is refixed apon tae sole ground that there is not sufficient moneys in said redemption fund with which to pry same. If it is not presented at maturity interest thereon -.All run 'until maturity. Y This -Mond may be redeemed sad paid in advance of umsturiti upon the second day of Jule in aiV year by giving the notice provided in said act. 0 'IT 'M S 7.—"- :w , said City of lod i has caused this bond to be sued by the Treasurer of said.City of Lodi and by its Clerk, and has caused its Clerk to affix thereto its corporate seal all on the 15th dty of ?daren, 1920. Treasu rer. " lerk. Said bonds shall bear interest of the rata of seven _,er cent per _annum, payable on the second d$,s of Januar,: and July of each year, commencing January' 2nd, 1921. Mere shall be attached to each bond an interest coupon for each eemi-annual payment of interest to become due thereon, and each coupon shall be in each an amount as to represent six months interest on the bond to which it Is attached, except that the coupon representing the Interest due Janaavxy 2nd, 1921, shall be for such an amount as may represent the interest on each of said 'ponds respectively from the 5th dV of March, , 1920 to the 2nd da;:' of Januar 1921. Said coupons shall be numbered consecutively aee.oriing to the order o± t;:eir p2ymment, and shall be sabsta.nt ally in the following fora,. - Coupon _,o. Bond No. ' Im -rcvem-=t Bond- Ci—Ly of Lodi. On the 2nd da7 of , A. D. 19 , the City of Lodi vi -ll My to the bearer hereof, at t're office of t e City Treasurer in said City, County of San Joaquin, State of California, the spm of Dollars, said cum be! --g the interest due on that date upon t..e above numberod ictrrove;oent bond. Series .to. City Treasurer. . The City Treasurer and City Cleric are hereby authorised and directed to sign, each and every one of said bonds, and the City Clerk is authorized and directed to affix thereto the corporate sect of the . City, and the Cit-, Treasurer is hereby Authorised and directed to sign each and ever) one of the coupons attached to said bands, pro- vided however, that the Ci t j Treasurer in signing said- coupons ma;r use and adopt his printed or lithographed cir-nature, in place of- his signature by hand.. Said bonds shall be issued in annual series, and the unpaid assessments as sho:ai on said li.zt filed by the Superintendent of Streets and determinedby said Board of lrt:stees together rith .interest thereon, shall remain and constitute a trust fund for the redemp*1on- ..._ aad payment of said bonds and, of the interest which may be due thereon, :J 'Which ucpaid assessments shall be payable in annual series correspond- ing in number to the number of series of bonds issued, and an even annual proportion of each assessment be payable in each year preceding the date of maturity =or each of them severf.l series of bonds issued, and such proportion of each assessment coming, due in any year together with the annual interest thereon, shall be payable in installments as the general municipal taxes of said City of Lodi on real propert7 are payable and shall become delinquent at the same times and in the wane proportionate amounts and bear the wane propor- tionate penalties and interest for delinquency. Sealed proposals for the purchase of said inmrovement bonds will be received by said Clerk up to the hour of eight o'clock '. si., on Ltondzq the 5th dal of April, 1920. Bids must be for not less than par value of the bonds and accrued Interest. 'The right is reserved to resect w4- and all bids. If a satisfactory bid be received, the successful bidder max be allowed ten days for esami.nation of the pro- ceedings autharizinEthe issue of said bonds, and W make his bid subject to the legllitt* of said proceedis ti. Bids must be accompanied by certified check or cashior's check on some responsible bank is the sum of ten per cent of tira par value of the amount of bonds bid for, such check to be made payable to T. S. C lark, City Clerk. The City Cler_c- is hereby directed to advertise for bids for such bonds as herein provided b;; publishing notice inviting bids, once a week for two weelcs in the Lodi Sentinel. Said notice shall be in substantially the following form: Sealed bids for the purchase of street improvement bonds of the City of Lodi, in the County of San Joaquin, State of California, rill be received by +1-.e undersigned City Clerk of said City of Lodi, up s to eight o'clock s. 14., Monday the 5th day of April, 1920.; Such bids shall be addressed to the undersigned and. must be 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 or all bids., The successful bidder will be allowed ten dajs for examination of the proceedings, and bids cteZr be made subject to the legality of t%8 aro- ceedings. Each bid must be accompanied by a certified check or cashier's check upon some responsible bank in a sum equal to ten per cent of the par value of bonds bid for. Such checks shall be made payable to the undersigned. Said issue of bonds aggregate the total sum of h19878.80, bearing interest at the rate of seven per cent *ger annum, payable semi-annually on the 2nd daJ of Janaa.M,l and July of each. year. Said bonds are of the follo lag denomi ations:- Sen (10) bonds of the denomination of one hundred (100) dollars each, and ten (10) bonds of the denomination of eighty-seven and 88/100 (67.68) dollars each and are dated :larch 15th, 1920. Said bonds are of the character known as serials, and one (1) of said bonds of the par value of one hundred (100) dollars each; and ona (1) of said bonds of t.w par value of eighty-seven and 86/100 (87.86) dollars each is payable annually from July 2nd, 1921, to Jul,- 2nd, 193:., both inclusive, and are issued pursuant to the provisions of the "Improvement Bond Act of 1915", and 1mendments thereto, end pursuant to proceedings trdcen by the Board of Trustees of the City of ?nodi under 2esolution of Intention lo. 26. City Clerk. By order of the Board of _rust6os. Bated Uarch 15th, 1920. Th -a fore&;.oi-,g resolution.waA adopt ed_by. yhe following vote. =y?s; Trustees Cosa, kortgomery, Xcreheadj. Hale and Black. Noes; None. Absent; .lone. Mia.allareous bills: anon: tiro to 11091.66, raving been passed. by tna auditing co 1ttae, were allowed and =e.ed paid. Upon ...otion of Trustee Hon toomary, seconded by Trustee Crose, t -Board adjourned to meet aZain at 8 o'clock P. 1. Monday Marcl: 22nd, 1920. Attest. city Cleric.