Resolution 1985-76
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RESOLUTION NO. 85- 76
A RESOLUTION PROVIDING
FOR ISSUANCE OF REFUNDING BONDS
LAS ANIMAS TECHNOLOGY PARK ASSESSMENT DISTRICT
REASSESSMENT AND REFUNDING
SERIES 85-1
RESOLVED, by the City Council (the "Council") of the City of
Gilroy (the "City"), in the County of Santa Clara, State of California,
that
WHEREAS, the Council has provided in proceedings conducted under
and pursuant to its 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, adopted
September 3, 1985, for the levy of reassessments and for the issuance
of serial refunding bonds to refund the outstanding bonds issued by the
City known as "Improvement Bonds, City of Gilroy, Las Animas Technology
Park Assessment District, Series 82-l", pursuant to the provisions of
Division ll.5 of the Streets and Highways Code of the State of
California as incorporated in Bond Plan B, Division 3, Article III,
Chapter l2A of the Gilroy City Code (the "Bond Law").
WHEREAS, a complete list of said reasssessments is attached
hereto as Exhibit "A" and by this reference made a part hereof~
NOW, THEREFORE, THE COUNCIL HEREBY DETERMINES AND ORDERS, as
follows:
Section 1. Unpaid Reassessments. That the reassessments now
remaining unpaid are as shown on Exhibit "A" hereof, that the aggregate
amount thereof is $4,732,252.00, and that for a particular description
of the lots or parcels of land bearing the respective reassessment
numbers set forth on said Exhibit "A", reference is hereby made to the
reassessment and to the reassessment diagram in the office of the
Superintendent of Streets of the City.
Section 2. Issuance of Refunding Bonds. Refunding bonds
aggregating $4,732,252.00, in principal amount shall be issued upon the
security of the reassessments levied as security therefor in accordance
with the provisions of the Bond Law and under and pursuant to the
provisions of said Resolution No. 85-56, and the proceedings thereunder
duly had and taken, shall be issued in fully registered form, without
coupons, shall be known as "Refunding Bonds, City of Gilroy, Las Animas
Technology Park Assessment District, Reassessment and Refunding, Series
85-1" (the "Bonds" andsingulary the "Bond"), be dated November 13,
1985, be numbered as determined by the Agent hereinafter designated, be
of the denomination of $5,000 or an integral multiple thereof (except
that one Bond of the earliest maturity may be of a different
denomination, as necessary), and mature in the principal amounts and on
the dates set forth in Exhibit "B" attached hereto and by this
reference made a part hereof.
Section 3. Interest. The Bonds shall bear interest at the rate
or rates determined by the Council at the time of award of sale
thereof, payable commencing on March 2, 1986, and thereafter
RESOLUTION NO. 85-76.
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semiannually on March 2 and September 2 in each year. Bonds originally
issued shall bear interest from their date. Bonds issued on transfers
or exchanges of Bonds shall bear interest from the interest payment
date next preceding the date of authentication and registration
thereof, unless authenticated and registered on an interest payment
date, in which event from such interest payment date, or, unless
authenticated and registered prior to March 2, 1986, in which event
from their date.
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 are not sufficient
monies in the Redemption Fund with which to pay same. If it is not
presented at maturity, interest thereon will run until maturity.
Section 4. Bonds Payable. The principal of the Bonds and any
redemption premium shall be payable in lawful money of the United
States of America at the principal corporate trust office of Bank of
America National Trust and Savings Association, San Francisco,
California, or successor, as Registrar, Transfer Agent and Paying Agent
(the "Agent"), upon surrender of the Bonds at said office of the Agent.
Interest shall be payable by check or draft mailed to . the owner of
record at the address as it appears in the registration books
maintained by the Agent, or to such address as may have been filed with
the Agent for that purpose, as of the close of business of the 15th day
immediately preceding each interest payment date.
Section 5. Pora of Bonds. The Bonds shall be substantially in
the form 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. Any portion of the text of any
Bond may be set forth on the reverse thereof with an appropriate
reference thereto on the face of the Bond.
Section 6. Execution of Bonds. The Bonds shall be executed on
behalf of the City by the engraved, printed or lithographed facsimile
signatures of the Director of Finance and Mayor of the City, shall be
attested by the City Clerk and a facsimile of the corporate seal of the
City shall be affixed to the Bonds in like manner, provided that the
signatures of said officers and the seal of the City on any temporary
Bond may be manually affixed thereto.
