HomeMy WebLinkAboutORD 1728·"
ORDINANCE NO. 172~
AN ORDINANCE OP THE CITY OF PALO ALTO PROVIDING FOR
.THE ISSUANCE AND SALE OF $500,000 .PRINCIP'AL AMOUNT
OP ~CITY 01" PJ:LO ALTO MUNICIPAL IMPROVEMENT BONDS
OF 1956., SERIES 1B1 '* (BEING PA?.'? OF AN ONISSUED PART
OP AN ISSUE OP $3,.150,000 PRINCIPAL AMOUNT AUTHORIZED
AT AN ELECTION HELD IN SAID CITY ON THE 5TH DAY OF
J'ONE., 1956); PRESCBJ:BING '?SE DAT'E AND PO~ OF SAID
BONDS Alm.. OF. TEE :.COUPONS TO BE AftACHED 1''6ltRE1'0; FIX
ING THE ~M :AA'!'E OF INTEREST ON SAID BONDS, AND
P.RESCB.I.BI:NG THE MATURITY THE:REOl"; AUTHORIZING THE
EXECUTION OF. ·sAID. BONDS 1 .A.NI>' IESIGNAT'ING SAID
$500.,,000 .PRINCIPAL ·.'\MOtiNT OF BONDS 'AS SERIES ni.en O.F
SAID AUTHORIZED ISSUE, AND DIRECTING NCl?ICE OF SALE OP SAID SERIE.S •Biil! BONDS TO BE GIVEN
WHEREAS, the City Council of tbe City or Palo Alto heretofore,
to wit,;: on the 9th day of July, 1956, duly pa~used and adopted its
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Ord..1nance No .. 169'( provtdir.1.g t'or the 1ssua:nce of f3,.l50,,.00-0 princ.1-
.Pal amount or . '1c1 ty or Palo Al to Municipal Improvement Bonds of
1956"; and
WHEREAS,. in said Ordinance No. 1697$ tbe authorized issue or
the City or Palo Alto Municipal Improvement Bonds of 1956 was d.1v1ded
·int~, series wbe:reof' $900"000 principal amount was designated. $t;~1es
"Jkn 1 and the 18suance Hnd sale thereot authorized. and directed; and
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•UREAS,, said Series :MA~ bonds 1.n the amount of $900,000 have
hereto!'ore been issued and sold; and
WHEREAS, said_ ordinance above .mentioned provided that the·
remai:Ung $21 250.,000 pr1nc1pa.l amou:at of City or Palo Alto Municipal
I:mp!"ovea.ent Bonde of 1956 might be issued from ·time to t1me as
neparate series as and when directed by the City Council; and
WHEREAS;, ·th1e G1ty Council has determined and does hereby ·
declare tbat 1 t is r1ecessarj' and desirable tb~t an add1 tional
$500~ 000 principal amou.'1t of said City ot Palo Al to Municipal Imp,.ove
ment .Bond.e of 1956 be 1s&ued ·and· eold tor tbe purposes .tbr wbicb they
:Were authorized by the electo:rs;
NOW, TiiEREFORE, the Council of tbe City o:f Palo Alto does
ord:a.in. as t'ollovs: . .
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Mi@ .. , p; £! :JS us 22 jj $Adi
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Section l. Bonds of tbe City ot Palo Alto 1n tbe aggregate
SUK( of $5001 000 (be1ng a part o! said 1ssu~ of $3.,150,,000) pr1nc1-
pa:L amount authorized at sa1d election held L"'l said City on t·he 5tn
day of June,, 1956) shall be issued. to pay the C05t of tbe acc;:uisi
t!cm, corJ.Struction :and complot1on of the munic:t.pal improvements set
forth.as tollows, to wit:
Ad.cl!tiona aruL aprovements "CO the electric d1str1but1on
·systEUrl ot the City of Palo A.1t01 in.eluding eondu.its,,
cables, trans:fol""Ure and other f'acilitiss, equipment and
ap__pl1ancas, larid a:r.i.d otbe1• works, Pl"'Operty or structures
n~cesea.ry or convenient ror the electric distr1but1on system of the C!ty or Palo Alto ..
