HomeMy WebLinkAboutRESO 5027.. . , ..
that
-·-----• • '.JJ~:L: KIJ: v 11-4-74-60
ORIGINAL
RESOLUTION NO. 5027
A RESOLUTION PROV1DING 1-'0R ISSUANCE 08 BONDS
AND DIRE~TING THE LEVY OF ANNUAL ASSESSMENTS
TO PAY THE PRINCIPAL AND INTEREST THEREOF
CITY OF PALO ALTO
CALIFORNIA AVENUE DISTRICT
OFFSTREET PARKING PROJECT NO. 71-63
$420,000 BONDS OF 1975
RESOLVED, by the Council of the City of Palo Alto, California,
WHEREAS, the City of Palo Alto, State of California, herein
called City, is a charter city. duly organized and existing under and
pursuant to the provisions of the constitution of the State of California;
WHEREAS, by the terms of said charter, the City is empowered
to make and enforce all laws and regulations in respect to municipal
affairs, subject only to such restrictions and limitations as may be
provided in said charter and said constitution, and to exercise any and
all rights, powers and privileges heretofore or hereafter established,
granted and prescribed by any law of the state, said charter, or by
any other lawful authority, which a municipal corporation might or
could exercise under said constitution, incluaing all powers-not in
conflict with the provisions of said charter• now or hereafter granted
to general law cities, and wherein it is provided that the enumeration
in said charter of any particular power shall not be held to be exclu-
sive or or any limitation upon said general grant of powers;
WHEREAS, the acquisition, construction, ownership, management,
maintenance, operation, repair, addition, extension and improvement
of offstreet automobile parking rac111t1e~ for public and private
purposes and the issuance of bonds to pay the cost thereof is a
municipal affair; and
WHEREAS, Title 13 of the Palo Alto Municipal Code was adopted
pursuant to the power and authority vested in said council by and
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under the terms and provisions of said charter, and there are no limita-
tions in regard thereto expressly or otherwise provided in said charter
or in the constitution of the state of California, other than Section
17 of Article XIII, as to which full compliance has been had by the
council in the proceedings leading up to the adoption of this resolu-
tion;
NOW, THEREFORE, IT IS HEREBY DETERMINED and ORDERED, as follows:
1. Conditions Satisfied. All acts, conditions and things
required by the constitution and laws of the state of California and
the charter of said City and the Palo Alto Municipal Code to be done,
to happen and to be performed precedent to and in the issuance of the
bonds, have been done, have happened and have been performed in
regular and due form, time and manner as required by law, and_ th~
council is now authorized to issue bonds in the manner and form as in
this resolution provided.
2. Issuance of Bonds. -Bonds shall be issued in accordance
with Section 13.16.150 of Chapter 13.16 of Title 13 of said code
(Bdnd Plan G) for the purpose of paying the cost of the acquisition,
construction, completion, repair and financing of the improvements,
works and property described in the proceedings had pursuant to
Resolution of Intention No. 4993, adopted by this council on
September 10, 1974, shall be in the total principal amount of Four
Hundred Twenty Thousand Dollars ($420,000), shall be designated,
"City of Palo Alto California Avenue District Parking Bonds of 1975,
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Series 71-63", shall be dated January 2, 1975, shall be_ negotiable in
form and of the character known as "serial", and shall be 84 in number,
numbered consecutively from 1 to 84, inclusive and of the denomination
of $5,000 each.
3. Maturities. The bonds shall mature serially in the order
of se~ial numbers and have maturity dates on July 2 in each of the
years and amounts, as follows:
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Bond Numbers Principal Year of
(Both Inclusive) Amount Maturity Callable -...
1 $ 5,000 1977 Non
2 5,000 1978 II
3 5,000 1979 ti
4, 5 10,000 1980 " 6, 7 10,000 1981 " 8, 9 10,000 1982 II
10, 11 10,000 1983 II
12, 13 10,000 1984 II
14, 15 10,000 1985 II
16, 17 10,000 1986 On and After
18 -20 15,000 1987 7-2-85
21 -23 15,000 1988 11
24 26 15,000 1989 II
27 -30 20,000 1990 II
31 -34 20,000 1991 II
35 -38 20,000 1992 ti
39 -43 25,000 1993 II
44 48 25,000 1994 " 49 -53 25,0!JO 1995 II
54 -59 30,000 1996 II
60 -65 30,000 1997 II
66 -71 30,000 1998 II
72 -77 30,000 1999 ti
78 84 35,000 2000 11
4. Interest. The bonds shall bear interest at the rate of not
to exceed eight percent (8%) per annum from their date until paid.
