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CC Resolution No. 3875.12 WJML:KJmh 12-19=75-12 ~ RESOLUTIUN N0. 3875.12 A RESOLUTION~OF THE CITY COUNCIL OI' THE CITY OF CUPERTINO D~T~RD4INI1`TG UNPAID ASS~SSMENI'S AND PROVIDING FOR ISSU- . ANCE OF• $665 ~ 000 I'IRST SALT OF }30NDS FOR VALLCO PARK ASSESSH~NT DISTRICT N0. 1974-4 ~ R~SOLVED, by the City Council of the City of Cupertino, California, th at WHERLAS, this Council, on March 17, 1975, did pass and adopt i.ts Resolution of Intention No. 3875.2, relating to the acquisition and ~ ~ construction o~ public improvements in said City under and pursuant i:o the provisions o~ the 1~4unicipal Impr.ovemen~: Act of 1913, and did ther.e- in provide that serial bonds would be issued thereunder pursuarit i;o the provisions of the Improvement Bond Act o:f 1915, r~ference to said l~,eso- lution of Intention hereby being expressly made for further particulars; SVHEREAS, notice o~ the recordation a.f the assessment and o~ the ~:ime within which assessments may be paid in cash has been duly.pub- lisl~ed 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 Fi.nance Di.i•ector has f.il~d in his office a list of al.l a.ssessments which now remain unpaid; • ~ WHF.REAS, this Council has duly considered said li.st and has det~r- mined that the same is an accurate statement thereof; 1. That the assessments no~v remai.ning unpaid, ar.d th~ aggregai:e thereof, are as shown on said list and.on Exhibit "A" hereto ai;tached . and by reference made a part her~o~. 2. That for a part:iculai~ description o~ the lots or parcels of land bearing the respective. assessment numbers set forth in sa,id list, and upon which assessro~nts remain unpaid, severally and respectiyely, reference is hereby made to the assessment and diagram recorded in th~ o~fice of the Superintendent~ o~ Streets of this City after confirmation by i:his Counci]., the se~ieral lots or parcels of land represented by said assessment numbers being so numbered and designated upon said dia- gram and ussessment as so confirined and•recorded, severally and respectively. . , 3. That the unpaid list is in the amount of $826,190.16, and ~ bonds shall be issued upon th~ security of said amount in the initial amount of $665,000, jur.isdiction bein~ reserved to issue remaining bonds to represent the remaining por.tion o~ any unpaid assessments, in accordance with ~he provisions o~ the Improvement Bond Act of 1915 (Division 10 of the Streets and Highways Code) ar~d. under and pursuant. to the provisions of said Resolution o~ Intet~tion and the proceer~ings thereunder duly had and taken. Said bonds shall be dated February 2, 1976, Ue desi~nated Series 1974-4-A, be paylble a~ the principal.of~ice of thc-' IIank o:f America National Trust and Savings Association, ~ Payin~ and Registration Agent of the Ci~ty, and bcar interest from their dai:e 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 Jantiary 2, 1977, ~ and the denomination of said bonds and their respective numbers and da~;es o~ maturity are as shown on EYhibit "B" hereto attached and made a part hereof by reference. Said bonds shall be issued in series, and 1;he unpaid assess- ments as shown on said list ar,.d determined by this Council, together. ~ with th~ interest thereon, shall remain and constitute a trust fund for the redemption and payment of said bonds and of the interest which ma5~ be due thereon, ~vhich unp azd assessments shall be taxable in annual series corresponding iri 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 lor,~each of the several bonds issued, and such proportion o~ each assessment coming due in any year, togE~her wi~,h the annual interest thereon, shall be payab.le in install- men~ts as the general taxes o:E ~:he City on real property are payable, and shall become delinquent at the same time and in the sam~ propor- tionate amounts and bear the same proportionate penalties for delinquency. 5. The bonds sha11 be executed on behalf of the City and under its o~ficial seal by the Treasurer and C1erk, and ~;he coupons attached to the bonds shall be executed by the Treasurer, whose signature may ~ be .reproduced on.the bonds and coupons b;~ engraved, printed or litho- g.raphed facsimile thereof, and 1;he official seal m~.y be placed on the ~ bonc~s in like manner; and such.signin~ and sealing shall constitute and ' be a suffi.cient anci binding execution of each and every one of said bonds and coupons thereof, respectiv~ly. Said bonds shall be substan- tially iri the.form set forth iii said Improvement Bond ~ct o.f 1915, exccpt for such changes as are necessary to con:Corm to the provisions herein . , ~ , 6. Reg~stration 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 