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1697
AN ORDL"JANC£ OF CITY 01:" !jALC ALTO P.ROV.r.DI1~G 1:f>OR
THE ISSUANCE OF' :;'3,,150,,000 .. 00 PRINCIPAL AMOTJNT OF
"CITY OF PALO AJJr.OMTmICl.?.AL IMFRO'tJ'EMENT BOrIDS 01:;\
19S6f'; . PROVIDIN(lf' FOR T"'rlE IS'SUANCE OF SAID BONDS IN
SERIES; PRESCF..Il::l!NG 1"f.E .AMOtn~T:1 DATE AiIJ'D FOR.~
SERIES "An BOND~" Qj1 SAID AUTHORIZED ISSuE .AJ~D OF
THE COUPONS TO lmATl'A('n:ED TliE?.ETO AND PRESCRIBING
THE MATURIT!ES ~1mREO,BI ;?!XING THE l/.JLXn-rJM R.A.l'E OF
n~TEREST ON SAID BONDS; AUTHORIZING Tf.J:' EXECUTION
OF SAIDEONDSA!li.0 COUPONS; PROVIDING E'OE LZV'Y
OF A TAX TO PAY !,!'"'rlE PRIKCI?AL 1U\iD DJTEREST O~' SA!D
.ll.UTHOR!ZED 135m::; A!'-i1) u!R.ECT:NG NOTICE SALE OJ:'
SAID SERLES~' A It Bo~ms TO BE (} XVE~~
.:WHE?..EAS". al1:-the ':'''t:':qu1.rements of law rH::tve bee:. comp::"·:"ed \+l:.4-::.h
if:. cal:,~,ng and h;:)ld:tr:g ~.~he special bond electlon held. .!.:: the Ci t~"
C,r Pe.lo Alto' o'r~ t:he day of June; 1956J at which elect five
propos.::tt:!.O:r.s to lssl,.m bends cf.' 'said C' :t ~'! t h€-) asgre ga te ;,:>a J..
"'u"'" 01" ';";)'i::;O C'\O"o "''''0' ) .. r£.· .... '~. ~"b,..,,·rt .. ,·-:;,-l "-."'" +-'~-e <TI"''''"e''''''' ,~.f·' '"'""-.~c.. • ~Ylc-' oi;I 14_. " .. .p..)"iJ.-.; /./ ~tJ ,H""'.~'-",;;}\tIIi. ~.\ ....... \J" ... 1o.h ~ ... " "'Ll YV~ .. ...., .",..-....,,~... J ............
t Cit~; COU:lCil::)f sa:;_d City did dwly and regularJ..y ca:~vass) deter-
mir-.e and declare and do,(;~s hereby cert:l.!.'~· that Propors-i. tion Nos. 1, 2".
',:< 'r a~d;:' '.,"""m:i .... teri a'" sai,..Q e"I"'c+'1".1'" ...... c"' ..... 1ne..4 ~+-'~a'~Q' <:!1"'\e;~"Ql .... 0·)'.; """,;"" ... " • .11 ..,""""-" '" ~ L, \."," J.~.:.; ,,,",_,,\ .. .1.,.1.1 • \;~ .... v \,pi. ~4'" w,.J.. w .. y ,,,J..-:-. -.J .. U
.elect1orl the (;'lffi.1"':·,la t'1 ve vote of more than t',.;o-thirds of all oJ:" the
~.JOtere votir.g 3~:sr.lid e:;"cct'1.on ar~d. Wi~l"e tb(?reby· carried and adopted
S ~ 1 t't' :::.l~ '" d t' I:· t.:\ .... .:.. <"! •. !)') ... ,; c ~.' . . ... a -I de"....' i.... t·.. "" ,..." ""'-,;7,' ...... _ €Ie ... Il .t~ .".;, .. \\,Ii~.'.""\,;'" O} ~') _,. "''''J ,<~, lie !""_ ........
cipalsum of $3,,150;000 OCfor the objects ond r.n.:<!'poses bereinafter
a..'I'1d 1r;~ sald Proposition . 1,. 2;0 3~· lei-and 5 stat.~ti was duly autb-
or:;;'zed;
TP...EREFORE ... tOt:: Cm.mc il of the Ci t::; of" Palo Alto does
~!,da~.n as follows:'
<:-. '-:t1 1 /TI' , 1 ~ on ..... .nat OJ. acts .. tions and. things req).l1red by
law to ex1;st .. ha,pen a:~CL be peri'crmed precedent to ar:d ~.n the issu-
ance of sa.id. bonr.h~ ha ve existed J happened and been ;>erf'ormed ~!1 due
time., form and manner af: I'~quired by law.t and said Ci ty of Palo Al to
is now authorized", purs~,ant to and every requirement of law.l'
to incur 1,ndebterines.s in the mar.ner and form as ifl this ordinarlce
provided ..
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S't,ction 2: TZ"lat the "bO::1.\!s of the Ci of Palo !n tbe
'!:\o :7'(,!,I"'Pg,ate pr'~r: c "l ,.;, .. -, S"M of. <!':. "'I I ;,., onr, ''''r', +-0 be '~now""" e'(!! Ii 0';-~~ • .,.' c:,..&., 1 'WIIokJl~'·.<:1.... ,......... • ¥~, _..,.',)1"1 ' ,,, .... '. v ... ~ \;I A .. ,/o; WiliJ ....
P:~lc;.;. Al to Mlmicipal Ira.1:.1!"'OVement i3f'",l?-ds of: 1956 .. !! shall !S$ue to pa:,"
, ,
the cost cf'the acqt~:!.'siticn .. construction tlnd completion of' the
·toll,owing Llun::'l.C tpal 1.clprove:nent$ of said C: t~1' as set forth i~ t!'1e
:t'ollo"l:l:ng prcpcsitions 3 to "'lit;
<!?ROPOS!T!O}J :/11. Shall' the C1 t;'/ 0:: Palo AJ. to incur a
oonded l.ndebt.edness in tbe prir..cipal
SUl.r~ of '$600,,000.00 f'or:the object and purpose of:
~cQ:J1r1ng~ con:;ttructtng and cot.n!)letlng the foJ.low:!.ng
munlc.1?al 1Jr.p'!"o,vements~ to wi t: additions and improQe
mentsto ,these·wercollecti"on .3.:';0 trestment system. of
th~ C1 ty of. Palo Alto,. inoluding enlargeroe:l.t: and expar:
sion, of ,the se't;age -treatment plant" truruc lj,nes, out
rEil:!;l ines ,',' pump1r.g, equipment and other works J property
or str~ctures :1.ecessary or convenient for imprOving tbe
se\,/e~ collection and treatment the City of
Palo ',' A.l1'.:o?
