HomeMy WebLinkAboutORD 1683;',.'-~' .. ~'"i" '.'.:; ·',;·:~'.·c;: -.~-/".-',~~'':'-'::'~,:~,.;_',~;~-.'. . : .. ~, .... ~'::~ . ."; '~~~-:;:~ .. "' ,_/ '. ,.\....:.,~~-,.!.~,:: ;-.~ .1' ,.. 'I '. \ •• '. :,-. :. ,,:~'
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CRDINIl.'JCE NOt:> 168:3
,k1\; ORDINANCE OF THE' CI'!~Y 0:" PALO ALTO PROVID:n:G FOR
TY-E ISStrA.~CE OF $4,,000,,000 .. 00 PRINCIPAL AMOU1~ OF
·l'!·CITY O~I: PALO ALTO HOS~!.TAI., BONDS. Q? 1955"; PROVIDING
, ?'OR THE. rSSUANCI OF SAID' BONDS IN .s~E.RP~·....e;; ?RESCR.IBI~*,i
THE rt,JrIOrN'"" DA'T'1" A'~"r"\ "'ORr~ r'F ~E~"'--'S ;f 1\ It BON"'"'S O~ ~ 1\ I~ "'", .. , (oIr .... : ...... ! ~\.u .~~ ~.-1-, V W' ... ~~j!.: .. , ",,'~ -: -.J.~\ J".i
AUTEORlZED, ISSUE AND OF 1'HE COUPONS rt·O. BS~ As:TAC?ED
" THERETO A.ND PRE~.: CRIBI~'G THE ~1F.Tt""R!TIES Th"EREOF'; FIXING
THE r.!AX~ RAT:E:: OF INTEREST ON SAID BO:::nS; A,(JTHORIZING
THE EXECUTIO?\ Or' SAID BO~r.DS P..;,{DCOUPONS;' PROVIDING FOR
THE LE'VY: Ol<' A Tj:,X, TO PAY 'THE Pl~I~tCIPAL AND !~:T.EREST OF
SAID AUTHORIZED: ISSUE; AND DIHECTI.~G NOTICE OF SALE OF
SAID SER'IES "A" BO~l)S TO BE OIv-eN
't,'1-'3REAS" aJ,l the !€ qu1rernents of law r.a~e been compl::'ed .... -: oj."" ....-...... I.-• .j'
in callIng atld h(~ld:ingtl';e special hC!;ld .elec·cion held in the C1.ty
of Pall'), AltOQ~·~tihe lOth day of May"J.955, at which election a
propos1 tion t:Q issue bonds of said City i:1 the aggregate principal
S """ of $1. 00('1 000 00 'vI~" C!"u'Dvn~ t' t··~,4 t'"' .> :'-'e vote""'" 0'" <:-a1 d "'1"-,·· 3 l"'C," . dol .. " , .,.., tlj ', • G~4.) ~ ",". ........ ,..;.-\,.... r'.J V". .. t;i ....., ~ \.I ..... ..,~, +A
'thi:' , City Cou~1.cil o~ sa~.lt City did dt:1.y a:ld regularly canvass, det~r-
:\,),::'1:10 a,:,nd declare arid d(),~s' bereb:! cert:1.ty that said propes! tic,:: sub-
mit·tea. at said elect10.1. received at said speci,al bond electio:l the
affirmative vote-of mo:r',~ than two-thir1ds of' all of the vote.rs votir~g
at said electlor: ... and W1S t:-Jereby carried and adopted" and the
issuar:.(:e of bO~'~ds by sald City in the p:':"inc1pal sum of $4,,000,,000.00
for thE~ objf"cts and p:lr'~oses hereinafter ar1d in said proposi tion
stated was duly authorized;
'NOWl' THEREFORE .. ';r.~ Sc·unc11 of the City of Palo Alto does
ordain. as follows:
S-E~ctt:i!! 1.. That all Q,{:ts ... condi.tions and th1ngs required by
law '::,0 exist; happeri.3r.d be ~r:t'ormed precedent to and i:~ the
lssuanc:e of said bonds ha'Je eXisted,. happc~e\1 and been peri'o!"med/
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in due time, :Ccr~ and r.anner as required by law._ and said City of
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Palo AJ:to is now autbor 1z~d" pursuant to each a.cd every requirement
of law" to incur indebtedness j,n the man.ner and form as i.n this
ol'dina:.;ce· provided.
