Resolution 1869
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WJM&t~~DA:S:zw 12/10/74
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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
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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
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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.
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(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.
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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, "
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Mayor
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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"
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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"
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