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Home My WebLink AboutORD 1744[32 2&22. ; ; : » 1 : l.;-~ ~·,;-:~~; ~·-. I .. : ,.~.;. .. •~'··_, '· ... ,.''" !, 1 '·"~~~.... I: :~~'"~,~~;•t,, ,~\~··~·~ "<0 ,1 • ·~~ 1' ; • •• II .. . ·11~~~p,.;ia{l~iff~~~~~~Ji~l!i~lf:il&Y:1;k~iL'.l?l1!~1~~~4."i ~~i-·1~. . ~; ."'if . ,. ,.... .. we . ~ .. <!,~: .. · litL . . . ··:mEREAS, the ·c1ty council ot. th& C1t7 or·Palo Alto beretofo?'1(, .. t·c> ·wi:~:: · . on the 9th day ot July,; l9'J6.. duly passed and adopted 1 t:s . .'' ,\, .. ' '' Ol'd..!~ance..iro. ·.1697 pro:v.tding tor tbe 18soance of. $3,,150~000 p:rinc~L- . . ' ' . pal a.;:unt· . ot . "C1ty ot Palo· Al:to Mtii:Uc;tpal Iaprovement Bond.a ot .. ·1<~6· • ... -~~-. ·-r-~ 3. w..u:w., . ' ' . -~ .. 1n .said Ordinance Ko. 1697. the authorised issue of the city or P:alo Al to Municipal .Iiap:rovement Bonds or 1956 was div:tded. ilito ae:ri~a :whereof $9001 000 principal amount waa designated Se:ri1~s e.zt•, and; ·&:be issuance · and sale thereof a.uthorized a.nd directed; axid ~,. said Series "A12 bonds· in the amount ot $900,000 bav., ·. . -' bctret;otore been issued and. sold; and ~.t e:a1d ordinance ao.ove mentior1ed provided tbat the re· ... ma1r~tllt\ $2j250.,000 principal amount: of' City or Palo Alto Municipal . . . btp~{)Vement Bonda of 1956 might be issued rrom. time to t1ine as zw~pa- '• ', ~tte M.,riee a& and when d.1.rected by tbe Cit7 c.dun1:1.1,; and .,, .... ;._.• .• ·~k by ·Ordinan~e No. 1728. duly passed oJo. tbe 14th day of' . ~ . · 3.tinua,;.i,~ i951,. t.be c.i ty Counc:il authorized and tl1:rected the 1ssu- ~;r.~ce and eai~: ·Of $s00;00o principal ~tlJDOUnt of 8&1c:I. bonds.,· des1gna1;ecl .. •~;~ ·~,;r1:~8.::'.·B~:;·. S.nij; :·~Ji~' M1d ·Se~1es •:ad bOnd:!J. ·in ·tbe amount ot $5001000 h8VEt . : ·. be.ft·t~~~/·~n.~SsUed·: and '·ab:ld; a1r1d·· · ,;:: . , ' . . I ~!:,~ l '. 't• ~-, · .\r, o •; •: t •_ , '', '·, ' , • •• • ' . 5lii1ERE.Af»; ·th.is Ci.ty Co~'.:::il b~us .determined ani.l does hereby ·:•'; ;.'./.: :/· .. ·;:;,, . " . ;. . . ' . · .. ·. . . di:cla:!e: tba·t· it ·:is nec:eaaary ··and d~!'.airable that a.i"O. &dd..1t1onal .r. _,· I El -: "'. ' " -----------------.. --.. ----.. ------·!- • \'" ,.. .fi;:ooo,,odo Pl".inc.tpal ~unt of sald City ot Palo .Al.to Municipal .I:mi:.•ro-veMnt · Bo~e of' 1956 be 1esu~~d and sold ro-r '~be purposes :tor wb!.ch tbey were autbortz.ed by tbe eleetors; . NOW, 'l'HERE:PORB., tbe Council 1of t'be City or Palo Alto does ord.a.in as fo·ilows: Sect1on J. .Bonds o~ the Cit;v o:f' '.ealo Alto 1n the aggregate awa ot: $1.,000,000 (being: a part. o:t sa:td 1asue or $3-150;000) pr1nc1pa1 . . nc~nt authorized at ... ea:ld · elect101:i beld 1n sa:1d c:tty on the 5tb da:y Of June, 1956. ab~ll, 'be 1~.8Ued .to pay the coot Ol~ the 8CQU1S1t1on,, eOt-struc"tion·and ca.pletion ot the municipal 1mp:ircvements set fo1-t;3 .•: a& toll°""" t_o w1 ti A u1n: li:b:rati and branch li~rary., including buildings,, . f'un:dab1nga., fixtures"' books,,. equ.1pment and other works,, property or str,ucturea neces1aary ·or convenient :tor said li~rary p~rpoaea,.· . !tibi.ie :pa:rks,. pla.yground.s _and. recreational c.entcra,, in C:l'ud1.ng lands;, bUild1ngs, playgrounds ar..d ree.reat1onal · · · · ~qU1p~nt: and .apparatus,, lanaacap1ng, l!gbting :tacil- .. :t tie a/ at.id buildings and othe.t• works,, properties o:tt '"etructu~;a necessary or e9nv•Hlient for public parka" playgr!.)\md.8. ·•and.· .reoreat1·onal purposes. ' ' ·' .. Sect:toi(·~· s·a1d· Ordinance No. 1697 tor the issuance of City c)f Pal·i> Alt.o<Ml\nic:tpal Improveme.nt .Bonda of 1956 is incorporated bereln bY; :ieterence., an~ all of the tirovia101l& thereof are made a part " ' ' · her<!ot and shal:.l be applicable to _the said bonds· .