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,agg.reg~rtie.su!nor' $4 .. 000,009.00 to be known as "City of Palo Alto
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Bosp1t~~1:So;rlds of 19~)5!:1 shall issue to pay the cost 01" the acqu1-
siij.O:l~constructlon Gllldcomplet1on of the followir.g municipal
l%u.p:rOVE!lr.e~lts of said C~"ty" as set i'orth 1i1 the followir.g propos1-
.t1Cl1", to wit:
If Shall the C:,.ty of Palo .Alto incur a bonded !.r..debt
eCln.ess,' if;. the F:rll~c1pal amount of Four Million Dollars {$~i;~ooo,OOO.OO)fclr t.heObjectano purpose of acquiring,
eC~:1structing and .(.;ompl~~·tl11g the f'oll·ow1r:.g rnu!'llc1pal
.1mprc·vement,to w~"t: additional rlosp1.tal i"'acil:tties ,l lr;~cluding add1t10,::.,$ to the eXist1!"Jog Palo Alto Hosp! tal
ar.1d a ne\l1 hoap1 t..s.i building or bu:tldings,» together with
. !-'t::x:.nlture;, fixtu~~e;;;apparatus" equ~tpment and all other
'wc-rks:" ,properties., or· structures :1ecessary or convenient
f'h~ 'additional r.of:,p!tal facilitles of the City of ?alo
Alto". such 1ndebtE'dness for hosp1tal purpo,aes not to
:'ex,eeed Four MilliC:'rl Dollars ($4"000,, 000 .. 00) # as provided
1,r~ the o:;",d1nsnce (:al11~1g this eleet1on?~
Tr-at the est:t1':lateci cost of the l'nUn.lc:lpal 1mproveme!i.t set .forth
irl' 'said proposit,10':rl :ts the sum of $4"OOO,IJOOO .. OO,and the amount of
,'1.ndebi;edness pr()pOsed to be :incurred for said improvement is the
sum 'Of' $4 1 000 1 000.0°"
section 3.. Said f;4;OOOJ'OOO.OO pr1t'lCipal amount of sa.id bonds
aha'l1. b~e issued1,n who:,eor in part as hereinafter set forth and
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:sl'lall'bi~ sold in accordance with law at riOt less than their par
,,,,alue-a;~d':':accrued inter'est;. Said bonds ~hall be d1v"tded 1t.to series"
wher-eof$l",OOO~OOO .. O'~ :pr:!.nCi9al amount of said bonds shall consti
tute Se:~:":te$ "Anand th(:~ r~.U!a:1t~1;;lg $3~OOO"OOO.OO principal amount of
s8.:1d au:;horized 'issue I.Ia~/ be d:tV'ided into one or more series or
,;:11.v1810n3 .. as the C1t:y' Council of the City of Palo Alto shall deter
raj;neatthe time of th~ 1ssua:!ce of 2:ld sale of> all or any part of
sa.i,e. :-et:tairli:l.g $3,,000,(100.00 01' bor;.ti5. Bonds ot.' Series I'A" of' said
authoti;:ed lssue shall be negot1al:>le 1.1 form and of the character
knoW'n.a~l se:ri'al a::::.d sh<:,ll' be 1".000 ;i.:Jmber" numbered. eO;J..secut1vely
fx-om A~l ~~c .. ~-1000, both inclus1ve" of' the denomlr .. ation of $l.COO .. OO
each. Sa1i,i Series nAn bonds shall be dated July I", 1956" which said
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date 1s. hex:eby. f"ixedanddeterm1nc;:d to be the date 'Or the issua.:lee
of eueh Series I1A tt bonds.. Allor said. bo:~d:s shall Dear interest
.from ~h("1r date 'I,lati.:,. paid at trJe .r~.te or rates d.esignated by the
Cl ty cour .. c:11 of thl~ Gi ty of: .Palo Al to 3'1; tbe time 01' the sale of
sa:tdbonds" . but :~ot ~~O exceed tou:~ per cent (-4%) pel" an."1.um, payaole
semi-'annually ~ Such. interest shall be evldt:~~ced. by coupons
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attachE~d' to each blond" and each O!:~ sa1dcoupons shall repl'lesent six
mO:ltbs:; interest on ~.:he bond to whicb it is attached. Said inter-
e,3tCO\~POnS sball be payacle On the first day of: January e::~d the
. first day of July tn each year un1;il and at the respect1 ve cates
'~.r ma:turi ty of said l;o:::.ds (tr,e first coupon attached to eacb bond
represe!f!t1ng i::-'~te!"l~s·.~ from July 1" 19561 , to January J." 1957,. Said
bonds' srlall mature a: ld be payable in consecut1 ve :~ume!'ical order"
from 'lc>wer to higher .. ,. as foll'ows:
$~~O/OOO~OO pe:.. ... ;leal' from July 1.,. 1957!fJ to July 1, 1961
'$30 /000,.00 pe~ :~ear f"rom 1, 19621 to July 1, 1971
$l;~O"OOO. pe::, Jear~"rom July l.~ 1972" to 4r\.~1:{ 1" 1986
prin::tpal 0.:' a~:.d i.::-.terest or: saie! bonds shall be payable
lawful mO;'~ey of t':le Uft1ted. ~tatec of: America at tbe American
Tr.~.;:!it: qompa~~y i1'; Pl:il,) Al to; Cali.f~n'::'~ial or option 01" the bolder
at the City's fisc1~1 agent Chicago, IllInoiS, oX" New York; New
York ..
If the City e:ests, after advertising fer bids; to issue call-
able bcr~ds, any bo;~d oS:' said. .3eri~~s tlAt. matur:l.ng aft;er 1y 1;, 1970:1
may be redeemed anel . )aid if'. ad van,::e of r.u:rtIJ.r1'ty thf: first day
of Jantiary or July i, ~ any year at
notIce thereof ret ~s
of the City by giving
(30) days prior to such interest-
date by pI.fol1 ori.c.e'l r, a newspape:' of gt.~r~e:::,a.l C ircu:!..a-
publlzhed in thn' City (;,f Pa::'o Alto .. Such :~o'tic,c shall provide
that if sat~i bO:ld.s a:."'e not ,~resen,,:ed on 'Or befol'e the date 0::
advance mat uri ty I :tnt! 1'nterest on st:ch bo~~ds Will cease.