Only Bonds authenticated and registered by the endorsement
thereon of a certificate substantially in the form set forth in Exhibit
"C" hereof and dated and signed by an authorized officer of the Agent
shall be valid and become obligatory for any purpose under and be
entitled to the benefits of the Bond Law and this ReSOlution, and every
such certificate of the Agent upon any such Bond shall be conclusive
evidence that the Bond so authenticated and registered has been duly
issued hereunder and that the registered owner is entitled to the
benefits of Bond Law and this Resolution.
If any officer whose signature appears on the Bonds ceases to be
such officer before the delivery of the Bonds, such signature shall be
as valid as if such officer had remained in office until the delivery
of the Bonds.
Section 7. Preparation of Bonds. The Director of Finance is
hereby directed to. cause Bonds of a quality usually required by
purchasers of .unicipal bonds to be prepared in accordance with this
Resolution and the purchase contract for the the Bonds, and, the
Director of Finance shall, upon their completion, deliver same to the
Agent for safekeeping until ready for authentication and delivery to
the purchaser thereof. The Director of Finance shall also cause a
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suitable quantity of blank Bonds to be prepared which the Agent shall
hold in safekeeping until needed to effect transfers, exchanges or
replacement of lost, stolen or mutilated Bonds.
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 Director of Finance one or more typed,
printed, lithographed or engraved temporary Bonds in fully registered
form, as may be authorized by the Director of Finance, substantially of
the same tenor, with such insertions, omissions, substitutions and
other variations as the Director of Finance may deem appropriate, 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 Bonds it will execute and furnish
definitive Bonds without unnecessary delay and thereupon the temporary
Bonds shall be surrendered 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
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 purchase contract therefor.
Section 8. Records of Bonds. The City shall keep records at
the named office of the Agent showing at all times the number, date,
denomination, rate of interest and the amount of each interest payment
of the Bonds, including sufficient books for the registration and
transfer of the Bonds, showing the names, addresses and social security
or tax identification numbers of the owners of the outstanding Bonds
that have been authenticated and registered by the Agent. The Agent
shall, under such reasonable regulations as the City and Agent may
prescribe, authenticate and register or transfer or cause to be
authenticated and registered or transferred, on said books, the Bonds
as herein provided.
The Bonds shall be registered only in the name of an individual
(inCluding joint owners), a corporation, a partnership or trust.
The
books for
exchange.
Agent shall cancel or cause to be canceled on the registry
the Bonds each Bond paid or surrendered for transfer and
The information contained in the registry books for the Bonds
with regard to the ownership of or security interests in the Bonds
shall not be subject to inspection or copying by the public as provided
in Section 5060(a) of Chapter 1.5 of Division 6 of Title 1 of the
Government Code of the State of California, provided that the registry
books shall be open for inspection by the City at all times.
Section 9. Delivery of the Bonds. Upon the execution,
authentication and registration of the Bonds, and upon compliance with
the terms of the purchase contract for the Bonds, the Director of
Finance shall deliver the Bonds to the purchaser thereof upon receipt
of the purchase price therefor.
The Mayor of the City, Director of Finance and City Clerk are
hereby charged with the responsibility for the issuance and delivery of
the Bonds. Said officers and other members of the City sta~f are
hereby authorized jointly and severally to execute any and all
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documents and do any and all things deemed necessary or advisable in
order to consummate the delivery of the Bonds pursuant to the purchase
contract therefor and otherwise to effectuate the purposes of this
Resolution.
Section lO. Establishment of Funds. There are hereby created
and established the fOllowing special funds which shall be held and
maintained by the Director of Finance as separate trust accounts,
distinct from all other accounts of the City:
( a)
Refunding Fund
The Las Animas Technology
(the "Refunding Fund"):
Park
Assessment
District
(b) The Las Animas Technology Park Assessment District,
Reassessment and Refunding, Series 85-1 Refunding Bond Redemption Fund
or similar designation as determined by the Director of Finance (the
II Re demp t ion Fu nd"): and
(c) The Las Animas Technology Park Assessment District,
Reassessment and Refunding, Series 85-1 Refunding Bond Reserve Fund or
similar designation as determined by the Director of Finance (the
"Re se rve Fund").