Section 2. Said Ordinance No. 1697 tor the issuance ot Cj.ty of
:Palo Al:to Mun1c1pal Improvement Bonds of 1956 is incorporated. herein
by reference-, and all or the provisions thereof' are made a part
berieo.f sr1d shall be applicable to the said bonds ot said authorized
1seue to be issued 'by virtu·e or tbe provisions ot this ordinance
except. ,only ae herein otherwise expressly provided.. The bonds of
aa:td Series r:rBn ·herein provided ror abal! be executed in the-manner
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set-rorth i'h said ordinance provid.ir..g for the issuance of said bonds
or Series "A1 " and provision is hereby made for the levy and collee
. t£o.n of ta~es . su1·t1c1ent for the payment or tbE bonds or said Series
RB~ in t1me,.form and. manner as provided 1n said orclinance authori
zing t.he lss1.1ance of said bonds o:r Series "A.u
$ect:ton 3. The $500,000 principal amount or City of Palo ,..;;_lto
Municipal-Improvement Bonds of 1956 ab.all be and constitute one
,,
s~r1es or aa1d issue,, to 'be designated. Series "B.lt Bonds of said
Series "B" shall be negotiable in, form and ot tbe··' character known as
serial,. ·and shall be 500 1~ number, numbered. co~1eecuti vely f'rom B-1
to 1'.:.,500., both inclusive., of the denomination of $1,000 each.. Said
Series itB".bonde sball be dated March 1, 1957 (which is hereby fixed
JS£ ii llAIU.A
and 1:iete:rni.1I~d. to be tbe date of the 1aauance ot :such Series. "B" 'bonds) ..
All 10! s.8;1d C.61].ds shall bear interest .from their date until pa1d at . .
the, :~ate ::(;;,.. rates· dea1g..~at<fd by tbe City Council ot tbe City of Palo
· Alto at the tilue of' the. sale of said bonds" but not to exceed four
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' ', _. '. ', • • • ! r ._, .-•, ' • '' • .: I ::-' • : r "" ·~· • ~· /-..-1 , '\ > • ~ ~~ ·,,' .i;f 1, : • •. "• • :, J '-,; •I, • { ~ ~ :'·.,.,1' .-, • p' •' I ' ' ' I ~ ' ' : .... • : • '1· t F ,: ' ' .,.
. pE:r cen.t (4~) per .anmim, ·payable sem:t-annually.. Such 1.nterest shall
bei evidenced by. .. ~·coupon2 attachad to each bond.1 and E!acb of said c.ou-,., . . .
pcm.s shall represent si.x mon·::;hs' interest on 'Che bor.d to whicb it is
attached .. Sa1d1nterest c.:>upons shall be payable on the f~rst day:
o·t March and the f1:!:'st day of September in each year until ar:.d at
. t.t)e re spec t1 ve date of rr.atur1 ty of sar. j bonds (the r1r.st coupon on
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. ea1'.:h borid representing interest from March· l, 1957, to September l,.
1957).. Said bonds shall mature and become payable in co1:.secut1ve
i1umer1~al o~\'ier, from lower t(,· higher, as followz.:
$25, 000 principal amou,nt of Ser1.es "Btt bonds shall m~.ture
. and be. payable o:i March lst 1n each of the ye,a.rs
1958 to 19614 both inclusive;
$20,000 pr.1nc!pal amount of Sel. .. 1es 0B1~ bonds shall mature
and be payable· on Msrcb 1st. in each of the years
1962 to 1981, botb 1nclus1ve.