~ sa:td au)bor1ze<t 1u:1e to be i&aue:d by_ virtue o-£ the prov1a:tons of this ord.1nanee excopt only aa herein otherwise exp·reesly prov1d.ad.. Tbe bonds of said Se:riea ac• herein provided tor shall be exe~uted in tbe maxmer· set forth in· said ord:ir+...ance pro:v:1.d.1ng tor the issuance or said 'bonds ·..,,, ___ : . ot ~ieriea ,;,(•~ and·' proviai:on is tie:reby mad~ tor tbe levy· and col- , . lect~ion _ot ta::z:es su.ff'icient tor tbe payment ot. the bonds of· ea1d Se~~e& "c• in ·ti.e.., torm. arid manner ae provided 1n aa1d ordinance .. . autbor:izing the :f.ssuance ot said bond.a of Serieu.11An. sect:to.s .. ..l~ · 'rh' $:1;..0001 000 pr.Lrtcipal amount of' City o! Paio ntc :11uni~~pa1 Impr0ve•:at Sonds ot l956eball be and corust1tute One Se~i~iJ' ot« n!d issue#. th be designate<i' Ser1E8' ",C" • Bonds ot -2- ·!.' • . ',.-,...· > ,•, / .. / ... / -.'/ ·. / . .•. ( /' ,· •. ... ,,.. ................................................................... 1.-i ........ I .... . . .. --~~.;.w~~~;~1'$1.~~1l\ll~~c·~rc.:.t:..).:r.;~~~~~:2;:.\~(.;;~,;;ij~~~t:%':'.i'.:~.~!r~•~\f:i.it~,~;'i~}~;l:Y3!~::i,~T~~~~~~~:1.;.,.~;·f$~~:~$~:,a~~.~~ W:0;1:~'.n'.;~· :.satd. Serin · 11c" shall be Mgot.1able ill (Ql"Dl and of tbe character lai<:*n &a :Hriai; .ar..4 ifbail be 1~000 · 1n. number, nw:at~red eoneeeu t:1·.r~ly. trom ~l to c-1 1 000,, botb inclusive, ot the denominati•>n · " · .. , " ~!; $1.~~00~f ~-•cb.. said. Series •ctt 1~onda shall be dated June l,, l·~~->z:<(wMeb· :ts ·~reby fixed and~tenrlned to be the date or the . . . ·1sm.1anoe or sti..cb' Series• "c~ booo~J ~ All ot. oaid bonds zs:ball bear int~ere.s.t f"r()m :.tbe~r date :u.ot11 pa:Ld .at the· rate or rates des1griated • ··,. ,·'°.,. l>y tbe: Ci;ty Council or the. City of Palo: Alto at the time ot the ' ' '. ,', ' ' ' C I aal.e ot said bonde,, but not to ex~:eed. four per cont ( 4-) per annam,., . . . ' ' . . . . . p~yabi~: ee~1'..:.annuall;. · Sucb intei~st · sbt\ll be evid1enced by coupont~ : ,, . -,',, •... ', ~ . "· x: ett acbfsd.. ·t:o: each bond,, . arid -each ot sajL·d coupons shall represent a:b: • • '~. • , r " , I , , • ' • mor:thi' interest dn'the bohd to vhieh it 1s attacbe,j • . coti;pons a ball · be " payable on tbe t;1rat day · ot J·une and the f'ira t day o~ Do~:mber in. each yea·r unt1·1. and at the r&speeti ve date ot matur-· 1 tJ o:r_ nid :bO·nds (tbe: r1rat cotip<:m on eacb bond representing inteI' e·S:t ··trom'':.Jurie l_, 1957; to December l,, l95"r). Said bonds ·ah2ll ma.tu.re .... .'.. . ' ' ' ·.,. • ..,...r('•' ., • arl.d: oocome :p·ayao~e' in c.onsecut1ve numerfcal order, f'r~ll lower to hi:!.~_X"'»'.. !lli· _:follon:·: -~c;~:ooo:~ ·p:cincip.al amount of ~:J.eities •c• . bonds sball mature and Pei pa;;able ·on JUJ:le l~t i.n.eac~ o-t 1:;b~!t' years 195fJ: to 1962,, both .illClusive; .· ·•401 000 pr1nc1pa1.·~o~nt of'.Se:r1e.8: "c" bonda ·shall mature. · · and:, be ·payable on J'w).e lat 1ri.. eaeb ot 1~:ba ~years 1963.to.;1972,, both :11icluaiveJ · · · · .... , $50~~000-pr:lncip~:l'. amou:nt 'o-r ~~en-eo 126" bonds eb&l.1 mature .. " .. · :. and,-::~e:pa~ble.·on June: lst-.·in.each ot the yeara 1973« to .'.1982, beth .1ncl"{ioi1·?e. . · • ' ,' ' ,: :'.' 1 , I ':~: • • , II , '' I : ' I Botb the prine'ipal" or '.and :tnfaii:rest on said bonds shall be pay- . ' . ' ·,;··· -:."', ·abl~ 1:0.·-iawt'ui.·mcMt ~f the Unite<!{ State·a· ot America. a~ the American ," " .·.: .. '-·. ',.:". ··,,·;, • ',·,·:· !. '._' ·' ', - Trus't···c~pany 1n P~lo Alto, Californ:1ap or~ at holder•s option, at th~ ti:~~~· ag~nt·'.~t : 0 t.be .c1·ty. ir.-Chicago,, Illino1&, ··or i.n New York ~ ·,"',' •"'_..., ·' c~~y,· • .. ~ Yer~. '<. .. ~jt:tor{:4:~. ·&!iid bonds ·ot ~?