Resolution 1980- 57
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06/09/80
RESOLUTION NO. 80- 57
A RESOLUTION
DETERMINING UNPAID ASSESSMENTS AND
PROVIDING FOR ISSUANCE OF BONDS
PARKING DISTRICT NO. 2
RESOLVED, by the City Council of the City of Gilroy,
California (the "City"), that
WHEREAS, this Council has provided in proceedings conducted
under and pursuant to its Resolution of Preliminary Determination
and of Intention No- 79-99, adopted November 19, 1979, as modified,
that serial bqnds will be issued to represent the unpaid assessments~
WHEREAS, a complete list of all unpaid assessments has been
made by the Collection Officer and filed with the City Clerk and
with the Director of Finance of the City, hereinafter referred to as
"Director of Finance"~
WHEREAS, this Council has duly considered said list and has
determined that the same is an accurate statement thereof~
NOW, THEREFORE, THIS COUNCIL HEREBY DETERMINES AND ORDERS, as
follows:
1- List of Unpaid Assessments. That the assessments now
remalnlng unpaid are as shown on said list and on Exhibit "A"
attached hereto and by this reference made a part hereof, that the
aggregate amount thereof is $64,062.18, and that for a particular
description of the lots or parcels of land bearing the respective
assessment numbers set forth in said list, 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.
2. Issuance of Bonds. Bonds in the aggregat.e principal
amount of $64,062.18 shall be issued as herein provided upon the
security of said unpaid assessments in accordance with the
provisions of Bond Plan B, Division 3, Article III, Chapter l2A of
the Gilroy City Code (the "Bond Law"), and under and pursuant to the
provisions of said Resolution of Preliminary Determination and of
Intention, as modified, and the proceedings thereunder duly had and
taken. The Bonds authorized herein (the "Bonds" and sometimes the
"Bond") shall be known as "Improvement Bonds, City of Gilroy, Series
Parking District No.2", be dated July 2, 1980, be numbered, of the
denominations and mature in the amounts and on the dates set forth
in Exhibit "B" attached hereto and by this reference made a part
hereof.
3. Interest. The Bonds shall bear interest from their date
at the rate or rates determined by this Council at the time of award
of sale'of the Bonds (not to exceed 8% per annum), payable
commencing on January 2, 1981, and semiannually thereafter on July 2
and January 2 of each year to their respective dates of maturity.
RESOLUTION NO. 80 - 57
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Each Bond will continue to bear interest after maturity at the
rate stated therein, provided it is presented at maturity and
payment thereof is refused on the sole ground that there is not
sufficient money in the redemption fund with which to pay same~ if
it is not presented at maturity, interest thereon will run only
until maturity.
4. Payable. Bank of America National Trust and Savings
Association is hereby designated as Paying Agent and Registrar for
the Bonds, and the principal of and interest on the Bonds shall be
payable in lawful money of the united States of America from its
Corporate Agency Service Center in San Francisco, California~
Principal and interest on any fUlly registered Bonds shall be paid
to the registered owner by check, draft or warrant mailed to the
address entered in the registry book required to be kept pursuant to
Section 11 hereof.
5. Form. The Bonds, the registration endorsement thereon and
the coupons to be attached to the Bonds shall be substantially in
the forms set forth in Exhibit "C" attached hereto and by this
reference made a part hereof, the blank spaces therein to be filled
in to conform to the provisions of this resolution.
6. Execution. The Bonds shall be executed on behalf of the
City and under its official seal by the Director of Finance and by
the City Clerk and the coupons shall be executed by the Director of
Finance whose signature may be reproduced on the Bonds and on the
coupons by engraved, printed or lithographed facsimile thereof, and
the official seal may be placed on the Bonds in like manner. Such
signing and sealing shall constitute and be a sufficient and binding
execution of each and everyone of the Bonds and coupons thereof,
respectively.
If any officer whose signature appears on the Bonds or coupons
ceases to be such officer before the delivery of the Bonds to the
purchaser thereof, such signature shall be as valid as if such
officer had remained in office until the delivery of the Bonds.
7. Preparation and Delivery of Bonds. The City Clerk is
hereby directed to cause the Bonds to be prepared in accordance with
this resolution and the Director of Finance shall deliver same upon
their completion and execution to the purchaser thereof, upon
receipt of the purchase price therefor, and upon the performance of
the conditions contained in the accepted bid for the Bonds, as
determined by this Council.
