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Sections 6 a.nd 7 amended by Ord.
No. 1391, March 10, 1952
0 R D I ~ A N C E : N 0 • ---------1379
PROVIDING POR THE ISSUAW.! AND :tU.E OP $70,000.00
MUNICIPAL AMOUNT OP "CITY OP PA::.O ALTO Mtn([CJ:PAL
IMPROVBMBMT BONDS OP 1951, SBRI:!IS B", (BBING PART
OP AN UNISSUBI> PA.RT OF AN ISSUB OP .1,100,000.00
PRINCIPAL AMOUNT AUTHO,Rlllm AND ELECTION HEm IN ·
S'AID CITY ON TB '8TH DAY OP MAY, 1951}; l"RISCRIBING
THE Dl1TB AND FORM 011' SAID BONDS!. AND OF THE CO'CJPOH8
TO .BB 'A'l'TACHBD THBRr.1'0: PillnG THB MAXIMUM Rl'l'K OF
IM1'mttSr ON SAII> BO!mS AND PRESCRIBING THE MA't'URITY
THIRBO\l'.:· AUTHORIZING 'l'HB '.EXECUTION OP SilD BONDS
AM> Dl3ICJNA'l'IR'G SAID· $70, 000. 00 'PRINCIPAL .AM(>'[JNT OP·
BONDS AS SBftIBS "B" (JP SAID &UTHOR!ZBD ISSUE, AND
I>IRBCTING NOTICB OF SALB OP SAID SERIES 11B" BONDS
'· TO BB GIVEN.
, ·. WHBRRAS, 'the City Council ot the City of Palo .Alto, hereto-
fore, to Wit: on the 22nd day of October, 1951, dul:r,11aaaed and
adopted 1te Ord.1nance No. 1365, -providing for the issunnce or $,.1~100,000.00 principal amount ot "City of Palo Alto Municipal
Improvement Bonda of 1951"; and,
WHBREAs, in said Ordinance No . 1365 the a-..itho1:12ed 1esue
ot the . C1 ty of Palo Al to Municipal Improvement Bonds oi: 1951 was
. d1.v1<1~:1nto series, whereof $80,000.00 principal amount was
dee1gnated."Ser1es A", and the issuance and aale therec f aut hor
ized and directed; and,
WKIREA.<J, ~id . "Series A'' bonds in t he amount ot $80,000.00
have heretofore befm issued and sold; and,
WHBR!A!>, said ordinance above l!lenti•)ned provided that the
remaining $1 ,020,000.00 principal amount er City of Pa:lo Alto
Mtmicipa.l Impro11ement Bonds of 1951 might be 1eeued f'rom time
to time as separate ser1ees, as and l1hen directed by thi~ City
'Council; and ,
VHBRBAS, this City Counci.1 has dete1•mined and' does hereby
declare that it is necessary and deoiratle that an add;ltj.onal
$70,000.00 principal amount or !Said City or Palo-Alto :~ic1pal
Improveme:'lt Bonda .or 1951 be issued and aold :or the P'ini>oees
for whieh they.were aut horized by the electore .i '
HOW, TBBRB?ORB, The Co11nc1l or the City ot Palo Alto DOES
ORDAIN ae follows:
· Se~t1on l. Bonds or the City of Palo Alto 1n!the aggregate
\)rinc1pal amoun~ or $70,000.00 (being part or saw issue ot
,l,100,000.00 principal amount authorized at said election held
in said city on tbe 8th day ot May, 1951) aha.11 be issued to
pay the' cost or the acquisition, construction and completion or
the :ntmic1i>al impro'1einents set forth ~s follc•W8. to wit:
The su111 of .no,000.00 for, th«> acquisition,
coll$truet10:11 and eomplet!.on or the r ollow1ng
mun.1.cipal i·1q:>rove~nta 1 to 'Mi t: the acqui-
si t1on, coni~truct1on, reconstruction and com
pletion ot :real p~operty and bulldi ngs f'or
public park1s, playgroWlda and recreational
centers, and including landa> bi'dld.1Ulga, play-
::. grounds and 'recreational e~uipme:nt aoo a·ppara tws,
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· f ~ca-ping, lighting racill ties, and buildings. f ; , I l
t -and other w:orlas, properties·~~ structures nec-
e~aa17 or convenient for publ.ic parks, play-. i ~unds ~ recreational pu~oses. 1. ~-·
1 · Se·eu<?n ·2; . sa1d · 0rc11nance xo. _:1305, -ror the 1ssu1nee or I
· . Ci~y or Palo Alto Jltunicipal Improvement Bonda o~ l951 is incor-l u p'on.ted beri,in by rete'rence and all or the provisions thereot I· . ~ are made~ a pert he~ot and shall l>e applicable · to .the sa1'd bonds I . or . aa1d •&1:¢-~oz:it:e~ iesue, to be 1Uufld 'by virt~ . ot tbe prov1a1ons
l ot t~-& ordinance •. except onll as he1:-e1n otherwi,~e ·expressly I' r prov1ded:~ .:. The .bo,nda ot aa1d Series · B. bere1n .prortded ror ' . f sh8 .. ll. be: executed: 1n ·the manner a&·t !'orth in e:U ·d ordiz:iance pro-•'.