Both 'Che prtnc:.1p·a1 of· and · 1nteres t on said bonds shall be payable i.n
law.t•u1 money of the United States of America at the Air.er1can Trust
.compar.y 1n Palo Alto, Cal1fo2·:r:.1a". or, at i1older 1s option,. at the fis
cal ageht of. the Ct t~· in Ch1cago, !111::101.a,. or 1n New York C.i ty, New
York •
.§.tc.t+._on 1,.. Sa,1d. bonds of Series 1•B11 shall. each be substantially
1n the foll:oW.!.r!.8 1~orm, the blarJ<:s in sa10 form and 1n the form or cou
pon given below to be .filled with .appropri.ate wo~s or figures:
UNITED STATES OF AMERICA
. STATE OF CALIFORNJ.A
COUNTY OF SANTA CLA..~
C!T".i' OF PALO ALTO MUNICIPAL IMPROv"'EMENT BONDS-~ .. OF 19?6
SERIES ·uB"
NO. B ----$1,,000
·.•· TiiE CITY OF PALO ALTO, a municipal nol."porat1on, organ-
.. 1z:ed and.: ex1sti:ig .under the Const:i tut1on and lawa of the
s~·.ate of Calitorr.da1 he':-e.by acknowledges itself indebted
and for: value . received promises to pay to t be bearer (or
if tbfs bond be regi~itered.1 to the registered .holder hereof)
on ·tbe !st day of March,, 19~, ONE THOUSAND DOu.ARS ($1,.000),,
· -together wt th interest thereon at the rat"'.' of
• ··• per cent ( . ·) i,Jer anm.Tm until pay-
ment of·. said. .pr:tnc1pal sum 1n full,, paya'ble s~mi-annually on
the 1st day of March and· the 1st day ,or September of each
ye.az:i •... Unless this bo.nd. is registered,, such .. :1.nterest, prior·
to ina<cur!:t;y, .shall be payabl~ -only on presentation and sur
render of' the proper interest coupons hereto attached as
they .. re~pectively become· dile ~ ·Both· the principal of and
!nte.i"est on this bond are payable in lawful money :of t;he'
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. United· States or America at -cbe .American Trust Co.rzrs=:any
1n·:·pa10 Alto, Cal1:tor:ca., or, at holder's option, at the
. fiscal a:gen:t: of the City 1n Chicago a Illinois, or 1!1
New .. York C1ty.., New York ..
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Tb1.a bond is one of' a. duly a)lthortzed issue of bonds
o-r. ea:ld Ci,ty aggregating Three M1ll1on One Hundred FJ.fty
· · .. Tbou·ea.nd' Dolla:.rs {,3,150,000) in princ1pal amount, all of
::. lJ.k:e. tenor (except for suoh variations, 1f any, as may be
:~ required to des·1gnate varying· series, nUlllbers, matur1 ttes
or iii.terest rates) and is issued under and pursuant to th1~
Cor..st1tut1on and Statutes of the State or Cal1.torn1a, and
under and pursuant to the ordinances a~d proceedings of
· said C.1ty duly adopted a.nd taken ,and a vote and a.~HJ.-nt of
;no:re than two-tb1rds o'.f a.ll the (jualif1ed electore oT said
City vot1ri.g 'a.t a special election duly called and held for tna t purp-.~se .. _ ·
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_ It 1s ,he.rehy ce1ott1fied, recited and d.eola.x·ed. that alJ.
acts, conditions. and things required by law to ex:tst, bapH
p.er~ and to .~.:performed precedent to and in the issuance or this bond have existed, happened and be~n performed in
dae time, for.ar and ma.rm.er as required by law, .and the t the:
amount· of. th1·s bond; together with all other indebtedness
of said Cit.y,.does·:o.ot exceed any limit preserl.bed by the
Co:nstitut,.;on or s~atutes of' said. State, and. that provision
has been: made. as re·quired by the Const1tut".on and Statute~1
of the .S-tate for .. the collectior• or an annual tax sufficient
to· ·pay ·the. f.>rtncipal of, and interest on,, this bond. as thE~
same become due~· The· full fS.1 th and crcd! t ct said C!. t:v
are· hereby pledged cf or the punctual payment of the princit•a:.
·and :tnterest c·f this bond.