Said interest shall be payable on January 2, 1976 and semiannually
thereafter on the 2nd day of July and the 2nd day of January of each
year to the date of maturity. Attached to each said bond shall be
interest coupons payable at the times the respective interest payments
thereon become due and for the amount thereof, as determined from the
accepted bid for the purchase of the bonds.
Bidders for the purchase of the bonds must specify the rate or
rates of interest which the bonds shall bear. Bidders may bid
different rates of interest irrespective of the maturities of the
bonds, provided, that the spread from the lowest to the highest rate
shall not exceed two and one-half percent (2-1/2%) per annum. The
interest rates stated in the bid may be in multiples of any fraction
of one percent (1%). Bidders shall not be permitted to cause the
interest for a given period to be split and represented by more than
one coupon.
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5. Callable Bonds. Bonds maturing by their terms on or before
July 2, 1985 shall not be subject to call prior to their respective
fixed dates of maturity. Bonds maturing on or after July 2, 1986
shall, by their terms, be subject to call and redemption, at the option
of the City, as a whole or in part, in inverse numerical order on July
2, 1985, or on any interest date thereafter and prior to their respec-
tive dates of maturity, at the principal amount thereof and accrued
interest thereon to the date of redemption, plus a redemption premium
equal to one-quarter of one percent (1/4 of 1%) of such princi~al
amount for each whole twelve (12) months, and for any remaining fraction
of a twelve (12) month period, from the date fixed for redemption to
the maturity date of said bonds; provided, however, that in no event
shall the premium paid on prior redemption of any bond exceed three
and three-quarters percent (3-3/4%} of such principal amount.
6. Notice of Call. In the event of call of any bond for
redemption, the city treasurer (hereinafter called "Treasurer") shall
cause thirty (30) days prior notice thereof to be given by mail, and
in addition shall publish such notice once at least thirty (30) days
prior to the date of call in a financial paper published in San
Francisco or in a financial paper published in New York. The Treasurer
shall mail such notice by registered rr.ail thirty (30) days prior there-
to to the last known holder or holders of any bearer bonds so called,.
as shown by the records in his office. Notice of redemption of any
registered bonds shall be given to the registered owners by registered
mail at least thirty (30) days prio~ to the date of c~ll. No interest
shall accrue on said bonds called for redemption or on any interest
coupons thereon after the redemption date specified in said notice.
7. Forrn of Bonds and Coupons. 'I'he form of the bonds, and of
the interest coupons which shall be attached thereto ~t the tifile of
their issuance, and the form of endorsement on the bonds for registra-
tion shall be substantially as provided in Exhibit "A" hereto attached
and made a part hereof by this reference.
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8. Inter~st Af~e~ Katur1ty. If, upon presentation at maturity,
payment of the bonds herein authorized or of any interest coupons
thereof, is not made in full accordance with the terms hereof, the
bonds or coupons, or both, shall continue to bear interest at the rate
stated in the bond until paid in full.
9. Where Bonds Payable. The principal and interest on the bonds
herein authorized shall be payable in lawful money of the United
States of America at the Bank of America N. T. & S. A., Main Office,
San Francisco, California, the Paying and Registration Agent of the
City.
10. Execution of Bonds and Coupon~. The bonds herein autho-
rized shall be executed on behalf of the City by the mayor and by the
city clerk (hereinafter called "Clerk") by their printed, engraved or
lithographed signatures and countersigned by the manual signature of
the Treasurer, who shall affix thereto the corporate seal of the City
(which may be by its ."-·.'inted, engraved or lithographed facsimile seal)
and the interest coupons shall be executed and authenticated by the
printed, engraved or lithographed facsimile signature of the Treasurer,
who by such signatures shall ratify the execution of the same.
11. Registration. Any bond is subject to registration either
as to principal and interest or as to principal only, upon written
request of the bondholder and presentation of the bond to the Regis-
tration Agent for registration.
(a) Principal and Interest. Upon presentation and request
for registration as to principal and interest, the Registration Agent
shall cut off the coupons and destroy them. He shall maintain a book
in which he shall enter the numbers of all registered bonds and the
names and addresses of the owners of registered bonds. Until such
registration is cancelled as herein provided, the interest and
principal thereof shall be payable only to the registered owner.
