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PROVIDING POR THE ISSU.ANCB AND SALB OP $600,000.00
PRINCIPAL' 'AMOUNT OF •crry OP PJILO ALTO MONICIPAL
IMPROVEMENT BONDS OF 1950, SBRlBS c•, (BIING THE RB
!'.ilNl)ER. OF' $1,200,000.00 PRINClPAL AMOUNT AUTHORIZED
AND 'ELECTION HELD IN SAlD CITY ON THE lOTH DAY OF MAY,
1949); FRESCRIBING THE Ii.A.TE ANt· FORM O'J!· SAID BONDS
,. AND OF THE COUPONS TO BE ATTACEED THERBTO; PIXING
.THE' MAXIMUM .RATE OP INT!JmST ON SAID BOJa>S AND 'PRE
~~IBINO .T:HB MATURITY Tf!EREOP; AUTBORIZIN'G THE EXB
CUTION ·op SAID:. BONDS . Ami DESIGNATING SAID $600,000.00
PRL'{CIPAI; AMOUNT· OP BONilS AS· S!RIBS· "C" OP SAID ISSUP.'.;
AND 'DIRSCTING -NOTICE OP SALE OP SAID SBRIB.'S •c• BO?ro~'
TO BE' GIVEN.
WHEREAS, the City Council of the City of Palo Alto, here
tor ore, to wit: on the 9th day of Janu.at"Y, l95C, duiy passed ~nd adopted its Ordinance No. 1~55, providing for tt.e issuance or $1,200,000.00 principal amount of "ctty of Palo Alto Municipal
Il!ll)r ovement Bonds of 1950"; and., ··
· WHERBAS, said City Council did on the loth day or April, 1950, amend ·s.aid Ordinance No. 1255 by pase!.n1~ i ts ~inance No. 1267;
and,
WHEREAS, 1n said Ordinance No . 1255 the a~thorized issue of the City of .Palo Alto Municipal Improvement Bonds of 1950 was
divided 1nto series, whereof $3C-O,OOO.OO principal amount was
designated '"Series A" and the issuance nnd sale thereof author
ize~ and dir.ected; and,
WHEREAS, said Series "A" bonds in the amount of $300,000.00 have heretofore been 1~sued and. sold; ~.nd,
WHBRE::AS, in.Ordinance No. 1322 the issue and sale of
City or hlo:' Alto Mun;tcipal .Improvement Bonds 01~ 1950 Series "B" were. author1~ed· arid, ~iree:ted in the prir .• cipal amount of
$300,000.00; · and,
WHBRKAS, s~id Series "B·~ bonds in the amount of $300,000.00
have heretofore been issued and .aold; and ,
WHEREAS, said ordinance above ~ent1oned provided that the
remaining $600,000.00 principal 11mol.:nt of City of Palo Alto Mun.icipal Impr.ovement Bonds of 1950 might be issued from time
to time .as separate series ao and when directed by the City
Counci l ; and,
WHBREAS, this City Council ha~ determined and does hereby
declare that i t is necessary and desirable that the remaining $600,000.00 principal amount of said c 1t1 or Palo Alto Municipal
Improvement Bonds of 1950 be is1med and sold for the purposes
for which t hey ·wei:e au~horized b~r the ebctors.
