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Resolution 1511 WJML:PDA:k 9/18/70 lOc RESOLUTION NO. 1511 A RESOLUTION DETERMINING UNPAID ASSESSMENTS AND PROVIDING FOR ISSUANCE OF BONDS PACHECO PASS IMPROVEMENT DISTRICT PROJECT NO. 1970-2 RESOLVED, by the Council of the City of Gilroy, Santa Clara County, California, that WHEREAS, this Council did on July 6, 1970, pass and adopt its Resolution No. 1480 of Preliminary Determination and of Intention, relating to acquisitions and construction of public improvements in said City, under and pursuant to the provisions of the Gilroy City Code, and amendments thereto, and did therein provide that serial bonds would be issued pursuant to the provisions of Bond Plan B of Chapter l2A, Article III, Division 3 of said Gilroy City Code, refer- ence to said Resolution of Intention, as modified, hereby being ex- pressly made for further particulars; WHEREAS, notice of the recordation of the assessment and of the time within which assessments may be paid has been duly published and mailed in the manner provided by said Code, and the time so pro- vided for receiving payment of assessments has expired, and the Director of Finance has filed in his office a list of all assessments which now remain unpaid; and WHEREAS, the 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 in said unpaid list, and the aggregate thereof, are as shown 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 /,5'~/ / list and upon which assessments remain unpaid, severally and respec- tively, reference is hereby made to the assessment and to the diagram recorded in the office of the Superintendent of Streets of this city after confirmation by this Council, the several lots or parcels of land represented by said assessment numbers being so numbered and des- ignated upon said diagram and assessment as so confirmed and recorded, severally and respectively. 3. The unpaid list is in the amount of $133,000.00, and bonds shall be issued upon the security of said unpaid assessments in said amount in accordance with the provisions of Bond Plan B of Chapter l2A, Article III, Division 3 of said City of Gilroy Code, and under and pur- suant to the provisions of said Resolution of Preliminary Determination and of Intention, as modified, and the proceedings thereunder duly had and taken; that said bonds shall be twenty-nine (29) in number; shall be dated October 8, 1970, and shall bear interest from their date at the rate stated in the accepted bid for the bonds; and, the denominations 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. 40 Said bonds shall be issued in series, and the unpaid assess- ments shown on said list filed with the Director of Finance and deter- mined by this Council, together with the interest thereon, shall re- main and constitute a trust fund for the redemption and payment of said bonds and of the interest which may be due thereon. The 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 each of the several bonds issued, and such proportion of each assessment coming due in any year, together with the annual interest thereon, shall be payable in installments as the general taxes of the City on real property are payable, and shall become de- 2 linquent 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 Clerk, and the in- terest coupons attached thereto shall be executed by the Director of Finance. The Director of Finance may use an engraved, printed or litho- graphed facsimile of his signature in lieu of signature by hand, and the Seal of the City may be affixed to the bonds by printed, litho- graphed or other reproduction thereof; and such signing and sealing of said bonds and coupons by said officers, and signing of said coupons by the Director of Finance, 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 Bond Plan B of the Gilroy City Code. 6. The coupons attached to each of said bonds, and evidencing the interest to accrue thereon, shall be numbered consecutively and be substantially in the following form, to wit: THE CITY OF GILROY, California, will pay to bearer hereof at Bank of America, N.T. & S.A., Principal Office, San Francisco, Calif., Paying Agent of the City, ~r at the offices of the co~ paying agent~ in New York, N.Y., and Chicago, Ill., the sum shown hereon being interest due on On , 19___ $ Coupon No. Bond No. Pacheco Pass Improvement District Project No. 1970-2 Improvement Bond dated October 8, 1970 Series 1970-2 Director of Finance 7. The Clerk shall forward a certified copy of this Resolution to the Director of Finance and County Auditor. * * * * * * * * 3 I hereby certify that 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 21st day of September , 1970, by the following vote of the members thereof: AYES, and in favor thereof, Councilmelllbers: Batrez,Kennedy, Pate, Silva, Wentworth, and Duffin. NOES, Councilmetlbers: None ABSENT, Councilmen~ers: Goodrich ,~ ;' / APPROVED: Assessment Number 1 2 LIST OF UNPAID ASSESSMENTS CITY OF GILROY PACHECO PASS IMPROVEMENT DISTRICT PROJECT NO. 1970-2 Assessor's Parcel No. Amount to Assessment 841-17-5 841-17-30 $ 63,500.00 69,500.00 $133,000.00 EXHIBIT "A" EXHIBIT liB" Annual Series Bond Nos. Principal Date of Maturity 1970-2 1 - 3 $ 3,000.00 July 2, 1972 4 5,000.00 July 2, 1973 5 5,000000 July 2, 1974 6 ~ 7 10,000000 July 2, 1975 8 - 9 10,000000 July 2, 1976 10 - 11 10,000.00 July 2, 1977 12 - 13 10,000000 July 2, 1978 14 - 15 10,000.00 July 2, 1979 16 - 17 10,000000 July 2, 1980 18 - 19 10,000.00 July 2, 1981 20 - 21 10,000000 July 2, 1982 22 - 23 10,000000 July 2, 1983 24 - 25 10,000.00 July 2, 1984 26 - 27 10,000000 July 2, 1985 28 - 29 10,000000 July 2,9 1986