Th1e ·bond may ·be registered in the man..;.,.er provided by
<law,. arid tberea:eter the principal hereof and interest bere·on
shall be payable onl;:,· .,to such reg:ta.te:r-ed owner,. ·
·.·· .. · IN WITNEsS WHEREOF, the City of Palo Al to has caused
this b_ond to be ·executed under its o1'f:l.cial seal,, signed
by its MaY,or and 1 ts .Treasurer I and COl..mtersign.ed by 1 ts
Clerk, and has caused the interest coupons hereto attachec. ·
to be signed by its 'l.,rea::rurer, and tbis bond to ·ce dated
the lst. day o~ Marcb,, 1957.. · ...
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._,... L c.--' r '-.. .-• ). . . 5=:,
Mayor of the City of Palo Alto
Countersigxled:
. 'f'rsasurer of the C1,. ty of Palo Al tc -
C:j,ty C1erk of' the City o! Palo Alto
COUDOn No. .. ----·
On the lstiday of , 19
the City or Palo Alto wi1I {uriiess the -w'"'!"1"!"'t~h~i-n-
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ment1or...ed bond be registered) pay to bearer
1n la:wful money.of the United States of A1l:ier-
1ea at the Amer1ca:.t. Trust Company in Palo
Alto,· Calify.:.rnia.11 or, at h.older"s option, at
the fiscal agent of the City in Chicago,, Illi
nois, or · 1.n New York City; New Y!Jrk ~---"!!"'
. . . . :Collars $
be1:P..g ·s::f.;.1·.mcnther=1nterest then d'ue on its ----
!tih.:m1c1pal; rm.provement .Bonds of J,956., ~er1e$ UBff,
'dated Ma.rcb 1,, 1957.
NO .. B ----
"'i."rea"iurer or tbe Ci.ty of Palo Alto
;?ic ~1or.! 5 o '.l'he Mayor of ea!d City of Palo .Al to and the Treas-
urer o:f sa:td C1ty are .hereby authorized and. directed, respectively·
as· such. o·.f!'icers, 't'o execute each bf sa1d l:londs on behalf or suid
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City,, and the City .Clerk, .<;r one or more of her deputies., is ht!reby
autbor·ized· and directed to countersign e-ac.h of said bonds and 1;0
af'.f'ix the of.ficial. seal of said Cl.ty thereto. Said Mayo:r and ~~reas
urer are .hereby each, respect1 vely,. authorized to cause said bonds
·tc be signed by their prlnted, 11 thographed or er.graved facsim:.le
signatures.. Said Treasurer 1s hereby authorized and dil:"ectc<i i~o
s1g..,,.•ea~ch o'f: .. the interest coupons "by prir~ted, l~.t.hographed o;o' ~m
gl·~.V'ed f'a.osindle s1gxJature.. Such signin,g:r countersigning and ~;ea1·:
;
1ng as here;ir~ provided shall be a sufficient and bir1ding ex.ecu1;1on
or sa.1d bonds· and coupoi\s by said City, ari.d all such s1gnatureB and
countersignatures, exc~1~·t1ilg that of the City Clerk or her deputies,
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may .be p:r1n·ted, l1thographed or engraved;. !n case any. of such offi
cers :whose sig~tt,res" or count:ersignatu:res appear on the bonds or
. ciou.cdns shall c.ea.tSe to be· such officer befo.re the deliver;; of m.lch
. , • , '· • •' ·•. , I ' ·•
bonds to.· tbe purchaae:f, sueb signatures or countera1gnatures s'kiall
:ce·ve:t".thelaas be valtd. and sutf'icient tor all purposes the same as !.f
they had remained j'~n off1ee u:ntil the del:.t very of the bonds.
