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•.itmP.nt, wat.r'..!c.Ci:illt:1o¢iag.,. ancS :ot!ler works,
Pi:'c>Pel't.7 or,atructU:zies neCHMl"T or con-.en1ent tor
tbe" ~ve•nt or ~ wnm1c1pal wat.r ~ :>r
t~ ~or · Palo il~.. . , . ..
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(a}. 'fbe".'~~ or-.$,o.-~~-oo tor . ._·~~~~;·~~. • eltrQct1·ora ~ :~loti~ot ·t~:·f'~~lowtDS';-=101-,.~. pal'.'~rOftMilts, ~-~,GJ .add~~~'.<ad:".1llil)l'Oft-
. · · atmta.~-to.·;tbe~ pa· 4tutrUm.t1osr .. ·qa•:or·'ta :'Ctt7 : ~r· J~o::ilto-. 1ric-ludinC;p1~: conduite 'and' otber . : rao:~:·U,ue'SI, eQUlpMl\t' and. '.PP:uanca:,·~wOi'b, prop'":. ·•l"tJ' '~ .. &b'Uetjn.-.nece-.1Nr7,,or.:~1:.nt; tor-. the
g:u .d1etr1J>ut1'0fl :a:1,8t"n or the :C1tJ' ot P&lo .Alto.
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(3) · 'fllie· sa ,ot..$.150;().00,;00 ,t(ir· tbe"a~qu1e1t1on~ con• ~c'tion:· arid cotilpletion'. "o-r the ' following• amdci
p.11.l 111Proff•nta'.~ 'to· Wit:' · &dd1.t1ons ·l<d i11P'l!'On
•Bnta t.O: the electri c· 41atrjibut1® llJSte• or the
C_1t:r or; Palo Alto, iiaoludi.Dg c~u1ta, c&blea,
. trtmat'<'ll"llen axxt other rac111t1ea. equip•nt and. ·_appU:]Uices·, .v~rke, propert:r or at~~re1 uec••U&Z'J'
. oi.-convenient· to'l" the e,lectric ~18~but1on 519te11 ·:or-tbe C~t:r' or:,a10·.A1to·. ·. , · ·:-
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. Section 2. Said Ordinance ·llo.• 1255, · u . tbe · aa• · is uende4
'b:Y Ordinance rto. 1267, r-or-the 1Huance or tbe ettT·ot Palo .. ilto ·
Mun1c1~l .I•llH"OftM,llt Bonda '?r 19501. 1• 1nC<?1°1>9r&ted herein b:r ret.erenee :and &11:. ot'· tbe' prortat ona thereof are · 11!1-d~ a part bereor
anct-aball··'°be ippllcable to the' sa1a bonds or satd"aut!mrt~ 1eeue, to be 1••ued ~:r Yirtlle~or the prov1a1one. or thie ordinance, escept
onl,-.••.herein o~berwiee expree.ul,-prortded. Tb9 bODde or eaid
•s.rtea. pJ' be:.~tD PiJ'OT1.decf·tor Bball be executed. in· tbe .&nner •~t fOrth in :ia14.reaolut1on prov14:1Di.·tor the issuance of ~d
bond oi' •seri.(ia A.8 , · &ncs• pro'11a1on · 1a· here~ .:de tor" the· ·1·~
and coll._;tioii: or taXe• auffident tor· the -pa~t ot/t~fbond• or aa14 •s.r1oe B• in t i me, 1'om and manner· u provt'19-4':111 U:14
ordinance .tutl1.0r1z1ng th4t 1Huance ot aatd bondJ oe 11.S.riea A.11 •
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Sect1<>n 3. The •300,000.00 prtnc1pal ~..aunt"ot -City-or
Palo Alto Jll.m:'Lc1pal Iliprove•nt. Bond• or 1950 ah&ll be and con
stitute one:~sor1e.-ot,-·w4 ~H°':, ~o'.b9 dei=tp"ted "~" B ...