Section 11. Refunding Fund.
Refunding Fund consist of:
The monies to be placed in the
(a) The proceeds received from the sale of the Bonds,
including any premium received thereon, but not including the moneys
req'uired to be placed in the Reserve Fund nor any accrued interest
received from the sale of the Bonds which shall be placed in the
Redemption Fund: and
(b) Any contributions or other appropriations to finance the
costs of the levy of the reassessments and the issuance of the Bonds
and redemption of the bonds to be refunded:
Disbursement from the Refunding Fund shall be made to pay the
following costs:
(i) All expenses incident to the calling, retiring, or paying
of the bonds to be refunded and to the issuance of the Bonds
(except the funding of the Reserve Fund), including any bond counsel,
financial consultants, underwriters, and rating agency fees,
printing and advertising costs, City administrative expenses, and
the charges of any escrow agent or trustee in connection with the
issuance of the Bonds or in connection with the redemption or
retirement of the bonds to be refunded:
(ii) Interest on the Bonds from the date of the Bonds to
September 2, 1986, less any accrued interest thereon received from the
sale thereof which shall be placed in the Redemption Fund:
(iii) Any accrued and unpaid interest on the bonds to be
~efunded, to the date of redemption thereof: and
(iv) Any premium necessary in the calling or retiring of the
bonds to be refunded.
Section 12.
Redemption Fund. The Redemption Fund shall consist
of:
(a) Any accrued interest received by the City from the sale
of the Bonds:
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(b) Monies received by the City from the collection of the
principal of the unpaid reassessments and the interest and penalties
thereon, as provided in Section 16 hereof:
(c) Any amounts transferred from the Reserve Fund as advances
on account of delinquencies in the payment of installments of
assessments and the interest thereon, pursuant to Section l3(a) hereof:
(d) Any amounts advanced by the City from available surplus
funds of the City on account of delinquencies in the payment of
installments of reassessments and the interest thereon, pursuant to
Section 17 hereof:
(e) Any amounts recovered by the City from foreclosure of
delinquent installments of assessments and the interest thereon which
are not to be used to reimburse the Reserve Fund or the City for any
advances made under Sections l3(a) and 17 hereof:
(f) Any amounts received by the City to prepay in full any
unpaid reassessments, which amounts are to be applied to the advance
retirement of the Bonds, in the manner set forth in the Bond Law and
Section 20 hereof:
(g)
credited as
Section l3(b)
Any amounts transferred from the Reserve
part of said prepayment of reassessments,
hereof:
Fund to
pursuant
be
to
(h) Any amounts received by the City from the investment of
monies in the Redemption Fund:
(i) Any amounts transferred from the Reserve Fund on account
of excess earnings therein, which amounts are to be applied as credits
to unpaid reassessments and, under the circumstances hereinafter
specified, to the advance retirement of the Bonds: and
(j) Any amounts transferred from the
account of surplus amounts therein, which amounts
credits to the reassessments which remain unpaid,
Counc il.
Refunding Fund on
are to be applied as
as determined by the
Amounts placed in the Redemption Fund (except amounts placed
therein in connection with the prepayment of reassessments and amounts
received from the investment of monies in the Redemption Fund) are to
be expended in payment of the principal of and interest on the Bonds
within thirteen (13) months from the date of deposit therein (except
for a reasonable carryover amount not to exceed the greater of one
year's earnings on said Fund or one-twelfth of annual debt service of
the Bonds), and amounts that can not be so expended are to be applied
at the earliest call date to the advance retirement of the Bonds.
Amounts placed in the Redemption Fund from investment earnings
on monies in said Fund are to be spent within a l-year period beginning
on the date of receipt in payment of the principal of and interest on
the Bonds, and, if not needed for such purpose, by applying same at the
earliest call date to the advance retirement of the Bonds.
Amounts placed in the Redemption Fund which are to be used to
call Bonds in advance of their stated maturities shall be accumulated
therein until the amount available equals or exceeds the amount
required to call and redeem one or more of the Bonds, and, subject to
the provisions of Section 20 hereof, are to be expended on the next
ensuing March 2 or September 2 in payment of the principal, call
premium and interest payable on that date, and the expenses of call and
redemption.