8. Proceeds of Sale of Bonds. The proceeds received from the
sale of the Bonds, including any premium (but not including any
accrued interest), shall be placed in the fund for the payment of
the costs of the acquisitions and/or improvements described in the
heretofore referred to proceedings, and shall be applied exclusively
to the payment of such costs, and all expenses incidental thereto.
Any surplus remaining after payment of all costs shall be used as
set forth in said proceedings.
9. Redemption Fund. The Director of Finance shall keep a
redemption fund designated by the name of the Bonds, into which
shall be placed any accrued interest and all sums received from the
collection of unpaid assessments provided for in Section 11 hereof,
and of the interest and penalties thereon (but excluding collection
charges), and from which fund disbursement shall be made to pay the
principal of the Bonds and the interest due thereon.
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10. Bond Register. The Director of Finance shall keep or
cause to be kept a register showing the series, number, date,
amount, rate of interest, the last known holder of each Bond, and
the number and amount of each interest coupon paid. The Director of
Finance shall cancel or cause to be canceled each Bond and coupon
paid.
11. Collection of Unpaid Assessments. The unpaid assessments
shown on said list filed with the Director of Finance and City Clerk
and determined by this Council. together with the interest thereon,
shall remain and constitute a trust fund for the redemption and
payment of the principal of the Bonds and for the interest due
thereon, which unpaid assessments shall be payable in annual series
corresponding i~ number to the number of serial maturities of the
Bonds issued. An annual proportion of each unpaid assessment shall
be payable in each year preceding the date of maturity of each of
the several series of Bonds issued, sufficient to pay the Bonds when
due, and such proportion of each unpaid assessment coming due in any
year, together with the annual interest thereon, shall be payable in
the same manner and at the same time and in the same installments as
the general taxes of the City on real property are payable, and
become delinquent at the same times and in the same proportionate
amounts and bear the same proportionate penalties and interest after
delinquency as do the general taxes on real property of the City- A
record of the several installments of principal and interest on said
unpaid assessments which are to be collected in each year during the
term of the Bonds shall be kept in the office of the auditor-
controller of Santa Clara County. When the first interest coupon is
for interest for a longer period than six months, the auditor-
controller shall enter the amount thereof in the column on the
assessment roll provided for the first installment, and the balance
in the column on the assessment roll provided for the second
installment. All sums received from the collection of said unpaid
assessments and of the interest and penalties thereon shall be
placed in the redemption fund provided for herein, except that any
percentage collected to represent the costs of such collection shall
be retained by said auditor-controller.
12. Redemption Prior to Maturity. Each Bond outstanding may
be redeemed and paid in advance of maturity upon the second day of
January or July in any year by giving at least 60 days notice and by
paying the principal amount thereof together with a premium equal to
5% of the principal plus interest to the date of advanced maturity,
unless sooner surrendered, in which event said interest will be paid
to the date of payment, all in the manner and as provided in the
Bond Law.
The provisions of Part 11 of the Improvement Bond Act of 1915
(incorporated in the Bond Law) are applicable to the advance payment
of assessments and to the calling of Bonds.
The Director of Finance shall call for redemption and retire
Bonds upon prepayment of assessments in amounts sufficient
therefor. In selecting Bonds for retirement, the lowest numbered
Bonds of the various annual maturities shall be chosen pro rata in a
manner intended to disturb as little as possible the relationship of
unpaid assessments to Bonds outstanding.
13. Registration and Transfer of Bonds. Each Bond herein
authorized may be registered as to both principal and interest upon
the written request of the holder and upon presentation of the Bond
to the Registrar designated in Section 4 hereof.
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(a) Registration Book. An appropriate book shall be
kept in the Registrar's office showing at all times what Bonds
are registered and in whose names, and, upon presentation of
the Bonds for such purpose, the Registrar shall, and under
such reasonable regulations as the Registrar may prescribe,
register or transfer or cause to be registered or transferred,
in said registry book, the Bonds as herein provided.
(b) Principal and Interest. When a Bond is presented
for registration as to both principal and interest, the
coupons shall be removed therefrom and canceled (or preserved
in a place of safekeeping, at the option of the Registrar) ,
and the name and number of the Bond, the name and address of
the holder in whose name it is to be registered, the date of
such registration and a notation that the Bond is registered
as to both principal and interest shall be entered in the
registry book, and appropriate endorsement thereof shall be
made by the Registrar in the space provided therefor on the
back of the Bond. Until such registration is discharged as
hereinafter provided, the interest when due shall be payable
only to the registered owner and the principal when due shall
be payable only to such owner upon surrender of the Bond to
the Registrar.
