CC Resolution No. 1381-31 ~ ~ ~
WJML:HEK:am£ 6-1-67 18C
RESOLUTION N0. 1381-31
, A RESOLUTION DETERMINING UNPAID ASSESSMENTS AND PROVIDING
FOR ISSUANCE OF BONLS '
DE ANZA, ET AL. IMPROVEMENT FROJECT N0. 66-1
RESOLVED, by the City Council of the City of Cupertino,
California, that
WHEREAS, this Council did on January 3, 1967 pass and adopt
its Resolution of Intention No. 1381-3 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 the provisions of the Improvement Bond Act of 1915, refer-
ence to said Resolution of Intention and proceedings had subsequent
thereto 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 law, and the time so
provided for receiving the payment of aasessments 1n cash has Expired, '
and the City Clerk-Finance Director haa filed in the office of the
City Treasurer a list of all assessments which now remain unpaid; and
WHEREAS, the Council has duly consider2d said liai and has
determined that the same is an accurate statement thereof,
NOW, THEREFORE, IT IS HEREBY ORDERID, as follows:
1. That the assessments in said unpaid list which now remain
unpaid, and the aggregate thereof, are as shown on Exhibit "A" hereto
attached and by reference made a part hereof.
' 2. That for a particular description of the lots and parcels
of land bearing the respective assessment numbers set forth in said
unpaid list and upon which assessments remaln unpaid, aeverally and
respectively, reference is hereby made to the asaessment and to the
diagram recorded in the office of the Superintendent of Streets of
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said City after confirmatlon by this Council, the several lots and
parcels of land represented by said asaessment numbers being so
numbered and designated upon said diagram and assessment as so confirmed
and recorded, severally and respectively.
3. The unpaid list is in the amount of $1,646,958.67 and bonds
shall be issued upon the security of said unpaid assesaments in accord-
ance with the provisions of the Improvement Bond Act of 1915 (Division
10 of the Streets and Highways Code of the State of California), and
under and pursuant to the provisions of said Resolution of Intentlon
and the proceedings thereunder duly had and taken. ~.'he bonds shall be
issued in two separate and distinct seriea designated Series 67-1-A '
and Series 67-1-B. The bonds of Series 67-1-A shall be in the lnitial
amount of $750,000 and shall be one hundred fifty ~150) in number.
The bonds of Series 67-1-B shall be in the amount of $160,983.04 and
shall be one hundred sixty-one (161) in number. All of said bonds
shall be dated June 5, 1967, and bear interest from their date at the
rate of not to exceed six percent (6~) per annum, and the denominations
o£ said bonds and their respective numbers and dates of maturity are
as ahown on Exhibita "B" and °C" hereto attached and made a par*, here-
of by reference. '
4. The bonda of Series 67-1-A shall be secured by Diagram and
Assesament Numbers 1 and 2 levied against property of the Foothili
Junior College District and Diagram and Asseasment Number 53 levied
against property of the City of Cupertino? in the total amount of
$1,~85,975.63. Jurisdiction is reserved to issue additional bonds of this
Series cn the remaining portion of the unpaid aasessme~ts of Diagram and
Assessment Numbers 1, 2 and 53. Said assessments and the interest
thereon are payable in annual installments on July 2, 1968 to July 2,
1972, inclusive, corresponding to the annual aPries of said bonds.
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5. The bonds of Series 67-1-B shall be aecured by the unpaid
assesaments, other than Diagram and Assessment Numbers 1, 2 and 53,
as shown on said list filed with the City Treasurer and determined by
this Council, Said unpaid assessments, together with the interest
thereon, shall remain and constitute a trust fund for the redemption
and payment of said bonds of Series No. 67-1-B 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 serles of
bonds issued, and an annual proportion of each assessment ahall be
payable in each year preceding the date of the maturi'-y 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 said City on rEal
property are payable, and shall become delinquent at the same time and
in the s~me proportionate amounts and bear the same proportionate
penalties for delinquency.
6. Said bonds ahall be signed by the Clerk and Treasurer of the
City or bear the Treasurer's engraved, printed or lithographed signature,
and the official seal of said City shall be affixed thereto by princedy
lithographed or other reproduction thereofo The inierest coupons
affixed thereto shall be signed by said Treasurer or bear his engr~ved,
printed or lithographed signature; and such signing and sealing of said
bonds by said officers and signing of said coupon3 by said Tr•easurer
shall constitute and be a sufficient and binding execution of each and
every one of said bonds and all of the coupons thereof respectively.
