CC Resolution No. 7566
RESOIIJrION NO. 7566
A RESOIl7l'ION OF '1f!E CI'lY CXXJNCIL OF 'IHE CI'lY OF aJPERI'INO
DEI'ERMINING 'IHM' '1f!E roBLIC nu="T AND NECESSI'lY DEM1IND '1f!E
~ITION, CDNS'lRJCl'ION AND a::MPIEl'ION OF PARK,
RECREATIONAL AND OPEN SPACE rAND AND IMPRO'.'nIENTS AND
'IHEIR FINANCING '11iAXJGH '1f!E ISSUANCE OF GENERAL OBLIGATION 8:)NI:'S
RESOLVED, Þy the City Council of the city of OJpertino, California,
that
WHEREAS, the City of CUpertino (the "City") is authorized to issue
general aÞligation Ponds to finance park, recreational ani open space lani
and iJrprovements p1rSUðl1t to the provisions of Article 1, camnencin:.J with
Section 43600, of O1apter 4 of Division 4 of Title 4 of the Goverrment
COde of the state of California (the "Act");
WHEREAS, the City inten:1s to issue general obligation Ponds urxier ani
p1rSUðl1t to the Act to finance the acquisition, construction and
cœpletion of park, recreatior.at am open space larDs ani içrovements
with the City (the "Park &u,¡LaDI"); ani
WHEREAS, in order to initiate ~aœañ;rçs urxier the Act to provide for
the financin:1 of the Park &u, l.àIII, this Camci1 JmJSt make certain firdin;Js
ani determinations.
Næ, ~ORE, IT IS ORDERED lIS FOUDWS:
1. 'Ihe p.¡Þlic interest and ~'!Iity dem..~nds, and it is the
intention of this Council to require the acquisition, construction ani
cœpletion of the Park Program, ani to issue general obligation Ponds of
the City to finance the cost thereof, suÞject to cœpletion of the
proceedin;¡s req.W:ed Þy the Act.
2. 'Ihe estimated cost of the Park &"': LàIII is not to ~
$30,000,000. said estimated costs incl1Jde provision for legal ani other
fees, ani the cost of printin:;J of Ponds ani other costs ani expenses
incidental to or CXII'II1eCted with the issuance ani sale of general
aÞligation Ponds to finance the costs of the Park &u,¡LalII.
3. 'Ihis Council hereÞy fims ani detennines that the costs of the
Park Program require an expen:iiture Þy the City greater than the aIOOUI1t
allOltl'ed for it Þy the annual tax levy of the city. 'Ihe principal aIOOUI1t
of general obligation l:xn!s of the City to I:Je i'i"'""'<:1 for the Park Program
will not exoeec¡ the estimated cost set forth above for the Park Program.
4. 'Ibis Resolution is adopted, arxi general obligations l:xn!s of the
City are to I:Je issued, PJrsuant to the Act.
5. 'Ibis Resolution shall take effect upon its adoption by two-thirds
of allln<>lnhers of the City Camcil of the City.
PASSED AND AOOPI'ED at a regular meet:irx¡ of the City Camcil of the
City of G\¡pertino this 18th day of July, 1988 by the follOltl'inq vote:
Vote ~ of the Citv ~iJ.
AYEs: Johnson, Koppel, Plun;¡y, Rogers, Gatto
NOES: None
ABSENT: None
ARSTAIN: None
APæ:>vED:
ATrEs'I':
Is/ John M. Gatto
Mayor, City of G\¡pertino
Is/ Dorothv Comelius
City Clerk