Resolution 1509
WJML:SSD:sp I' '15/70 200
RESOLUTION NO. 1509
PROVIDING FOR THE ISSUANCE OF $600,000 PRINCIPAL AMOUNT
OF CITY OF GILROY GENERAL OBLIGATION BONDS OF 1969;
SECOND DIVISION, BEING PART OF AN ISSUE OF $950,000
AUTHORIZED AT AN ELECTION HELD IN SAID CITY ON APRIL 8,
1969; PRESCRIBING THE DATE, DENOMINATION, FORM AND NUMBERS
AND DATES AND AMOUNTS OF THE MATURITY OF THE BONDS AND .
COUPONS OF THE SECOND DIVISION OF SAID AUTHORIZED ISSUE;
FIXING THE MAXIMUM RATE OF INTEREST THEY SHALL BEAR, AND
PROVIDING FOR THE LEVY OF A TAX TO PAY THE PRINCIPAL
AND INTEREST THEREOF
CITY OF GILROY
GENERAL OBLIGATION BONDS OF 1969
SECOND DIVISION
RESOLVED, by the city Council of the City of Gilroy, California"
that
WHEREAS, all of the requirements of law have been complied with
in calling and holding the special municipal election held in the City
of Gilroy on ARril 8, 1969, at which election three propositions for
the incurring of bonded indebtednesses were submitted to the vqters
of the City; the votes cast for and against each proposition were
counted separately; the City Council of said City did duly and regu~ar~
ly canvass the returns of said election, and did as a result of such
canvass determine and declare, and does hereby certify, that Proposi-
tions No.1 (Library), No.2 (park Improvement) and No.3 (Headquarters
Fire Station) each received at said special. municipal election the
affirmative vote of more than two-thirds of all of the voters voting
at the election on each such proposition and that the aforementioned
propositions, and each of them, were thereby duly carried and adopted,
and the issuance of bonds in the sums and for the purposes specified
in said propositions was duly authorized;
WHEREAS, the City Council of the City of Gilroy heretofore,
to wit, on the 20th day of October, 1969, duly passed and adopted its
Resolution No. 1402, providing for the issuance of $350,000 principal
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amount of "City of Gilroy General Obligation Bonds of 1969 - First
Division", as set forth in the records of said Council;
WHEREAS, pursuant to proceedings heretofore duly had and
taken, First Division Bonds of said authorized issue in the principal
amount of $350,000 have heretofore been issued and sold and the
unmatured portion thereof is now outstanding; and said Resolution
No. 1402 provides that the remaining $600,000 principal amount of
said authorized issue may be divided into one or more additional
.series, as the Council shall determine;
NOW, THEREFORE, IT IS RESOLVED, DETERMINED and ORDERED, as
follows:
1. All acts, conditions and things required by law to exist,
happen and be performed precedent to and in the issuance of bonds
have existed, happened and been performed in due time, form and
manner as required by law, and the City of Gilroy is noW author-
ized pursuant to each and every requirement of law to incur an
indebtedness in the manner and form as in this Resolution provided.
2. Said Resolution No. 1402, providing for the issuance of
City of Gilroy General Obligation Bonds of 1969 - First Division,
adopted by this Council on October 20, 1969, is incorporated herein
by reference and all of the provisions thereof are made a part
hereof and shall be applicable to the issuance of the principal
amount of bonds of said authorized issue which is being provided
hereby, except only as herein otherwise expressly provided.
3. Bonds of the City of Gilroy in the aggregate principal
amount of Six Hundred Thousand Dollars ($600,000) to be known as
"City of Gilroy General Obligation Bonds of 1969 - Second Division",
shall be issued to pay the cost of the acquisition, construction
and completion of the municipal improvements of said City set
forth in the following propositions, to wit:
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PROPOSITION NO.1: "Shall the City of Gilroy incur
a bonded indebtedness in the
(Library) ,principal amount of $600,000 in
accordance with the provisions
of the Ordinance calling the election at which this
proposition is sUbmitted"for the object and purpose of
the acquisition of real property and the construction and
completion thereon of a library bUilding, including land
and rights in land, site clearing and development, building,
parking facilities, landscaping, furniture, furnishings,
equipment, facilities and appurtenances, and all thin~s
auxiliary thereto and necessary to complete the same?
PROPOSITION NO.2: "Shall the City of Gilroy incur
a bonded indebtedness in the
(Park ]mprovement) principal amount of $150,000 in
accordance with the provisions .
of the Ordinance calling the election at which this propo-
sition is submitted for the object and purpose of making
certain ., addi t10ns and improvements to the City I S Northside
Park encompassing the construction and completion of park
facilities for community use, including Eltructures and
equipment and incidental works and structures necessary or
convenient to the maintenance and operation of a park?"