dere~istered, reregistered or i;he ownership thereof transferred, upon the written .request of the holder or registered ~ owner~and presentation of the bond to the Registration'Agent for such pu.rpose . a) Principal and Inter~st. ~Vhen a bond is presented for registration as to both pri_ncipal and interest the coupons shall be removed therefrom.and cancele~ (or preserved ~.n a place of sa.fekeeping, at the option of the Registration Agent), and the number o~ the bond and the name and address of the person in whose riame it is to be r~gistered shall be entered in the book o~ 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 prov9_ded, ~;he interest shall be payable only to ,the registered owner, and the principal shall be payable only to such owner ~ upon presen~tation of ~the bond to the Registration Agent. °2 ~ . . _ ~ . . . . . _ . . . . . _y.. . . _ ~ . . . i . • ' • , b) Principal Only. When a bond is presented for regis- ~--trai;ion as to principal only, a notation to. that effect shall be mad~ ~ ~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 paici to the person presenting the . . coupons ~or payment; p~ncipal, however, shall be paid only to the registered owner. upon presentation of such bond to the Registration Agent. ~ c) Transfer. 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 ~orm acceptable to the Regis- tration Agent,.and by the Registration Agent endorsing on the back o~ ~ the bond and in--the registry book the fact of the transfer. • d) Deregistration. A register.ed 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- ~ bility and,transferability by delivery shall be restored; until regis- tered again, the principal and interest shall be payable to bearer , upon surrender of the coupons and bond, as due. e) Reregistration. Deregiste.red bonds may be registered a~ain, in the manner heretofore provided. ~f) The person requesting registration, transfer or de- registration, sYa11 pay any charges therefor, including any cost of ~ reprintin~~ the co.upons . . , • g) There shall be provided on the back of each bond a ~ suitable statement wi~th 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. 7, The coupons shall be numbered consecutively and 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 of~ice of the Bank 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 ASSESSM~NT DISTRICT NO. 1974-4 No. S~RIES 1974-4-A, dated February 2, 1976. , Treasurer r.i. . . ~ ' . 8. On the basis of the facts, estimates and circumstances now ~ in exi.:stence and in existence on the date of issue of~the bonds, as deterrnined by the City Treasu.rer,~the City Treasurer is a.uthorized to c~rtily that it is nat expeci~ed that i;he proceeds o:f the issue will be used in a manner that would cause such obligations to be arbitra~e bonds. Such certi~ication shall be delivered to the purchaser to- gether with the bonds. 9. The City Clerk stiall forward certified copies of this reso- lution to the City Treasux•er and County Director of Finance. ~ PASSED AND ADOPTED at a regular me.eting of the City Council of the City of Cuperti.no th~.s 5th day of January, 1976, by the ~ollowing vote: Vote biembe~s of the City CounciZ AYE S: Meyers, Nellis, Sparks, Jackson NO~S : None ~ ABSENT: Frolich ABSTAIN : None ~ ' APPROVED: ~ /s/ ~James E.•Jackson . A~ayor, City of Cupertino ATTEST: ~ /s/ Wm. E. Ryder City Clerk ~ . 4 ~ ~ . : . . . ; . . ' . , . , L__- • ~ LZST OF UNPAID ASSESSA4~NTS VALLCO PARK ASSESST.'1~'NT DISTRICT 1974-4 ' Assessm~pt ~Ass~ssor's ~ Amount of NumUer ~ Parce~l~ I~'umber ~ ~Assessment 1 31G-20-32 . 188,140.0?. 2 ~ 316-20-33 . 29,G93.28 ~ 3 ~ Por. 316-19-51 ) , . ~ ~ 316-20-29 ) ~ ~ 124,473.81 4 . 316-20-28 ~ 153,390.47 ~ 5 316-19-52 ) ~ . ~ Por. 31G-19-51 ) . 92,838.98 6 316-19=50, 53 " ].61,GH5.42 ~ 7A Por. 316-19-48 ~ -56,403.~99 7B . Por. 316-19-48 ~ ~ 1g,564.19 . ~ $ 82G,190.16 ~ ~ . . ~ ~ . EXHIBIT "A" . ~ ~ . . - ~ ~ . . ~ . . • , : ~ . ~ ~ ~ . d ' _ } . ~ ~ ~ • ' • ' • • \ • • , ~ - Bond NumUers Amount of Year.~o1' A4aturity • Series (Inc7.usi~~e)* • Prin,ci al - (~u~-Y ' ]974-4-A 1 . $ 5,000 . 197? ~ . . . 2 ~ • 5,000 ' - 1978 ~ - 3 . 5, 000 ~ ~ _ 1979 ~ 4 ~ • • ~ 5,000 . ~930' ~ 5 5,000 1981 ~ 6 , 5,000 ~ ~ 1982 ~ . 7 - 8 10,000 1983 . ~ ~ 9 - 10 . 10, 000 ].934 ~ . 11 - 12 10,000 1985 ~ . 13 - 14 10,000 198G ~ 15 - 16 10,000 1987 17 - 18. 10,000. 1988 ~ 19 - 24 30,000 . ~-g89 . . 25 - 30 30,000 . . 1990 31 - 37 35,000 1991 ~ 38 - 45 40,000 1992 ~ 46 - 54 45, 000 ~-993 55 - 63 ~ 45, 000 1994 ~q _ 73. 50,000 1995 ~ 74 _ . 83 ~ ' S0, 0.00 ~ 1996 . ~ 84 94 55, 000 , 1997 ; . ~ 95 - 106 ~ 60,000 1998 ~ ~ . 10? - 119 ~ 65,000 1~~9 ~ 120 - 133 ?0,000_ 2000 ~ * All bonds are~in the denomination of $5,000. ~ ~ EXIiIBIT "B" , ~