Resolution 1986-50
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RESOLUTION NO. 86-50
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RESOLUTION OF INTENTION TO CONDUCT REASSESSMENT
PROCEEDINGS IN OBATA INDUSTRIAL PARK ASSESSMENT DISTRICT
REASSESSMENT AND REFUNDING, SERIES 86-1
The City Council of the City of Gilroy resolves:
Section 1:
This City Council hereby determines that the public
interest or necessity requires the refunding of all outstanding
bonds previously issued as Series No. 81-1, dated June 15, 1981,
Obata Industrial Park Assessment District. This City Council
hereby declares its intention to refund said outstanding bonds
and to levy reassessments pursuant to the Refunding Act of 1984
for 1915 Improvement Act Bonds (the "Act") as security for said
refunding bonds.
This City Council hereby directs Garcia & Henry, Inc.,
to prepare and file with the City Clerk of the City of Gilroy a
w~itten report containing each of the items specified by Section
9523 of the Act.
Serial bonds representing unpaid reassessments, and
bearing interest at a rate not to exceed twelve percent (12%)
per annum, will be issued in the manner provided by the Act, and
the last installment of the bonds shall mature September 2,
1996.
The amount of any surplus remaining after completion
of the refunding shall be transferred to the reserve fund for
the refunding bonds.
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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 18th day of August, 1986.
AYES: Councilmembers ALBERT, GAGE, KLOECKER, MUSSALLEM, PALMERLEE,
VALDEZ and HUGHAN.
NOES: Councilmembers None
ABSENT: Councilmembers None
RESOLUTION NO. 86 - 50
ORIGINAL