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Section 13. Reserve Fund. An amount equal to Seven Percent (7%)
of the principal amount of the Bonds shall be placed in the Reserve
Fund upon receipt of the proceeds of the sale thereof. 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 be credited thereto, 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 the
lesser of the maximum annual debt service or one and one-quarter
(1.25) times the average annual debt service of all Bonds outstanding.
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 reassessments, 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) Any unpaid reassessment which is paid in cash prior to
its final maturity date pursuant to the provisions of the Bond Law for
the advance payment of reassessments 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 reassessed in the
proceedings for the Bonds, and an amount equal to the reduction in said
reassessment 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 limitations to be exceeded
shall be placed in the Redemption Fund and credited in the manner set
forth in Section 10427.1 of the Streets and Highways Code of the State
of California upon the remaining unpaid reassessments: provided that,
in order to comply with current federal regulations, any excess that
cannot be credited to such unpaid reassessments and expended within
thirteen (13) months from the date of deposit in the Redemption Fund
(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 of the Bonds) shall be applied to the advance retirement
of the Bonds in the manner provided in the Bond Law and in Section 20
hereof. Administration of the Reserve Fund shall comply with federal
regulations.
(d) Whenever the balance in the Reserve Fund is sufficient to
retire all the remaining outstanding Bonds, including accrued interest
and redemption premium, if any, collection of the principal and
interest on the unpaid reassessments 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 remaining
unpaid reassessments in the manner set forth in said Section 10427.1 of
said Streets and Highways Code, and the amount apportioned to each such
unpaid reassessment shall be credited against the last unpaid
reassessment installment, and, if the amount apportioned to each such
parcel exceeds the amount of said last installment, then such excess
shall be credited against the next preceding unpaid reassessment
installment or installments until exhausted. In the event that the
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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 reassessment
remained unpaid at the time the balance in the Reserve Fund was
sufficient to retire all outstanding Bonds. 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 ($1,000), the excess
may be transferred to the general fund of the City.
Section 14. Investment of Funds. Monies in the Refunding Fund,
the Redemption Fund and the 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 13 hereof
with respect to the Reserve Fund.
Section 15. Arbitrage Covenant. The City covenants that as long
as any of the Bonds remain outstanding, no use will be made of the
proceeds thereof at any time which use (1) was not reasonably expected
at the time of issuance of the Bonds, and (2) would, if such use had
been reasonably expected at the time of issuance of the Bonds, have
caused such Bonds to be "arbitrage bonds" within the meaning of Section
l03(c) of the Internal Revenue Code of 1954, as amended, and applicable
regulations thereunder as the same may be amended from time to time,
and that the City will comply with the requirements of said Section
l03(c) and applicable regulations thereunder, as they apply to the
Bonds throughout the term thereof.
Section 16. Collection of Unpaid Reassessments. The unpaid
reassessments shown on Exhibit "A" hereof, 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 reassessments 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 reassessment shall be
payable in each year preceding the date of maturity of each of the
several annual series of Bonds issued, sufficient to pay the Bonds when
due, and such proportion of each unpaid reassessment 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
reassessments 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.
Sums received from the collection of the principal of said unpaid
reassessments and of the interest and penalties thereon shall be placed
in the Redemption Fund. Any sums collected to represent the costs of
such collection shall be retained by the County Auditor-Controller.
The provisions of Part 8 of the Improvement Bond Act of 19l5,
Division lO of said Streets and Highways Code (incorporated in the Bond
Law) are applicable to the collection of reassessments.
Any unpaid reassessment may be paid by depositing with the
Director of Finance the total unpaid balance due on such reassessment
together with the total interest which would become due thereon if paid
in the regular way. If the amount of the payment along with
prepayments of other reassessments and other available monies in the
Redemption Fund is sufficient to provide surplus moneys with which to
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redeem an outstanding Bond, the Director of Finance shall then give the
proper notice for redeeming such Bond by advancing its maturity in
accordance with the provisions of Section 20 hereof, upon which
redemption the person or persons paying the reassessment or
reassessments shall be entitled to a proportionate credit and
reimbursement for the par value of any interest thereon which shall be
canceled but not paid less any accrued interest paid thereon and less
the premium paid on the Bond, and less any costs incurred for
administering the retirement of the Bond.
