HomeMy WebLinkAboutRESO 5395~, . . ' .. • ~/25/77 70c
ORIGINAL
that
RESOLUTION NO. 5395
A RESOLUTION PROVIDING FOR ISSUANCE OF BONDS
AND DIRECTING THE LEVY OF ANNUAL ASSESSMENTS
TO PAY THE PRINCIPAL AND INTEREST THEREOF
CITY OF PALO ALTO
UNIVERSITY AVENUE AREA
OFFSTREET PARKING ASSESSMENT DISTRICT PROJECT NO. 75-63
$791,000 BONDS OF 1977
RESOLVED, _by the council of the City of Palo Alto, California,
WHEREAS, the City of Palo Alto, state of California, herein
called City, is a charter city, duly organized and existing under
and pursuant to the provisions of the constitution and laws of
the state of California1
WHEREAS, by the terms of said charter, the City is empowered
to make and enforce all laws and re9ulations in respect to municipal
affairs, subject only to such restrictions and limitations &$ 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, includ-
ing 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 satd charter of any particu-
lar pawer shall not be held to be exclusive of or any limitation
upon said general grant of powers;
WHEREAS, the acquisition, construction, ownership, manage-
ment, maintenance, operation, repair, addition, extension and
improvement of offstreet au~bile parkinq facilities for public
and private purposes and the issuance of bonds to pay the cost
thereof is a municipal affair1 and
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WHEREAS, Title 13 of the Palo Alto Municipal Code was
adopted pursuant to the power and authority vested in said council
by and under the terms and provisions cf said charter, and there
are no limitations in regard thereto expressly or otherwise pro-
vided in said charter or in the constitution of the state of
California, other than Section 19 of Article XVI, as to which full
compliance has been had by the council in the proceedings leading
up to the adoption of this resolution;
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 Mun~cipal Code
Lo 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 the council is now audlorized 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
(Bond Plan G) for the purpose of paying the cost of the acquisi-
tion, construction, completion, repair and financing of the
improvements, works and property described in the proceedings had
pursuant to Resolution of Intention No. 5242, adopted by this
council on August 9, 1976, shall be in the total principal amount
of Seven Hundred Ninety One Thousand Dollars ($791,000), shall
be designated, 9 City of Palo Alto University Avenue Area Parking
Bonds of 1977, Series 75-63•, shall be dated June 2, 1977, shall
. be negotiable in form and of the character known as "s-erial", and
shall be 159 in-number, numbered consecutively from 1 to 159,
inclusive and of the denomination of $5, 000 each, excep·~ Bond
No. 1 which will be in_the denomination of $1.000.
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3. Maturities. The bonds shall mature serially in the
order of serial numbers and have maturity dates on July 2 in
each of the ye~rs and amounts, as follows:
Total
Bond Numbers Principal Year of
(Both Inclusive) Amount Maturity Callable
l $ 1,000 1978 Non
2 5,000 1978 •
3,4 10,000 1979 "
5,6 10,000 1980 .,
7 -9 15,000 1981 " 10 -12 15,000 1982 " 13 -15 15,000 1983 " 16 -18 15,000 1984 II
19 -22 20,000 1985 II
23 -26 20,000 1986 H
27 -30 20,000 1987 "
31 -35 25,000 1988 On and After
36 -40 25,000 1989 7-2-87
41 -46 30 ,000 1990 "
47 -52 . :30,000 1991 "
53 58 30,000 1992 "
59 -65 35,000 1993 "
66 -73 40,000 1994 n
74 81 40,000 1995 •
82 -90 45,000. 1996 H
91 -99 45,000 1997 "
100 -109 50,000 1998 " 110 -120 SS,000 19:: .... "
121 -132 60,000 2000 "
133 -145 65,000 2001 n
146 -159 70,000 2002 "
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, 1978 and semi-
annu•illy 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 ~nds must specify the
rate or rates of interest whicn the bonds shall be~r. Bidders
may bid different rates of interest irrespective of the maturities
of the bonds, provided, that the spread from the lowest to the
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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 repre-
sented by more than one coupon~
5. Callable Bonds. Bonds maturing by their terms on or
before July 2, 1987 shall not be subject to call pri~r to their
respective fixed dates of maturity. Bonds maturing on or after
July 2, 1988 shall, by their terms, be subj~ct to call and redemption,
at the option of the City, as a whole or in part, in inverse num-
erical order on July 2, 1987, or on any interest date thereafter
and prior to thei+ respective 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 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 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 nTr~asurer•)
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 mail
thirty (JO) days prior thereto to the last known holder or holders
of any bearer bonds so called, as shown by the records in his
office. Notice of redeJDPtion of any registered bonds shall be qiven
to the registered owners by register~d mail at least thirty (30)
days prior to the date of call. No interest shall accrue on said
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bonds called for redemption or on any interest coupons thereon
after the redemption date specified in said notice.
