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' . . . 19.
t Sec. 3 amended by Ord1na.nce -
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· . PROviDING F()R THE IssU.A!{CB OF $l,200,oQo.OO PRlliCn~
· AMCifJNT . OF· "Cl:T'1. OF PALO ALTO MUNICIPAL IMP.R~
BOlDS, ()p ·1950" ;, PRO:viDI!fG FOR THE ISSUANCE OF SAID .·•··
. BOIDS:.Di. SIRBS;;. PBESCRlBING 'l.U .AMOUNT, MD. AND .F'ORM
··.. OF SERIES: :~~A" BOJnlS:. OF . SAID AUTHORIZBD ISSOE AWD OF .. Tim
. ·. ·· .. COUPONs .!'$) ·:BB ATTACHED ·lf'BRRETO$. ANI) PRESCRIBING TEE .
· ' MA:T:tJBITllt$ ?l'BBl:tEOP::: FDtL'tfG 'lEE .. MAXDflJM · B.A.S Oi' m'J:DBST
ONtSAID :S0Jms: . :A.UlHORIZING THE BDCUTIOH OF SAD> BOMDB
AHD: co~;::· . PROVIDING FOR THE IiBVY OF .&.. TAX•: TO PAY; THE
PRINCIPAL AMD··.~ OF SAID AtmiORIZED·· ISSUE·: AND
. DIBBCTDG··NOTICB oP SALB OF S .. UD SERIES .• "A" BONDS TO BE .GIVEN •.. ·. . .
. . .. . WHEBBAS, a:Ll' the reqttlrements of law ha:ve . 'i;)een complied
lfi.th i:n.-<.call1Dg(and holding the special bond. -election held in
· thc('C.ftY;. of' Palo, JLlto•. on the lvtb day o-:r May~ 19-\9, at which
·· ele.ct~':>D proposit::!~ons · to 1s::sue ··bonds o:t. s&.id ·City 1n the principal
sum or $1,200,000~·0()' ·ror the obJects and purpo5e8 hereinaf'ter. . . s~~ted. were :,aubmi f;~d ~··to the vo.ters or said City; and· the City
Cqur.tcil of:. said C:1~ty. d:Ld du:ly a11d regularly canvass, determine
and;d&-::la.re, and d[O ber,9by cert1t~, that Sa.i:d.propos1ti.ons re
ceived. at. said• special bond election the affirmative vote or
mare•;t?aan twt:~-thiras of .all or the voters voting at said election,
and we:~<;thereby carried./an•:l adopted by said election, and the i&s.Ua.n·~e:<•O.f all o.f · said bonds by said ei ty 'Was-· dttly a:uthorized, :' ' ' ,. ,' . ..1
... , •NOll,;· ~~ the Council or the City ot Palo Alto DO
OR&AIN. as :follows.:
. Seet.ion·l'. • That all acts, conditions and things· required
by law ·.to:·e)d;fi1;-~ happen: and .be performed precedent to ;md in :the
issuan•:~· .o~~ ·.8a.1d ·bonds bave .eXisted, happened and been performed -
··in due .time;· fo1~ .and manne~ as required by law~ and a•!l1d City
or .. Pale:> .. Alto is now .au"i;bori.zed pursuant to· .. each and: evtary re
quire1D.4!!nt or .law to incur indebtedness in the ma.nne.r aJ:ld form
as in ~::his ordinanee Pl'"Orlded.
· ·.· .. ·.~· Sec1;±on 2. Tbat.the bonds or the:··City ot Palo" JUto 1n the
~gate l>rinc1pal.:amount. c,.f $1,200,1)00~00, to be knotm as •
nC1ty ot Pnlo Alto· Municipal Impr.ovemt:tnt Bonds or· .195011 ahall · ·
issue i;o pay the coat. of the a.equisit:Lon, construction and com;..
pletion or the f'olloWing muni:cipal 1m}~rovements of· aai(i City as
set fo:r:-th· :tn -tfua following propos:tt1ona., to wit:
PltOPOSITION: Nc • l: .Sha.ll the Ci t;y or · :r·alo Alto 111eur a
. • · ' '.. . . . bol'W.e;d indebt:edness 1n the pr~Lncipal
an10tmt Of $400_,000»00 for: the Object and purpose o:f ac
qttirfr~~ •.. eona.truet!Jng· ::and .eomplet:i.ng the folloWing ml:~~ipal·.~i'mPrQ.~nta,. to wit:. additions and 1m.prove
meiit1;8 t<:C:the:~· water· Mstribution system. of the . C:.t ty .or
:PS~lG AltO:~·· including extension of' water di;stribut:l.on
· f!'.ci'll.ties ~ p1p<HS;, ··p1.pe linea, pu,nping equipment_, water
. eo:ridit1oll::i.ng.;: and o'ther• .. works~ pzoperty or: struetttres
ne-ee:asaey·or. converdei:r~·· £or' improvtng ·the municipal.