"Shall the C.1ty 'of Gilroy :Lncur
a bonded indebtedness in the prin-
cipal amount of $200,000 in accord-
ance with the provisions of the
Ordinance calling the election at
which this proposition is submitted for the object and
purpose of the acquisition of real ,property and the con-
struction and completion thereon of a headquarters fire
station; the completion of grading, paving and site prepa-
ration of such real pro?erty; the purchase of furniture
and equipment to furnish said headquarters fire station;
and the purchase of fire apparatus and its equipment; and
the acquiring of all lands, easements, facilities and
appurtenances and the completion of all incidental work
necessary therefor?"
(Headquarters Fire
station)
PROPOSITION NO.3:
4. That said Six Hundred Thousand Dollars ($600,000) prin-
cipal amount of bonds of the Second Division shall be issued as
hereinafter set forth and shall be sold in accordance with law at
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by the Council of the City of Gilroy at the time of the sale of said
bonds of the Second Division, but not to exceed six percent (6%)
per annum, payable semiannually, except that interest for the first
year after the, date of the bonds shall be payable at the end of said
year. Such interest shall be evidenced by coupons attached to each
bond, and each of said coupons shall represent six months' interest
on the bond to Which it is attached, except the first coupon on each
bond which shall represent one year's interest on the bond to Which
it is attached. Said interest coupons shall be payable on the fif-
teenth day of May and the fifteenth day of November in each year
until and at the respective dates of maturity of said bonds, the
first coupon on each bond representing interest from November 15, 1970,
to November 15, 1971. Interest rates for different maturities may be
in varting multiples of any fraction or combination of fractions of
1%. Bonds of a particular maturity shall bear interest at a single
rate.
If, upon presentation at maturity, payment of any bond or
any interest coupon thereof, or both, is not made in full accord-
ance with the terms of this Resolution providing for the issuance
thereof, said bond or coupon, or both, shall continue to bear
interest at the rate stated therein until paid in full.
6. Said bonds of the Second Division shall be payable in
consecutive numerical order, from lower to higher, on November 15 in
each of the years, and mature in the total amounts per year, as
set forth in Exhibit "A" attached hereto and by reference incor-
porated herein, as determined from the accepted bond bid.
7. Both the principal of and interest on said bonds shall
be payable in lawful money of the United States of America at the
main office of Bank of America National Trust and savings Associa-
tion, San Francisco, California, the Paying Agent of the City, or
at any other bank or trust company designated by said paying Agent
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as a co-paying agent in the cities of New York, New York, and/or
Chicago, Illinois.
8. Said bonds and coupons of the Second Division shall
each be substantially in the form, the blanks therein to be fil~ed
with appropriate words or figures, as set fortn in Exhibit "B"
attached hereto and by reference incorporated herein.
9. The bonds shall be subject 'to registration in the ma~ner
pt'ovlded by law.
10. The proceeds from the sale10f sa;1.d Second Division,
aggregating Six Hundred Thous~nd Dollars ($600,000) in principal
',['he proceeds from the sale ot the Second Division, aggre-
gating Six Hundred Thousand Dollars ($600,000) in principal amount
shall be deposited in said fund and credited to the special accounts
as follows:
Library
(Proposition No.1)
$600,000
A record shall be kept of the disbursements made from such
account and such disbursements shall be made solely to the objects
and purpose~ contained in Proposition No. 1 as set forth in Para-
\.. "-
graph 3 above, and as approved by'the voters.
A~EST:
City Clerk
(SEAL)
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I hereby certify that the foregoing is a full, true and
correct copy of a resolution duly pas~ed and adopted by the City
Council of the City of Gilroy, California, at a meeting thereof
held on the ~tday of
September
, 1970, by the following
vote of the members thereof:
AYES, and in favor thereof, Council Members: Batrez, Kennedy,
Pate, Si1va,Wentworth, and Duffin.
. NOES, Council Members: None
ABSENT, Council Members: Good rich
,
"
APPROVED:
t
"1/.. ../
i.,.,//t-: /.1
?
Mayor'
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BOND NUMBERS
1 - 3
4 - 6
7 - 9
] 0 - 12
13 - 15
16 - 18
19 21
:~'2 - 24
25 - 27
28 - 31
~~~>. - 35
36 - 39
40 = 43
lt4 - 48
1~9 - :"53
~A - 58
59 - 64
65 - 70
71 - 76
77 - 82
83 - 89
90 - 96
97 - 103
104 - 111
112 - 120
CITY OF GILROY
GENERAL OBLIGATION BONDS OF 1969
$600;000 - SECOND DIVISION
SCHEDULE A - 25 YEARS
TOTAL AMOUNT
PER YEAR
$15,000
YEA R OF
MATURITY
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
15,000
15,000
15,000
15,000
15.000
15,000
15,000
15,.000
20,000
?O,OOO
20,000
20,000
25,000
25,000
25,000
30,000
30,000
30.000
30,000
35,000
35,000
35,000
40,000
45,000
EXHIBIT "A" Page 1
CITY OF GILROY
GENERAL OBLIGATION BONDS OF 1969
$600,000 - SECOND DIVISION
SCHEDULE B - 20 YEARS
TOTAL AMOUNT YEA R OF
BOND NUMBERS PER YEAR MATURITY
1 - 3 $15,000 1971
4 - 6 15,000 1972
7 - 10 20,000 1973
11 - 14 20,000 1974
15 - 18 20,000 1975
19 - 22 20,000 1976
23 - 27 25,000 1977
28 - 32 25,000 1978
33 - 37 25,000 1979
38 - 43 30,000 1980
44 - 49 30,000 1981
50 - 55 30,000 1982
56 - 62 35,000 1983
63 - 69 35,000 1984
70 - 76 35,000 1985
77 - 84 40,000 1986
85 - 92 40,000 1987
93 - 101 45,000 1988
102 - 110 45,000 1989
111 - 120 50,000 1990
EXHIBIT "A" Page 2
EXHIBIT liB"
UNITED STATES OF AMERICA
STATE OF CALIFOnNIA
'COUNTY OF SANTA CLARA
CITr OF GILROY
GENERAL OBLIGATION BOND OF 1969
SECOND DIVISION
$5000 .
