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CC Resolution No. 3874.11 , ~ WJML:KJmh 12-18-75-].?. . ~ ftESOLUTION N0. 3874.11 ~ A RESOLUTION OI~' TIIE CITY COUNCIL OF TFiI; CITY OF CUPERTINO DETERI~SINING UNPAID ASSESSA~NTS Al~'D PROVIDING FOR ISSU- ANCE OF $1,175,984.82 OF BONDS FOR VpLLCO PARK . ASSESSMENT DISTRICT N0. 19i4-3 RESOLVED, by the City Council of the City of Cupertino, California~ that ~ ~ WHEREAS, this Council, on March 17, 1975,~did pass and adopt its ~ ftesoltztion of Intention No. 3874.2 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 t.here- in provide that serial bonds would be issued thereunder pursuant to the provisions of the Improvement Bond Act of 1915, reference to said Reso- lution of Intention hereby being expressly made for further particula.rs; 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~ Finance Director has filed in his office a list of all assessments which now rem ain unpaid; ~ ~ WHEREAS, this Council has duly considered said list and has deter-• mined that the same is an accurate statement thereof; . ~ NOW, THEREFORE, IT IS HEREBY OR.DERED, as follows: ' ~ 1. That the assessments now remaining unpaid, and the aggregate thereof, are as shown on said list and on ~xhibit "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 diagram recorded in the office of the Superintendent of Streets of this City a~ter confirmatio:n by this Council, the several lots.or parcels~of land represented by said assessment numbers being so numbered and desi.gnated upon said dia- gram and assessment as so confirmed and recorded, severally and respectively. ~ . 3. That the unpaid list is in the amount of $1,175,984.82, and bonds shall be issued upon the security of said unpaid assessments in said amount in accordan'ce with the provisions of said Improvement IIond 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 had and taken. Said bonds shall be dated February 2, 197u~ be designated Series 1974-3, be payable at the principal office of the Bank of America National Trust and Savings Association, San Francisco, California, P~ying and Registration.~gent 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 of each year, commencing on January 2, 1977, and the denomination of said ~ bonds and their respective numbers and dates of maturity are as shown on ~xhibit "B" hereto attached and made a part hereof 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 ta:~able in annual series corresponding in number to the number of series of bonds issued, and an annual proportion 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 install- ments as the general taxes of the City on real property are payable, and shall become delinquent at the sa,me time and in the same propor- tionate amounts and bear the same proportionate penalties for delinquency. ~ 5: The bonds sha.ll be executed on behalf of the City and under . its official seal by the Treasurer and Clerk, and thP.coupons attached to the bonds shall be executed by the Treasurer, whose signature may .be reproduced on the bonds and coupons by engraved, printed or litho- graphed f acsimile.thereof, and t~e official seal may be placed on the bonds in like manner; and such signing and sealing shall constitute and be a suffi.cient and binding execution of each and every one of said bonds and coupons thereof, respectively. Said bonds shall be substan- tially 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 registered 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 registered bonds required~ to be maintained by the Registration Agent, and a notation shall be made therein, and on the back of the bond that registration is as to both principal and interest. Until such registration is discharged, as hereinafter provided, the interest shall be payable only to the registered owner, and the principal shal~l be payable only to such owner upon presentation of the bond to the Registration Agent. 2 ~ ~ ~ ~~b) Principal Only. When a~bond is presented for regis- trat~ion as to principal only, a notation to that 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; p rincipal, however, shall be paid only to the registered owner upon presentation of ~uch bond to the Registration Agent. . c) Transfer. A registered bond may be transferred only by the registered o~vner, in p~rson or by attorney duly authorized, by a written instrument of transfer in form acceptable to the Regis- tration 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 registry book, cause . ~ all unmatured coupons to be reattached to the bond, where necessary, . and deliver the bond and coupons to the owner, and thereupon negotia-., ~ bil~ity and transferability by delivery shall be restored; until regis- tered again, the principal and interest shall be paya~J.e to bearer upon surrender of the coupons~and bond, as due. ~ e) Reregistration. Deregistered bonds may be registered ~again, in the manner heretofore provided. f) The person requesting registration, transfer or de- registration, stall pay any charges therefor, including any cost o~ reprinting the coupons . g) There shall be provided on the back~of each bond a suitable statement with appropriate blanks to be signed by the Regis- tration Agent, indicating the date of registration or transfer, the type of registration and the name and address of the registered owner. ~ The coupons shall be numbered consecutively a.nd be substan- ~ tially in the following form, to wit: The CITY OF CUPERTINO, California, will, ~ On 2, on the due date hereof~, unless the bond 19 specified herein is redeemed prior thereto, pay to bearer the sum hereon at ~ $ the principal office of the IIank of America ~ National Trust and Savings Association, • San Francisco, California, Paying and Coupon No. Registration Agent of said City, as interest on its Improvement Bond, ~ VALLCO PARK ASSESSMENT DISTRICT N0. 1974-3 No. • ~ SERIES 1974-3, dated February 2, 19.76. . Treasurer ~ • ~ 3 . f. , . ~ ' . 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 City 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 certification shall be delivered to the purchaser to- gether with the bonds. . 9. The City Clerk sha11 forward certified 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 Sth day of January, 1976, by the following vote: Vote Members of the City Council AYE S: ~ Meyers, Nellis, Sparks, Jackson NOES : None ABSENT : Frolich . ABSTAIN : None ~ . APPROVED: - a ~a"r,. City of C ~trno , . ATTEST: ` . C y Clerk 4