Resolution 1994-24
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RESOLUTION NO.
94 - 24
RESOLUTION OF INTENTION TO CONDUCT REASSESSMENT PROCEEDINGS
CONSOLIDATED REFUNDING DISTRICT NO. 1994-1
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:
(a) Country Estates Phase I Assessment District, Series No. 91-1,
dated March 13, 1991;
(b) Las Animas Technology Park Refunding District No.2, Series
No. 88-1, dated May 16, 1988;
(c) East Ninth Street et al Refunding Assessment District, Series
No. 87-1, dated May 1, 1987; and
(d) Ronan-Liman Avenues Assessment District No. 82-2, Series No.
82-2, dated June 28, 1982.
in the 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 Muni Financial Services
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.
This Council intends, pursuant to subparagraph (f) of
Section 10204 of the California Streets and Highways Code, to
provide for an annual assessment upon each of the parcels of land
in the proposed reassessment district to pay various costs and
expenses incurred from time to time by the City and not otherwise
reimbursed to the City which result from the administration and
collection of reassessment installments or from the administration
or registration of the refunding bonds and the various funds and
accounts pertaining thereto.
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 not to exceed twenty-four
(24) years from the 2nd day of September next succeeding twelve
(12) months from their date.
RESOLUTION NO. 94 - 24
ORIGINAL
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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.
The amount of any surplus remaining after completion of
the refunding shall be transferred to the redemption 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 21st
day of March, 1994, by the following vote of the members thereof:
AYES, and in favor, thereof, Councilmembers: GILROY, KLOECKER,
MORALES, ROGERS, ROWLISON, VALDEZ and GAGE.
NOES, Councilmembers: None
ABSENT, Councilmembers:
City Clerk
APP~j .
Mayor ~
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