mJW THEREFORB, the Council of tne City of Palo Al '::o DOBS
ORDAIN as l;'ollows :
~Sc~tion l . Bonde of ·the City or Palo Alto in the aggregate
pr1nc1pal amount of. $600,000.00 ('being part of sa1d issue of
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-$1',200',000.00 pr1nc~pa'l smo·:.int auth;)rized at said election held iii sci.id ci:ty' on the~ loth· da:r or Mey', 1~9) shall be 1aaued to
. pay ttte cost or the ae'qu1s1·~1on, CO'ltltruct1on and completion or
the municipal . improv~itienta net fort:1 as follows, to wi't:
. (1) 'l'be aum or $200,000.00 ro::-tM acquisition, constr-~ct:ion and completion· ~f the followi.ng municipal improvements, to lri t: adcl1 t1ona and i111prove1Mnta
to tbe water d.1·str1b:ut10D syatelll' Of· the C1.ty ot
Palo Alto, 1nclud~ exteaaion or water d.1atribut1on
facilities, pipes~ pipe l i nes, pumping equipment,
water condi t1on1ng; and o·.;her worlas, propert.;Y or
structares necessary or convenient tor the i:mp:rove-·Clent . or the munidpal we.tor system. ()f t;he City or
Palo Alto. · •'
{2} The sum .of $100,0C>O~O~ to~ the acquisition, construction .s.nd eompletiori of the follo!f1ng municipal
improvements, to •'it : a deli tions and improvementf.I
(3)
to the gas diatrit.ution e~rstem of the City or Palo
Alto, 1nclt:.ding pj pee, coudu1 ts an:i other rac1l1 ties.
equipment and appliances, work&, property or etruc
turei: necessary or conven!-ent for the gas distri
butic>n system ot the City or Palo Alto. ·.
The sum or $300,000.00 f <':>l' the acqu.is1t~0?1, con
atruction a.:ad completion <>t the following, Jl!.'~.:'.:'ipal
improvement:3; to w1 t: ad<li t i ons and. improvements
to the. elec1:r1c d1stribut:.:on system =>f the City o!'
Palo ·Alto, fncl udi:ng cor.du~ts, cables, transformers
and other f.3'c1litiP.s, equ~.pment and a;>pl1ances,
WO;t'xe, pr.operty or structures necessary or conven1ent
for the electric distribution system of the City or
Palo Alto.
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Section 2. Said Ordioonce No. 1255, as the same is amended
by Ordinance No . 1267, for the iesue.nce or the City of Palo Alto
Municipal Improvement Eonds of 1950, 1s 1ncorpo:rated .here1n by
reference and:, all of the provisions thdreor are made a part
·hereof and sh.all be. e.pp:licable to tl.'te said bonds of sai d author
ized issue 1 to be issued by Virtu& C•f the prOV111:1.0n8 or th18
ordinance, except -only as herein ott.erwiee eJCprussly .provided.
The· bonds of !:aid Series" •c' herein provided fol~ shall be exe
cuted in the n:itl?lner set forth in ea.id resolutiOJ'l providing !or
the issuance cit' said . bonds of Series "A•, and provision i's
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h~by made tor the levy and collection or t.a.xes .suf'i'ic1ent for
the .payment ot ~he bonds or said Series •cu ~n time, form and
manner as provided in said ordinance authorizing the isauance
or said bondll of Series "A~.
Section 3. The $600,000.00 pr1ncipal amount of City or
Palo Alto MUnlc.Lpal Illi>:rovement Bonde or 1950 shal:. be and
_ constitute one :'eries :pt said issue~ to be des'1gnated "Series c•.
