HomeMy WebLinkAboutCC Resolution 4662RESOLUTION NO. 4662
RESOLUTION AMENDING RESOLUTION OF INTENTION, EAST
SAN RAFAEL DRAINAGE ASSESSMENT DISTRICT NO. 2, CITY
OF SAN RAFAEL, MARIN COUNTY, CALIFORNIA
BE IT RESOLVED by the City Council of the City of San
Rafael, Marin County, California, as follows:
That Resolution of Intention No. 4509 for East San
Rafael Drainage Assessment District No. 2, City of San Rafael,
Marin County, California, adopted by the City Council on the
18th day of June, 1973, is hereby amended by deleting therefrom
the following paragraph:
"NOTICE IS HEREBY GIVEN that serial bonds to represent
unpaid assessments, and bearing interest at the rate
of not to exceed seven per cent (70) per annum shall
be issued in the manner and form provided in Part 5,
Division 7 of the Streets and Highways Code of the
State of California (Improvement Act of 1911) to
represent unpaid assessments of Fifty Dollars ($50.00)
or over, the last installment of which bonds shall
mature twenty-four (24) years from the 2nd day of
January next succeeding the next September lst follow-
ing their date. Said bonds shall be payable to bearer,
and may be redeemed as provided in the Improvement Act
of 1911, and there shall be added to the redemption
clause in said bonds the following words:
'......together with a premium of five per
cent (50) of the unmatured principal.'
In case of default, there shall be added to the
defaulted amount one per cent (lo) of the amount
thereof, and on the lst day of each month follow-
ing such default there shall be added a further
penalty of one per cent (lo) of such defaulted
amount. The one per cent (lo) penalty first
imposed shall be retained by the Treasurer as a
cost of servicing the delinquency and all subse-
quent penalties shall be paid to the holder of the
bond along with and as.a part of such defaulted
payment."
and substituting therefor the following:
"NOTICE IS HEREBY GIVEN that serial bonds to repre-
sent unpaid assessments, and bearing interest at the
rate of not to exceed seven per cent (7o) per annum,
shall be issued herein in the manner provided in
Division 10 of the Streets and Highways Code (the
Improvement Bond Act of 1915), the last installment
of which shall mature fourteen (14) years from the
2nd day of July next succeeding ten (10) months from
their date.
NOTICE IS HEREBY FURTHER GIVEN that the procedure
for collection of assessments and advance retire-
ment of bonds under the Improvement Bond Act of 1915
shall be as provided in Part 11.1, Division 10, of
the Streets and Highways Code of the State of Cali-
fornia."
I HEREBY CERTIFY that the foregoing resolution was duly
and regularly adopted by the City Council of the City of San Rafael,
Marin County, California, at a regular meeting thereof, held on the
4th day of February, 1974, by the following vote, to wit:
AYES: Councilmen Jensen. Miskimen, Mulryan, Nixon and Mayor RPttini
NOES: Councilmen None.
ABSENT: Councilmen None
MARION A. GRADY, City Clerk,
City of San Rafael, Marin
County, California
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