1981-095-Resolution Providing For Insurance Of $865,073 Principal Amount Of "Improvement Bonds, Town Of Los Gatos, Assessment District No. 79-1"TOWN OF LOS GATOS
ASSESSMENT DISTRICT NO. 79 -1
(KNOWLES DRIVE AND VICINITY)
RESOLUTION NO. 1981 -95
RESOLUTION PROVIDING FOR THE ISSUANCE OF $865,073
PRINCIPAL AMOUNT OF "IMPROVEMENT BONDS, TOWN OF LOS
GATOS, ASSESSMENT DISTRICT NO. 79 -111; PRESCRIBING THE
DATE AND FORM OF SAID BONDS AND OF THE COUPONS TO BE
ATTACHED THERETO AND PRESCRIBING THE MATURITIES THEREOF
AND THE REDEMPTION PROVISION THEREFOR AND THE INTEREST
RATE THEREOF; AUTHORIZING THE EXECUTION OF SAID BONDS
AND COUPONS; PROVIDING FOR THE COLLECTION OF ASSESSMENTS
TO PAY THE PRINCIPAL OF AND INTEREST ON SAID BONDS;
PROVIDING FOR A RESERVE FUND FOR SAID BONDS; AND SELLING
SAID BONDS
WHEREAS, the Town Council of the Town of Los Gatos,
by Resolution of Intention No. 1981 -22 duly adopted on
February 2, 1981, declared its intention to order the
acquisition and construction of public street facilities,
including clearing and grading; removal of obstructions;
subgrade preparation; aggregate base; asphaltic concrete
pavement; portland cement concrete curbs, gutters, sidewalks
and driveways; lighting facilities; retaining walls; trees
and landscaping; storm drainage facilities; signs; traffic
signals, railroad crossing and crossing protection signals;
and all work auxiliary to any of the above which may be
necessary to complete the same, in and for an assessment
district in the Town of Los Gatos to be designated Assessment
District No. 79 -1, and further declared its intention to
issue bonds under the Improvement Bond Act of 1915 to
represent unpaid assessments, reference being hereby made to
said Resolution of Intention for further particulars; and
WHEREAS, an assessment in said assessment district
was thereafter duly confirmed, adopted and levied by
Resolution No. 1981 -54 of this Town Council adopted on
March 16, 1981, and said public street facilities were
thereby ordered to be made, and the assessment and diagram
were duly recorded and notice thereof was duly recorded and
the assessment became a lien upon the land upon which it was
levied and became due and payable, all in the manner provided
by law; and
WHEREAS, notice of recording said assessment was
thereafter duly given to all persons owning property in said
assessment district; and
WHEREAS, the Town Clerk of the Town of Los Gatos
thereafter made and filed with the Superintendent of Streets
of the Town of Los Gatos and with the Engineer of Work for
said assessment district a complete list of all unpaid
assessments upon said assessment, showing unpaid assessments
in the aggregate amount of $865,073, and said Town Clerk has
determined, and this Town Council hereby finds and
determines, that said assessments so listed as unpaid upon
said list of unpaid assessments are unpaid and that the
aggregate amount thereof is said amount of
$865,073;
NOW, THEREFORE, BE IT RESOLVED AND ORDERED by the
Town Council of the Town of Los Gatos, as follows:
Section 1. This Town Council has reviewed all
proceedings heretofore taken relative to the foregoing and
has found, as a result of such review, and does hereby find
and determine that all acts, conditions and things required
by law to exist, happen and be performed precedent to and in
the issuance of bonds as hereinafter provided do exist, have
happened and have been performed in due time, form and manner
as required by law, and the Town of Los Gatos is now
authorized pursuant to each and every requirement of law to
issue bonds in the manner and form as in this resolution
provided.
