CC Resolution No. 3000-37 r
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RESOLUTION N0. 3000-37
A RESOLUTION DETERMINI~TG UTIPAID ASSESSMENTS
AIVD PROVIDING FOR ISSUANCE OF I30NDS
BLANEY AVENUE, ET AL. STREET WIDENING PROJECT ~
ASSESSMENT DISTRICT AD 70-1
~RESOLVED, by the City Council of the City of Cupertino,
California, that
tiJHEREAS, this Council did, on December 21,•1970; pass and
adopt its Resolution of Intention No. 3000, relating to the acqui-
sition an;j construction of public improvements in said City under
and pursuant to the provisions of the Municipal Improvement Act ~
of lgl3, and did therein provide that serial bonds would be issued ,
thereunder ptzrsuant to the provisions of the Improvement Bond Act
of 1g1.5, reference to said Resolution of Intention hereby being
expressly made for further particulars;
WHEREAS, notice of the recordation of the assessment and of
the time within ~n~hich assessments may be paid in cash has been~
duly published and mailed in the manner provided by law, and the
time so provided far receiving payment of assessments in cash has
expired, and the Finance Director of this City has filed in his
office a list of all assessments which now remain unpaid; and ~
T~IHEREAS, the Council has duly considered said list and has
determined that the same is an accurate statement thereof;
NOW, THEREFORE, IT IS HEREBY ORDERED, as follows:
l. That the assessments now remaining unpaid and the aggre-
gate thereof are as shown on said list and on Exhibit "A" hereto
attached and by reference made a part hereof.
2. That for a particular description of •~he lots or parcels
of land bearing the respective assessment numbers set f or~;h in
said list and upon which assessments remain ~anpaid, severally and
respectively, reference is hereby made to the assessment and to
the diagram recorded in the office of the Superintendent of
Streets of this City after confirmation by this Council, the
several lots or parcels of land represented by said assessment
nu~nbers being so numbered and designated upon said diagram and
assessment as so confirmed and recorded, severally and respectively.
3. The unpaid list is in the amount of $7,83~•93, and bonds
. shall be i.ssued upon the security of said unpaid assessments in
said amount in accordance with the provisions of said Improvement
Act of z915 (Division 10 of the Streets and Highways Code) and
under and pursuant t~ the provisions of said Resolution of Inten-
tion and the proceedir.gs thereunder duly had and taken. Said bonds
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s.hall be dated.Janu.ary 17, 1972, be.de.signated Series 70-1, be
payable at the office of the City Treasurer, and bear interest
f.rom their date to their respective dates ef maturity at the .
rate of not to exceed seven percent (7f) per annum, represented
by coupans payable on January 2 and July 2 in each year,, com- ,
mencing on Jar.uary 2, 1973, and the denomination of said bonds
and their res~ective number~ ar~d dates of maturity are as shown
an Exhibit "B' hereto attached and made a part hereof by reference.
4. Said bonds shall be issued in series, and the unpaid
assessments as sho~an on said list and determined by this Council,
togetner with the interest thereon, shall remain and constitute
a trust fund for the redemption and payment of said bonds and of
the interes~t which may be d.ue thereon,.which unpaid assessments
shall be taxable in annual series corresponding in number to the
number oi series of bonds issued, and an annual proportion of
each assessment shall be payable in each year preceding the date
of the maturity f or each of the several bonds issued, and such
proportion ef each assessmen~t coming due in any year, together
with the annual interest thereon, shall be payable in installments
as the general taxes on re~:I property are payable, and shall be-
come delinquent at the same time and in the same proportionate
amounts and bea~ the same proportionate penalties for delinquency.
5a The bonds shall be executed on behalf of the City and
under its official seal by the Treasurer and Cl.erk, and the cou-
pons attacned to tr.e bonds shall be executed by the Treasurer. ~
The signature of the Treasurer may be reproduced on the bonds and
coupons by engraved, printed or lithographed facsimile thereof,
and the official seal may be placed on the bonds in like manner;
and such sigr~ing and sealing shall constitute and be a sufficient
and binding e~cecution of each and every one of said bonds and
coupons thereof, respectively. Said. bonds shall be substantially
in the form set forth in said Improvement Bond Act of 1915, except
for such changes as are necessary to conform to the provisions of
this resolution.
6. Any bond may be registered either as to principal and
interest.or,.as to principal only, upon written request of the
bondholder and presentation of the bond to the Treasurer for
registration. ~
~ a) Principal and Interest. Upon presentation and request
for registration as ~to p~incipal and interest, ttl~ coupons shall .
be removed and cancelled, or preserved in a place o.f saf.ekeeping,
at the opLion of the Treasurer, and the numbers of all registered
bonds and the names and addresses of the owners thereof shall be
entered in the registration book maintained by the Treasurer, and
a notation shall be made therein and on the bond that registration
is as to principal and interest. Until such registrat~on is can-
celed as herein provicied, the interest shall be payable only to
tne registered awner, an:l the principal shall be payable only to
such owner upon presentation of the bond.
