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HomeMy WebLinkAboutResolution 1454 " " , RESOLUTION NO. 1454 PROVIDING FOR THE ISSUANCE OF $600,000 PRINCIPAL AMOUNT OF CITY OF GILROY GENERAL OBLIGATION BONDS OF 1969; SECOND DIVISION, BEING PART OF AN ISSUE OF $950,000 AUTHORIZED AT AN ELECTION HELD IN SAID CITY ON APRIL 8, 1969; PRESCRmING THE DATE, DENOMINATION, FORM AND NUMBERS AND DATES AND AMOUNTS OF THE MATURITY OF THE BONDS AND COUPONS OF THE SECOND DIVISION OF SAID AUTHORIZED ISSUE; FIXING THE MAXIMUM RATE OF INTEREST THEY SHALL BEAR, AND PROVIDING FOR THE LEVY OF A TAX TO PAY THE PRINCIPAL AND INTEREST THEREOF ~ CITY OF GILROY GENERAL OBLIGATION BONDS OF 1969 SECOND DIVISION RESOLVED, by the City Council of the City of Gilroy, California, that WHEREAS, all of the requirements of law have been complied with in calling and holding the special municipal election held in the City of Gilroy on Agril 8, 1969, at which election three propositions for the incurring of bonded indebtednesses were submitted to the vqters of the City; the votes cast for and against each proposition were counted separately; the City Council of said City did duly and regular~ ly canvass the returns of said election, anq did as a result of such canvass determine and declare, and does hereby certify, that Proposi~ tions No.1 (Library), No.2 (park Improvement) and No.3 (Headquarters Fire Station) each received at said special municipal election the affirmative vote of more than two~thirds of all of the voters voting at the election on each such proposition and that the aforementioned propositions, and each of them, were thereby duly carried and adopted, and the issuance of bonds in the sums and for the purposes specified in said propositions was duly authorized; WHEREAS, the City Council of the City of Gilroy heretofore, to wit, on the 20th day of O~t0ber, 1969, duly passed and adopted its Resolution No. 1402, providing for the issuance of $350,000 principal /~s/ I ; amount of "City of Gilroy General Obligation Bonds of 1969 - First Division", as set forth in the records of said Council; WHEREAS, pursuant to proceedings heretofore duly had and taken, First Division Bonds of said authorized issue in the p~incipal amount of $350,000 have heretofore been issued and sold and the unmatured portion thereof is now outstanding; and said Resolution No. 1402 provides that the remaining $600,000 principal amount of said authorized issue may be divided into one or more additional ,series, as the Council shall determine; NOW, THEREFORE, IT IS RESOLVED, DETERMINED and ORDER~D, as follows: 1. All acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of bonds have existed, happened and been performed in due time, form and manner as required by law, and the City of Gilroy is now author- ized pursuant to each and every requirement of law to incur an indebtedness in the manner and form as in this Resolution provided. 2. Said Resolution No. 1402, providing for the issuance of City of Gilroy General Obligation Bonds of 1969 - First Division, adopted by this Council on October 20, 1969, is incorporated herein by reference and all of the provisions thereof are made a part hereof and shall be applicable to the issuance of the principal amount of bonds of said authorized issue which is being provided hereby, except only as herein otherwise expressly provided. 3. Bonds of the City of Gilroy in the aggregate principal amount of Six Hundred Thousand Dollars ($600,000) to be known as "Citr of Gilroy General Obligation Bonds of 1969 - Second Division", shall be issued to pay the cost of the acquisition, construction and completion of the municipal improvements of said City set forth in the following propositions, to wit: - 2 - PROPOSITION NO.1: "Shall the City of Gilroy incur a bonded indebtedness in the (Library) principal amount of $600,000 in accordance with the provisions of the Ordinance calling the election at which this proposition is submitted, < for the object and purpose of the acquisition of real property and the construction and completion thereon of a library building, including land and rights in land, site clearing and development, building, parking facilities, landscaping, furniture, furnishings, equipment, facilities and appurtenances, and all thin~s auxiliary thereto and necessary to complete the same?' PROPOSITION NO.2: "Shall the City of G:!lroy incur a bonded indebtedness in the (park Improvement) principal amount of $150,000 in accordance with the provisions of the Ordinance calling the election at which this propo- sition 1s submitted for the object and purpose of making certain additions and improvements to the City's Northside Park encompassing the construction and completion of park facilities for community use, including ~tructures and equipment and incidental works and structures necessary or convenient to the maintenance and operation of a park?" "Shall the C,i ty of Gilroy incur a bonded indebtedness in the Pr~n- cipal amount of $200,000 in accord- ance with the provisions of the Ordinance calling the election at which this proposition is submitted for the