CC Resolution No. 3101-26
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WJML: KJmh 11-2~+-72-35
RESOLUTION N0. 3101- 26.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CUPERTINO DETERMINING ASSESSMENTS AND
PROVIDING FOR ISSUANCE OF PORTION OF BONDS
CROSSROADS ASSESSMENT DISTRICT
PROJECT N0. 71-2
~ FIRST SALE
RESOLVED, by the City Council of the City of Cupertino,
California, that
WHEREAS, this Council did, on March 6, 1972, pass and adopt
its Resolution of Intention No. 3101-3, as amended, relating to
the acquisition and construction of public improvements in said
City under and pursuant to the provisions of the Municipal
Improvement Act of 1g13, and did therein provide that serial
bonds would be issued thereunder pursuant to the provisions of
the Improvement Bond Act of 1915, 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 which assessments may be paid in cash is
being duly published and mailed in the manner provided by law,
and a list of the assessments levied in said proceedings is on
file in the office of the Director of Finance of this City;
NOW, THEREFORE, IT IS HEREBY ORDERED, as follows:
1. That the assessments in said List of Assessments and
the aggr.egate thereof are as shown on Exhibit "A" hereto at-
tached and by reference made a part hereof.
2. That for a particular description of the lots or par-
cels.of land bearing the respective assessment numbers set forth
in said list, 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
numbers be~.ng so numbered and designated upon said diagram and
assessment as so confirmed and recorded, severally and respectively.
3. The List of Assessments is in the amount of $1,035,992,
and bonds shall be issued upon the security of said amount in
the initial amount of $500,000.00, jurisdiction being reserved ,
to issue remaining bonds to represent the remaining portion of
any unpaid assessments, in accordance with the provisions of the
Improvement Bond Act of 1g15 (Division 10 of the Streets and
Highways Code) and under and pursuant to the provisions of said
. ~
.~esolution of Intention and the proceedin~s thereunder duly had
and taken. Said bonds shall be dated January 2, 1973, shall be
five hundred (500 or one hundred (100) in number, depending on
either $1,000 or ~5,000 denominations, be payable at the prin-
cipal office of the Bank of America National Trust and Savings
Association, San Francisco, California, Paying Agent and Regis-
tration Agent of the City, and bear interest from their d.ate to
their respective dates of maturity at the rate of not to exceed
seven percent (7~) per annum, commencing on January 2, 197~,
and the denominations of said bonds and their respective dates
of maturit~ are as shown on Exhibit "B" hereto attached and made
a part hereof by reference.
Said bonds shall be issued in series, and the assess-
ments as shown on said list, and the unpaid assessments thereof
as shown on a list to be filed with the City Director of Finance,
together with the interest thereon, sha.ll remain and constitute
a trust fund for the redemption and payment of said bonds and
of the interest which may be due thereon, which unpaid assess-
ments shall be taxable in annual series corresponding in number
to the number of series of bonds issued, and an annual propor-
tion of each assessment sha11 be payable in each year precedin~
the date of the maturity for each of the several bonds issued,
and such proportion of each assessment coming due in any year,
together with the annual interest thereon, shall in turn be pay-
able in installments as the general taxes of the City on real
property are payable, and shall become delinquent at the same
time and in the same proportionate amounts and bear the same pro-
portionate penalties for delinquency.
5. The bonds shal.l be executed on behalf of the City and
under its official seal by the Treasurer and Clerk, and the cou-
pons attached to the 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 signing and sealing shall constitute and
be a sufficient and binding execution of each and every one of
said bonds and coupons thereof, respectively. Said bonds sha11
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. Registration of Bonds. Any bond may be registered as
to both principal and interest or as to principal only; the
~ registration may be transferred or canceled; and the bond may be
registered again, upon the written request o.f the owner thereof
and presentation of the bond to the Registration Agent for such
purpose .
a) Princi~
_a~l and Interest: When a bond is registered as
to principa~d in~erest, t e coupons shall be removed and can-
celed, or preserved in a place~of safekeeping, at the option of
2
. ~
the Registration Agent and the number of the bond and the name-
and address of the owner thereof shall be entered in the regis-
tration book maintained by the Registration Agent, and a notation
shall be made therein and on the bond that registration is as to
principal and interest. Until such registration is canceled as
herein provided, the interest shall be payable only to the regis-
tered owner, and the principal shall be payable only to such owner
upon presentation of the bond to the Registration A~ent.
b) Princi al Only. When a bond is registered as to prin-
cipal only, a no~a ion to that effect shall be made in the regis-
tration book and on the bond, the coupons shall not be removed
and the interest on such bond sha.ll be paid upon presentation of
such coupons in the same manner as unregistered bonds. Principa.l,
however, shall be paid only to the registered owner upon presenta-
tion of~such bond to the Registration Agent.
c) Transfer. A registered bond may only be transferred
by the re~is'~ered owner in writing, in person, or by attorney
duly authorized, by the Registration Agent endorsing on the bond
and in the registration book the fact of the transfer.
d) Deregistration. The registration of any unmatured
bond may be canceled upon written request of the registered owner.