7.-Form of Bonds and Coupons. The form of the bonds, and
of the interest coupons which shall be attached thereto at the time
of-their issuance, and the form of endorsement on the bonds for
registration shall be substantially as provided in Exhibit "A"
hereto attached and made a part hereof by this reference.
8. Interest After Maturity. If, upon presentation at
maturity, payment of the bonds herein authorized or of any inter-
est 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 Registra-
tion Agent of the City.
lfr. Execution of Bonds and Coupons. The bonds herein
authorized shall be executed on behalf of the City by the mayor
and by the city clerk (hereinafter called nclerk") by their printed,
engraved or lithographed signatures and countersigned by the man-
ual signature of the Treasurer, who shall affix thereto the corpo-
rate. seal of the City (which may be by its printed, 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 $ignature shall
ratify the execution of the same.
11. Registration. Any bond is $ubject 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 Registration Aqent for registration.
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(a) Principal and Interest. Upon presentation and
request for registration as to principal and interest, the
Registration Agent shall cut off the coupons and de~troy·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 notation 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 manner as unregistered bonds. Principal,
he>Wever, sh~ll be paid only to the registered owner upon presenta-
tion of such bond.
(c) Dereaistration. The registration of any unmatured
bond may be cancelle 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 rereqistered, the principal
thereof shall .i.)e payable 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 deregistration.
(d) Reregistration. Dereqistered 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 University Avenue Area
Parking Bonds of 1977, Series 75-63 Construction Fund•, herein
called "Construction 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
by the City, shall be deposited in said fund and shall be expended
to pay the costs and expenses of the acqui~itions and improvements
described in the proceedings and expenses incidental thereto.
Interest accrued on said bonds from their date to the date of
delivery shall be_ deposited in the bond fund.
Any unexpended bond proc~eds remaining after the completion
of the project shall be paid into the bond fund, or may be used
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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, nor 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 provided. Neither the City nor any of its officers
is to be held otherwise liable for the principal of or interest
on the bonds.
14. Equal Parity. All of the 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.
l~. 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 assessment district in the University Avenue Area of said
City, which is hereinafter referred to as, •the Parking Assessment
District". ~he cost and expenses of said contemplated acquisi-
tions and improvements, being, in the opinion of this council,
of more than local or ordinary public benefit, have been made
chargeable upon the Par.king 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 de-
clared that all public streets, highways, lanes and 4lleys and
other publicly owned and otherwise nontaxable property within
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said Parking Assessment District shall be omitted from the annual
benefit assessments hereafter to be made-to pay principal and
interest on said bonds.-
17. Plan G Bondti. Serial bonds to represent the total cost --
of the parking improvements to be financed by the Parking Assess-
ment Distri~t, or $791,000, shall be issued pursuant to Bond Plan G,
Section 13.16.150 of Chapter 13.16 of Title 13 of said Code, as
herein provided. -
18. City Obligation. The City has the power and it is the
duty of the City to levy annual assessments 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 power and duty is hereby declared to be inex-
haustible in nature and '.lnlimited 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 deterinine, transfer ~o the bond fund, from avail-
able funds, such amount or amounts as it shzll determine.
20. Annual Budget. The Controller shall annually cause
to be prepared a budget for the bonds herein authorized, 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
proce~ds of the next succeeding assessment levy hereunder shall
become available therefor. -
(b) The balance available therefor at the end of the
fiscal year in the bond fund.
(c) The amount of contrib1.itions, 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·whic~ an
annual assessment is to be levied. -
(d) The balance of the amount provided in subdivision
(a).
21. Benefit Assessment. The-amount provided in subdivision
(d) of Section 20, including adequate provisi~n for anticipated
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delinquencies, shall be raised by an annual assessm~nt on all tax-
able lands and improvements within the Parking Assessment District
in the 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 Square Footage. On or before
July 1 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 rec-
·ords or other sources legally available to him the gross number of square
feet, based on exterior measurements, of the floor area of each
building or structure within the boundaries of the Parking Assess-
ment 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 transmitted to the city planning officer (herein-called "Planning
Officer"). Any references to square footage or adjusted square
footage h~einafter 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. Immediately 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 number of offstreet automobile
parking spaces which would be required to be provided under City
ordinances generally then in effect, arid the number being provided
by said parcel-S.l'1d 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 transmitted_ to the City En9ineer.
