HomeMy WebLinkAbout437 - Coast Boulevard & Other Improvements1
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RESOLUTION NO. 437.
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Whereas, J.Paul Benson, as Contractor, duly performed
the work and made the improvement contemplated by Resolution No.
370 of the city of Newport Beach, which work and improvement was
ordered done and made by Resolution No. 371 passed and adopted
the 5th day of April,1927;
Whereas, the Board of Trustees confirmed the assessment
for the work done and improvement made and the said assessment and
warrant attached thereto, together with the statement of payments
received upon the assessment by the Contractor,was returned and
filed with the Street Superintendent of the city of Newport Beach
on the 20th day of June, 1927;
Whereas, the Street Superintendent thereupon made and
on the 21st day ofJune, 1927, duly filed with the Clerk of the city
of Newport Beach a list of all assessments unpaid upon any assess-
ment;
Whereas, the Clerk of the city of Newport Beach gave not
of the filing of said list and that the hour of 7:30 o'clock p.m.
Monday, the 22nd day of August, 1927, at the council chamber of
the Board of Trustees in the City Hall of the city of Newport Beac
was the time and the place fixed by him, as such Clerk, when and
where interested persons might appear before the Board. of Trustees
and show cause why bonds should. not be issued upon the securiCy of
the unpaid assessments shown on said list, the said notice referred
to Resolution of Intention No. 379, and the date of its passage
for a description of the work done and improvement made and therein
mentioned. The said notice was duly published on the 11th and 18th
days of August, 1927, in NEWPORT NEWS, a newspaper of geneal cir-
culation printed, published and circulated in the city of Newport
Beach, and on the 11th day of August, 1927, was posted and kept post
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ed for five days near the council chamber door of the Board of
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Trustees, and duly mailed to the owner of each lot listed accord-
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ing to the name and address appearing on the last equalized assess
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ment roll of the city of Newport Beach for city taxes prior there -
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to, or according to the address known to the Clerk.
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'hereas, the Board of Trustees of the city of Newport
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Beach was duly convened and in sessiDn at t1B time and place so
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fixed and noticed;
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17hereas, no interested person appear to show, or did
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show cause, ard no cause appearing why bonds should not be issued
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upon the security of the unpaid assessments;
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The Board of Trustees of the city of Newport Beach pro -
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ceeded to determine the assessments unpaid and the aggregate amount
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thereof, and resolve and order as follows:
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The unpaid assessments for the world done and improvement
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made under and pursuant to Resolution of Intention No. 370 is the
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sum Of "295,543.50.
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Bonds shall be issued upon the security of said unpaid
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assessmentsin the aggregate amount of $295,543.50, the said bonds
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shall be three hundred (300) in number, numbered from 1 to 300,
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inclusive; 285 of said bonds shall be of the denomination of
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$1000.00, and 15 of the said bonds,being every twentieth numbered
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bond,shall be of the denomination of $702.90.
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All of said bondsshall be dated the 22nd day of August,
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1927, and shallbear interest at the rate of 7% per annum from the
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21st day of June, 1927, the date of the filing of the list of un-
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paid assessments. The ponds shall be paid - nineteen (19) bonds
in the denomination of $1000.00, and one (1) bond in the denomina-
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tion of ,;702.90 on the 2nd day of July each year succeeding ten
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months after their date, and commencing July 2nd, 1928.
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The interest thereon shall be paid on the 2nd day of
July and the 2nd day of January each year until the whole principal
sum and interest is paid, first payment of interest shall be on the
2nd day of January,1928, and shall be the interest accruing from th
21st day of June, 1927.
The bonds shall be issued in annual series which shall
be designated Series "G".
The bonds issued shall be forthwith delivered to the
Contractor in satisfaction of the balance due the Contractor upon
the assessment and warrant.
The above and foregoing Resolution was passed at a
special meeting of the Board of Trustees of the city of Newport
Beach held the 22nd day of August, 1927, by the following vote:
Ayes, Trustees
Absent, Trusteesu
The above and foregdng Resolution is signed and approved
oy me this 22nd day of August, 1927. �1
President - Board of Trustees
City of Newport Beach
Attest: `Z
Clerk - city of Newport Beach