Section 6~ 'For the purpose of paying the principal and irrter
est on~ .said b.onds~ the ·Cj.ty Council of the City .or Palo Alto shall,,
at the ti,me o:f r1uhg the general tax levy a..~d i:C the manner .f<>r
-~rc1ch general'. tax levy provided,, levy and collect annually each year
' : ' until said bonds a.re paid, or until there shall be a sum in thE:
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treasury or eia1d City set apart ror that purpose to .ooeet all sums
·eardnS d.iie t'or pr~nc1pal and interest on such bonds, a tax su.ffi-. '", ,· . .
c.1ent .to .. pa:y· tbe anr.1.ual !n.terest on· such bor,ds as the same become
d'~e, ar..d also' 3uch •. 9art; or the :prin61pal there or ae shall become . : . ' .
due before the -oroceeds of a i,S-o.x levied st t:ne t1.'llJ.e for making the
r •, * . .
· r;teit .gen,ii,.ral tax levy ca.1~ be made a .. ~a:tlable for the payment ot such
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P·r1nc11>al:... Said ·tax shali be in addition to all oth.-:r taxes lev1ed
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t.o,;: :municipal Pl;lrposes and shal: be collected at the same time and
1n the .• same mariner as other municipal taxee are collected and be used
for no~ otbe.r purpose . tban the payme:rit of sald bonds and accruing
interest.. Said t-ax:es as ·collected. eball be fortblfith paid into the
;;~ . ' f'µnd tpr which the same were levied and collected and which shall
·be dea.igi1atod ir:1956 M.un1c1pal Improvement Bond .Fund,, It .and all S"Jme
to become due f:or the principal of and interest on said bonds s:~all
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be .. :Paid from.: auch t\-4nd. There shall· likewise be deposited. in s;:iid
fund ariy moneys ·,received on account of a::1y premium paid on said bor;.de ·
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and 1.nterest: accruetj,. orj sa1G bond3 from their date to the date ,,f
d~ 11 ver:v and actual payment ot the purchase· price thereof.
~ct1on z.., There .1s hereby created and established a fund which
sball be kept by the Treasurer of eaid .. City into which shall be de-
. po~ited the proceeds or the sale of said Series 11:B" bonds" as f<,llows:
"1956 Electric Construction Fund,11 by which a reccrd
shall be: kept of the d1sbur$ements of the proceeds of the
Bale a,nd/or sal~s or $500,000 principal amount ot said
City of Palo' Alto Mun1c1pal Improvement Bonds ot 1956,
Series •t.ao (other than premium a.nd accrued interest
received on the sale or said bonds), and s"'cb proceeds
shall.be applied solely to tbe purposes and objects
spec.1.f:ied. fn Propos.t:to:n #2 &et !ortb in Section l ot
Ordi.nance No.,. 1676, provided, however,, that when such
pu:rpcses ana obJeots have been accomplished, any moneys
:remaining in said .fund shall ~ transferred to the "J.956
M1m.1·c1pal Improvement Bond .Fund~ Ji
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Se.ctfon 8.,.'. ·The· City C.lerk 1::.rJ directed to cau:e.e a su:f'ticient
number ot blank bond.e and coupor...s of su1 table qua.li ty to be 11 tho
grapbed_, . printed c:.r engraved a~ to cause the blank spaces ther3o!
to be f'1llea 1n to comply with tbe provit\1ons hereof, and to procure
tbe1r:~··execut1on by tbe _prope.r otticeros and to deliver them when so
. executed.. to. the T:r-easur:er or said City who shall safely keep th1e
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seine until t'bey shall be sold by the .said ~a ty Council, wbereuo1:m
he shall: .. del.iver· t·hem to the purchaser· or purchasers thereof on
receipt ot tbe purcha.ie price.. Said Mayor., T'reasurer and City 1nerk
are .further s.utb~r:1zed and directed to make,. e~ecute and del1ve:r to
the pJrcbas:er of said bond.a a s1.gnature and no-11 tigation eert1:r1cate
. .
in tbe :form usually requi-red. by purchasers or municipal bonds g~:!'n-
erally, eertit'ylrJg to the genuineness an~ due execution ot said bonds.