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Se:c't1on 4. SaId box~ds aha'll each be substantially .,.,..., ..... the
fol10W.1~rig tori'll, the bla;,~ks in said form an'j 1:'1. the form of COUpCrXl
given belo,,; to be fllled with ap!':"opriate words or figures, name'ly:
CITY .f'.? -.I ...
~17(j. A
U:.r;::rED STATES OF P.l1.CRICA
STATE CF CAt!E'OF.NIA
COtr.N1""1 OE'SANTA CLA..;.---.,A
pALe ALTO HOSPITAL :eo~'DS --_ :::t"wt'c::tJC L 1 S':'l'\.i.~."::i
OF 1955
$1.,000
, The CITY" OF PAjJ ALTOj a mun1cipal co!"'porat.lorl., organized and
e:t15t~'ngu:::~der tbe 1,;otlst1tution a.rid laws ot:' the Sta,te of Ct.i11fornia ..
beretfya,cknowledges itself 1:~debted a~'l(l for value rece1 \led, promises
'to pay:: to the bearer (or ,if this bO:ld be registered" to the reg1s
teMd~b:older tnel'eof) on the 1st daJ~f' July" 19_" (if this bond
be. ea,l'l.a.hle I subjec,t to~ny r1,~ht of prior red~mpt:to:: i.n t~.ls bond
·here1.r;sfter expres$_Y reser'led; ONE rrHOUSA:~D DOLLA..'I1S ($1"000),, to-
, (lether 'W':tth interest; thereO.:"l.3:t 'the ra.te of
'( . .), percent per an .. "1I;ITl ll.:~t1.1paymer~t' o"'.llr-s .... a""!i-d!""'=-p-:r""!1~n-c-i,..p-a-l ..... s-um-'-"'!"1-:1
tul'l;, p:a;rable, 'sem1~~:nnu<111yon: ,t!~e first cas' of Janua:r:I,~' a!1d the
first;,d:ay of' ;Jul~Y of each ·s·ear. LL:~less. this bo:,~c1 is reg1stered ..
su.-::h·'.!i~;.tereS:t"i pr10 r~ to matur.:t ty" shal!· be payable o!i.ly o~ pre senta
t1o!". and. surrender' of tb~ proper inter'est coupons hereto attached as
th£'y re:s.pecti;velybs'come due.. :E,cth the pX"iuo1pal of and interest on
this b¢~~ld t.H,~e payable in 1aw1'u:2, rno:ley of the Uni ~ed States of America
at the'.Atlieri:can Tru:;:.t Compal~Y :1n Palo Alto" California" or bY' option
of the ~old~r at tte C1tyt sf1scal agent in Ch1cago~ Il11no1s~ ~r New
York... N~~w Yocrk.
. . Th:ts bond is Cit.e, of :.:l., duly acthor1z.ed .issue of bends of said
C~~ty .aSJtregat1ngfc'l,jr million dollars U~~4J1000"oOO.OO) in principal a.rn(:;urlt.~:: all of likE:; tenor (ex.cept for s,;ch variations .. if any # as
. may be :r.equ1:red to designate ,:ar'y1ng sel"1es" numbers" maturities or .1p,tere6~; ratcz) tinc.is issued under and p'Jrsuazl't to the Constitution
and Sta1;utes ~f the State 01" ~alir.orrl.ia,J. ar~d under and pursuant to
the ord~L!1a!1ces and proceedings of said Ci ty dtily adopted and taken
and .. a voteahd' esse nt of more than two-thirds of all the qualified
electors of sa.1d C'J. ty voting at a spec:tal eleetlon o.uly called and h~ld:: fOl~ that pl.l.rpcse ~
,It 1s hereby certified". recited acd declared that all acts"
, .c.~ndlt'1ons and thir.gs required by law to. exist, happen and. to be perfo:-mt~d .. ; p:receder"t to and in the 1ssuar.l¢eof this bond nave ex,ls
teJl;,o, ha:ppell.ed and been., performed in d.ue time,. tom a:ld manner as
reqdil'"ee:: bylaw., ari.d that the amount of th.1s bond" together With all
~tt)er1:hdebtednes:s oz .. sa:1d City,l/ does :).ot ex.ceed any l!.mlt prescribed
by the C:onst1tl.1t10L or Statutes cr .sa1d. State" and that prov1s;;;'on has
bee'rl mad!eas:.t'equ1recf b~r the Consti tu'l;;lon and Statutes of sald State
f.or,the coll~:!(~tlon of an annual tax suffioient to pay the principal
ct 11 (and. interest 0;\, th1:;, bond" as the same:. become due. The full ta1tha~;d credit. of said 01 ty are· hereb.y pledged for the punctual
paymel'lt of '&he pr1l~clpal and interest of this borod.
" Tb:ts bond may be registered in the manne:!" prOVided "t;yy law" and
the!':eatte:r 'the p~1:.cj,pal hereof a.t.d interest hereon shall be payable only to' sucbreg~st;ered owner.