Section 17. Advances from Available Surplus Funds. In the
event of a delinquency in the payment of any installment of the
reassessment levied upon any property for the payment of the principal
of and interest on the Bonds, the City in the absence of any other
bidder, shall be the purchaser of delinquent property upon which any of
said reassessments 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 Fund the amount of any delinquent
reassessment 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 reassessment and interest thereon on
such property pending redemption. Any amounts so advanced shall be
recoverable upon sale or redemption of the property.
Section 18. 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
proceedings upon the lien of any and all delinquent reassessments and
interest, pursuant to and as provided in the Bond Law. Such
foreclosure proceedings shall be commenced within l50 days following
the date of such delinquency.
Section 19. Transfer and Exchange of Bonds. Any duly
authenticated Bond may, in accordance with its terms, be transferred
upon the registry books required to be kept pursuant to Section 8
hereof by the registered owner or by attorney duly authorized in
writing upon surrender of the Bond to be transferred at the named
office of the Agent, duly endorsed or accompanied by a duly executed
written instrument of transfer satisfactory to the Agent. The Agent
shall forthwith cancel the Bond surrendered for transfer and the City
shall execute and the Agent shall authenticate and issue in the name of
the transferee one or more new fully registered Bonds of like maturity
and of authorized denominations, aggregating the principal amount of
the Bond surrendered for transfer. For any registration, transfer or
exchange of Bonds (except initial registration of Bonds being delivered
to the original purchaser thereof and the first transfer and exchange
of each such Bond thereafter), the City or Agent may, as a condition
precedent to the exercise of such privilege, require payment of a sum
sufficient to cover any service charge, tax or other governmental
charge and any other reasonable expenses that may be imposed in
connection therewith.
The City and the Agent may deem and treat the person in whose
name any outstanding Bond shall be registered upon the registry books
of the City maintained by the Agent 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 owner or upon the order of such
owner 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 Agent shall be affected by any notice to the
contrary.
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The Agent shall not transfer or exchange any Bond which
has selected for redemption, provided that the Agent has been
of such selection, nor shall any transfer and exchange of a
required to be made between the 15th day next preceding an
payment date and such interest payment date.
Each Bond delivered under this Resolution upon transfer of or in
exchange for or in lieu of any other Bond shall carryall the rights to
interest accrued and unpaid, and to accrue, which were carried by such
other Bond and each such Bond shall bear interest from such date that
neither gain nor loss in interest shall result from such transfer,
exchange or substitution.
the City
notified
Bond be
interest
Section 20. Call and Redemption of Bonds. Subject to the
provisions hereof, each Bond outstanding may be redeemed and paid in
advance of maturity, in whole or in part, upon the second day of March
or September in any year by giving at least 60 days' notice by
registered mail to the registered owner thereof and by paying the
principal amount to be redeemed together with a premium equal to 5% of
such principal amount 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 provided herein and in the Bond
Law.
The provisions of Part II of said Improvement Bond Act of 19l5
(incorporated in the Bond Law) are applicable to the advance retirement
of the Bonds.
Any Bond called in part shall be redeemed in multiples of $5,000
and a new Bond or Bonds of like maturity representing the remaining
portion of the Bond so redeemed will be issued without expense to the
registered owner.
The Director of Finance shall call for redemption and retire
Bonds or portions thereof when there are sufficient surplus monies in
the Redemption Fund to redeem any Bond outstanding and not due on the
next succeeding second day of September. In selecting Bonds or
portions thereof for retirement, the Director of Finance shall choose
the lowest numbered Bond of the annual series midway to the end of the
Bond term. Successive Bonds shall be chosen from the lowest number of
each annual series, before and after the series from which the first
Bond is selected, so that Bonds called shall be a pro rata part of each
annual series. It is intended that the relationship of unpaid
assessments to Bonds outstanding be disturbed as little as possible by
the call of Bonds.