Bonda ot aa:i:d ~S.r1•• .. B• ;aball·:be negotubl• 1n fON·-Uil ot tbe ch&ric~r ... moiin aiJ' ••rial, anct''•bal·l be 300 !n.rraaberi'~°tlllbei'ed conncutivel7 rroia· Bl to B300; 'b.oth"iriclua1ve, or tbi ·:denoliinat1on
ot •1,000.00 •tacb. ~sa1:4l "Series. B"· bonda sba.ll ~. dated April l~
1951: \Which i u . b•reb.t t'.1.xed,. and. deterained to be .the date ~ the
.1asU&nc• .of ... 111ch •serteis B'!'-bo~j ; · ·All. ot aa1d :bon48":ebal;l' "bear 1nw"at rro.1·thiti:1' ,dato imt11 ·1.atc1 ·at tJie rite 'or ·rate• ·4ea1s-·
nat44'1>:r.tbe i:tt>; Coiino11 or the C1t1 .ot "hlo il-to·at tbe·Uiie·ot . the ·sale o~ suid·'bonda,.but not .to-;ezceed tour (°')per cent--'per · annum, pa~)lo ae11S.-um1iall7~ !uch'interfft ·•ball w.·:ena.need: ..
b7 epupou a~;;acbed ~o ~~h bond. and each· or ea.14 c~)2POM .•ball -rept!eeen~ au ..ontu• 11nere1t on tbf• bond to wb!cn1~· 1•"at.tached.
Said 1ntere1t coupons •ull be "P•'J'&bi.e on tbe la.t :•,or APr11
~.tbe lat &\7 ot: OCtol>er in e&cb ,..ar until ed. at tbe ~epecti'ff
date o1'·•tur!.t7.ot .ed•S. l>onda (the "tirat .coapcm on eaoh·bond. .reprellftting t nt.reat 0:0-April l, 1951 to ectober~·1; 1951. Saia
bonds -1bal •t:i:ire and bltcom J)8:.Jable-1n coneecuthe,"--mme'rfoal
o~r. troa . l~~r to h!1iber~ u ·toll~ s · · · : ~ . .
$1.0.000.00 1mnc1pai uoant ~ ··s.ri.e8 B"' bond8
· 11hllll lliature and be pa~l>le on April
lat of each ot·'tbe' ;rears "1952 :to i966. b"oth 1.Dc~atft; ·· .. · · .. ~ · ' .
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•'· .. :··.-.. · $l5.,000.00.prlne1pal: uount ,ot 118er'.1ea; Jt. bon41 ,. ·.~~. ·· .... : .>.,. · ·.·--·.ah&l1 .-.tu:re •anil.'be-~ie OA:;·.Apl'tJ:.
' · · · at· ill eaoh. ot tbt j.an.::1967 to . . · • ·
1976, both 1nc1u.a1'". ·
· Both· jb9·:priAcJ1 ~ l ~r ud.' .'1nten~t· oil .. aai4;'bc,• ,~~1i be PQ<h ,a~.tli'e ,Mtiee ~-'hieUixrer ot tbe'Ci.ty ot -Palo-llto 1n lawtul ~ne7"ot·•tbe . ~· .,._~~ ot _Jaer1ca.. : . : . '
. Sect1 · . · ~ Said ~ ot •s.r1e• B• shall escb be eube~-
tidly .i n tlMt"~ ; ng ror11, the bl.anlcs 1n aa1cl tol"a and 1nl the
f'ol'll or coup.on ~ en below to be t1llttd With appropr1&~ -words or :r1garoe~: ,. · : · • .. · :~·~ ·,. . ·.
UNI'1'BD STA'l'ES or ADRICA
·STAB OP CALIJPORlfli
· cotlft'r'.O. SOTA C.L&R.l
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CIT!' OP P4LO .lI4'0 JIUJfICIP.lL IJIPftOVBNUr llOllD8 OP· lm. -· SIHiiS !
Ko. B ___ _
~ $1,000 " . ~.
: THB CI'l'! 07 PALO ALTO, a 8UJlic1pal eorpont1on~. organized
· • ~ :•x1et1ng under tbe Co.nst.1 tut1on and laws or tbe State '.:Jt Cdirorma. herebJ' .. ac~~l!dse.s 1 t.ael.t iM.,b.~d ~ t(>l' : val~e r.c~i ft6.;...:proa1••• ·to p&J' to the bearer~~ {or· ~.it . thi• .. bond
be 'registered';\ ~o the registered. holder hereof} on tbt let· da7 ... ,.or Ap~n P·· 1,.9 ' ',.-.·on THO'CJSARJ> ($1~000) DO:tr.IJIS ~. together 1f1 th '·::,j.ntenst'. tbei'ion~.:..t .. the' r1rt:e· or .. ·"' . . . . . =. : •• : • · • •
··{ · · ·)'per "e~. ~ :annwa: unlii ·p&)"?Ant·of·: iiU> prliiClpai ~Wli in ru!~l, ~yal>,le',.aeai-azmuall.T on tbi9 l,st da7 or April ~
t~ lat d~y · ot · \>et ober :.>t ea.oh 79u ~ 1JnleH th1a bond 1• reg18..~z.'&d t~~ch ·~u:eat, .P~C?r to •tur1tT; abal.l--be· payable
only on p:re .. ntat1on am aUl'l'eMV ot the p~r ·inter;at . ,. coupc.M bu•eto atta~bed·U: tbe7.i:.spect1ft'l7 become~~. Both 1· tbe princ:lpa'l. or and;''inUrest on th1• borid are PJ*bl• in lawtul 1DOnC)-: ot tbe tJnited stat.ea ~ Aller1·ca a.t. the-ottice;;,ot tb9
City 'l'rea1s.urer ,,or t he: CitT or Palo A.lto, Pa.lo Alto, C&l.1rorn1&.