'"
! vi ding. r.or. the :t:e:eua. nee or . said bonds or "SE-r1lea 'A" , aiid ·pro-1· :_, ! v:1s.tori i:a · henb:r ··mado· tor· the levy and collei.c'cion or taxeii ·
. i ·aufticient for tt;e pafment or the bonde or e'aicl "Series pf 1D 'l time~ to1•111 .. ·,and ';DeJmer as prort'ded in aa.id ox:.'dlinance authoi-izing . '! thEI 1oauance of s aid bonds ot "Se:r•iea I.". ; . · : 1
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Section 3. · T.he $70,000.00 t>rinej.pal a'oount or City or
Palo Alto · Municipal Improvement Bonda or 19~11 shall :l>e and con-
atitute· one series or· s aid issue, to be dea1,.gJl&ted "Series B". ~ ·-
Bonda, or .said "Series B" shall be negot1abl'it 1n !'o-ra and of the :,.
ehllracter known as serial, and &ball be 70 :J.n nW1ber, numbered
consecutJ.vely t'rom Bl •to 'B7.0, .~oth inclusive , of the denolllinatici"'::
of $1,.000.00 each. Said "Serie& B" bonds :!liall be dated-Jlla.rch ·...,.;
l, 1952 (which i g hereby fixed and determined to be th~~date or
the 1s&uance or such "Series B" bonds)-Jal ot said bonds shall
bear 1z:;terest tro& their date until pai d at !tbe rate or rates
des ignated by thf' City Council of the City of Palo Alto at tbe ti~ of.the aale or sai<f bonds, but not t o excffd rour {~~)per
cent per annum, payable semi-annually. Such interest shall be
evidenced by co~pons attaehed to each bond, ,and each of said
coupons shall represent six month&' int erest on the bond to
which. it 1& at~aehed .. Sa.1.d inte:':'est couporui shall bef payable
on 'the lat day or March and the l at da~r or September iin each year imJ;'i'l and at th& respective dete or mat;urity of .said bonda:
(the firs't coupon On each bond representing interestf from Mt.:t'Ch
1, 1952 ·tp September .. 1, 1952). Said b•,nds fihall mature and be,,:
come payabie 1n consecutive numorical ,,rd.er; trom lower to hig'iier, as; follows: ·
$4,000.00 principal amount or ~Series Bn bonds
shall mature &lld be ?ayable on March lst in each or the y~iars 1953.,·fo ·
1962, both inclusive;
$3,000.00 principal amount or •series B• bonds
shall mature and be_ payable on M.arch
lat in each ot the years 1963 tol972, both inclusive.
Bcith the principal or and intel'f!st on said bonds ashall· be pay
able at the ~ffice or the Treasurer or the City or Palo Alto in
lawful: money or the United Staws o! America.
Se~t1o::i i.. Said bonds or •Series B" shall each be aubs'tant1a11,. 1r.i the roilewing form, the blanks 1ri said form and
1nl'tbe torm or coupon given' l>elow to tie filled With appropr'iate w~s or r1gures: .
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URIT!D SliTBS OF DE3:CA
S'?ilTB OP CALI!PORliIA
COt:llllTY OP SAJCTA CJ:.ARA
CITY· 0P PWJ ALTO MONICIPAL IM!'ROVJ!KINT BO!.'tt!S OP 1951 ---"'~;;. '· I !!tit'.m B -,-.
No •. B '" ., : ' : ~ ~ -I $1.000.
