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Resolution 1869 " -.' -~- WJM&t~~DA:S:zw 12/10/74 I2c RESOLUTION NO. 1869 A RESOLUTION DETERMINING UNPAID ASSESSMENTS AND PROVIDING FOR ISSUANCE OF BONDS MONTEREY STREET IMPROVEMENT PROJECT 1974-3 RESOLVED, by the City Council of the City of Gilroy, California, that WHEREAS, this Council did on May 6, 1974 pass and adopt its Resolution No. 1799 of Preliminary Determination and of Intention, as subsequently amended, relating to the acquisition and construction , of public improvements in said City under and pursuant to the pro- visions of Chapter 12A, Article II of the Gilroy City Code, and did therein provide that serial bonds would be issued thereunder pursuant to the provisions of Bond Plan B, Chapter 12A, Article III, Divi- sion 3 of said Gilroy City Code, reference to said Resolution of Preliminary Determination and of Intention, as amended , hereby being expressly made for further particulars; WHEREAS, notice of the recordation of the assessment and of the time within which assessments may be paid in cash, has been duly published and mailed in the manner provided by law, and the time so provided for receiving payment of assessments in cash has expired, and the Director of Finance has filed in his office a list of all assessments which now remain unpaid; and WHEREAS, the City Council has duly considered said list and has determined that the same is an accurate statement thereof; NOW, THEREFORE, IT IS HEREBY ORDERED, as follows: 1. That the assessments now remaining unpaid, and the aggregate thereof, are as shown on said list and on Exhibit "A" hereto attached and by reference made a part hereof. 2. That for a particular description of the lots or parcels of land bearing the respective assessment numbers set forth in said list, and upon which assessments remain unpaid, severally and respectively, RESOLUTION NO. 1869 ""'_'"-"-_'""'''''$~',._:'~'. l~. ..l.!ltf' Il:'./l!\,',l H .j.._"'"w...__~..,"""h.~..' - '-'''''~~~~,_''~~J_'' LI Jj..lJlll. 4.1 ~,,~,~~!_,.,I~_l,~.JfH_n _fl~.U~_fi 11II J t>i.l.l>.n~_' c o reference is hereby made to the assessment and to the diagram re- corded in the office of the Superintendent of Streets of said City after confirmation by this Council, the several lots or parcels of land represented by said assessment numbers being so numbered and designated upon said diagram and assessment as so confirmed and recorded, severally and respectively. 3. That the unpaid list is in the amount of $13,051.22 and bonds shall be issued upon the security of said unpaid assessments in said amount in accordance with the provisions of said Bond Plan B, Chapter 12A, Article III, Division 3 of the Gilroy City Code, and under and pursuant to the provisions of said Resolution of Preliminary Determination and of Intention, as amended, and the proceedings thereunder duly had and taken. Said bonds shall be dated January 22, 1975, be designated Series 1974-3, be 13 in number, be payable at the principal office of the Paying Agent and Registrar, Bank of America National trust and Savings Association, in San Francisco, California, and bear interest from their date to their respective dates of maturity at the rate of not to exceed seven percent (7%) per annum, represented by coupons payable on January 2 and July 2 in each year, commencing on January 2, 1976, and the denomination of said bonds and their respective numbers and dates of maturity are as shown on Exhibit "B" hereto attached and made a part hereof by reference. 4. Said bonds shall be issued in series, and the unpaid assessments as shown on said list and determined by this Council, together with the interest thereon, shall remain and constitute a trust fund for the redemption and payment of said bonds and of the interest which may be due thereon, which unpaid assessments shall be taxable in annual series corresponding in number to the number of series of bonds issued, and an annual proportion of each assessment shall be payable in each year preceding the date of the maturity for 2 "",..'C."