HomeMy WebLinkAboutCC Res 95 1923-02-01
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BE80LUn.ON NO. 1_
A Resolution determining unpaid assessments for
the work done and improvement made upon Fourteenth
street, and the aggregate amount thereof; that
bonds be issued upon the seouri ty '!bereof, pre-
soribing thedenom1nations of said bonds, and
providing for the issuanoe of the same in annual
seri es .
WHEBEAS, a warrant and assessment dated the 21st day
of November, 1922, was issued for the work done and improvement
mads upon Fourteenth Street, an open, publio street in the City
of Seal Feach, whioh work and improvement is briefly described
in Besolution of Int~ntion No. 65 of said City, passed on ths
16th day o,! Deoember.. 1921, and ordered done and made by Fesolu-
tion No. 65, passed on the 19th day of January, 1922, and was
done and made by Fair ohild-lli;Lmor e-Wil ton Co., under a cohtraot__.
awarded to them on the 9th day of Maroh, 1922J and
WHEREAS, on the 22nd day of Deoember, 1922, being afts:
full
the/expiration of thirty' (30) days from the date of the warrant
and no appeal having been taken, as provided by the Improvement
Act of 1911, In d said warrant and assessment being returned and
recorded by the street Superintendent of the City of Beal ~eaoh,
and after said return was reoorded, the street SUperintendent
made up and filed with the Clerk of the City of 8eal Beaoh as
the Clerk of the Board of Trustees thereof, a oomplete list of
all unpaid assessments and said 01 ark thereupon gave n ~ti oe of
the filing of said list, and that eight o'clock of rhursday,
the 1st day of February, 1923, at theOouncil Ohamber of the
Board of Trustees of the Oity of Seal Beaoh was the time therein
fixed by him when interested persons might appear before the City
council and show Olluae why bonds shall not be issued upon the
seourity of the unpaid asseBPments shown on said list, by ~oeting
said notioe oonspicuously near the council chamber door of
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Resolution N~er
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sf;!.. , 1923,
~he Oi ty of Seal Beach, on the _ day ~ January I and said Not-
ice remained there posted until the I~--aay of January, 1923,
and by publishing said Notice twice in the Seal Beach post and
Wave, a newspaper published in the Oi ty of Seal Beach, to-wi t: (h
the 11th and 18th days of January, 1923, the first publication ~
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which was more than five full days before the time therein fixed
for such hearing; and further, by mailing said Notice, postage
prepaid, to the owner of each lot listed, according to the name
and address appearing on the last equalized assessment roll for
Oity taxes of the Oity of Seal Beach, prior thereto; and
WHEREAS, the Board of Trustees of the City of Seal Beac
was in session and dulyconvened at the time and place in the
said Notice specified and provided, to hear any objeotions pre-
sented, and no interested or other person appearing to show cause
or did show cause why bonds shall not be issued upon the secur! ty
of the unpaid assessments or objected'thereto:
1T 18 THBRRFOIlE, NOW, BY THE !'lOARD OF TRUATU8 OF THE
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Cny OF. SF.AL BEACH, DETF.RMtNED, RESOLVED ANDORDBRreO AS FOLLOWS:
First. The assessments wh;ch are unpa:l,.d for the work.
done and improvement made upon Fourteenth street, which work and
improvement is briefly described in Resolution of lntention No.
55 passed on the 15th day of December, 1921, and ordered done
and made by Resolution' No. 65, passed on the 19th day of January,
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1922, are as follows:
The aggregate amount of "the unpaid assessments for the
work done and improvement made upon Fourteenth street is
82,987.86, and this amount is the aggregate of the following
unpaid assessment numbers shown in red upon the warrant dia-
gram and assessment, to-wit:
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Resolution NUroPer
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Desoription of Jssessment. Due
Assessment No. Property. and Unpaid.