~es ~en. aball ea¢h be subs·tantially ''.: .. <•, <, \,JI''> :~~~-f~' ',:'-,· ,( .. ,~··:<,-,:;~:"·:' ~<·,~~ I .... .'.: I ,· ; ,-' • • • 1n :tbt\':'to11()wing. form.,,· the blanks in each form and i:n tbe tom or . : • ··:,'' ·: .. 1·,', ''.·' -.. ', . ',' ,-' ":' cou:~h ~ven:. l:w>low:: t;o 'be filled '•1.th appl"opr.1.S:te wo~:is o:r t1gurea: .. -3- ~ • I '.,1 ··~' ,··~ ".' • .ti ,··, .. , • 0 .. ' '. , .. , .. ·~ -~;·c··· · .. -, "'.• I :• :.,·,, .·NO:~ C,._· __ . $1,000 ' .. '··:. ·; ' ' · · .. :. m2 CITY OF:.PALO-ALTO,.· a mumeiPal corp<;tration.., . ·o~:zed arid ~:e:nating. ume.r the Co:rl$t1tut1on and : la•s:')o;: the< State or: Cal:ttorllia·"' · be:r.eb7 .ecknowledgea : ··1tse·l:r.:-.1n'tiebted.·and tor -,a&u•~ l'(jctiived p~&Da to };FS.l" to t.he be&Nr {or .. 1f'J~b1e .borid ·be reg1stere·'1,, to · tbe regiatel'ed· &older· i.reof'·f on t~ lst clay of June; _19~ .OD .THOUSAND DOL.t.AllS ,$1,000)., together w1,tb inte,:r&s·t tMreon at tbe io•te of .·. ··. . : . · . . .. j)er' .e~nt· ( ) .#)er anm.111 .. 'until ~nt o! u1a · · prtn¢!pal. aua in ·-rull ~ payable aemi-8.nnually on· tbi! · la~ day.,ot }Ju~ .and the · 1at da,y or· December of 1ea.ch Y$&1':~ ., .tl'nl.f:t·S:a th!a bond 1a r$g1stered,.. &ueh 1n'tarest., ~pri'or.· tp 1maturit7,,. shall be :payable on1y on presenta- tion ,and .aui're-r.tJ.e'r: ot tbe pr•jper inters st coupon.a .:. be~tO .. attacbed tia:: tbey respt,ctively 'becoae due.. Bo.;b. tbe-;;p!r1:nc1;p&1 ot . a,nd: interea:t· on this. b(Y.Od are ·payable . iz1:=·1~l'.'£ione7 ot• the United s~te-a· of. A'Ml'ica. at the · Aaer1can. '?ru•t. COTAP8llJ in Palo Alto,, Calitornia, or, at :ao.lder.1:a ·,opt1~!-J." at the 1'1sea:i agent or the City in Chi.ca.go.~ Ill1.no1a., or in. New York City •. Ne:..i York. . Tli1e•· ~ond. 1a one or a d:~ly autc<innd 1·as~e ot bonds o:r: al!d~d :city aggregati.98 crbre·e Million .ODe· Bun d:r&d . n:rt:t .«.rho~salld. Dollar•. (J3. l50' ooo) . in p;w1nc1pal _ 8Jtount, a-ll,: ot.. like wn<>r (e:itcept. to:r auc·b -var:tat1ons, ~ :U"; •t1Y I"· a-a. uy be. :requ:1.red . to· de a:ignate varying aeries, . nabe·n:i: -.,:turit:t<UJ or. inte~et·:.z.ates) and.1a issued · Ul)de,r· and'::.p'Uraua:rit.: to tbe -Co.ut1tution and Statutes of tile· Sta~ ·:o~ Ca11tornia'_, and 'lmdeJ; .. ·am pursuant to tbe "ON1,nancea· : and' pr~dinP: :of: &aid:: C'1t~ dal.J' ad.opted : . and ta.ken. and ::fl. vote am a!Sae1nt ot .ore tban"twO"'.'"tbird.a ot all::·:;-6'.bfr . qaalUted. eltHlton ot. ,Ai'd/ City voting at a "apeci'alJ.tlection duly called. and. beld tor tbat :purpOH • . · : ·~~· ~i·, ~IJ:be~~by-.·certil:1ed~: ~itedand .dec:la:red •. that ~all a.etD~, :e<>n41tiona·~. atid~ · tl"dJOga required b1 1aw. to ·. eXi:s.t~ . b.appan/ and :to. be parf'orMd precedent tO .·and ill ·the _·1•"8~ o:t tbia bond oeve •xi•ted·~ cappan8d.: and . ; : been "Pe:rfo%'J151ed i.l'l: ·due tiM' fora and llllll11e:r :u :required . : <:::~t. J.av:;:,:~>that -. tbe ao.unt or: tb111.:~., topt.tier. with ,ui-·:.other:·i'.:odebtedneas.'ot .sa:l4 C1tJ;..,.. doeanot .exceed.: any · 1~~· · p$ac~bed. o:r ~be. Comt·t"tTd:iou: or· Statute:• ~ a.aid "tate';t.. a!Jd tbat prov.iate>n }:)a'S· been 118.de u req.U.il:'ed b~ .-.tb;8:'1.Cout11tut:!on and· :statate:s: of the State f'or ·the col iection:··or ··an ,· . .anunal tax. tn::tt1c1ent to pay. tbe principal ·or •. am:~:b~N•t on,· this: boH «8 t:ne·::aam._ ~ dUe.. · lftMt· . .tun:·:,fatitb. and credit ot said· City a~ bere:o:y pledged t*j;r.1e-:.~ctt.1a1 ... :pa,...9'.Qt or tbfi p~tr:.c1p.i·1 :arid :tntereat ot · tbi.• bond·~ . . . '~-i ,1 , ~ I .. ,, ··; < iW . ,. ; : . r, ·\~i . ,. . Tb.a' borid .u1. be :registered. in the suumer provided. ·b7 laW.