. · "~~.~ ~~~~1( .<?.l)e ,ot a ·au_+,,. ~uthc;~~zed 1aeue :. ot bonds ot \ aal~. C!.~ "~~'1~. one .mHlion two hu::'ldnd thousand, (l,200,000)
dollars. in .princi}jal amount, all or like :tenor (except tor such\
var1'at;1onn:. 1't any.,· as 111&7 _l:?,e nquired t.ci' d•eignate Y&1')'1n& ·:
ser1Hi· nilliben;.:matUrit1..: or\:1n~nat rates) Uld· 1•: 1aaued .: under 8'Dd: p'linaant:.t .o tbe ·wnai~~u-tlon and:•atatutea ot t-~\St-~~ ,; o..t eautomu, azx1 under~.ud.:'p~t to tM orUnancH ~;~:1 ~~
'"'. ceed.inp.c1t ~ C1ty.dUJ:7 <a4opte4' and take». ad"• wt;a· aNl
aaaent. ot ·eo-;1. ~hat\ two-third• or all the p~fi.ed-.•leotOn ot
aa!_d City: TO't'i'Dg at a IJ)eci.al .ieot1on duly called fmck'b.id' ror
that purpc ... .'·~· ~. .. ' .. '. . .
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' ., It ,1.a 'be~~ cert1n", Uo1.Wd and· decl.&1"9d tbat all
acta, ·oOndi.~oma aa~t~1np -n~N41 bJ' law to · ex...~at,. happen-
ed· to~ :P9~0ned :p~~~_:?.o &Dd.; ~ .tl'A 1aauanoe ot' t~, :t 1'.>-<>fa~· ,.,"1ated_. ·bappeM4 &nd·:bffn ;~r.t~ 1D 4ue ·ti'W".,.// , ·
t.i"or. ··a.a ~ ~-~ nqa:t~;b7 .law, .aud ~t tbe:. uo=t · ot.1~b1•;...~,l ~, .toae~'.;w1th :a.ll :.other :~a'...,.~ ·~d-.C1~, d~~ ·
~not-· exceed al7 '"1111.t.·. prescribed· .b7 the .COUfl ~ti.on en-ata'tat.a · ·
;
~•aid.stat., and·.tba~ ,pl'Ort•J.on baft bffn 'ade u-Nqu1Nd 'bT
tbe ._COMt;~tu~on.ian4 atatute• ot aid Stat_! toz<::tbe coll~t1oa . 1 ot an am.Uax·tu~~oient 'to'l)Q·.the priiicipal ~, ·an1t ·int.nat i
on, tbia" ll'orad :u ~----·~099 dae. fte h:li •fa1.tb u4 Ol'etit ~~.£.:.,:; or aa.t4~ U.·!.»Mb7 pi~-~ozo: the' punotual'J)QmDt or the / ·~;;"·:
principal And 1nte1'Ut or ~lid. '"
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!MFl>ODd .,. .... ns:tatued · 11l-tb9".~:zo in-OT14ed. b7 law
am tbel"Mr.M'~tb9-princ1pal bereot c.r··1.iit.tre•t blreon •ball
be l>Qabl•· 1>Dl7 ~ euob. repetered own.r. ·. ~ . ·, -. :· ."' : . . .
II' .vr~ VJllRIOP. tbe .c1t7 .ot Palo Alto-.hu .~us~.~~~ -r-
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. 't!PD4· .t.o_ lM ~~.-~ ·1t•··ott1~1-~··~· ·~·~_.:1ta .. JIQOr ·
'and U•··'l'reU'llftl',"ailMl oounteniped·'b)o· 1~ Cl~Jc.; -,aDd~bu cauaed ;
tbe interest .coQpom hereto ·attached to ..,_,. etgn9d-b7 · 1ta TreU'Ol'e:r,t,
and this bo1~,~to. be dated t bl let 4a7 oi~Al)ril, 1951 .. < ' • . • • . .: j n :~·~~SY·~
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•~r ot thi Citj ot Pilo llto :
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'11'ri&eurer ·ot the Citj' :ot Pilo lltO 1 . I
Coun.tc-re1ga.ed i~; ..