Section 2. Improvement bonds of the Town of Los
Gatos in the aggregate principal amount of $865,073 shall be
issued upon and shall represent and shall be secured by said
unpaid assessments in accordance with the provisions of the
Improvement Bond Act of 1915 to provide means (together with
3
the payments previously made on said assessments and other
moneys) for paying for the following improvement in Town of
Los Gatos, Assessment District No. 79 -1, to wit:
The acquisition and construction of public
street facilities, including clearing and
grading; removal of obstructions; subgrade
preparation; aggregate base; asphaltic
concrete pavement; portland cement concrete
curbs, gutters, sidewalks and driveways;
lighting facilities; retaining walls; trees
and landscaping; storm drainage facilities;
signs; traffic signals, railroad crossing and
crossing protection signals; and all work
auxiliary to any of the above which may be
necessary to complete the same.
Section 3. Said $865,073 principal amount of bonds
shall be issued as hereinafter set forth. The bonds shall be
known as "Improvement Bonds, Town of Los Gatos, Assessment
District No. 79 -1." The bonds shall be issued as coupon
bonds, shall be payable to bearer, shall be numbered
consecutively from 1 to 173, shall all be of the denomination
of $5,000 (except for bond numbered 1, which shall be of the
denomination of $5,073), shall bear interest at the rate of
ten per cent (10 %) per annum, and shall be numbered and shall
mature as set forth in Exhibit A attached hereto, which is
incorporated herein and made a part hereof. The bonds shall
be dated May 20, 1981 (which is hereby fixed and determined
to be the date of issue of the bonds).
The bonds shall bear interest from their date until
paid, payable on January 2, 1982 and semiannually thereafter
on January 2 and July 2 of each year. Such interest shall be
0
evidenced by coupons attached to each bond, which shall be
numbered in consecutive numerical order from 1 upwards in
the order of their respective maturities, and each of said
coupons shall represent six months' interest (except the
first coupon on the bonds, which shall represent interest
from May 20, 1981) on the bond to which it is attached. The
interest coupons on the bonds shall be payable on January 2,
1982 and thereafter semiannually on January 2 and July 2 of
each year until and at the respective maturity dates of the
bonds.
Both the principal of and interest on the bonds
shall be payable in lawful money of the United States of
America at the office of Barclays Bank of California in
Los Gatos, California, or at the option of the holder at the
office of the Treasurer of the Town of Los Gatos in
Los Gatos, California. The bonds may be registered as to
principal and interest upon presentation of the same to said
Treasurer, who shall cut off and cancel the coupons and make
a notation thereon that the interest and principal
are payable solely to the registered owner thereof. After
registration, the bonds are not subject to deregistration.
Any bond may be redeemed on the second day of
January or July in any year, at the option of the Treasurer
of the Town of Los Gatos, upon payment of the principal
amount thereof and interest accrued thereon to the date of
redemption, together with a premium equal to five per cent
5
(5 %) of such principal amount; provided, however, that said
Treasurer shall proceed pursuant to Part 11.1 of the
Improvement Bond Act of 1915 in determining those bonds to be
redeemed and the manner of the redemption thereof. Notice of
redemption of any bond shall be given as provided in the
Improvement Bond Act of 1915.
Section 4. The bonds and the coupons attached
thereto shall each be in substantially the following form,
the blanks in said form to be filled in with appropriate
words or figures, namely:
11
[FORM OF BOND]
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF SANTA CLARA
IMPROVEMENT BOND
TOWN OF LOS GATOS
ASSESSMENT DISTRICT NO. 79 -1
SERIES 81
No.
Under and by virtue of the Improvement Bond Act of
1915, Division 10 of the Streets and Highways Code, the Town
of Los Gatos will on the second day of July, 19—, out of the
redemption fund for the payment of the bonds issued upon
assessments made for the improvements in an assessment
district designated "Town of Los Gatos Assessment District
No. 79 -1," which said improvements and assessment district
are more fully described in Resolution of Intention
No. 1981 -22 passed by the Town Council of the Town of
Los Gatos on February 2, 1981, pay to the bearer the sum of
DOLLARS ($ )
with interest thereon from May 20, 1981, at the rate of ten
per cent (10 %) per annum, all as is hereinafter specified, at
the office of Barclays Bank of California in Los Gatos,
California, or at the option of the holder at the office of
the Treasurer of the Town of Los Gatos in Los Gatos,
California.
