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Resolution 1983-50 2226C'-544a' . WMAM:PD~K:rva 06/l4/83 14c . , RESOLUTION NO. 83- 50 A RESOLUTION DETERMINING UNPAID ASSESSMENTS AND PROVIDING FOR ISSUANCE OF BONDS EAST NINTH STREET ET AL. ASSESSMENT DISTRICT 83-l RESOLVED, by the City Council (the "Council") of the City of Gilroy (the "City"), Santa Clara County (the "County"), California, that WHEREAS, the Council has provided in proceedings cor~ucted under and pursuant to its Resolution No. 80-71 of Preliminary Det~rmination and of Intention, adopted August 4, 1980, as amended, that serial bonds will be issued to represent the unpaid assessments pursuant to Bond Plan B, Division 3, Article III, Chapter l2A of the Gilroy City Code (the "Bond La~"); WHEREAS, a complete list of all unpaid assessments has been made by the City Clerk as Collection Officer and filed with the City Treasurer (the "Treasurer"); and WHEREAS, the Council has duly considered said list and has determined that the same is an accurate statement thereof; , NOW, THEREFORE, THE COUNCIL HEREBY DETERMINES AND ORDERS, as follows: 1. List of Unpaid Assessments. That the assessments now remaining unpaid are as shown on said list and on Exhibit "A" attached hereto and by this reference made a part hereof, that the aggregate amount thereof is $898,355.95, and that for a particular description of the lots or parcels of land bearing the respective assessment numbers set forth in said list, reference is hereby made to the assessment and diagram recorded in the office of the Superintendent of Streets of the City after confirmation by the Council. 2. Issuance of Bonds. Bonds aggregating $898,355.95 in principal amount shall be issued as herein provided upon the security of said unpaid assessments in accordance with the provisions of the Bond Law, and under and pursuant to the provisions of said Resolution of Preliminary Determination and of Intention, as amended, and the proceedings thereunder duly had and taken. The Bonds authorized herein (the "Bonds" and sometimes the "Bond") shall be issued in the form of coupon bonds, shall be known as "Improvement BondS, City of Gilroy, East Ninth Street Et AI. Assessment District 83-1, Series 83-l", be dated June 27, 1983, be numbered, of the denominations and mature in the amounts and on the dates set forth in Exhibit "B" attached hereto and by this reference made a part hereof. 3. Interest. The Bonds shall bear interest from their date at the rate or rates determined by the Council at the time of award of sale of the Bonds, payable commencing on January 2, 1984, and semiannually thereafter on July 2 and January 2 of each year to their respective dates of maturity. Each Bond will continue to bear interest after maturity at the rate stated therein, provided it is presented at maturity and payment thereof is refused on the sole ground that there is not sufficient money in the Redemption Fund with which to pay same; if it is not presented at maturity, interest thereon will run only until maturity. RESOLUTION NO. 83 - 50 . / . . 4. Payable. The principal of and interest on the Bonds, and any redemption premium, shall be payable in lawful money of the united States of America by Bank of America National Trust and Savings Association, as Paying Agent of the City, at its Corporate Agency Service Center, San Francisco, California. The Paying Agent shall be the registrar for any registration, transfer and conversion of the Bonds. Interest shall be payable to the bearer of coupons pertaining to the Bonds upon presentation and surrender thereof at said office of the paying Agent as they severally become due, and to the holder of record of Bonds registered as to both principal and interest by check or warrant mailed to the registered holder's address as it appears on the registry books maintained by the paying Agent. Principal and any redemption premium are payable at maturity or upon the prior redemption thereof to the holder of any bearer Bond and to the registe-ed holder of any Bond registered as to both principal and interest up~n presentation and surrender thereof at said office of the Paying Agent. 5. Form. The Bonds, the registration endorsement thereon and the coupons-ro-be attached to the Bonds shall be substantially in the forms set forth in Exhibit "C" attached hereto and by this reference made a part hereof, the blank spaces therein to be filled in to conform to the provisions of this Resolution. 