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: .. :THE Cl'U'. OF 'Pl.LO u :ro. a munieipe!l oorporat:!.on, organ-
. ized and ;·ex11it1ng mid.er .the Conat1 t uticm &1<1/ law11 ot" the State ot · Calitorntai, hereby aoknowledge3 its•i•l! Jln'1ebtei1 and tor
value rece~ved, pro11iaes. to pay to. tbel bea:t'er (or _'1t this bond
be re-gis~recl J tc; the reg.1.8tered bolde,?• he:i.oeot) om the let dny
o·f March~· '19 ~ , ONB THOU.SA.ND ($1 ;000) :'JIOLLIIBS:, together Witb
i nterest' thereon at the re!te ot ' ·: ' .; '
( ' )··per ''cent:• per anr.1U111 untIJ""'P&-]ient' of 2'il·tr'""i'r1nc!pai
s ilDI in f 'illl, payable aemi-·annually oni 1;he la'c day of March and
the lat da.y Ctf Septetnber of each year. Ur.le11s. this bond is
reg1stered s cieb 1ntereat, pr1or to ma'tu.rit:r, shall . be payable
only on presfintat16t1 and eiurrender or 1;he pr<:>per interest
eotipons beret;o attached ·as they respee1;ively become due. Both
the ;Pr1ne1i)a:.:" of and 1ntereat .on this l>ond at"e payable 1n law
f ul, :lllOne;r :>r ·the United States or Amer:-.ea at t he ottiee ot tbe
City Treasur<?r ot the City or Palo Alto, hlo Alto, ca11rorn1a.
' ' This· bond iB one ot a duly s.uthol~1z(-d issue or bonds ot ·
ea1d' C1ty·aggregat 1ng one m1Il101:. one hunc:lred thoua8lld (1,100,000)
dollare ,1n p!!'incipal amou."lt, all or lil:e t enor (except tor such
variations, :lf any, e.e may be reQuired to dedgn!lte. varying
aerj;es, :numbit)-8, mattci-1 ties or · 1nteres:'.: r1:1tes} and-is issued
·under and· pu::-atiant to the : Conat1 tution and Statutes of the State
o.r CS:lit;.ornia, and •UJ'.lder and pursuant to th~ ordinances 8l1d ?ro
eeediJlts: or .:jaid City duly adoptt>d and taken and a vote and
assent 6r m0:~ than 'tWO-t~iirds of all 1;he qual1tied electors or
. ea.id Cicy vo;;ing at a special election dul.y called and held for
that· purpose. .
It. ie ;:ie'reby ·cer ti!'i ed, re.Cited n.nd ·declared that all
acts, condi t'lorus and things requ1.red b;7 l ml" to exist, happen
and to be per!'ormed preced~mt to and 1 1:1 t lle' issuance or this
bond have eid.sted,. happened and been p1?rfc>rnied 1n due time,
!'orm arid marner as . required by law. and that;' the agount of t'hie
bond, t'ogetliel!'. wi't(h all ot ,her ~n~ebtedneas or said City, does
t'lot· exceed t.ny 11mtt ·;prescribed by the ConsUtut;ion or Statutes
Jt:>r said Stat e ; and that prov18lon has heen 1oade as· required by
!the Constitution and Statutes of the St;ate t or the collection :ot an anmla'l tax sutf'1'e1e.nt to pay th.e p1.•1nc1pal or, and interest
; on,· .th1a ·~·nd as the same beeon due. T'!le full !a.1th and credit
i or said 'City are hereby pledged t o.r th1~ pur1ctual paY\Jl6nt of t!'le ! principal and interest or this bond. ' .
'this bones m&J: be reg1stered in the lllinner provi.ded by law
and thereafter the pri.nc1pal hereor and 1r.terest hereon aball
be · payable only. to sach registered OWDE!r. · ·
IN .WITMBSS! VBXRBOF, The City or Palo Al to ba.8 caused this
bond~~ lie ex.e'uted under its Official S£a~. signed.by 1ts
. Mayor and 1.ta Treasurer, and coW'lters1t;niid by its Clerk, and
has caused the interest couPona hereto attached t;O be &1gned by
"'its Treae;ilrer, and th1t bond to be dato" the lst day of March,
1952.
·'
Mayor of tf.e City of Pilo Alto
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·'= • ~.. • · · • eoUi>oil 110. ·: ·' ----
.... , :i. .: . pn t!Mt l~t da7,. ot . ~ . l.9_:__ . tbe'~C1ty.of Palo Alto· w111·:(uni'.as t'hi ; .. · '.':·.::; -n~: •nt1o~d·:b0!14 "b•· z:egis~~' ·. ·. ·' ~ ... ·. ·; ......