(c) Transfer. A registered Bond may be transferred only
by the registered owner, in person or by attorney duly
authorized in writing, by a written instrument of transfer in
form acceptable to the Registrar, and by the Registrar
endorsing such transfer on the Bond and in the registry book.
No transfer shall be required to be made during the fifteen
(15) days next preceding an interest payment date.
(d) Discharge from Registration. A registered Bond may
be discharged from registration upon written request of the
registered owner. In such case, the Registrar shall transfer
the Bond to bearer by appropriate endorsement on the Bond and
in the registry book, cause all unmatured coupons that have
been removed from the Bond to be reattached to the Bond (such
coupons to be reprinted, if necessary), and deliver the Bond
and coupons to the owner, and thereupon negotiability and
transferability by delivery shall be restored.
. (e) Rere~istration. Bonds that have been discharged
from registratlon are subject to successive registrations and
transfers in the manner heretofore provided.
(f) Charges. The person requesting registration,
transfer or discharge from registration shall, as a condition
precedent to the exercise of such privilege, pay the
Registrar's reasonable charges therefor, if any, including any
cost of reprinting the coupons and any tax or other
governmental charge required to be paid with respect thereto.
14. Use of Proceeds Certificate. The Director of Finance is
authorized to certify as to the reasonably expected use by the City
of the proceeds of the Bonds within the meaning of Section 103(c) of
the Internal Revenue Code of 1954.
15. Certified Copies. The City Clerk is hereby directed to
forward a certified copy of this resolution to the City's Director
of Finance and to the auditor-controller of Santa Clara County.
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I hereby certify that the foregoing resolution was duly and
regularly adopted and passed by the city Council of the City of
Gilroy, California, at a regular meeting thereof held on the 16th
day of June, 1980, by the following vote of the members thereof:
AYES, and in favor thereof, Counci1members :ALBERT, CUNNINGHAM, HUGHAN,
LINK, TAYLOR and GOODRICH.
NOES, Councilmembers:
None
ABSENT, Counci1members:
-u.d~
City Clerk 0
APPROVED:
/(~$$,,~
Mayor
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LIST OF UNPAID ASSESSMENTS
C1TY OF GILROY
PARKING DISTRICT NO. 2
Diagram and
Assessment Number
Assessor's
Parcel Number
Unpaid
Assessment
1
2
3
4
5
6
9
11
13
15
16
18
21
24
25
28
29
30
31
32
33
34
35
37
38
39
40
41
42
47
57
62
63
67
71
73
74
77
78
84
85
86
87
88
89
91
92
96
98
99
100
841-05-065
841-05-064
841-05-062
841-05-061
841-05-060
841-05-059
841-05-056
841-05-054
841-06-015
841-06-013
841-06-012
841-06-010
841-06-007
799-06-041
799-06-042
799-06-045
799-06-046
799-06-047
799-06-048
799-06-049
799-06-050
799-06-051
799-06-052
799-06-054
799-06-055
799-07-046
799-07-047
799-07-048
799-07-049
799-07-054
799-07-064
799-06-040
799-06-063
799-06-059
799-07-045
799-07-043
799-07-042
799-07-075 .
799-07-074
799-06-023
799-06-024
799-06-025
799-06-026
799-06-027
799-06-028
799-07-024
799-07-023
799-07-028
799-07-030
799-07-031
799-07-032
$ 4,854.97
5,779.67
864.22
1,296.31
7,402.51
2,510.37
2,160.52
1,626.41
969.75
862.05
738.90
855.58
430.49
2,629.20
1,297.11
635.85
635.85
1,875.73.