~ Bond~ or said Sc~ries •c• shall be negotiable in rorm and or the
cnara:cter known aa aerial, an-:1 shall be 600 in numbel", numbered
eonsecuti)Tely ri:-om Cl · to c6-0o, both 1nclt.ls1ve of the deno!D1nat1on
or. }$1,00C...OO eai:h. said Seri.as •c• bonds shall be dated October
1, 1951 (which ~ls hereby fixe~ and' determined t~ be the date or
the 1ssµance of such •Series C" bonds}. All of said bot1d3 sha'.ll bear intereet ,f'l~oQ their date until ~aid at the rate or rates
designated by"the C1ty .. Counc1l or th~ City ot Palo Alto at the
time of. the ~alu o~ said bonds, but oot to exceed !'our (4) ·
pe1• cent; per annum, payable sem.1-an:oually. Such interest
swll .be evidenc:ed by coupons attacn~d to eaeb bond, and each of'; said coupons shall represent six .non.th.a' interest on the
bond to which 1·;; J.e attached. 8a1d Lnterest coupons shall be
.,ayable, on: tl',le :~1:rst day or A'pr1l an•' the 1st day or October in
each year tmtil and at the re~pectivt~ date of mat,~1ty ot said
·bonds (tbe 'f1rs1: c:oupon on ea¢h bond represent'.:ng ·interest trom
October l, 1951; t:o. and 1r.clud1ng Yia?.'eh 31., 19~>2. .said bond~
shall me.tu~ ari<l become payable in e1,nsecutive .. numerical order,
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% I I . t 1 f I .~rom lower to higher, ae· foilows:
1 ( ., r . •20,000'.00 pr!nc1pal amount ot Ser i es •c•
~ bonds shall matu t'e and. be payable
i , on Octobe:r lat 1::\ each ot the years I j' · . 1952 ·.,o: l:~ bot:h inclusive; ·. -F~·~.-:.:: .. °'i I ,·' · ') $30 ,·ooo. 00 pr1~c-1pal aroount or Series 1tc"
}· ' bonds sl:l.all mat«re and be payable
1 .. • , on October. l st 1:l each ot the year s , t~ ,/: 1967 to 1976 both inclusive. I i ~-----, y . • l " --~ .... Both the pr1nc1pal of and 1n.tereut on sa1d bonds shall be payable I· J , at the ~office · <>f the Treasurer ot' the C:L ty of Palo Al to 1n la.wfUl i money of t he United States of Amori ca. ... ........._. ~ .,. ! : Section. 4. Said bonds or "Series c" shall each be sub-j . stantially 1n the tollo~ing form, the b:tanke in said form and 1n ! the form ot coupon given below to be filled witb appropriate
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UNITED .STATES OP AM!RICAi
STATE OP CALIPORlrIA
COUN'l"i OP S..UJTA er.ARA
CITY OF PALO ALTO MUNICIPAL In'R(JVKM!NT BONDS OF 1950 !JP!R!!S c
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1 .:. No. c __ _ $1,000
' I . 1 I. TRB cITY OF PALO ALTO, a a11;n1c1pal corporation, organ-
~ I' .1.zed and ex.at1ng under the Conotitutior. and laws of the State
!: :· of California, hereby aeknowldges 1tsel.!' indebted and for i~ I· value rece:l.ved, .Pr.orn1ses to, pay· to the bear er (or 1f this bond :. be registered, to the reg1ittered holder hereof} on the l st day
· .. ~=:::-.;.°"f October:. 19 , . ONE THOUSAND ($1,000) DOLLARS, together"w1th l ! interest thereon. at the. rate ·or
1 , , ( ) per .cent, per annum ~-rt""1 .. i'""p""a""'ya:=e"""n,..t,.....,,o""r.....,,s~a~l.d~p""r""'i""n""c""'1""'p'""a""1,..._
;: s~ in f ull, payable semi-annually on the 1st day or A~ril and
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I the 1st day of October or each year. unless thb bond i:S'
:; registex:ed ·such interest; prior to maturity, ehall be payable i orily ·on·· presentatlon and surrender of the proper i:nterest
coupons· here.to attached as ther respecti veJ.7 beoome due . Both
the principal or and interest on t his bond are p2yable in law
ful lllQ.ney o~ t he United States ot Ameri ca at the office or the
City Treasurer ot the City of Palo Alto, Palo Alto, california.
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. · Th1:s 'bond is· one of a d~ly 11v.thorize•d issue of bonds or
1said City aggregating one m1ll1on two hundred thousand {l,200,000.00)
· dollar"s in principal amount;, all ·:>f like tenor (e xcept for euch · l 1· '
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variations, if any, as may be req~ired t o designate varying
series , numbers,. maturities or i nterest Tates) and i s issued
under and pur,suant to the Conet1t '.lt1on a~d statutes or the State
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of ",_'.al1forn~a, and under and purs1,;ant to t he ordinances and pro
ceedings of sa1d.~-Ci ty dul::r adopted and t :1ken and a vote and
assen·t .of more tM.n two-thirds or all tho~ ~ual1t1ed· el·ectors or . ,
s~1d City voting at a s pecial ele~tion d'lly called and held for
that P\!l"PO&e.