Lot 10 Block 13 of Bay City,
1 l.Ii s c . )laps,
Book 3-Pg19. '732.16
2 II 11 13 II 166.40
3 II 13 13 II 166.40
6 II 17 13 II 166.40
7 II 21 13 II 166.40
10 . 27 13 n 166/40
16 n 39 13 n 166;40
18 n 43 13 n 166.40
19 n 46 13 II 166.40
20 II 47 13 II 166.40
21 II 49 13 II 166.40
2a . 61 13 n ,92.61
31 n 26 14 II 166.40
32 II 28 14 ", 166.40
33 II 30 14 ". 166.40
And this Board having heretofore ordered t:P.a.t the laet instal-
ment of said, bondS shall mature fourteen .(14) years from the
2nd day of July next succeeding nine months from their date.
Second. Bonds shall be issued upon the security of
the unpaid assesements shown on the list thereof, as herein abov
determined, for the aggregate principal of the sum of unpaid
'assessments, to-wit: 02,987.86, and shall be payable in fifteen
(16) annual series on the 2nd day of July'of aa~ year, next
sl.1Oceeding nine months after their date, until the whole sun of
the aggregate princ:I:Pal thereof is paid. Said bondS and each of
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them shall bear interest at the rate of seven per cent (7%) per
annum from the 22ndclay of Deoember, 1922, the date of the filing
with the Olerk of the Vity of Seal Beaoh, of the street Superin-
tendent's list of unpaid asseeements, until thewhole sum of the
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principal and. the interest is paid. The interest eha:!:'l be paid
semi-annually by coupons, on the 2nd day \f January and July,
respectively of each year, after the date of the bonds, pro-
vided that the first payment of interest shall not become due
until the 2nd day of JanuaJ:Y; 1924, being six months before the
mat~ity of the first annual series of the bonde.
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Resolution Number
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The bortds and interest shall be paid at the office of
the Treasurer of the City of Seal Beach, in said City, County of
Orange, state of California, on the presentation of the prope r
coupons and bonde, out of the redemption fund, and under no oir-
oumstances shall said bonds or interest thl reon be paid out of
any' other fund.
A redemption fund shall be kept by the Treas~r of the
City of Seal Beaoh designate~ "Fourteenth Street .Improvement
Bond Redemption FUnd", in which the Treaeurer shall place all
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payment of thecost of thework and improvement upon which the
bonds are issued, and the interest and ~enalties thereon. All of
said bO~8 shall be dated the 1st day of February, 1925, and aha:n.
be n:umbereci oonsecutively from one (1) to thirty (50) inolusive.
'f.--.. Each odd numbered bond Sha'll be in' the denominati on
of elOO.OO each, and each even numbered bond shall be in the
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denomination of .99.19 1/15 each.,
The form of the bond shall be substantially as provided
by Section 6 of the Improvement Bond Act of 1915, provided that
the same shall contain the appropriate worde and. figures to make
the said bond and the form thereof applicable to the denom1natioIl
annual series, and purposes forwhich the bonds 'are to be issued~
as herein set forth. The bonds shall be signed by the Treasurer
and Clerk of the City of Seal Feach.
There shall be atta.ched to each bond, intereet coupons
representing the payments of semi-annual interest and made p,ayab
upon the principal of the bonds to Which they are attached. All
of ~a1d bonds shall be signed by the Treasurer of the Oity of
Seal Beaoh, .but the Treasurer's si8Jlature 'may be engraved,
printed or lithographed on the interest coupons in place of the
Treasurer's signature by hand.
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Resolution Number
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The interest coupons shall be consecutively numbered
from one (1) upward on each bond; and the interest thereby re-
presented shall be paid on the 2nd day of January and July, suc-
ceeding the 22nd day of December, 1922, provided that the coopors
rePresenting the first payment of interest shall become due the
2nd day of January, 1924, being six months before the maturity
of the first annual series of the bonds, and ehall be for the in-
terest accruing thereon from the 22nd day of Deoember, 1922, to
said date.
Ponds numbered 1 and 2 shall constitute annual series
No. 1 and shall fall due and be payable on the 2nd day of July,
1924, being the 2nd day of July next succeeding nine months
from the 1st day of February, 1925, the date of said bonda.
Ponds numbered 5 and 4 shall constitute annual series
No.2 and shall fall due and be payable on the 2nd day of July,
1926, : " , .
Bonds numbered 6 and 6 shall constitute annual series
No. IS and shall fall due and be payable on the' 2nd day of July,
1926.