6. Execution. The Bonds shall be executed on behalf of the City and under its official seal by the Treasurer and by the City Clerk and the coupons attached to the Bonds shall be executed by the Treasurer whose signature may be reproduced on the Bonds and on the coupons by engraved, printed or lithographed facsimile thereof, and the official seal may be placed on the Bonds in like manner. Such signing and sealing shall constitute and be a sufficient and binding execution of each and everyone of the Bonds and coupons thereof, respectively. If any officer whose signature appears on the Bonds or coupons ceases to be such officer before the delivery of the Bonds to the purchaser thereof, such signature shall be as valid as if such officer had remained in office until the delivery of the Bonds. 7. Preparation of Bonds. The City Clerk is hereby directed to cause Bonds of quality usually required of purchasers of municipal bonds to be prepared in accordance with this Resolution and the accepted bid for the Bonds, and upon their completion to deliver same to the Treasurer who shall hold the Bonds in safekeeping until ready for execution and delivery to the purchaser thereof. Until definitive Bonds shall be prepared, the City may cause to be executed and delivered in lieu of such definitive Bonds and subject to the same provisions, limitations and conditions as are applicable in the case of definitive Bonds, except that they may be in any denominations authorized by the Treasurer, one or more typed, printed, lithographed or engraved temporary Bond(s) in fully registered form, as may be authorized by the Treasurer, substantially of the same tenor and, until exchanged for definitive Bonds, entitled and subject to the same benefits and provisions of this Resolution as definitive Bonds. If the City issues one or more temporary Bond(s) it will execute and furnish definitive Bonds without unnecessary delay and thereupon the temporary Bond(s) may be surrendered to the Treasurer in exchange for such definitive Bonds, without expense to the Bondholder. All temporary Bonds so surrendered shall be canceled and shall not be reissued. If Cusip identification numbers are assigned by the Cusip Service Bureau for printing on the Bonds, neither the failure to print such number on any Bond nor any error with respect thereto shall -2- . . constitute cause for a failure or refusal by the initial purchaser of the Bonds to accept delivery of and pay for the Bonds in accordance with the terms of the accepted bid for the Bonds. 8. Delivery of the Bonds. Upon the execution of the Bonds and the performance of the conditions contained in the accepted bid therefor, the Treasurer shall, upon receipt of the purchase price therefor, deliver the Bonds to the purchaser thereof. The City Clerk and Treasurer are authorized and directed to deliver to the purchaser of the Bonds a signature and no-litigation certificate in form customarily required by purchasers of municipal bond s . The Treasurer is further authorized and directed :0 execute and deliver to the purchaser of the Bonds a receipt in form customarily required by purchasers of municipal bonds, evidencing the payment of the purchase price of the Bonds, which receipt shall be conclusive evidence that the purchase price has been paid and has been received by the City. If payment for the Bonds is made by the purchaser thereof at a bank rather than at the office of the Treasurer, the Treasurer may authorize such bank to cause a receipt for the purchase price of the Bonds to be executed on behalf of the City by an authorized officer of such bank, provided that the Treasurer is first satisfied that the funds representing such purchase price have been received by the City. The Treasurer is further authorized and directed to execute and provide to the purchaser of the Bonds a certificate as to the amount and use reasonably expected by the City, as of the date or dates of issue of the Bonds, of the proceeds thereof, as provided by Sections 1.l03-l3, l.l03-l4 and 1.l03-l5 of the Income Tax Regulations under the Internal Revenue Code of 1954, as amended. 9. Record of Bonds. The City shall keep at the office of the Paying Agent a record showing the series, number, date, amount, rate of interest, the last known holder of each Bond, and the number and amount of each interest coupon paid. The Paying Agent shall cancel or cause to be canceled each Bond and coupon paid. The City shall keep at the office of the paying Agent sufficient books for the registration and transfer of the Bonds Showing at all times what Bonds are registered and in whose names, and, upon presentation for such purpose, the Paying Agent shall, under such reasonable regulations as the City and paying Agent may prescribe, register or transfer or cause to be registered or transferred, on said registry books, the Bonds as herein provided. lO. Establishment of Funds. There are hereby created and established the following special funds which shall be held and maintained by the Treasurer as separate