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wrrNESS'W'J'IE:REOF .. the C1 ty of Palo Alto has caused this bond
to' bee):eeuted under its off1c:Lal seal" s.ig.ned by its Mayor a:r.d its
Treas1.1l::'.f,l::r and (;ou::~tel"s1gned. by 1,:'5 Clerk., a.no. has caused the inter
est eou!-fone heret'l~ et:taC!1ea to .i:>e s1gr .. ed. ~y :its Treasurer and this
bo'nd: to be dated '::he ~lst day oi"July" 1956 •
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~ayor of' the City of--paTo Alto
-Treasurero!,1("* tne Citj" of paTo--'Al.io
Coun.ter~llgrjed :
C1 :C;y C1E~rko"lx the' Cit:, (5f--p-al0 -A-r to
Coupon No.
0:1 the llS,t: day of _.~ 19 it
the City' of Pale .Alto will (lullessthe within
m.e,nt:io::,~e-·d' b,?n,d be registered) pay to bearer
ii';, law.flJlmon~y. of the United States of Amer-
. i~a a1~· tbeArnerican Trust Company in Palo
Alto, ~a11forh1a. or by option ot the holde~
at-the Cj.ty's: r1s-cal agent in Chicago" Illi
.nci'1~(,C:r Nel,r, Yo!'kp New York, , .' . -----:o.onars
"l""b-e""!"'L-;:tg-"iIxm()ly!;:hs i . :1.r.terest then due Of:" its
!iospitslBo;~d of 1955" elated .:rul~/ 1". 1956 ..
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Trf£~fsu:rer of---tY~e-or pa1.6 AT to
If the City elects~ after advertising for bidS, to issue call
able 'hdr,ds ,. said bond shall. conta:Ln the following edd.i tional para~ ..
gra.ph:;
"Any bCi:1d of th:!.s Series ~Atmat·<.lr1ng after July 1,
1.9'7'0",' may.be redeemed anc. paid in advance of: maturity
ttpc1:J: the first day of January or July 1n any year after
.J"uj,y· 1 .. 1970, at theopt1on 01' the C11;y .. by giving notice
'co(l:reof .not ,less than thirty days nor;.nore than ninety
days· prior :to the date of redemption by publics'cion once
a ~!eek£or.,t:hree suece~8ive weeks on any business day of
the: week.!;,,/.' a newspaper of general circulation published
1n the c.ity 0·1' Palo Alto,,' Cal1forn1a" and by paying pri:l
ci!=,al anda'cc:'1.led interest, together with a prerilium of OT!e
e.1s;hth ;0£ 'OHe-per cen.t:: of the prinCipal .. for each year" or.
'f:ra.ct!on thereo:r ... f1"'om tpe date of redem.ptiort to the fixed
.ma·tu:r1t·~' da~';e' of'the ponds so called for l"'edemption. but
,not' in. eXCetlS of .cwo per cent of the principal .. provided
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trJat if less:than. all of the bO:Ads then outstandirlg
. ai'e:' so callred for redefalPt1on., . they shall be called
only' in lr~'\1.,erse numerical order;l and the part so.
c.alled . shall be .!10t less than e.ll of the bonds t:lStur
.1rig in aJtY':,jne. yea,.t:'4"; Sl,lCh :lotice shall provide that
·1ts:a1a: 'bondsare not', presented On or before the date
01.' adva:l0e ,~~6t,i.1rity,,:·the interest 0;:: such bonds will cease.~ .
·.Ses:t'ior.' ..5. The, ?Jla.;:lor of said City of Palo A.lto and tbe Treas
urer' of: S!:1dC1ty ar:<h~~~e!?y authorized and d~.rected" respectively
·as suchcf!'1cers!. toex(~(:ute each of'" said bonds on behalf of said
C4' t A ·t" c~ '.... y., an,J. . ne -Cler.'~t.t or one or more of her deputies" 1e hereby
autbo-rizedand dLrected to count.eX's1gn each of said bonds ar.d to
af'f';ix.:tbe o.rr~ei:ill~ealof sa~d .c:Lt;y thereto .. Said Mayor and Treas-
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urer are hereby j~~Chl .r~;;specti vely /} autho:ri.zed. to cause sald bonds
to be a.:1.sned bY':;he1:' printed.., lithographed or engraved facsimile
sigr&~ttt.lre$.' Said TreaS:t~irer Is hereby authorized and directed to
sig.:;. e3;q:h oi'the 1nte:'es't coupons by pr1:rteo.;, lithograpt1edor
e.:ngrav-ed· fac:simi le signature, 'Such ~ig:,.ingJ' ecunterstgn,1ng and
. seal.iriS; as:'lere1.'~ prcv1deCl shall be a suf:!"ic:ient cl\'ld. bi:r.d1I.I.S execu-
tion of'. ,:said bonds ar,d c·'t:por~.:~ by Said City J arld all s~ch signatures
ar.d cot:~nters1gna:;ures" e.x:cepting that or" the City Clerk ():t' her
de~ut1e:s) may be prlr.ted, l,it'hographec or engraved.. Incase a:lY
of ,such cfflc,ers whose signature-eol" countersignatures appear On
the bonds or coupons shall eea3e to be such officer before the del,i-
~el'Y . of 'sucb bon(:~s to the pu:rcb~!,ser" such signatures or C,ou::l"~er-
signat:ure:s shal1!\e~e,rtbeless be valid a:1d sufficient for all pur-, . ,
poses :the same, a~ '1f they "bad rflllmai~ied in office until t11e deli very
of the 'bO:H1S ..
