Resolution 1145
WJML:JS:amf 9-22-67 lOC
RESOLUTION NO 0 1145
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE OF BONDS
SOUTH CHESTNUT STREET E~rENSION
PROJECT NO. 1967-1
RESOLVEDJ by the City Council of the City of GilroYJ California,
that
WHEREASs said Council 1id on May 1, 1967 pass and adopt its
Resolution Noo 1110 of Preliminary Determination and of Intention
relating to the acquisition and construction of public improvements
in said City under and pursuant to the provisions of Sections 12Ao75
to 12Ao83, inclusive, and Sections 12Ao98 to 12Aol07, 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 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 assessment and of the
time within which assessments may be paid in cash, has been duly pub-
lished and mailed in the manner provided by law, and the time so pro-
vided for receiving the payment of assessments in cash has ex~ired,
and the City Clerk has filed with the City Treasurer 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:
10 That the assessments in said unpaid list which now remain
unpaid, and the aggregate thereof, are as shown on Exhibit "Ai! hereto
attached anc by reference made a part hereofo
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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 diagram and assessment as so
confirmed and recorded, severally and respectively.
3. The unpaid list is in the amount of $131,278.51 and bonds
shall be issued upon the security of said unpaid assessments in the
amount of $131,278.51 ,in accordance 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 provisions of said Resolution of Preliminary Deter-
mination and of Intention and the proceedings thereunder duly had and
taken; that said bonds shall be one hundred thirty-two (132) in number,
shall be dated October 23, 1967, and bear interest from their date at
the rate of not to exceed six per cent (6%) per annum, and the denomina-
tion of said bonds with their respective numbers and dates of maturity
are as shown on Exhibit liB" her,eto attached and made a part hereof by
reference 0
40 Said bonds shall be issued in series, and the unpaid assess-
ments as shawn 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
2
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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 lithographed
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 signature; and such signing and sealing of
said bonds by said officers and signing of said coupons by said
Director of Finance shall const'itute 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 substantially 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 at,tached to each of said bonds and
evidencing the interest to accrue thereon shall be numbered consecu-
tively 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
.As'sociation, 300 Montgomery Street, San Francisco,
California, or at the office of the Director of Flnance
of the City of Gilroy, the sum of Dollars ($ )
said sum being the semiannual interest due on
Improvement Bond No.
of Series No.
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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3
EXHIBIT "A"
LIST OF UNPAID ASSESSMENTS
CITY OF GILROY
SOUTH CHESTNUT STREET EXTENSION
PROJECT NO. 1967-1
Assessment Assessor's Amount of Ass'd ValIn
Number Parcel No. Assessment Land Impvt
1 841-15-16 $ 8,692.14 $ 1,470 $
2 Southerly 3.4 acres
of 841-15-28 7,852.91 7,900
3 Northerly 3.5 acres
of 841-15-28 12,937.84
4 6.0 acres of 841-15-27
West of Chestnut st. 22,261.72 16,580 750
5 6.5 acres of 841-15-27
West of Chestnut St. 24,276.14
6 13.0 acres of 841-15-27
East of Chestnut st. 46,914.57
7A Por. of 841-15-29 3,386.80)
841-15-29 4,956.39~ 3,200
7B Por. of
$131,278.51
$29,150
$ 750
EXHIBIT "Bit
Amount of
Series Bond Nos. Principal Date of Maturi:t;y
1967-1 1 $ 278.51 July 2, 1969
2 - 10 9,000.00 July 2, 1970
11 - 19 9,000.00 July 2, 1971
20 - 28 9,000.00 July 2, 1972
29 - 37 9,000.00 July 2, 1973
38 - 46 9,000.00 July 2, 1974
47 - 55 9,000.00 July 2, 1975
56 - 64 9,000.00 July 2, 1976
65 - 73 9,000.00 July 2, 1977
74 - 82 9,000.00 July 2, 1978
83 - 92 10,000.00 July 2, 1979
93 - 102 10,000.00 July 2, 1980
103 - 112 10,000.00 July 2, 1981
113 - 122 10,000.00 July 2, 1982
123 - 132 10,000.00 July 2, 1983
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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 ~ day of October
,
196-1-, by the following vote of the members thereof:
AYES, and in favor thereof, Councilmembers: Duffin,
Kennedy,Jr.,Quartiroli ,Wentw0rth,Silva, and Goodrich.
NOES,
ABSENT,
Councilmembers: None
Councilmembers: All~nd
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,e6z4~ &, ./~~
/ City Cle.rk of the y of
Gilroy'
APPROVED:
~UU(/J~A
Mayor ,