trust accounts, distinct from all other accounts of the City: (a) The East Ninth Street Et Al. Assessment District 83-l Improvement Fund, or similar designation as determined by the Treasurer (the "Improvement Fund") ; (b) The East Ninth Street Et Al. Assessment District 83-l, Series 83-1 Bond Redemption Fund, or similar designation as determined by the Treasurer (the "Redemption Fund"); and (c) The East Ninth Street Et Al. Assessment District 83-l, Series 83-l Bond Reserve Fund, or similar designation as determined by the Treasurer (the "Reserve Fund"). -3- . . ll. Improvement Fund. Moneys received by the City from the cash payments of assessments, contributions or any other source for the acquisition, construction and financing of the improvements described in the assessment proceedings, together with the proceeds received from the sale of the Bonds, including any premium received by the City on the sale of the Bonds (but not including the moneys required to be placed in the Reserve Fund pursuant to Section 13 hereof nor any accrued interest which shall be placed in the Redemption Fund) shall be placed in the Improvement Fund. Disbursement from the Improvement Fund shall be made exclusively to pay the costs of the acquisitions and/or improvements, together with all expenses incidental thereto. Any surplus remaining in the Improvement Fund after payment of all costs shall be used, in such amounts as the Council ray determine, in accordance with the provisions of law for one lr more of the following purposes: (a) Transfer to the general fund of the City, provided that the amount of any such transfer shall not exceed the lesser of $l,OOO or 5% of the total amount expended from the Improvement Fund; (b) As a credit upon the assessment and any supplemental assessment; provided that such surplus may, if the Council so determines, also be applied as a credit to the City on account of contributions made by it towards the cost and expenses of the acquisitions and/or improvements in the proportion which such contribution bears to the total amount of the assessment or supplemental assessment prior to the deduction of all such contributions; or (c) For the maintenance of any improvements acquired or constructed in said proceedings. l2. Redemption Fund. Any accrued interest received on account of the sale of the Bonds, all sums received from the collection of unpaid assessments and interest and penalties thereon (but excluding collection charges) as provided in Section 16 hereof, and any amounts advanced from the Reserve Fund or otherwise in satisfaction of the City's obligations under Section 17 hereof shall be placed in the Redemption Fund. Disbursement from the Redemption Fund shall be made exclusively to pay the principal or redemption price of the Bonds and the interest due thereon. Any surplus remaining in the Redemption Fund after payment of all Bonds and the interest thereon shall first be applied to repayment to the City of any special taxes levied by it for the purpose of paying for lands purchased by it under Part l3 of the Improvement Bond Act of 19l5, Division 10 of the Streets and Highways Code of the State of California (incorporated in the Bond Law by reference) less its recovery on the lands purchased at such delinquent sale, and also of any costs incurred by it thereunder. The remainder shall be repaid in accordance with the provisions of Section 8783 of said Streets and Highways Code to persons paying supplemental assessments, if any, and the balance may be proportionately credited upon the final installments due upon the assessments securing the Bonds and repaid to those persons whose assessments have been previously paid or may be transferred to the general fund of the City. 13. Reserve Fund. An amount equal to ten percent (10%) of the principal amount of the Bonds shall be placed in the Reserve Fund upon receipt of the proceeds of the sale of the Bonds. Monies in the Reserve Fund shall constitute a trust fund for the benefit of Bondholders. Any income realized from the investment of monies in the Reserve Fund shall -4- . . . . be credited to the Reserve Fund, provided that, in order to assure that the Bonds do not become arbitrage bonds as defined in the Internal Revenue Code of 1954, as amended, the Reserve Fund shall be administered so that at no time does the amount therein exceed fifteen percent (15%) of the original face amount of the Bonds, unless the proceeds originally received by the City from the sale of the Bonds (including any accrued interest) are less than ninety-eight percent (98%) of the original face amount of the Bonds, in which event the Reserve Fund shall at no time exceed fifteen percent (l5%) of such proceeds. Monies in the Reserve Fund shall