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24. Preparation of Engineer's Report. Immediately upon
receipt of the foreqoing data from the Assessor and the Planning
Officer, the City Engineer shall prepare a report containing the
following data as to aach parcel within the Parking Assessment
District in columnarized form:
(a) A description of each parcel of land }n the
Parking Assessment District; by a legal description, Assessor's
parcel number or other description 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 pro-
vided by the Assessor1
(c) the number of parking spaces required of each
parcel~ as provided by the Planning Officer;
{d) The number or of fstreet 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
qross square footaqe set forth in (b) by the ratio set forth in
(e), and -the,total adjusted sqtiare footage in the Parking Assess-
ment District1
(g) The rate of assessment per adjusted square foot
~f 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 Cf).
The rate of assessment shall in no event exceed the rate per adjusted
square foot, as determined by th1:! council and-set forth in the
resolution Qf 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 raised by an additional assessment on all taxable lands
(exclusive of improvements) within the Parking Assessment District,
in the ratio of their land area. The Engineer's Report for such
year shall inc1ude a column for such a land area assessment. -c
(h) The amount of the individual assessment against
each parcel of land in the Parking Assessment District~ determined
by multiplying the rate deterained in (g) by the adjusted square
footage for each parcel determined in -(f), and adding the land
area assessm~nt, if any.
' 25. successive Annual Re29rts. 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.lSO of Chapter 13.16 of
Title 13 of said Codea
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26. Annual Assessment LeVf. The total of each annual
assessment, determined as contained in said report as confirmed,
shall be levied and collected upori 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, collection
and enforcement of taxes for City purposes are hereby made appli-
cable 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 shail in like manner
pass to the purchaser.
27. Supplemental Bond Remedy. 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 the part of
the City to advance an amount equal to the amount of such delin-
quency, from ~'ailable funds of the City, to the borj fund, and
in the event such funds are not available, to levy a tax therefor
up to ten cents (10¢) on the one hundred dollars ($100) of
assessed valuation of all taxable property in the City to provide
such funds, which duty is continuing, -annual and mandatory.
28. Bond Fund. There is her!!bY created a special fUnd
designated •city of Palo Alto Bond Plan G Series 75-63 Interest
and Redemption Fund•, herein called •sond Fund•, which shall
be_maintained by the Controller as a separate account, distinct
from all other funds of the City from which the principal of
and interest on all of the-bonds shall be paid.
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(a) Forthwith upon r~c6ipt of the proceeds of the
borids, the Treasurer shall pay therefrom to the Bond Fund any funds
received on account of interest accrued on said bonds from their
date to the date of their delivery.
· (b) Any amounts determined to be appropriated and
contributed by the City to the payment of principal and interest
on the bonds shall be deposited in the Bond Fund.
(c) The proceeds of any special assessments levied
pursuant to Sections 20 to 26 inclusive, hereo·f shall be deposited
in t.~e Bond Fund.
(d) Any amounts required to be advanced pursuant to
Section 27 .shall also be deposited in the Bond Fund.
All moneys in this Fund shall be used and withdrawn solely
for the purpose of paying the principal of and interest,on the
bonds as the same shall become due and payable.
29. Trust Fund. All moneys contributed to the payment
of the bonds and the interest thereon, all annuil assessments
levied therefor, and all amounts advanced pursuant to Section 27,
as herein provided, shall be deposited in the Bond Fund, shall
constitute a trust fund therefor, and shall not be expended for
any other purpose: provided, that if any moneys shall remain in
the Bond Fund after the payment of all of the bonds and .the interest
thereon, they shall be transferred to the maintenance fund of
the Parking Assessment District, and be used for the objects
and purpose$ thereof.
30. Refunding. If, prior to the payment 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 thereof may be
refu.~ded and the refunding obligations so issued shall enjoy
complete equality of lien with the portion of the bonds which is
not refunded, if any there be, and the refunding obligations shall
continue to enjoy whatever priority of lien over subsequent issues
which may have been enjoyed-by the bonds refunded1 provided,·
however, that if only a portion of the outstanding bonds is so
refunded and if such bonds are r~funded in such manner that the
interest rate thereof is increased or that anr of the refundi09
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obligations mature at a date earlier than the maturity date of any
of the bonds not refunded, then such bonds may not be refunded
without the consent of the hold~rs of the unrefunded portion of
said bonds.