2,114.17
1,205.41
606.73
804.35
794.80
608.75
1,634.25
540.69
860.65
167.91
226.13
156.74
158.69
552.11
2,620.74
1,066.80
482.26
539.21
365.01
208.57
33.09
5,039.16
1,259.37
1,254.33
322.49
246.77
232.75
634.09
634.09
337.58
214.09
377.70
337.21
Total Unpaid Assessments $64,062.18
EXHIBIT "A"
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IMPROVEMENT BONDS
CITY OF GILROY
SERIES PARKING DISTRICT NO. 2
Bond Numbers Principal Maturity Date
(Inclusive) Denomination Amount (July 2)
1 $1,062.18 $ 1,062.18 1981
2 - 4 1,000.00 3,000.00 1981
5 - 9 1,000.00 5,000.00 1982
10 - 14 1,000.00 5,000.00 1983
15 - 20 1,000.00 6,000.00 1984
21 - 26 1,000.00 6,000.00 1985
27 - 33 1,000.00 7,000.00 1986
34 - 40 1,000.00 7,000.00 1987
41 - 47 1,000.00 7,000.00 1988
48 - 55 1,000.00 8,000.00 1989
56 - 64 1,000.00 9,000.00 1990
$64,062.18
EXHIBIT "B"
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BONO FORM. The Bonds shall be substantially in the following form:
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF SANTA CLARA
IMPROVEMENT BONO
CITY OF GILROY
SERIES PARKING DISTRICT NO. 2
BONO NO.
$
Under and by virtue of Bond Plan B, Division 3, Article III,
Chapter l2A, of the Gilroy City Code, the City of Gilroy, California
(a municipal corporation operating under a freeholders' charter),
will, on the second day of July, , out of the redemption fund
for the payment of the bonds issued upon the unpaid assessments made
for the acquisitions, work and improvements more fully described in
Resolution of Preliminary Determination and of Intention No. 79-99,
passed by the City Council of said City on the 19th day of November,
1979, as modified, pay to bearer (or, if this bond is registered as
herein provided, to the registered owner hereof) the sum of
Dollars ($
with interest thereon from the second day of July, 1980, at the rate
of percent ( %) per annum, all as is hereinafter
specified, and at Bank of America National Trust and Savings
Association (the Paying Agent and Registrar) at its Corporate Agency
Service Center in San Francisco, California.
This bond is one of several annual series of bonds of like
date, tenor and effect, but differing in *(interest rates,) amounts
and maturities, issued by said City under said Bond Plan B for the
purpose of providing means for paying for the acquisitions, work and
improvements described in said Resolution of Preliminary
Determination and of Intention, as modified, and is secured by the
moneys in said redemption fund and by the unpaid assessments made
for the payment of said acquisitions, work and improvements, and,
including principal and interest, is payable exclusively out of said
fund.
The interest is payable semiannually, to wit: On the second
day of January and July in each year hereafter, upon presentation of
the proper coupons therefor~ provided, that the first of said
coupons is for the interest to the second day of January, 1981, and
thereafter the interest coupons are for the semiannual interest.
* delete if onlv one interest rate
EXHIBIT "C"
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This bond will continue to bear interest after maturity at the
rate above stated; provided, it is presented at maturity and payment
thereof is refused upon the sole ground that there is not sufficient
money in said redemption fund with which to pay same. If it is not
presented at maturity, interest thereon will run until maturity.
This bond may be registered as to principal and interest with
the privilege of transfer, discharge from registration and
successive registration, upon written request of the owner and
presentation of the bond to the Registrar named herein and payment
of the charges, if any, all in the manner and upon the terms set
forth in the resolution providing for the issuance hereof.
This bond may be redeemed and paid in advance of maturity upon
the second day of January or July in any year by giving the notice
provided in said Bond Plan B and by paying principal and accrued
interest together with a premium equal to 5 percentum of the
principal.
IN WITNESS WHEREOF, said City of Gilroy has caused this bond
to be signed by the Director of Finance of said City and by its
Clerk, and has caused its Clerk to affix hereto its corporate seal,
all on the second day of JUly, 1980.
Clerk
Director of Finance
(SEAL)
COUPON FORM. The coupons to be attached to the Bonds shall be
substantially in the following form:
CITY OF GILROY, California, will, On 2,
unless the bond specified herein is
redeemed prior thereto, pay to bearer
the sum hereon at the Corporate Agency $
Service Center of Bank of America National
Trust and Savings Association, San Francisco,
California, as interest on IMPROVEMENT Coupon No.
BOND, CITY OF GILROY, SERIES PARKING
DISTRICT NO.2, dated July 2, 1980. No.
Director of Finance
EXHIBIT "C"
(ii)
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REGISTRATION FORM: The form of endorsement for registration on
the Bonds shall be substantially as follows:
This bond is registered in the name of the registered owner last
entered below and both the principal of and interest on this bond
are payable only to such owner, provided that this bond may be
registered to bearer and thereby discharged from registration and
the negotiability hereof restored.
Note: No writing below except by the Registrar.
Date of
Registry
Name and Address
of Registered Owner
Signature of
Registrar
EXHIBIT "e"
(iii)