CC Resolution No. 3101-50 WJML:KRTmh 5-21-73-35
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RESOLUTION N0. 3101- 50 ~
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
• DETERMINING UNPAID ASSESSMENTS AND PROVIDING FOR ISSUANCE
OF SECOND SALE OF BONDS FOR CROSSROADS ASSESSMENT DISTRICT
PROJECT N0. 71-2
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. 3~.01-3, as subsequently 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 1913, and did therein provide that serial bonds would be issued
thereunder pursuant to the provisions of the Improvement Bond Act of
191.5, 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 which.assessments may be paid in cash has been duly pub-
lished and mailed in the manner provided by law, and the time so pro-
vided for receiving payment of assessments in cash has expired, and
the Director of Finance has filed in his office a list of all assess-
ments which now remain unpaid;
WHEREAS, this Council has duly considered said list and has
determined that the same is an accurate sta~ement thereof; and
WHEREAS, bonds to represent said unpaid assessments have been
duly issued.and sold in the total principal amount of $500,000,
represented by the First Sale;
NOW, THEREFORE, IT IS HEREBY ORDERED, as follows:
1. That the assessments now remaining unpaid and the aggregate
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 the lots or parcels of
land bearing the respective assessment numbers set forth in said list
and upon which assessments remain unpaid, severally and respectively,
reference is hereby made to the assessment and to the diagram recorded
in the offic.e of the Superintendent of Streets of this City after con-
firmation by this Council, the several lots or parcels of land repre-
sented by said assessment numbers being so numbered and designated
upon said diagram and assessment and so confirmed and recorded, sev-
erally and respectively.
3. The unpai,d list is in the amount of $863,0~+2, and the second
sale of bonds shall be issued upon the security of said unpaid assess-
ments in the amount of $363,04~2 in accordance with the provisions of
said Improvement Bond Act of 1915 (Division 10 of the Streets and High-
ways Code) and under and pursuant to the provisions of said Resolution
of Intention and the proceedings thereunder duly had and taken. Said
bonds shall be dated July 2, Z973, shall be three hundred sixty-four
(364) in number9 be payable at the principal office of the Bank of
America National Trust and Savings Association, Paying~Agent and
Registrar of the City, San Francisco, California, and bear interest
from their date to their respective dates of maturity at the rate of
not to exceed seven percent (7~) per annum, represented by coupons
payable on January 2 and July 2 in each year, commencing January 2,
197~, and the denomination of said bonds with their respective numbers
and dates of maturity are as shown on Exhibit "B" hereto attached and
made a part he~reof by reference. .
4, Said bonds shall be issued in series, and the unpaid assess-
ments as shown on said list and determined.by this Council, together
with the interest thereon, shall 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 assessments shall be taxable in annual
series corresponding in number to the number of series of bonds issued,
and an annual p.roportion of each assessment shall be payable in each
year preceding 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 be payable in in-
stallments as the general~ taxes of the City on real property are pay-
able, and shall become d'elinquent at the same time and in the same
proportionate amounts and bear the same proportionate penalties for
delinquencies.
5, The bonds shall be executed on behalf of the City and under
its official seal by the Treasurer.and Clerk, and the coupons 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 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. Registration of Bonds. Any bond may be registered as to
both principal and interest or as to principal only, upon written
request of the bandholder and presentation of the bond to the
Registrar for registration.
a) Principal and Interest. Upon presentation and request
for registration as to principal and interest, the coupons shall be
removed and canceled, or preserved in a place of safekeeping,at the
option of the Registrar,.and the numbers of all registered bonds and
~he,names and addresses of the owners thereof shall be entered in the
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registration book maintained by the Registrar, and a notation sha11
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 registered owner, and the
principal shall be payable only to such owner upon presentation of
the bond.
b) Principal Only. When bonds are registered as to prin-
cipal only, a notation shall be made to that effect in the registration
book and on'the bond. The coupons shall not be removed and the inter-
est on such bonds shall be paid upon presentation of such coupons in
the same manner as unregistered bonds. Principal, however, shall be
paid only to the registered owner upon presentation of such bond.
c) Deregistration. The registration of any unmatured
bond may be cance ed upon written request of the registered owner.