~; .. ·and'tberea~ter# tbe principal he:reo:r a:n1::I inter e:a:t . hereon shall be payable only to such regis tis.red OWMr<I/>:·; ···: . : · .,,, · ., ·. ·· · · ··. ·· · · · · · DI ~wrnmss· ifJIEIEOF~ · tt.ae C1t:r of· :Palo Alto. ba·e caused tbia •.. ~nd .. to be_execlJ:tftd uDCier ita o:tt1c1al. seal~ e.igned · by ''1'."ts.'IUeyor . ancf 1 ta _.:~aF:rrer,, ·and, ceuntenig;t)Jtd. by i ta . Clerk.; .1£Dd; bu . c~uHd· .. tbe u,teNat coupons bere·to att.e-cbed · :~: H'.e18iled·, by· 1ta ~aaurer /1 an<f;: tb1a .bond. to be da~ · ~be .. _let day of: June1_.1957. ' . ' : «Cou:o.ters;igned: . . '. ' ' ,, Coupon. No. __ 0n· the 1st day ot . · :1 19: .. tbe C~ty of Palo' Al.to ·1aili (uiiless. the within ~:~ntioned bond .be reg:tatered) pay t•' t>earer !6 ·1aw:tul •o:ney o:t the United statei~ of America, at tbe .American. Trust Company j~n .. Palo llto..v ca11tornia,, or,, a.t holcler•e opt!.on.t at ·.the ·r1ae·al agent of tbe City in Chicago~ Ill!no1e·, OX' 1n New York City, New York, · . · · · Dollars s c.Ing.aa months.~ riitirest t&in due on 1ts··--- Jt.Jn1c1pal . Improvement" Bonds . of' 195·6., Series •c:'\, dated. Juna i.. 1957. • • ' t NO. C __ _ Treaeui'.e:F"o? tbi dity-. of Palo Iito Se<?tio~~· ~e. Mayor or said City or, Palo A;:tto and ·.the Treas u:n~r. ot . said C~ty ·a.:re hereby authol?.zed and· directed,,. re~pec.t1vely, ,.. J -· ae1 sucb· :officers, to e~cute eaeb ot s&1d bonds on bebalt ot ae1.1i ; . ~ ; ,· ' ',. . -. -~· . ·, · ·· c·~.tj-,, an4 the· Ci.tf. Clerk, or one or more or her deput1e.s,, 1s bereb1 '· ·-. J ' ' • a~1thona::ed tu1d· direo,ted to coll!ltera:t.gn each of .said bonds and to · " --' .. ·,_ ._. ·. '. . . ,, ~-'' ' . ' ' ' .. -': ' ' - • . < -~ ',. • . . ~· -. . "" l\ -· .·,.. .. ". ,._ i~· -..... ~ "'".'' ' - ' .·· .·~( . 7 . ___ . .,,/ i•a~ ,·1r'', -~ .. . ~:; .. , :~ ·~ ., .\·; ·:\ ~~ ~~· ; ,. ' ~. : .af'.tu i;tbe o:tticui :a.eel ot said Ci'ty tbereto-.. r,. • • Said ~1111.yor ·and ·. ~·-~i .~ .. ft', .• hereby eacb., N$p!~t1vely' a.utboriaed to cau'se Aid . -. . '· "~; ,' bond~ '·to' ~· e1gi~c1 by their pr1:nted~: l~.tbogra~d_ or engraved .fae-. . ~ · . .,_. ' : ,,,: ,• ,\' sim.11• :·s:tgriatures. , Said ~asu.~r 18 be;re by autaonzed .. arid d1rec-· -. •. . . te(f to'<a~gh_,~acb'. ot· tb9 1nteres·t' eouPQns bJ pr1ntedjf l1tbogra;pbed ci~ eDsi'ueil ta~sia1le ai~tu~,, Sucb aignlng,; . couul;eraigninog and • -''.,,I" .' .;_,' j, '.'' '~~-. ' ...... ~·· :.:,.· ' -~-' , 'I S:ealin& as· ~~in pro'r:ide-d sbal.:L be a r;u.f't'1c!ent arA. b1ndixag •!txecu- t:iion C:r aa1ct : bo~ arid coupons by aa1 .. d City, and all sucb s1gJ:iaturea ~. '~< 7 : -1100 tH):anten1gn4·turea.-exe<*pt1og tbat or tbe c·1ty Clerk or be:r depu- t.iet(,· ·~:.v: be .. Prlnted, litbograptaed or engraved., In eas~t arcy ~)t aucb ' ,'• . Ct'f':i.ce·xtS Vho~e, &igl.'U!turee or CO\:mteraignatures appear on tbe l:>onda , or c~poi'ul eb:&ll. o:ea.se to ee·. aucb ort1cer before tbo d611very or .sucb CN)ridl. to the pu~baser., auc·h !Si.gnat·~s or countersignatures uball .n1tvertbele1r,;;t c.e.·. valid and su:r:t1c1eut tor all purpoaea. the s~t as 1f' · t~y bad: :rem&1ne<l !n o:ttice unt.11· the 'deliver;. or the bonds .. ' ~ I ~ . '.' ' '"""" Secti~·(t For·· tbe purpoae ot paying ·the principal .. and. ~.nter- ~· '.. • ,l e:5t ori z.a1d bonde:: tbe C1.ty .CourJc11. of ,th4! City ·ot Palo Alto ·!~ball# ··a·!i tbe ti:me cf ~i:dng t.he ·senen:l tax· le't'Y. and in tbe .ar:.ner .t"or such ., ~ . . ' . . . ' . . ~ g;i~neral tax le·vy ·prov1~d, levy and collect annually each :yem• until 1ui1c1 bonds .are paid:; or: until there a hall be· a sum 1n tho trei;sury " k ' ' '< ot: eaid ·Ctty set. apart: ::tor that purpose to meet all 8WAS COmir.:g' due !'1:)r' principal ·and 1:0.tereat on aucb boNe., a tax sutt1c1ent to pay '' t'l:ie annual iritereat. on aucb 'bOI".da as tbe llbre become due, and also >S1i~ch ~-~ .