City Clerk of tlii Cit7 ot Pilo Alto
~O\Q)On Jl.o. ---.-
On tbe lat da~ o1> . , 19 , · tbe Cit7 ot Palo Alto will' :(iiideaa t&e -~·. ntflin· Miltioned l>Ond be ·~red)
-.:p&7 to ~ 1lt the ottice of the .
'fl'ea•arer. ot .aaid ~-t)", 1n Palo A1-to,
Ca:l1torn1a., · . ·Jktllare
1n 'lawtul ·110nq or ·thi ·tfrii&d Stat.a 9!;Y
Aaeri~, be1-ng •1.X :month•' 1nt."'9t t.4e11 due on. 1ta Jlmdcipal:. l11PronMnt Bond ot.
1950,· Serie• B, dated April i,· 1951. ; '~,.
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seot:ion'; 5 •. · ··'Tbe.'·1'Q'C1\ Of·tS&id C1t1 t:it . f'&la :Alto am tbe
Treuurer. ·•>t 9&14 :C1tJ' ·&1'e:'berieb7 authorised and· cUrected, reapec~1ft.l7~ u ·auob ori:1oen., t o· .. execute 'each o:r-'Mid"bonda ·;
on k~~t,..~·ot: Mid C1~~t'and the c1t1 ·Clerlt, or ona or·.110ft· or
b1a deput!-H, 1e · ben)oJ . .aut.bor1Md am "cl1Ncted. tC?'.~O'QDteftilD . eaeh -.ot'-~·aald· bonda and to attn··tbe ott1o1al Mal of add Cit,.:
thereto. ~4·11a:,.or and Treuurer are bereb7 each, Napeot1nl7~
autboriud to caWM Hid 'bonda to be •1sned b7 their pri.nted' lltbograJ>bwd·or ensraftd·taos1111le .aipsaturea; ,-~:~r
1a tiel'ff7 &llt4or.1Md an4•41reoted to aip .. ch ot ti. internt
co~.:bi. printed, llt1'0grapbe4 or engraftd·hosleil• aipiatare.
3uoh a1p1-us, ocunt.raipl':Da. and ·a.cling· u . beft1n"prortded ·•ball
~ a .Rttlc1:iaDt• .a4 b1ncl1ng exeeiatton ot :n:id -~ "".aD4 coupons
b7 ~~!.Cttj'_;-.·.cd'·all..-auch ·•i:patur.u cnd :.eoUnt.rngaa'tm'M, . uceptinc.:tbllt ot ... ti. Cit)-Clftk· or hel'".deptrtin/ •T 1>e ·.)n't'ated,
lit~pb'td ·~ ~ftd.· Inoue art:T ·~ euob'·otticen .whose ·~ '.or·~~l!lllture&:-appear: -on.tbe ~"or ooupoaa aballl oea.-. to-·..be •aolt' ·otticel' -.before tbe· ,deil:t"f'U7 ·or suoh· bo..sti
, to :tbe ·pur.4ba8tt, 'auch·•~ture .. o~ CO\".llteraigmtul'tta Shall · .
n.vertbe'le.i8"-h :.,ftlidi ·and->.auft1~et'•tor·.&ll: 'purpc> ... tbie . ..--. "
•• it tbe~~ bad 1"9.a1ne4 ·in orr1ee. untn· the· deltw17 ot the bo!Kta..
