Resolution 1541
WJM&L:PDA:S:zw 1/7/71 12c
RESOLUTION NO. 1541
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE OF BONDS
TENTH STREET IMPROVEMENT DISTRICT
PROJECT NO. 1970-4
RESOLVED, by the City Council of the City of Gilroy, California,
that
WHEREAS, said Council did on October 19, 1970, pass and adopt its
Resolution No. 1517 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 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 l2A,
Article III of said Gilroy City Code, 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 pub-
lished and mailed in the manner provided by law, and the time so pro-
vided for receiving the payment of assessments in cash has expired, and
the City Clerk has filed with the Director of Finance a list of all
assessments which now remain unpaid; and
WHEREAS, the Council has duly considered said list and has deter-
mined that the same is an accurate statement thereof;
NOW, THEREFORE, IT IS HEREBY ORDERED, as follows:
1. That the assessments in said unpaid list which now remain
unpaid, and the aggregate thereof, are as shown 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 unpaid
list and upon which assessments remain unpaid, severally and respec-
tively, reference is hereby made to the assessment and to the diagram
1~).0
recorded in the office of the Superintendent of Streets of said City
after confirmation by said 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. The unpaid list is in the amount of $114,922.24 and bonds, shall
be issued upon the security of said unpaid assessments in said amount in
accordance with the provisions of Bond Plan B, Chapter 12A, Article III
of the Gilroy City Code, and under and pursuant to the provisions of
said Resolution of Preliminary Determination and of Intention and the
proceedings thereunder duly had and taken; that said bonds shall be
one hundred fifteen (115) in number, shall be dated February 15, 1971,
and bear interest from their date at the rate of not to exceed seven (7%)
per annum, and the denomination of said bonds with their respective
numbers and dates of maturity are as shown on Exhibit "B" hereto at-
tached and made a part hereof by reference.
4. Said bonds shall be issued in series, and the unpaid assess-
ments as shown on said list filed with the Director of Finance of said
City and determined by said 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 un-
paid 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 each of the several bonds issued, and such proportion
of each assessment coming due in any year, together with the annual
interest thereon, shall in turn be payable in installments as the
general taxes of said City on real property are payable, and shall be-
come delinquent at the same time and in the same proportionate amounts
and bear t~e same proportionate penalties for delinquency.
5. Said bonds shall be signed by the Director of Finance and City
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Clerk of the City or bear the engraved, printed or lithographed signa-
ture of the Director of Finance and the official seal of said City shall
be affixed thereto by printed, lithographed or other reproduction thereof.
The interest coupons affixed thereto shall be signed by said Director of
Finance or bear his engraved, printed or lithographed signature; and
such signing and sealing of said bonds by said officers and signing of
said coupons by said Director of Finance shall constitute and be a
sufficient and binding execution of each and everyone of said bonds and
all of the coupons thereof respectively. Said bonds shall be substan-
tially in the form set forth in Bond Plan B of said Code. Said Director
of Finance and City Clerk of said City are hereby authorized and directed
to sign said bonds.
6. The interest coupons attached to each of said bonds and evi-
dencing the interest to accrue thereon shall be numbered consecutively
and be substantially in the following form, to wit:
On the 2nd day of
the CITY OF GILROY will pay to bearer here-
of at the Principal Office of Bank of
America National Trust & Savings Association,
San Francisco, California, Paying Agent of
the City, the sum shown herein being the
interest then due on Improvement Bond
dated February 15, 1971
Series 1970-4
, 19_
$
Coupon No.
Bond No.
Director of Finance
7. The Clerk shall forward to the Director of Finance and County
Auditor a certified copy of this resolution.
* * * * * * * * * * * *
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I hereby certify that the foregoing is a full, true and cor-
rect 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
Janua ry
, 1971, by
the following vote of the members thereof:
AYES, and in favor thereof, CouncilmeMers: Duffin,Batrez,Kennedy,
Pate, Silva, Wentworth, and Goodrich.
NOES, Councilment>ers: None
ABSENT, Councilmellbers: None
r
APPROVED:
/t~~~7L~tn'L~<":(
Mayor
LIST OF UNPAID ASSESSMENTS
TENTH STREET IMPROVEMENT DISTRICT
PROJECT NO. 1970-4
Assessment Assessor's Amount of Ass'd ValIn
Number Parcel No. Assessment Land Impvt
~ ?v 803-11-28 $ 987.28 $ 850 $ 790
3 803-11-27 932.16 850 580
4 803-11-26 1,850.90 830 450
6 803-11-48 2,742.07 1,290 880
7 803-11-7 907.36 1,250 2,700
8 803-11-06 1,025.39 2,480
9 803-11-35 2,063.63 6,810 7,350
11 803-12-14~ 300
803-12-48 30.28 8,780
12 803-12-12~ 1,937.72 330
803~12-13 2,730
13 803-l2-10~ 349.98 300
803-12-11 2,490 240
15 803-50-82 545.15 850 1,600
16 803-50-78) 2,289.66 150
803-50-81) 2,150 1,750
17 803-12-46) 99,260.66 50,290 5,350
803-12-1 ) 1,500
$114,922.24
$84,230
$21,690
EXHIBIT "All
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EXHIBIT "B"
Annual
Series Bond Nos. Principal Date of Maturity
1970-4 1 $ 922.24 July 2, 1972
2 - 7 6,000.00 July 2, 1972
8 - 14 7,000.00 July 2, 1973
15 - 21 7,000.00 July 2, 1974
22 - 28 7,000.00 July 2, 1975
29 - 35 7,000.00 July 2, 1976
36 - 43 8,000.00 July 2, 1977
44 - 51 8,000.00 July 2, 1978
52 - 59 8,000.00 July 2, 1979
60 - 67 8,000.00 July 2, 1980
I
68 - 75 8,000.00 July 2, 1981
76 - 83 8,000.00 July 2, 1982
84 - 91 8,000.00 July 2, 1983
92 - 99 8,000.00 July 2, 1984
100 - 107 8,000.00 July 2, 1985
108 - 115 8,000.00 July 2, 1986
"