object and purpose of the acquisition of real property and the con- struction and completion thereon of a headquarters fire station; the completion of grading, paving and site prepa- ration of such real property; the purchase of furniture and equipment to furnish said headquarters fire station; and the purchase of fire apparatus and its equipment; and the acquiring of all lands, easements, facilities and appurtenances and the completion of all incidental work necessary therefor?" PROPOSITION NO.3: (Headquarters Fire Station) 4~ That said Six Hundred Thousand Dollars ($600,000) prin- cipal amount of bonds of the Second Division shall be issued as hereinafter set forth and shall be sold in accordance with law at not less than their par value and accrued interest. The bonds of said Second Division of said authorized issue shall be negotiable in form and of the character known as "Serial", shall be one hundred twenty (120) in number, numbered consecutively from 1 to 120, both inclusive, of the denomination of $5,000 each, and shall be dated June 15, 1970. 5. All of said bonds of said Second Division shall b~ar interest from their date until paid at the rate or rates designated - 3 - by the Council of the City of Gilroy at the time of the sale of said bonds of the Second Division, but not to exceed six percent (6%) per annum, payable semiannually, except that i~terest for the first year after the date of the bonds shall be payable at the end of said year. Such interest shall be evidenced by coupons attached to each bond, and each of said coupons shall represent six months' interest on the bond to which it is attached, except the first coupon on each bond which shall represent one year's interest on the bond to which it is attached. Said interest coupons shall be payable on the fif- teenth day of June and the fifteenth day of December in each year until and at the respective dates of maturity of said bonds, the first coupon on each bond representing interest from June 15, 1970, to June 15, 1971. Interest rates for different maturities may be in varying multiples of any fraction or combination of fractions of 1%. Bonds of a particular maturity shall bear interest at a single rate. If, upon presentation at maturity, payment of any bond or any interest coupon thereof, or both, is not made in full accord- ance with the terms of this Resolution providing for the issuance thereof, said bond or coupon, or both, shall continue to bear interest at the rate stated therein until paid in full. 6. Said bonds of the Second Division shall be payable in consecutive numerical order, from lower to higher, on June 15 in each of the years, and mature in the total amounts per year, as set forth in Exhibit "A" attached hereto and by reference incor- porated herein. 7. Both the principal of and interest on said bonds shall be payable in lawful money of the United States of America at the main office of Bank of America National Trust and Savings Associa- tion, San Francisco, California, the Paying Agent of the City, or at any other bank or trust company designated by said Paying Agent - 4 - as a co-paying agent in the cities of New York, New York, and/or Chicago, Illinois. 8. Said bonds and coupons of the Second Division shall each be substantially in the form, the blanks therein to be filled with appropriate words or figures, as set fortn. in Exhibit "B" attached hereto and by reference incorporated herein. 9. The bonds shall be subject 'to registration in the maQner provided by law. 10. The proceeds from the saleiof said Second Division, aggregating Six Hundred Thousand Dollars ($600,000) in principal no_ .. amount, except premiums and accrued interest to the date of delivery, shall be deposited to the credit of the fund entitled, "City of Gilroy General Obligation Bonds of 1969 Construction Fund", or other designation sufficient to identify it established by Section l~ of said Resolution No. 1402, adopted by this Council on October 20, 1969, and may be expendeq only as provided in said section. The proceeds from the sale of the Second Division, aggre- gating Six Hundred Thousand Dollars ($600,000) in principal amount shall be deposited in said fund and credited to the special accounts as follows: Library (Proposition No.1) $600,000 A record shall be kept of the d;tsbursements made from such account and such disbursements shall be made solely to the objects and.purpose~ contained in Proposition No.1 as set forth in Pa:ra- graph 3 above, and as approved by'the voters. AT~EST: (j../ UO (~) &'. . City dlerk . (SEAL) .....;-- '4 ' / . ~ ,,",.' (,t-t~/ f * * * * * * - 5 - I hereby certify that the foregoing is a full, true and correct copy of a resolution duly passed and adopted by the City Council of the City of Gilroy, California, at a meeting thereof held on the ~ day of Apri I , 1970, by the following vote of the members thereof: AYES, and in favor thereof, Council Members: Batrez, Duffin, Kennedy, Pate, Silva, Wentworth, and Goodrich. NOES, Council Members: None ABSENT, Council Members: None APPROVED: 4~~~/ Mayor - 6 - EXHIBIT "A" TOTAL AMOUNT YEAR OF BOND NUMBERS