be paid and transferred in the following amounts and at the fOllowing times and under any of the following circumstances: (a) Whenever there are insufficient funds in the Redemption Fund to meet the next maturing installment of principal of or interest on the Bonds due to delinquent installments of assessments, an amount necessary to pay such deficiency shall be transferred as an advance from the Reserve Fund to the Redemption Fund. The amount so advanced shall be reimbursed and deposited in the Reserve Fund from the proceeds of redemption or sale of the parcel for which payment of delinquent installments was made from the Reserve Fund. (b) Each unpaid assessment securing the Bonds which is paid in cash prior to its final maturity date pursuant to the provisions of the Bond Law for the advance payment of assessments shall be proportionately reduced by an amount equal to the ratio of the total amount initially provided for the Reserve Fund to the total amount originally assessed in the proceedings for the Bonds, and an amount equal to the reduction in such assessment shall be transferred from the Reserve Fund to the Redemption Fund. (c) Any income realized from the investment of monies in the Reserve Fund which would cause the foregoing limitation to be exceeded shall be placed in the Redemption Fund and credited upon the unpaid assessments in the manner set forth in Section 10427.l of the Streets and Highways Code; provided that, in order to comply with current federal regulations, any excess that cannot be credited to unpaid assessments and expended within thirteen (l3) months (except for a reasonable carryover amount not to exceed the greater of one year's earnings on the Redemption Fund or one-twelfth of annual debt service) from the date of deposit in the Redemption Fund shall be applied to the advance retirement of the Bonds in the manner provided in the Bond Law. Should federal regulations be changed, administration of the Reserve Fund must conform to such regulations. (d) Whenever the balance in the Reserve Fund is sufficient to retire all the remaining outstanding Bonds, collection of the principal and interest on the unpaid assessments shall be discontinued and the Reserve Fund shall be liquidated in retirement of the Bonds. The Council shall order the same to be credited against the assessments remaining unpaid in the manner set forth in Section l0427.l of said Streets and Highways Code, and the amount apportioned to each unpaid assessment shall be credited against the last unpaid assessment installment, and, if the amount apportioned to each parcel exceeds the amount of said last installment, then such excess shall be credited against the next preceding unpaid assessment installment or installments until exhausted. In the event that the balance in the Reserve Fund at the time of liquidation exceeds the amount required to retire all outstanding Bonds, the excess shall be apportioned to each parcel upon which the individual assessment remained unpaid at the time the balance in the Reserve Fund was sufficient to retire all outstanding Bonds. -5- . . The payments shall be made in cash to the respective owners of the parcels except that, if the excess is not greater than one thousand dollars ($l,OOO), the excess may be transferred to the general fund of the City. l4. Investment of Funds. Moneys in the Improvement Fund, the Redemption Fund, and tne Reserve Fund may be invested in any obligations which are then authorized by the laws of the state of California as investments for local agencies, maturing on a date or dates prior to the need for such moneys. Any income or interest thereon shall accrue to and be deposited in the fund from which said moneys were invested, subject to the limitation in Section l3(c) hereof with respect to the Reserve Fund. 15. Arbitrage Covenant. The City covenants that as ~ong as any Bonds remain outstanding no use will be made at any time of the proceeds thereof which use (1) is a use reasonably expected at the time of issuance of the Bonds, and (2) would, if such use were reasonably expected at t~e time of issuance of the Bonds, cause such Bonds to be "arbitrage bonds" within the meaning of Section l03(c) of the Internal Revenue Code of 1954 and the regulations thereunder as the same may be amended from time to time; provided, however, that the right is reserved to make any investment of such proceeds permitted by law if, when and to the extent that said Section 103(c) or regulations thereunder shall be repealed or relaxed or shall be held void by final decision of a court of competent jurisdiction, but only if any investment made by virtue of such repeal, relaxation or decision would not result in the interest on the Bonds being subject to federal