_arid turtber c:ert1ty:1:ng to all facts within their knowledge rela~;i ve
to any li tiga t1on which may or migbt af:tec t said City, said off'j~eers
or said bor1ds, and said Treasurer is further authorized and directed
... =to make~ execute and del1 ver to the pure baser of $aid bonds a T1~as
. urer'a receipt 1n the !orm usually required by· purchasers of munici
pal bonds, evidencing tbe payment cf: the pu:rchase price ot sa:1d
·'bonds~ . which receipt shall be conclua1 ve evidence that sa'.1.d !;.urc:hase
· prte.e bas 'been: paid and ·has been rece1 ved . by said. City. Any pux•
chaser . or subsequent t8.ker or holder or said bonds 1s hereby aut,bor"".
!zed to rely upon and· shall be justified 1.n relying upon any such
signature and no-11t1ga'tion certittc.ate or Treaeurer's receipt t1.e·1tb
. respect :to s~i\'3. bonds executed p:urtn1,ant to the autbor1 ty of this
ordinance.
Section 9. All of said Series "Ba bor.uis shall be ottered rv-r
·public· sale by the City Council ot tbe C1.f:y <.>t Palo Alto on the llth
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day ot· February, 1957,, and tbe, City Clerk is hereby autbor1zed and
directed to cause ·notice of the sale of said bonds to be pt.;fbllSb•!M!
one~ 111 the Pale Al :to T:1.mes, a da.1ly newspaper pub~·1s.hed in. the '~1 ty ·
or Palo Al t.o, and such· not:tce sball be tl'::.iostantially in the f'olloV1ng
to.rm,, to wit:
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•••z;~t .. •ZRABMllllllll• .... 111191 .................... ~ .• _BA•i~.zt•tMlZM&llll&•••tl1Jl!mS&•&&llllB.ll .. Wi .... lllllmllll•,& .. JM7!5 ...... lllll.lllllllllll .. llll .... Z ................................... i .....
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NOTICE
$500,000
CALIFOP.JUA
CITY OF PALQ ALTO MU1UCIPAL IMPROVEMENT BONDS OF 1956
February 11, 1957
NOTICE; !S KER.EBY GIVEN that sealed proposals will
be received by the City Clerk of the City of Palo Al to
on Mond~y,. February 11,, 1957, at tne hour of 3:00 p .. m.,
J?.ac;1.fic Standard. T~me, for the purchase of $.500 .11000
:f.r1ncip-al amount o.t' bond.s of said Ci t_y, des_:t.gnated
: 'City of Palo Alto Municipal Improve~ent Bonds of 1956 ...
Se:r;tes *B=,.12 and more :partJ.cularly described below ..
Said Series. nB~' bonds a.re i)art of an issue of $3.,150,000
aggr,egate: principal amount,, autl.1or1zed at an election
·held in sa·id. City of Palo Al to on ,June 5, 1956.
ISSUE: $500,000·conststing of 500 bonds
. 9f the denoDU.n.at1on of ~1,000,,
n,um.bered · .E1·~l to B-500,, 1nclusi ve,, all dated Ma:-ch l·,, 1957,,
and' desi.S."'lated. Ser1es ":S. 11
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MA.TD'P..ITJ..ES: Said bonds shall mature serially
' in consecutive nu.me-rj,,cal order,
t'x"om lowe:t; to higher,. on March l~t.o: as follows:
·*2s~ooo per year rrotJ 1958 to 1961
·. $20;000 per year :from 1962 to 1981
,.1J~TERES!...~1"E: Maxtmu:m 4% per annum,. payable
·.'< ·.. .. . . . aem1 .... anr.i.ually or1 M~r.ch first
are seiitemb.er first in each year,, Bidders must specify
. the ra:.te ·of in:te:l:"est which the bonds hereby ottered tor
sale· soall. .bear.. B1.dd.ers w:tll be pemltted to b1d d!f'
ferent·: ~at·es; of interest and to split rates· 1rrespect1VE~ ·or. the· maturitj.es of said bonds.. The interest rate stat;ed
1.n the bid must be 1n mult;iples of one~twe.nt1etb or one··
eighth of .one per cent per ar.num., payab:le semi-annually.