~.ter ·system or the C.i t:y or Palo Alto? . ' ·. ' '
. . PRO~ITION NO., 2: . Sba.ll the City of Palo -AJ:to 1%\~ a
. •. : ·. · .. · . · · .• · .. · .· · bor~ded . indebtedness 1n the ~rin~pal
· att:otmt C?f' .$200;·000 .. 00 ·for: the object and purpose ·"Jf ac-.. qu.iririg;.. e:ori.structing and completing the .rollotdng
mumc:1.pal improvements: to wit: additions and improvements
to the: gas d1str:1~u1;1or,. system of the City of Palo Alto_.
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·.~npa.~~ p-i;p,e,a~ eond~"lta and other. tae1~·1t1es, equipment
. and,;;~rppl~~ ~-.work,.~, property 01~ structures necessary
· ·or•:;e(m:V:en•n~ to::> the gas dif4tr:1hut1on system ot the
'~ty>ot hlo:: . .llto1· · · ·
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~PROPC.SifiOJ! NO •. 3: ··.·. Sl:ta.ll the Ci. toy ot Palo ll to incur a
: ·:· · · .. ·· . , : .. · : bcl·nded indebt:edneaa ill tbe pr1ne1p~ ;iJIO'lUllt~:ot $600/;ooo_~·oo tor the ob~.Ject and pUrpose. ot ac
·tlufX11'i~&, . ~natru.ct:tiig and etM~.Plet;inS the .toll~
111W)1c:1pal: i~vel:lcmta1 <tO' lriia .addit:Lona an4 1mprove
li8ntsi~.;te>_.th8 electJ~(:,, d1:atrd~bu,t1c>,n s:rat• ot th&· City of'
. :ralo · AJ..to_~. in0l1l<ltii!,S, c::>MU:1;~~s, ·.citb~••~-tramJtoH~era ~ and
other· fac111 t1es (, l!:•qtti:;>M!lt ·!Old ilPPll:&nees·;, ·WOrka' prop
ercy-o~r· · at~eturea ,;·.neeeasar, or . oon-Rn1ent:< tor the
ele~tr•ic distribution ~yat~m.·of' i:;he City of Palo Alto?
. 8eetic1n :3. Said :$1.;2oo,ooo·.oo p1:-1nc1pal nount .. ot said
bonds ·• shall be; 1esu.ed m whple ·or ili par1; as here1natter set rorth
-and sbal:l:. be .sold 1n .aecord&ncc With law at not lesa than their
·par vil.ue aJld, aecrued;·fn:tere&t.. Sai'\1 bonds .shall be di.vided into
. s&rlaa·",whereo:t $300>000~00 ·principal amount of bonds -shall
eonat:1tute·' Series ·A:.an&>the rellmning ·$9<>0.ooo.oo principal a~t ot. sait:i. autho#z~ .. ·1:nut~ ma.Y be dl vided into one or :aore
. seriea or: diV':te±orm,;, as the City Co,mcil ot the Cit,. ot Palo Alto
sbaJ.l determiu :·a~ the:. time or the issuance and. sale or all or
· any?part.:_'or ,aaj:,~; ~i.rl.Dg $9<)0,000.00 o1: bond.-:~ Bonds or Series
A o:f\ said, autl:iOrlzed 1sal1e !sbS.ll be negoi;iable in .t"orm, and or
the Character. ktiown:·~&a s.erial~ and sball be 300 1n nUmber,. numbered
consecut:jLvely ~m. U to: A300, 'both inc:Lu£~1ve~ of the denomina-
·. t:fon: ot $J. ~ 90(> ~ 00 · eaott .... · · · Sai.d Ser:t&s .. A 1>-C!~ shall be dated April
1~ 1949,.. which said date is htn-eby f'ixe4 artd determined to be the
dat•. crt .. the iusue . of such Series A bonds,. All ot said bonds
shall be&r interest from their date untiJ~ ;•aid at the rate or
rate's dea1gna1;ed by· th~ Cit;~ Council of· t~hEt City or Palo Alto.
.•
at the time o1~ -the: sale. of a!aid bonds, but not to exceed f'i ve ( 5)
per cent,., per annum, payable ·.semi-annually.. Such interest sh.S.ll
be evidenctid by eoupons. attached to each bond, and each <}f said
coupo113 shall· reprenent six 010nth8 t interest on the bond to which
it is attached. Said interest coupons shall be payable on the
1st day c,r· Ap:r•i.l and· the ·1st day .of .Octo1:,er in each year until
and .·a:~··· t:tift:l""&iJ~t'1ve dates oir mat'llrit7 c·£ said bonds (the first-cou
pon attached: t:o ·:~ch-l>Qnd representing in.terest from April 1., 1950
·.to: Qctobe·r l'$. :l95QJ. _ Said .bollds ahall matu-re and be payable 1n. ·
consecuti.ve nuimet"i:cal order" j~rom lo'!fer to higher, as follows, to wit:· · · ·
r~
$10,000 .. 00 .princ::J-:pal amount· of bonds shall mature
and ~b~a payable on April l,. in each ot
the :r~~~u-e 1951 to 1965_. both inclusive;
· $1.5:-.,ooo .• oo prine:tpal; amount 1:>f _bonds: shall mature
. \. . · · and b1e payable~ on April lst in eaeh or
the :rears 1966 to 1975, both inelusi ve.
