R 1223
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RESOLUTION NO. .....!E.L_
CITY OF ARROYO GRANDE
RESOLUTION DETERMINING UNPAID
ASSESSMENTS AND ISSUING BONDS
UNDER THE IMPROVEMENT BOND ACT
OF 1915
ASSESSMENT DISTRICT NO. 74-1
(RUTH ANN WAY)
WHEREAS, this City Council has heretofore taken proceedings
under the "Municipal Improvement Act of 1913," Division 12 of the
Streets and Highways Code of the State of California, and has confirmed
an assessment upon the district described in its Resolution of Intention
No. 1210 for the construction of certain public improvements in
a special assessment district to be known and designated as
ASSESSMENT DISTRICT NO. 74-1
(RUTH ANN WAY)
WHEREAS , said proceedings provided for the issuance of bonds
pursuant to the "Improvement Bond Act of 1915," being Division 12 of
the Streets and Highways Code of the State of California; and
WHEREAS, the assessment and diagram in said proceedings has
been recorded with the Superintendent of Streets pursuant to Section
10600 of the Streets and Highways Code and a notice of assessment has
been recorded in the office of the County Recorder, pursuant to Section
3114 of the said Streets and Highways Code; and
wHEREAS, following the elapse of thirty (30) days after the
date of recording of said assessment with the Superintendent of Streets,
the City Treasurer has prepared a complete list of all paid and unpaid
assessments; and
WHEREAS, a copy of said list of paid and unpaid assessments
is on file in the office of the City Treasurer and this City Council
has duly considered said list and has determined that the same is an
accurate statement thereof; and
WHEREAS, the aggregate amount of the unpaid assessments on
privately owned land within the assessment district is $ 259,235.90
and said paid and unpaid list above referenced is hereby approved and
accepted; and
WHEREAS, this City Council desires, pursuant to Section
8650.1 of the Streets and Highways Code, to establish the denomination
of the bonds to represent unpaid assessments on private property and
the amount to mature each year will be other and different than that
as provided in Section 8650 of said Code.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARROYO GRANDE,
CALIFORNIA, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
S1,:CTION 1. That the above recitals are al~ true and correct.
SECTION 2. That the assessments in said unpaid list which
now remain unpaid, and the aggregate thereof, are as shown on said
list as on file in the Office of the City Treasurer, and by reference
made a part hereof.
SECTION 3.
(a) That in accordance with the proceedings heretofore taken,
bonds representing unpaid assessments on private property shall be
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issued pursuant to said "Improvement Bond Act of 1915." Said bonds
shall be numbered in consecutive numerical order, beginning with the
earliest maturity, and shall be numbered from 1 to 52 inclusive
bearing interest from their date at the rate of not to exceed flIGHT '
percent ( 8 %) per annum, and the denomination of said bonds wlth their
respective numbers and dates of maturity are as shown on Exhibit "Au
hereto attached and made a part hereof by reference.
. (b) That said bonds may be redeemed and paid in advance of
mat~rlty upon the second day of January or July in any year by giving
notlce as provided by law and by paying prinicpal and accrued interest
together with a premium equal to five percent (5%) of the pri~cipal.
. (c). Said bonds shall be issued substantially in the form set
forth In Sectlon 8652 of the Streets and Highways Code of the State of
California.
. SECTION 4. That the bonds shall be signed by the City Treasurer
of sald C~ty. The bonds and coupons affixed to said bonds may be signed
by said Clty Treasurer by an engraved, printed or lithographed signature.
SECTION 5. That the proceeds from the sale of the bonds shall
be placed in the fund as created, pursuant to Sections 10602 and 10424
of the Streets and Highways Code, which fund shall be designated by the
name of these proceedings and district, and the monies in said fund
shall be used only for the purposes authorized in said proceedings.
SECTION 6. That said bonds shall be payable at the City Hall,
unless a paying agent has been so designated by the City Council. The
bonds representing unpaid assessments on private property shall be paid
exclusively from a redemption fund created pursuant to Section 8671 of
the Streets and Highways Code. In all respects not recited herein, the
bond representing unpaid assessments on private property shall be governed
by the provisions of the "Improvement Bond Act of 1915."
SECTION 7. The Auditor of the County, which said last men-
tioned political subdivision of the State of California, is the County
which collects taxes for the City is hereby requested and directed in
accordance with the provisions of Section 8682 of the Streets and High-
ways Code of the State of California, to enter in his assessment roll
on which taxes will next become due, opposite each lot or parcel of
land affected in a space marked "public improvement assessment" or by
other suitable designation, the several installments of such assessment
coming due during the fiscal year covered by such assessment roll and
that said entry is made each year during the life of the bonds to be
issued in said proceedings.
SECTION 8. In accordance with the provisions of Section 8685
of the Streets and Highways Code, if any lot or parcel of land affected
by any assessment is not separately assessed on the tax roll so that
the installment of the assessment to be collected can be conveniently
entered thereon, then the auditor shall enter on the roll a description
of the lot or parcel affected, with the name of the owners if known,
but otherwise the owners may be described as "unknown owners," and
extend the proper installment opposite the same.
SECTION 9. Said bonds are to be dated the 2nd day of
JULY. 1976 .
APPROVED ond ADOPTED 'hi. C day of J,"~ . .
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ATTEST: MAYOR OF THE CITY OF
~~ ARROYO GRANDE, CALIFORNIA
. dd tL7477~
CITY CLERK OF THE CIT OF
ARROYO GRANDE, CALIFORNIA
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- Resolution No.
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STATE OF CALIFORNIA )
COUNTY OF SAN LUIS OBISPO ) ss
CITY OF AR1WYO GRANDE )
I, Ines A. del Campo , City Clerk of the
City of ARROYO GRANDE , California, DO HEREBY CERTIFY
that the foregoing Resolution, being Resolution No. 122~ ,
was duly passed, approved and adopted by said City Council,
approved and signed by the Mayor, and attested by the city Clerk,
all at a reQular meeting of said city Council held on the
..Jkh.. day of June _, 19.2P_, and that the same was
passed and adopted by the following vote, to wit:
AYES: COUNCILMEN Spierl ing. Gallagher, Schlegel.
Millis and Mayor de Leon
NOES: None
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ABSENT: I
None I
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DATED this 8th day of June , 19 76 .
L--1..cW~
(SEAL) CITY CLERK .
CITY OF ARROYO GRANDE I
STATE OF CALIFORNIA
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