income taxation. l6. Collection of Unpaid Assessments. The unpaid assessments shown on said list filed with the Treasurer and determined by the Council, together with the interest thereon, shall remain and constitute a trust fund for the redemption and payment of the principal of the Bonds and for the interest due thereon, which unpaid assessments shall be payable in annual series corresponding in number to the number of serial maturities of the Bonds issued. An annual proportion of each unpaid assessment shall be payable in each year preceding the date of maturity of each of the several series of Bonds issued, sufficient to pay the Bonds when due, and such proportion of each unpaid assessment coming due in any year, together with the annual interest thereon, shall be payable in the same manner and at the same time and in the same installments as the general taxes of the City on real property are payable, and become delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do the general taxes on real property of the City. A record of the several installments of principal and interest on said unpaid assessments which are to be collected in each year during the term of the Bonds shall be kept in the office of the County Auditor-Controller. When the first interest coupon is for interest for a longer period than six months, the County Auditor- Controller shall enter the amount thereof in the column on the assessment roll provided for the first installment, and the balance in the column on the assessment roll provided for the second installment. All sums received from the collection of said unpaid assessments and of the interest and penalties thereon shall be placed in the Redemption Fund, except that any percentage collected to represent the costs of such collection shall be retained by the County Auditor-Controller. 17. Advances from Available Surplus Funds. In the event of a delinquency in the payment of any installment of the assessment levied upon any property for the payment of the principal and interest of the Bonds, the City, in the absence of any other bidder, shall be the -6- . . purchaser of delinquent property upon which any of said assessments are levied in like manner in which it becomes, or may become, the purchaser of property sold for the nonpayment of general City taxes, and shall pay and transfer from available surplus funds into the Redemption ~und the amount of any delinquent assessment installment and interest thereon. The City shall also pay and transfer from available surplus funds into the Redemption Fund the amount of any future delinquent assessment and interest thereon on such property pending redemption. Any amounts so advanced shall be recoverable upon sale or redemption of the property. l8. Covenant to Foreclose. The City hereby covenants with the holders of the Bonds that it will order and cause to be commenced and diligently prosecuted to completion, court foreclosure proc' ~dings upon the lien of any and all delinquent assessments and interest, pursuant to and as provided in Part l4 of the Improvement Bond Act of 19l5. Such foreclosure proceedings shall be commenced within l50 days following the date of such delinquency. 19. Redem2tion Prior to Maturity. Each Bond outstanding may be redeemed and paid in advance of maturity upon the second day of January or July in any year by giving at least 60 days notice and by paying the principal amount thereof together with a premium equal to 5% of the principal plus interest to the date of advanced maturity, unless sooner surrendered, in which event said interest will be paid to the date of payment, all in the manner and as provided in the Bond Law. The provisions of Parts 8 and 11 of the Improvement Bond Act of 19l5 are applicable to the collection of assessments and to the advance retirement of Bonds. The Treasurer shall call for redemption and retire Bonds upon prepayment of assessments in amounts sufficient therefor. In selecting Bonds for advance retirement, the Treasurer shall choose Bonds in such manner as to disturb as little as possible the relationship of unpaid assessments to Bonds outstanding. 