Upon receipt of such request and the bond, the Registrar 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 coupons to
the owner. Until such bond is reregistered, the principal thereof
shall be payable to bearer, and the interest shall again be paid upon
surrender of proper coupons.
d) Reregistration. Deregistered bonds may be reregis-
tered in the same manner as previously unregistered bonds.
e) The person requesting registration, deregistration or
reregistration shall pay the fees charged by the Registrar for such
services, including any cost of reprinting the couponse
f) There shall be provided on the back of~each bond a
suitable sta~ement to be signed by the Registrar indicating the date
of registration, the type of registration, the name of the registered
owner, and the date of any cancellation thereof.
7. The interest coupons shall be numbered consecutively and
be substantially in the following form, to wit:
On the Second day of ,
CITY OF CUPERTINO, California will pay to .
bearer (unless the bond is redeemed prior 19
thereto) the sum hereon, at the principal
office of the Paying Agent and Registrar, $
Bank of America N.T. & S.A., in San Francisco,
California, as interest on Improvement Bond, Coupon Noo
CROSSROADS ASSESSMENT DISTRICT PROJECT N0.
71-2, dated July 2, 1973, SERIES 71-2-B. No.
Treasurer
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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 arbitrage bonds within the
meanin of Section 103(d) of the United States Internal Revenue Code
of 195� and the applicable regulations of the United States Treasury
Department.
9. The Clerk shall forward certified copies of this resolution
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 June, 1973, by the following
vote:
AYES: Councilmen - Frolich, Jackson, Meyers, Sparks, Irwin
NOES: Councilmen - None
ABSENT: Councilmen - None
APPROVED:
ATTEST: ayor, City of Cupertino
Cit Clerk
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EXHIBIT "A"
LIST OF UNPAID ASSESSMENTS
CITY OF CUPERTINO
CROSSROADS ASSESSMENT DISTRICT
PROJECT N0. 71-2
Assessment Assessor's Amount of Assessed Valuation
Number Parcel.Number Assessment , Iand Impvts
~ 1 326-3~-~+2 $ 6,450 $ 9,860 $ 150
~4 326-3~+-40 6, 663 28, 520
5 326-3~+-39 6, 86~ ~+20 350
6 326-34-30 7, 9~0 210 300
7 _ 326 -3~+-~ 1 31, 886 16, 280 1, 910
8 326-34-25 8, 932 620 1, 250
l0 326-3~+-37 32, i52 31, 360
11 326-34-36 8,266 27,300 12,210
12 326=3~+-22 ~3,303 56,980 800
13 326-34-24 lo,g84 3,~+00 2,~930
15 326-33-55 52~022 g,99o 7,120
~ 1.6 326-33-56 10,395 3,360 3,050
17 326-33-5~+ 5, 265 3, 300 1, 300
18 326-33-52 16,707 9,000 2,750
~-9 326-33-59 202, 08~+
20 326-33-59 165,723 69,680
21 326-3~+-43 18,762 ~
22 ~ 326-34-~+6 86, 239 ~
23 326-34-4?~ 8, 079
25 326-3~-~7 23,852 197,910 32,710
26 326-32-29 7~+, 977 por 2~0, 900 231, 610 por
27 360-13-1~7 31,797 ~por;196,020 ~+90,780 por
28 36o-13-i25 982 12,860 37,030
29 360-13-126 2, 268 17,1~+0 3~, 200
30 3i6-26-23 ~+50
$ 863~0?~2 $ 947, llo $86~, 450
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EXHIBIT "B"
Bond Numbers~ Amount of
Series (Both Inclusive) Principal Date of Maturity
71-2-B 1 $ ~2.00 July 2, 1974
2- 2g 28,000.0o July 2, i97~ ~
30 = 4g 20,000.0o July 2, 19?5 '
50 - 6g 20,000.0o July 2, 1976
70 - 89 20,000.0o July 2, 1977
90 - l09 20,000.00 ~ July 2, 1978
~ l~o - 129 20,000.0o Juiy 2, 1979
130 - 1~9 20,000.00 July 2, 1980
~ 150 - 16g 20,000.0o July 2, 1g81.
170 - 194 25,000.00 July 2, 1982
~95 - 219 25,000.0o July 2, 1.983
220 - 2~~ 25~,000.00 July 2, 1984
. 245 - 274 30,000.0o July 2, 1985
275 - 304~ 30,00000o July 2, ~986
305 - 334 30,000.0o July 2, 1g87
335 - 36~+ 30,000.0o July 2, Zg88
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WILSON, eTONES, ~IORTON 8C LYNCH
ATTORNEYS AND COUNSELLORS AT LAW
630 NORTH SAN MATEO ~RIVE
SAN MATEO, CALIFORNIA 94407