. 'Both. the ,prin~:LPal of' .. and .. in11ereat· on said bonds shall be pay-
. able at the:,o!"ti:ce o:r ·tJ:le~:C:±t;;y Trf:!asurer or the Cl.ty of Palo Alto,
. Cali:foi;n1a:. :·in· lawtul.\·taOney of the United Stat&s o't America.
.
. S~~tiOJl 4. Said -~o~d~ a.hall each be .substantially 1n the
tolloW"..;:ng form:, .. the blanks 1r:i fi:nd form and: in the form. of coupon
. "given bel•)W to. be filled with appropriate words or . .figures; namely:
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UNITED STA!i."ES OF .AM!:RICA
STATE OF'· ·c.ALIPO!Ui!.A
COUNTY OF SANTA CLARA
£±fi:~~~ALTO ~igff-~mDT-BC?nDS •. QJ' 192Q
No. A ~------~RR"-.M~~--~~---~-~~0""0""· $1,000
THE. CJ:fi. OF. PALO. JJlKi; a rmn.icipal: corporation~ organ
ized am ~-:d:sting Under -the Constitution: and :latta· or the State ot Cal.i:f"ornia~ ; hereb:y .. acknowledges 1taelf' indebted and for
va.lue recei-wred, proftd.:~es~ to:; pa:y. · to. · the l::earer. (or if this. bond
be reg±atere!d_, ~to the reg1stere4 .holder hereof'} on the 1st day
o:L' .. AP.ril_,: l9t..-,.~ ORB THOUS:UD {l;OOOJ: DOIURS, together with
interest.·. the·reon at the rate of' "
( .~ .. · .... ·} per cent. per a.DmD~ until pa,ient o!""-ea1d prfiie!pa1
sum fh 1'iiil, payable semi-annually on tb:e lst day o:r April and
th& la.t day .or October ot each year. .tfl'l:less this bond .is
registered ~U.ch interest~ prior to matur~ty, aball be payable
only ·~on presentation and surrender of tl:!.e proper interest
-coupons hereto. attache4 ·1us ,they -respeet1:vely become due. Both
tb• _pr;filcipal of and intere;st on th13· bctnd ;.are payable 1n law-·.
t)ll:·~'.oncy ot the United States, ot Amer-lc:a at the of'tice or the
'Clty' 'l'reaam:er or the City ~~f Palo Alto, Palo Alto, california.
; .· ThiS :~Ond is One. Of a duly autboi-:i .. zed issue of bonds Gt
aa1c~.fC1ty qgrep.ting ·one million two h~d thousand {1,200,000)
_dollars .in p:~1nc.1;,pal amount# all of lU')r tenor (exeept tor-. such
.. · ·v.anatiOn:s, :~;t an)·:~ . as may be required'•" to desismt..te varyi.Iig
. series, J1Uiribers;.. ma.turities or_ interest ratea) · ai.Dd. 1s issued
:cinder and' :p:Wetro.ant to tl'l.e Constitution and statutes ot the State or:· Cal1!or,nflt, · and under arid pursuant to the ordina:nces and pro
eeedinga. ·or 1said C1 tt duly adopted and taken and a vote and
assent ot 'IDOJt-e than two-thirds ot all the. qualU'ied electors or
8a.id/C.1ty ·voiting at a special election duiy called. and bald tor
tha~ P~llrPOSe ~ . ·.. ·•
. It;.: 1* hereby certified~ recited and declared. that all
acts, ·CQ!ldi;t1ona and :things required by law to ex.tst~ happen and ;,to ;be performed preeedeht to and in the 1asuanc• of this
bQnd .. /fli!lVet existed,; happened and boen performed 1n due time~
torm ·a.-tid. ·manner :as; ri<r..t1~ by law, and that the amotint or th13
bond, .. ~together: wi.th all other indebt~esa of said C1 t7 ~ does
not exj3!tted any lim t; pr&a.cribed by the Consti-tution or statutes
or sa1<i · State ,•. and. that': provision has been made as required by
the CollStitutlon and: statutes of said State tor. the. collection
of an annUal .tax .suf"f1.c1ent to pay .the principal of, and interest
on;, th.'ls ·bond. as. the same ,become due.. The tull faith and .credit
o~ said C:tty a:r-e hereby pledged· for the punctual payment of the
• princiJ:ial~.afld intere:at or this bond. · ·
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. Tlrl;•s .bond may be registered ···ill .. the ma.mler provided by law . and theree!"ter the principal hereo~t' and interes;t. hereon shall
· · .:_ l)e payabl~ · only to such registered owner:
.. ··-~ ..
