Resolution 1871
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RESOLUTION NO. 1871
A RESOLUTION PROVIDING FOR THE ISSUANCE OF $40,000
SECOND DIVISION OF $150,000 PARKING BONDS OF 1965,
AND FOR THE LEVY AND COLLECTION OF AD VALOREM
ASSESSMENTS FOR THEIR PAYMENT
PARKING DISTRICT NO. 1
$150,000 PARKING BONDS OF 1965
$40,000 SECOND DIVISION
RESOLVED, by the City Council of the City of Gilroy, Santa
Clara County, California, as follows:
1. The Bonds. $40,000 bonds of the Second Division of the
issue of $150,000 Parking Bonds of 1965, authorized in proceedings
had pursuant to Resolution No. 837 of Preliminary Determination and
of Intention to Acquire and Improve Off-Street Parking Places And
To Form Parking District No.1, adopted by this Council on June 15,
1964, as modified, are hereby ordered issued, to be dated January 22,
1975, and of the denomination of $1,000 each and to mature on the 2nd
day of July in each of the years, numbers and amounts, as follows:
Bond Principal Year of
Numbers Amount Maturity
1 - 4 $4,000 1976
5 - 8 4,000 1977
9 - 12 4,000 1978
13 - 16 4,000 1979
17 - 20 4,000 1980
21 - 24 4,000 1981
25 - 28 4,000 1982
29 - 32 4,000 1983
33 - 36 4,000 1984
37 - 40 4,000 1985
2. Non-Callable. Bonds of the Second Division are not callable
prior to their fixed maturity date.
3. Interest Coupons. The bonds will bear interest from their
date at the rate of not to exceed seven percent (7%) per annum until
paid. Said interest shall be payable on January 2, 1976, and semi-
annually thereafter on the 2nd day of July and January of each year
to their respective dates of maturity. Attached to each bond shall
be interest coupons numbered consecutively, commencing with number 1,
and payable at the times the respective interest payments thereon
become due, as determined from the accepted bid for the purchase
of the bonds. '
Bidders for the purchase of the bonds must specify the rate
of interest which the bonds shall bear. Bidders may bid different
rates of interest and split rates irrespective of the maturities of
the bonds. The interest rates stated in the bid may be in multiples
of any fraction of 1%.
4. Where Bonds Payable. Principal and interest are payable
at the principal office of Bank of America National Trust and
Savings Association, San Francisco, California, the Paying and
Registration Agent of the City.
RESOLUTION NO. 1871
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5. Registration. Any bond may be registered either as to
principal and interest or as to principal alone upon written re-
quest of the bondholder and presentation of the bonds to the Paying
and Registration Agent for registration.
(a) Princ~pal and Interest. Upon presentation and request
for registration as to principal and interest, the Registration Agent
shall cut off the coupons and destroy them. It shall maintain a
book in which shall be entered the numbers of all registered bonds
and the names and addresses of the owners of registered bonds.
Until such registration is cancelled as herein provided, the interest
and principal thereof shall be payable only to the registered owner.
There shall be provided on the back of each bond a suitable blank
for showing the name and address of the registered owner, the date
of registration or transfer, the type of registration and the signa-
ture of Registration Agent.
(b) Principal Only. Upon such presentation and request
for registration 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 detached 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 cancelled upon written request of the registered owner.
Upon receipt of such request, the Registration Agent shall cancel
the registration in the bond register and on the back of the bond,
print and attach all unmatured coupons to the bond, and deliver the
bond and attached new coupons to the owner. The cost of reprinting
the coupons shall be paid by the person requesting the deregistration.
Until such bond is reregistered, the principal thereof shall be
payable to bearer and the interest shall again be paid upon surrender
of proper coupons.
(d) Reregistration. Deregistered bonds may be reregistered
in the same manner as previously unregistered bonds.
