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CC Resolution No. 4304.18 , WJM&L:KIJ:K:agr 2/3/77 6c . . . RESOLUTION N0. 4304.18 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO DETERMINING UNPAID ASSES~SMENTS ~ AND PROVIDING FOR THE ISSUANCE OF BONDS ~ NORTH DE ANZA BOULEVARD ASSESSMENT DISTRICT NO~. 76-14 RESDLVED, by tF~e City Council of the City of Cupertino, California, tT~at WHEREAS, this Council, on November 2,.1976, did pass and adopt its Resolution of Intention No. 4304, relating 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 tfie provisions of the Improvement Bond Act of 1915, . reference to said Resolution of Intention and the proceedings thereunder duly had and taken hereby being expressly made for £ur- ther parti:culars; WHEREAS, notice of the recordation of the assessment and of the time within whicfi assessments may be paid in cash has been duly published and mailed in tfie manner provided by law, and the time so provided for receiving payment of assessments in cash has expired, ~ and the Director of Finance, being the person designated as Collec- tion Officer, has filed with the Treasurer a list of a11 assessments which now remain unpaid; t~iHEREAS, this Council has duly considered said List and has determined that tfie same is an accurate statement thereof; NOW, THEREFORE, IT IS HEREBY ORDERED, as follows: 1. That the assessments now remaining unpaid, and the aggre- . gate thereof, are as shown on said list and on Exhibit "A" hereto attached and by reference made a part her~of. 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 respec- tively, reference is hereby made to the assessment and 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, severally and respectively. . 3. 'I'fiat the unpaid list is in the amount of $1,202,406.55, and bonds shall be issued in said amount upon the security of said unpaid assessments in accordance with the provisions of said . ~ 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 s~hall be dated February 2, 1977, be designated Series 76-14, ' be payable at Bank of America National Trust and Savings Association, the Paying and Registration Agent of the City, at its principal office in San Francisco, California, and bear interest from their date to their respective dates of maturity at the rate or rates de- termined in the accepted bid for the purchase thereof (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, 1978, and the denominatiorr of said bonds and their respective numbers and dates of maturity are as shown on Exhibit "B" hereto attached and made a part fiereof 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, sha11 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 s.hall be payaBle in each year preceding the date of the maturity for each of the several bonds issued, and such proportion of each assess- ment coming due in any year, togetfier with the annual interest thereon, shall 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 s~ame proportionate penalties for delinquency. 5. The bonds sha11 be executed on befialf 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 whose signa- ture 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 sha11 consti.tute 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 Improve- ment Bond Act of I915, except for such changes as are necessary to conform to the provisions herein. 6. Registration of Bonds. Each of said bonds may be regis- tered as to both principal and interest or as to principal alone, upon the wxitten request of the holder and presentation of the bond to tYie Registration Agent for such purpose. a} Princi al arid I~nterest. When a bond is presented for registration as to ot principa an interest, the coupons shall be removed therefrom and canceled (or preserved in a place of safe- keeping, at the option of tfie Registration Agent), and the number of the bond and the name and address of the holder in whose name the bond is to be registered and the date of such registration sha11 be -2- _ ~ ~ ~ ~ entered in the book of registered bonds required to be maintained by , the Registzation Agent, and a notation shall be made therein and on the back of tfie Bond tha.t registration is as to both principal and interest. Until such registration is discharged as hereinafter pro- vided, the interest when due shall be payable only to the registered owner, and the principal when due shall be payable only~to such owner upon presentation of the bond to the Registration Agent. b) Princi a1 On1 . When a bond is presented for regis- ~ tration as to principa on ~ the bond number, the holder`s name and address and th.e registration date shall be entered