20. Registration and Transfer of Bonds. Each Bond herein authorized may be registered only as to both principal and interest and thereafter may be transferred, discharged from registration and registered again, upon the written request of the holder or by attorney duly authorized in writing, and upon presentation of the Bond to the Paying Agent for such purpose. Upon presentation of a Bond for registration, the coupons shall be removed therefrom and canceled (or preserved in a place of safekeeping, at the option of the paying Agent), and the name and number of the Bond, the name and address of the holder in whose name it is to be registered, the date of such registration and a notation that the Bond is registered as to both principal and interest shall be entered in the registry books maintained by the Paying Agent, and appropriate endorsement thereof shall be made by the Paying Agent in the space provided therefor on the back of the Bond. until such registration is discharged as hereinafter provided, the interest when due shall be payable only to the registered holder and the principal when due shall be payable only to such holder upon surrender of the Bond to the Paying Agent. A registered Bond may be transferred only by the registered holder, or by attorney duly authorized in writing, upon presentation of the Bond to the Paying Agent together with a written instrument of transfer satisfactory to the Paying Agent, and by the Paying Agent endorsing such transfer on the Bond and in the registry books of the Paying Agent. -7- . . A registered Bond may be discharged from registration upon written request of the registered holder. In such case, the paying Agent shall transfer the Bond to bearer by appropriate endorsement on the Bond and in the registry books of the paying Agent, cause all unmatured coupons that have been removed from the Bond to be reattached to the Bond (such coupons to be reprinted, if necessary), and deliver the Bond and coupons to the holder, and thereupon negotiability and transferability by delivery shall be restored. Bonds that have been discharged from registration are subject to successive registrations and transfers in the manner heretofore provided. The person requesting registration, transfer or discharge from registration shall, as a condition precedent to the e~~rcise of such privilege, pay the City's and paying Agent's reasonabl charges therefor, if any, including any cost of reprinting the coupons and any tax or other governmental charge required to be paid with respect thereto. Notwithstanding the foregoing provisions, any temporary Bond registered on the books of the Treasurer in lieu of registration on the registry books of the paying Agent may be transferred on the books of the Treasurer without expense to the person requesting transfer upon surrender of such temporary Bond to the Treasurer, accompanied by a duly executed written instrument of transfer satisfactory to the Treasurer, and thereupon, pending preparation of definitive Bonds, the City will issue and the Treasurer will deliver a new fully registered temporary Bond of like maturity and principal amount to the transferee in exchange for and upon the cancelation of such surrendered temporary Bond. The City and the Paying Agent may deem and treat the person in whose name any outstanding Bond shall be registered upon the registry books of the Paying Agent or, in the case of temporary Bonds, upon the registry books of the Treasurer, as the absolute owner of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal or redemption price, if any, and interest on such Bond and for all other purposes. All such payments so made to any such registered holder or upon the order of such holder shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid, and neither the City nor the Paying Agent shall be affected by any notice to the contrary. Except as hereinafter provided, the Paying Agent shall not be required to make any transfer and exchange between the June l7 or December 18 next preceding an interest payment date and such interest payment date, or, in the case of any proposed redemption of Bonds, after the selection of Bonds for such redemption. Any other provision of this Resolution to the contrary notwithstanding, the Association, Insurer or insurance trustee (as defined in any municipal bond insurance policy pertaining to the Bonds) shall be entitled, without charge therefor, at any time to transfer registration of any registered Bond which it holds into the name of the Association, Insurer or said trustee upon presentment of such Bond and either appropriate authority from the registered holder thereof for such transfer or a claim of ownership and an undertaking to indemnify the City from claims resulting from such transfer; and to cause the registry books of the Paying Agent to be endorsed to indicate its interest in any such Bond upon presentation only of such a claim and such an undertaking. The Association, Insurer and said trustee are entitled to have access to the registration records pertaining to any such Bond at any reasonable time and to rely upon such records. -8- . . . . No gain or loss of interest shall result from any transfer and exchange of Bonds. 