Resolution 1985-56
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09/03/85
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RESOLUTION NO. 85- 56
A RESOLUTION OF DETERMINATION AND OF INTENTION
TO REFUND SPECIAL ASSESSMENT BONDS AND TO LEVY
REASSESSMENTS AS SECURITY FOR THE
REFUNDING BONDS TO BE ISSUED
LAS ANIMAS TECHNOLOGY PARK ASSESSMENT DISTRICT
RESOLVED, by the City Council of the City of Gilroy, California,
as follows:
l. It is hereby determined that the public interest and
necessity require the refunding of that certain issue of special
assessment bonds, entitled "Las Animas Technology Park Assessment
District", issued by this Council pursuant to its Resolution No. 82-67,
"A Resolution Determining Unpaid Assessments and Providing for Issuance
of Bonds", adopted on May 3, 1982, in proceedings conducted pursuant to
Resolution No. 82-l3, "A Resolution of Intention to Acquire and
Construct Improvements", adopted on February l, 1982, as amended.
2. It is the opinion of this Council that relief may be provided
to the owners of the property assessed from extraordinarily high
interest rates on said bonds to be refunded and it is the intention of
this Council to refund said bonds and to levy reassessments as security
for refunding bonds to be issued pursuant to Section l2A.l49.l,
Division 3, Article III, Chapter l2A of the Gilroy City Code.
3. Said refunding bonds shall bear interest at the rate of not
to exceed twelve percent (12%) per annum, the last installment of which
said refunding bonds shall mature not to exceed twenty-four (24) years
from the second day of September next succeeding twelve (l2) months from
their date. Any adjustments to assessments resulting from such
refunding shall be done on a pro rata basis.
4. Reimer Associates, being a qualified person employed by said
City to perform any services in connection with said refunding, is
hereby directed to prepare and file with the City Clerk of said City a
report, in writing, containing the following:
RESOLUTION NO. 85 - 56
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(a) A schedule setting forth the unpaid principal and
interest on the bonds to be refunded and the total amounts
thereof.
(b) The total estimated principal amount of the
reassessment and of the refunding bonds and the maximum
interest rate thereon, together with an estimate of cost
of the reassessment and of issuing the refunding bonds,
including all costs of issuing the refunding bonds, as
defined in said Code.
(c) The auditor's record kept pursuant to said Code,
showing the schedule of principal installments and
interest on all unpaid original assessments and the total
amounts thereof.
(d) The estimated amount of each reassessment,
identified by reassessment number corresponding to the
reassessment number on the reassessment diagram, together
with a proposed auditor's record for the reassessment
prepared in the manner described in said Code.
(e) A reassessment diagram showing the assessment
district and the boundaries and dimensions of the
subdivisions of land within the district. Each
subdivision, including each separate condominium interest
as defined in Section 783 of the Civil Code, shall be
given a separate number upon the diagram.
5. Said Resolution of Intention, as amended, is, by this
reference, incorporated herein.
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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 meeting thereof held on the 3rd day of
September, 1985, by the following vote of the members thereof:
AYES, and in favor thereof, Councilmembers: ALBERT, GAGE, KLOECKER,
lillSSALLEM, PATE, VALDEZ and HUGHAN.
NOES, Councilmembers:
None
ABSENT, Councilmembers:
None
APPROVED:
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