Resolution 2000-91
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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
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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
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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
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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)