Resolution 1998-01
.,
.
.
)
RESOLUTION 98-1
A RESOLUTION DETERMINING IMPROVEMENT
FUND SURPLUS AND DISPOSITION OF SURPLUS
AMOUNT FOR NORTH FOREST STREET
ASSESSMENT DISTRICT NO. 1994-A
WHEREAS, on December 21, 1992, the City Council of the City of Gilroy adopted its
resolution of intention, as later amended, to order the construction of improvements in the North
Forest Street Assessment District No. 1994-A (the "District"), City of Gilroy, Santa Clara
County, California, under the provisions of the Municipal Improvement Act of 1913.
WHEREAS, by its Resolution No. 94-7, adopted by the City Council on January 18,
1994, the City Council authorized the issuance of improvement bonds under the provisions of the
Improvement Bond Act of 1915 to represent unpaid assessments in the amount of$2,311,492.00.
WHEREAS, construction of the project has been completed and all claims have been paid,
and a Improvement Fund balance of $42,768.00 exists as of November 30, 1997.
NOW, THEREFORE, in accordance with Sections 10427 and 10427.1 of the Streets and
Highways Code of California, the City Council of the City of Gilroy now declares the balance of
the Improvement Fund surplus, and orders the disposition of the surplus by calling District bonds.
The savings created by bonds being called shall be credited to the benefit of bondholders within
the District.
-1-
RESOLUTION NO. 98-1
.
.
PASSED AND ADOPTED this 5th day of January, 1998 by the following vote:
AYES:
COUNCILMEMBERS: ARELLANO, GIFFORD, MORALES,
ROWLISON, SPRINGER, SUDOL, GILROY
NOES:
COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
~~~
. A. Mike Gilroy, Mayor '
ATTEST:
~e~
Rhonda Pellin, City Clerk
-2-
RESOLUTION NO. 98-1
.
.
I, RHONDA PELLIN, City Clerk ofthe City of Gilroy, do hereby certify that the attached
Resolution No. 98-1 is an original resolution, duly adopted by the Council ofthe City of Gilroy at
a regular meeting of said Council held on the 5th day of January, 1998, 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 9th day of January, 1998.
~~,
City Clerk of the City of Gilroy
(Seal)