· " ·' ~to: l>ear.r at the ' ot'N.ce o1" thi' · ~--'· · · · · .. ~ .. ;· '!'ioeUUiiri' ot said cu,, 1n··ra1o·u~9, . .
. "· ·cant'ornia'·" · ·' ·· · · <. •••• • I>01lan': t· 1 · •
• .. :.: ·:ir;°'IaiC~trl ~M7 of~¥ti&-'1Jii!~~~~a,;o~---.. -~---.-.----
. . ·America~ be1ng air 'montba' '· interest then '. · ' ·
· dae.,on .1ta ~cipa'l Iaiprovement .Bonds ot' · i951;•ser1ea· s; ·Date<!. 1111t.1,'cb' l, ·1952··r::1:-=wo:~··B'· ; .~ .. · . .. -, __ ;:·' \ ...
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,. ·~;/Se~tion 5".·.: Th! MD;Jo~i-ot .!t~~d .~i~ ~o! .. ~io'.Aitcf.,and the,
Trff.aurer" or said 01tJ' .att . ~si-.b7 ·:suthor1zed and ~direct.d. · ·· · . reaP..#1 ve lY "'· aa: each. ·ott1eera;. tO. ~~·e#e each: t;>r. s~d' boJ?da
on. ~~~t'~of ':~~d City, and .t~~·c1t.7;,Clerlc,_ or o~ or· mo~ ot,.
tier d~Jlt!ea.~ .. 1a.; he~bJ'.' ·!lu~h or1zed · ari~~c~ ··~:, c~'tllitfta!gri M~h · o,t Mid' .boads •.and.· to at nx thi' otftcU.1 .seal • ot" · aaid C1 ty t~o,; }Sai<t-~Mayor and ~&a.um are"be~~ ~ch; ~et1nly',, autllC?~-~'~eau.se sa.1d'.b0r~ ff" 1>e7i1~bj ·tbi1r "printed,, l1t~be~::~~-·e~~v~ rac1'1111le .signatures •. ·~d:'?r.aa.~r. · 1a. -~~a.'titli0r1·Hd and 411-.eted , t o 'sign ··each or .the interest
cOUs>On.:-.brmnted; l.itbogn.pbed or engraT,ed tacs1111l'e signature;
SUcb·"i.i@inixig,' counte-r,s1in1?lf;'~ ·S<t&.l~ ·~a :~J:p ·pro'f:ided''a~ll
b~-i! ;a,~!1:C?1~nt ~a~d ~in~· execut-ton o~ :ac.1d b~ .and: co.UP.OM
. by ~<f:c:ity ... and ;all .atteb ·e:i~t~'ea aJld count~i:gna~,·
. e_~c~ .~~1' .. or ·t;~e -C1,q <:l4rk ·ox• her .. d~-~t;1es:~--•:r ~. printed,, l1tbo~iiea-;or 'engraved: ·,Ji'.h case &ll7 ot ·aucli ot'ticenr whOae s~~e. ·o~ ... co_un~.~gnati~a appoear . o~ t~ .. l)~ o~ :0~
shall ,cease :to ··be aueh ottiller befcore tbe d:elive:ey" or .atxeh bOnda to :th9;_,~ba~•;l"'.;: ,wOl:i s11P,"a~.a. ··~:r 'c~un;·e~• 'Shaµ:.·
never..thel~ss ;be. valitt and. sutfi'Cien:t for all l'ui,>oiJn ·the sa• as ir'"tllej had remained 1n .'of'free l:nt1l the del:I)'erj-of tM .bonda.