_,~_,~"*,,,,,"._,_,.t.fl'I' oJ 1.1~.~;I4:. : ..: ..J.:' "', tr..,.. ij.Jt;oj",~l.rl~n'. U:.:J1 'llltit: '~~,;~,,,,,;~,,*~,,*,,.~.,ic..,,,..,,,,,;,,_.,,,., """"'~'","Y*<-"''''''''''''''~' '_I _:l.J.,1l ,.J",~:llln' c ,."""",. ...."., each of the several bonds issued, and such proportion of each assessment coming due in any year, together with the annual in- terest thereon, shall be payable in installments as the general taxes of the City on real property are payable, and shall become delinquent at the same time and in the same proportionate amounts and bear the same proportionate penalties for delinquency. 5. The bonds shall be executed on behalf of the City and under its official seal by the Director of finance and City Clerk, and the coupons attached to the bonds shall be executed by the Director of Finance whose signature may be reproduced on the bonds and coupons by engraved, printed or lithographed facsimile thereof, and the official seal may be placed on the bonds in like manner; and such signing and sealing shall constitute and be a sufficient and binding execution of each and everyone of said bonds and coupons thereof, respectively. Said bonds shall be substantially in the form set forth in said Bond Plan B, except for such changes as are necessary to conform to the provisions herein. 6. Registration of Bonds. Any bond may be registered either as to principal and interest or as to principal only, upon written request of the bondholder and presentation of the bond to the Registrar for registration. (a) Principal and Interest. Upon presentation and request for registration as to principal and interest, the coupons shall be removed and canceled, or preserved in a place of safekeeping, at the option of the Registrar, and the numbers of all registered bonds and the names and addresses of the owners thereof shall be entered in the registration book maintained by the Registrar, and a notation shall be made therein and on the bond that registration is as to principal and interest. Until such registration is canceled as herein provided, the interest shall be payable only to the reg- istered owner, and the principal shall be payable only to such owner upon presentation of the bond. 3 L ,_ . ,oJ,! UN ~ - _ . ,J l J1l> \J - . : j;;j'+"-i'."""'"'''' , .,," '<-,~A~''''''~d.it4L,4,IilMlI' ,', Q [II 011' -,. . u li~_;>i~.~l!{m,,-l8r~,NWPl\u.. ~',"d_ o o (b) Principal Only. The bonds may be registered as to principal only. When bonds are registered as to principal only, a notation shall be made to that effect in the registration book and on the bond. The coupons shall not be removed and the interest on such bonds shall be paid upon presentation of such coupons in the same manner as unregistered bonds. Principal, however, shall be paid only to the registered owner upon presentation of such bond. (c) Deregistration. The registration of any unmatured bond may be canceled upon written request of the registered owner. Upon receipt of such request and the bond, the Registrar shall cancel the registration in the bond registry book and on the back of the bond, cause all unmatured coupons to be rep~inted, if necessary, and reattached to the bond, and deliver the bond and attached coupons to the owner. Until such bond is reregistered, the principal thereof shall be payable to bearer, and the interest shall again be paid upon surrender of proper coupon$. (d) Reregistration. Deregistered bonds may be rereg- istered in the same manner as previously unregistered bonds. (e) The person requesting registration, deregistration or reregistration shall pay the fees charged by the Registrar for such service, including any cost of reprinting the coupons. (f) There shall be provided on the back of each bond a suitable statement to be signed by the Registrar indicating the date of registration, the type of registration, the name of the registered owner, and the date of any cancellation thereof. 