6. Bond Form. Said bonds shall be substantially in the
following form:
No. $1,000
STATE OF CALIFORNIA
COUNTY OF SANTA CLARA
CITY OF GILROY
PARKING BOND OF 1965
SECOND DIVISION
UNDER AND BY VIRTUE of Bond Plan D, Article 5, Chapter 6 of
the Gilroy Improvement Procedure Code (now codified as Chapter 12A
of the Gilroy City Code), the City of Gilroy (a municipal corporation
operating under a Freeholders' Charter and the Constitution of the
State of California), for value received, will pay to bearer (or,
if this bond is registered, to the registered owner hereof) out of
the fund hereinafter designated, in lawful money of the United States
of America, at the principal office of Bank of America National Trust
and Savings Association, San Francisco, California, the Paying and
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Registration Agent of the City, the sum of ONE THOUSAND DOLLARS
($1,000), together with interest thereon at the rate of
percent ( %) per annum, as evidenced by coupons attached hereto
at the time of issuance, payable on January 2, 1976, and semi-
annually thereafter on July 2 and January 2 of each year to the
maturity date hereof ((*, plus additional interest from
19 ,to ,19 ,at the rate of percent ( %)
perannum, evidenced bycoupons bearing the letter "A" before the
coupon number, payable on .)). Such interest, on or
prior to maturity, shall be payable only on presentation and sur-
render of the proper interest coupons as they respectively become
due.
,
If, upon presentation at maturity, payment of this bond is
not made as herein provided, interest hereon shall continue until
the principal hereof is paid in full. The holder of this bond has
all the rights of a holder of a negotiable instrument payable to
bearer.
This bond is one of the Second Division in the total amount
of Forty Thousand Dollars ($40,000), of an issue of bonds in the
total amount of One Hundred Fifty Thousand Dollars ($150,000).
All of the bonds of said issue are of like tenor (except for such
variations as required to designate dates, divisions, numbers,
maturities and interest rates). Said bonds are issued for the
purpose of providing moneys to finance the costs of acquiring,con7
structing, imprOVing and extending automobile parking places and
structures in or for Parking District No.1, all as set forth and
described in the resolution entitled "A Resolution of Preliminary
Determination and of Intention to Acquire and Improve Off-Street
Parking Places and to Form Parking District No.1," adopted on
June 15, 1964, as modified, and proceedings had pursuant thereto,
and in accordance with a resolution entitled "A Resolution Determining
Convenience and Necessity, Ordering Acquisitions and Improvements and
Declaring Formation of Parking District No.1," adopted on August 31,
1964, and a resolution entitled "A Resolution Providing for the Issu-
ance of Bonds and Directing Levy of Ad Valorem Assessments to Pay the
Principal and Interest Thereof, Parking District No.1," adopted on
December 16, 1974, by the Council of the City of Gilroy, California,
after due notices and public hearings having been held therein, as
authorized by the Constitution of the State of California, the Free-
holders' Charter of said City, and Articles 4 and 5 of Chapter 5,
and Articles 1 and 5 of Chapter 6 of the Gilroy Improvement Procedure
Code, (Now codified as Sections 12A.98 to 12A.I07 and Sections
12A.I08 to 12A.128 of Article II, Chapter 12A and Divisions 1 and 5
of Article III, Chapter 12A of the Gilroy City Code.) to all of which
reference is hereby made for the obligations, duties, rights, and
privileges hereby created.
This bond is payable exclusively out of Parking District No. 1
Bond Fund, as said fund appears upon the books of the Director of
Finance of said City, but, in accordance with the provisions of said
Code, a special annual ad valorem assessment will be levied and
collected upon all the lands, excepting public property, within the
assessment district created in said proceedings therefor, in accord-
ance with the assessed valuations of said lands, in an amount clearly
sufficient to pay the principal of and interest on said bonds as the
same shall become payable, until all of said bonds and the interest
thereon are paid in full.
*
To be inserted when split interest rates represented by split
coupons are bid.
