Resolution 1259
\c!JML: JS: c~a:) 5/1U/68 lOc
RESOLUTION NO. 1259
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE OF BONDS
FOREST STREET IMPROVEMENT DISTRICT
PROJECT NO. 1968-1
RESOLVED, by the City Council of the City :)f Gllroy,
California, that
WHEREAS, said C:)uncil did on February 19, 1968, pass
and adopt its Resolution No. 1234 of Preliminary Determi-
nation and of Intention relating to the acquisition and con-
struction of public improvements in said City under and pur-
suant to the provisions of Sections 12A.75 to l2A.83, in-
clusive, and Sections l2A.98 to 12A.l07, inclusive, of Chapter
12A, Article II of the Gilroy City Code, and did therein pro-
vide that serial bonds would be issued thereunder pursuant to
the provisions of Bond Plan B, Chapter l2A, Article III, Di-
vision 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 assessment and
of the time wlthin 'which assessments may be paid in cash, has
been duly published and mailed in the manner provided by law,
and the time so provided for receiving the payment of assess-
ments 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 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 which now
remain unpaid, and the aggregate thereof, are as shown on
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I Z .s 'I
EXHIBIT "A" hereto attached and by reference made a part
hereof.
2. That for a particular description of the lots bearing
the respective assessment numbers set forth in said unpaid
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 said City after confirmation by said Council,
the several lots represented by said assessment numbers being
so numbered and designated upon said d1.agram and assessment as
so confirmed and recorded, severally and respectively.
3. The unpaid list is in the amount of $12,282.99 and
bonds shall be issued upon the security of said unpaid assess-
ments in said amount in accordance with the provisions of
Bond Plan B of Chapter 12A, Article III, Division 3 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 fifteen (15) in number, shall be dated June 17,
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 Ri'chibi t "B" hereto atta ched 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 0.1.' said bonds and of the
interest which may be due thereon, which unpaid assessments
shall be taxable in annual series corresponding in number to
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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 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 litho-
graphed signature of the Director of Finance and the official
seal of said City shall be affixed thereto. The interest
coupons affixed thereto shall be signed by said Director of
Finance or bear his engraved, printed or lithographed signa-
ture; 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 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 evidencing the interest to accrue thereon shall be numbered
consecutively and be substantially in the following form1
to wit:
-3-
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
Association, 300 Montgomery Street, San Francisco,
California, or at the office of the Director of Finance
of the City of Gilroy, the sum of
Dollars ($. ), said sum being the semiannual in~
terest dueon .---.-
Improvement Bond No.
:>f Series No.
Director of Finance of the CitY-Of Gilroy
7 . 'l'hn t the City Clerk shall forward to the Dlrector
of Finance and County Auditor a certified copy of this reso-
luticn.
.)Eo
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EXHIBIT "A"
LIST OF UNPAID ASSESSMENTS
CITY OF GILROY
FOREST STREET IMPROVEMENT DISTRICT
PROJECT NO. 68-1
Assessment Assessor's Amount of Ass'd ValIn
Number Parcel No. Assessment Land Impvt
, 841-02-002 $234. 30 $2,720 $8,500
..L
2 841-02-001 271.42 630 1,000
6 841-01-043 452.36 720 1,280
8 841-01-011 608.96 360
9 841-01-010 515.30 3'00 4,800
10 841-01-0'09 515.30 300 1,170
11 841-01-008 515.30 300 1,970
12 841-01-'007 515.30 3'0'0 1,140
14 841-01-'052 515.30 30'0 1,970
15 841-01-'005 515.30 30'0 1,400
16 841-01-040 1,401.31 840
17 841-01-041 1,072.52 2,700 14,000
18 841-01-042 1,524.0'0 1,20'0
20 841-01-004 1,722.6'0 72'0
21 841-01-026 1,903.72 890 2,060
$12,282.99
$12,58'0
$ 39,290
EXHIBIT "B"
Annual
Series Bond No. Principal Amount Date of Maturity
1968-1 1 $ 282.99 July 2J 1969
2 500.00 JUly 2, 1970
3 500.00 July 2, 1971
4 500.00 July 2J 1972
5 500.00 July 2, 1973
6 1,000.00 July 2, 1974
7 1,000.00 July 2, 1975
8 1,000.00 July 2, 1976
9 1,000.00 July 2, 1977
10 1,000.00 July 2, 1978
11 1,000.00 July 2, 1979
12 1,000.00 July 2, 1980
13 1,000.00 July 2, 1981
14 1,000.00 July 2, 1982
15 1,000.00 July 2J 1983
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
20th day of
May
, 196~, by
held on the
the following vote of the members thereof:
AYES, and in favor thereof, Councilmembers: Allemand,Kennedy,
Quartiroli ,Silva,Wentworth, and G00drich.
NOES, Councilmembers: None
ABSENT, Councilmembers: Duffin
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City of Gil y
APPROVED:
Mayor
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