It 18' hereby cert1tied , rec:.ted ancl declared that all
.acts, oo~d~t+ons and· things f'&Quil~'d by law to exist, happen
:and to be p~rformed ·precedent to ~rJ:id in ':;he if1s~ncc? of this
,bond bave existed, happened and bE·tm per;;ort1ed in due time, I . . : ,: i
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·. :.:· form. and Jum,u· as reqt.:.ired bv la,·, and that tbe amount of this
-:·· . bond;· togel~hel' .with all other~ 1nde-btedneaa of sa·1d City, doea ·, · no~· ·exceecf1::any lim:l.t prescr~.l>cld b;r the Conat1 tution or statutes
otj·H:id' Strite-,. A.nd tha_t pro~dilion h~s been made as required by ',
the ,C.onau:~.ution .. and statutes or: said Stat~ r or the collection
of an ·aruni~tl tax st11"ticient to pay the pr1nc1pal of, and 1ntereat
on, th1a. bpnd u the -same bttcomc due. The full fa1th and credit
or =said c1;;y are hereby· p l edged fer tne punctual pay:nent or the
pr1ne1pal llDd interest or thi s bond.
Th1u bond may be regi stered !n the i:ianner provided by law
and therea~tol"' the principal hereof and int erest hereon shall
be payablej'only to such reg:tstered owner.
I N lrITNBSS wi:&REoF, the City of . Palo Alto has caused 1;h1s
bond to 'be.:executed under ite· ot"f'1c.1al seal, signed by its Mayor
.and 1 h ~tastirer, and countersigned. by its Cler_k, and baa caused
the :1ntereut coupons here-to attached. to l::e signed. by its Treasurer,
and this bond to be dated t be let ~ay or October , 1951.
Mayor or the Glty of Pnlo llto
--,l't'easurer of the City of P&1o llto
. CountersigMd:
;-
City Clerk of 'the City of Palo Alt•:>
Coupon No.------~~
On the 1st day of , 19
the City of Palo Al to 1·dl1 (unless the -
wi thin ment1oned bond b1i registered}
pay to bearer at the or.1~1ce of: the
Treasurer of sa 11 City, ir; Pa lo Al to,
calif ornia, Dollars $
i n lawtul money of the Uriited S"tates of ------
America, being s1x months ' interest then
due on lts Munic!.pal Improve1r.ent Bond of 1950, Series C, ·~ated October 1, 1951. No. C ____ _
Treasurt~z· 01' the City of Palo Alto
, Section 5. The ,?thyor of sajd City of Palo Alto and the
~~s~r of said City ·a:r.s he~eby euthor1z~d and di~ected, .
respee't;1vely1 as euch officers, to e·xecuttl each or said bonds
.on be.half of said C1.ty, and the City Clerk, or one or more of her deputies, is he::-eby authorized and directed to counter.sign
. each of said bonds and to a!'f1g the· otficial seal or said C1 ty
thereto. Sa1~ Mayor and ~surer are !:lereb;r each, reepect1vely
a uthorized to cause sa:id bonds to be signed by the1r printed,
l1thograpl>ed oi:-engraved f.e.cs1adl• rsignatures . Sa1d Treasurer
~s he~by authorized and directed to slgn each o~ the interest
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coupo'lS 'by.print~d, lithograpi-ied .~r ·ell!P'aved facsimile signature~.
. Sue~ -sigil1ng~· coi.intersj_gn1ng and ·sealing as herein provided-shall be a. 8U!'t1c1ent and b1Dl11:ng executio~ or said bonds and coupons '
by said City , and all such signatures and countera1.gnatures,
excepting that or tho City Clerk or b&l.' dep.uties, may be printed,
lithographed or engraved. In ~se Any ot such or£1cers whose
signatures or countersignature~ ap~ear on the bonds or coupons
1shall cease to· 'pe. such officer before the delive1'7 or such bonds , to the purchaser, such s1gnatur·es or cciuntersignature~ shall
nevertheless be~val~d and sUff1cient for all purposes the same
as 1t the·y had .. remained i n oi'r1ce unt.a the del1ftry or the bonds .