There shall be provided on the back of each bond a suitable blank
showing the name and address of the registered owner, the date of
registration or transfer, the type of registration and the signature
of the Registration Agent.
(b) Principal Only. The bonds may be registered as to
principal only. When bonds are registered as to principal only, a
not~tion shall be made to that effect in the registration book and on
the bond. The coupons shall not be detached and the interest on such
bonds shall be paid upon presentation of such coupons in the same
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manner as unregistered bonds. Principal, however, shall be paid only
to the registered owner upon presentation of such bond.
(c) Deregistration. The registration of any unmatured
bond may be cancelled upon written request of the registered owner.
Upon receipt of such request, the Registration Agent shall cancel
the registration in the bond registry book and on the back of the
bond, cause all unmatured coupons to be reprinted and reattached to
the bond, and deliver the bond and attached coupons to the owner.
Until such bond is rereg1stered, the principal thereof shall be pay-
able to bearer, and the interest shall again be paid upon surrender
of proper coupons. The cost of reprinting the coupons shall be paid
by the person requesting dere3istration.
(d} Reregistratio~. Dereg1stered bonds are subject to
reregistration in the same manner as previously unregistered bonds.
12. Proceeds of Bonds. There is hereby created a special fund
to be designated "City of Palo Alto California Avenue District Parking
Bonds of 1975, Series 71-63 Construction Fund", herein called "Con-
struction Fund", which shall be maintained by the city controller
(hereinafter called ''Controller") as a separate account, distinct from
all other funds of the City. The proceeds of the bonds, or any part
thereof, including the premium, if any, sold cy the City, shall be
deposited in said fun_d and shall be expended to pay the costs and
expenses of the acquisitions and improvements described in the proceed-
ings and expenses incidental thereto. Interest accrued on said bonds
from their date to the date of delivery shall br deposited in the bond
fund.
Any unexpended bond proceeds remaining after the completion of
the project shall be paid into the bond fund, or may be used to pay
the cost of additional acquisitions and improvements for the District,
and expenses incidental thereto, pursuant to change and modification
proceedings.
13. Bonds Not a Debt. The bonds and interest thereon shall
not be a debt of said City, noi• a charge, lien or encumbrance. legal
or equitable, upon any property of the City or upon any income or
receipts or revenues of the City other than as in this Resolution pro-
vided. Neither the City nor any of its off1cer3 is to be held other-
wise liable for the principal of or interest on the bonds.
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14. Equal Parity. All of thP. bonds shall be equally and
ratably secured without preference or priority by reason of number,
date, division, date of sale or of execution or delivery, by the
moneys in the bond fund.
15. Parking Assessment District. The offstreet parking
improvements described in the proceedings conducted pursuant to said
Resolution of Intention are within and are for the benefit of an
asse~sment district in the California Avenue Area of said City, which
is hereinafter referred to as, "the Parking Assessment District." The
cost and expenses of said contemplated acquisitions and improvements,
being, in the opinion of-this Council, of more than local or ordinary
public benefit, have been made chargeable upon the Parking Assessment
District, which district said Council has declared to be the district
benefited by said improvements, and the exterior boundaries of which
are described and shown on the map on file in the office of the City
Clerk, which indicates by a boundary line the extent of the territory
included within the Parking Assessment District and which shall govern
for all details as to the extent of said district.
16. Nontaxable Property Exemption. Said Council has declared
that all public streets, highways, lanes and alleys and other publicly
owned and otherwise nontaxable property within said. Parking Assessment
District shall be omitted from the annual benefit assessments here-
after to be made to pay principal and interest on said bonds.
17. Plan G Bonds. Serial bonds to represent the total cost
of the parking improvements to be financed by the Parking Assessment
District, or $420,000, shall be issued pursuant to Bond Plan G,
Section 13.16.150 of Chapter 13.16 of Title 13 of said Code, as here-
in provided.
18. City Obligation. The City has the power and it is the duty
of the City to levy annual asse3sments on all taxable lands and
improvements within the Parking Assessment District of a sufficient
amount to pay the principal of and interest on any of the bonds, which
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power and duty is hereby declared t0 be inexhaustible in nature and
unlimited as to rate or amount.
19. Contributions. The Council may annually, at or prior to
the time the levy of assessments is made, or at such other time as it
shall determine, transfer to the bond fund, from available funds, such
amount or amounts as it shall determine.