4 n I jJ". n. . ILIUHl...lllf. f_',1 ,_."-""",,,,'t_.~__\.._L_lII.____ JII 1,'H,!._.! U-'l4_.l,ULiIIHMll1iUli. 1ll1M__~__ o o 7. The coupons shall be numbered consecutively and be sub- stantially in the following form, to wit: On the Second day of The CITY OF GILROY, California, will pay to bearer (unless the bond is redeemed prior 19 thereto) the sum hereon, at the principal office of the Paying Agent and Registrar, $ Bank of America National Trust and Savings Association, San Francisco, California, as interest on Improvement Bond Number dated January 22, 1975, Monterey Street Improvement Project 1974-3 Series 1974- 3 Coupon No. Director of Finance 8. On the basis of the facts, estimates and circumstances now in existence and in existence on the date of issue of the bonds, as determined by the Director of Finance, the Director of Finance is authorized to certify that it is not expected that the proceeds of the issue will be used in a manner that would cause such obliga- tions to be arbitrage bonds. Such certification shall be delivered to the purchaser together with the bonds. 9. The City Clerk shall forward certified copies of this resolution to the Director of Finance of said City, the Auditor of Santa Clara County and to the Paying Agent. * * * * * * * * * * * * I hereby certify the foregoing is a full, true and correct copy of a resolution duly passed and adopted by the City Council of the City of Gilroy, California, at a meeting thereof held on the 16th day of December, 1974, by the following vote of the members thereof: AYES, and in favor thereof, Council members: DeBELL, DUFFIN, HUGHAN, PATE, STOUT and GOODRICH. NOES, Council members: None ABSENT, Council members: SILVV , ~ , U{}ft/1l!IL/ Y /' Ci ty Clerk of the APPROVED: 4, " ~~ L,~-fl ' Mayor 5 ,.+,",t'",,"~";_""W>;<""""~~"~~~H- OJ - .ll!(-IJ, 'Iii -~L~ - J Ullij,llIi_liI:..li4r..."""_eli....,I''''''',,'*';,.;_''''~_....__,....._.."-M;.~--,"~~,,;'''''.., ~lij_ !J JK! A ,,'If ~-,~_)>~.~ -~'._,._ MlI'l l*' \ __-~-..,.,""'^ " o ,........., '.....I LIST OF UNPAID ASSESSMENTS MONTEREY STREET IMPROVEMENT PROJECT NO. 1974-3 Assessment Assessor's Amount of Ass'd Val'n Number Parcel No. Assessment Land Impvt 1 841-04-017 $ 382.55 $3,970 $ 3,060 2 841-04-016 350.00 3,630 120 4 841-04-014 206.50 2,410 2,080 5 841-04-013 1,211.35 11,920 19,280 6 841-04-012 335.93 4,450 3,980 9 841-04-009 379.40 4,730 7,390 10 841-04-008 317.80 3,960 440 11 841-04-007 954.45 11,472 4,100 12 841-08-007 1,253.35 7,380 6,080 13 841-08-006 732.81 3,830 2,790 14 841-08-043 308.40 1,820 1,500 15 841-08-042 585.20 3,100 3,880 21 841-13-003 408.31 2,627 23 803-04-003 171.50 3,800 4,680 30 803-08-001 1,460.07 9,960 30,550 31 803-08-002 806.40 3,300 4,000 33 803-08-004 1,151.67 6,690 2,500 36 803,,:,08-007 307.23 1,780 840 37 803-08-008 585.20 3,380 2,435 38 803-08-063 765.80 10,840 15,700 40 803-08-013 377.30 4,520 $13,051.22 $109,569 $115,405 EXHIBIT "A" .0.[. ilf. __ _l;ll_~~~~<<"lfOl~'~ .. ~ J ;IlVln- 1.1.1 _'U,n ~_-41';'._'t'I_ll..L lj:l.t",'~'-""l""~"'!--___~"''''''_'-''_''~_''''"'_''_''''''-';''"_c;",,",_;"'M~\Li.lJ;dlt, .Ii: '~""_Lm _ _ U JI!llUN j_l_~~~1"",.,.>l;_~"_~,--- :~ c o EXHIBIT "B" MONTEREY STREET IMPROVEMENT PROJECT 1974-3 Annual Series Bond Nos. Principal Date of Maturity 1974- 3 1 $1,051. 22 July 2, 1976 2 - 4 3,000.00 July 2, 1977 5 - 7 3,000.00 July 2, 1978 8 - 10 3,000.00 July 2, 1979 11 - 13 3,000.00 July 2, 1980 NOTE: All bonds in the denomination of $1,000 each except Bond No.1 in amount of $1,051.22. EXHIBIT "B" ",,_."""",,'.'_'_M,,_, .,,,,,..,,.-._.,_~,,..,,.,~.'.~.~,_,, '...: .'.': ~ .' IJl(J".~..' .~..' u.u.'.',' Jot!./--,If. l , 'lIHiIj,",'I!'Il~. ~~1...ll!rT' , .' ~iIr~"'.'-,~-' '-----~,,~diI:..I.:~H>_lM..J!fCl..l.Jm.~ ~ !TIt _lU'LII,'JU _,,*~~";,Ll.l.:kr:....~~. ..:-"""~'