PAYMENT'.~ · Both principal and 1nterest of
.. . .. said borLd.s. shall be payable in
, la"'1fUl mcn~y of .the United States or Aiuerica at the Amer-
1.c·an Trust· c.ompany, Pa.lo Alto,, California,, or,. at holder's
. opt::.on, ·at the fieca .. l agent or the City in Chicago,, Ill1-
no1s, or 'in Neu York City, New York ..
REGISTRATION:: Coupon t.onds w111 'be :issued by
the Ci;ty., Such bonds are regi.s
terab~e only as to both principal and 1nterest.
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g]'RPOSE OF ;&SSUE: Said oonds are a.uthor1zed fo.,1. the
pqrpoee of 1mprov1ng the el~t:-ic
dietr1butfon system of the City of' palo Alto., as set fcirth
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j > 1,' \• '. ~ '.I"',_, • - ' ' ~ ~ '• ' • -~ ' '"' \ ' i-• • ,-r'' ~" ';,i' '! > • • ~ • ~ j"' ', "' 4 '';;fi, \, • "< > ~,: t'I ·-.: ·~\i ':,'\;~ • • \ ,t· ' .: • f • '' • I '~ I• • l ' + ~ ' ' .: • ~ • ! •
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. _ i:O· tbe propo-sit1.ona .sutsitted to tbe electors or said ·:~ ctt:r at ·:an election. held: tberei;n on the 5th day of JunE~, 1956"' an~ approored· by more than two-tb1:rds vote tbereoi·.
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Said bonds are general obl1.1~~·· ..
t.1ons of' the City ot Palo Ai.:a .. tc1,
and, tha C.1ty Council thereo.1" has power and is obl:lga.ted~
to l~vy . ad valorem taxe.s ror the payment ot said bonds
· and the iiltereat thereon upoll all property witbin tbe
City or-Palo Alto sµbje'ct to taxation by aa1d C1.ty
(&x_c:e}lt certain ~.ntang.tble personal property which is
tax.able :::1-t 1.tm.itecl rates) without lim.itat1on of rat.e or amount " - . ,
LEGAL O~I!I.Qt!: Tbe legal opinion ot Messrs.
-~ .. _ , : .. . . . Orrick, Dablquiet, Herrington
& . Sutc11.f:t'e o~: Sail Francisco,.· Califorru.a, approving ·the
validity. ot said bonds, will be ~Jrniahed to the succe8s
f'ul bidder without charge ..
TERMS-OP SALE -------
!!lGHEST A~ _ The bonds will be awarded to t.o.e
. . . highest and beat bidder cons1C:.~r-
1.ng the ihte1'est· rate or rates specii'ied and ·tbe pretA1Ulll
o·frered, it any.. The bi:gbest bid will be dete.rm.i:ied by
deducting .the amount o:t ·the premium bid (i.f' any) from the
total . am.otint of 1nteres t wb:teh tbe City would be requin~d
: to:·pay .p:-om' the date of said bonds to the respeotive m.a1;ur
ity dates.· at the coupon rate or rates specified in the l>id;,
. arid'· the award will be m.ade on the basis of the lowest nE?t 1nte~s:t cost to the City.. The lowest net inte:rest cos1~
. shall be computed. between the date" a:roresa.1d according ·to
· · th1l".ty .... day month standard tour decimal municipal bond 1rtter
·est'· ·tables. The purchaser :;nuet pay accrued interest f'rc1m
the date or the bonds to the date of delivery. ·
RIGHT OP REJECTION: Tb~ City ot Palo Alto reserves the
.·:-, " right, in its discret1on,, to rEt-
ject· ahy and all bids and. to waive an~ 1rregulari ty or
i?irb.~lity in any bid.
The City Counc 11 of the Ci t.Y of.:
Pelo Al to will take act1on a:wa:r'd
.1xig tne. bonds .,:or rejecting all bide no·t later than twenty
.f'().ur ;bours :a:-te:r the exp1:r-at1on or the t:lme .herein pre-
. :._:ser,ibed ·ror tbe reee1pt or proposals.