20. Annual Budget. The Controller shall annually cause to
be prepared a budget for the bonds herein a~thorized, which shall
include the following:
(a) The gross amount required to pay the principal of and
interest on said bonds which will become payable before the proceeds
of the next succeeding assessment levy hereunder shall become avail-
able therefor.
(b) The balance availablP therefor at the end of the
fiscal year in the bond fund.
(c' The amount of contributions, if any, which the City
proposes to make to the bond fund for the fiscal year for which an
annual assessment is to be levied, which amount shall be provided in
the City budget for the fiscal year for which an annual assessment is
to be levied.
(d) The balance of the amount provided in subdivision (a).
21. Benefit AsJessment. The amount provided in subdivision (d)
of Section 20, including adequate provision for anticipated delinquen-
cies, shall be raised by an annual assessment on all taxable lands and
improvements within the Parking Assessment District in ~he ratio of
the adjusted square footage of floor areas of non-residential structures
together with land area assessments if necessary, all determined as
hereafter provided, until all of the bonds and the interest to accrue
thereon have been paid in full.
22. Determination of Gross Sguare Footage. On or before July
l of each year next succeeding the issuance of the bonds, the city
assessor (or such other officer as may be hereafter designated by the
Council, herein referred to as "Assessor") shall determine from any
records or other sources legally available to him the gross number of
square feet, based on exterior measurements, ~f the floor area of
each building or structure within the boundaries of the Parking
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Assessment District, which is zoned and used for other than residential
purposes. A complete list of said square footage figures, set opposite
the Assessor's parcel numbers to which they pertain, shall be trans-
mitted to the city planning officer (herein called "Planning Officertt).
Any references to square footage or adjusted square footage hereinafter
mentioned shall be deemed to refer to floor areas in buildings zoned
and used for non-residential purposes as herein provided.
23. Determination of Credits. Im.mediately upon receipt of the
square footage figures from the Assessor, the Planning Officer shall
determine, for each parcel of land within the Parking Assessment
District, the nu~ber of offstreet automobile parking spaces which would
be required to be provided under City ordinances generally then in
effect, and the number being provided by said parcel anj which would
be credited in satisfaction of said requirement if said ordinances
applied to said parcel. Said figures, together with the gross square
footage figures provided by the Assessor, shall be tran~mitted to the
City Engineer.
24. Preparation of Engineer's Report. Immediately upon receipt
of the foregoing data from the Assessor and the Planning Officer, the
City Engineer shall prepare a report containing the following data as
to each parcel within the Parking Assessment District in columnarized
form:
(a) A description of each parcel of land in the Parking
Assessment District, by a legal description, Assessor's parcel number
or other descrip~ion sufficient to identify the same;
(b) The gross number of square feet of floor area in any
non-residential building or structure on each parcel, as provided by
the Assessor;
(c) The number of parking spaces required of each parcel,
as provided by the Planning Off~cer;
(d) The number of offstreet parking spaces provided in
satisfaction thereof, as provided by the Planning Officer;
(e) The ratio of (d) to (c);
(f) The amount of adjusted square footage in each non-
residential building or structure, determined by reducing the gross
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square footage set forth in (b) by the ratio set forth in (e), and the
iGtal adjusted square footage in the Parking Assessment District;
(g} The rate of assessment per adjusted square foot of non-
residential building, determined by dividing the figure provided by
the Controller under subdivision (d) of Section 20 by the total amount
of adjusted square footage of non-residential buildings in the Parking
Assessment District determined under (f). The rate of assessment shall
in no event exceed the rate per adjusted square foot, as determined by
the Council and set forth in the resolution of intention, as now or
hereafter established or modified. In the event that the proceeds of
an assessment levied at the maximum rate in any year are insufficient
to raise the amount of money provided in subdivision (d) of Section 20,
the balance shall be rai5ed by an additional assessment on all tax-
able lands (exclusive of improvements) within the Parking Assessment
District, in the ratio of their land area. The Engineer's Report for
such year shall include a column for such a land area assessment.
(h} The amount of the individual assessment against each
parcel of land in the Parking Assessment District, determined by
multiplying the rate determined in {g) by the adjusted square footage
for each parcel determined in (f), and adding the land area assess-·
ment> if any.
25. Successive Annual Reports. The original report and each
successive annual report shall be noticed for hearing before the
Council, and heard, amended, altered, modified, corrected and confirmed
as provided in Section 13.16.150 of Chapter 13.16 of Title 13 of said
Code.