Sectlon 6. ~.or the purpoee or ~aying the principal of
and interest on· said b~nds., ~he City Council or the City of' Palo
Alto shAll, at the . time of fixing the general tax levy and in
the manner for SUCh general· tax levy p?'OV1ded, levy and collect
annually eac'h year urtil said buinde are paid, or until there
s hal l be a SUIJI ~ri the treaaury·or sai d City set apart ror that
purpose to ~.eet all sums coming due r,r principal and interest
on such bonds, a. tax sufficient to pay the an.~ual 1nte~st on
such bond15 as .the saaie become dae, an1 also such part of the
pri nc.ipal thereof aa shall becoine due before the proc·eeds or a
tax' levled at the time for making the next general tax levy
~n be made availahl e for the payment of s uch principal. Sai d
tax shall be in addition t o all other t.axes l evied for mun1~ipal
purposes, and stiall be collected at the same time and i n the'
same manner as othe1· municipal taxes a~ collected, and be used
for no other \)Urp_ose than the payment of said bonds and aci:ru1ng
:interest. Said taxes a~ collected .shall be forthwith paid into
the fund for whi ch the same were· levied and collected ~')d which
shall be designated "1950 Mun!c1pal Imp:rovement Bond Fund", and all s u111s to .become due for the -principal or and interestt--=0."l said
bonds shall'be pald fr om such funds. T~ere shall likew13c be
deposited i n said fund any moneys receill'ed on account or ititerest
ac.cr ued on sa:i.d bonds, f rom the1r d.ate to the da.te of delivery
and actual payllient of the purchase ;:>ric-!t thereof.
Secti on 7. The proceeds or the sale of said "Series c"
bonds shal l be deposited 1n the run~s e3tabl1shed by Ordinance
No. 1255 as follows:
(a) In the "1950 Water Distributi on System Construction ~nd·" there shall be deposited the proc·~eds of the s.ale of
$200,000.00 princi~al amount of said M~~1cipal Improvement Bonds
of. 1950, "Serles c (other than ~ccrued i nterest received on
the sale of said bonds), and such ·.,roce·~ds shall be applied
solely t o the PU.."'POSes and objects spec:lfied. i n Proposition No. l
set ·forth' 1n Secti·on 2 of Ordinance No. 12!;5; and,
(b} In the "1950 Gas Distrib:.ttion System Constructi on
Fund" there shall be deposited t he pr oceeds of the sale or
$100,000.00 pr1ncir11 amount or said Mw1ic1pal Improvement Bonds
or 1950, "Series C (other then accr ued interest received on
tha sale of said .bonds), arid sueh p~oeef:ds shall be applied
solely: to the purposes and objeets spec'..fied i n Proposition
No . 2 se:t forth in Sect1·on . 2 of Ordi naiwe No. 1255; and,
(c) . In the "1950 Electric Dj.stri!>ution System Construction
Fund" there shall be depoa1 ted the pr oce·eds or t~e sale or
$300,000.00 princii8l amount of said Mun1c1pal Improvement Bonds
or 1950, "Seri es. C (other than accrued interest received on
the . sale ot sa1d· l:londs), and s ..ich procet-ds ehall be appli ed
'Solely. to the p~sea and object~ specH'ied in -~~·position
No. ·3 set forth in Sect1on 2 cir Ordinance No. l~~>"·
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Any premium received UP,On t }1e .sale of th8 bonds of aa1d
iss1Jed a ball be' apport1:0.r1ed ta ~he respective !'undo described
abon ·under sub-paragr.lpl!.8 (a), {b) and ( c) of this Section 7
1n the proportion 'lfhieh t:he amount to be placed in such tund
respecti vely beara to th~ total e.111ount or the bonds authorized f~l'.' tbe PUl°P,OSCS set forth :in Propmsit1ona (1), (2) and (3)
hereinbetore mentioned . ·.