in the registrq book as aforesaid, and a notation shall be made therein and on the back of tfie bond that registration is as to principal only. In such case, the coupons remain negotiable and transferable by delivery and shall not be removed from the bond. Interest on such bond shall be paid to the person presenting Che coupons for payment; principal,. however, shall be paid only.to the registered owner upon presenta- . tion of such bond to the Registration Agent. c) Transfer. ~A registered bond may be transferred only by the registere-3 owner, in person 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 such trans£er on the back of the bond and in the registry book. d) Dereg'istration. A reg3:stared bond may be discharged from registration upon written request of the registered owner. In such case, 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 that have been removed from the bond to be reattached to the bond (such coupons to be~ reprinted, if 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 of the ~ bond and the interest thereon shall be payable when due to the person surrendering the coupons and bond to the Registration Agent. e) Rere istration. Deregistered bonds may be registered again, in the manner ereto ore provided. f) Char es. The person requesting registration~ trans- fer or deregistrat- io~n, shall pay any charges therefor, including any cost of reprinting the coupons. g) Form of Re istration Endorsement. There shall be ~ provided on the ac o eac on a statement with appropriate blan~cs to be signed by the Registration Agent, indicating the date of registration or transfer, the type of registration and.the name and~address of the registered owner. -3 - , 7. The coupons shall be numbered consecutively and be sub- ~tantialiy in the followi.ng form, to wit: ~ The CITY OF CUPERTINO, California, will, Due ~ 2. I9 on the due date hereof', unless the bond - specified herein is redeemed prior thereto, pay to bearer the sum hereon at Ban o America National Trust and ~ Savings Associatian, the Paying and Registration Agent of said City, at its principal office in San Francisco, Coupon No. California, as interest.on its IMPROVEMENT BOND designated NORTH DE ANZA flOULEVARD A~~ES~MENT DISTRICT N0. 76-I4, SERIES 76-14, dated February 2, 1977, bearing No. 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 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 pur- chaser together with the bonds. 9. The City Clerk shall forward certified copies of this resolution.to the City Treasurer and to the Director of Finance of Santa Clara County. ~ . -4- . . ~ / , PASSED AND ADOPTED at a regular meeting of the City Council of the C'i.ty of Cupertino this 8~th day of February, 1977, by the following. v~ote: Vote: Members of the City Council AYES: Frolich, Jackson, Nellis, Meyers NOES : None A$~ENT : 0'.Keefe ABSTATN : None APPROVED: ' %s/ Robert W. Meyers ' ayor, ity o upertino ATTEST: R der lty EZ -5- . LIST OF UNPAID ASSESSMENTS ' NORTH DE ANZA B~ULEVARD ASSESSMENT DISTRICT N0. 76-14 Diagram and Assessment Amount of Unpaid Number Assessed U on Assessment arce Map Book Page Parcel ~ 1 384 27 & 28 D 144,204.85 2 384 27 & 28 C 390,108.38 3 384 27 & 28 B 41,418.36 4 384 27 & 28 A. 280,098.17 Assessor's Parcel No. 5 326 33 85 $ 48,766.06 6 326 33 69 15,546.97 ~ 326 33 58 56,007.53 $ 326 33 84 7,132.84 9 326 10 20 portion 3,631.51 10 326 10 2Q portion 109,881.59 11 326 10 48 21,197.76 i2 326 10. 47 2,795.54 13 326 10 46 2,849.33 14 326 10 44 2,091.59 15 326 10 42 24,749.51 16 326 10 43 ~ 51,926.56 $1,202,406.55 EXHIBIT "A" y ~ • ~ , ~ • . ~ 1 CITY OF CUPERTINO NORTH DE ANZA BOULEVARD ASSESSMENT DISTRICT N0. 76-14 $1,202,406.55 IMPROVEMENT BONDS, SERIES 76-14 Bond IVumbers Principal Maturity Date (Inclusive) Denomination ~Amount (July 2~) 1 $ 406.55 $ 406.55 1978 2- 4 1,000.00 3,000.00 1.978 - 5- 8 5,000.00 20,000.00 1978 9- 19 5,000.00 55,000.00 1979 20 - 31 5,000.00 60,000.00 198.0 32 - 44 5,000.00 65,000.00 1981 45 - 58 5,000.00 70,000.00 1982 59 - 72 5,000.00 70,000.00 1983 73 - 77 1,000.00 - 5,000.00 1984 78 - 91 5,000.00 70,000.00 1984 92 - 96 1,000.00 5,000.00 1985 97 - 111 5,000.00 75,000.00 1985 112 - 116 1,000:00 5,000.00 1986 117 - 132 5,000.00 80,000.00 1986 133 - 137 1,000.00 5,000.00 1987 138 - 154 5,004.00 85,000.00 1987 155 - 159 1,000.00 5,000.00 1988 160 - 177 5,000.00 90,000.00 1988 178 - 182 1,000.00 5,000.00 1989 183 - 201 5,000.00 95,000.00 1989 202 - 206 1,000.00 . 5,000.00 1990 207 - 226 5,000.00 100,000.00 1990 227 - 231 1,000.00 5,000.00. 1991 232 - 253 5,000.00 110,000.00 1991 254 - 257 1,000.00 4,000.00 1992 258 - 279 5,000.00 110,000.00 1992 EXHIBIT "B"