-:S~ct1ol!....2~ . For .the'purpose of pay1r.g the principal and i:r..t;er-
est orl.sa:ld bonds, theCi~y Council of the City of Palo Alto shall"
a t the· t:;1:me crt.' fi xing. t11e: general tax Ie vy ar .. d i::~ the man."'ler for
such gemeral tax levyprov1ded~ levy and cOllect ar..riually each ~;"ear
until ff2.1d bond's are paid" or unt1l there shall be a sum in the
tx"ea3:ury of sa.1d::;:1.t;Y set apa,rt i'O!' tI'H:~t purpose to meet all .sums ~' ~ ,
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c¢m1rl.~' du.e' [o,x-principal and 1!1teres:t on s'-lch bonds, a tax surri-
C lent ':to'P·<.:y. ;irmual interest or. such bonds 35th€! same become
due~ '~'U:;d' so suc:~ p,artot."'the pr1:-.cipal thereof as shall become
due::.ret.ore the p:r:jceeusof a tax levied at the tillle for .o.aking tbe
next ;ge;ieral tax levy, car! be made a;ra11able for the payment of. such
prln,c.1\)al..... Said to;ax Sb~il1 be'::!.n addi tiC::' to all other taxe s le'tie,Co
~or::n~::.ic:lpalpu,rp03es ,and shall be collected at the same time a~d.
tbe sa.lce:·:rrta.nn~!' othe:r-municipal taxes are collected and be
,used for ;~o, other,;>u:tpose than the payment of sa:'d bO!"!ds and accru
lr;.g. i:tlterest. Said taxes as collected shell be :'orth~""ith paid into
fU~I.ct for wh1c<:-:: the same we1'C levied a~ld collec~ed a.r~d which shall
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be:,dei!"ignated ,v1955 Palo Al to Hos'01 tal BOr-:d FU;'l.d," and ell sums tc ". . ~
become, d,.l.le for trp;~ 1ncipal of t:~'ld interest on said bO;lds st1all be
paid: from fH.~ch fU,1d. There shall likew,ise be deposited 1n said
riU1d .an.ym~)r:.eY.$r,!~¢e1 veri 0:1 aceount of any pi. ... emium paid on said
bond,s ',and interest accrued On said bCmds trom theil-da-:;e to the date
ot"rjel:i:veryand a,~tual paymer~t. of' the purchase price thereof.
":::;<6· .. 't·"O ~ ..,. .!:'!~.£ ..:.. !.\ (' ... There' :ts hereby create:1 and established a f'u~~~d
• ...... ,t .. ·'I..··sh..;' .. .1 'he '?e'-';" b'l." t~e Tre''''su·,·,te'YI .. ,~. sa-td C"'t" ,!y,to ·.,h'!",,1... s'na'l .·W·.~..LA..:¥(~" ~_ .. lui .r~ }.'''fIII ;,J "J " Q ~". Vi. ...... ~ -.,I ,,.;..,... Yl ..... \.,-(J .. Ii ....
be dEp'osited t.lle .:?!"oceeds of the sale of said Series ftA'1 bonds and
"lh:tcb.y l"'Urther,ll 16 des:lgna ted the "1955 pa:o Alto nOSp1 tal Construc-
II T~e-· '.~'::-eas:jrer s;ls11 keep a record of the d1sburserne:;.ts
the proceeds' ():' the sale of the $1,00(1,,000.00 pri:1c1pal amour~t of
said ·Pald Alto' Ho~';p1 tal E.Q,nds of 1955, Series "AU (other thar. pre-
m,1.uci arid accz'ued ~;.nterestrece~L ved On the sale of said bonds), and
suet) proceeds' sMa:: 1 be applied solel:r to tbe purposes and objects
spec tfied 1:1 the ~:ropoSl t10n S/~t forth in Se.ct1on 2 of thlS ordi-
nar;,ct: j' provided" r: owever.t that when such pt.lrpose and Object has beer.
accomplisbed' ,ailY n:.o~eys re:na1:11ng l.n said fun·j sr!al1 be tra:1sferred ." ,
to the "1955 P:;~lo Al to Eospi tal Bond Fu::~d. It
Section 8. The C.! ty Clerk is direct;ed to cause a sufficient ...... -----------.... ~~
•• h
Z:!t:,~b~~r 0·( blank bends a:1d. coupon.s of su'! table qua11 ty to be 11 th-
-7-
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~(",ft%C ~"*' au; . p ==: W !fCJ4IIIlIi&iji_JIII UX W..... $, .4. ¥UJ 7A • __ ~
/'
-~'. :. '. '
, .