·ot ~~:.~rineii)a1 ·tbereot as shall :becoaie due betore tbe p:1:-Q¢.!edtf,of..C:a, tu levied 'lit tbe time tor malc1ng the next gene:r1al tax " ~ ' ~ ,• ~ ,-' lE~vy.can be ·aade:·;.a.va~bibie. ttrr t'be pa;yJlant of. such pr1nc.ipal. Said ~!~X: ah~ll be 1.n additi,on 'to all other taxes levied .for municipal ' . ' . ,. ' -, purp08e1S and Sb.all itiie collected •lt the same time and in the Sime mam:ier.: :::,.a otbe:r ~un:i:c:ipa.1: ~taxes. ::ire collected and. be used tor no '' o1~ber p~~e tha:ri tihe payment o:t' 3&1d bond~ and accruing interest. S<::id. tue8 as e0-lle¢t.-d shall be forthw·1 th ;paitl into the f'und tor wt11icb tbe s~. were· levied and cc)llec~d and whieb sball. be deaig- ~·~·' -6-· •• c<•~ · d.~::'~.fo~ 'the. J>ri~i~&l. · ot and· interieat. on a&id. bonds abal:L be · :.p1·ia,·:&~~:i~c:b :·turid.. Tue:~ aball l1kew1se be dep0a1ted 1n aa=Ld ' ' tuad any·:·a0n1ea recei9ed: on: account or :any premium paid on sa:td •• ' •• 1 ' ,;·.:.'' ,. ' bo:lds·alld. ·1nte.reat accrued on saicl bonds from. their date to the ' ~-:~: ot <delivery and actual' pay.ment ot the purcbaae price 'tt;laJ:iieof'. · a!:..C:ti<?,n z. ·'fbere. are b~reby created. and ttstabl1abed f\Jnd:s .•. · wh:~cJi ~ball ~~.kep:t ·by the .~eaauey ot said City .J.nto wbtch allall .''·:H ··~,.i'/'».,>::r:\·:·· .. ~ <,,'J_' • ._ :. I ',' ' 'be depoai.ted the. praceed.a. or the sale or ea.id Series Ille• bol'.ld11, as . >: ·>. . -: . '',<' ~. ·:,·.?,,:· ·:" ; ' : to:.;lf,)'W:fH · _, . a. :·· ."195~ Libr&,ry Cops~:ruet1on .Ftu1a, • by vb1~b a . '' reco~ aball be ·kept of tbe <iia.burseaient& o~ the pro- ""-·,'• • ! . I•, ' ' ~da ~r, ~be sale and/or sales of $700,000 prtneipal aaoont· or··aaid City ot Fa.lo Alto Municipal Improvement ·-...... •,· ,, . ' ' .... ·, ,«,. ·.~~' or ;956~ &!?!es ~en (otl3er than p~mium ,and accrued · 1.h·te~at rece 1 ved on t~ aalo . of said bOndsJ,. and such .-, " 'I.'•: •:, • ' ''.~~ "• ' • proceeds ·shall be applied solely to tbe vurpoeea and . :· ' \ ·~. ', ·:" ·:~'b~e4:t~· spec1t1ed 1n· Propoa11~1on #4 set tortb 1.n Sec tion f:· . .;~~:. Ord:t~ce ·~o. 1676; provi.ded. .. bowever., that ,when such purpos"e and ob;jec1•s have been accomplished#. : · .. ,· ) ·, ' ' ' . any. aonierL Nmaining 1n said :ru:.1d shall be ti-ansterred ·,,r.,, ', · • '" ,. · 1, · tc the •1956·:Mu:tu.c1pal Imp·rO'f'~~nt Eond 1'.md •.• . ' ' ;~ . ' " ,1 .:.·-. b.. "1956 ··Pa2:9k and Playe:round Oonatructi~n .Fund., 11 . -.~ '.~ ., . . . . ' . - b1 whic:~ a: .~cord 8b~ll be kept Of the disbursements . . oi-. tbe proceedb ot. the sale and/or $ales or $300,,•XJO ''.' '" I:,/. : ;• "·, -~ t .,, • • prln~i~lamourit or ~aid City ot·.Palo Alto bn1c1pal " ' ' ·•1 '' ,,, " ., . . ' ; . . Improveme.nt. Bonds ot l956Jt se~r1e·s ncn : (other tb&n prem- 1 •• ' '. ' '1m and: accrued interest recetved on,.tbe aale· of eaid 'bo~~) :1 j:~d· au<:h proceed.a a hall be applied sdely to tbe ' ,. . ' · pu~olsea .and objects S!)E!eit'ied 1n Proposition #5 net • : ,'· . ·. • ·• ,. ' ,2:: ·.• . ' '• ,·.': ·. . · . tort;b .in Section l. of ·Ordinan<:e No. 1676, provided,, how- ever:, tbat wben auob purpoae:a and objects ba~e been :~ '. ' • ''. -1 \ ' ~ ' ' • ' • • • ~ • • • ace.oaplished,, . any monies rema.1.ning 1n said ".tund sball be -1- ::I ·, ... -,. . '"'"' ~ ,,..," ,1,_ • • .;,,i• ,.--~~ -~:~.:.;~-:~~ ' ~~-'~ ·. ~,'.· . . ·-1; ~I ' '/· ;,,: .'·' ' : . ·;;, . h~>;.---··. : :::See'tion.~S~ :~ -C:tty Clerk, 1a directed t.;:· cause a autti•:1ent ' nUmber or blanx bonds and-_eou~na or suitable quality to be :litbo-. .'