Resolution 1683
WJM&L:PDA:S:zw 10/3/72 10c
RESOLUTION NO. 1683
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE OF BONDS
RONAN AVENUE - SOUTH CHESTNUT STREET
PROJECT NO. 1971-1
RESOLVED, by the City Council of the City of Gilroy, California,
that
WHEREAS, this Council did on May 15, 1972, pass and adopt its
Resolution No. 1647 of Preliminary Determination and of Intention
relating to the acquisition and construction of public improvements
in said City under and pursuant to the provisions of the Municipal
Improvement Act of 1913, and did therein provide that serial bonds
would be issued thereunder pursuant to the provisions of the Improve-
ment Bond Act of 1915, reference to said Resolution of Preliminary
Determination and of Intention 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 City Clerk has filed in the office of the Director of Finance
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 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. 1683
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 desig-
nated upon said diagram and assessment as so confirmed and recorded,
severally and respectively.
3. That the unpaid list is in the amount of $120,138.35 and
bonds shall be issued upon the security of said unpaid assessments
in said amount in accordance with the provisions of said Improvement
Bond Act of 1915 (Division 10 of the Streets and Highways Code) and
under and pursuant to the provisions of said Resolution of Prelimi-
nary Determination and of Intention and the proceedings thereunder
duly had and taken. Said bonds shall be dated November 10, 1972,
be designated Series 1971-1, be 121 in number, be payable at the
principal office of the Paying Agent and Registrar of said City,
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, 1974, and the
denomination of said bonds and their respective numbers and dates
of maturity are as shown on Exhibit liB" 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 assess-
ment shall be payable in each year preceding the date of the
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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
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. The signature of the Director of Finance 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 con-
stitute and be a sufficient and binding execution of each and every
one of said bonds and coupons thereof, respectively. Said bonds
shall be substantially in the form set forth in said Improvement
Bond Act of 1915, except for such changes as are necessary to con-
form 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
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a notation shall be made therein and on the bond that registration
is as to principal and interest. Until such registration is can-
celed as herein provided, the interest shall be payable only to the
registered owner, and the principal shall be payable only to such
owner upon presentation of the bond.
(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. Pr~ncipal, 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 reprinted, if necessary,
and reattached to the bond, and deliver the bond and attached cou-
pons 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 coupons.
(d) Reregistration. Deregistered bonds may be reregistered
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.
(r) There shall be provided on the back of each bond a suita-
ble 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 numberd 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 thereto) the sum hereon, $
at the principal office of the Paying
Agent and Registrar, Bank of America
N.T. & S.A., San Francisco, California, Coupon No.
as interest on Improvement Bond, dated
November 10, 1972, Ronan Avenue - South
Chestnut Street, Project No. 1971-1 No.
Series 1971-1
, 19___.
Director of Finance
8. The City hereby covenants to the purchasers of the Bonds,
and their successors in interest, that it will make no use of the
proceeds of said Bonds at any time during the term thereof which,
if such use had been reasonably expected at the date the Bonds were
issued, would have caused them to be arbitrage bonds within the
meaning of Section 103(d) of the United States Internal Revenue Code
of 1954 and the applicable regulations of the United States Treasury
Department.
9. The City Clerk shall forward certified copies of this reso-
lution to the Director of Finance of said City, the Auditor of
Santa Clara County, and the Paying Agent.
* * * * * * * * * * * *
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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
18th
day of October
, 1972, by the
following vote of the members thereof:
AYES, and in favor thereof, Council members: BATREZ, DUFFIN,
HUGHAN, PATE, STOUT and GOODRICH.
NOES, Council members: None
ABSENT, Council members: SILVA
j
;?Y
/ Ci ty
~;;~~
Mayor
LIST OF UNPAID ASSESSMENTS
CITY OF GILROY
RONAN AVENUE - SOUTH CHESTNUT STREET
PROJECT NO. 1971-1
* Excepting any portion within the street right of way
EXHIBIT "A"
EXHIBIT "B"
Annual
Series Bond Nos. Principal Date of Maturity
1971-1 1 $ 138.35 July 2, 1974
2 - 9 8,000.00 July 2, 1974
10 - 17 8,000.00 July 2, 1975
18 - 25 8,000.00 July 2, 1976
26 - 33 8,000.00 July 2, 1977
34 - 41 8,000.00 July 2, 1978
42 - 49 8,000.00 July 2, 1979
50 - 57 8,000.00 July 2, 1980
58 - 65 8,000.00 July 2, 1981
66 - 73 8,000.00 July 2, 1982
74 - 81 8,000.00 July 2, 1983
82 - 89 8,000.00 July 2, 1984
90 - 97 8,000.00 July 2, 1985
98 - 105 8,000.00 July 2, 1986
106 - 113 8,000.00 July 2, 1987
114 - 121 8,000.00 July 2, 1988
NOTE:
All bonds in denomination of $1 000,
except Bond No. 1 in amount of $138.35.