PRO?OS!TION #'2.. Sh,;lll th~ C1 t,y of. Palo Al to lnCU1' a
bo;,;~c;ed ind.ebtedness in t~1e pr!nCipal
amount of' $1~250,,()O<).OO for' objeot and purpose of
acquiring" construc:'~ir..g B,nd comple'cing the following
mUl:l,icipal imprOveme:i.ts: to wit: add1 t:!.ons and improve-
'merits, to the eI,ectr'tc d.iS,tribut:l.on system of the City
of ?'alo Alt<,.t ~"n,c1u,,,li!lg condui'ts" cables" transformer::;"
'and otber: 1"'~,Cl1:1t:1.e::)1 eqJ.lipment and appliances" land and
othe,r'.,.Ol:-kS'Jl p:\:~pert;y or ::;"Itr'uctu::::,es necessa.ry 0:' conven
ient for: the (:lectrJ,c d1:str1'out1.on system of the C~ty
Palo. Alto?
PRCPOSITION ~the City of Palo Alto incur a
bonded indebtedness in the nrinc10al
amount of $300,OOQ,,()O for the object and purPose of
acquir1ng" constr-Ilcting a:ad CODlpleting the follow1.ng
mt:.n1cipal ,improvemer;;ts" to w.it: additions and improve-
msrJ.ts to the s,ewer and drainage sys tern of the
'City ofF~10 JU-co,extension and reconstI"~ct1on of
s-torm. sewer, dra":1.na,ge facilities" lands .. cul'_'erts"
p:tpe~ pipe linea am:=: ether works" property or structures
lle.cees"ary or cO::l.venlent for ir.;t,?rov1ng tbe storm sewer
an,d drainage sys'tem of the City of palo Alto?
Pl"QPOSIT::ON #4.. Shall the City of Palo Alto ,incur a
bor.ded in.r.iebteaness tn prinCipal
amour:;t of' '$700,,..000. C () f10r the object; purpose of
ae.qu1r,ing.., construct. ng and completing the follow!ng
municipal :improvemen ;~, tow1 t: a rea:ln library and
branch libl'tar~r" 1ncllding buildings" !"urnishir.,gs" flx
ture's,booke, eqlJ.ipm;~nt an(l other. works" property or
s:tructures riecessa:.ry or ~cr~ven:1ent for saId I1b::-ary pur.ochse s '? .
PROPOSITION /15.· Sha.Ll the Ci ty of Pal!,') Al to !ncur a
bon:ied indebtedness 1n the principal
amount of $300 .. 000 .. QI}fo:r~;he ob.1~ectand purpose of
acquiring, cons;truct'L::J.g and cr.impleting t;be following
mun:icipalimprovE!mea';s" to wl t: pu bIle parks, play~
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g.rounds anc"r~creati'~r:::al ,<~e.rlt\~rz" !ncludj,ng lands..,
t)'t.;d.ld,i!1g=?:r "playg,rop.nds:·and recreational equipmer.t
and appar.at.u3,'1:.1ands,~:a·pj.ng/l::Lght:l:l.f5 i"acili tie~ and
bu11d1rLgs "a!'id otherHorl<:s~ properties 0:' strJ.ctures
necessary or convenl~~nt tor pub11c park$, playgrounds
arid recre::.ttiO!lal purposes'?
.§!S'ti'::>11 "~,. id .?3J : .. 50..tOOO~OO prlnc:tpal amour:t of said bonds
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shall 'issued. in wi;o {~r "~npa:r-t asbereinafter set forth and.
Shali (:b~ sold in accordance "rt th law at not less than the i1' par
va.1ueapd tlccrued tnterest. Said oo~ids shall be dtvidej ~.::.to ser::es
whereof $900,,000 .. 00 prln<~j.j?al am(:H.~nt of said bonds shall constltuta
Series nA" and theremai:l:1ng $2,,250,,000 .. 00 principal a:-:oun.t 0;'"" sa~~d
autborized tssue n':ay divided into one or core se~ies or divisions
as the City Cc-uncil of the City of Palo Alto shall detemlnc at the
tim(~ of the issuance and sale of all or arty part: of: said remair~J"n:g.
$2,250#000.00 of bonds. Bljnds 1)[: Se:,::'ies H tlll .\ of sa~d author!zed
-t '!:t: .... ue i:l1..<::,i 1 be. ,....·eC"~ ... ·1 "'b' t.:> .) '"I' ...... 0·....,... ar'c.' of" "-1.le cl...a-a" tor 1"'1"'0"''''''' p. ,., _ftJ';'" ""' .. JW __ Al~ ¥ 41 OV1w";,,,O .... <:,;; ".11> oM ...... .:. ,", ri: "'~ ;J ... J.. t..; ~ ~'.Ii 'f''' • .u.~
serial a~'ld shall be 900 1:', rrumbe:" numbered c,')nsecut1vely from .:3.-1
to A-900" bot;{1 !r!clu.;;3.i ve" {;,f th<-: "den017tir~a t ions 1.);." ;~l¥ 000.00 eaCh.