·,· . ' . gra1)hed,. ~~!nted or en'.graved and to cau,a.e the blank apace·s tbereot . to-:t:ie :.tilled in t'? ·comply with the prov1aiona hereof~ aod, to pro cure ,', tbOtr' execution by' tbe proper o.f.tieera and to. de 11 ver the• ' ' Wbel: =:ao e;xeclZted to ttM,, Tl-eaeUN.r of &aid 01 ty wbo aiball aatc1ly · ke~p to;:-ebe .tint11_ they &ball 'be sold by t~· ••1<1 City Cou~c;1l,,. ~ber:!upon ·be . lnall deliver tbem to tbe purehaaer or :purcbaae:r·e . . tbe-r .. 1ot: on ~ce1pt o~ :. tbe purcilaae price. "-. . ·-. ' . -. '' . ' . ~ . Se.1d Mayor, '?reasti:rer . . ii tigaJii~n, c-e-rt:ltio.ate. ir1 the-·rom usuaily required by purcbaser·s . . . •!1·' . •, . . e:icec-.;; ti on. D't , aa1d bonds and further ce.rtitying _to al:t tac te irl til:ln ,,_ ), tbeil'' :knowledge relative to any litigation which may or mgbt attect' ; .· .~,',,''. . . . : . . . hid' .~f ty; aa:td Oftic~:1,.6 01"'. 88.id bonds., and 8&1d ~~lllSUrer 15 tui- ·tber :tµtoorized and directed. to aake, execute and·, de:t1vel9 to 1;be pur cbaa~,::~<"'ot aa1d· bomta· a 'Tn!a~crer•s reee1pt in tbe torm uaually re qu1re~~l ~)' :purc~aora 'Of_ municipal: bonds,; .-v!denctng t:t:te payment o.r -tbe pi:1rchase p:r1ee or ea1.d bo'nd:s; wbicb .N'~eipt aball, be conclus117e e·:v-ide-;:~e. tbat liaid purchase· :;)rice· bas been paid and bus been re- cei vee!-.· 'by: said C1ty. Any :p~c-h8~~ or snbeequent takerr or bol'1er ot. said _b6na8'. /18, hereby autho'r1Hd to rely upon 8;nd shall be ju~t:1t16d . . , ,-.,· . . . , _I/ . . . -, , :1:t:i rel:ririi:·;upon any,, sueb·:ll1·.sn.at~,re and: no-l1t1gati.on cert1f:1ca·ee of' '\''.· T:reas111:rer:t:a 'reee'ip:t :~th-respect to sa,id bonds. executed; p~rsua11t to {..I'· .. " 1t:he aU'::~ borfty, ot t~18: ord1nan~e. ' · · : .~~~tion 2·, A11 o-£ aa1d.· 'Se~ies -•ci» bonds $ball. be ottered for ', -.'. '•.y public,; ~l~ by: :t~e city:' 'coime:i.1 ol the.' City ot .Palo Al1;0 on tbe 13~~h · ··.. d~y; '°f' ,iay ~ i9s{ ~ th$ ~ C:tty Cle~ 111 bere!)y au~ri:ed. and dire<~ ted t<i: riatiae. notfce ·oi the. ale' ot 'said' bondz to' be p1~1>l1abed onee ' 1n the-:pa1-o ~ilte;i:..~:a·,, a -d.a1ly ;aelr·epaper publian+?k:i in the City 0£ · ' ' . . "I ; .~ : ·~ ·:; _,. . ') -, • , -· I -. . . . -I - ·'.t · .. ,, ... -~ . ·' ,;;, .... ' , , r. .................................................. Bl ....... I_ . ' :.···t '1-Y •' '.J .. Palo. A:~to; ~:_:~u6ii:_.~otj_ee a.bal.l. be aubatant1a11,-,in the ~o:llc.nng •.',·,. ' · tormi·· ·.;o·:w1tt::::): ::\ ' ..•... Nft£ICE PE·~· ·· · . · jf; 0oo·,.oocf . :-· c':m OP .. FAifJ ALTO CALIFORNIA ., • I ~ ' . . . . ·c~fi:oi Pi:oo/~t~:r-Mmr.tcnAL OOROVEMEW! BONDS OF 1956· ; . . -~ '• ' ... ,,_ ... . .... :: ;\ , .... . ', ,.,' _, C'r::l"O~:. ~·"·D ~-·"' ',l ''· ·May 13,, 1957 . . . ..Na.?ICE,-: m HEREBY GIVRN: tbat ... aealed p~posala will . bE:: ra'ce-1ved ~ the. C:tt:v. C!e:rk :of the C1ty.:oi' ?a:lo Al'to on :JllQnday, • Mllii:l3:;·'195,7.,. .. : tit ibe' b~· ·-~~:. 3:00· :P:•~ .. ,, Pacific .DE:yJ~~bt Sa·ving·.'.Tia&,.: ... tor :tbe .pu~ba.M.·-of $1~000,000 . P,1·~1}>&1 BJ.1ipunt: .or· 1:o0nds .. o~ aa1d City,, · dee:tgnated •c1 ty o.:t· ·.Palo· Al to. Muni.elpal Ii:a:pro.v~r"t Bonds bf. 1956·, Ser- 1ea •c•···. and ··more 'partt~~lar~y· de~~ribed below. Said Series ~c·• bonds are ~: ·or an 1~SH or $3~.150,QOO aggre· ga.~ princ1.pa1 amount,,, aut:h~nzed .. ,a; ·an election held 1n u1d. City or Palo Alto: on :June ·5,;; i956. · . . ·.· . . . l&~t $i;OOO~.ooo· cona1st1ng ot" l."000 · · ' ; · .· .. . . p.oruta· of" . tho-denC11Ulat.1on ot · $i',Ooo .. nilllbere:d c-1: .t<> c~isooo, ".inclurtve,, :l).1. dated :1.