. . ;:, ~~t1ori'. 6 / "~or ~he .~~u~:eae.·, 6~. ~Jini ~·~·:~p~ineipal ~r· · .
and> inte:rest' :on· said bonds'.,. ,the '·C'tti ·CoUneil: of .tb:e'·Ci'ty of"~lo t
Al t o ·shall:, at. ·t.be· time ot,: r1:nng . the general tax: · 1eV,: .and in the.'~~ tor e'uch gene.ral tax · 1e11' :i)roY.1d'ed,, levy arid collect annU.117 eactf year ·· until'" l itid bond1: are paid·,. or until tbere
·aba:ll."be a sum .. 1n .the. 'treu~ ot i·a!d Ct.ty,' set &:part fOr that . purpose ·to meet ·ai'l stiu eOaiing ;due. t'or prinetpalv' Gd' int erest
. on ,sucp bopde,,· ,a.'ta~ .. ¢1e1ent t,o·;~y;.'tbe ,annual' ~terest on
. sueb b~ u the sa1116 beco• d,ue) ·i:nd 'also au~h ~:'~ .. t he
pr1ne'1pal tbereor aa shall be~a.e d.ue ~fore the procffdti ot a
tax lH'hd ·at the tillle' t 'or 11&k1Jl8 t.he next general tax l eyy
can be•·:iia~e ava1~bl• tor. the ~nt ot .aucn pr1n~l. Said
tax sbalI be in addition -to all-.:O'tller:;..t;ax .. ~ levied tor -anmie1pal
·ptni><>Ses, and .aball ~ collect~ a~: the .a&l!e .ti.M . .and. in the
aaile .um.r ..u~o.tber mun14t'pal taxt~-&re-collt1ete<t-.... " . .aDd--1Ht. tmed tor no other .. pliri>o.. than tbe pa,..,,it or add bondS ·and accruing
interest:... ~id ~H as csoll,e,c,t~,:llbSll ~ .r~~-th paid i~to
. the tun~ 1'.or· w~eh the S&lll9. w:ere., lei.~ed: ~ .c~l.!.ec~ted. ~.•Mesh
,. 11ball,~:·«."~ted •195). .Jl!tm:1~1.pal~,ll!P.'r:O~~ ~ ~.,,.,and
all ·sae .. be'oOM" du. for the p'rinc11ia1 o~-and .. ~ :912 •aid .
bonds shall be paid troll such rund. 'l'bere··•ball 11~:se, be··
d~poaited in H1d fund &IQ', ~)'S l~Ce1~: Oil &CC()\Ult Ot intereet
accrued. OD. aa1d bonds, rroia tbe'ir elate· to·"the dat. Of· deliver7
and .act:aa,l pa:ra-nt ot the p\1l"Chaee.~r1ce thereor.
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S.et19U 7. 'l'be .Pl'Oeeeds--ot the nle ot aaid •Series B•
boDd8 sball. ~ ~p<)!o1ted 1n the tuJJd e-atablisbed b7 Ordinance
Jl<r. 1365·-a•. tollon: .
In·:~:-"1951;~:. P'l.a'f~und. .Dd:.&.creation· Center
· Pund" tbere. .. e&-il be' de.Posited . tbo,·1>~-c .. di( ot the . .&l.e-.ot the t70,,ooo.oo pr1nc1.~l ailow:lt. ot: "14. M!:mclpa:l." IlllPl'o-teilitAt :Bonds
or 1951,, • Ser1:it•. B• (other than· accrued' 1ntere.9t. ~,el'~ on the
·i_aie· or saw l>onda); ·ad" such pro~: aball 'be. appU'.9d;:eolely
·tO'·tt.·parpOH8'.-arld.. ob'ject8' ep;edflethin. ·PrOpoait:ion '1'5'u Ht
torth·1n Section 2.:or· <>rdbance·li'o.: i;Es .. .: · . · '. , . . ,_._ •. i" ' .. ' ,, ' "' ·' .. _ l,. '', •
: . · A.rrr preai~ i.~ri$.ived ·.~~~,the· a~:1e · ~t the · b~da . o't said
·1:s••"elie:H ·be ·placed· 1n ira1<f tuDd: · ·
S~c·t.1oil'S."· The· city Cle~k 1• tU.rected to cause a autf1c-. 1ent·~'.:ot~:.b~.'-bondJt .. and':coapon11 ot auita'bl• quality to ·
be. l'ftb0graphed~·prtnted: or·e~Ved/and ·to cawse. the blank a~c;ea· ~Der.ot .toJHt r.1Ued .1n,to .coei1ly,:with .. tbe-p~rteipaa :ti.i"eor~ &Dd''.to':procm.. ... thei;-.·nec:iu~1.or1 b7, the 'p~pe~· ot:e1c.n,
·and to .de11ve~'.thn".lf!len· so,e:iecutid~. to.·the -'?reaaiirer ~r-~aa1~
City~· who .. she'll , aately keep · th9 · aa'ilo t:ait11 tiie7 · ab&ll. be ao!d .