"S:~: Series II AI! bcmds sha be dated September lJ 1956, which said
date 1.,S ber-eby fixed and df~"t€~rm:1ned to be the date of the issuance-
of said Se;:r'ies IIAl! bonds. f\ll (If sate bonds sball· bear interest
from thelr dat;e t.:ntiJ. f)8.id ,:it the rate or rates designated b:;' the
City Council of the City oi'Palo Alto at t~e time of the sale of
sal,'! bO;~d5" b·ut. tlot to exceed fm .• r per ce:lt (4%) per ar.~mj'l" payable
Semi-ai:l.>'lual ." SuCh' 1ntere~;t sr!all be evider:.ced by coupons attache.:::.
to each bond, an.d {;8ch of s~id cO~JPons shall represe:lt s!x mor;t:-:s t
interest O:l t"he bond to T..:hfch it 1$ attaci1ed. S;;.10 1r~terest cou-
pons shall be payabl'9 0:'. th€:o fi!'s:t day of M:.:trch and th~ first J.a~·
of Sep~:emberin eacr~ ',year u!::til a~~d at the respective dates of
J::latur1,ty cd:" said O::n:'ds (the first COt.:pon attac~e'i 'co each bo;-~(j
representl .. ng. l.z1't;erest; from S;?ptember .11 1956, to l~arc:h ! .. 1957) .
3aidb<n~d5 sball m.ature a:-~d be paya.ble ix: CCnsecut.1.ve :.umerical
order, from lower to higher, as follows, to wit:
$3 ''''' 000 00 ,;..p,... .. 1'';> ..... ,... ... ·""0';.. "'e"''' .., 19':;7 to ~o""... 1 106' • 'II • ~-.... :;t ... ~,,,, ..i. •• ta y ~/\;. J.., .." I. ""''''-':..-''''. _~ """ ..... $1~5;OOO.OO r :lear ,from Sept~ 1.l' 1962, to Sept. loP 1971
$60,,000.00 per ~l'ea!' frott Sept .. 1; 1972,; to Sept~ 1, 1976
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Botl"J the prj"nc!.pal ()f ;;Inc, .i.:n:ereet or. sale oc·:.o:;. z;;:;.::2.1 be ~)s.yabl~
at the o:.ffle:eoi' th~ Cit: .. T::"'ea$urer of tt.e Cit:.y of Palo A1T;O"
CalifO~1a, irk lawt';,;l zno,C'.:ey of tb~ Ur~I ted S ta tes of li .. i'r.e ~i c (;;, ~ at tbe
.. 4..~e:r::C:l:::-:: 'frost Corepar.y ir; P,llo Alto~ C~lii'o!"n::'a.t or b~' :;io!l 0::'''
cbe'hvlder at ~he Ct ty IS, f:'U>calage!'!t :!.:1 Chicago J Illi:'lQ1S" or Ne'J;
York, NeVI Yoz·k.
Section ~~. Said bonds shall each be substa~t1ally !~ the fo1-
, ...... w.i.".,·-··o~· t·""· ..... 'I.'~":lnkO "'f', "'-"'d .""'~ 2"'" ~ . .., t~,!> ~"'O"'~ oi' '''0'''''00'''' ''''{ffO,,", )JI.V l.-:.~ J., ~ • .J.", .•. 4~ &.I.l~ • ..; .. 1. •• l.,a...:.,) ,J..~/_j, ....... ,~ .... ."i,.+-4. ,*,-"", .u& '" ~", ... <!;) .. ~,,~ ••
be::'o·~. to be filll.;-(i wi th appropriatlZ! WO!'clS or figures, flan:.ely:
UNI~:~ED STATES OF AHE.RIC.lla
~Y~~A'rE 01" OALIFORNIA
COUNTY 011' St1.~~TA CU:Ri\
CI'I'Y OF P.ALO ALT'2..1~lPA1 IMPBQ·IJ~N'I' BOND Or' 1956
~{O. A._, __ $1,000
·,n·\he 1"'~"fTI'\J' 0" ~1·!'\ ".~I'I''I;''' a' mun'ic'''''''-'II C01~·)O ..... t:I""·~O·'·' or·'·a ....... "'e'" ·'n.-.l ••• .... .• '~.I.:.:. 1:'.[: UJv A.J-J,;,.',/, (. ,I. ..l.~...... 1. ......... -... " ob ·u..l. ... "'" (':\ ......
eXisting l .. Hlder the Consti~~uticr! and laws 0:''' tbe State of Cal;!,:rornia l rlereby acknowlec.ges itself' .indebted anei for value received pz~omises
to pay to the b~a~e!'. (lOr ::Li'tt1iS bond be ~egiste!·ed.l' to the regls~ered bolder t'hereo1') o:n 1;he ls,t day of September I 19 __ 1 01';£ .THOT;SAi;.c
DOLURS· ($1/000'oOO)~ toge'l;her ~v1th interest thereon at the rate of
. ..• . 1,')er cent ( . ) oer sr'.u'1um unt::l IJayruent of said
p.-rlnC"tpal SU:l in full, pa:table sem:l.:annually on the first day of
!-iarcb and the first day of SeptembCl" of eacrl year. Unless this bond
is regis.tered" such 1nter(l~t .. prior to maturl t·y, shall be pa:/able only
. 0;. prese~,ta tiOl). and sur'renderof the proper interest coupons hereto
at.tachedas they respectively be~orne due. Both 'the pr:Lncipal of ar:d
interest on tb:ts bond are payable in la\.;1\.!1 mO:ley of '~he U:l!.tt.:,::, States
of AmeI:ica at the A:nerican Tr'ust Company i;:. Palo Alto., Ca11for':'''lla , or
by option. of the h61der at t1e City's fiscal agent in Chicago, Ill~
nOis J1 or l~ew York, Net-; Yo:'k ..
'l'his'bond is one of .Edl;ly. authoriZed issue of bonds of sa.id
C.f ty ,'~gg.regatir.~,; Thrt.7:eM~J 11:);'). One Hundred F~,fty ~'housand Dollars
($3"15(),,OOO.OO). in prinqip:;:l :ltlOunt , all of' 111(e tenor (except for
SUCtlvariatlorJ.s.I if a!lY J E S l:~ay be requ ired to design-Stte vary:Lr..g
ser~e3 .. numbe~"'sl maturities or interest rate:s) and. 1s issued under
and'> }>u:r'suant to the Canst! tU'i;ion and Statutes of the State of Calif
ornia» and under and ~:rui'Stian'~ to the ordinances and proceed.1ngs of
said City d.uly adjpted and take.t'l.and a vote and assent of more thaL
two-tbirds of'all tb.e qualii":;.ed electors of said City voting at a
sp.eci~l eJection duly called and held for t:].at purpose.