~•mf ~,, 1;957 i and de~ignated Seri.ea c • . ··. . . . . .!1£.:lmgTIR:: ;· . ··Sa.id bond.a. shall mature serially , . . ', in (;QZlaeC:Uti Ve numtr1C&l Order I tZ·oa lower .to higher,, on June 1.at, as .rol.l,owa: $201 6oo per year from 1958 t-0 196? • ,. ' • , e , I $40,.000 per ye_ar f'rom 1963 to 1972 . . ·fso;:ooo pe:r 1~ar rr~ i973 to 1982 . IN·~_i;. ·JIAT.Ei ·. Na~mmn ~~ per ari.num,. payable -~ : ~-' . ' semi-annually on June .first an::1 ,-Decem.be::r·'·tirat in eac~·. year •. Bidd•ra .auat .apee1f:Y' · the· ·rate .. :ot inteM-st··.:•.Wh1cb. the b®do. hGre.byottered tor . aa·ie: a.bal'l<t>e:a~ .•.•. Bidders will be, ,pe:ir&itted to bid :dif' :fe;rent· ._:;rate:s._ ot> interest and• t·o .&plit ~tea· 1.rit.u1pect1 ve ot 1:tbe .. :ma;turitiea, :of. ·.said·· bondu. · The 1nteftat· · ra:te ,· s#1ited' in. 'tbe···1)1.d:·: mns't·: be_ 1n multipl~s ·of ·one-twentieth ·· ~~ >one-e1gb-tb of' one per ?•nt. per anna.~ payable aem1-. an::iually~ ·· · · ·· · · · · .·:· ;U:O.c~ :, ' '~th p~~n<;·1Y4,·a:nd· ~teres~ o:r , . ,.. , .. . .. . . . . . . ... · .. • s~d .,bonds •D&ll) be< pa,,.able in _l&,r.ttul mcney·. o! _the· T.Jnj~ted: States ot aerica:·.~it ·the .AM .• r- : .. 1~in ·Trua1t: ~~ ... ;Pa!o : ~~;: .. qa11:rornta..,; ·, 0::.11 .at bolde.r• s 'op ~·~on~1:.;'.at 'tbe.i·~sC:a:l. age¢t:: ·ot·. ,tt\e · C1tJ'..:· ill C.litcqo~ "·lll1-. ~:t&:.t .or __ in;.··~ York ·c.1t1:;:· ~~-York·:b:. . u1~~RATio!i: ·: . ·. · . :co\l~n ·bo:id·1rlr.1:11 ~-~;asued; by · ~:~bie. oiiy·aa··,to. ,bot:h p;~~i;:J-~an:Uf!u~!::·:a~ regisM. • •. ' '. '• • • • !' '·. ,., -: ~~ j ·.: :.·; ., ~! .,, .. , .. .t :.~ ~)' ~ t'. -~· ','f ·~, I· -~: J.~~ ·rl <~~ (, ,~, \~' 1~· :~· -~ \, . ' ' T .. •: ../ . . ... ... . . . . . . I • :·. ~':""' ·' ... ;. . . . S:~;' h1d bond.a' are ee:neral . obliga- ' ··•~· :;·'\.;~:.<::{'> . . .. , : , ::'. .; .< ,; ttons c.t tbe C1t7· o~ Pal0; Alto.,, alld·~f~ .. Cl'f;J.'. ·~OT.mC11. tbere~t b48 power and. 1•· ODligttted :'.1;1~ ltt#". ~~· Al,.<>n•, tU.a ·.~or ~he· pa:gaent Qt U1d · bot!ds . aJld,.:tbe. -1:.n:te·rest thereon -.upon all propa:l"t:r w1tb1.n ,tti,.e . ;:iz:~~j:,:'o; :palo iltd 1ub4'ect: to i;&tption b7> aatd C1t7· (ex :e,f!pt," cer~ 1nta.~»le. persooal property . whicb 11 tax ablf!.:. at lllJ.ite<l rates} Wi:tbout l.1Jn1tat'1:on. ot :rate or . ar~oU:o.t •· · · · · ,~ · ·. · · ·:::~ OPnJIQH: . Tb.' .. legal • opuilOn. of Meaan • ... ;. · .. . .. .· ·:· . .. . ,,,_ Ontelc,, Dabl'f'.Jist,, lierril:Jigton & Suteli't~e o~ , San Prancisco,,: ca11ro.rm:a., approving tbe Vi'il1d.i tJ(; ot aa1d bonda;:: Will . be . ~abed. to . the auceea&·· .tt;1! :bidder Without cbarge. · · : l' \. .',·. - g:eEEST-. Bll?: The oonds v:tll be aw:arde4. to tbe , _ .. . /:= .. _.. .. . . ... . ·> . :h1.gD!at .and best bidder cona1de:'-~:tJS;. 't.?le · 1D.tereat rate,. o~. ra,tes 8J)ec1f'.1ed ·.an4 tbe prremmn · . ~=~tjz-e,~;·, .. 1:r ••. &n:y:.,.' ;~'bigbegt:,,bid'.,,ld.ll· be d•t..~ed by &i-J.1u¢::t:tng tbe · amout .. ot ·· toe premu· :bid '(1.t ·.ay) :f'roa. the · 'ttitaJL UQW1t·: ot interest; Wb1eb . tM C1tj woitld . be riquired , .t:d-'J)ay)':trbiu. tee. date .. ot aa1d b.o?ida to the reapect1•• matur-·,·:t.:~:Y date:s at 'tbe coupon :Pate or :rates. 8pe.cif';ied .ti:i; tbe b:f.~i,, and •. ~be a,ward will be:: made on tbe baa1.s ot the lowest net intere:ct. cost to . tlMrC1 ty • The lowest· net mtsre11t coat ahal.l .. J>.e··!colliPuted. be:tween tbe dates .. a.to:reas.1d ··according tt) · thirty~:,y· month atand.ard . .tour decimal Jiunictp.al bond 1ntie~r ei;1;. tab.las:• 'ftie purcbase.:i .muat pay accrued :Ui-te:rest · from tt;e date ·or toe bonds to the date ot delivel.7 .. ... lgGBT OF BJEOTION: .