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In the event of a delinquency in the payment of any install-
ment of the assessment levied upon any benefited properties for the
payment of the principal and interest of said bonds, there is a manda-
tory duty on the part of the City to transfer an amount equal to the
amount of such delinquency, with penalties and costs, from available
funds of the City, to the Bond Fund of said bonds, and in the event
such funds are not available, to levy annually a special tax therefor
up to Ten Cents (lOt) on the One Hundred Dollars ($100) of all taxable
property in the City, which duty is a continuing mandatory duty on the
part of the City Council during the entire life of the bond issue,
if assessments against the benefited real properties in the assessment
district continue to be in default, and cumulative up to said Ten
Cents (lOt).
Annually, at any time prior to the time the levy is made, or
at such other time as it shall determine, the City Council is
authorized to transfer to the bond fund of said bonds, from available
funds, such amount or amounts as it shall determine. Each of the
bonds of this issue is equally and ratably secured without preference
or priority by reason of number, division, date, date of sale or of
execution and delivery of the bonds, other than as provided for default
in the bond resolution.
This bond may be registered as to principal and interest upon
written request of the owner and presentation of the bond to the
Paying and Registration Agent for registration. Thereafter, the
principal hereof and interest hereon shall be payable only to such
registered owner. This bond may also be registered as to principal
only, in which event the coupons shall not be removed. Registered
bonds may be deregistered and again become payable to bearer.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions
and things required by the Constitution and the laws of the State of
California and the Charter and ordinances of said City, to happen and
to be performed, precedent to and in the issuance of this bond, have
been done, have happened and have been performed in regular and due
form time and manner as required by law, and this bond is made con-
clusive evidence thereof.
IN WITNESS WHEREOF, the City of Gilroy, by its City Council,
has caused this bond to be signed by its Mayor and Director of
Finance" countersigned by its Clerk, the corporate seal to be here-
unto affixed, the coupons attached hereto to be signed by the Director
of Finance, and this bond to be dated January 22, 1975.
Mayor
Countersigned:
City Clerk
Director of Finance
(SEAL)
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7. Coupon Form. Said coupons shall be substantially in the
following form:
CITY OF GILROY, California, will pay to On
the bearer hereof the amount stated herein,
in lawful money of the United States of
America, at the principal office of its $
Paying and Registration Agent, Bank of
America National Trust and Savings Association,
San Francisco, California, as interest on
PARKING BOND OF 1965, SECOND DIVISION, No.
dated January 22, 1975
2, 19
Coupon No.
Director of Finance
8. Registration Form. The form of the endorsement on said
bonds for registration shall be as follows:
This bond is registered in the name of the registered owner
whose name and address appear last in the space below, and both the
principal of and interest on this bond are payable only to such
registered owner, unless it is registered as to principal only, in
which event only the principal is so payable.
Note:
There must be no writing in the space
except by the Paying and Registration
below
Agent.
Signature of
Paying and
Registration
Agent
Date of
Registry
Type of Name of Address of
Registration* Registered Owner Registered Owner
Principal Only
and Interest
Principal Only
and Interest
Principal Only
and Interest
*
In the event registration is as to principal only, strike the words
"and interest;" if as to principal and interest strike the word
"Only."
9. Resolution No. 923. Except as herein otherwise provided,
all of the provisions of Resolution No. 923 entitled "A Resolution
Providing For The Issuance of Bonds And Directing Levy of Ad Valorem
Assessments To Pay The Principal And Interest Thereof" adopted by
this Council on May 17, 1965, are incorporated herein and by reference
made a part hereof.
10. Gilroy City Code. The provisions of Ordinance No. 645,
entitled "Gilroy Improvement Procedure Code" referred to in said
Resolution No. 923 have now been codified as Chapter 12A of the
Gilroy City Code, adopted June 5, 1965, as amended.
11. 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 obligations
to be arbitrage bonds. Such certification shall be delivered to the
purchaser together with the bonds.
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12. The City Clerk is hereby directed to forward a certified
copy of this resolution to the Director of Finance of this City
and to the Director of Finance of Santa Clara County.
Mayor
ATTEST:
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/ City Clerk -
* * * * * * * * * * * *
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: SILVA
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APPROVED:
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Mayor
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