26. Annual Assessment Levy. The total of each annual assess-
ment, determined as contained in said report as confirmed, shall be
levied and collected upon the last equalized secured and utility tax
rolls upon which general City taxes are collected. It shall be in
addition to all other taxes levied for general City purposes, and
shall be levied, computed, entered and collected together with and
not separate from general City taxes, and enforced in the same manner
and by the same persons and at the same time, and with the same
penalties and interest, as are other taxes for City purposes, and all
laws applicable to the levy, co:lection and enforcement of taxes for
City purposes are hereby made applicable to said special assessment
levy, and the assessed real property, if sold for taxes, shall be
subject to redemption in the same manner as such real property is
redeemed from the sale for general City taxes and if not redeemed
shall in like manner pass to the purchaser.
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27. Supplemental Bond Remedy. In the event of a delinquency
in the payment of any installment of the assessment levied upon any
bencfi tcd prope1·ties for the payment of the principal and interest of
said bonds, there is a mandatory duty on the part of the City to advance
an amount equal to the amount of such delinquency, from available funds
of the City, to the bond fund, and in the event such funds are not
available, to levy a tax therefor up to ten cents (lOt) on the one
hundred dollars ($100) of assessed valuation of all taxable property
in the City to provide such funds, which duty is continuing, annual
and mandatory.
28. Bond Fund. There is hereby created a special fund
designated "City of Palo Alto Bond Plan G Series 71-63 Interest and
Redemption Fune", herein called 11Bond Fund", which shall be maintained
by the Controller as a separate account, distinct from all other funds
of the City from which the principal of and interest on all of the
bonds shall be paid.
{a) Forthwith upon receipt vf the proceeds of the bonds,
the Treasurer shall pay therefrom to the bond -fund any funds received
on account of interest accrued on said bonds from their date to the
date of their delivery.
{b) Any amounts determined to be appropriated and con-
tributed by the City to the payment of principal and interest on the
bonds shall be deposited in the bond fund.
{c) The proceeds of any special assessments levied pursu-
ant to Sections 20 to 26 inclusive, hereof shall be deposited in the
bond fund.
(d) Any amounts required to be advanced pursuant to
Section 27 shall also be deposited in the bond fund.
All moneys in this Fund shall be used and withdrawn solely for
the purpose of paying the principal of and interest on the bonds as
the same shall become due and payable.
29. Trust Fund. All moneys contributed to the payment of the
bonds and the interest thereon, all annual assessment3 levied therefor,
and all amounts advanced pursuant to Section 27, as herein provided,
shall be deposited in the bond fund, shall constitute a trust fund
therefor, and shall not be expended for any other purpose; provided,
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th'tl tf :my mon":'ys shall remain in the bond fund after the payment of
., l 1 of' th0 bonds and tri·.:-int·~r 'St th~rPon, tht'Y ~;hn.11 be tran3ferred
to the maintenance fund of the Parking Assessment Pistrict, and be used
for the objects and purposes there0f.
30. Refunding. If, prior to the p3yrcnt of the bonds it
shall be found desirable to refund the bonds under the provisions of
any law then available, said bonds or any part the1•eof may be refunded
with the consen~ of the holders thereof and the refunding obligations
so issued shall enjoy complete equality of lien ~ith the portion of
the bonds which is not refunded, if any there be, a~d the refunding
obligations shall continue to enjoy whatever priority of lien over
subsequent issues which ~ay have been enjoyed by the bonds refunded;
provided, however, that if only a portion of th~ outstanding bonds is
so refunded and if such bonds are refunded in such manner that the
interest rate thereof i3 increased or that any of the refunding obli-
gationn mature at a date earlier that the maturity date of any of the
bonds not refunded, then such bonds may not be refunded without the
consent of the holders of the unrefunde~ portion of said bonds.
