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CC Resolution No. 3871.17 ~ . . '~JyiL:KIJ:v 2/3/77/2 , , , . RESOLUTION N0. 3871.17 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTIVO DETERMINING UNPAID ASSESSMENTS RND PROVIDING FOR ISSUANCE OF PORTION OF BONDS FOR VALLCO PARK ASSESSMENT DISTRICT 1974-1 SECOND SALE RESOLVED, by the City Council of the City of Cupertino, California, that WHEREAS, this Council did, on March 17, 1975, pass and adopt its Resolution of Intention No. 3871.2, relatinq to the acquisition and construction of public improvements in said City under and pur- suant 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 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 has been duly published and mailed in the manner provided by Zaw, and a list of the unpaid assessments levied in said proceedings is on file in the office of the Director of Finance of'this City; and WHEREAS, the City has heretofore issued and sold the F~irst Sale (Series 1974-1A) of bonds to represent said unpaid assessments in the total principal amount of $515,000; NOW, THEREFORE, IT IS HEREBY ORDERED, as follows: l. That the assessments in ~said`List of Unpaid Assessments and the aggregate thereof are as shown on Exhibit "A" hereto attached and by reference made a part hereof. 2. That for a particular desc-ription of the lots or parcels of land bearing the respective assessment'numbers set forth in said list reference is hereby made to the assessment and to the diagram recorded in the office of the Superintendent of Streets of this City after conf irmation by this Council, the several lots or parcels of land represented by said assessment numbers being so numb~ered and designated upon said diagram and assessment as so confirmed and re- corded, severally and respectively. 3. The List of Unpaid Assessments is in the amount of 5720,041.20, and bonds shall be issued upon the security of said amount in the amount of 5205,041.20, in accordance with the pro- visions of the Improvement Bond Act of 1915 (Division 10 of the Streets and Highways Code) and under and pursuant to the provisions of said Resolution of Intention and the proceedings thereunder duly r ~ had and taken. 9aid bonds shall be dated March 2, 1977, be desig- nated Series 1974-iB, be forty-one (41) in number, be payable at the principal office of the Bank of America National Trus t and Savings Association, San Francisco, California,. Paying and Regis- tration Agent of the City, and bear interest from their date to their respective dates of maturity at the rate of not to exceed eight percent (8$) per annum,represented by coupons payable on January 2 and July 2 in each year, commencing January 2, 1978, and the denominations of said bonds and their respective numbers and dates of maturity are as shown on Exhibit "B" hereto attached and made a part hereof by reference. 4. Said bonds shall be issued in series, and the unpaid assessments 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 arinual series corresponding in number to the number of series of bonds issued, and an annual proportion of each assess- ~ ment 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 cominq due in any year,together with the annual interest thereon, shall in turn be payable 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 prvportionate amounts and bear the same proportionate penalties for delinquency. 5. The bonds shall be executed on behalf of the City and under its officiai 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 herein. 6. Registration of Bonds. Any of said bonds may be registered as to both principal. and interest or as to principal alone, and if reqistered may be deregistered, reregistered or the ownership thereof transferred, upon the written request of the holder or registered owner and presentation of the bond to the Registration Agent for such purpose. a) Principal and Interest. When a bond is presented for registration as to both principal and interest, the coupons shall.be removed therefrom and canceled (or preserved in a place of safekeeping, at the option of the Registration Agent)~, and the number of the bond and the name and address of the person in whose name it is to be registered shall be entered in the book of regis- tered bonds required to be maintained by the Registration Agent, , . -2- and a notation shall be made therein and on the back of the bond that registration is as to both principal and interest. lintil such registration is discharged, as hereinafter 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 to the Registration Agent. b) Princi al Onl . When a bond is presented for registration as to principa only, a notation to taat effect shall be made in the registry book