Loading...
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 2 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 3 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. 4 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. * * * * * * * * * * * * 5 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.