31. Printing and Execution. The Clerk is directed to cause
said bonds to be lithographed, printed or engraved, accordin~ to the
provisions hereof and the bid of the succeasful bidde1·, and to procure
their execution by the proper officers and to deliver them when so
executed to the Tre~surer who shall safely keep the same until
delivery to the purchaser or purchasers thereof, on receipt of the
purchase price. Saij Mayor, Treasurer and Clerk are further autho-
r!z~d and directed to make, execute and delive1 to the purchaser or
purchasers of ·said bonds a signature and no-litigation certificate in
the form usually required by purchasers of municipal bonds generally,
certifying to the genuine~ess and due execution of said bonds and
further certifying to all fa0.ts within thei.r knowledge relative to
any litigation which may or might affect said City, the Parking
Assessment District, said officers or said bor..ds, and said Treasurer
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ls further authorized and directed to make, execute and deliver to the
purchaser of said bonds a Treasurer's receipt in the form usually
required by purchasers of municipal bonds, which receipt shall be con-
elusive evidence that said purchase price has been paid and has been
received by said City. Any purchaser or subsequent taker or holder of
said bonds is hereby authorized to rely upon and shall be justified in
relying upon any such signature and no-litigation certificate and
Treasurer's receipt with respect to said bonds executed pursuant to the
authority of this Resolution.
32. Arbitrage. On the basis of the facts, estimates and cir-
cumstances now in existence and in existence on the date of issue of
the bonds, as determined by the City Controller, the City Controller
is authorized to certify that it is not expected that the proceeds of
the issue will be used in a manner that would cause such obligations
to be arbitrage bonds. Such certification shall be delivered to the
purchaser together with the bonds.
* I * * * * * * * *
I hereby certify that the foregoing is a full, true and correct
copy of a resolution duly passed and adopted by the Council of the
City of Palo Alto, California, at a meeting there°-f held on the 25th
day of November , 191!_, by the following vote of the members
thereof:
AYES, and in favor thereof, Councilmen: Beahrs, Berwald, Clay, Comstock
Henderson, Norton, Pearson, Rosenbaum, Sher
NOES,
ABSENT,
APPROVED:
Councilmen: None
Councilmen: None
City
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NO.
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EXHIBIT "A"
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
CITY OF PALO ALTO
CALIFORNIA AVENtTE DISTRICT PARKING BOND OF 1975
SERIES 71-63
$5,000.00
KNOW ALL MEN BY THESE PRESENTS, that the City of Palo Alto, (a
municipal corporation operating under a-freeholders' charter), state
of California, for value received, will pay to bearer, from the City
of Palo Alto Bond Plan G Series 71-63 Interest and Redemption Fund,
herein called Bond Fund, of said City, on the 2nd day of July, 19~-'
the sum of FIVE THOUSAND DOLLARS ($5,000.00) in lawful money of the
United States, with interest thereon from the date, as evidenced by
interest coupons atta~hed hereto at the time of issuance. Said
interest is payable January 2, 1976, and semiannually thereafter on
the 2nd day of July and the 2nd day of January, in each year, all as
more particularly se~ forth in the resolution providing for the issu-
ance hereof.
Both principal and interest are payable in lawful money of the
United States of America at the Bank of America N. T. & S. A., Main
Office, San Francisco, California, the Paying and Registration Agent
of the City.
The holder of this bond has all the rights of a holder of a
negotiable instrument payable to bearer.
If, upon presentation at maturity, payment of this bond or any
interest coupon thereof, or both, is not made in full accordance with
the terms of the resolution providing for the issuance hereof, said
bond or coupon, or both shall continue to bear interest at the rate
stated herein until paid in full.
Bonds maturing by their terms on or before July 2, 1985, are
not subject to call prior to their respective fixed dates of maturity.
Bonds maturing on or after July 2, 1986, are subject to call and
redemption at the option of the City, as a whole or in part, in
inverse numerical order on July 2, 1985, or on any interest date there-
after and prior to their respective dates of maturity at the principal
amount thereof and accrued interest thereon to the date of redemption,
plus a redemption premium e4ual to one-quarter of one percent (1/4 of
1%) of such principal amount for each whole twelve (12) months, and
for any remaining fraction of a twelve (12) month period, from the
date fixed for redemption to the maturity date of the bonds; provided,
however, that in no event does the premium paid on prior redemption
exceed the rate of three and three-quarters percent (3-3/4%) of such
principal amount.
The city treasurer shall cause thirty (30) days prior notice of
redemption to be given by mail, and in addition shall publish such
notice once at least thirty (30) days prior to the day of call in a
financial paper published in San Francisco or in ~ financial paper
published in New York. ThF city treasurer shall mail such notice by
registered mail thirty (301 days prior thereto to the last known
holder or holders of any bearer bonds so called, as shown by the
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records in his office. Notice of redemption of any registered bonds
shall be given to the registered owners by registered mail at least
thirty (30) days prior to the day of call. No interest shall accrue
on said bonds called for redemption or on a~y interest coupons there-
on after the redemption date specified in said notice.