<"gt:9.pbed,: pr1hted or el1graved. and to cause the bla~-..k spaces. thereof'
.. t6:./ be fi ll~d into comply with the i?rov131ons hereof.. and to pro-
CllX-1::'tpeir execution by the proper o.ff'ic~rs a~ld to del.1ver them
whe,ri' so exe¢ut~,d to the Treasurer of said City whO shall safely
,.keep tchesame un'!;il tbeyshall be -sold by the said City Council"
woe re,upon ,he ,shall deliver thereto the purchaser or purchasers
the.l:'eof O!l l-ec,el:;Jt of the. purcha3e pl"lee" Sa1dMayol".1 Treasurer
and City Clerk are fu:r'the'r a'.lthorlzed and ciirected to make" e:xecu'te
and de Ii ver to the pu:rchaser 01'" said bonds a signature a;ld !)c-l! t1ga
-tl .. on,:: c~r'l:;,1flca,te in the torm usua::.ly required by purchasers of mun:t-
"
. eiFel bends generally J' cert:!.fYing to the ge:luineness and due execu
t1.on o.f said bonds and further certifying to all facts within their
'. k.YJ.owle.dg/.!,relat1ve to any litigation which r.lay or might affect said
'C:tty" sal!)' ofi·:1c,:;.-rs or said bonda .. and said rrreasurer 1s fur'Cher
cr~thorized $r.d directed to :make" ex(~cute and deliver to the pur-
cha~ri:' b':>:'ldS· a Treasurer 9 $ receipt tn the form usually~ re-
<iuired by, purcha:sers of. municipal bonds,lI evidencing the pay:me:!t.. of
thepurc'hase pl"'i,:e of said bor-ids" wb1ch recl:1p-t s~1all be conclusive
evlden,:e that said pu:"chase price has been, paid and has been,received
,by:'sa1d' City.·, A: .... y pu'rch~ser or subseque!:t taker or holder of said
. bO!1ds is hereby ,:1l.lthO'rized to rely tlpOn ~::ld shall be Justified 1n
re-ly1~g. \lpOnal'~Y such signature a:-!d 11 tigat10n certificate or
Tlveasu-rerte rece:lpt with respect to said bonds ex.ecuted pursuar~t to,
't-h~ a'..lthority of thift' ord1r..ance.
,~c1~on .2.~ All of s.aid Series II An bonds shall be offeree:. for
. public s.ale bi t!1e City Council of' the City of: Palo Alto on the
28tl:t day of May.t 1956, and the City, Clerk 1s he.reby authorized a:1d
di~~¢'Ced r.c· caus~:! not'ice of the sale or sa,;.d bonds to be oubl!sbed ,. ..
cnc~~::trl tt~e P-alo Al~o:.Times~ a daily riewspaper published in the
Cit~r of Pato Alt<:f" and such notice shall be eubsta=-~t1al1y in the
foll')wing ',ferm, to wit:
-8-
.. ~~_' 9#' of 7'£""'";;;',;,,;,,,-2 ,_.,,,,.:...~..:,-,;...;~ ~~ ........ '.J:lJ~
~ ',: I . j
:' I '\ 1 I, J
~'. IJ., --.... fVii!M. ,F F-rwo.I'II[II'lT,.....,~.~""""',.. ...... ~. *' :;;;w::;s,~~ (4Q",,,,\2M4A; _ ... _I~
'I
' ....
eli<
.QE. SAg
$ 000,000 .. 00
CI'l\YO":'"' P,ALO ALTO
CPJ~,*I~~or\l~IA
PALO AiTO HOS.?lT·A~ 30:<OS Ol~
SZRIES rlA n
~1a'r ~I~ i r·.c;6 •• J ~ ..... ;t. -';:)."
N6?"~,!CE 15 BEREBY GI""JEN that .sealeJ. proposals will be received
by: the' Cl ty Clerk of the C1 ty of Palo }\l to on Monday" May 28, 1956"
at; the 'hol~r of 4:00 .m., ?aciflc:, Dayl:l,ght S3v.1::g Time,t for tbf;'
purchase of $1 .. 000 ,or .00 principal amo'unt of "I:)onds 01' said C:i,ty ..
. des1grl3ted II C1 ty of palo Alto ;:iO,spi tal 'Bones 1955 Se!"ies r A I .. II
. more" partlcularly de,scribed below" Series f1 AU bC:1.ds are
,:art,qf an issue of ,~4 ... 000,oOC.OO agg:re~atc p!'.:tnCipal amount" auth
orized at an ,electio:l held i!<.\ said City 'of Palo Alto on May 10 .. 1955 .. ' The re:nain1ng $3,000" 000. 00 prj.ncipal am.l,urit o~sa1d autho!"-
iz·~dissue may s,oj,d when and a~ determ1rled b~! tr'ie City Cc-ur.c ot'
33 lei City" Oi.!t wIll ~-;ot \je G1"fered tor SD.1E:: prior to Fe bruary 1,; 1957.