No.
The CITY OF GILROY, a municipal corporation, organized and
existlng'under the-Constitution and laws of, the state of California,
hereby acknowledges itself indebted and for value received promises
to pay to the bearer (or if this bond be registered, to the regis-
tered owner'hereof)-ori the 15th day of November, 19__, FIVE THOUSAND
DOLLARS ($5,000), together wiFh intere~t thereon at toe rate of
- percent ( -' ~) per annum until pay-
ment of said principal sum in full, said interest t.o be payable
on November 15, 1971, ann thereafter payable semi.f.mnually on the 15th
day of May and the 15th day of November of each year, represented
by coupons attached hereto at the-time of issuance. Unless this -
bond is registered, such interest, prior to maturity, shall be
payable only on presentation and su~render of the proper interest
coupons hereto attached as they respectively become due. Both the
p~incipal of and interest on this bond are payable in lawful money
of the"UnitedStates of America at the maIn office of Bank of
America National Trust and Savings Associatioh, San Francisco,
California, the Paying Agent of the City, or at the officesmof the
co-paying agents in New York, New York, and/or Chicago, Illinois.
If, upon presentation at maturity, payment of this bond or
any interest coupon hereof, or both, is not made in full accordance
with the terms of the Resolution providing for the issuance hereof,
said bond or coupon, or both, shall continue to bear interest at
the rate stated herein until paid in full..
This bond is one of the Second Division, aggregating Six
HUndred Thousand Dollars ($600,000) in principal amouht, of a dUly
authorized issue of bonds of said City aggregating Nine Hundred
Fifty Thousand Dollars ($950,000) in principal amount, all of like
tenor (except for such variations as may be required to designate
varying divisions, principal amounts, denominations, dates, maturity
dates, and interest rates), and is issued under and pursuant to the
ordinances and proceedings of said City duly adopted and taken and
a vote and assent of more than two-thirds of all the qualified
electors of said City voting at a special election duly called and
held for that purpose.
This bond may be registered in the manner provided by law,
and thereafter the principal hereof and interest hereon shall be
payable only to such registered owner.
It is hereby certified, recited, and declared that all
acts, conditions and things required by law to exist, happen and
tOibe performed precedent to and in the issuance of this bond have
existed, happened and been performed in due time, form and manner
as required by law, and that the amount of this bond, together with
all other indebtedness of said City, does not exceed any limit
prescribed by the Constitution or statutes of said state, and that
provision has been made, as required by the Constitution and statutes
of said state, for the collection of an annual tax sufficient to pay
the principal of and interest on this bond as the same become due.
The full faith and credit of the City are hereby pledged for the
punctual paYment of the principal and .interest of this bond.
IN WITNESS WHEREOF, the City of Gilroy has caused this bond
to be executed under its official seal, signed by its Mayor and its
Director of Finance and countersigned by its Clerk, and has caused
the interest coupons nereto attached to be signed by its Director
of Finance and this bond to be dated the 15th day of November, 1970.
~yor of the City of Gilroy
Di~ector of Finance of the
City of Gilroy
Countersigned:
City Clerk of the City of Gilroy
City or Gilroy, California
General Obligation Bond of 1969
Second Division
Dated November 15, 1970
I 19_
On
$
Coupon No.
Bond No.
The sum shown hereon, being interest then due, is payable to bearer .,
(unless the bond be registered) at the main office of Bank of .America
National Trust and Savings Association, San Francisco, California,
the Paying Agent of the City, or at the' offi'ces of the co-paying
agents in New York, New York and/or Chicago, Illinois, in lawful
money of the United states of America.
Director of Finance .of the
City of Gilroy
REGISTRATION
This borid'is registered pursuant to the statute in such cases
made and provided in the name of the registered owner last entered
below and the interest and principal thereof are hereafter payable to
such owner.
DATE OF
REGISTRATION
NAME OF
REG ISTERED OWNER
SIGNA TUREOF '. DIRECTOR
OF FINANCE.'OR REGISTRAR
EXHmIT "B"
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