Resolution 1231
RESOLUTION NO. 1231
A RESOLUTION DETERMINING UNPAID ASSESSMENTS AND PROVIDING
FOR ISSUANCE OF BONDS
LUCHESSA AVENUE IMPROVEMENT DISTRICT
PROJECT NO. 1967-2
RESOLVED, by the City Council of the City of Gilroy, California,
that
WHEREAS, said Council did on the 5th day of September, 1967, pass
and adopt its Resolution No. 1139 of Preliminary Determination and of
Intention, as subsequently amended, relating to the acquisition and
construction of public improvements in said City under and pursuant to
the provisions of Sections 12A.75 to 12A.83, inclusive, and Sections
12A.98 to 12A.I07, inclusive, 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 12A,
Article III, Division 3 of the 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 assessments and of the
time within which assessments may be paid in cash, has been duly pub-
1ished and mailed in the manner provided by said Code, and the time so
provided 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, theCouncil has duly considered said list and has determ-
ined 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 "Ail hereto
attached and by reference made a part hereof.
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2. That for a particular description of the lots and 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
recorded in the office of the superintendent of Streets of said City
after confirmation by said Council, the several lots and 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 $275,860.11, and bonds shall
be issued upon the security of said assessments in said amount in ac-
cordance with the provisions of Bond Plan B of Chapter l2A, Article III,
Division 3 of the Gilroy City Code and under and pursuant to the pro-
visions of said Resolution of Preliminary Determination and of Intention,
as amended, and the proceedings thereunder duly had and taken; that
said bonds shall be two hundred seventy-six (276) in number, shall be
dated March 8, 1968, and bear interest from their date at the rate of
not to exceed six percent (6%) per annum, and the denomination of said
bonds with their respective numbers and dates of maturity are as shown
on Exhibit "BIl 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 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 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 in turn be payable in installments as the general taxes
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of said 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. Said bonds shall be signed by the Clerk and Director of Finance
of the City or bear the engraved, printed or lithographed signature of
the Director of Finance and the official seal of said City shall be af-
fixed thereto. 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 sub-
stantially in the form set forth in Bond Plan B of the Gilroy City Code.
Said Director of Finance and Clerk of said City are hereby authorized and
directed to sign said bonds.
6. The interest coupons attached to each of said bonds and evidenc-
ing the interest to accrue thereon shall be numbered consecutively and
be substantially in the following form, to-wit:
Coupon No.
$
CITY OF GILROY
SANTA CLARA COUNTY, CALIFORNIA
Will pay to bearer hereof on the 2nd day Of
19 at the Bank of America National Trust & Savings
Assoc1ation, 300 Montgomery Street, San Francisco,
California, the sum of Dollars ($
said sum being the semiannual interest due on
,
)
Improvement Bond No.
of Series 1968-1
Director of Finance of the City of Gilroy
7. That the city Clerk shall forward to the Director of Finance
and County Auditor a certified copy of this resolution.
* * * * * * *
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EXHIBIT "A"
LIST OF UNPAID ASSESSMENTS
CITY OF GILROY
LUCHESSA AVENUE IMPROVEMENT DISTRICT
PROJECT NO. 1967-2
Assessment Amount of
Number Property Description Assessment
2 Assessor's Parcel No. 841-15-23
Northerly 20.0 acres thereof $38,121.21
3 Assessor's Parcel No. 841-15-23
Southeasterly 5.3 acres thereof 30,916.01
4 Assessor's Parcel No. 841-15-23
10.2 acres east of Jamieson Way 62,912.75
5 Assessor's Parcel No. 841-15-23
0.3 acres west of Jamieson Way 1,859.91
7 Assessor8s Parcel No. 841-15-22
Westerly 16~87 acres thereof 63,256.57
8 Assessor's Parcel No. 841-15-22
13070 acres east of Engle Way 78,793.66
$275,860011
EXHIBIT "B"
Annual
Series Bond Nos. Principal Amount Date of Maturity
1967-2 1 860.11 July 2, 1969
2 - 16 15,000.00 July 2, 1970
17 - 31 15,000.00 July 2, 1971
32 - 46 15,000.00 July 2, 1972
47 - 61 15,000.00 July 2, 1973
62 - 81 20,000.00 July 2, 1974
82 - 101 20,000.00 July 2, 1975
102 - 121 20,000.00 July 2, 1976
122 - ].41 20,000.00 July 2, 1977
142 - 161 20,000.00 July 2, 1978
162 - 181 20,000.00 July 2, 1979
182 - 201 20,000.00 July 2, 1980
202 - 226 25,000.00 July 2, 1981
227 - 251 25,000.00 July 2, 1982
252 - 276 25,000.00 July 2, 1983
I hereby certify that the :i'orego~ilb 1s a l'ull, 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 .1.2!b.. day of February
196~, by the following vote of the members thereof:
,
AYES, and in favor thereof, CouncilmemberS:Allemand, Duffin,
Kennedy, ..., Quartiroli, Silva, Wentworth andGoodr.icb
NOES,
ABSENT,
Councilmembers: None
Councilmembers:None
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~L,JZUcn-vJ {, ,~...Jf-
,. Cit~. 'JIE7'k of the City of .
Gilroy
APP'rlOVED ~
~~~
- Mayor .