" ,.. ''''\::;'?(.;I\''''''~' BTD~. :.:.~~~~. Bidders are sted 'to sub:n::' t ::11 ter:)ate
proposals as follows:
Ai te·rnate A -0:.1 tbe entire Ser.ies II f\ II 1 ssue of$l'~ 000, OOi}~ 00. ma turt:hg serially without .:JOt:10!,1 to call. , ~
AJ.te?nateB -On thef.1rst $370/000 .. 00 matur
iil.; Serially from .July 1 .1957;-to July 1: 1970" without Opt.10:1 to
call, and the' rernainJ.!'!.i:'. $630.;000 .. 00 to be s\.lbject to redem.ption at
th,~, Option of the City: i'n whole or in p,8rt,,:ln inverse numerical
orcier any interest. payment date a!'ter July 1,/1: 1970, at the par
value thel"'eof and accruf~'.:i itlterest ,t,hereon.l' together VIi t'r. a prerniu!'n of .one-e.1ghth of :)ne 'pe,;; cent of stich pr:1.!1cipal for each year or
, rr;act1or~' thereof froLl the. date fixed for redempt.ion to the fixed
<!is t;urlt::-date· of the bOl so called for re de rnn t:1 or:. but :lot i:1 excess
of two per cent or suer: prinCipal:. ..
rS,?trE, :
t,;:) A-lOCO,
M 1\ ';"'V'O"'''' T"'S .. !.i.J;'t.J.vnJ.. .. ~.
, ,
lr;.cl:.Jsive.;;
fl ... OOO"OOO.OO ctJnSlstlng of 1,000 bonds of
the denom.:lnation of $1,000 .. 00" numbered A-I
all dated July 11 1956, and deSignated Series
Said bO:lds shall mature sertally in consecu
t iva nl.:ime rical o;"de!'l, frore, lowe:-to highe:-" a$ follows:
$20 .. 000 .. 00 per year from July 1" 1957", to J..lly 1, 1961
$30.,000.00 per year from July ~" 1962" to July 1 .. 1971
$40,,000.00 1:" year .from .July lJf 1972, .. to July 1» 1986
INTEREST RATE: M;~x,imum·4% per al"..nurn, -oayable serei-annually
.... " " ' on Ja:luary first ar .. d July first in each
ye'ar. ~Bldder.s must sp-ec:~f'y the rate of inte:rest \'1h!ch the bonds
hereby offe'red to:-3~le ~5hal1 bear.. .Bidders will be permitted to
bid different rates c:r 1~j.terest and to rates 1rrespect1 ve of
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IIAI' •
",
"I!>
C, ,.rn '" _ _ ve : A '~-
.,
'the. maturities of said ~;)nds. The interest rate sr.ated in the
. b!,d' must be:!.r., mul t1plas of on.e ... twentleth or one-eighth of one
:r:.-er cer,t per 'an;lu. .. 'I1,.ao payable selid. ,;:annu ally .. , '
PAYMENT: :B<:)th pr1.~1cj,pal and .!rlterest of safe.. bo;~ds
---shall ,be payable.:!..n lawful money of' the
Ur:d ted;Seates 01" A.t'ler1ca at t,be AmElI-lear. Trust Company;, Palo Alto,
Call1''''o'rn1a, or by option of 'the holder at tbe City ts fiscal agent
ir.. Chicago, Illinois, orNe'll YOr'k" Kew York.
REGIST~T!Ol.j : c<:,upon bot!ds w1.11 be 1ssued by the City ..
S\::ch bonds are registerable only as to
b·:-:,t:h pr.1.1rcipal and interest ..
PURPOSE OF ISSUE: Said bones aI'e author:1.zed tor the 1m.prove-
, lnf;!nt' of' the present Palo Alto Hcspi tal
a,n,j/o::'! construction of a ::.~w hospi taI build.ing in the City of Palo
Altoo .
SE':URITY: S;S;id, bends are general obligations of· tbe -, • 0:1 hy 01." Pa 1 0 Al 'Co ~ and the Ci ty Coun.c 1.1
tb~~reof has power 'and is~bl1gatedto levy ad valorem. taxes for the
payment of said. bonds and the, iri.terest thereon upon all property
wi~;h1rI the City of Palo Alto subject to taxation by said C1,,<y
(e:(cept certa1t! 1n.ts11giblll.! personal property wh1eh is taxable at 1~l!l1ted rates),.'ithout l.1:nj.tatlon of rate or amount.
LEGAL OPINION: Thl~ legal opinlon of Messrs. Orrick, Dahl-
--qulst:· Herr,ington & Sutcl.i!"'~e of San Fran-'
cisco,. California, approv::Lng the validity of satd bonds, wi,11 be
fUl"'nj,,tlhed to t,l'le $l,lcces:;ful bldd.er without charge.
T'i~ OF "SALE
HIGHES~r BJ.D: Tbf.~ bonds will be awa.rded to the_ highest and
" , : be:i}t b1dder on Alternates A or :S'''at the City's
Ol);t:1on ',;r.o,n,.Sldering the int:~I2X'e~t rate or ra-ces specified and the pre
m1'1.un :o-rfe~d, if any. The~ highest bld will be deterI:l1ned. by deduct-
1ngthe fI..mO-U!'lt of the prel'u1.um bid (lfany) from the total amount of
1nterestwhlchthe C1ty wCluld be reqUired to 'pay from the d.ate 'Of
saj.d hondsto the respect.fve m,..~tur1ty dates at the coupon rate or
::,a1~e3 specii'j"ec1: in the bid~. and th,~ award-will be mad,e Or;. the basis
of' the lowest net interest: cost to the C1 ty .. · The lowest net interest
c'ost shall be c;cmputed bet:tieen the da,tes. aforesaid accord1r~ to
tbj.rty;"':day month standard four decimal, municipal bond interest t,ables.