.. : ·. IN WITliESS •!r.~OP, tba City or Pt. :o ··Alto .has caused this
bond to .·be :executed.: ·under 1 t;3 official s'eal, signed by 1 ts Mayor
and 1tfi: TJ:oeanurer, and coimt13rs:tgned. by its Clerk:~ and has caused
the interest. coupons here:to at_tached to be signed by its Treasurer,
and .. thj.s 'bOnd. to be. dat.ed tht! lat· day of April, 1950.
ia.yOI" or the City of . !Salo Alto
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. . i -countei'signedl:
'· Treasurer or t'li.e'"C!ty of-Palo Alto .
C1ty:Clerk ot the City of Palo Alto
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Coupon No.
_ ; On the lat day or • 19
·~:he· C1 ty or P.alo Al.to will . {iUiless the
. lid~l:liri mentioned bOnd .be re~stered)
~~ay to bearer' at the office of the
1ii'easurer of said City~ in Palo .Alto,
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cra~i!"ornia, _ · Dollars $
. j:n aawtUl mon·ey of -chi Uiiltect "!ta:.tea ot ---
. :Jlmerj~ca, . be1:",:!; six months a interest then
dlue:, on.1 ts Mit."'li.cipal Improvement BOnd of
1950, Series A, d&ted April 1, 1950.. No. A.___ __
l!'reasurer ~Clie City of Pilo ·lito
. , .. S~&et!on 5. · The Mayor of said City or Palo Alto and the
Tre:eisurer: or .· s:ai.d C1 ty are hei-eby authorized and directed,
respeet1 vely,\1' aa. such of'ficerf.t, to execute ea.:h of' said bonds
on behal:r or: e:aid City 1 and the C1 ty Clerk, 01-,.. ~ne or more of
her.' .depu·ties 1 is hereby autho:r•ized and directed to eountersign
· eacll of said b1onds and to af.fix the official seal of said City
thereto. Said!. Mayor and Treasurer are hereby each, respectively,
authorized to causg said bonds. to be signed by their printed,
11 thographed or engraved facsimile signatures. Said Treasurer
is h$reb1 authorized .. ~nd directed to sign each: of the interest coupo.ns by printed, l1thograph.$d or engraved racs1m1la signature.
Sucb~sig~1:1ng, • countersigning and sealing as. hez~in provided shall
. be a aurt•±cier.~t and bonding execution of said. bonds and coupons
,:'by-.,.sa-:1<1 C1ty, and all. such s1gr..atures and countersignatures,
excepting that:. of tht:~ City Clerk or her deputies, may be printed
lithographed :c,r engraved. In case .any of such officers whose
signa'turea or c.6unters1gnatures appear on the bonds or coupons
s.hall cea~se ·•· tc' be· s."!lch officer before the deli very of such bonds
to the. pt:t.rchas:er,. such signatures or countersignatures ahall
nevertheless be valid and sufficient for all purposes the same
as if.theyhadr~ined in off'iee,until the delivery of the .bonds. . . ' ' .
·. SectiarJL 6. . For the purpose or paying the principal . of
and. .interest oiil said bonds, tbe City Council or the City of Palo
Alto shall:~': a;t: the time of fixing. the general tax levy and in
the. manner fo:b such: general ta:x levy provi.ded, levy and.· collect
ann1.1ally :each year until said. 1bonds are·· paid, or unt1JL there
snall :be a sum 1ri the ·t~a&uey of .said City se~ apart :for that
purpose to meet all S'l.lmS eom:Lll;:~ due for principal and 1nteMSt
on s.uch bond$, a tax· sufficient to pa7 the annual interest on
such bonds as the. same becomes due;:~: and also such part; or the
· pr:incipal the.:reo.f' as · shall bec(;)me ·· .due before the procEteds of a
tax levie<rl at the time for maklng the next·· general t~: levy
.. can be made. ava1la.bl1e for the payment or SlolCh principa:l. Said
ta.X. shall b• in addi't1on to al':t other taxes levied for municipal
purposes .. ~ and: shall-be collec~!ld at the same time and 1n the
same manner as other municipal taxes a:re collected, and b49 used f~r no. other purposE! than the· 3~ayment of said bonds. and. accruing
interest. · Said taxe.s as collercted shall be .forthWith p.ud into
the . f'und. :ror · which t1he same were lt·ned and collected a1o.d which . . snail be, designated n 1950 Muni·~ipal Improvement Bond Fulild," and
.. ; ·.·.all!:~ .:.t;o :b~come .due for the principal of and :tnteres~t: o!!l.. said . b#i#Js·. shall be• paid :f'rom such :fund. There. shall likewise ·~
· :... ~p<)s:tted. in said fulr1d any mon~!ys received on account oj~ intE!rest acemed:~ Oll said bond:~; ~rom their date to the date Of dErlivery
and: ac~:Lpayment. ot the purchase price thereoi~ ..