It is riereby cert1fie:i , rec1 ted and declared that all acts" con
ditions and thi:lgs requ11"e l by law to eXist, happen arld t() be per
:f"or.med" precede!'.l.t. to and 1:1 t.he j.ssuance otthls bond hav;~ existed.,
happened and been pei'formei :,n due ttme, form and man.:1er as required
by la.,,,,, and tha .. t .the amount,£'. this bond" togetbe~ with all other
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1ndebtedness 01'" said City.! 'joes n.ot exceed any lim.it prescrlbed by
the Const:ltut10r. orStatui:es of said State,!' and that prov.isio::::. bas
bee:n, :nadeas reqi;ired by· i~he CO.nstl tutiol'l and Statutes of' sa~d Sta-:e
for the' colj,;:ectic.n oJ: :an (m.:l~al tax suf.ficier.:.t to pay the pr':'.::l¢ipal
of'" and.i;nterest on, th.1.s bO:lC,;; as the same beCO:te d.ue* The !""ull
,!'alttA: atld credit of ea:!.d C:tty are b.ereby pledged for the punctual
pa.~:r.ent of: thfi' px'1ncipal ~nd .interes t of th.1s bO!'ld ..
:This bond. rna.y be regj s't;·ered in the. manner prov~.ded by law i and
thereafter the principal terl~o! <9.:10 • .interest hereon shall be ;>ayable
only .to such reg1ste:r'ed O\'lne r.
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IN WIT,NESS 'W'HEREO:£i'" the C.1 ty c.:.:' Palo Alto rlas caused th 1.S bond
to be'executed under .its cff .. Lc:1.al seal, Signed by its Mayer and-its
'ITeasure:r'3.nd. countersigned' :)Y' 1tz Clerk ... ar .. d has caused the i::~ter
e~t cou:oonshereto a'ttach-:d';o be signed b!' :!. ts Treasurer and this
bond to" be. dated the l:.~tday of September .. 1956,.
Coun~e:,signed:
: City' Clerk of the---
C1 ty of palo ';'.lto
Mayo~ of the City. o~ palo A~~o
Treasurer Cl.fty of palo Al to
Cot.:pon
On. the 1st day of >.19_"
the City of palo Alto will (unle~s the w1thi~
o.ent:l..or.ed o()nd be rl~g1stered) P~"$ to bearer
in lawf'rJl money at.":;he· Uni ted St"!l.tes of'
Arneri.ca at the An~er Lean Trust Company ~.n Palo
Alto" Californ.i.a:o:~ by option of the holdc:r
at the City's fisca:. age~>~t i,n Cr:lcago" I~linoio"
or New '.Y:'ork .. New YCi~~k.t Dolla:::,s ; ____ _
be1nB,; six months t.illteresc then dl.;.e on its
r~lunic1pal ImprO\1ft.neat Bend c:t 1956.11 dated
September 1;1 1956. l~O. --:.;A:.--__ _
-"""'::rl"ea:::Ul"er of' the C:~ty of paloAl to
§ect1on 5~ The 'Mayor sa:d 01 ty of Palo Al to a:l.d tht; Treasurer
of said City are here au,thorlZe(i and directed" !"'espectively as sl,;.cb
ofr1cers~ to execute each said bonds on behalf of said City, and
thE: City 'Clerk ... or one or more of her ceput:tes.l' is he:-eby author,-:'zed
and directed. to countersign cachot: sa:id bonds and to aff!.); the of't1-
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c ial sea~. of za:!.d C~~ ty t;he :c'et·:'. Sa j.d !Jiayo:" a::.d Treasurer are :'le:re by
each" respec:tive.ly, au tho! :lzud. to ca'-l.se said bonds to be ;;; igned by
t .... ~~ 1""" ;""'".-t Vt'l"p'(,1 ·l·i .... hogr~""' .... ec" 'r e'?'"\C!''''''~ up (1 f'~c~ ": ",,0{ '1.:0 ..... of 0-)'"> ':'It, ''''',::'1: ~ .,::::~.a; c.' """"" .. ',:;J"',J...;',~",.", .. .1 rIw v, ~.I:,:J4. ~,~ .*C.),J.,.I ...... V_ ,l, ... G r¥"""".,t.-..~_~ ~""'C"At,;.:,L \-l.............. ..,~ .....
Treas~Jr~r is he:reb~l autho=~ zefj and direc";ed to sign esch of ~he
lnte.!"est ccuports by pr,1i!ted.1! 1 i thograprjed Or' E:r~sraved raes :'r::ile
signatu're.. Such: slgr.i!,~g" ccn)nter:;; igr.:'!.ng and seal::,r:,g 3S her-c:::'n f,)ro-
.,::'
videO. ;5ba11 be a suff:!.¢il!.:!"!t dnc b!ndi:.1g eX.eclltj"Or;. of said bor.ds ana.
coupor;s l:>y saidClt.YJI ar..d al:!. su.:h s1.gnatures a!1d count;f.::rsig:;,atuz-es"
exc~pt:.::"ng that of the C1 t:/ C::.-erk or her deputies" may be pri~lted;
l:i.thogrriphecl or engraved.. III case a:ny of s.t;;ch of'f:.tcers \'those s!.gr.a-
tureso:\oounter::31g,naturcs a~.,pear Cr. th'~ bo(.c.s or' coupoc"s shall
cease-to be ·su·c.h office'r ce.f'cre tbe de11ve!'~' 01" SL).ch bor.ds to the
puroh~1:ger, sucb'signaturet: 0;:' counters~,gn.aturcs shall :levertheless
be val ...... ,A· .,.·,' ...... .,,.,~r-.,...t r"r ':Ili ... ·u·l'I~o .... er" tl,...e r.... ~ ,\~~ .;> \,04'" .-_ .. 1o..i' .... 1",; '" l1li ,,'" ~~.....;;,.),.i.~,J ~.;:;, l,~ same as ~.f they h
re!::'L.;1:ttled in o.t"f':!.ce until th~ delivery of the o'.?nds.