-.b7, tbe .. Jsa1.d_ioC1tj'.'C'oanc11; whereupon tie ahalJ:deU'ffr .. tbetl::to'
the. pare•er~; or~ p-Ul"<:baH'N· thereot 1 •, O·n receipt ot tpe pilrOhase Price·~ · :.S&id Jllll,;or, · T.ceaaurer and Ci t1· Cle:rk are . .turther ·author-·
1~ed ·a'.nd 'directed' to Mke, .execute and deliver-. to .tbe ... purc'lia.Ser ~ aaic.f bonda, a ._aignati.ire &Dd;no-l1tigat1on '.coi':t11'1.ca.te :1Ji .'tbe rorm usuall7"re"<iu1Md"by purobuera or muni.c:i:p&I bonda ~lly, certi.~· to tbil::&enuinenees and dUe ·e:xeeu~ion ot«Said bOD<tii ..
And !l:lrtliet;Ccert_ti.YJ.ng to . .all tacts· w1th1Xl tbe1r" lal<>W'ledge .rein-·
t!ve t~.any, ..Ut!g&tion 1'h1eh 11&7 or might 8.ttect &aid 'C1.ty., .. aeid ·
ot't1cffl. or :Sa!ct' bond.a~-'~ said Treasurer 18 ,f'Urtbe'r . autnori.Zed.
and ~.cted to 1118.lc•# execute and d.e11ver to tbe .pCr,cbuer. ~t
said b~ a:.::cr.aau1'4tr'.s rece1pt 1n· the 1'or.m usual'ly reQtttr.ed. by. purCba$~z'.a Ot ·r..tintcip&l bonds I e"fidetlC1.ni the pa~t. Of the pur~ba.a~_pr1ce ot '.O&~~ bond.a·, .which r~e91pt o.ba.J.l .be. coneluaive
·eViderice. tb&t ·and .p'.ur.clla.ae .. pr'1ee bas '.been paid. and .ha.a . been. " rece.ived by, sa.id:.C.1.tj-.' Arri purchaser .)r subaequent" taker-or ..
holder .or. •.aid .botid'e, 18 hereby'au.thor1:zed ' to .rely .l2Pob.-an_d. .aball
1>9" JU8t1N.ed·' 1-n . re!f.Lng upon 'ariy s'ucli"dgna ture a;nd ':oo-11 t!ga t1o'n
,cert1.f1Ca.te, or i'rreuurer•;s receip,t ,w1tin. .• r&epect to said bonds
.. execu~ pU:r.8\1.&rit.:-tO'. t''be' au'thorit)-.ot "t:h1s ,ox'dinance. '. .·' ' '
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tor publi;'e':'."¥:~!,;})~; ;tl;ie '.C~~Y. .'Co.~~£~, ot;,·'t~·~·tT;:ot fa.1o,.AJ;t~· on
the 1l;th,,.dai .or_: P.•b1'al7, .1952,. and . tbi1 Cit'Y ·Clerk 1a hereby a:U.tho~zed'. and. <11,rected. to . cause, not10't; ot ·the sale. o.t: aaid, bon'd8 to be·. ·puol'1'.abed. onc,e( ·izi .. t.be. h.I'o Al.to ·,~~·... a . dally nen]>a'per . P.ublished'~in·:':tl:ie, City 'o!.-.Palo Alto, anil ·such notice shall' be
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-· aubstan=t'1al:~ 1n. the tollOwing ·.roni, t s> wit: · : . · . . . . .. ~ ,,,. . . . . ... -
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.. . CI'l'Y OY ·pl.U) AL'lO JIURICll~ DmlOVBh..~ BONDS OP 1951
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. .. '_, ll~Q -IS ~ ~ t~t t1e'a~Ed propoaa.la w1J.l·be
rectd,ved bj: .. _tbe.:C,iey-: cotinc.n -or the· City or Palo . .A.lt0:,~ state·
ot "Clil.1t<?ni1~ .... a..t: tbe ot'!':lce· ot: tbe C1 ty Clerk "the"re~t' # 1n. the
Ci_ty ;ir.au 1n · ui:d· ~.!'t-y,: on , . , ·
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at the ho.m" ~ ·hOO' .l'tlf. t.or the purchase or tzo·,ooo;oo prin-
: :cipal . .acouii~ or l)o~ ot said Cit:r designated City of Palo Alto
'.Jlhm.[e1pal. lmproveme;nt ,Bonda ot '1251,. s ·eriea ii', more particularly
'·deacribed ~low .. : Said •Seriea B bonds arit part ot an
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issue] ot ·$>1,l,OQ..,ooo:oo .. aggregate p·r1nc1pa,l ~mount authorized ~t·
an e.le:c::;t1.oJ1,·,beJ:~!1)l tlle',Ciey ot P81o .Alto" on the 8th day ot.·11a,..; · 1951~. $8q,,;'Q09.00 'J>rinci~l a..Ount :.or bonda or a&:1d iaaue bA~_n~ heretot'~n,J>~•n sold . ~ remaining $950,000.00 principal ~unt
or said' ~hortzed is~ae may be sold when and u detel'llinert b)'
tbe City Coiinc1l or aa11 City, C>ut .:Will no~ be o'ttered ror aale
prior to J'tt.ly l, 1952·. ·
~=
MlTURITI!S:
• .
