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Resolution 2000-88 . . RESOLUTION NO. 2000-88 A RESOLUTION DETERMINING NECESSITY TO INCUR BONDED INDEBTEDNESS CITY OF GILROY Community Facilities District No. 2000-1 (Highway 152) RESOLVED by the City Council (the "Council") of the City of Gilroy (the "City"), County of Santa Clara, State of California, that: WHEREAS, on November 17, 2000, this Council adopted a resolution entitled "A Resolution of Intention to Establish a Community Facilities District" (the "Resolution of Intention"), stating its intention to form Community Facilities District No. 2000-1 (Highway 152) (the "CFD"), of the City pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the" Act"); WHEREAS, on November 17, 2000, this Council also adopted a resolution entitled" A Resolution of Intention to Incur Bonded Indebtedness (the "Resolution of Intention for Indebtedness") stating its intention to incur bonded indebtedness within the boundaries of the CFD for the purpose of financing the costs of certain facilities specified in the Resolution of Intention; WHEREAS, this Council has held a noticed public hearing as required by the Act about the determination to proceed with the formation of the CFD, the provision of certain defined facilities (the "Facilities") by the CFD and the rate and method of apportionment of the special tax to be levied within the CFD to pay the principal and interest on the proposed bonded indebtedness in the CFD and the administrative costs of the City relative to the CFD; WHEREAS, subsequent to the public hearing, this Council adopted a resolution entitled "A Resolution of Formation of Community Facilities District" (the "Resolution of Formation"); WHEREAS, this Council has also held a noticed public hearing under the Act relative to the matters material to the questions set forth in the Resolution of Intention for Indebtedness; and WHEREAS, no written protests with respect to the matters material to the questions set forth in the Resolution of Intention for Indebtedness have been filed with the City Clerk. RESOLUTION NO. 2000-88 -1- . . NOW, THEREFORE, BE IT RESOLVED as follows: 1. Recitals. The foregoing recitals are true and correct. 2. Necessity. This Council deems it necessary to incur bonded indebtedness in the maximum aggregate principal amount of $35,000,000 within the boundaries of the CFD for the purpose of financing the costs of a portion of the Facilities, as provided in the Resolution of Intention and the Resolution of Formation, including, but not limited to, the costs of issuing and selling bonds to finance a portion of the Facilities and the costs of the City in establishing and administering the CFD. 3. Entire CFD Liable. The whole of the CFD shall pay for the bonded indebtedness through the levy of the special tax. The tax is to be apportioned in accordance with the formula set forth in Exhibit "B" to the Resolution of Formation. 4. Bonds. Bonds in the maximum amount of $35,000,000 are hereby authorized, subject to voter approval. The bonds may be issued in such principal amounts, series and mature and bear interest at such rate or rates, payable semiannually or in such other manner, all as this Council or its designee shall determine, at the time or times of sale of such bonds; provided, however, that the interest rate or rates shall not to exceed the maximum interest rate permitted by applicable law at the time of sale of the bonds and the bonds or any series thereof shall have a maximum term of not to exceed forty years. 5. Election. The proposition of incurring the bonded indebtedness herein authorized shall be submitted to the qualified electors of the CFD and shall be consolidated with elections on the proposition of levying special taxes within the CFD and the establishment of an appropriations limit for the CFD pursuant to Section 53353.5 of the Act. The time, place and further particulars and conditions of such election shall be as specified by separate resolution of this Council. 6. Effective Date. This Resolution shall take effect upon its adoption. ****** RESOLUTION NO. 2000-88 -2- . . PASSED AND ADOPTED this 18th day of December, 2000, by the following vote: AYES: COUNCILMEMBERS: MORALES, PINHEIRO, SUDOL, VELASCO, SPRINGER NOES: COUNCILMEMBERS: G. ARELLANO, P. ARELLANO ABSENT: COUNCILMEMBERS: NONE APPROVED: ATTEST: ~/J ~f, /' U-;J~' Rhonda Pellin, c::ity Oerk ~~vy Thomas W. Springer, or RESOLUTION NO. 2000-88 -3- . . I, RHONDA PELLIN, City Clerk of the City of Gilroy, do hereby certifY that the attached Resolution No. 2000-88 is an original resolution, duly adopted by the Council of the City of Gilroy at a regular meeting of said Council held on the 18th day of December, 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. ~.-) . . ~~~A~\ City clerk of the City 0 Gilroy (Seal)