PER YEAR MATURITY 1 - 3 $15,000 1971 4 - 6 15,000 1972 7 - 9 15,000 1973 10 - 12 15,000 1974 13 - 15 15,000 1975 16 - 18 15,000 1976 19 - 21 15,000 1977 22 - 24 15,000 1978 25 - 28 20,000 1979 29 - 32 20,000 1980 33 - 36 20,000 1981 37 - 40 20,000 1982 41 - 44 20,000 1983 45 - 49 25,000 1984 50 - 54 25,000 1985 55 - 59 25,000 1986 60 - 65 30,000 1987 66 - 71 30,000 1988 72 - 77 30,000 1989 78 - 83 30,000 1990 84 - 90 35,000 1991 91 - 97 35,000 1992 98 - 104 35,000 1993 105 - 112 40,000 1994 113 - 120 40,000 1995 EXHffiIT "B" UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF SANTA CLARA CITY OF GILROY GENERAL OBLIGATION BOND OF 1969 SECOND DIVISION $5000 . No. The CITY OF GILROY, a municipal corporation, organized and existing.under the'Copstitution and laws of. the State of California, hereby acknowledges itself indebted and for value received promises to pay to the bearer (or if this bond be registered, to the regis- tered owner'hereof).on the 15th day of'June, 19 , FIVE THOUSAND DOLLARS ($5,000), together wi~h interest thereon at the rate of . , percent ( ~) per annum until pay- ment of said principal sum in full, said interest to be payable on June 15, 1971, and thereafter payable semiannually on the 15th day of December and the 15th day of June of each year, represented by coupons attached hereto at the time of issuance. Unless this bond is registered, such interest, prior to maturity, shall be payable only on presentation and surrender of the proper interest coupons hereto attached as they respectively become due. Both the Principal of and interest on this bond are payable in lawful money of the'UnitedStates of America at the main office of Bank of America National Trust and Savings Associatioh, San Francisco, California, the Paying Agent of the City, or at the offices of the co-paying agents in New York, New York, and/or Chicago, Illinois. If, upon presentation at maturity, payment of this bond or any interest coupon hereof, or both, is not made in full accordance with the terms of the Resolution providing for the issuance hereof, said bond or coupon, or both, shall continue to bear interest at the rate stated herein until paid in full,. This bond is one of the Second Division, aggregating Six Hundred Thousand Dollars ($600,000) in principal amount, of a duly authorized issue of bonds of said City aggregating Nine Hundred Fifty Thousand Dollars ($950,000) in principal amount, all of like tenor (except for such variations as may be required to deSignate varying divisions, Principal amounts, denominations, dates, maturity dates, and interest rates), and is issued under and pursuant to the ordinances and proceedings of said City duly adopted and taken and a vote and assent of more than two-thirds of all the qualified electors of said City voting at a special election duly called and held for that purpose. This bond may be registered in the manner prOVided by law, and thereafter the principal hereof and interest hereon shall be payable only to such registered owner. It is hereby certified, recited, and declared that all acts, conditions and things required by law to exist, happen and to'be performed precedent to and in the issuance of this bond have existed, happened and been performed in due time, form and manner as required by law, and that the amount of this bond, together with all other indebtedness of said City, does not exceed any limit prescribed by the Constitution or statutes of said state, and that provision has been made, as required by the Constitution and statutes of said state, for the collection of an annual tax sufficient to pay the principal of and interest on this bond as the same become due. The full faith and credit of the City are hereby pledged for the punctual payment of the principal and interest of this bond. IN WITNESS WHEREOF, the City of Gilroy has caused this bond to be executed under its official seal, signed by its Mayor and its Director of Finance and countersigned by its Clerk, and has caused the interest coupons, hereto attached to be signed by its Director I of Finance and this bond to be dated the 15th day of June, 1970. Mayor of the City of Gilroy Director of Finance of the City of Gilroy Countersigned: City Clerk of the City of Gilroy City of Gilroy, California General Obligation Bond of 1969 Second Division Dated June 15, 1970 , 19_ On $ Coupon No. Bond No. The sum shown hereon, being interest then due, is payable to bearer (unless the bond be registered) at the main office of Bank of America National Trust and Savings Association, San Francisco, California, the Paying Agent of the City, or at the offices of the co-paying agents in New York, New York and/or Chicago, Illinois, in lawful money of the United States of America. Director of Finance of the City of Gilroy REGISTRATION This bond is registered pursuant to the statute in such cases made and provided in the name of the registered owner last entered below and the interest and principal thereof are hereafter payable to such owner. DATE OF REGISTRATION NAME OF REGISTERED OWNER SIGNATURE OF DIRECTOR OF FINANCE OR REGISTRAR EXHmIT tfB tI - 2 -