This bond is one of several annual series of bonds
of like date, tenor and effect, but differing in amounts and
maturities, issued by said Town under said law for the
purpose of providing means for paying for the improvements
described in said Resolution of Intention and is secured by
the moneys in said redemption fund and by unpaid assessments
made for the payment of said improvements, and, including
7
principal and interest, is payable exclusively out of said
fund.
The interest is payable semiannually, to wit: On
the second day of January and July in each year hereafter,
upon presentation of the proper coupons therefor; provided,
that the first of said coupons is for the interest to the
second day of January, 1982, and thereafter the interest
coupons are for the semiannual interest.
This bond will continue to bear interest after
maturity at the rate above stated; provided, it is presented
at maturity and payment thereof is refused upon the sole
ground that there are not sufficient moneys in said
redemption fund with which to pay the same. If it is not
presented at maturity, interest thereon will run until
maturity.
This bond may be redeemed and paid in advance of
maturity upon the second day of January or July in any year
by giving the notice provided in said law and by paying
principal and accrued interest together with a premium equal
to five per cent (5%) of the principal.
IN WITNESS WHEREOF, the Town of Los Gatos has
caused this bond to be signed by the Treasurer of said Town
and by the Town Clerk of said Town and has caused said Town
Clerk to affix thereto its corporate seal, all on the 20th
day of May, 1981.
[SEAL]
Treasurer os
the Town of Los Gatos
Town Clerk of
the Town of Los Gatos
[FORM OF COUPON]
On the second day of
the Town of Los Gatos will pay to
bearer hereof at the office of
Barclays Bank of California in
Los Gatos, California, or at the
option of the holder at the
office of the Treasurer of the
Town of Los Gatos in Los Gatos,
California, out of the redemption
fund referred to in the herein-
after mentioned bond, the sum set
forth hereon, being interest
then due on Improvement Bond,
Town of Los Gatos, Assessment
District No. 79 -1 (Series 81 -2),
dated May 20, 1981,
Treasurer of
the Town of Los Gatos
Coupon No.
No.
Section S. The Treasurer of the Town of Los Gatos
and the Town Clerk of the Town of Los Gatos are hereby
authorized and directed, respectively, as such officers to
execute each of the bonds on behalf of the Town of Los Gatos,
and said Town Clerk is hereby authorized and directed to
affix the official seal of the Town of Los Gatos thereto.
Such seal may be printed, engraved, lithographed or otherwise
placed by facsimile thereon. Said Treasurer is hereby
authorized to cause the bonds to be signed by printed,
lithographed or engraved facsimile signature, and said
Treasurer is hereby authorized and directed to cause each of
the interest coupons to be signed by printed, lithographed or
engraved facsimile signature. Such signing and sealing as
herein provided shall be a sufficient and binding execution
of the bonds and coupons by the Town of Los Gatos. In case
any of such officers whose signature appears on the bonds or
coupons shall cease to be such officer before the delivery of
the bonds to the purchaser, such signature shall nevertheless
be valid and sufficient for all purposes the same as though
he had remained in office until the delivery of the bonds.
Section 6. Said unpaid assessments in the
aggregate amount of $865,073, as shown on said list
hereinabove referred to and as determined by said Town Clerk
and this Town Council, together with interest thereon
computed at the rate specified in the bonds (which shall
begin to run from the date of the bonds), shall remain and
10
constitute a trust fund for the redemption and payment of the
principal of the bonds and for the interest due thereon, and
said assessments and each installment thereof and the
interest and penalties thereon shall constitute a lien
against the lots and parcels of land on which they are made,
until the same be paid. The Auditor of the Town of Los Gatos
shall annually make a record in his office showing the
several installments of principal and interest on said
assessments which are to be collected for the forthcoming
year during the term of the bonds. An annual installment of
said unpaid assessments shall be payable and shall be
collected in each year corresponding in amount to the amount
of bonds unpaid and to accrue that year, which amount shall
be sufficient to pay the bonds as the same become due, and an
annual installment of interest on said unpaid assessments
shall be payable and shall be collected in each year
corresponding in amount to the amount of interest which will
accrue on the bonds outstanding for such year, and which
shall be sufficient to pay the interest coupons thereof that
shall become due in the next succeeding January and July.