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.. · . ): '·.· S~d·tion: 7.. There are hereby created and established
't~e·. ,!u~ds .. w.b1eh .. shall. be kept by the Treasurer or sa.1d>C1 ty,
····fu~: whielishi:tll· be 'deposited the proceeds or the sale of the
bonds, ·a&\ . follows :
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· · . · (a)· ~l9~ Water _Distrib·u.tion Systes Constw~t1.on p·~",
' ~ ·.by w~eh . a record shall be: kept .,or the disbursements · ot the
proceeds.;: ot· t~:;sale or .$100,000.00 px-ineipa.l amo~t' ot said . . ~
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Municipal IDIPl':oveasent Bonds or 1950, Series A ( o~ than .
aecrued :Lnte:rest recei.ved on the sale or said bon6~),· and such
proceeds aMll be. appli&.d solely to the ·J>~sea 8nd objects
sp.eifj.fMl 1n PropOa1t1on Ho~. 1, _3et f'orth in Section 2 ot this ord!nanee~;-and, . .
(b) "1956 Gas D1str:tbu't1on System Construc:t1on Fund",
by .whi.ch a rec.ord shall be kept of the· disbUrafimt~nts or the-·
Pl"O·CeedJs 0£ . the::.aale. ;Of $501 OQO • QO principal a.JK)tl!lt Of Said ., ..
-MUnicipal ItllProvement~ Bonds o:t~-1950, 5er1es .A. (other·· than ace
rued 1ntE!rent received on the aale ot said bonds) 1 aDfl such
proceeds sbnll ·be ·applied solE!ly to the purposes and '_.i)bjeets
spee1f1ect in:· Proposition Nov ~!, set forth in Section 2 or this,
ordinance.
·. ( e l 111950 Electric. D1Gt;r1bu.t1on System Construction l~d",
by wh.1eh a l.'"'ecord:, shall be kept of the disbursements or the:
proceeds of the sale -:or $150,000. 00 pr1r~e:1pal amount of 8aid ~cipal ItQP:r:ovemen:t Bonds. of 1950, Series A {other than ac~cru~d interetst. received on t.he :salE~ or said bonds), and such, ., :Proceeds shall be applied .a;;:Jlely' 1;o the purposes and objeetfl
. spe.¢.i.fied ·ill' Propos1 t1on No'. 3, set forth in Section 2 or this
ordi:nanclt!.
. A."ly p~~mi'UII rece1 ved. upon tt1e sale or the bonds of said
iss~e ahall.be .apportioned to the .respective funds describe.d
above. under: .subparagraphs (a), (b) and (c) or this .Seetlon 7
in the, pio-opc>rtion. wh1eh t!le amou..'"l.t to 'be p~aeed in such fund,?
. respectively·, bears to th~ total amount ot the bends authorized
· f~r the pttr]poses set forth in Propos1t:Lons · No. l, 2 and 3 herein
before· ment:toned • ·. ;·. "
S~~t1~~~. 8. The City Clerk is direct-ed to cause a suffic
ient n,:iJ:iiber: o'f..·/blank bonds and coupons or suitabl(e qual.1 ty to
. 'be JithogrS;ph~,. printed: or engraved, and to c&:U&:e the blank
·. spaces tb!-~eot):.to; .b~. filled ·1n to .comply with the provisions
he·reot', and:• to~ procure their execution by the proper ~ott1ce·rs,
·and. to deliver them wher.l.. so executed, to ~he Treasurer or sud
C.:iit:r~ ·. who shall sately keep the same until they shall be sold
by the said ·City COuncil; whereupon he shall del1vEtr. them to
the purchaser or purehaaers.thereof~ on receipt of' the purchase
pr,1ce .... Sald Mayor, Treasure·:r.· and City Clerlo~ are further author-.
·ized and d:1.rected: to make, execute and deliver· to the purchaser
of· sa.i.d bO!l1ds a a;ignature and no-11.tigati:on e~rtif'1eate in the f'orizi' usualJ.y· required by purchasers or municipal bon(\s gene~lly,
. certifYing to: the .. genuin~ness &Ad .due execution ot l!U!l\id bonds
. :and f"cirtlie:r• certifying to·: all ta.ets ·within their lmo~\lledge relati.ve to a.."'lY :litigation. which lfJ.8.Y. or might af:t"~ct saic: '.City, said 1
o:f'fi·eers 01•. sa.ic:LJ:;10nd&1: and fiS.id Treasurer :18 further•. authorized
and di~c.tEtd .tO.· ma;ke, execute and deliver to the purc',t\aser ot
sa!.d bondS: a Trea~urer 1 s rec;~d.pt. 1n the form usually .::oequ.1red by
P'Urchasers or ulunieipal bonds,. evidencing the payment or tbe
purebas:e p1~ce o.r sai.d bonds, Which receipt shall be <','.:onelus1 ve
evidence that said purchase price-has been paid and lulls be_~n ·
~ceived b~r said Ci. ty. -Any pm:'ebase:r or·. sul:mequent ta:,ker or
holder . or :sa1d:: bonds 1s her-eby autb.ol'ized to rely upon· and shall .
b~ jUst1!1t~ 1n. relying upon ari.y such signature and no-11 t;1gat1on :
• certif1eat4~ or Tre~taurer' s receipt w:1 th respect to sa:t.d bondl3 !
executed p1lr~M.nt• to _the autbcr1ty or this o~ce.