2l. Mutilated, Destro~ed or Lost Bonds. In case any Bond shall become mutilated or defaced in respect of the body of such Bond or the coupons, if any, appertaining thereto, so as to impair its value to the holder thereof, or shall be believed by the City and paying Agent to have been destroyed or lost, upon clear and unequivocable proof of ownership satisfactory to the City and Paying Agent and upon the surrender at the office of the paying Agent or Treasurer of such mutilated or defaced Bond with its coupons, if any, sufficiently identifiable by number and description, or upon the receipt of evidence satisfactory to the City and Paying Agent of such destruction or loss, and upon payment of all expenses incurred by the City and r~ying Agent in the premises and after compliance with such other reason ble regulations as the City and paying Agent may prescribe, and, in the case of any Bond or coupon claimed to have been destroyed or lost, upon receipt of indemnity satisfactory to the City and paying Agent, the City shall ex~cute and the Treasurer shall deliver at the office of the Treasurer or Paying Agent a new Bond of the same maturity and for the same principal amount, with the coupons, if any, appertaining thereto, of like tenor and date, bearing the same number, in exchange and substitution for and upon cancelation of the mutilated or defaced Bond and its coupons, if any, or in lieu of and in substitution for the Bond and coupons, if any, so destroyed or lost. Any Bond or coupon issued as a duplicate for a destroyed or lost Bond or coupon shall state on its face substantially that it is "Issued as a duplicate in place of original of same number and denomination claimed to have been lost or destroyed. Only one to be paid." With respect to any mutilated or defaced Bond or coupon, the City and paying Agent may require the registered holder thereof to submit indemnity satisfactory to the City and paying Agent prior to the issuance of any duplicate thereof. If any destroyed or lost Bond or coupon shall have matured, payment of the amount due thereon may be made by the City or paying Agent upon receipt of like proof, indemnity and payment of expenses without surrender of such Bond or coupon. Any such duplicate Bond or coupons issued pursuant to this section shall be entitled to equal and proportionate benefits with all other Bonds issued hereunder. The City and the paying Agent shall not be required to treat both the original Bond and any duplicate Bond as being outstanding, but both the original and duplicate Bond shall be treated as one and the same. 22. Certified Copies. The City Clerk shall provide a certified copy of this resolution to the Treasurer who shall take such action as shall be necessary to assure compliance with the terms and conditions hereof. The City Clerk is further directed to provide a certified copy of this resolution to the County Auditor-Controller. * * * * * -9- . . I hereby certify that the foregoing resolution was duly and regularly adopted and passed by the City Council of the city of Gilroy, California, at a regular thereof held on the 20thday of June, 1983, by the following vote of the members thereof: AYES, and in favor thereof, Councilmembers: ALBERT, GAGE, HUGHAN, LINK, TAYLOR, VALDEZ and GOODRICH. NOES, Councilmembers: None ABSENT, Councilmembers: None APPROVED: 2f~/~ M yor RESOLUTION NO. 83 - 50 -10- . . LIST OF UNPAID ASSESSMENTS EAST NINTH STREET ET AL. ASSESSMENT DISTRICT 83-l Diagram and Assessor's Unpaid Assessment Number Parcel Number Assessment 1 84l-l2-0l4 $ 25,562.66 2 84l-12-0l3 l3,608.78 3 84l-l2-0l7 876.55 4 84l-l2-0l2 28,858.69 5 84l-l2-01l 23,890.74 7 841-12-048 l,3l8.72 8 841-12-047 9,659.68 12 84l-66-01S 22,293.46 l3 84l-l6-074 26,783.66 14 84l-l6-094 23,503.22 l6 841-16-034 6l,462.96 l7 84l-16-047 l69,548.83 18 84l-16-0S6 l33,936.44 19 841-16-029 l8,904.6l 21 841-66-017 79,999.73 23 841-66-007 5,097.88 24 841-66-006 4,158.07 27 841-16-093 15,847.60 28 84l-16-048 229,63l.27 29 84l-66-0l4 2,l06.80 30 84l-66-0l3 l,305.60 Total Unpaid Assessments $898,355.95 EXHIBIT "A" . . MATURITY SCHEDULE IMPROVEMENT BONDS CITY OF GILROY EAST NINTH STREET ET AL. ASSESSMENT DISTRICT 83-l SERIES 83-1 Bond Numbers Principal 'atur i ty Date ~Inc1usive) Denomination Amount (July 2) 1 $3,355.95 $ 3,355.95 1984 2 - 6 5,000.00 25,000.00 1984 7 - l3 5,000.00 35,000.00 1985 14 - 20 5,000.00 35,000.00 1986 2l - 28 5,000.00 40,000.00 1987 29 - 37 5,000.00 45,000.00 1988 38 - 46 5,000.00 45,000.00 1989 47 - 56 5,000.00 50,000.00 1990 57 - 67 5,000.00 55,000.00 1991 68 - 79 5,000.00 60,000.00 1992 80 - 92 5,000.00 65,000.00 1993 93 - 97 l,OOO.OO 5,000.00 1994 98 - 111 5,000.00 70,000.00 1994 l12 - 116 1,000.00 5,000.00 1995 117 - 131 5,000.00 75,000.00 1995 132 - 136 1,000.00 5,000.00 1996 137 - 152 5,000.00 80,000.00 1996 153 - 157 l,OOO.OO 5,000.00 1997 158 - l75 5,000.00 90,000.00 1997 l76 - 196 