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Sec.ti.on 6. Por the pu:rpoee ~ paJUI the principal or
8.;nd ~ton said bonds, the City -Council~ tbe ·C1t7 or Palo
Alto •hall, at tbe ts..e or tild:ng the ge:nenl tax 1H7 and 1u
the t&DDer tor:..aa@ ~ral ~: levy pl'OT1~, 1•T7 and collect annuHlly ~ach ~ar until N1d boDda .,R paid, or until thnre
shall.. be a· sua 1n t~ t:reas1.1r7 ,ot nid C1ty aet apart tor tba.t
purpc_oee to .. •et all SUld COllli'?lg due-tor pr1nci.pa1 and 1ntorest
.on sncb 1>ond8, a tax s utr1c1ent to pa7 tbe .ammal 1nteru1: on
such :t>onda as the .... become due, and al.so auch pa.rt or t he
pr1nd pal .::thereo.r u ahall beco-due be:tore tbe proceeds o.r a 1 tax lev19d.-at the time tor -.king t he next p~l tax l•VJ'
can be •de available tor the pa1119nt or aueh pr1nc1pal. kid '
tax shall· be 1n·addition to all other tu:ea levied tor mumc1pal
puii>Cee.a, an4 •hall be collected at the AM ti• and 1n t he 1 · -same 11&nner aa other min1cipal taxes an··collected, and· bO uaed
· -tor fiO ot~r. purpo:M than the paywnt or Hid bonds· and ace~ . interest. 3aid taxes a:1 ~ollected shall be tortbwi t.h paiCl into
'. the tund tor which the Mme were leded and colleott'td and wbidl 1
shall be deaignat.d •1950 Municipal :.pr0vemnt .Bond\ P\md•, and. all SlmS to become due tor the principal o~· a'nd inte;reat ·on ea1Cs
bond8 . eh&l.l be paid troril auch tund. There aball 11k9W1se be ,
deposited in eaid tund an:r 110n•:ra Nceived on·accollnt or int•relt
accrued on said bond!I; :rrom their date to the da.te or dell ver)' ·
and actual pa)'llent or the pur-chaae price tb4reor-.
Section 7. The proceeds or the sale ot said •s.~ea B•
bonda aball be deposited in the tunda eatabliahed b,-Ordinance
No. 1255 aa tollowa:
(a) In the •1950 Water Distribution S)?9te• Construction
:Fund" there aball be d1tp0s1ted the proceeds ot the sale or
$loq',OOO.OO princ1i81 amour.t or aa1d Municipal I11proffMnt Bonda ot 1950, •seriea B (Other than ace-rued interest recei'ved on
the ~sle or aaid bonda) , and such proceeds shall be appllod
solely' to the purposes and objects apec1t1ed 1n Propoa1tion No. 1
eet f•:>rth in Section 2 c)r Ordinance No. l255; and,
(b) In the "19!>0 Gas D1etribut1on S;vstea Construction
Pund" · the'l'e a hall. be det>Oa1 ted the proceedlJ or the sale Ol~ $50,~.oo. princ1~1 amount or ea1d Municipal Improvement .Bonda
o'f 19!50~· ~Series B" (other than accrued 1.nt.ereat received on
the aale :or .aa1d.,bpnda), and aueh proceeds shall be &,PPli•td '
solel;,. to th9 pll,rpoaee· and objects apec1f..1ed in Propoai t1on
No •. 2_ set torth· in Sect1on 2 ot ordinance No. 1255; ~•' " ' . . l
'133
.· (e) In tbe •1950 .Ble~tric D1atr1but1on SJ8tem Conatruction
Pund" ,, the're aball b~ depo-s1tedi the proceeds ot the sale ot . ' ·
1150,t>OO'.OO: pi.-1ne1ial a1110unt or aa1d Municipal Improv ... nt Bonda ·
or.19!)0, "Ser,1H B {other than accrued interest received on
the an~e o'f aa14 bonds), and aucb proceect. ahall be applied
aolely ·to the purposes and objects specitiM 1n Pi"op061tion i
No. 3 aet torth'in :hct1on 2 ot Orc11nance Yo. 1255· .
AnJ pre111a11 ~ce1ved upon tbt Nle of the bonda or said
iaaue aha.ll ~ .appo!Jt1oned to the .r.specti've ~WMS• described
above under aub-paragraph8 (a), (b) and (c) ot this Section 7
~ the proportion wbioh tn. a11e>unt to be placed 1n auch tuDd
. reapec:t,.ft,17 bears to tb8 total a.ount ot the bor..d.a autbor1ud. i
tor the p~oaea ·aet torth 1n Prop0aitiona (1). (2) ar.d (3) 1 1
heNirtbetore. •ntioned~ t
Sect1on 8. 'l'he C1t7 Clerk ia directed to cause a auttic-1
1ent mmber or blank boiida and coupons ot •'l..'1table quality t o i
be li t;bOgraphed, printed or •nsr•ved, and to-~::~e the blank I spacea, thereot to be t:illed in ,to ~llP11'. w1 th the prov1.aiona
hereof'~ and · to pro<:JU'e their •x.cution b7 tbe proper otti cera, .. -.