Section ,8 • The City Clerk ~.s d!.rected to cause a sut!'1c
fer.t n"alllber: ot blank bondd and cou11ons or s uitable quality to
~e l1 t:hographed, prl nted or engrav(ld, E>.nd to cause the ~lank
spaces thereof to be filled in to <:OIJIPly with the prov1e1ons
hereof, and to procure tl:!.e1r execution ~Y the proper officers,
and to deliver them when so executE:d, to the Treaaur.er of said
City, who shall safely keep the sae1e until they ah&ll be sold
by the said City Cou..-ie1l; whereup<•n he shall deliver them to the purchaser or purchasers thereof, on receipt or the purchase
price. Sald Mayor, Treasurer and City Clerk are f urther author
ized and directed to make.• execute and deliver to the purcba.aer
of said 'bonds· a ,e1gnature. and no-Utigat1on cert.if1eate int-the
form usually required by purchaser~: or mun1cj.pal. bonds generally,
cert1ty1ng~ to the genu.1ne:ness and ~lue execution or Hld bonds
and further certifying t o all fact~ w1th1n their knowledge rela
tive t o· any lltigat!on which may 01· !D1ght affect said City, aa1d
officers or said bonds, end said Tt~asurer 1s further authorized
and direct·~ to make, execute and d~l1ver to the purchaser or
sai d bonds a' Treasurer's receipt in the torm usually required by
purchasers o~ mun1c1pal bonds, evidencing ~he payment or the
purchase prlce of said bonds, which receipt shaJll be conclusive
evidence that said 1>urchHse price tias been paid and has been
received by said City. Any purchaser or subsequent taker or
holder o! sa i d bonde "i s he:-eby author i zed to rely upon and
shall be Justified !.n rel 7ing upon any st.'.Ch signature and no-
11 tigati on cert.1(1~ate or Tree.sure1-.Ls receipt with respect to
said bonds executed puret.ant to tho authority or this ordinance.
See~~on 9. All or sa~d useries c0 bonds shall be offered
for ~ubl1c sale by the City Counc1~ or the City of Palo Alto on
the 27th day or Augttst, 1951, and l;he City Clerk is hereby
authorized and directed to cau~e n<>t1ce or the sale of sa1d bonds
--to .be publ1ehed once 1n the Palo Al to Times, a daily newspaper
, publ1ahed 1n the C1'ty or Palo Al.to, and such notice s!'l.all be
s ubstant1all! in th~ following form, to wit: -OFFICI AL NOTICE OP SALB
CITY OP PALO ALTO tifct.PlL IMPRO'TEMEf.'T BONDS OF 1950
!!R!l!!S c
NOTICE IS HERBBY GIVEN that sealed proposals will be
received by the City Council or th·~ City of Palo Alto, Stat e of California, ·at the office Of th~ City Clerk thereof, 1n the
City Hall i n said City, on
MONDAY, AUGUST 27, 1951
at the hour of 7:30 P.M. !or the purchase of $600,000.00 prin
cipal amount of bonds or ~~id City desi gnated "City of Palo Alto
Mun:l.<;ipal Improvement Sor.ids or 19~0, Ser~es c•, mo:oe particularly
descr1bed'below. Said ~Series C bonds are part of an 1asue
or· $1, 200', 000 •. 00 a~;regate principal· amount authorized.. S:t
an election held in the· City of Palo Alto on May 10, 1949, $600~000.00 principal alllOunt or bocds of sa·id issue having here~?fore been sold .
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$600,;cr.>O.OO cc1n.a1sting or·' 600 bon,<ts of the denom1~at1on of $1,000 each, numbered Cl to
C600, :1ncl1.is1ve,. all dated October 1, 1951,
and de:signatect ~r~es c.
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MATtJRITrt.S:
INTEREST RATE:
Sa~d bonds mature serially in consecutive numerical ord~r, from lower to higher, .
$20,000 princ~pal amount on October lst in . each C•f th'! .years 1952 to 1966,
both jncl~1ve, and
$30,000 prlncipal amoun~ on·october lst in
each of the years 1967· to 1976,
both jnclus1ve, without option of prior payment.