5,000.00 l05,000.00 1998 $898,355.95 EXHIBIT "B" . . BOND FORM. The Bonds shall be substantially in the following form: IMPROVEMENT BOND CITY OF GILROY EAST NINTH STREET ET AL. ASSESSMENT DISTRICT 83-l SERIES 83-1 BOND NO. $ Under and by virtue of Bond Plan B, Division 3, Article III, Chapter l2A, of the Gilroy City Code, the City of Gilroy (a municipal corporation orerating under a freeholders' charter), in the County of Santa Clara, State of California, will, on the second day of July, , out of the redemption fund for the payment of the bonds issued upon the assessments made for the acquisitions, work and improvements more fully described in Resolution No. 80-7l of Preliminary Determination and of Intention, passed by the City Council of said City on the 4th day of August, 1980, as amended, pay to bearer (or, if this bond is registered as herein provided, to the registered holder thereof) the sum of Dollars ($ with interest thereon from the 27th day of June, 1983, at the rate of percent ( %) per annum, all as is hereinafter specified, and at Bank of America~ional Trust and Savings Association, as paying Agent, at its Corporate Agency Service Center, San Francisco, California. This bond is one of several annual series of bonds of like date, tenor and effect, but differing in *(interest rates, amounts and) maturities, issued by said City under said Bond Plan B for the purpose of providing means for paying for the acquisitions, work and improvements described in said Resolution of Preliminary Determination and of Intention, as amended, and is secured by the moneys in said redemption fund, by the reserve fund established therefor and by the unpaid assessments made for the payment of said acquisitions, work and improvements, and, including principal and interest, is payable exclusively out of said redemption fund. The interest is payable semiannually, to wit: On the second day of January and July in each year hereafter, upon presentation of the proper coupons therefor; provided, that the first of said coupons is for the interest to the second day of January, 1984, and thereafter the interest coupons are for the semiannual interest. This bond will continue to bear interest after maturity at the rate above stated; provided, it is presented at maturity and payment thereof is refused upon the sole ground that there is not sufficient money in said redemption fund with which to pay same. If it is not presented at maturity, interest thereon will run until maturity. * Modify as necessary to comply with terms of Bond sale. EXHIBIT "C" , . . ' .. . . This bond may be registered as to principal and interest, with the privilege of transfer, discharge from registration and successive registration, upon written request of the holder and presentation of 'h~ tond to the Paying Agent and payment of the charges, if any, all in the manner and upon the terms set forth in the resolution providing for the issuance hereof. This bond may be redeemed and paid in advance of maturity upon the second day of January or July in any year by giving the notice provided in said Bond Plan B and by paying principal and accrued interest together with a premium equal to 5 percentum of the principal. IN WITNESS WHEREOF, said City of Gilroy has caused this bond to be signed by the Treasurer of said City and by its Clerk, a~d has caused its Clerk to affix thereto its corporate seal, all 0; the 27th day of June, 1983. (not for si~nature) Cler City of Gilroy (not for signature) Treasurer City of Gilroy (SEAL) COUPON FORM. The coupons to be attached to the Bonds shall be substantially in the following form: On the Second Day of the CITY OF GILROY, California, will (unless the bond to which this coupon appertains has been duly called for earlier redemption) pay to bearer, from its designated redemption fund, the amount hereon at Bank of America National Trust and Savings Association, Corporate Agency Service Center, San Francisco, California, as interest due on IMPROVEMENT BOND, CITY OF GILROY, EAST NINTH STREET ET AL. ASSESSMENT DISTRICT 83-1, SERIES 83-l, dated June 27, 1983. , Coupon No. $ No. (not for signature~ Treasurer City of Gilroy EXHIBIT PC" (ii) . . . . ... '. REGISTRATION FORM: The form of endorsement for registration on the Bonds shall be substantially as follows: REGISTRATION This bond is registered in the name of the registered holder last entered below and both the principal of and interest on this bond are payable only to such holder; provided that this bond may be registered to bearer and thereby discharged from registration and the negotiability hereof restored. Note: No writing below except by the paying Agent. Date of Registry Name and Address of Re~istered Holder Signature of Paying Agent EXHIBIT "c" (iii)