At such time as a determination has been made to call and redeem
a Bond or portion thereof in advance of maturity, the Director of
Finance shall:
(a) Give written notification to the Agent requesting a list of
the names and addresses of the registered owners of the Bonds and the
numbers, denominations and maturities of the Bonds held by such owners:
(b) Immediately notify the Agent of the Bond selected
redemption and that thereafter no transfer or exchange of such
will be permitted by the City:
for
Bond
(c) Timely give written notice as aforesaid to the registered
owner or owners of the Bond to be redeemed in whole or in part:
(d) Provide written notice to the Agent of the terms of
redemption of such Bond: and
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(e) Prior to the call date, provide sufficient funds to the
Agent to redeem such Bond or portion thereof, including premium and
interest not otherwise provided.
The City shall be liable for the Agent's reasonable charges, if
any, with respect to providing the information referred to herein.
Section 21. Mutilated, Destroyed or Lost Bonds. In case any
Bond shall become mutilated or defaced in respect of the body of such
Bond so as to impair its value to the registered owner, or shall be
believed by the City and Agent to have been destroyed or lost, upon
clear and unequivocable proof of ownership satisfactory to the City and
Agent and upon the surrender at the named office of the Agent of such
mutilated or defaced Bond sufficiently identifiable by number and
description, or upon the receipt of evidence satisfactory to the City
and Agent of such destruction or loss, and upon payment of all expenses
incurred by the City and Agent in the premises and after compliance
with such other reasonable regulations as the City and Agent may
prescribe, and, in the case of a Bond claimed to have been destroyed or
lost, upon receipt of indemnity satisfactory to the City and Agent, and
in the absence of notice to the City or Agent that such Bond has been
acquired by a bona fide purchaser, the City shall execute and the Agent
shall authenticate and deliver at the named office of the Agent a new
Bond of like maturity and principal amount, bearing a number not
contemporaneously outstanding, in exchange and substitution for and
upon cancellation of the mutilated or defaced Bond, or in lieu of and
in substitution for the Bond so destroyed or lost. If any such
destroyed or lost Bond has become or is about to become due and
payable, payment of the amount due thereon may, in the discretion of
the City, be made by the Agent upon receipt of like proof, indemnity
and payment of expenses without surrender of such Bond.
Any such replacement Bond issued pursuant to this section shall
be entitled to equal and proportionate benefits with all other Bonds
issued hereunder. The City and the Agent shall not be required to
treat both the original Bond and any replacement Bond as being
outstanding, but both the original and replacement Bond shall be
treated as one and the same.
Section 22. Resolution Effective. This Resolution shall become
effective immediately upon:
(a) The recordation of the reassessment and reassessment
diagram in the office of the Superintendent of Streets of the City: and
(b) The filing of the reassessment diagram and the recordation
of the notice of reassessment in the office of the County Recorder.
Section 23. Certified Copies. The City Clerk shall provide a
certified copy of this Resolution to the Director of Finance who shall
take such action as shall be necessary to assure compliance by the City
with the terms and conditions hereof. The City Clerk shall also
provide a certified copy of this Resolution to the County Auditor-
Controller.
*
*
*
*
*
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.
.
I hereby certify that the foregoing resolution was duly and
regular ly
adopted and passed by the City Council of the City of
Gilroy, California, at a regular meeting thereof held on the 4th day of
November, 1985, by the following vote of the members thereof:
AYES, and in favor thereof, Councilmembers:
MUSSALLEM, PATE, VALDEZ and HUGHAN.