M"aximu~ four (4) per cent. per annum, payable
se~1-a:nnually on April lst and October lst in
each year. Bidders must 3pec1fy the rate or interest wh1cb the
bo.nd3 hereby offered for '5ale shall bear. Bidders will be ~r
m.itted to bid different rates or interest· and to split rates irrespective or the mat1..ll"tt1es or said bonds. T'ne interest rate
stated in the bid must be in a multiple of one-quarter of one per cent. per annum, payable sem~-annual:y.
PAYMENT:
REGISTRATION: ·
PURP~E OP
Both principal and interest.or said bonds pay
able i n lawful money or the United States or
America at the of1'1ce o.t: the Treasurer ot the
C1ty o;~ Palo Alto, California.
Coupon bonds wi ll be issued by the City. Such bonds are reg1sterable only as to both prin
c1pel and interest .
ISSUB: Said bonds are author ized for the purpose of
imp~ov~ng the facil!ties of the City of Palo
Alto, 1nclud1ng 1mprov~nts to the water d1str1but1on system,
the gas , distribution syst~im, and the electric distribution ·
sys.tem;' as set forth 1n the propos1 t i ons submftted to the elec
torate, or, .s&i-d City Elt .an. election held thereon on the 10th day or May, 1949, and approve~ by more than two-thirds· vote thereof.
SECURITY: Said· b~nds are general obligations ·of the City or Pale Alto a od the City Council t hereof has
power and !s obligated to levy ad valorem taxes for the payment
or said bonds and the interest th~recn upon ~ll property within
the City of Palo Alto subject to taxat!on by said City (except
certain inta~ible persor:al property, which is taxable at
limited rates), without limitation or rate or amo'.lnt.
LEGAL' OPINION: The legal opinion of Messrs. Orrick, Dahlquist,
. . Neff & flerririgton, of San 9ranc1sco, Calitornb, appz•oving the ·.ral1d1 ty of said bonds will be furnished to th•!
successful bidder without charge.
TB:RMS Ol" SA.LE
HIGHEST DID: The bonda w111 be. awarded to the highes~ and test
·bidder cQil8ider1ng the 1nt•?rP.st rate or rates specified an<". the premium ot~ered, 1f any. The highest bi d •.fill be· determir.ed by
deducting the amount or the premium (if any) f rom the t otal ·amount or interest which the City would be· required to pay from
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J '' r the date of' -aa1d bonds to the respect1 ve matur1 ty date3 at the (
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J : coupon rate or rates specified 1n the bid, and the award Will ~, be made on the bl!l.l!is or the lowest net interest cost to tbe City.
The lowest net interest cost ehall be computed between the dates i : a~oresaid accorcUng to stsndar<1 bond interest tables. The pur-
• 1 chaser -must pay accrued interest fr-om the date of the bonds to
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the ~te of delivery.
RIGRT'OP' JUOICTION: · The. City or P~lo Alto.reaervea the right, ln its
aieeret!on, to reject any and all bide and to walv~ any irregu
lar1ty or 1ri~~.rmal1 tr. in 11ny bid.
AWARD:., ·.The City Co'uncil of the C1·ty of hlo Alto will take
action, awarding the bonds or reJ~ct1n8 all bide nc:.t later thari
·twen~y-rour hours after the expi:ration or the time herein pre-
. scribed ~or the r .eceipt of propo.sale.
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DELIVERY"OF ·BONDS: De 11 ve-ry or said bonds w1'll be made to the: successful bidder at.the office or the City Treasurer or the City or Palo
Alto~ as soon as pi"act1cable .
RIGHT. OF CAN-
CIIJJ1!o'.N: Tb.e &uccessrul bidde::-Shall have the r!ght, at
h1s .option, to cancel tbe contract or purchase ·1·f the City shall
fa~l to tender the bonds tor del Lvery on or before Octo'Qer 15,
1951, and '1n · such event tM succoesful bidder shall be ent1 tled
to the return ot the deposi t accQmpanying the bid.