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( Fonds numbered 7and 8 shull constitute annual eeries
No. 4 and shall fall due and be p'-yable on the2nd day of July,
1927..
Bonds numbered 9 and'16 shall constitute annual series
No. 6 and shall fall due and be payable on the 2nd day of July,
1928.
Bonds numbered 11 and 12 shall conatitute annual eerie
No.6 and shall fall dueand be payable on th!, 2nd day of July,19 9.
Bonds numbered 15 and 14 shall conBtitute annual seriee
No. 7and shall fall due and be payable on the 2nd day of July,
1930.
Bonds numbered 16 and 16 shall constitute annual serie
No; 8 and shall fall due and be payable on the 2nd day of July,
1951.
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Resolution Number
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Bonde ~umbered 17 and 18 shall oonstitute annual series
No.9 and shall fall due and be payable on the 2nd day of July,
1932.
Bonde numbered 19 nnd.20 shall oonstitute annual series
No. 10 and shall fall due and be payable on the 2nd day of July,
1933.
Bonds numbered 21 and 22 ehall constitute annual series
No. 11 and shall fall due and be payable on the 2nd day of July,
1954.
Bonds numbered 23 and 24 shall constitute annual series
No. 12 and shall fall due and be payable on the 2nd day of July,
1935.
Pondll!l numbered 25 cmd 26 shall consti tute annual seri es
No. 13 and shall fall c;lueand be payable on the 2nd day of July,
1936.
Ponds numbered 27 and 28 shall constitute annual series
, mo. 14 and shall fall due and be payable on the 2nd dl.y of July,
1937.
Bonds numbered 29 and 30 shall constitute annual series
No. 15 and ehall fall due and be payable on the 2nd day of July,
1938.
Third. All of the bonds shall be sold to the highest
bi dder therefor, but for not less than their par value and
aocrued interest at the date of their delivery, and the proceeds
of- the sale thereof aha'll be -deposi ted in the Treasury of the
City of Seal Beach, to the credit of Fourteenth_Street lmprove-
ment Bond Redemption Fund, and from which there shall be paid to
Fairohild-Gilmore-Wilton Co., the contraot~r, the balance due
them upon the assessment and warrant for the work clone and im-
provemSlt made upon Fourteenth Street, including intereet upon
the principal amount, at the rate of seven par cent (7%> per
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Resolution Number
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annum from the 22nd day of December, 1922, and the surplus of sucl.i
proceeds, if any,. shall be credited to said Redemption Fund for
thepayment of such bonds.
If no sa t1sfactory bids. are received, or the Board of
Trustees determine that the b~s received are not satisfactory
as to the price or responsibility of the bidder, the Foard of
Trustees reserves the right to reject all bids 0 received, if any"
and re-advertise the bonds for sale, or deliver said bonds to the
contractor aforesaid, in satisfaction of the sum due them upon
the assessment and warrant;
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Fourth. !he assessment levy and collection of taxes
in and for the Oity of Seal Bench being made through and by the
Oounty of Orange, and the officers thereof, IT 18ORDERED: that
a copy hereof be filed in the office of the Auditor of the Oounty
of Orange, State of oalifornia.
1 hereby certify that the fore"going Resolution and
Order was regularly introduced and passed by the lOoard of Trus-
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tees of the City of Saal Beach, at a regular meating thereof
held on the 1st day of February, 1923, by the vote of the fol-
lowing named members, to-wit:
Ayes,
Noes, flUstees Lo
Absent, rrust.A~J/?-~ ""\
Attest: ~
C~~~~f the City of Seal Beach,
california,
STATE OFCAL1FOBNIA
County of Orange
~ ss
1, B.B .BROWN , the duly elected, quelif1 ed ~nd acting
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Resolution Number
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Olerk of the- 0ity of Seal Beach, do hereby certify the ,foregoing
to be a full, true and correct oopy of Resolution No. Il J'---of
the Oity of seal Beaoh. 1 have carefully oompared the same
with the original which is and remains on file in my office.
WITN~AS my hand and official seal this ~ day of
February, 1923.
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