Said bonds shall be substantially in the form set forth in the Improvement
Bond Act oP 1915. Said Treasurer and Clerk of said City are hereby author-
ized and directed to sign said bonds~
7. The interest coupons atiached to each of said bonds and evidenc-
ing the interest to accrue thereon shall be numbered consecutively and
be subatantially in the following form, to wit~
3
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ON 2,
CITY OF CUPERTINO, California, will pay to '
~earer hereof at Bank of America N,T, & S.A,
main off3ce, San Francisco, Calif., or at 19
the office of the City Treasurer, Cupertino,
Calif., the sum shown hereon, being the $ '
in~erest then due on Improvement Bond dated
June 5, 1967. Coupon No.
PROJECT 66-1
Hond No.
' Ci y Treasurer
SERIES
' 8, The Clerk shall forward to each the City Treasurer and
Director of Finance oF Santa Clara County a certified copy of this
resolution.
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PASSID and ADOPTED by the City Council of the City oi' Cupertino,
State of California, this i Qt day of ,T,,,,P , 1967, by
the following vote:
AYES: Councilmen: Johnson Stokes, Fitzgerald
' NOES: Councilmene None
ABSENT: Councilmen: Dempster, Noel
C_. t~r~.~l%a-f'.
a or"~~~~ 7
' ATTEST:
, ` _
Cit Clerk
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LIST OF UNPAID ASSESSMENTS
CITY OF CUPERTINO
DE ANZA, ET AL
IMPROVEMENT PROJECT No. 66-1
Assessment
and Diagram Amount of Unpaid
Number Assessor's Parcel No. Assessmer:*.
1 School Property $ 11,380.24
2 5chool Progerty 1,~32,3~3•6E
5 360-29-50 3,114.?8
11 3E~-3o-16 8,~95•89
' 12 360-30-15 4,32b.86
13-A 360-16-122 14,206.29
15 360-12-15 2,~+25.00 ~
16 360-12-16 1,E63.oo
1g 360-12-19 1,693.00
20 360-12-20 861.00
21 360-12-21 5,p73,pn
22 360-12-22 4,184.oG
28 360-13-4 1,009.00
29 36a-13-5 983.00
30-A 360-13-128 3~737.63
31 360-13-13 4,145.52
34 36o-i3-i24 29,E48.35
u6-A 326-32-4 Ptn 1,055.55
47-A 326-32-32 5,642.5?
u9 3p6_31_13 16,681.1?
50 326-31-16 1~392.9?
51 326-29-2 2`~,352.5c
52 326-29-~ 5,819.ou
53 326-29-6 City Owned Property 42,2g1.?3
55 326-27-7 6,E56.63
56 326-27-6 12,922.22
326-31-17 5,296.r1
' $1,646,958.b'
EXHIBIT "A"
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EXHIBIT "B°
Total Annual Date of
Series Bond Numbera Principal Amount Maturit.y
67-i-A 1- 30 $150,000 .ruly 2, 1968
31 - 60 150,00o July 2, 1969
61 - 90 150,000 ,ru1y 2, i97o
91 - 120 150,00o July 2, 1971
121 - 150 150,00o Ju1y 2, 1972
Each bond is 1n the denomination of $5,000,
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EXHIBIT ~~C'~
Total Annual Date of
Series Bond Numbers Principal Amount Maturity
67-1-8 i- 9 $ 9,000.0o July 2, 1968
10 - 19 9,983.04 Juiy 2, i969
20 - 28 9,000.0o Juiy 2, i97o
29 - 38 lo,ooo.oo July 2, ~97~
39 - 48 io,ooo.oo Juiy 2, 19~2
49 - 58 10,000.0o July 2, 1973
59 - 69 il,ooo.oo July 2, i974
70 - 8o ii,ooo.oo July 2, 1975
81 - 91 ll,ooo.oo ,;uly 2, 1976
92 - 102 11,000.0o Ju1y 2, 1977
103 - 113 ~1,000.0o July 2, 1978
114 - 125 12,000~0o Ju1y 2, 1979 '
126 - 137 i2,ooo.oo ,ruiy 2, 1980
138 - i49 12,000.0o J~iy 2, zg81
150 - 161 12,000.00 Ju1y 2, 1982
Each bond is in the denomination of $1,000
except Bond No. 10 in the amount of $983.04.