&nd t c· deliver the• when ao ·executed, 'to the 'l'reaaurer ·or aa14
City, who •ball aat~ly ~HP the MM until the1 •ball be llOld ..
b7 the· aai.d C1-t7 council; Whereu:pon· he ab&ll deli.Yer the• to '
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pr:'Lce •.. ,said :MaJ'Ol', Trea•urer aQd City Clerk an turtber author-
.. 1sed·'and '<l1re-cted:>to lllSJ«s, eotHUte am ·d•l1ver to the p~.obaaer : ot aid bOncls :.a~np.atUN' am no-li.tilat1on cert1f'ioatea 1l\ tblt
toN uauan,..~~'4 b7 .~U:rch&'M~ or: municipal bonda pner.i1,.,
oert:U'pD(~ to .'tbe pn'liinemea aD4 ·du execution or aaid bonds
.and 1."urthur oel'ti~ t'o.all taote ntM.n tbeir Jmowle<tae rela
tive .to· ..airt l~pUon which •7 or, •ight attect said Cit,-, Aid ·
ofticen·.<~-·8&'.14 'bonds, and Mid 1'reaau.r.r ii furtber authorised and d1no1:ed· 'to :make, eucut• and deliver to th• purob&eer ot said· bondil a !'reasarer-! • ·receipt in the tore ue.uall7 re~' b,
purobuer11 or lnm1-c1pal bondt, evidencing tbe PQ'MDt ot tbe
pi:.robaM 1t.rioe 'ot aaJ.iS bonds, 1fh1ch receipt sball be concluai ve ertdence that a&1d-purobaee priO'!t ha• been ~d and baa beon
re.ee~ved by aaid C1:ty. ·Any plll"Oltl&aer ·or aubeequent taker or ·
holder ot said .bonda ia hereby-authorized to r.al,-upon and a~ll
be Juatj:i':i,ed in r.elying ·upon any aueh sip.ature and no-litigation cert1t'1cat~· or Treasurer's receipt with J:'e&pect to said bonds
executed pursU&nt to the autbority ·or this ordi~ce.
S.ctlon 9. All or aa1d "Seri.ea B" bondat-:sb&ll be ottered
(or public· aale by ~he City Couzio11 ·ot. the City or Palo Alto on
/+;he 26tb day ot Peb~, 1951, and the City Clerk is hereby
· author1%ed. and direoi.d to C3.uee notice or the eale ot ea1d bor.ide
to be pubUshed once 1-J) the· '.Palo Al to ?1••, a. daily newspaper
published 1n tbe City or Palo .\lto, and such notice shall be
substantially 1A t~ !ollowing tol'll, to Wit:
OPPICIAL NOTICE OP SJ.LB
CI'l'Y OP PALO ALTO JIUHICIPAL IMPROVEMBNT BOMDS OJI' 19~ -· !ditiB .-
. NOTICE IS HERKBY GIVBH tbat sealed propoaals rlll be
recei.ved b~y tbe City Council or the City or Palo il to,. State ot Califor·oJ.a, :&t the ottiee or the"C1ty Clerk tbereo.t, in the
City Hall .ln said City1 on
'MONDAY I FEBRUARY 26, 1951
at ·the ho~·r ot T:30 P.M. tor the pureb&ae of $~00,000.00 pt1.n
c11>3l amoU:1t of borida or aai(.'\ City designated City or .Palo Alto
Munic;tpal :c11provement Bonda . or 1~50, Series B" I aiore particularly deacri~d.·i,.low; Said "S.r1ea :a. bonds are part or an ieaue
ot $1,200,000.00 aggre~te principal amount authorized at an el~c'ti<m tk1ld 1n the C1cy or Palo Alto on ·1111.y 10, 1~9.
$300,000.00 principal &90Unt of .bonda of said issue having here
tot'ore been sold. The remaiM.Jig $600,000.00 pri nci pal. amount
ot said au::hor1zed iasue ay be 0old when and ae detel"llined by
t~ City C<iunc11 ·or aa14 City, but will not be ottttred tor eale
prior to Jnly l, 1951.
....
ISSUE:
: MATlJRITIZS :~
'$300,000.00 conai~ting or 300 bonds· or the
denominatlon ot $1,000. each, nU11bered Bl to
B300, inclueivo, .all dated Apri;:J.. 1, 19!)1,
and deaignated ·3eriea B. '-:'
"Said bonda mature aerially in consecutive
ntimerical ordf}r, trom lower to higher,
$10,000 principal amount on April lat, 1n
each ot the ~ara 1952 to 1966,
both 1nc:tua1ve, and
,·. ,;-
$15,000 princiP&l ~unt on Apr1-l JAt in
each ot the yea.rs 1967 to 1976,
both inclua1n, Without option or pr1or.pa,..ent .
