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CC Resolution No. 3875.19 ~ ' WJNB.:KIJ:ar 2/3/77 4c ~ . . , , RESOLUTION N0. 3875.19 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO DETERMINING b10DIFIED UNPAID ASSESSr~~NTS P,ND PROVIDING FOR ~ ISSUANCE OF PORTION OF BONDS FOR VALLCO PARK ASSESSI~ENT ~ DISTRSCT 1974-4 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. 3875.2, 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 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; t~3EREAS, notice of the recordation of the assessment and of the time within which assessments may be paid in casn has been duly published and mailed in the manner provided by law, certain modifica- tions in the amounts of said assessments have been made and ordered, and a list of the modified unpaid assessments levied in said proceed- ings is on file in the office~of the Director of Finance of this Ci ty ; and ~ ~ WHEREAS, the City has heretofore issued and sold the First Sale (Series 1974-4A) of bonds to represent unpaid assessments in the total principal amount-of $665,000; ~ NOj~, THE REFORE, IT IS HEREBY ORDERED, as follows: 1. That the modified unpaid assessments in said List of Unpaid Assessments and the aggregate thereof ar~ as shown 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 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 being so numbered and designated upon said diagram and assessment as so confirmed and recorded, severaily and respectively. 3. The Modified List of Unpaid Assessments is in the amount of $1,028,379.22, and bonds shall be issued upon the security of said ~ r ` ~ , , unpaid assessments in the amount of $363,379.22, in accordance with the provisions 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 had and taken. Said bonds shall be dated March 2, 1977, be designated Series 1974-4B, be seventy-three (73) in number, be payable at the principal office of the Bank of America National Trust and Savings Association, San Francisco, California, Paying and Registration 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 assess- ments as shown on said list, and determi.ned 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 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 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 proportionate amounts and bear the same proportionate penalties for delinquency. 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 herein. 6. Registration of Bonds. Any of said bonds may be registered as to both principai and interest or. as to principal alone, and if registered may be deregistered, reregistered o= the ownership thereof transferred, upon the written request of the holder or registered owner and presentation of the bond to the Registration agent for sucn purpose. : -2- ~ . 1 ~ , . . . ~ ~ 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 olace 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 tne book of regis- tered 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 tne principal shall be payable only to such owner upon presentation of the bond to the Registration Agent. b) Princi~al On1Y, When a bond is presented for reqistration 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; principal, 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 bx a written instrument of transfer in form acceptable to the ~ Registration Agent, and by the Registration Agent endorsinq 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 negotiability and transferability by delivery shall be restored; until registered again, the principal and.interest shall be oayable to bearer upon surrender of the coupons and bond, as due. ~ e) Reregistration. Deregistered bonds may be registered again, in the manner eretofore provided. f) The person requesting registration, transfer or de- registration, shall pay any charges therefor, including any cost of 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 Registration Agent, indicating the date of reqistration or transfer, the type of registration and the name and address of the registered owner. -3- ~ ~ r 7. The coupons shall be numbered consecutively and.be substan- . tially in tne following ~orr~,, to c•~it: 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, Coupon No. California, as interest on Improvement Bond, VALLCO PARK ASSESSMENT DISTRICT No. N0. 1974-4, dated March 2, 1977, SERIES 1974-4B. 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 certification shall be delivered to the purchaser to- gether with the bonds. 9. The City Clerk shall forward certified copies of this resolu- tion to the City Treasurer and Director of Finance of Santa Clara County. PASSED AND AD4PTED at a regular meeting of the City Council of the City of Cupertino this gth day o f February , 19 77 , by the following vote: Vote Members of the City Council AYES: Frolich, Jackson, Nellis, Meyers • ~ NOES : None ~ ABSENT: 0'Keefe A.BSTAIN: None APPROVED: ATTEST: /s/ Robert W. Meyers Mayor, City of Cupertino /s/ Wm. E. Ryder , City Clerk ~ ' -4- ~ . ~ . ~ - . ~ . ~ . ~ - r EXHIBIT "A" • MODIFIED LIST OF UNPAID ASSESSMENTS VALLCO PARK ASSESSMENT DISTRICT 1974-4 Assessmen.t Assessor's Amount of Number Parcel Number Assessment . 1 316-20-32 $ 232,996.45 2 316-20-33 36,772.76 3 316-19-51 (Por.) 155,216.61 316-20-29 4 316-20-28 191,275.09 5 316-19-52 115,768.50 316-19-51 (Por.) 6 316-19-50 & 53 201,618.77 7A 316-19-48 (Por.) 70,334.74 7B ' 316-19-48 (Por.) 24,396.30 $1,028,379.22 . . . ~ ~ ~ EXHIBIT "B" ' _ - BOND NUMBERS, P~IATURITIES AND DENOMIi1ATI0NS ~ CITY OF CUPERTINO VALLCO PARK ASSESSMENT DISTRICT 1974-4 SERIES 1974-48 Year of Bond Nos. Amount of Maturity Series (Inciusive) Principal (July 2) 1974-4B 1 $ 3,379.22 1978 2 5,000.00 1979 3 5,000.00 1980 4 5,000.00 1981 5 - 6 10,000.00 1982 ' ~ - 8 10,000.00 1983 9 - 12 20,000.00 1984 13 - 16 20,000.00 1985 17 - 20 20,000.00 1986 21 - 24 20,000.00 ~ 1987 25 - 29 25,000.00 1988 30 - 34 25,000.00 1989 35 - 40 30,000.00 1g90 41 - 46 30,000.00 1991 47 - 52 30,000.00 1992 53 - 59 35,000.00 1993 60 - 66 35,000.00 1994 67 - 73 35,000.00 1995 ,All bonds are $5,000 denominations except Bond ~to. 1: Y • '