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Resolution 1084 " " W~1L:PDA:gmb 2/28/67 8c RESOLUTION NO. 1084 A RESOLUTION CREATING A REVOLVING FUND SOUTH CHESTNUT STREET EXTENSION PROJECT NO. 1967-1 RESOLVED, by the City Council of the City of Gilroy, Cali- fornia, that WHEREAS, this Council has determined to undertake proceedings pursuant to appropriate assessment and assessment bond acts for the acquisition and construction of public improvements in said City more particularly described as follows: a) The acquisition of property necessary for the opening of a new street of the uniform width of 86 feet to be known as South Chestnut Street from Luchessa Avenue, running thence northerly 1600 feet, more or less, to the Princevalle storm drain channel as more particularly shown on sheet 2 of that certain map entitled, "Official Plan Lines for Chestnut Streetlt, dated November, 1966, and filed for record in the . office of the County Recorder, Santa Clara County, in Book 6 of Plan Line Maps at pages 63 and 64, and the acquisition of property necessary for the widening of Luchessa Avenue to a uniform width of 86 feet from the easterly line of the Southern Pacific Railroad Company right of way, running thence southeasterly to the westerly line of the proposed U.S. 101 Highway and the improvement thereof by clearing, grubbing, grading, removal of existing trees, shrubs and structures and the construction therein of base, pavement, curbs, gutters, street signs, striping, monuments, barricades, under- ground serviced street lighting, surface and subsurface storm drainage facilities, where necessary, including outfall structure at Princevalle storm drain channel, sewer mains, manholes with manhole frames and covers, wye branches, laterals and cleanouts, where necessary, water mains, valves, tees and hydrants and services, where necessary, together with the connection of said sewer and water facilities to existing facilities of the City of Gilroy. b) The acquisition of all lands and easements and the performing of all work auxiliary to any of the above necessary to complete the same. WHEREAS, Section 10424 of said Municipal Improvement Act of 1913 provides that this Council, to expedite the making of said improvements, may at any time advance out of any money in the general fund such sums as it deems necessary and that any sums so transferred are a loan and shall be repaid out of the proceeds of the assessments; /08;/ WHEREAS, Title 4, Division 4, Chapter 3, Article 2 of the Government Code of the State of California provides for the creati of a revolving fund in connection with proceedings had for the purposes therein set forth; and WHEREAS, the publiC convenience and economy will be served by creating a revolving fund in connection with said proceedings. NOW, THEREFORE, IT IS ORDERED, as follows: 1. A revolving fund, to be known as South Chestnut Street Extension Project No. 1967-1 Revolving Fund is hereby created and shall be maintained. 2. The sum of $ 10,000.00 , and such other sums as the Council may hereafter order, shall be transferred from the General Fund of the City to said Revolving Fund. 3. The moneys in said Revolving Fund shall be expended for the acquisitions and improvements hereinabove set forth, including the costs and expenses incidental thereto, and the cost of acquir~ ing land, rights of way, or other property necessary for such pur- poses as said funds are needed therefor. 4. Said Revolving Fund shall be reimbursed from the assess- ments to be collected and the proceeds of the bonds to be issued and sold in said assessment proceedings, and from such other source as the Council shall hereafter determine. 5. When the purposes for which said Revolving Fund is create have been fully accomplished, all moneys remaining therein shall be returned to the General Fund and said Revolving Fund discon- tinued. 6. A certified copy of this resolution shall be filed in the office of the City Treasurer. * * * * * * * * 2. .; ~ '!'!-"'.'i -" '. - -- iI!,~,<' . :"'-,~ ..~~) ,.....,', :4".f.,.'''i''_ " _~,_, -.'" "'"l!. c' . ........ .'"- '.", '~"":--, -~". "";-, :., ' /II;' -:'~' , . ";;-'~:" <. .. . ,.: ... 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 6th day of March , 196-!-, by the following vote of the members thereof: AYES, and in favor thereof, Councilmembers: Allemand, Duffin,6obdri'<;:fl;~uartiroli ,Wentworth, and Petersen. NOES, ABSENT, Councilmembers: NODe councilmembers:. ,ECkard /J '/~&F ' City Clerk of t .. Y of Gilro APPROVED: //// ~-,~~~~ yor .