Resolution 2000-75
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RESOLUTION NO. 2000-75
A RESOLUTION OF INTENTION TO INCUR BONDED INDEBTEDNESS
CITY OF GILROY
Community Facilities District No. 20lJO..1
(Highway 152)
RESOLVED, by the City Council (the "Council") of the City of Gilroy (the "City"), State
of California, that
WHEREAS, this Council has this date adopted its Resolution of Intention to Establish a
Community Facilities District, stating its intention to form the City of Gilroy Community
Facilities District No. 2000-1 (Highway 152) (the "CFD") pursuant to the Mello-Roos
Community Facilities Act of 1982, as amended, Chapter 2.5 of Part 1 of Division 2 of Title 5 of
the California Government Code (the "Act"), for the purpose of financing certain public
improvements (the "Facilities") as further provided in that Resolution; and
WHEREAS, this Council estimates the amount required for the financing of a portion of
the costs of the Facilities to be the sum of not to exceed $35,000,000; and
WHEREAS, in order to finance a portion of the costs of the Facilities it is necessary to
incur bonded indebtedness in the amount of not to exceed $35,000,000 on behalf of the CFD.
NOW, THEREFORE, IT IS ORDERED as follows:
1. Bonded Debt. It is necessary to incur bonded indebtedness within the
boundaries of the proposed CFD in the amount of up to $35,000,000 to finance the costs of a
portion of the Facilities.
2. Purposes of Bonded Debt. The bonded indebtedness is proposed to be incurred
for the purpose of financing the costs of the Facilities, including acquisition and improvement
costs and all costs incidental to or connected with the accomplishment of said purposes and of
the financing thereof, as permitted by Section 53345.3 of the Act.
3. Terms of Bonds. This Council, acting as legislative body for the CFD intends to
authorize the issuance and sale of bonds in the maximum aggregate principal amount of not to
exceed $35,000,000, bearing interest payable semi-annually or in such other manner as this
Council shall determine, at a rate not to exceed the maximum rate of interest as may be
authorized by applicable law at the time of sale of such bonds, and maturing not to exceed 40
years from the date of the issuance of the bonds.
RESOLUTION NO. 2000-75
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4. Public Hearing. December 18, 2000, at 7:00 p.m., or as soon as possible
thereafter, in the City Council Chambers, 7351 Rosanna Street, Gilroy, California, are hereby
fixed as the date, time and place when and where this Council, as legislative body for the
District, will conduct a public hearing on the proposed debt issue and consider and finally
determine whether the public interest, convenience and necessity require the issuance of bonds
of the of the City on behalf of the CFD.
5. Notices of Hearing. The City Clerk is hereby directed to cause notice of the
public hearing to be given by publication one time in a newspaper of general circulation
circulated within the CFD. The publication of the notice shall be completed at least seven (7)
days before the date specified above for the public hearing. The City Clerk shall also cause
notice of the hearing to be given to each property owner within the CFD by first class maiL
postage prepaid, to each such owner's addresses as it appear on the most recent tax records of
Santa Clara County or as otherwise known to the City Clerk to be correct. Such mailing shall be
completed not less than fifteen days before the date of the hearing. Each of the notices shall be
substantially in the form specified in Section 53346 of the Act, with the form summarizing the
provisions hereof hereby specifically approved.
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PASSED AND ADOPTED this 17th day of November, 2000, by the following vote:
AYES:
COUNClLMEMBERS:, MORALES, PINHEIRO, VELASCO, SPRINGER
NOES:
COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: G. ARELLANO, P. ARELLANO, SUDOL
APPROVED:
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Rhonda Pel1in, City Clerk
RESOLUTION NO. 2000-75
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I, RHONDA PELLIN, City Clerk of the City of Gilroy, do hereby certifY that the attached
Resolution No. 2000-75 is an original resolution, dilly adopted by the Council of the City of
Gilroy at a regular meeting of said Council held on the 17th day of November, 2000, 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 5th day ofJanuary, 2001.
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(Seal)