Resolution 1511
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9/18/70 lOc
RESOLUTION NO. 1511
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE OF BONDS
PACHECO PASS IMPROVEMENT DISTRICT
PROJECT NO. 1970-2
RESOLVED, by the Council of the City of Gilroy, Santa Clara
County, California, that
WHEREAS, this Council did on July 6, 1970, pass and adopt its
Resolution No. 1480 of Preliminary Determination and of Intention,
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 l2A, Article III, Division 3 of said Gilroy City Code, refer-
ence to said Resolution of Intention, as modified, hereby being ex-
pressly made for further particulars;
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 pro-
vided for receiving payment of assessments has expired, and the
Director of Finance has filed in his office 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 in said unpaid list, 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
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list and upon which assessments remain unpaid, severally and respec-
tively, 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 des-
ignated upon said diagram and assessment as so confirmed and recorded,
severally and respectively.
3. The unpaid list is in the amount of $133,000.00, 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 l2A,
Article III, Division 3 of said City of Gilroy Code, and under and pur-
suant to the provisions of said Resolution of Preliminary Determination
and of Intention, as modified, and the proceedings thereunder duly had
and taken; that said bonds shall be twenty-nine (29) in number; shall
be dated October 8, 1970, and shall bear interest 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 "B" hereto attached and made a part hereof by
reference.
40 Said bonds shall be issued in series, and the unpaid assess-
ments shown on said list filed with the Director of Finance and deter-
mined by this Council, together with the interest thereon, shall re-
main and constitute a trust fund 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 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 be payable in installments as the general
taxes of the City on real property are payable, and shall become de-
2
linquent 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 Clerk, and the in-
terest coupons attached thereto shall be executed by the Director of
Finance. The Director of Finance may use an engraved, printed or litho-
graphed 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 respectively. 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, to wit:
THE CITY OF GILROY, California, will
pay to bearer hereof at Bank of
America, N.T. & S.A., Principal Office,
San Francisco, Calif., Paying Agent of
the City, ~r at the offices of the co~
paying agent~ in New York, N.Y., and
Chicago, Ill., the sum shown hereon
being interest due on
On
, 19___
$
Coupon No.
Bond No.
Pacheco Pass Improvement District
Project No. 1970-2
Improvement Bond dated
October 8, 1970
Series 1970-2
Director of Finance
7. The Clerk shall forward a certified copy of this Resolution
to the Director of Finance and County Auditor.
* * * * * * * *
3
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 21st day of
September
, 1970, by the following
vote of the members thereof:
AYES, and in favor thereof, Councilmelllbers: Batrez,Kennedy,
Pate, Silva, Wentworth, and Duffin.
NOES, Councilmetlbers: None
ABSENT, Councilmen~ers: Goodrich
,~
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APPROVED:
Assessment
Number
1
2
LIST OF UNPAID ASSESSMENTS
CITY OF GILROY
PACHECO PASS IMPROVEMENT DISTRICT
PROJECT NO. 1970-2
Assessor's
Parcel No.
Amount to
Assessment
841-17-5
841-17-30
$ 63,500.00
69,500.00
$133,000.00
EXHIBIT "A"
EXHIBIT liB"
Annual
Series Bond Nos. Principal Date of Maturity
1970-2 1 - 3 $ 3,000.00 July 2, 1972
4 5,000.00 July 2, 1973
5 5,000000 July 2, 1974
6 ~ 7 10,000000 July 2, 1975
8 - 9 10,000000 July 2, 1976
10 - 11 10,000.00 July 2, 1977
12 - 13 10,000000 July 2, 1978
14 - 15 10,000.00 July 2, 1979
16 - 17 10,000000 July 2, 1980
18 - 19 10,000.00 July 2, 1981
20 - 21 10,000000 July 2, 1982
22 - 23 10,000000 July 2, 1983
24 - 25 10,000.00 July 2, 1984
26 - 27 10,000000 July 2, 1985
28 - 29 10,000000 July 2,9 1986