Resolution 1441
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RESOLUTION NO. 1441
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE OF BONDS
EIGHTH STREET IMPROVEMENT DISTRICT
PROJECT NO. 1969-2
RESOLVED, by the Council of the City of Gilroy, Santa
Clara County, California, that
WHEREAS, this Council did on October 6, 1969, pass and
adopt its Resolution No. 1393 of Preliminary Determination
and of Intention, as modified, relating to acquisitions and
construction of public improvements in said City, under and
pursuant to the provisions of the Gilroy City Code, and
amendments thereto, and did therein provide that serial
bonds would be issued pursuant to the provisions of Bond
Plan B of Chapter 12A, Article III, Division 3 of said Gil-
roy City Code, reference to said Resolution of Intention,
as modified, hereby being expressly made for further parti-
culars;
WHEREAS, notice of the recordation of the assessment
and of the time within which assessments may be paid has
been duly published and mailed in the manner provided by said
Code, and the time so provided for receiving payment of
assessments has expired, and the Director of Finance has
filed in his office a list of all assessments which now re-
main 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 in said unpaid list, and the
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aggregate thereof, are as shown on Exhibit "A" hereto attach-
ed 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, 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 designated upon said diagram and assessment
as so confirmed and recorded, severally and respectively.
3. The unpaid list is in the amount of $6,568.80,
and bonds shall be issued upon the security of said unpaid
assessments in said amount in accordance with the provisions
of Bond Plan B of Chapter 12A, Article III, Division 3 of
said City of Gilroy Code, and under and pursuant to the pro-
visions of said Resolution of Preliminary Determination and
of Intention, as modified, and the proceedings thereunder
duly had and taken; tha t said bonds sha 11 be seven (7) in
number; shall be dated February 25, 1970, shall bear in-
terest from their date at the rate stated in the accepted
bid for the bonds; and, the denominations of said bonds and
their respective numbers and dates of maturity are as shown
on Exhibit lIB'l hereto attached and made a part hereof by ref-
erence.
il Said bonds shall be issued in series, and the un-
paid assessments shown on said list filed with the Director
of Finance and determined by this Council, together with the
interest thereon, shall remain and constitute a trust fund
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for the redemption and payment of said bonds and of the
interest which may be due thereon. The unpaid assessments
shall be taxable in annual series corresponding in number
to the number of series of bonds issued, and an annual pro-
portion 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 be payable in installments as the general taxes of
the City on real property are payable, and shall become de-
linquent at the same time and in the same proportionate
amounts and bear the same proportionate penalties for de-
linquency.
5. The bonds shall be executed on behalf of the City
and under its offcial Seal by the Director of Finance and
Clerk, and the interest coupons attached thereto shall be
executed by the Director of Finance. The Director of Finance
may use an engraved, printed or lithographed facsimile of
his signature in lieu of signature by hand, and the Seal
of the City may be affixed to the bonds by printed, litho-
graphed or other reproduction thereof; and such signing
and sealing of said bonds and coupons by said officers,
and signing of said coupons by the Director of Finance,
shall constitute and be a sufficient and binding execution
of each and everyone of said bonds and coupons thereof re-
spectively. Said bonds shall be substantially in the form
set forth in Bond Plan B of the Gilroy City Code.
6. The coupons attached to each of said bonds, and
evidencing the interest to accrue thereon, shall be numbered
consecutively and be substantially in the following form,
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to-wi t:
THE CITY OF GILROY, California, will On , 19_
pay to bearer hereof at the main
office of the Bank of America $
N. T. & S. A., San Francisco,
California, the sum shown hereon, Coupon No.
being the interest due on its
Improvement Bond dated February 25, Bond No.
1970, Series 1969-2.
Eighth Street Improvement District
Director of Finance
7. The Clerk shall forward a certified copy of this
Resolution to the Director of Finance and County Auditor.
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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, Calirorn~a, at a meeting thereof
2nd
day of
February
, 19 70
,
held on the
by the following vote of the members thereof:
AYES, and in favor thereof, Councilmembers: Batrez, Duffin, Kennedy,
Pate, Silva, Wentworth, and Goodrich.
NOES,
Councilmembers:None
ABSENT, Councilmembers:None
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City of Gilr-
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City Clerk of the
APPROVED:
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I Mayor
EXHIBIT HAll
LIST OF UNPAID ASSESSMENTS
CITY OF GILROY
EIGHTH STREET IMPROVEMENT PROJECT 69-2
Assessment Assessor's Amount of
Number Parcel No. Assessment
1 841-12-1 $ 152.62
4 841-12-4 256.80
6 841-12-6 214.00
9 841-12-26 455.91
10 841-12-21 1,415.77
12 841-12-19 309.44
15 841-11-38 856.00
17 841-11-41 1,444.50
18 841-11-32 642.00
20 841-11-33 286.76
21 841-11-34 535.00
TOTAL $6,568.80
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EXHIBIT lfBlf
Annual
Series Bond Nos. Principal Amount Date of Maturity
1969-2 1 $ 568.80 July 2, 1971
2 1,000.00 July 2, 1972
3 1,000.00 July 2, 1973
4 - 5 2,000.00 July 2, 1974
6 - 7 2,000.00 July 2, 1975