The annual proportion of each assessment coming due in any
year, together with the annual interest on such assessment,
shall be payable in the same manner and at the same time and
in the same installments as the general taxes of the County
of Santa Clara on real property are payable, and said
assessment installments and said annual interest on the
11
assessment shall be payable and become delinquent on the same
dates and in the same proportionate amounts and bear the same
proportionate penalties and interest after delinquency as do
the general taxes on real property in the County of Santa
Clara.
This Town Council hereby covenants with the holders
of the bonds that in the event any assessment, or installment
thereof, including any interest thereon, is not paid when
due, it will order and cause to be commenced within ninety
(90) days following the date of delinquency, and thereafter
diligently prosecute, judicial foreclosure proceedings upon
such delinquent assessment or installment thereof and
interest thereon, which foreclosure proceedings shall be
commenced and prosecuted without regard to available surplus
funds of the Town of Los Gatos, including money available in
the Reserve Fund provided in Section 9 of this resolution.
Section 7. There is hereby created and established
a fund to be known as the "Town of Los Gatos, Assessment
District No. 79 -1 Improvement Bond Redemption Fund," which
shall be kept by the Treasurer of the Town of Los Gatos. All
sums received by said Treasurer from the collection of said
unpaid assessments, and of the interest and penalties
thereon, shall upon collection be forthwith paid into said
fund, and all sums to become due for the principal of and the
interest on the bonds shall be paid from said fund, and the
bonds and the interest thereon s)!gall not be paid out of any
12
other funds (except the Reserve Fund provided in Section 9 of
this resolution). Any surplus remaining in said fund after
payment of all bonds and the interest thereon shall be
applied as authorized by law.
Section 8. There is hereby created and established
a fund to be known as the "Town of Los Gatos, Assessment
District No. 79 -1 Improvement Fund," which shall be kept by
the Treasurer of the Town of Los Gatos. All proceeds of the
sale of the bonds shall be placed by said Treasurer to the
credit of said fund and shall be kept separate and distinct
from all other funds of the Town of Los Gatos. There shall
likewise be paid into said fund all payments heretofore made
upon the assessment levied as above recited, and any other
moneys available to pay the cost of the improvements referred
to in Section 2 of this resolution. All moneys in said fund
may, and upon direction of this Town Council shall, be
invested in any lawful investments maturing not later than
the date on which such moneys are required for disbursement
as herein provided. All interest earned on such investments
shall be credited to said fund. The moneys in said fund
shall be applied exclusively for the purpose of paying the
cost of the improvements referred to in Section 2 of this
resolution, including payment of the incidental expenses in
connection with such improvements; provided, however, that
after completion of said improvements and the payment of all
claims from said fund, any surplus moneys remaining in said
13
fund (as determined by this Town Council) shall be used for
the maintenance of such improvements in the manner provided
in Section 10427.1 of the Streets and Highways Code.
Section 9. There is hereby created and established
a separate fund to be known as the "Town of Los Gatos,
Assessment District No. 79 -1 Improvement Bond Reserve Fund,"
which fund shall be kept by the Treasurer of the Town of Los
Gatos and which shall constitute a trust fund for the benefit
of the holders of the bonds. There shall be deposited in
said fund an amount equal to eight per cent (8%) of the total
principal amount of the bonds, and all money in said fund
shall be applied as provided in Part 16 of said Improvement
Bond Act of 1915 for transfer into the Redemption Fund
provided for in Section 7 of this resolution; provided that
if at any time the amount in said fund (including the
investment income thereof) shall exceed an amount equal to
fifteen per cent (15 %) of the principal amount of the bonds
less the discount specified therefor, such excess shall be
credited upon the unpaid assessments in the manner provided
in Section 10427.1 of the Streets and Highways Code or
shall be applied to the advance retirement of the bonds
in the manner provided in the Improvement Bond Act of 1915.