:' " ,i· Sect~on c. For t ;;;rpORe of paying ti1e J,)r.iw::ipal .:i.:':~ .i:lter·-
~,., -1JwI., .. S:~'1d bonds, the C.tty Gounc1~1 of the C~ty of Palo Alto Shall)
at. ttJ(~ tIme of fix;.ingthe general tax.le and i~ the manner fo~
such ge~!.eral tax lcv:/ p.!';,~ id(::d .. levy and collect; annually eacb fea!"
l..lr:.ttl s.a1.d bo,~-;ds ax'e paid, O:i~ 1,.ln'1;i:" the.:'e shs'llbe a sum J,n ~hc
treas~~rl ofsa:'d Ci.ty set apart for tr.at p:.;r:?cse to ~el;;t aJ.l SI .. 4I:!S
c~.nning due for ;)rl.:'lc ipal a interest on such bonds, a tax c ~ ~ +"' ..... ~ _ ....,~-.. -
cient the anl1uz.l~::tc:i~est on St.I .. Cr: bonds as the same be,;:;or..e
due~ aOG also s~ch oart of " , . )ri:.c 1. tb-;:reof as' shall comE: due
bC::.r".Qretr~e proceeds of a tax v,:,~cl at the til'!le £'0:::-maki.:l,£ the :1e7..t
ger.J.eral tax levy ca.nbe made available for the pa~'ment 0:." such pl'L1-
cipal. Said tax shall, be in addition to all other taxes le~iei for'
municipal purposes ar:.d. shall be colleoted at thE: same -;:;ime n
"''''e S!:l""'~ -ar'\''I'\~'' ~ ... '''''''hp"" m"r' 'I ~·1""a.1 .... a· '11'.0."" <)'Y'e C ~." ~..IAt"".;i ~,.,,.,l "0' ...... "C' :»0.' ~... ~l.""'" .~.4 ... 1111 .. ..-.;:;-.L ~..;:;. 'vi Iv ,......... .U ,4., ... 1 • ., .... :,11 ..... :.; "'~ ij, a.... u ..... ..:.\;;. \oooIt ~~ ..... J4..L . _ uw{-..
fot no other purpose than payme;:.t of sa ~.d bonds and acc;:,'u i:-~g
iitercst. Said taxes as c'?.l.J.ected shall b~ 1~orthwith paid l::.to tr.;t:
f'U;,ci 'tor which tbe same; w€:;:-e levted and collected a;.:d, wr;-:'ch shal.1
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to t'ecorrie.. d1.le for the pri:lc:.ip~l of :;~d l..ntoe!"est or;, safe bor.ds zhall
be pa1.d troci. suet f1.,;:ld. There shall likewise be depOs.i r.;ed. i;,~ s3id
!'uncr' any moneys recei vee. 0:-: aCCOU:1.t of a.t.y premium p:;:,id on za.id
bor.ds· and' interest accr'Jed on s.2::,d bonds fx'om thei!' dat,~~ to ~be
date. of del::'very a;-~d actual payr;~nt of the pu!'c.hase p:"ice' tr.creof.
'l~here are ~"jE! r"e Os" create·;j. and. eo tabliz b~'ci f~,.;nds
W!'Jich shall be kept by the 'Ti:"easu~r' of eaia City i . .r.tc wh:!.cr. s:-:all
be deposi'Cec. the prccee(is of the sale of said. Ser"ies HAll bonds as
:::'ol1"ows:
fa) "1956 Sard tary Sewer Co!"~st:r'ul:tion ?u!4d:1 by whl:h a :'ecord
~ ::!t1all :·.be kept of thect:~sbursement.s of the;Jroceeds oi' the sale
ar ... d!o!' ::sale.s of $6CO,000.00 p:::'i!";cipal amount of said Mur~:;'C:L:oal
:rmp!"ove~ent Eonds t:>f 1956 1 Series "AII (otter th8.!"~ preL"lium and
;;l,ccr~jed i!J.terest I'(~ce1ved or: the sale of sale. bO:~ds) I and such pro-
c~eds .. shall be ~pplied solely to the p~rposes and objects specif~8d
. tn PrQ'pos.1 tion Ji:1 :::;et forth in Section 1 of Ord!.nafl.ce No. 1676; pro
vided .. r)owever~ that ~hen Sl!ch purpose and object fJas bee:L aCCOm-
pliShed,,' any moueys remair~i!::g in said fund s()a.ll be trans.t'e:::'red to
the "1956 MU~11cipal. Improverr.ent BO:-lc' Fund G tl
(b) 111956 Storm sewer Construct.1on Fund lt b;y which a record shall
be kept. of the di~,burselnents of the proceed.s o~ the sale and/or saJ..es
of $3Q.\.JJlOOO~OO principal amount of said r.7unic.ipal I!llprovemer:~ Bonds
o,t' 1956 .. Se~ie·s' nAn. (other than premium a:-:d accroed inte-rest received
on. the-sale of said bonds) .. and such proceeds shall be applied solely
to the Pl;;il"pos'es and Objects specified in Proposi ti(Hl .:i3 set forth in
Sect1ol):1. ofOl'dinance No. 1576; provided .. however'l that when sL4ct.
purpose a:ld ob'Ject: has been .~cccmpl1shedl a::;,y moneys remaining i:J.
