HomeMy WebLinkAboutRESO 6291. ' ' .. C~J:;l~lAL
RESOLUTION NO. 6291
JHHW:SRC:cp 07/06/84 1019$
: cp 07116/84
A RESOLUTION CALLING FOR aros FOR BONDS,
APPROVING NOTICE OF SALE AND BID FORM ANO
OFFICIAL STATEMENT, ANO AUTHORIZING AND
DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO
UNIVERSITY AVENUE LOT J PARKING
GARAGE ASSESS~ENT DISTRICT
The C1ty COU1lC1l of the C1ty of Palo Alto, does hereby RESOLVE that:
Section 1. Pursuant to 1ts Resolution of Preliminary Determ1nation and
of Intent\on No. 6257, adopted on May 21, 1984, thls Council proposes to issue
a.nd se 11 ~Int vers 1ty Avenue lot J Park.1 ng Garage Assessment Oi strict Bonds of
1984. of the C1ty of Palo Ah,' 1n the amount of $5,430,000;
Section 2. Pursuant ~o this Council's author1zat1on, the City of Palo
A 1to1 s Bond Counse 1 and n nanci a 1 Consu 1 tant have prepared and presented to
th1s Counctl a Not1ce of Sale, a Bid Form and an Official Statement contatnlng
informat1on material to the offertng and sale of satd bonds; and
Sectton 3. Th1s Council. with the aid of 1ts staff, has reviewed sa1d
Off1c1al Statement, has made such correctjor.s and additions as it deems proper
and has determ1 ned that the facts there t n set forth are true and correct t n
all material respects and that the Official Statement contains no untrue
statement of a materh.l fact or 011iss1on of a material fact requ1red to be
stated where n~cessary to make a statement not mtslead1ng In l tght of the
c1rcumstances under which 1t was made, provided, however, that the Offtctal
Statement does not contain final 1nterest rates on the bonds;
Section 4. Sa1d Notice of Sale and B1d Form and Off1c1a1 Statement are
approved for d1str1button in the offering and sale of sa1d bonds.
Sect1on 5. The C1ty Cleric. is author1zed and directed to execute th~
Not1ce of Sale and Offtctal Statement on behalf of the C1ty of Palo Alto and
to call for btds for the sale of said bonds. such blds to be rece~ved at the
off1ce of Rauscher, Pierce, Refsnes, One Ca11forn1a Street. Sufte 2.630, San
Franctsco. Ca11forn1a 94111 on or before 11:00 o'clock a.m. Paciftc Di!y11ght
nme on Monday, August 6. 1984. at wh1ch t~me and place the bids w111 be
pub 1tc1 y opened, ex amt ned and dee 1 ared, and ref erred to the C1 ty Counc 11 at
it~ meett~g at 7:30 p.m. on said date.
Section 6. Said Cler~ ts also authorized to approve further correcttons
in anJ add1t1ons to the Offlclal Statement. by supplement thereto or amendment
thereof. or othenti se as appropr1 ate, provt ded that any such correct tons or
add1t1ons shall be necessary to cause the information contained therein to
conform with facts material to said bonds or to the p;·oceed1r.gs of this
Councll or that such corrections or add1t1ons are in form rather than
substance.
Sect1on 7. On behalf of the City of Palo Alto and the C1ty Cl~rk, the
City'~ F1nancfal Consultant is author1zed and directed to cause ~he Notice of
Sale and B1d form and Official Statement to be mailed at least ten days before
the aforesa\d date for receipt of bond bids to such municipal bond
broker-dealers. to such banking institutions and to such other persons as may
be interested in purchasing the bonds therein offerPd for sa 1 e; ar.d Bond
Counsel are authorized to cause to be published once, at least f~fteen days
pr1or to the date for rece1 pt of bond b1 ds. In the Hal 1 Street Journa 1. a
financial pub11cat1on generally circulated throughout the State of California,
a Not1ce of Intention to Sell Bonds Which EKceed $1,000,000 at a Public Sale.
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Sect1on 8. The Director of Finance, h1s des1gnee or other appropr1ate
offtc1al of the City Is authorized and directed to execute and to cause to be
delivered to the purchaser of the Bonds a statement that, to the signer's best
knowledge and be 1 ief, the facts con tat ned 1 n the Off1c1a1 Statement, and any
supplement or amendment thereto <wh1ch shall be deemed an or1gtnal part
thereof for the purpose of such statement> were. at the time of award of said
bonds, an~ are, as of the date of delivery of said bonds, true and correct in
all material respects and that the Official Statement did not, at the date of
award of said bonds, and does not, as of the date of delivery of sa1d bonds,
conta1n any untrue ·statement of a 11aterh.l fact or omit to state material
tdcts required to be stated where necessary to make a statement not mislead1ng
in 11ght of the ctrcumstances under wh1ch it was made. The signer shall, wfth
the aid of the staff of the City of Palo Alto, take such further actions prior
to the s1gning of the statement as are deemed necessary or appropriate to
verify the accuracy of the statement.
Section 9. The City of Palo Alto wtll furnish the legal opinton of the
law firm of Jones Hall Htll & HhHe. A Professional Law Corporatton, San
Francisco, Caltforn1a, unqualifiedly approving the legality of the proceeo1ngs
and the issuance of said bonds.
Section 10. The Ct ty Counc11 of the Cl ty of Palo Alto reserves thr.
right 1n 1ts discretton to rej~ct any and all bids and to wafve any
1rregularity or informaHty in the bid. Upon reject1on of all btds or in the
event no btds are recahed, the City Council further reserves the right to
negott ate the purchase of the bonds ~1th any person or persons chosen at its
absolute discretion.
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The forego\ng Resolut1on was duly and regularly adopted at a reguh.r
meet1ng of the Council of the C1ty of Palo Alto held on the 23rd day
of July , 1984, by the fo1 low1ng vote:
AYES: Bechtel, Cobb, Fletcher, Klein, Levy, Renzel, Sutorius,
Witherspoon, Woolley
NOES: None
ASS-;fNTIONS: None
ABSEtH: None
/\TTEST:
(..:2~J4
Ct t,Yf lerk
APPROVEo4:s TO FORM:
JOHES HALL HILL & WHIIE.
A Professional Lav Corporation
By: ~£----~ -
.... ~........,.S:-::t"""'e~~h~e~'!:-R-. l:'T'""'""s=-a=-1 ....,.."!."to'---~
Vice Pres1dent,
Bond Counsel
APPROVED:
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