PORM OP BID: All bids must btJ ancond1t1onalf r.or not less than
all or the-bonde hereby offered :~or sale and for not leas than
the par value thereof and l\ccrued interest to date or del1.ve:-y;
and together with bidder's check must be enclosed-in a ~ea~ed
·env;elope ·addressed to the City Council or the City of Palo Alto
and endorsed' ~Proposal for City of Palo Alto Municipal Impr~vement
Bonds ·of 1950, Series C" . All b:ld~ shall be accompanied by a .
certified check or. cashier's che<:k in the sum of $10,000.00,
drawn on a bank or trust ccmpany authorized to transact and trEms
act1ng 'business in the State of t:aliforn1a, payable to the order
or the City Treasui:-er or the C1 t:r of Palo Al to to secure the C:l!ty
from any loss r~sulting f rom the failure or the bidder to comp~y
with the terms of his bid. Checlcs or the unsuccessful bidders ·
Will be returned upon the award t)f the bonds. No inte!l"est w!ll:
be paid upon the deposit made by any successful bidder.
PINANCIAL S'I'ATEMKHT
The City of Palo Alto was incorporated 1n 1894 and adopted
a Freeholders Charter in 1909. ~~e assessed valuation or real
.Property and improvements as of ,ruly 1, 1951, WAS $52, 150, 190. 00.
~ .,
The. following bonds a~ 011tsta:n<1ing as of July l, 1951:
·Palo Alto City Bonds" Palo Alto S~bway Bonds
Water ~ Sewer Bonds Municipal Ge.s Bonds
Ubrary Bonda
Water ~ Sewer Bonds
Water Bonds
Improvement Bonds .
Pu.blic Ut11i'ty ·Bonds
Hospital Bonds
Sewer Bonds
1912
1915 1915 1917 1922
1923 1926
1927
1930 1931 1933
$ 500.oo 950.00 5,000.00
l0,500.00 11,000·.oo 48,000.00
75,000.00 26,000.00
45,000.00
125,000.00
36,000.00
...
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Hospital Bonds Improvelient Bonds lmpr<ivemttnt ·Bonda I:mpr~e-aerit Bonds
·I111Provement B.onds, ~r1ea A Improve.ment Bon(!s, Ser1ea B
1939 1946 1947 1948
1950
1950
$ 90,000.00
555,000.co
115,000.00 505,000.00
290,000.00 ~00,000.00 ' •2. 37 ,§50.~ ~· All except general fund bonds are aerv1ced by 1neome trom
mun1c1pal'utll1ties and the Palo Alto Mospital income. A detailed audited report of the City's ~per~t1ons 1n publ1ahed
annually, copies' or whjch may be obttlned upon application to
the .City Clerk. r.·
• • I . . ,There 1s no controversy or litigation pending or threatened
concerning the validity or the above 188"ue, the corporate existence
of-.tbe City, or the title ot the offlcers to thei r respective 1
orr1cos.
Dated:~~~~~~~~~-1951.
.°{''
WINIFRED J:D>D .,,
City Clerk or the City of Palo Alto
State of CaHforn1a
Section 10. This ordinance Bhall take effect from and after its ~assage and approval.
The above and foregoing ord~nance was duly and regularly introduced and passed at a regular meet1ttg cf the Council of
the. C1_ty of P~lo ~lto beld on ff:onday, the 13th day o~ August, · 1951, ~Y the following vote:
AYF.S: Bis.hop,
Gaspar,
NOES: None:1•
AB.SENT: Wickett.
Blois, Bowden, Bower, cashel, Cathcart., Drysdale,
Bill, Marshall, Mlll!r, Mitchell, ~.ontrou11, Simpson.
.k _-rlfi-APPRom~7~ _· __ _
AftEST' ~er~
I, WINI:?REil KIDD, City Clerk of the CivY of Palo Alto, hereby certify tbat the above and foregoing oi-dinance was duly and ·regularly passed by the Council or the City of Palo A1to on the
13th day or August, 1951, and was tl'.erearter posted on the
Bulletin .Board at the City Hall.
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