said fund shall be tran5i'errl~d to the "1956 f'IuniCipal Improvement
Bond Fund. It
Section 8~' The Ci -:y CIHrk is directed to cat~se a suf!'i~.le:!t
number of blank bonds and COi,lPOn.S of suitable qua,li ty to be 11. tho-
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a s 2 i 2 a 1M • a -£ 42 4 --
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graphec" :pr1~ted or engrave (.1 and to cause the bla!'lk spaces thereof
to be fill~d in to comply W:. th the provi~;ions hereof:1 a:ld to 1':00-
¢ure their.executlo!1 by the proper off1cJi~l"s al'~d 'Co deliver them
. wbe:l s·c executed to the Tre<Jtsurer of said City who shall safely
keep the sa.'Ue until they sh~!ll be sold b:{ ti'le seid City Council"
wheretrpcn he shall a.eli vel" them to the p1..~reha$er or pUl'chasers
thf;·reof on rece ipt of: the pl.::rchase price.. Said Mayor" Treasurer
and City Clerk are further~!utbor'1zed anc directed to make .. execute
and deli Vt:!' to the 'purchaser of said bon~;ls. a Signature and no-11 tiga
tion cert;;i~ficate in the fOn!l usually req'L11red by purchasel"s of mUl1i
clpal . bonds generally I cert~~.:rYing to 'the genuineness and due exec1,.i-
tion of said bonds and further certifying to ~111 facts wi th.i!"'~ their
knowledge reiat1ve to any lit1gation which ~ay or might affect said
OJ. ty, sa.id officers or. said bonds J a.nd said Treasurer is furtr)er
autbor1zed and directed to .\:\ake ~ eXeC1Jte and de:iver to the purchas-
~r of' Said bonds a Treasurel" s rece ipt the form usually required
oy purchasers of municipal bonds" evide11c1ng the payment of' the pur-
ehaSd price of said bC»''l.as .. which receipt shall be co:,cluSi ve evider.ce
that said purchase p:r:tce has been paid and has beenrecel i'lco by sa1r..
City.. Any purchaser or subsequent taker or holder of said bondS is
hereby authorized to rely u.t:0n and shall be justif12d in relying upon
any such' Signature and no-li tigat10n cert·1ficate or Treasurer I s
receipt witb respect to saic. bonds executed ;Jursuant to the authority
of: thiS· ordinance.
Sect1cn Q. All of said Sel."1es tt At! bonds shall be offered for
publ'1c'sale by the (;i ty .Council of the City of Palo A1.to or.. the 13th
day of" Augllst" 1956~ and the City Clerk is hereby authorized and
directed to cause notice ot: tbe sale of said bOnds ';0 be published
'once ill the Palo Al to:,r:r...mes, a daily ne~1spaper published in the
City of Palo Alt')" and such flO'Cice shall be st.ibstantially in the
followi:r~ f't;)rIrl t;o wi t:
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NOTICE. OF SALE --
$900,,. 000 *' 00
CITY OF PAL{) ALTO
CALIFORNIA
CITY OF PAl,O ALT\I MUNICIPAL IN.PROVEMENT BO,NDS OF 1956
SERIES f1Au
A~g:.lst 13'", 1956
NOTICE IS F..EREBY GIVf:N'that sealed proposals \'1111 be received:
by the City Clerk of the City of Palo A.lto on Mor~day .. August 13~
1956,. at the hc>ur of 3:00 p .. ::1.l.;' Paci:fic Daylight Sdving Time for
the :p\lr(~ha6e 01' $900,OOO .. CO pr:l:ncipalamourlt of bonds of City,
des!glist.';ed ItCity of Palo ~l.to Municipal Improvement :r:;.onds of.' 1956 ..
Series' 'A'," and more particularly desc,r'ibed below. Said Series "Atl
bonds~.Ul~e part of an ist;ue of $3,,150.,000 .. 00 aggregate principal
amoun'~.l) autbcrizeciat an election held 1.:1 said City of 1='al0 Alto on
June 5~ 1956~ .\ Theremai:n{ng $2"250,,OO() .. OO principal amount -of said
authO!'ized. !ssue may' scld. \lInen and as deterIllined by the City Coun-
cil of: sa!d City, but will not be ofi"er'ed for sale prior to January.-!;, 1957 ..
ISSpE=
.A-~OO~ inclus~vel "A! ..
MATU~ITIES:
~1900"OOO .. OC conslst;!ns of 1 .. 000 bonds of the
. c,enomina t1.0Zl ()f' $1,000 .. 00" :-lumbe:red A-l to
1 dat€d'September 1." 1956~a:ld designa';ed Se!,j,es
~a.id bonds sbC:lll mature 3el"'ially in COn.S0CU
t l.ve numer1caJ. order" from lower to b!.ghe r'"
<;:S follol-!s:
$30,000 .. 00 pel'" year from sept .. 1" 1957 .. to Sept~ 1 .. 1961
$45,000: .. 00 per year from Sept. 1.1 1962, to Sept. 1~ 1971
$60,1000.00 pe=-year from. Sept .. l" 1972, to Sept. 1" 1976
.l.N1'E~;T, ~~'1~E: Hax1mum it% pe~~ a.nnum" pa'ye.ble se1'lli-an.."1ually
on March f1rst~ and. September first in each year. ~:, Bid.ders, mu:it specify the rate of i.nterest wb1ch the bO:;'QS hereby
offerfi'd for sale Sb21.1 be~,r" Bidders \lrill be permitted to bid c1.ffer ....
ent ,rctes of'·inte::::-est and to split :,atE:s 1rrespect1v"e of the ma'curit!.es
Of:" s:~,:td b(:lnds. ·The interttst ra'.:;;e ste.t~~d in thE' bid must be in multi
ples of or.e...;,twer.t:ieth 0:." (I~~e .. e ighth <.~f orle per cer!t per an!'l1..lm .. payl),ole
semi ... an..'1uall~l.. '
PA'YMENT:
Urlited States of A..~e:rica
Californ1a~ or by o~t1on
in Ch~cago" Ill~nols~ Or
~ISTRATION:
!loth principa:' and ir..terest 0:" sa:'d bor~ds
~:;·hal1 be payable itt laWful znor,ey of the
~,.t the .A.re.er1can Tx-;;at Company". Palo Alto"
clf the holder at the Ci'Cyls fiscal agent
York" New York ..
Coupon bonds ¥~ill be issued by the Ci ty.
~;)jch bonds are :-egisterable 0:11y 3!3 to
t'¢_tr. principaJ. and1:lterest.