GAGE, KLOECKER,
NOES, Councilmembers: None
ABSENT, Councilmembers: ALBERT
~~
Clerk of the
WMAM:PDA:HEK:k
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24-0l ll/04/8S
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LIST OF UNPAID REASSESSMENTS
LAS ANIMAS TECHNOLOGY PARK ASSESSMENT DISTRICT
REASSESSMENT AND REFUNDING
Diagram and
Reassessment
Number
Assessor's
Parcel Number
Map
Book Page Parcel
1
2
3
841-69-00l
841-69-002
84l-69-003
841-69-004
498-47,48,49-l*
498-47,48,49-2*
498-47,48,49-3*
4
498-47,48,49-4*
5
841-69-005
84l-69-006
498-47,48,49-5*
6
7
8
498-47,48,49-6*
84l-69-007
498-47,48,49-7*
84l-69-008
84l-69-009
84l-69-0l0
84l-69-0ll
498-47,48,49-8*
498-47,48,49-9*
9
10
536-52-l0A**
11
536-52-llA**
12
498-47,48,49-12*
(adjusted lot line)
13
498-47,48,49-l3*
(adjusted lot line)
14
l5
84l-69-0l4
8l4-69-0l5
498-47,48,49-l4*
498-47,48,49-l5*
498-47,48,49-l6*
498-47,48,49-l7*
16
17
8l4-69-0l6
8l4-69-0l7
*
Tract No. 7190, Las Animas Technology Park,
Santa Clara County Records
**
Unpaid
Reassessment
$ 838,081.83
245,130.65
249,389.68
184,084.60
180,298.80
265,479.34
23l,407.l2
l87,870.4l
2l6,263.92
126,824.35
198,281.36
253,l75.48
202,067.l6
892,502.73
l55,2l7.87
l14,047.27
192,l29.43
$4,732,252.00
Record of Survey of Lot Line Adjustment of Lots 10 & II of Tract
7190, B~s Animas Technology Park, Santa Clara County Records
EXHIBIT "A"
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MATURITY SCHEDULE
REFUNDING BONDS
CITY OF GILROY
LAS ANIMAS TECHNOLOGY PARK ASSESSMENT DISTRICT
REASSESSMENT AND REFUNDING
SERIES 85-l
Maturity Date
~eptember 2)
1987
1988
1989
1990
Principal
Amount
$ 57,252.00
60,000.00
60,000.00
65,000.00
75,000.00
80,000.00
85,000.00
95,000.00
l05,000.00
ll5,000.00
l25,000.00
l35,OOO.00
l50,000.00
l65,000.00
180,000.00
200,000.00
220,000.00
240,000.00
265,000.00
290,000.00
320,000.00
350,000.00
390,000.00
430,000.00
475,000.00
$4,732,252.00
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
20ll
EXHIBIT "B"
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.
BOND FORM. The Bonds shall be substantially in the following form:
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF SANTA CLARA
REGISTERED
REGISTERED
NUMBER
$
REFUNDING BOND
CITY OF GILROY
LAS ANIMAS TECHNOLOGY PARK ASSESSMENT DISTRICT
REASSESSMENT AND REFUNDING
SERIES 85-l
INTEREST RATE
MATURITY DATE
DATED AS OF
CUSIP
%
September 2,
November l3, 1985
REGISTERED OWNER:
PRINCIPAL AMOUNT:
DOLLARS
Under and by virtue of Division ll.5 of the Streets and
Highways Code of the State of California as incorporated in Bond Plan
B, Division 3, Article III, Chapter l2A of the Gilroy City Code (the
"Bond Law"), the City of Gilroy (the "City"), in the County of Santa Clara,
State of California, will, out of the redemption fund for the payment
of the refunding bonds issued upon the reassessments levied as
security for the refunding bonds more fully described in proceedings
taken pursuant to 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, adopted
by the City Council of the City on the 3rd day of September, 1985, pay
to the registered owner named above, or registered assigns, on the
maturity date stated above, the principal sum stated above, in lawful
money of the United States of America and in like manner will pay
interest from the interest payment date next preceding the date on
which this bond is authenticated and registered, unless this bond is
authenticated and registered as of an interest payment date, in which
event it shall bear interest from such interest payment date, or unless
this bond is authenticated and registered prior to March 2, 1986, in
which event it shall bear interest from its date, until payment of such
principal sum shall have been discharged, at the rate per annum stated
above,' payable commenc ing on March 2, 1986, and thereafter semiannually
on the second day of March and September in each year.
Both the principal hereof and redemption premium hereon are
payable at the principal corporate trust office of Bank of America
National Trust and Savings Association, San Francisco, California, or
successor, as Registrar, Transfer Agent and Paying Agent (the "Agent"),
upon surrender of this refunding bond at said office of the Agent.
Interest is payable by check or draft mailed to the owner hereof at the
owner's address as it appears on the records maintained by the Agent,
or at such address as may have been filed with the Agent for that
purpose, as of the close of business of the l5th day immediately
preceding each interest payment date.
EXHIBIT "C"
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.