Whenever the balance in said fund is sufficient to retire
all outstanding bonds, such balance shall be credited upon
the unpaid assessments in the manner set forth in Section
10427.1 of the Streets and Highways Code.
14
Section 10. The bonds are hereby sold to M. L.
Stern & Co. Inc. at a price of Seven Hundred Eighty Seven
Thousand Two Hundred Sixteen and 43/100 Dollars
($787,216.43), plus accrued interest.
Section 11. This Town Council hereby covenants
with the holders of all the bonds at any time outstanding
that it will make no use of the proceeds of the bonds which
will cause the bonds to be "arbitrage bonds" subject to
federal income taxation by reason of Section 103(c) of the
Internal Revenue Code of 1954. To that end, so long as any
of the bonds are outstanding, this Town Council, with respect
to the proceeds of the bonds, shall comply with all
requirements of said Section 103(c) and all regulations of
the United States Department of the Treasury issued
thereunder to the extent that such requirements are, at the
time, applicable and in effect.
Section 12. The Town Clerk of the Town of Los
Gatos is directed to cause a sufficient number of blank bonds
and coupons of suitable quality to be lithographed, printed
or engraved, and to cause the blank spaces thereof to be
filled in to comply with the provisions hereof, and to
procure their execution by the proper officers, and to
deliver them, when so executed, to the Treasurer of the Town
of Los Gatos, who shall deliver them to the purchaser
thereof, on receipt of the purchase price. Said Town Clerk
and said Treasurer are further authorized and directed to
15
make, execute and deliver to the purchaser of the bonds a
signature and no- litigation certificate in the form
customarily required by purchasers of municipal bonds,
certifying to the genuineness and due execution of the bonds
and further certifying to all facts within their knowledge
relative to any litigation which may or might affect the Town
of Los Gatos or said assessment district, or said officers or
the bonds, and said Treasurer is further authorized and
directed to make, execute and deliver to the purchaser of the
bonds a receipt in the form customarily required by
purchasers of municipal bonds, evidencing the payment of the
purchase price of the bonds, which receipt shall be
conclusive evidence that said purchase price has been paid
and has been received by the Town of Los Gatos. Any
purchaser or subsequent taker or holder of the bonds is
hereby authorized to rely upon and shall be justified in
relying upon such signature and no- litigation certificate and
such receipt with respect to the bonds executed, sold and
delivered pursuant to the authority of this resolution.
Section 13. This resolution shall take effect
immediately.
ES=
PASSED AND ADOPTED at a. regular meeting of the
Town Council of the Town of Los Gatos held on the 4th day of May
1981, by the following vote:
AYES: COUNCIL MEMBERS: Ruth Cannon, Brent N. Ventura and
Peter W. Siemens
NOES: COUNCIL MEtABERS: MarLyn J, Rasmussen
ABSTAIN: COUNCIL MEMBERS: Thomas J. Ferrito
ABSENT: COUNCIL MEMBERS: None
SIGNED:
OF 'PHE TOWN Or L S�T�S
ATTEST:
CLERK OF THE T0V N OF LOS GAT�
EXHIBIT A
Bond
Numbers
Principal
(Inclusive)
Amount
1
- 5
$ 25,073
6
- 11
30,000
12
- 18
35,000
19
- 25
35,000
26
- 33
40,000
34
- 42
45,000
43
- 52
50,000
53
- 63
55,000
64
- 75
60,000
76
- 88
65,000
89
- 102
70,000
103
- 117
75,000
118
- 134
85,000
135
- 153
95,000
154
- 173
100,000
Put
Maturity Date
(July 2)
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
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