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?UR?CS'E, CF ISStTS: ::;'t~,JLd b,·.,~,!c.s ~!.~:~ a;;thorl,ze~ :·o!; tl1e '~U:'~CfSe
,,-... -:"'~"" ~"fI~''!''C'l'''''g .... "\~ (c'~"'~"a""·' ":'D.1~·6'H S~O"';'I \' ..... J.,il\..ji,!~!_ 1,....... 1 • .'+.1_ ...""'.,i. ..... ,, .. t/ .:J~n';';"I" \.of.,u.;.
:;:,ewer ':i:,a.i!~age ;!.ys~:e:~!s of the C:: 01' .6.J. ':0, as Sf;:'.:. ,:'o!"th
:i', tl:e propos:!. t:tCcr;~ ~:H;tlm ~:, t~~e(.i to the ~ lee to::-s 0:" sa -:d C:t t .. .: a t a~'.
elec,:~o:1. hefld ther~ c);~ t~;e 5th da~"()r ::),::,E~} 1956 .. and approvc,j
~ymorc ~;:~an ,tvh>-tr)i::ds vote t::lereci'.
SECURITY: ~::G.':"d bo;",;ds aj .... ~:: ge::eral obliga-:'io~.s of ::ile
-----.'1:') ... '-\{ 'F' "0 .... , I;~"~ i'" ... ,',(' .... ' ..... C~ t\l ,.... '"\"\'0"1"'-': ~ . 1..'->1';: 0 ...... .;1._0 l'1o"" ..,°1 aA." .... [,e .... '"'''' .... c ...... ,,~_
tt!erf:o.;<~ has power' 3116 oh1.::'gatcd to levj' a,: valorem taxes ;"or
the pay:::e .. t sa'~d ;bo(:d~: ,;.~!d t(lei;'),t€:'re$t;t~:ereor; upo:.a.:.:.::.. pro-
'O"l',f"~ .... i 4·}·.1 ... ·, +-;"1';:''' (,.~ 0' f<'.·pa1 .,,\ ;"1t"0 e<"~'tje!'\" ....... ''''avs'!'-'-\ 0-" hv sa"; rJ ... "'.l 1''1' 'Iowt ....• L. W\,. ..... , v_ _. ~'.,.I "" .,... , .;.,r~~ \o,¥V..-"" ..... _'). "" .... -i-~ wrJ' ____
it .... · iexcevt certaJ.:: iLtc: ,\!.!~ibl.e oorGorlal pro;)e::~t'j ..... bicr: is tax-.. \. .. " . .Q, ... , ... J a'oie ...... l'f, ... '~t~"" """a'T'e"") Wd,·~"'O"'" ·l-,...,.,>,·~,t,·o,,, o~"'" ...... ,~ ... "'" 0'" am ... '\"" .... ,_ ~.. d. v .... ..:... ...... ,.... lo;:;;. ,...... ~ (: V.-;I ... 1 .., .. .4 ¥,. \.. twI.. ...It.. .. J,i,..!. 1wt Q 'f ... l.6.l ~,4 ...... \IT;'; ,i. ,;. .\.., v. ... I..; •
" :.'<r.AL' ' ... O";lI·~TT!"'·7. "'''"'e 'e"'a ' -'''\'(''':0' of' ~'1,::. ... ':!~"e ')"" .... ic~.I" ''\':'l'~'i_ ~wU' • l"_V&\r.. J, LJ ....... ,::> .. V:,,_,J..-. .;. 10 • ':,ww_",. \ ~... AI J.J":""~J __
q ~Ji st 1 iler!'i: ~gt~O!; 0: S \.l. tc lii'fe of Sa;; ?l"a~;-
cisco> Cal!forn.:La" .;\.pp;rv'~·1f.'\g the val ~.di ty of sa bOl'\ds JI wIll be
.fur~'l:l .. sbecl to the successful b:l,dder tl:L~;howt cha.::--ge.
"i4'I .... ·:;'::'<:',;·· t:JI"l~ ~u~''''' ;;;) ....
TEPJ.·lS QE SALE
The bc~ds wil: be awarded to the highest '.c best bidder co~.s rir.s tne illteres~
:"-'ate or rates specified [;,:td tbe pr€.'m,1um o.rtercc:,t if The (;
""'-';"t b.t~i ··~11 . "" d"'....... .: ,. :,'0.1. ),.,,,,. ''''1' .. ·t~ ~"~ t... '''''' .,";' \f '~,,...:. ': 'r'" e.:> ,.i.1..i. 'it... .oe e ",_rTl'1_..I(;,\,i. ',j (11;. U( ..... l.e;. o,:e a ... ell. ..... , 0, y_t.!IT'..,l ... ,.
b ··...; (.' . .:. ~ty·,.) I:>:ro"'" t' hr.. "'o'a" ""m~,u",t 0'" i'·'..,..~ ...... es ... ""hie'''' --]..'0 C·' •.. ' "'0""1"; ..I ......... \.1..J.. t.: ... l,) J. .. ,~ .l\j Y ill ..... V..U'fJ.... ... ~l.vC,;.. i,I H1,. L. ~~J' ...llfl;': V-. \, .... ""
be requ:t:ced to pa;y f~om ~,hf! date 0:: said bo~:.ds :0 t.'ne l.'espect::'ve
mat'JT.'ity dates ,at 'che COtipO:-' rate Or' rates specified. :J.;, t:,e bid"
·.and the a.wo:r'd; will be ma(:,;e O~~. t:le bas~,s of the lowest 1.et i .. ~rcst
cost to 'chG City,. The lClwest ;l~:~ 'l.r;tE:~rest cost, shall be comp:;
between the dates 3fores~iid according 'co t.h.trcy-day month std.~,dard
f'ol;r dect ... nalmu~';iGipal o(;)nc. L'lterest tables. Tbe Durchaser r:11.1st
pay ,accrued :Llterest from the date 0:' the bo::ds to" tije elate o.t~ deli
very.
