Resolution 2008-37
RESOLUTION NO. 2008-37
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GILROY
DETERMINING THAT THE PUBLIC INTEREST AND NECESSITY
DEMAND THE ACQUISITION AND DEVELOPMENT OF CERTAIN
MUNICIPAL IMPROVEMENTS AND THEIR FINANCING
THROUGH THE ISSUANCE OF GENERAL OBLIGATION BONDS
FOR THE GILROY PUBLIC LIBRARY FACILITIES
WHEREAS, the City is authorized to issue general obligation bonds to finance municipal
improvements pursuant to certain provisions of the California Government Code, including
Article 1, commencing with Section 43600, of Chapter 4 of Division 4 of Title 4 and including
Article 4.5, commencing with Section 53506, of Chapter 3 of Part 1 of Division 2 of Title 5
(collectively, the "Bond Law");
WHEREAS, the City intends to issue its general obligation bonds (the "Bonds") under
and pursuant to the Bond Law to finance the acquisition and development of certain public
library facilities (the "Gilroy Community Library Facilities"); and
WHEREAS, in order to initiate proceedings under the Bond Law to provide for the
financing of the Gilroy Community Library Facilities, the City Council must make certain
findings and determinations;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GILROY AS FOLLOWS:
Section 1. Declaration of Necessity to Issue Bonds. The public interest and necessity
demand, and it is the intention of the City Council to require, the acquisition, construction and
improvement of the Gilroy Community Library Facilities and to issue the Bonds to ffiance the
cost thereof, subject to completion of the proceedings required by the Bond Law.
Section 2. Maximum Amount. The estimated cost of the Gilroy Community Library
Facilities is not to exceed $37 Million Dollars. Said estimated costs include provision for legal
or other fees, and other costs and expenses, which are incidental to or connected with the
authorization, issuance and sale of the Bonds.
Section 3. Findings. The City Council hereby finds and determines that the costs of the
Gilroy Community Library Facilities require an expenditure by the City greater than the amount
allowed for it by the annual tax levy of the City. The principal amount of the Bonds will not
exceed the estimated cost set forth above for the Gilroy Community Library Facilities.
Section 4. Issuance of the Bonds. This Resolution is adopted, and the Bonds, if
approved by two-thirds of all qualified voters voting on the issuance of the Bonds, are to be
issued pursuant to the Bond Law.
Section 5. Effictive Date. This Resolution shall take effect upon its adoption by two-
thirds of all members of the City Council of the City.
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07280841706083
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The foregoing resolution was adopted at a regular meeting of the City Council held on
August 4, 2008, by the following vote, to-wit:
AYES: COUNCILMEMBERS:
ARELLANO, BRACCO, DILLON,
GARTMAN,TUCKER,
WOODWARD and PINHEIRO
NOES: COUNCILMEMBERS:
NONE
ABSENT: COUNCILMEMBERS: NONE
ATf~ST:
S awna Freels, City
City of Gilroy
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RESOLUTION NO. 2008-37
I, SHA WNA FREELS, City Clerk of the City of Gilroy, do hereby certify that the
attached Resolution No. 2008-37 is an original resolution, or true and correct copy of a city
resolution, duly adopted by the Council of the City of Gilroy at a regular meeting of said Council
held on the 4th day of August, 2008, 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 of August, 2008.
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S~;1wna Freels, C C
City Clerk of the City of Gilroy
(Seal)