Resolution 1987-26
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RESOLUTION NO. 87 - 26
RESOLUTION OF INTENTION TO CONDUCT REASSESSMENT
PROCEEDINGS IN EAST NINTH ST. ET AL REFUNDING ASSESSMENT
DISTRICT, SERIES 87-1
The City Council of the City of Gilroy resolves:
This City Council hereby determines that the public
interest or necessity requires the refunding of all outstanding
bonds previously issued as Series No. 83-1, dated June 27, 1983,
East Ninth St. Et Al 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 Hanna & Brunetti to
prepare and file with the City Clerk of the City of Gilroy a written
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, 1998.
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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RESOLUTION NO. 87 - 26
ORIGINAL
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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 20th
day of April, 1987.
Councilmembers ALBERT, GAGE, KLOECKER, MUSSALLEM, PALMERLEE,
VAL!)!!: Z amI MUGHAN.
Councilmembers None
AYES:
NOES:
ABSENT:
Councilmembers None
APPROVED:
Mayor
RESOLUTION NO. 87 - 26
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