RIGHT OF REJECTION: City 0:: Palo Alto .i:'eserv~s th!-; rlgr";t l
-,:'" .1:·'5 d"sc ..... e··jo· .. to · .... 'c...(ect a''i~' .::to./,' a-:l -I.~"''''' -l.'" l ... ~fI ..... , ~,. .. t. .i..J~ f!:-.,,"--. ..... _
aGG to wai ve a::.y ir!"egulari'~j' or lnformal:r..1;y L. a~.;,' bid. ..
AW.ARJ: ~}he City Cour,,\~il of the Cit;,' oi' Palo Alto
--\'/' 1 take acti('~". a~'iard:L:g the bo;~ds or
reject5.llg all' 'oids r.ot: ~.(:Iter trH~.n twer!ty·'fouI' bours a,!'ter ~be ex.pir-
Clt.ion of the time herei~; prescribed i'-or i:he re<!e of proposals.
Q~1IVERY OF BONDS: Delivery of said bar-as w'lll be made to the
~Iuccess.ful b,idder at the o:"fice of' the ty
T!'ea~iurer of' 'ihe ty oi.' 10 Alto as SOOl'l as the bonds ca;, be pre-
...,.~ ..... ~,... T •• ';.-.t ch .1, .... j ". e:...· .. ~'m~! ... oc· 7···1· ') 1 '00 ,,(.j '!'-'1"''-' ""'h" r ... ·'· (30) ..-\:;:\\'o <'''''0''' !-,~"""'~v.~ ,n~),J.. .... '-' . ...:.~ ~~,iw! __ .... <" ~o,.:; n..... ~ fl .. vi. J... •• \IIfI~J..L \;1",-" ~'Y4,JII;.lI .~, .....
the date of sale~
RIQn~~~ O1l CANCELLAT!Oi'i: 'J~be $ I";'Ccessfu:. bldder i;hall have the right,
. . ---nt bis opticn,1l t~') car.cE.~l the co~:tract of
puZ"qbase if the City shsJ.l fall to ter~de:r the uo~'~ds for del:'ver~r
w:l.thtn sixty (60) days f~:'om the date of sale, ~;:J.d in such event;,
thes,uccessful bidder sh,;:11 be enti tl(~d to thc,'retu:-n of the deoozd.t
. accoIrJ.panying the bid" -
PORri! OF EL'?: All b'ids must be fer ~-~ot less 'than 311
-t.he bonds here:oy offered fot' sale ar;,c. fer r.ot
le's5 than tl'le par value t.t~'&reoi' a~l.d ae:cr't..ed i;~"cerest to date of deli
"JerYI a~d together with 1';,1dder 's check, must be enclosed i:n a sealed
'e:-welope addressed to the Ci,ty Council of the Git:.' of Palo Alto
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and e.ndorsec.. r1 p:::"oposal .:"or C! t::y of Palo Alto MU:i.icipal Improve:c.e!:t
Bo,r~:is' of 1956,Se:ries r A r • ~: All bids' shall be accompan:;.ed by a
c~~rt; . .it,ledcheek cashier r So check in tbe sum of $10 .. CO\) .. 00" payable
to-c.he' order of theC'.1.t:l 'l"reas1.Jrerof the C:!.ty CJf Palo .. ~lto~ to
sec.;U~ t,ne C:!. ty from any-loss :-esul ti.r.g from the i'a~lure of the
bi.dd.e·r to comply with :the term,:;: of his bid. ,Cht~cks of 'the u:-;.s~ccess-
1"1.41 bid.der wi 11 b~ l~e tu!"ned UpO!'l the award or t.he bonds.. No i:~te r
est will be pa:'d upo~. tbe depos:.. t made by a:-.y successful b~dder.
FINANCIAL STATEl1EN'l'
Pur/ther ini'or:nat:torJ '!'elating to the financial condition of the
C:!ty of Palo Alto ~iill .t"ur:nished C:'. request.
'tr.e:~6\ is no controversy or Ii t:tg.aticn pcrLd::"ng or th:-eate::ed.
¢oncernl~lg the val,1di ty of the above .issue.l' the corporate ex1ster~ce
of the City 0::" th(~ title of' the oi'f.lcers to their respective offices"
ancthe C1tywill furnish tv the succ·essful bidders ~ ~on-11tigat:!.or:.
certifica~e certifying to th(~ 1'ol'egoiGg as of 8.t the t,ime 1;)1' the
delivery of the bonds.
DATED: ______________ _ 1<-' ,_~~1 ~ __ "
WINLPRED K!!);)
C·' ........ • 1. 'v'y Clerk of the City o~ Palo Alto
State of Callfor~ie
S(f.CtiO::' io .. r.ln ..... ordl~a~ce shall take effect fro~ and a~ter
its P;~$s3.ge a!ld a.?proval.
,,....., .~. .,. bo ve f.) 'n"~ ""0""'-C"O ~ '!'. (7 ':0 r'''' J, ~ •. ~ ,', r>r., """ .... " .. iJ ';'4. \ot4 .... '-~l:;..~' -, ..... r:;) J, ~ ... ,.,4 .. ~v~ was l1\.ll:r ar~d !'es~;lc:!r:J: ~~-:t.:;.'"t,O-
duced an~ passe~ at a re~ular meet of the Council of the C~ty o~
. Pa:!.o Alto Or'. Iv1onday, the 2:;h_ day of _ Ju1:t 19h o'" b'" "-~'e , ''''. '..J I :.; i,oo ••
following vote:
l .. r~: Bishop, Byx:bE!eJI Corcoran,_ Cr'esapJ Cum..-rn1ngs" Davis .•
Drysd~le., Gi:t·f.~,n, Mitchell, Navis,t Porter" ROdgers *
l'jO~:S : None.
P..BSENT:·
ATTESj':
U{' ). . I'~ A' "1';. '... ,','
.-" / . l.J',':!TI1' ,."..:' ""'-' /../~ -II. ,!,\,==t~ ~ ...... "~~~ I' ( ... .;.vVI C".1;.. • .K ~i .
:"
A??ROVED AS TO ?OH .. 1Vl:
n ' .' . . ' ~.
I . '1\ ... I .' ' .. .. , .. ·ce.~,~~
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