'$70~000.00 con.111sting of 70 bonis or the:
denolldnation ot' $1,000 each, numberod Bl•
to B70 inclusive, all dated March 1, 1952,
and ~eaignated Series B.
Said bonds mature serially in consecutiv~
numerical order .. trom. lower to higher, : $4;000:00· px-1ne1pal amount on. March lat,. in
each or the y~rs l953·t o 1962,
both inclusive, and
$3,000.00 ..prtncip&l a1110unt on >larch lat in
each or the years 1963 . to, l 972', .
both triclu.siv&, Without option ot prior •·payment .
nrrBRBST BATE: Maximum tour (4) per cent . per annum, payable > ' aelld.-annual:l;y on March lat and September la~
in each year. 'Bidders muat apecit.r the rate or interest which the
bonds hereby orrered. t or sale ahall bear. :Bidders will be per·· m1~ted to Md d-1ffeNnt r~ea or 1:~teNst and to. sput ... ratea ·. ·
1rrefpect1ve.of the matur!Uea of Hid bondl!l. The interest rate
stated in the bid must be 1n a mu.Hiple or one-quarter or one
per cent. per ~nnWD, payable semi-annually.
M.!!!m!!=
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UGISTR.A.TIOJlf:
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Both principal aild' inteNat of said bonds pay
able in lawful mc>ney ot thi Un1 t'ed States of
Ame.r1ca at the o:!'t1ee · ot the Tr-eaa urer or · the
City of' Palo Al tc>, C811f'ornia. . . ~ .
Coupon bonds Will be iesued by the City. Such
bonds are regiaterable only a.a to both prin
cipal and intere_s t .
PURPOSB OP" '. ·
fSSUI: :·Said· bonds a~ a~1thor1zed for the purpo11e or
park, playground and recreational center imt>rovementa vf the City of Palo Alto.
SECURITY: Said bond:a are ge-neral obligations or the C1ty
. or ~alo Alto and the City Counc~l thereof haa
power and la o~l1gated to levy ad ~·al:orem .ta,xea for the .payment
of ~aid bollds ·and the intereat thez~o"n upon all propertY. within t~ City of. ?alo Alto subject to taxation by said City {except
certain tntan.gibl1t .r>ersonal proper,ty, which is taxab1e at
l1m1t.ed rates}, without lilllitat1on or rate or amount.
LBOAi· OP.INION~ The legal opinio~, or Meas rs . 0%':t'1.ck, Dahlquist,
· ·, . · ' . Herr & Herrington:, of San Francisco, ca11roniia, app:roV1ng the val1<11 ty of said bond.is will be t'urn1shed to the
a.ucceaa·rul bidder w1 thout charge. ·
TXRJllS OF SAL!
HIGHBST BID:.· The' bonds 'rtn b~· awal"ded to the h1~st and beat bidder considering .the interest rat.a or ratea spec1t1f.:d and tbe
premium ottered, 1r any. 'l'be highut bid v.111 be d~tel"lldned by deducting the a'mount of.the premiur: bid (1t any) rrom the total
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a-=>unt o-r iuterest which .the City would be.reqUired to pay .tro11
tb9. date Ot' Sa.id borids to the respe<:ti.ve mt.uriti dates &t the
coupon rate or rates apee1t'1ed in tbe b1d, and tbe award lrill
be made on tbe basie o-t tbe lowest net il'lterest coat to the City.
