Resolution 1988-30
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RESOLUTION NO.
88 - 30
RESOLUTION OF INTENTION TO CONDUCT REASSESSMENT PROCEEDINGS
IN LAS ANIMAS TECHNOLOGY PARK REFUNDING DISTRICT NO. 2
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. 85-1, dated November 13, 1985,
Las Animas Technology Park Assessment District Reassessment and
Refunding, City of Gilroy, Santa Clara County, California. 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 written
report containing each of the items specified by Section 9523 of the
Act.
The reassessment shall include an allowance for the
establishment of a special reserve fund as provided by Section 9620
of the Streets and Highways Code.
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 twenty-two (22) years
from the 2nd day of September next succeeding twelve (12) months
from their date.
The City will not obligate itself to advance available
funds from the City Treasury to cure any deficiency which may occur
in the bond redemption fund. A determination not to obligate itself
shall not prevent the City from, in its sole discretion, so
advancing funds.
The procedure for the collection of reassessments and
advance retirement of bonds under the Act shall be as provided in
Part 11.1, Division 10, of the Streets and Highways Code of the
State of California.
RESOLUTION NO. 88 - 30
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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 w~s duly
and regularly adopted and passed by the City Council of the City of
Gilroy, California, at a regular meeting thereof held on the 2nd day
of May, 1988, by the following vote of the members thereof:
AYES, and in favor, thereof, Councilmembers: GAGE, HALE, KLOECKER,
MUSSALLEM, PALMERLEE, VALDEZ and HUGHAN.
NOES, Councilmembers: None
ABSENT Councilmembers:
None
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Mayor
RESOLUTION NO. 88 - 30
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I, SUSANNE E. STEINMETZ, City Clerk of the City of Gilroy, do
hereby certify that the attached Resolution No. 88-30
is an original
resolution, duly adopted by the Council of the City of Gilroy at a regular
meeting of said Council held on the 2nd
day of
May
, 19 88 ,
at which meeting a quorum was present.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
Official Seal of the City of Gilroy this 3rd day of May
19 88.
A~'~i:roY
(Seal)