.. ··.· .· Sect:Lon · 9)0 All of' said .series A borid.s. shall be offered
tor public aale by the City Councj',l or the City or Palo Alto on~
th~ 24th d.;!l~. ():f'. Pebrua...owy, 195CI, al'l~d the City Clerk is hereby
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..authorized_ . · . ·::_and ~-~-l:t.~~eted_ · to cauAe :rM.>t:ice or the 3ale of said oondB tol>e;·.:j>Ul)~~i:~;be<J. ence· 1n the .l~To Alto ~mes~ a daily
new!3paper pUb:l~!~hiid j.n the City of .Palo Al.to, and. suc.b n~:~tiee
shall be subeta:~t:tal+t in ·the rollcndng :ro~, to wit: ·
I ". OPFICIA!i NOOICB OF SALE .
Q!TY Oli'.J~ ADNL~lt-Dll'it6VJbik!r. BONDS O!t 1950 . , .· . ~~ X
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Jimc:E D' 'EiEREBY GIVE:N that sealed propoaab.s will be
reeei ve{i: by :the C:ttY C&o.ric1.1 o'£ tho C1 ty of Palo ]Alto»· State ' , ' ,, , ' • • I • or :Cal!forn1a,. at!.the·.:o.ttice or thE~ City Clerk 1:hereor:, j:_n the
City Hall -in saJLd i City, ·on :.
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FRIDAY» FEBUUARY 24, 1950:
.,' . ·· ..
atl. the:: hour cir. ?:30 P.M .. for ~he purchase or $~ooi,ooo.o~o prin-
... cipa.l a1DOunt ot b'>nds of. said City de~.1gnated · Ci:ey of :Palo Alto
Municipal Improvel!lent .Bonds or 1950, Series A" I :n:lo:re pa:it"1~1eularly
. described. below.. Saicf Serles A bonds are part of, a.ri 1aa1;te or $1,200~000 .. 00 a.l~gate principal amount a:uthorj.:zeet at m:i <'lec-
tion held 1n saj~d· City or Palo Al~o on May 10, 19~$1. The re-
maining ·$900~000.00 principal amount or said autbo~ized issue
. may;, be sold 'Wh4~n and as determine<l by the City c~~uneil of said
c1ty~':but•. Will not be of:t"$red .for sale prior to July l, 1950.
ISSUE:t:··:_
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YATURITIES:
~~300,000.00 consisting or 300 bonds o:t the
cfenom1nat:1on. ot $1000 each, numbered A1 · to Ajoo,.il,'lclusive~ all dated· April 1, 1950,
· nJ!ld detd.gna ted Series A~
l-....-..~-'1\t 1 :~aid · bo~l.dS · · ~ture serialll'' in c<:)~laecut~L ve
. Jlilmer:ieS:l order, fr<>m lower to higher ~~10,do¢<:pri,ncipal. ar~ount o:n Apri\1 1, in ., .,
''·
. -· .... eac:h' of the years :1951 t'o 1965.;
... ·. · ·. b_ot;h inelus!. ve:, . and .. $15~000 P.rincip:Uamount on AI?ri:l 1st. in
; ·.: ·. eac-h of the . years 1966 t4:> 1975;, '
. · , b:Oth: 1ne lus:tve, W1 th®t '>pt1on :>-t
-··pr~or payment. ·
,_ .. ;· ...
I~T RATE: Mrix:imum rive .(5) ;el .. cent. per. armum; pay~~ble
· ... · ... · : · · :.•. . . •. 'sE~m.1~&nnually on .Apr11~ lst anq." O<~tober 1st: 1n
.each year ..... )31ddtr~:s must:spec1.fy,'tlle rate ot·1nt;erest whi.eh the
bonds herebY'. ottered for sale shall be~.. . Biddetrs will be per-
. mftt~d to bid: dift'e·rent :.rates or· 1l1terest and tc~ split rates
-irre.Spec;t1v$:.of'• the maturities or :said bonds •. Tbe i:Jmtarest rate 'stated til.· thE! .. bid must .. be:> in a multiple or one-quarter or one per: eent per ·.annum, ·payable.:;Sami.~a.nnually ..
PAYMEN'T:· Both _principal:, and interest of .. said bonds pay
. able '·in lawful mone:r of the. Um ted. States t>f
America at the ot:f'iee ·or the 'l'Teasurer of the
. ·.c1 ~Y or Palo Alto, California.
REGlSTRA.HOK; Coupon bonds will be 1.ssued 'Oy the C:1\:ty~ Such
-.... : bonds are reg1a:terable only as to 'bot-h. prin-
. e1pal and:1nterest ..
PTJltPOSE OP : ·· .