Upon neceipt of such request and the bond, the Registration Agent
shall cancel the registration in the registration book and on the
back of the bpnd, cause all unmatured coupons to be reattached to
the bond (said coupons to be reprinted, if necessary), and deliver
the bond and attached coupons to the owner. Until such bond is
registered again, the principal thereof shall be payable to bearer,
and the interest sha.ll again be paid upon surrender of proper
coupons.
e) Reregistration. Deregistered bonds may be reregis-
tered in the same manner as previously unregistered bonds.
f) The person requesting registration, transfer, deregis-
tration or reregistration shall pay the fees charged by the Regis-
tration Agent for such service, including any cost of reprinting
the couponse
g) There shall be provided on the back of each bond a
suitable statement to be signed by the Registration Agent indi-
cating the date of registration, the type of registration, the
name of the registered owner, and the date of any transfer or
cancellation thereof.
7. The interest coupons shall be nu.mbered consecutively
and be substantially in the following form, to wit:
3
On the Second day of
CITY OF CUPERTINO, California will pay to
bearer the sum hereon (unless the herein
designated bond is redeemed prior thereto)
at the principal office of the Paying Agent
and Registration Agent, Bank of America
N.T. & S.A., in San Francisco, California,
as interest on Improvement Bond, CROSSROADS
ASSESSMENT DISTRICT PROJECT NO. 71-23
dated January 2, 1973, SERIES 71-2-A.
Treasurer
19
Coupon No.
No.
8. The City hereby covenants to the purchasers of the
bonds, and their successors in interest, that it will make no
use of the proceeds of said bonds at any time during the term
thereof which, if such use had been reasonably expected at the
date the bonds were issued, would have caused them to be arbi-
trage bonds within the meaning of Section 103(d) of the United
States Internal Revenue Code of 1954 and the applicable regula-
tion of the United States Treasury Department.
9. The Clerk shall forward certifies copies of this reso-
lution 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 4th day of December, 1972, by the
following vote:
AYES: Councilmen- Jackson, Meyers, Sparks, Irwin
NOES: Councilmen- None
ABSENT: Councilmen- Frolich
APPROVED:
ATTEST: 1 -9 Lrvcl��
ayor, City of Cupertino
(Pro Tempore)
L, , )
4/_y*44_.
City Cl
4
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~ ~ EXHIBIT "A"
' LIST OF ASSESSMENTS
;
~ ~ CITY OF CUPERTINO
CROSSROADS ASSESSMENT DISTRICT
. PROJECT N0. 71-2 . .
~ Assessment Assessor~s Amount of Assessed Valuation
, Number Parcel Number Asses~sment Land Impvts
: ~ 1 326-3~+-~+2 $ 6, ~450 ~ $ ' 9; 860 $ ....15p
2 326-3~+-15 2~780 3,~60
~ 3 326-3~+-1~+ 66~+ 6; 90
326-3~+-~+0 6, 663 28; 520
5 326-3~+-39 6, 86~ ~20 350
6 326-3~+-30 7, 9~0 ~4; 210 300
7 326-3~+-~+1 31, 886 i6, 280. 1; 910
8 326-3~+-25 8, 932 62o i, 250
9 326-3~-27 9,627 5,010 --750
l0 326-3~+-37 32,152 31, 360
11 ..326-3~+-36 8, 266 27; 300 12, 210
~ 12 326-3~+-22 173,123 56,~80 . -.800
13 326-3~+-2~+ ~ 13, 85~+ 3; o0 2; 930
15 ~ 326-33-55 51, 222 ~ 9; 990 7;120 .
: 16 326-33-56 lo, 395 3, 360 3, 050
17 326-33-5~+ l0, 565 3, 300 :'.1; 300
18 326-33-52 22,357 9~000 2,750
19 326-33-59 202, 08~+
20 326-33-59 165,723 ~ 69,680.
21 326-3~4-~+3 18, 762
~ 22 . 326-3~4-~6 86, 239
23 326-3~+-~+~ 8, 079
2~+ 326-3~+-~5 13, ~+89 . .
25 326-3~+-~+7 23, $52 1~7, 910 ` 32, 710
~ 26 ~ 326-32-29 7~+, 977 por 2 0; 900 por 231; 610
27 360-13-1~+7 31,797 ~Por3196,020~por~~+90;780
28 360-13-125 982 12,860 37;030
?9 36o-13-i26 2, 268 17,1~+0 31~, 200
$ 1, 035~ 992 $ 962,170 $ 865, 200
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EXHIBIT "B"
Denominations and
Bond Numbers Principal Date of Maturity
Series 1,00 or 5,00 Amount July 2
T
71-2-A 1- 20 1- $ 20,000 1975
21 - 45 5- 9 25,00o i976
~6 - 70 lo - i~+ 25,000 1977 ~
71 - 95 15 - 19 25,000 1978
g6 - 125 20 - 25 30,000 1979
1.26 - 155 26 - 31 30,000 1.g8o
156 - lgo 32 -'38 35,000 ' 1g81
lgl - 225 39 -~+5 35, o0o ig82
226 - 265 ~+6 - 53 ~o,oo0 1983
266 - 305 54 - 6i ~+o,ooo i98~+
306 - 350 62 - 70 ~+5,000 1985
351 - 395 71 - 79 45,000 1g86
396 -~~5 80 - 8g 50,000 1987
~ 4~+6 - 500 90 - 100 55,000 ~.g88