The lowest net interest . cost sball .l:.e e01:1puted betweel> tbe dates
at'oresaid a·ccording to stand.a.rd bon~ 1nteres-t tab lea. '!'he parohllaer
muat".pay. a-cer~ed interest .trom the d:ate or the tionds to the date
or delivery-:
RIGHT OP AAWWWOA ruw~rnott The City o·: P~to Alto reserves the right, 1n its diseret!o,.-i., .to reject ·any and all bids and to waive any irregu
larity or'-1ntor1iiality 1n any bid.
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AWARD:' , . . T:tie City Council ~r the: City of Pa.lo A:!l.to 'Ifill take
action· awarding· the borids or reject1:ng' all bids not later than.
twenty-tour . hoU.r's after the expirati·:;n or the t1me heroin .Pre
scribed ror the' receipt ot proposals.
• DELIVBR.Y OP ,BONDS·: Delivery or t:a1d bonds w1ll be made ,to the
sueeeasM b?daer at' the or-rice or the City Treasurer or the
City or Palo Alto as soon as practicuble.
RIGHT OP CAN-c!LtlTION i The a.uccesstul bidder ahl1l1 have the right, at
pi.s'opt!on, to cancel the contra.ct 01' purchase if the City shall
ta~l to tender the bonds ror delivery on or b.etore April l, 1952,
and in such event the succeasrul bidder shall" be entitled to the
return or the depoa1t aocoarpanying tbe bid.
FORM OP-B!.D: All bids must be uneoDl!iitional; tor not lees tban a11·or the bonds hereby ottered tort.ale and tor not lees than
the par value thereor and accrued 1nt:ereet to date ot' 1el1ve1"7;
and together Wi'th bidder' a cheek must be enclosed 1n a seal ed
envelope.addresaed t o the C1ty Counc:U or the City or Palo Alto
and endorsed. a Proposal for City O,t P~:lo Al to Municipal Improvement
Bonde of 1951, S~r1ee ~ • All bids E·hall be accompanied by a cert1f1ed ~beck or cashier's check ir1 the sum of $2,000.00·drawn
on 3: bailk ox-trust company authorized to transact and trans.:. acting b,ua1ness 1n the' State of Cal1i:orn1a, payable to the order
of the City Treasurer or the City o~ Palo Alto to secure· the City
from any -lose: resulting trom the fail ure of.. the bidder to comply
with.. the terni.s or his bid. Checks of' the unauecess!'ul bidden
will -~ ret~-ned upon the award or tbe .bonds. No 1ntereJSt Will
be. pa1~ upon the deposit made by any successful bidder.
FINANCIAL S'J.'ATXMKNT
: Purtber intormat1on rel ating t <> the financial condition
or t~e City _or Palo ~lto Will be rurrdshe~ upo~ request.
· There .is no controversy or litigation pending or threa~ned
eoneer>ij.ng the validity or the above issue, the corporate existence of the-City, or the title or tbe otticere to their res
~ect,i?e offices., and the City Will fUrnish to the successful bidder a non-litigat:!on cert~ticata eert1t"yiilg to the foregoing
as o~ and at the time or the deliver"J or the bonds •
Dated:' I 1952 •
t. ~
WINI.PRBD KIDD
City Clerk ot t he City or Palo Alto
State ot C&lirorcia
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Section 10. This ordinance shall talce ett'ect trom and after its passage and approvaf.
The a~ove and rorego~ng ordi.nanee was duly and regularly 1nt ro.1uced and passed. at a regular meeting ot the Council or
the." C!ty-or Palo Alto held on .Mond.l\y, the 28th day ot January,
1952, by t'he following vot e : · ·
, AYES · B1.s:nop, Blois , ~4en, Bower, Cashel, Cathcart, Drysdale, •· ·oaai;>ar, Rill, Marshall, Miller, Mitchell, Montrouil,
S11111;>11on, 1'1ckett .
NOES":.: Hone.
ABSEN'l'-:None.
Al'PROV!D' ~I •
UL· J?~µ ~er . A'rl'EST:
r; WINI.PRED KIDD, City Clerk of the City of Palo Alto, here~y
certifY. th~t· the above and forego1ng ordinance was duly and·
regularly passed by the Council or the Ci~y of P~lo Alto on
the 28th d.ay of January, 1952, an•1 was thereafter posted on
the Bullet1n Board at the. City li3.ll .
t~ffJJ
//Ci ty Clerk
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