ThE;~ purcQase~r must pay accrued interest from the d;:tte of the oonds
'to t.be date of delj,very ..
RIGHT OF REJECTION: The Clt~( ot" Palo Alto reserves the rlgbt~ in
its diseret:ton, to reject any and all bids
and to, 'W"S1.ve any 1rreg\)larity or informality in any bid.
AWPJID: Th¢ City Council of the City of' Palo Alto
will take action 3\!/ardlng tre bc:cds . or re ject
ing all. blds. not. later. tba',1 twenty-four hours after the exp1r$ t.1cn of
the time her(;i!'l prescl".ibed for the receipt of proposals.. '
DELI'VEhfOP BONDS: : Del.Lve:ry of 'said borlds will, be made to the
. ,'w_ St~CII~e$si'ul b1dde,!'1' at t'be office of the City
Treasurer of' the C1. ty of Palo Al to as soon {!s tbe bonds can be pre
pa!'ed!;. whieb ::ttis estimated w-111be wit~"!.:tr\. thirty (30) days from
toe d:ate of sale.
RIGHT"OF' CANCELLATION.: Tl1t! successful bidder shall have the right"
. at his opti'o!' ... to cancel the contraot or pur-
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I
~
o 4 4 U44W, 4, fiiI_;;U:-) prsJiiUU ,41 Wl,Ci4ii4iiliilIIf5'" pa 1I'("JB?TT~t'It~. , &W44 a = .= a. __ SQI"tIe_ Sf-..
.....: ';'" ~:~
...
..
"
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::\:iba8;e,·it;'the City shall fail to tender the bcndsfor delivery within
sixty (60) da'y'~ f.':ro~ 'Che date of sale" a.no. 1.n sueh event, the suecess
tul~ b:tdd.er shall be e nti t}~d to the ret;urn of the depos 1 t aceompany
:1;'};1g. :th,e. bid ..
?OmlOF BID: All bids must be for :not less than all of the
bO.no,s hereby offered for sale an.d for not less
: than the per value thereo.f'aZ1d a~,:cr1)ed i,nterest to date of delivery.;
and t'oget;her with b1dde:~~i's cibeck,i.eltlst be e n,61.osed :tn a sealed enve
'lcpe-' add);'essed to the Clty Councilor the Clty of palo Alto and
endor.,sec ~·prop.osal for Cit yo Qf p'alo' Al to Rospi tal BOnds of 1955 ..
Series 'A!. n ,All bids sha 11 be 3.C'comrJ2nied by a ¢ertif~(.ed ch.eck or
c~,sh:!.er'3 check in the s't.Hr, of $).0 .. 000 .. 00,1' payable to the order 0:" the
q::ttyTreasnre,r of the Cj_t'y of Palo Alto;! to secure tte City from any
1:0'5$ resultlng f.rom the f'ailc.re of the bidd.er to comnly .nth the
te'l"ms of b1,.:S bid. Checks' ~f the1.J1l3uCa~fjs.ful b1dder-".-Fill be returned
upon, the' award. of the bonds'. No 1nt.erest \'1i11 be paid upon the de-
. p"sit )nade by :a::.y success! ~l bidd.er •
. FINANC:r!-L STA~!ENT
. Further !d~f()I'!Ilat1on r::lat1ng to thet'lnanciaJ. cond1 tior: ot toe
C·!.ty·o! Palo Alto,w111 be t'u:n1shed on request ..
(rrH.~:re 1:g ~o c~1·itrover,3y. or ii t1gat~,on pend.:t::1g or threatened
'~cnce:::-n!rl.$!:he' valid! ty of tr.le above issue /I the corporate existence
of' the~C1·ty.. ,or the' t1 tle 0 r the officers to their respective ol"'i'1ees"
and tbe Cit,Y, will furnish to the successful bidder a non-litigation
e,ertlf'1c:ate,. c:ert1fy1ng to the fo:r'egoing as of and the time of" the
delivery Qf:' t.b~,bonds.
DATED:~ J 19 __ •
WINIFRED KIDD
City Clerk of the City of Palo Alto
State of California
Sectlon 1'0. This o:rd lnance, shall take effect from and. after
'"
.its passage and approval ..
The aboye ,and foregoinJor,ordinar:.ce was duly and regularly 1ntro
du::ed arid passed ata reg:J lar:meet1ng of the Ct'u!"lcl1 of the City of:
Palo Alto on Monday, the • 231"d . day of '.-, .............. ' . ..." ...... , April _J 1956" by the
following vote:
"AY.~: Bishop, Byxbee, Corcoran, Cresap" Cummings, Davis"
Giffin" MitchelJ." NaViS" Porte:'" Rodgers" Ruppenthal" Sito.pson.
NO:::S: None.
.)
ABSENT: Drysdale:" Mars::H:ill. /.' jL; f ~7 "r/I <.-;f
. . , .' MPROVED: __ ;/' .' /" c=<:: .. f ,L""; 2 (;.:~
.... • l ',' ~~ ~/,' il . May r ATr~T;_ (/ /1:1i(~~..4-4.!~-L..1f(,
;.. ~ C ty CJ.erk .,
'lED AS TO\~OP.M:·
Irr .... .:fJ-.• ...eL~ ~ X. hi I I om;~y~'--
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