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Resolution 1980- 57 '=- . - 4897A-185a . WMAM: PDA:& : kmb 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 . . 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. -2- . . 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. -3- e. e (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. * * * * * -4- . . 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 -5- . . 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" . . , . 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" . . . ' 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" . . . . 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) . . ... .. , ," 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)