and on the back of the bond, the coupons remain negotiable and transferable by delivery and shall not be removed; interest on such bond shall be paid to the person presenting the coupons for payment; principal, however, shall be paid only to the registered owner upon presentation of such bond to the Registration Agent. c) Tzansfer. A registered bond may be transferred only by the registered owner, in person or by attorney duly authorized by a written instrument of transfer in form acceptable to the Registration Agent, and by the Registration Agent endorsing on the back of the bond and in the registry book the fact of the transfer. d) Deregistration. A registered bond may be discharged from registration upon written request of the registered owner. The Registration Agent shall transfer the bond to bearer by appropriate endorsement on the back of the bond and in the registrybook, cause all unmatured coupons to be reattached to the bond, where necessary, and deliver the bond and coupons to the owner, and thereupon negotiability and transferability by delivery shall be restored; until registered again, the principal and interest shall be payable to bearer upon surrender of the coupons and bond, as due. e) Rere istration. Deregistered bonds may be registered again, in the manner hereto ore provided. f) The person requesting registration, transfer or de- registration, shall pay any charges therefor, including any cost of reprinting the coupons. g) There shail be provided on the back of each bond a suita.ble statement with appropriate blanks to be siqned by the Registration Agent, indicating the date of registration or transfer, the type of registration and the name and address of the registered ~ owner. 7. The coupons shall be numbered consecutively and be sub- stantially 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 19 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, Coupon No. as interest on Improvement Bond, VALLCO PARK ASSESSMENT DISTRICT N0. 1974-1, No. ~dated March 2, 1977, SERIES 1974-18. Treasurer 8. On the basis of the facts, estimates and circumstances now in existence and in existence on the date of issue of the bonds, as determined by the City Treasurer, the Treasurer is authorized to certify that it is not expected that the proceeds of the issue will be used in a.manner that would cause such obligations to be arbitrage bonds. Such certif ication shall be deliver.ed to the purchaser to- gether with the bonds. ~ 9. The City Clerk shall forward certified copies of this resolution to the City Treasurer and Director of Finance of Santa Ciara County. PASSED.AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this sth day of February, 1977, by the following vote: Vote Members of the City Council AYES: Frolich, Jackson, Nellis, Meyers NOES : None ABS ENT : 0' Kee f e . ABSTAIN : None , APPROVED: ~ • . ~ ~ . Mayor, City o upertino ATTEST: Ci Clerk - . . -4- . . EYFiIBIT "A" . LIST OF UNpAID ASSESSMENTS VALLCO PAR~ ASSESSP~NT DISTRICT 1974-1 Assessment Assessor's Number Parcel Number Amount oF Assessment . 2 316-20-32 ~ 28,975.99 316-20-33 4,576.29 3 Por. 310-19-51 ) 4 316-20-29 ) 19,169.63 . 5 316-20-28 23,622.43 316-19-52 ) 6 Por. .316-19-51 ) 14,295,50 7A 316-19-50 & 53 24,900.90 Por. 316-19-48 8,687.71 7B Por. 316-19-48 $ Por. 316-19-46 3,014.55 9 316-19-40 11,164.72 i0 Por. 316-19-46 18'b53'87 11 Por. 316-19-46 22,866.98 12 Por. 316-19-42 ) 24,203.56 Por. 316-19-45 ) 14,339.08 ~3 Por. 316-19-42) Por. 316-19-45) 17,150.24 1~ 316-19-25 15 316-19-26 ~ 9,646.55 21 310-18-25 9,247.04 ~3 ~ 316-18-27 9'385'~5 ~5 316-18-19 8,847.52 28 316- 6-19 12,697.42 ~9 316- 6-33 8,9~5.63 . 30 3i6- 6-34 6~370.50 32 316-18-22 ) 11,302.74 34 316- 6-26 ) 59,905.98 35 ~ 316- 6-30 4,496.39 36 316- 6-29 7,489.16 3$ 316- 6-28 2,113.82 3 316- 6-27 & 32 ' 36,639.47 41A 316- 6-23 i,176.77 Por. 316- 5-49 ~ 9,841.69 41B~ Por. 316- 5-49 12,480.50 42 316- 5-50, 51, 52, 53, 54 20,448.07 44 - ~ 316- 5-48 1,096.87 45 3160• ~7-39 & 40 46 316- 7-38 & 41 100,983.73 ~7 316- 7-34 48 3I6- 9-19 3,392.27 4g 1,874.11 50 316- 9-27 1,619.87. 316- 9-28 51 316- 9-29 13,176.84 52 316- 9-30 11,578.77 53 Por. 316- 9-31 13,176.85 5~ Por. 316- 9-31 I0,975.86 ~ $720,041.20 EXHIBIT "g" BOND NUMBERS, MATURITIES AND DENOMINATIONS CITY OF CUPERTINO VALLCO PARK ASSESSMENT DISTRICT 1974-1 SERIES 1974-1B BOND NOS. AMOUNT OF YEAR OF SERIES (INCLUSIVE) PRINCIPAL MATURITY (July 2) 1974-I.B 1 $ 5,041.20 1978 2 5,000 ~ 1979 3 5,000 1980 4 5, 000 . . . 1981 5 5,000 1982 6 5,000 1983 ~ - 9 15,000 1984 10 - 12 15,000 1985 13 - 15 ~ 15,000 1986 16 - 19 20,000 1987 20 - 23 20,000 1988 24 - 27 20,000 1989 28 - 31 20,000 1990 32 - 36 25,000 1991 37 - 41 25,000 1992 Al1 bonds are $5,000 denominations except Bond No. 1.