· . Tbe. c·1ty ot Palo A1to reaenea ttlf:t . . .. , .... · . . right,, ·in .. it;s .. d·:tseret:I.on,i ·to.:re- 3ect: ~:and all. bids .. ll:nd to waive any. 1rrepl.artt;y or 1n-. :tc1rmr;t;tt,-:t11 any bid .. · ·· · · · . -Ai:ufu'.1! The. City Council of the C:1ty of .'7:~ . ... . · . . .. . Palo .Alto ld.ll. take a.etiQ1Xl caward-i:i1:g ".th& b~nd.$ ·:or reJect1;0.g· all. bids :not'. later 1;ban tWe:ityro~ar: :,hc)µr.8, a:t;er tbe er.pir.ation or the: tilie herein: pre:a«=~bed. tor: :the rece1pt ot proposals. :J?!:'.~llglrt ·01' BO~.: Delivery ot sa:1d. bond1!. will be :,,;,.·:;;: .. ;. ...... :;;-. ·.: . · · made to :tbe a.ueeesstul. bi.dder at · ·. tl:J·1,;· oft'ie~>~;t the City Treawi-er or tt.:e. City o:t Pa:lo Alto • as. gpon. ·aa.~t'·bft· bonds: can te pretpared.t wbi:eb it 1a eatim.ate<l : .ld.:Ll: ·be. :~"ta1n thirty daya. :·trOl'D the · date or aaie. · ;'· · ...... ,'.·' '. ·~:~~l!f..!: .o:F: .. :CM9ELLATION: The succeaahl bidder shall . nave ) ,· :i~;<:. ·\···.. . t.be r1gbt., at b1a o;t1on.,. to car.i-. ce.1 toe contract ot purebaH, 1t t.be .City sball .fail to ten~·. ··de::' tlie• ~lds f:or del1.vtt7 w.1th1n s1.xty da:rs ,tl"'Om the date ' , .'I ,..;10-.. ,. "; l. -· I I .............................................. 1 ..................... .,.1 ..... I .;).f'., s.~1e,, and· j_n' sTJcb •vent,, tbe su,:cess.f'ul 't1:1dde!r a.bal.'1 · ·::.e entitled to the retm"ll or th.a d1rtp0s1t acc.omp.s1nying tbe :::iid. ;• : ;,10RM OF· .BID: All bids ::o.ust be tor not lezs .. . . . . than. all of the 'bonds here by ;::;f!erecl .tor· oa:le .. and·.tor not l~ss than tbe par .value !;bereof and acc.l"Ued ~1ntereat to date :of delivery~ and. .:~oget.b.er w1th<bic1d.er 1s check must ~oe enclosed in a . :sealed.envelo~ add.res·aed to th": City Coune1.l or tr~ c1ty .. :'lf . Palo-Al to and· end:O:raed "Fropoaal for 01 ty of Palo Al to ·· Jllurlic1pal Improve~ri:t Bonds ot 1956, Ser1ea •c • ~ All b1da .. :~ts:al:l be' aeeon;panied·· by a,. cert~~~:i check ~r callhier•a . ·':~beck in .. the SUJD ot $10,.00();, payable to: the ·Ord.er ot the •(}i:t:Y · !treasu:ret. of · tbe Cj,ty 01'.-Palo Alto, to .se·cu:re the · :::1ty ,f:r01a: any ·ioaa resulting f':rom che f'a:tluri! o-r the b1d <:1er · t:o ·c.o:mPly w1 tb · the. terms ot bi;;s b1d. Cb9cks of the ·:1.ne.ncceastul bidder w1ll be retum~~d upon tb! awa.rcl of tb.$'.·bonda. ·. lio interest will be patd upon th1~ deposit iiu.de by any aucces&tul bidder. r:pl!J!CIAL §,!6,TEMEN! ' ' . ~rtber '1n1"o:rme.t1Qn relating to the f1n.9.llcial cond1- t10,\l ot: the c1t7 or Palo Al to will be turniab.ed. on request. Tbere ·1.s 'no controv&rsy or l1tigat1on pt~nding or · t.b~atened e~ncertd.ng ·. tbe. validity of tbe abi)Ve issue, the .· ·i::orporate·· ex.1awnee of tbe City or tbe title or the oft'i-, i:e*e .· tcL .tbe1r respective of:f'ices,. ... :tnd the Ci~::y wil'l furnish · . ·to tbe 8,.ucceeatul bldders a non-litigation e~tr·tif'icate cer ·tify1ng to tee: .f.o:regoi:ng as of' and at the tilne ot_ the de11- '17e 17" or the; bond.is .. :OAT.ED:...:.,, ________ _ 19_ .. · W'INIFBE!f.llDD • C1 ty Cle.rk ot tbe Ci t7 ot Palo Alt!:> · :State of C.£ll1:f"orn1a .Section 10. Thia ordinance sh.all take effect; from. and after . . . . 1:ta p.flsaage and ~pproval .. 1'.l'he ·above ·and toreg-oing ordinance ~r1as duly &D:d regularly 1ntJ;'o . duced arid. passed at a re~_lar mee·cing or the Council ot the City of Palo 1lll't4 on Mond.ay /1 tbe 22nd. day or ~-Apr-11 _, 1957, by the . t olloinn.g vote: Bishop;, B)'Xbe-e~ .~orcoran., Creaap, ~:s .. Davis,,. Dt7a&tle,, G1tt1D:.il' Jll&:rsba:ll' • Jfavis 1 · Porter, ROdgers, Simpson. MOES: . . Kone... . ·.·. . · . .ARSXfil': llitch:ll• . Rupj>en~l .AI'PIIOVEl): ~·· [. ~_,tS. A!T.Es!h..,_J~· ~'~,.~ !1t~· y~· ~·;iif.,e~. '~·=f • ·~ ·. f/fiyor . .. . ~ • f . ,. .. __ ~ • ' ' ·1 ' ' .