This refunding bond is one of several annual series of refunding
bonds of like date, tenor and effect, but differing in maturities, and
may differ in interest rates and amounts, issued by the City under the
Bond Law and the Resolution Providing for Issuance of Refunding Bonds
(the "Resolution of Issuance") for the purpose of refunding that
certain issue of bonds entitled "Improvement Bonds, City of Gilroy, Las
Animas Technology Park Assessment District, Series 82-l", and is
secured by the moneys in said redemption fund and by the reassessments
levied as security therefor, and, including principal and interest, is
payable exclusively out of said fund.
This refunding bond is transferable by the registered owner
hereof, in person or by the owner's attorney duly authorized in
writing, at said office of the Agent, subject to the terms and
conditions provided in the Resolution of Issuance, including the
payment of certain charges, if any, upon surrender and cancellation of
this refunding bond. Upon such transfer, a new registered refunding
bond or bonds, of any authorized denomination or denominations, of the
same maturity, for the same aggregate principal amount, will be issued
to the transferee in exchange therefor.
Refunding bonds shall be registered only in the name of an
individual (inCluding joint owners), a corporation, a partnership or a
trust.
Neither the City nor the Agent shall be required to make such
exchange or registration of transfer of refunding bonds during the l5
days immediately preceding any interest payment date.
The City and Agent may treat the registered owner hereof as the
absolute owner for all purposes, and the City and the Agent shall not
be affected by any notice to the contrary.
This refunding bond or any portion of it in the amount of five
thousand dollars ($5,000), or any integral multiple thereof, may be
redeemed and paid in advance of maturity upon the second day of March
or September in any year by giving at least 60 days' notice by
registered mail to the registered owner hereof at the owner's address
as it appears on the registration books of the Agent, or at such
address as may have been filed with the Agent for that purpose, and by
paying principal and accrued interest together with a premium equal to
5 percentum of such principal, unless sooner surrendered, in which
event interest will be paid to the date of payment.
This
maturity at
and payment
sufficient
it is not
maturity.
refunding bond will continue to bear interest after
the rate above stated, provided it is presented at maturity
thereof is refused upon the sole ground that there are not
moneys in said redemption fund with which to pay same. If
presented at maturity, interest thereon will run until
This refunding bond shall not be entitled to any benefit under
the Bond Law or the Resolution of Issuance, or become valid or
obligatory for any purpose, until the certificate of authentication and
registration hereon shall have been dated and signed by an authorized
officer of the Agent.
IN WITNESS WHEREOF, the City of Gilroy has caused this refunding
bond to be signed in facsimile by the Mayor and Director of Finance of
the City, and attested by the facsimile signature of its Clerk, and has
C-2
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caused its corporate seal to be reproduced in facsimile hereon, all as
of the 13th day of November, 1985.
CITY OF GILROY
ATTEST:
(not for signature)
Mayor
(not for signature)
Clerk
(not for signature)
Director of Finance
( SEAL)
REGISTRABLE AND PAYABLE BY BANK OF AMERICA
NATIONAL TRUST AND SAVINGS ASSOCIATION
CERTIFICATE OF AUTHENTICATION AND REGISTRATION
This refunding bond is one of the refunding bonds described in
the within mentioned Resolution of Issuance, which has been
authenticated and registered on
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
as Registrar, Transfer
Agent and Paying Agent
By
Authorized Officer
ABBREVIATIONS
The following abbreviations, when used in the inscription on the
face of this refunding bond, shall be construed as though they were
written out in full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right
of survivorship and not as
tenants in common
UNIF GIFT MIN ACT - .............. Custodian..............
(Cust) (Minor)
under Uniform Gifts to Minors Act
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(State)
list.
Additional abbreviations may be used though not in the above
C-3
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ASSIGNMENT
FOR VALUE RECEIVED, the undersigned do(es) hereby sell, assign
and transfer unto
(Print or typewrite name, address and social
security or other identifying number of assignee)
the within refunding bond and all rights thereunder, and hereby
irrevocably constitute(s) and appoint(s)
, attorney, to
transfer the same on the registry books of the Registrar, Transfer
Agent and Paying Agent with full power of substitution in the premises.
Dated:
Note: Signature (s) must correspond exactly to
name(s) on face hereof. When assignment is made
by a guardian, trustee, executor or administrator,
an officer of a corporation, or anyone in a
representative capacity, proof of such person's
authority to act must accompany this assignment.
Signature Guaranty:
C-4