·IBm... .. .. ·· Sai.d: bonds ~e authorized tor the .. P'UrJPOae of .•
: .. , .. : . · . . i.m:prov1ng: the rae:ll~~ ties . of the · C:1ty or Palo Alto,
1nc:lucU.ng iaiprovcmeD.~!to the .wa·ter distr1bu.t:1on a,:s~~m, the.
gas ca~tribut1on:~,syj~m~. a.nd tl:le. electric:'· d.istribut;irm system.,
a:a.. set forth: in ~he> pro~i tiona aubmi.tted to the elec-
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torate . Ot:'. scdd: (;11ty: a~. an election lleld thereon on . the lOth day
of •. Ma.:r, 1949>,;' ,·&~dJ',approved by more than· tWo-thirds vote thereof._, , • , I ,
. S~ld; 1>.0-nda are ge•ne-r•al obli-gations or the Ci. ty
oit ~ralo~ Alto a.~ .. the City Council thereof liras
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SECURITY!
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·j . powe;r anD. u ol>liiated to levy ad valore~~~ tams for th8 PfqiDIIntl .' ·~ . or s~:tid. • "bon~ ,m4 the interest thereon U{lo:n :all property W1 thin ~· ~the p1~7 :ot: .ta)to: Al.t~o sub;1ect to ·taxation· by said City· (except .·~ . : eert111n: 1~~b.le personal~.property" wh1eh.1s taxable at i ~~. . . 11m:1ited~:l~~~:)·; 'id.thout l:1m1tat:1on or rat<& or amot~nt. J
!: ' • 1 : 'k .·· . : '. . ' ' .. ·:. ~ 'Tbe :te.;al opinj,o:n ot Messrs. orr1.c~\c... Dahlqu.ist ZJ ' !
. :; , . . Heff ;, llrown & Barrington_. ot San .FJ:-ancisco_. l 1 .,~ · Ca.llj~or:nia,: apprO:rtng: the ~11cf1ty ot said bonds w:i'~ll be tur-!
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· ~. lf ~-· · n1slu~ ·to the sttcceat .ful bidder: w1 thout charge. l
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' ~ ,..,~; TERJilS OF SALE ~
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HIGBES~~~:': . . The. bonds .will be awarded to the hi.peat and beat: .l ·
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fi!dde:r;., cc•:aa14ering tb.e ht~rest .rate or l~atea spec1f"1ed a.tld the · 1
p~~WI!LC11"'tfred, 1! •my. · The ln±ghest bid Will be determined by ·t 4~ct:1nt: tb8 :wnount ct· the ;>~~mum bid {1r any) rrou the tot,al . ~~ amc)un:t. of· 1lite1t-est whicb 1:he C:tty would bEt required to. pay rrom ~~ th~· 4ftt;e ~!" · sa~ld bonds t:o 'Ghe respect1 ve m.:ttur1 ty dates at ~
the COtllPt~~ rfi;te or rates> apeeif'ied in the bid, and the award ~
.w:1:ll ~! : at&dt,t; on the basis o:r. the lowest net interest ~oet to !I
"t;he .O:tt.y. The lowest net inte~tst cost shall be. c0111p.uted :~
betwe&rl:· t:he dates aforesaid aecc,rding to standard bond interest tl tables;~ .• 'l'bfr~: purcibB.ser must pay accrued. intere.st f'rom the date i}
... or the bc,nds to the. da;te or del:L very.. [l
RIGHT .QI;F: .. ··· . ..' . . ~~
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lmJ!CT!mrr: · '!'he City of Palo Alj~o reserves~ the r-ight., in ita: 1,
Cllacre--E!P'n, 'tq: ·x·ejeet ant· and all 'bids and: to waive any 1rrt\gu-;1 larity or· informality in t;ny bi~1. 11 . . . ' : . ll
AY.A£1.:~:£ ~~e, .·-~itY. Council of the; C1 ty of Pa:lo .~:U to will talce
actlor; :.:aw~:tng ·the bonds or re,jeet1ng all bids not later than twenty.Jto~:•hours arter the expiration o'f .the time he:rein pre-.scribed• .. ~.for:. t~ receip;t . of'' proposals. .·
:bEL~Y OF·~:sONDS:: Delivery of' said bonds will bt.=! made tc> the su~ceisi'U! Sfader at. the oti"iee of th,a City Treasurer of 1~he
City. of Palo Alto as ~)oon as practica"ble.
RIGHT OP C'AN-· .
dELU!Iim:;. ·· The succ.e.ssful bidder shall have the right .. at his option:". to cancel the contract of p~cha.se if the C1 ty shall
fail'to tender the bonds tor delivery o.n or betore April 15 .. 1950 .. and ·1n · auch event· tbe succ.easful bidder shall be entitled to the return of' the deposit accompanying the bid~
FORM OF BID: All blds must be unconditional; . ror not less than
· a!-1 otwtliir;bonds hereby otf'ered for sale 'and ro,r not less than
the Par ·value thereof and accrued interest to date of' delivery;
and togethezo with bidder's check u:ru:st be enclosed in a sealed·
envelop·e ad¢ressed to the City Council ot the City or Palo Alto
arid endorsed "'Prop~al i'ot· City ·o'f· f'a;lo Al~ Mwlieipal Impro.vement
Bonds of 1950, Serf..:~& A". All bids shall be accompanied by a c~rt:if1,ed check o·r cashiez··' s check 1h the sum of $10,000 .. 00 ..