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b) Principal Onl,yo When bonds are registered as to prin-
cipal only, a notation shall be made to that effect in the regis- .
tration book and on the b~nd. The caupons shall not be removed
and the interest or. ~uch bcrds shall be p~id upon presentation of
such couFons ir. the same manr:er as ur~registered bonds, Principal,
however, shall be ~~.id.or.ly to the registered owner upon presenta-
tion of such bond e
~c) Deregi$tr~atione The registration of any unmatured bond
may be canceled upon~written request of the registered owner.
. Upon receip~ of such request and the bond, the Treasurer shall
cancel the registration in the bond registry book and on the back
of the bond, cause all unmatured coupons to be reprinted, if
necessary, and reattached to the bond, and deliver the bond and
attached ~oupor.s ~c tr~e ewr.ero Until such bond is reregistered,
the prir.cipal th2re~f shall be payable to bearer, and the interest
shall again be ~~,id uper; surrender of proper coupons.
d) Rereglstratlon, Deregistered bonds may be reregistered
in the same manr~er as pr~EViously unregistered bonds.
e) The person requesting registration, deregistration or
reregistratlon shali pay any fee charged by the Treasurer for
such service, ~ncluding any cost of reprir~ting the coupons.
f) Trere snall be provided.on the back of each bond a
su~table statemer,t to be signed by the TrEasurer indicating the
date of° registrati~r~, the type of registration, the name of the
registered oh~rer, and the date of any cancellation thereof, in
form substantially as follaw~:
I°his bond ~s reglstcr~d ir the name of the registered owner
last entered beiow, and both the principal of and interest
on this bond are payable to such owner, unless registered as
to priticipa~ enly, ir~ which event only the principal is so
payableo
Note° Tr~ere mu~~ be n~ writir.g~below except by the Treasurer
Rr;GlS`iF~I:~:~N C NCELL ION
Da~e of 'I`ype ~f Registe~ed Signature of Date of Signature of
Re~istry Reg~stra'tior~~ Owner Treasurer Cancellation Treasurer
~ Principal on~y .
. and Ir.ter•est
~ Princ~pal oniy
and ~nterest
Frinc~pai only
and .i.nterest
~ In the event i•egistration is as to principal only, strike the
words "and Tnterest"; if as to principal and interest, strike
the word "only"~ ~
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7. The coupons shall be numbered consecutively and be sub-
stantially in the following form, to wit:
On the Second day of
CITY OF CUPERTINO will pay to bearer
(unless the bond is redeemed prior 19
thereto) the sum hereon at the office
of its Treasurer, City Hall, Cupertino, $
California, as interest on Improvement
Bond, dated January 17, 1972, BLANEY Coupon No.
AVENUE, ET AL. STREET WIDENING PROJECT
ASSESS%1ENT DISTRICT No.
Treasurer SERIES 70-1
8. The Clerk shall forward certified copies of this resolu-
tion to the City Treasurer and County Director of Finance.
PASSED AND ADOPTED at a regular meeting of the City Council of
the City of Cupertino this 20th day of December, 1971, by the follow-
ing vote:
AYES: Councilmen— Fitzgerald, Frolich, Irwin, Stokes, Noel
NOES: Councilmen- None
ABSENT: Councilmen— None
APPROVED:
Mayor, City of Cupertino
ATTEST:
Z4�
City Cler
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" EXHIBIT "A"
. LIST OF UNPAID ASSESSMENTS
• BLANEY AVENUE, ET AL. STREET WIDENING PROJECT
ASSESSMENT DISTRICT AD 70-1 , '
Assessment Assessor's . Amount of
Unit Number Parcel Number Assessment
1 3 371-8-12 $ 365.19
4 3?1-8-11 540.1.9
7 371-~-3(Por) 2,887.06
2 1 371-8-3(por) 1,861.41
3 1. 361-23-31 797 .
2 36~-23-30 1,383.64
$ 7, ~3~+. 93
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EXHIBIT "B" ~
Amount of
Series Bond Numbers Principal Date oi Maturity
70-1 1 $~+3~.93 July 2, 1973
~ 2 500.0o July 2, 1974
3 500.0o Juiy 2, i975
4 500.0o July 2, 1976
5 . 500.0o July 2, 1977
6 500.0o July 2, 1978
7 500.0o July 2, 1979
8 500.0o July 2, i98o
9 500.0o Juiy 2, 198i
io 500.0o July 2, 1982
11 500.0o Juiy 2, 19~3
~2 600.0o July 2, 1984
13 600.0o July 2, 19~5
600.0o July 2, 1986
15 600.0o July 2, 1987
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