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Resolution 2000-91 . . RESOLUTION NO. 2000-91 A RESOLUTION AUTHORIZING THE ISSUANCE OF SPECIAL TAX BONDS, AND APPROVING AND AUTHORIZING RELATED DOCUMENTS AND ACTIONS 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, this Council has conducted proceedings under and pursuant to Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing at Section 53311 of the California Government Code (the" Act"), to form Community Facilities District No. 2000-1 (Highway 152) (the "CFD"), and, for the CFD authorized the levy of special taxes upon the land within the CFD, and to issue bonds secured by such special taxes the proceeds of which were used to finance certain public facilities (the "Facilities"), all as described in those proceedings; WHEREAS, this Council now wishes to provide for the issuance of the special tax bonds to provide additional funds for the construction and/ or acquisition of the Facilities or portions thereof; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the special tax bonds and the levy of the special taxes as contemplated by this resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act. NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED, as follows: Section 1. Law Applicable. For the purposes of these proceedings in and for the CFD, the Act as it may be supplemented under the authority of the City's charter, shall be the authority for the issuance of the Bonds. Section 2. Bonds Authorized. Under the Act, the authority of the City's charter and this Resolution, the bonds of the City for the CFD designated "City of Gilroy, Community Facilities District No. 2000-1 (Highway 152), Special Tax Bonds," (the "Bonds") in an aggregate principal amount not to exceed $35,000,000 are hereby authorized to be issued. The Bonds shall be issued in such series, in principal amounts and be dated and executed in the forms, be in the denominations, mature, be payable at the place and in the priorities and bear interest at the rates as set forth in and otherwise as provided by appropriate resolutions and/ or fiscal agent agreements to be approved by the City at the time(s) of issuance of such bonds. RESOLUTION NO. 2000-91 -1- . . Section 3. Authorities Granted. The City Manager, Administrative Services Director, the Economic Development Director, the City Oerk, the City Attorney or such other official of the City as may be designated by the Council (each an "Authorized Officer") are hereby separately authorized and directed to execute and deliver the documents and instruments herein specified in substantially the forms on file with the City Oerk, with such additions thereto or changes therein as are approved by the Authorized Officer upon consultation with City's bond counsel, including such additions or changes as are necessary or advisable to permit the timely issuance, sale and delivery of the Bonds, provided, however, that no additions or changes shall: (a) authorize an aggregate principal amount of Bonds in excess of $35,000,000; (b) result in an average interest rate on the Bonds in excess of 10% per annum or such greater amount permitted by applicable law at the time of the sale of the Bonds; (c) or result in an underwriter's discount in excess of 2% of the aggregate principal amount of the Bonds; (d) or a maturity of the Bonds in excess of the remaining term of the Prior Bonds. The approval of such additions or changes shall be conclusively evidenced by the execution and delivery of the documents and instruments herein specified by the Authorized Officer. Section 4. Sale of Bonds. The Bonds shall be sold in such manners as the City, in consultation with its financial advisors, shall determine, which manner shall be as provided by separate resolution or order of this Council. Section 5. Actions Authorized. All actions heretofore taken by the officers, employees and agents of the City with respect to the establishment of the CFD and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the Authorized Officers of the City are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this resolution, and any certificate, agreement, and other document described in the documents herein approved. All actions to be taken by a specified Authorized Officer as specified herein, may be taken by the Authorized Officer or any designee, with the same force and effect as if taken by such Authorized Officer. This Council hereby determines and directs to be made any reductions in the annual levy of special taxes for the CFD in an manner consistent with that prescribed in the Act as a result of the savings achieved through the issuance of the Bonds. Section 6. Effectiveness. This resolution shall take effect from and after its adoption Any previous resolutions in any way inconsistent with the provisions hereof in and for the issuance of the Bonds as herein described are hereby repealed. RESOLUTION NO. 2000-91 -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: :;?fl-t, ~~ Rhonda Pellin, City Clerk RESOLUTION NO. 2000-91 -3- , . . . I, RHONDA PELLIN, City Clerk of the City of Gilroy, do hereby certifY that the attached Resolution No. 2000-91 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. (Seal)