drawn. o:~ ,a bank or trust company allthorized to ·tr:~sact and transact~iXig business in the State of c·al1forn1a .. payable to
the or<f;er ot the City Treasurer of the City ot .Palo Al·~o to s~cure ··t::h1et City from: .any, loss. resulting from the railw:"e or the
b.idder ·t;o comp'ly with the .terms of h:is bid. Checks or the un
sueeesa:f"-ul bidders= will be, returned upon the a.t~rard or t;lie bonda •. N:o · ·1nts1rel!it will b~ paid upon the depos1 t made by any s~ccescful
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. The;•i City<:.ot :ila].~ Ai to 'tru 3.:rieorporate<i .1n 1894. and. adopted
:3:. Freeholders:· :Cbarter 1n: 19.09.: -J3~e assessed. valuation or real
i?l··op6rty ar.~d 1mprcrvements a.s or J'uly 1, 19-1~9 was •• ~1 .. 298,900.00 ..
The-. fiolJLo:N1.ng. bondl!S are ·-outetanding ~Ls or ~ran~-y 1, 1950:
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PalO-Alto construction Bonds
Palo llto C1 ty. Bc>nds:
Palo Al t;o -.Subway Bonds
·wa te_:r . & .s;ewer Bonds
Palo Alto ·Municipal Gas Bond.s Library· :a,nds ·
Water & .. s~~nrer Bonds
Wa te~ Bon1is . . .
Impro'lieme::lt Bonds
.Public Ut:Llity Bonds
·Hospital 3onds
Sewer Bontis _ .
Hospital 3onds
Improvemellt Bonds
· ,Imprc)veme1:~;t :Bonds
Im.proveme11t ·••Bonds
1909
1912 1915
1915
1917
1922
l923
1926
1927
1930
1931 1933·
19"39 1946
1947 1948
00.00
1,500 .. 00
ll,425.00
6~000 .. 00
·14 ~,000.00
13;;.000.00 ~6,ooo.oo ssiooo .. oo
30;~000.00
55~000.00
137)1500.00
42#000.00
100,000.00
570:~000 .. 00
120,000 .. 00
~~~000.00 $1,1~25.mJ
-:. : lll e:x6~p:~ general fl;!tld bonds a.re serviced. by :tncome from
mtui1c1pal-<utLli::;ies and the Palo.Alto Hospital 1:aeome. A det~d~ed. aad1t·~ l:-~?ort or the City~ a operation is· publ\ished
ar.I.X1ually ~ copier.~ · or wl'uch may be c•'btained upon app1.1eat1on to t~lltl Ci t;y· Clerk.. -~~-
··r
'l'h~·:r-e ._is 110, eontro~e:t"sy or lit1gat'1on pending or threatened
conceming the _,ra.l1d1ty of the above iaaue~ the :corporate ex1sttlnce
· o~:-'the :City~ or the title of the:o£.ficers to th~~ir respective 6N~cri. ·
·D~ted:
.·.;
# 1950.
.· . WIN!FP.ED KIDD~
city Cl~rk 01.. the Pity of Palo Alto
State. o:f·Cali:f"omia
. . . Sect:1Qrt 10. .· ~e ·Ci ij Clerk is f'urthe:r au:tho:r:tzed and
-cUrected to~-ma±:~ Not:Lee of:; Sale: o:.:' sa1d -.bonds t;o the. State
. Treasurer and to the Department 01" Finane_e of t;he .State or
Ca:.liforrtfa:, at ~tacramentc>~ California.
s~~tion l:... This. oX'dinance shall take e!'feet from and
a.f'ter 1,'~s· · pass~;e and· approval·.
'' . ' Tlle:·:'~bo,;,e. an~ :foregoing ord:i~Jl(;e was duly and regularly
1r.rtrodueed ~-:~•aa.S<ad{ at :8. re&Uar r.neet:lng .. oi~ t:he Co:unci:l or
.. t~e C1ty of ·pa1~;1 Alto held_ on-MOnda~.:, the 9th c:lay or January,
1950:, by t.he following vote: ' . .
""" A~·. Bolander~ Bo:wden, Casb.el, Ca-thcart, Freeidma.n,. Gaspar,
• Fall~ L1r.1der, Mitchttll, fo!ontrouil, Mol~ten, Wickett.
NOES: None. =:Ben::;· ;:e APPRavKD:~~
~ ier
I~ '1W.INIFREDJC:IDI1, City Cle.rk of the City of Palo1 Alto~ hereby cert:1f'7
tha:.t the abov_e and f.orego1ng ordinance was duly and regularly paaa,ed
by :t:he Comic:il or the City ot Palo ftlto on the 9th day of Jarr~·
1950, and wu tllerea.i~ter. posted 'Ol'l the bulletin 1.board at the 21ty ilall •.
. , ·'~.
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