. This bond is one of an issue in the total principal amount of
$420,000, all of like date and tenor except as to number, maturity,
and prior redemption (and interest rate), all issued by the City for
the purpose of providing money to finance the acquisition and construc-
tion of offstreet parking facilities within a parking assessment
district in the California Avenue area in said City, all as set forth
and described in Resolution No. , adopted
1974, by the council of the City of Palo Alto, providing for the
issuance hereof, to which reference is hereby made for the obligations,
duties, rights and privileges hereby created, and as authorized by and
in strict accordance with the freeholders' charter of said City, and
the Palo Alto Municipal Code, and particularly Section 13.16.150 of
Chapter 13.16 of Title 13 thereof.
This bond is payabl~ exclusively from the bond fund established
in said resolution, as said fund appears upon the books of said City.
Neither the City nor any of its officers are otherwise liable for the
principal and interest hereof.
There is a mandatory duty on the council to levy and collect
a special assessment upon all taxable land and improvements within
said-parking assessment district of said City, in an amount clearly
sufficient to pay the principal of and interest on this bond as the
same shall become payable, until all said principal and interest are
paid in full, and to deposit the proceeds thereof in said bond fund.
Annually, at any time prior to the time the levy is made, or at
such other time as it shall determine, the council is authorized to
transfer to said bond fund, from available runds, such amount or
amounts as it shall determine.
In the event of a delinquency in the payment of any installment
of the assessment levied upon any benefited properties for the payment
of the principal and interest of said bonds, there is a mandatory
duty on tha part of the City to transfer an amount equal to the amount
of such delinquency, with penalties and costs from available funds of
said City, to said bond fund, and in the event such funds are not
available, to levy a tax therefor, up to ten cents (lOt) on the one
hundred dollars ($100) of assessed valuation of all taxable property
in said City, which duty is a continuing, annual, mandatory duty on the
part of the council during the entire life of the bond issue, if
assessments against the benefited real properties continue to be in
default.
This bond may be registered, deregistered and reregistered in
the manner provided in the resolution providing for the issuance here-
of. If registered as to principal and interestJ the principal hereof
and interest hereon shall be payable only to such registered owner.
If registered as to principal only, the principal hereof shall be
payable only to such registered owner.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions
and things required by the constitution and laws of the state of
California and the charter and ordinances of said City, to be done,
to happen and to be performed, precedent to and in the issuance of
this bond, have been done, have happened and have been performed in
regular and due form, time and manner as required by law, and this
bond is made conclusive evidence thereof.
11
• •
IN WITNESS WHEREOF, the City of Palo Alto, by its council, has
caused this bond to be executed on its behalf oy the mayor and city
clerk of said City by their printed, lithographed or engraved signa-
tures hereon, and countersigned by the manual signature of the city
treasurer, who has affixed hereto the corporate seal of the City, and
has caused the interest coupons to be executed and authenticated by
the facsimile signature of the city treasurer, all as of January 2,
1975.
Mayor
City Clerk
COUNTERSIGNED:
NO.
• r1 -City Treasurer
INTEREST COUPON FORM
$
On the 2nd day of July (January), 19 , the city of
Palo Alto will pay to bearer (unless bond is
registered as to principal and interest) at the Bank
·of America N. T. & s. A., Main Office, San Francisco,
California, the sum of DOLLARS
{$ ) for interest, subject to any prior
r~demption right reserved, then due on its California
Avenue District Parking Bonds of 1975, Series 71-63,
dated January 2, 1975.
Bond No.
City Treasurer
iii .
... . .. . • •
REGISTRATION FORM
This bond is registered in the name of' the registered
owner whose name and address appear last in the space below,
as .to pritjcipal only or as to principal and interest, as
noted below, and the principal only or both the principal
of and interest on this bond are payable accordingly to
such registered owner.
NOTE: There must be no writing in the space below except
by:the Registrar.
Date or
Registq
Type of
Registration*
N~e of
Registered
Owner
Address of
Registered
OWner
Signature
of' Registrar
Principal only
and Interest
Principal only
and Interest
Principal onlj'
and Interest
Pr!ricipal on!Y
and Interest
* Ill the event registration is as to princ~pal only,
strike the words "and inter.est"; if as to principal ari~ interest~ strike the word "only".
* * * * * *
iv