DELIVERY;OF·BONDS: Delivery ot said bonds will be
. . . . .·. . . . made to the succese:f"ul bidder at
the o:ff'ice of the C.ity Treasurer of the City of Palo Alto
as soon.. aa. t.be bonds can be prepared, wh1c b 1 t 1_s es ti.mated
w11·1 be;_ wi.tb.1:.n th1rty (30} days from the date ot sa1e •.
RIGHT. OF CANCELLATION: The successful 'bidder shall bav·~
the right,, at his option, to ca.n-
oel the cc·ntra.ct of pur~hase 1:r the City shall fail to t1~n
de:r .the .bonds for delivery within sixty (60) days f'roai the
date· or sale,· and 1.n· eucb event, the successful bidder ahall
be entitled to· the return of the depos1.t accompanying th~~ bid.
· ·FORM OF BID: All bids must be ror not less tlnan
all or the bends hereby ottered
f_or .. sale and. for not less ·than the par value thereof and
accrued :l.ntere&t to date of de 11very1 and tosetber w1 th
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•
~ > • •) l '; < • ' • • " ~ • ! , ,.~ ,!; > I, : t > ;," ' ' -, :=. • ~ • ~"· < ' :,,,~JLI '<' • ~. ~ I .r <" 'l ~ ', •;I." ., ~. ( ~ " J ~~· • ,.• ')'-'• '~ "> \ • ~ J
bidder's che~k,, must be enclosed in a sealed envelope
addres:sed to tbe City ·council of t.be City or Palo Al to
and endorsed "'Proposal .tor City ot Palo Alt~ Mt\r.:.1c1pal
·Improvement Bonds of 1956, Series 1B1 .. n All bids shall
· ba .. aecom.pan!ed by a cert.U'ied ch'.!Ck or cashier 1 s ch(tck 1n
the sum.or $10,000,, pay.~ble to tbe order of the City
~reasure1~ of the Clty or Palo Alt.J, to seeu:re the City
't:rcm a.ny loss resulting from the failure ot the bidder to
·com.ply With the terms of. his b:td.. Checks o! the unaucc.ess
f'ul biddexew1ll be returned upon tbe award or the bonds.
No· interest will be paid. upe>n the deposit made by any
suc:cess:rul bidder ..
FIN..4.NC IAL S TATEM&<lfl'
F"Urther i:n.fonaation relating to. the .r~.nancial cond!.
't1on of the C1ty of Palo Alto will be .furnished on requc!st.
_ . ·There 1.a. nO' controversy or li tigat1on pending or
tbreate.ned;_concex-ning the val.1d.1ty o.r tbe above 1e:sue,
the. corporate· eXietence of the C1 ty or. tbe ti tlt"'. -. of the o:Cf.;1e~rs t.9 their respec-t1 ve o:rr1c~s.. and the City will
~trn!$b to·· the suceess.tul bidders a non-1!.tigatton cer
tificate certifying to the foregoing as of and at the
tim.e ot the ·deli ver1 ot ·the bonds,,
DATED: --------~------·, 19 ___ •
WINIFRED KIDD
City Clerk of the City ot Palo Alto
State of California
Section 10. . Th!s ord.1nance shall·· ·take e:f'.t"'E:ct from and after
1 ts pa.ss./Ei;ge and. approval.
Tbe above· and toregoing ord1tJ.ance was duly and regula~ly intro
duced and passed at a regular meetit'l.5 or the Council of the City of
.. p'.a.lo-. Alto on Monday,· the :1~~h-da.y or
; folloWing vote:
.January # 1957, by the
Bishop, Byxbce~ Corcoran, C'IJll".ll'.;irigs,. Divysda le, Giffj,!1>'
AYES-:·· :Marshall,t .Mitc':l~ll, Na.vis, Po'.!"ter, Rodgers, Simpson.
. NOES:.
. -.
.A.BSENT=
None .
~; ,,., C-:-esap,, Dav 1 s, Ru~pen tha l. / /
i I APPROVED: ./ f..,~ t,-L
----~~--~----------------· Mayer
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