Resolution 1987-27
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RESOLUTION NO.
87-27
RESOLUTION APPROVING REASSESSMENT REPORT
AND CONFIRMING REASSESS~rnNTS
EAST NINTH ST. ET AL REFUNDING ASSESSMENT DISTRICT, SERIES 87-1
BE IT RESOLVED by the City Council of the City of
Gilroy, State of California, as follows:
The Engineer of Work filed the written report prescribed
by Section 9523 of the Streets and Highways Code. On the basis of
the information set forth in the report, this City Council hereby
finds and determines that the three conditions specified by
Section 9525 of the Streets and Highways Code are satisfied.
Accordingly, this City Council is authorized to proceed with
approval and confirmation of the report and with authorized
issuance and sale of the proposed refunding bonds without notice
to the affected landowners or hearing on the report.
This City Council hereby approves and confirms the
Reassessment Report, including Exhibits A through H thereof.
Serial bonds representing unpaid reassessments, and
bearing interest at a rate not to exceed twelve percent (12%) per
annum, shall be issued in accordance with the terms and conditions
of the Refunding Act of 1984 for 1915 Improvement Act Bonds (the
"Act"), and the last installment of the bonds shall mature on
September 2, 1988. The reassessments and interest thereon shall
be collected in the manner prescribed by the Act and are subject
to reassessment, amendment, and prepayment, all in accordance with
the provisions of the Act and the related provisions of the
Improvement Bond Act of 1915 which are incorporated therein.
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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.
AYES: Counc i lmembe r s ALBERT, GAGE, KLOECKER, MUS SALLEM, P ALMERLEE ,
VALU~Z and tiuGHAN.
NOES: Councilmembers None
ABSENT: Councilmembers None
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City Clerk of
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RESOLUTION NO. 87 - 27
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