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'. nmam RATsi JllaXimum t our ( ~) per cent. · pep annma~ ~ble
':-, .: aeta1·annu&ll7 on April· lat and! Oot°"r l at 1n ~ch ·.,ear• ' B1dde'n 11W1t epec1ty the rate of,·1nterestn m1cb the
boridt:·berel>r.otteredtor ea1e aball bear. !hdd9ra will be perzli:ttt:-d'to b14 d1t~rent rates or 1Dtenat and to spUt ratea irre~ct'i,..e ot. tho# •tur1t1ee or aaid' bondA. 'l'be 1nt:ereat rate
stat<d 1n tbe b1d aua't be 1n a.. ault1p1e of OM-quarter or CJbe
per C'eDt'-per ann1211, payable ... .i-annually.
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\, . R'lGD!'TRATION t
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Both :;>rinoip.al and intereat of N.14 bonds pa7-
able 1n lawtul eone7 ot the tln1ted'State.a or
· Amri<ea at t he ot1'1ee ot: the-!tftuunr ot the
Cit>" or Palo Alt<.;, C&l1torn1a. . . ;
Coupon bond• Wi ll be iHtwcl b7 t lie City. Such
bOade -an l"egiaterable onlf u . to both prin-cipal and interest. ::
P:JRPOSB or Said bond• are authorised ror tbe purpose or
l I f I I t I J
fSS·OI: impro'Ting the tao111tiH or t be Ci.tJ' 01· Pal o
Alto, including illprove.uta to the water d11tr!bu
tion sj'1Jtea, the gas distribution a79tem, and t~ electric distribu
tion 'SJ1Jt•111, as set forth in the pPC>pos1tiona atlbaitted t o the electorat1t or said City at an election hel<f the·reon.'on the 10th day
ot May, 1959, and ar,proved. by more than two-th1~ vote thereof.
m!!:!!II• Said bonda are general obUgat1one or ·th• City
o·r Palo Al to and the Ci ty-Council ther.aot has power and ia obligated· to levy ad valore~ taxea tor tbct payment
or aald bond.a and the interest -;.;hex-.on upon all propertt within
the City ot Palo Alto 1ubJect to taxation ~Y aa1d Cit7 (except
corta1.n in~ble personal property, which 11 taxable at l1m1t-td ratea,, with~ut limitation ot rate or &110unt.
LIGAL OPIXION: ~:.legal opinion or Messrs. Orrick, Dahlquist, -Nef'c a: Herrington, or San Prauc1aco, ca11rorn1a, approving tbe validi.t:r or said bonds will be tur
niebed to the a~ccesstul bidder without charge.
TBRY.S OP SALB I I
. . ' I H:ZamrsT BDh The bonds will be awarded t•:> tbe h1gbeat and ~ist " :· . bld(Ul~ oonalder1ng t he interest ra;to or rates si*cit1•4 ancl the : ;
i>reld.um ottered, 1t any. The highest bid lfill .be detenil1rutd b7 ' 1
deduct ing the, ucung or the preaium bid Cit' any} t'rom the t otal
amount or !.n.tereet which the City would be required to pa7 t'rom
·the date or Aid bonds to the reapectivt'l •tur1ty dateo at thft
coupon rate or rat es specified 1n the bid, and the award Will
be aade. on the ba•is ot the lowest net jntereat cost to the City.
The lowest net intereat coat shall be coapated be-tween tbe date•
~oretiaid aocordJng to a~rd bond interest tables. ·Tbct pur-
, chaaer suet pay accrued iiltereat troll the date or the bonds to
the' dette o'!-delivery.
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RIGBTs OP· : ~ RIJ@r i6R1 'l'be 1.Ci t31' ot Palo Alto reHrvea the 1•ight, in its:
dlacrel!On, :to l'.9J•ct, any and all bids and to' waive any 1rregu-! 'l
lar1ty or informality in any bid. '
AVARD: · Tbe City Council or the City or Palo Alto will take
action awarding the bonds or rejec't1ng all bids not later than
twenty-rol.ll" hours a.rter the expiration or the ti• he:-ein pre
s cribed tor the receipt or proposal•.
DRLIVDlY CJP BOIDSi l>eli'Mry of aaid bonds will be •de to the aucceaatui 6!4di,. at the ot'f'ice or tbe C1.t7 'l'reaaurer or the
C1ey o•t Palo Alt!? as soon aa practicable .
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RI<JBT OP CAR-ClttlT'f(jb The aucceas!\rl bidder shall haYe the ::-1.gbt,, at his opt10o, to canc0i: tbe ~ct or purebaaes 1.t tbe c1t7 eball
.t'a1:l to~tender the .bond.I tor del1Yeey on or bet'ore April 15, 1951,
and. in such eftllt ·the aucceisatul bidder eha1l o.·entj,tled 'to tbe
return or the deposit acc~ng the b~d.
PORM'. o.t;:em:-.· .ui. b1dS wuat be unconditional; tor not lHa than
all or;tlta1~o:nde hereby orre~ :ror sale and tor not less.than
the par .v.alua tbe.~or and acoruea 1ntereet to date' or del11!'.•ry; and topt:ber ~th "b1d<t.r's checJe muet be ncloaed in a sealed envel~pe .address~ .to the Ci ti Council · ot the City ot Pa lol Al to
' and endor:nd ~ PropOsal. tor cu,-ot Palo ll to · Mtmieipal Improvement ~nds or .1950,. Series. B" • All. b1de shall be aoompanied by• a c~rtitied cheek or c"ae.hier' u cbeoJc l.n the aum or . flO,ooo.ob,
drawn on-Rs 1*k or tNSt ·company authorised to tninaact andi trana-
. acting budnu1 .1n the Stato or ~urorma, pr :yable to the ord.r
:of the cu,-Treasurer ot the Cit7 ot Palo Alto .to securtt the City rrom.&J:I¥ lose r.eulting .t'ron the failure ot the bidder to ~omply
with th• ·t.ru or his bid. Checks ot the um11oce1Stul bidrlore
· w:i~l ·be Nturned upon the award ot tbe bonds. Ko interest will
be pa1d upon the deposit mad~·b7 &D7 auocesat'ul bidder.
PilWfCIAL STATJDmlfr
'1'M c1-tY or Palo ilto was incorporated 1n 189' and udoptec\
a Preebol<lera · Cb&rter 1n 1909. ~ asaeaa-4 valuation of real property nnd i1111>ronmenta as or July l, 1950 was ~.268,780.00 ..
· Tbft tollOW1ng bonds e.re outatanMng aa ot January 1.,. 1951:
Pal o Alto City Bonda
h l o Alto·Sub1fay Bond.a" va~..er & Sewer Bonds
Municipal Oaa Bonds
Library Bonda
Vat-.er .a: Sewer Bonds
Vat:er Bonde ·:
Improvement Bondo Put1l1c Ut111 ty Bonda
Boip1tal Bonds
Se.,.-er Bo~~'.
lioep1 tal BoDds Inq::;rove•nt. Bonda
I111P·rovemnt Bond.a
I111P1"0Veiaent Bonda
I~rovement Bonda, Series A
1912 ..
1915
1915
1917 1922
1923 1926
1927
1930 1931
1933
1939 1~6
19-7
1948
1950
1,000.00
1,187.50
5,000.00
12,25().00
12,000.00
52#000.00
So,000.00.
28,000.00,
50~000.00 131,~?50.00
39,<>00.00'
90,000-.00'
555:.000.00'
115,<>00.~ ·
505 #.C>OO. 00 · ~>00.00
I $1,976,687.50
All ex~pt· general t\md bonds are sel"\"1Ced by 1nco• from
municipal ut1!1 t1aa and the Palo Al to Hoapi tal 1nca.. A ~e
tailed audited .-rei>ort ot the C1ty's operations 1s publ1:shed
annua1ly, copies or which may ~ ob tained upon application ·to
the City Clerk.
.:'!:. There 1• no C:ontro•eny or l1tigat.1on peDd.1ng or threatened
concerning the valicU ty. or the above 1Hue, the corporate existence
or ths City, or the t i tle or the otti cere to their respective
orr1cea.
Dated: I 1951•
11INIPRBD JCIDD
City Clerk or the City or Palo Alt o
· State or cal1torn1a .!
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The above and t.>regoing ord1.nance was duly u.d regul&!'l)'
1ntro1uced and paea.ad at a iv6\llU anting ot the council or
tbe C 1 ty ot Palo. Al to 1-ld on '?r.aeaday, the 13th day ot Pebrua:r,., . ~951, by the rollOW1ng vote:
AYES:
NOES:
Blois , Bolander, Bower, C&ehel., C&theart, ~cSman, Gaapar,
Hill, Linder, IU.tehell, Morten.
None. ; .
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ABSENT: Bentrott, Bowden, Montrou11; Wickett. ' ~ !
APPROVED:
~ A~1': ~~e1
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I .• WINIFRED KIDD, City Clerk of t he c~.ty of Palo Alto, hereb;7
certify that the avoce and foregoing ordinance was duly and
regule,rly passed by the Council of the City of Palo Alto on
the l?.th day or February, 1951, and was thereafter posted on the'·
bullet:in board at the city hall •
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