31. Printing and Execution. The Clerk is directed to
cause said bonds to be lithographed, print~d or engraved, accord-
ing to the provisions hereof and the bid of the successful bidder,
and to procure their execution by the proper officers and to de-
liver them when so executed to the Treasurer who shall safely keep
the same until delivery to the purchaser or purchasers thereof, on
receipt of the purchase price. Said Mayor, Treasurer and Clerk
are further authorized and directed to ~ke, execute and deliver
to the purchaser or purchasers of said bonds a siqnature and no-
litigation certificate in the form usually required by purchasers
of municipal bonds generally, certifying to the genuineness and
due execution of said bonds and further certifying to all facts
within the~r knowledge relative to any litigation which may or
might affect said City, the Parking Assessment District, said
officers or said bonds, and said Treasurer is further authorized
and directed to make, execute and deliver to the purchaser of sai~.
bonds a Treasurer's receipt in the form usually required by pur-
chasers of municipal bOnds, which receipt shall be conclusive_
evidence t.~at 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 au~orized to rely upon and shall
be justified in relying upon any such signa~ure 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
cireumstani:es now in existence and in existence on the_ date of
issue of the_bonda, as determined by the City Treasurer, the City
Treasurer is authoriaed-to certify that it is not expected that
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the proceeds of the issue-will be used in a manner that_would
caus·e such obligations to be arbitrage bonds. Such certification
shall be delivered to the p'.ll'chaser together with the bonds.
* * * * *
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 thereof held
on the 2nd day of May , 1977, by the-following ~~~---~~~~~~-
vote of the members thereof:
AYES, and in favor thereof, Councilmembers: Beahrs, Berwald,
Carey, Eyerly, Norton, Sher, Witherspoon
NOES, Councilm.embers: Noue
ABSENT, Councilmembers : Clay, COIBStock
c4ffr~cf!":~f Palo Alto
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APPROVED:
APPROVED:
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EXHIBIT "A•
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
CITY OF PALO ALTO
UNIVERSITY AVENUE AREA PARKING BOND OF 1977
SERIES 75-63
NO. $ ------
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 75-63 Interest and
Redemption Fund, herein called Bond Fund, of said City, on the 2nd
day of July, 19 , the sum of THOUSAND DOLLARS ( $ )
in lawful money~the United States, with interest thereon from
the date, as evidenced by interest coupons attached hereto at
the time of issuance._ Said interest is payable January 2, 1978,
and semiannually thereafter or. the 2nd day of July and the 2nd day
of January, in each year, all as more particularly set forth in
the resolution providing for the iss~nce hereof.
Both principdl 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, califor.nia, 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 ~~Y 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, l.987,
are not subject to call prior to the=ir respective fixed dates of
maturity. Bonds maturing on or after July 2, 1988, 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, 1987, or on any
interest date thereafter and prior to their respective dates of
maturity at the principal ~unt thereof and accrued interest
thereon to the date of redemption, plus a redemption premium.
equal to one-quarter of one percent (1/4 ef 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 maturit.1 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 rrior .
notice of redemption to be qiven by mail, and in addition shall
publish such notice once at least thirty (30) days prior to the day
of call in a finaneial paper published in san Francisco or in a
financial pa~r published in New York. The city treasurer shall
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mail such notice by registered mail thirty (30) days prior thereto
to the last ~nown 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 qiven to the reqistered owners by
registered mail at least thirty (30) days prior to the day of call.
No interest shall accrue on said bonds called for red.emption or
on any interest coupons thereon after the redemption date specified
in said notice.
This bond is one of an issue in the total principal amount
of $791;000, all of like date and tenor except as to number,
maturity, and prior redemption (and interest rate), all issued
by the City for the purpose of providing money to finance the
acquisition and con$truction of offstreet parking facilities within
a parking assessment district ?n the University Avenue area in
said City, all as set forth and described in Resolution No. ~~--~'
adopted , 1977, by the council of the City of
Palo Alto, providing for the issuance hereof, to which reference
is hereby made for the obligationa, duties, rights and privileges
hereby created, and as authorized by and in strict accordance
with the freehoiaers' 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 payable exclusively from the Bond Fund estab-
lished 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 iand 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
Fµnd.
Annually, at any time prior to the time the le,,Y is made,
or at such other time as it shall determine, the council is autho-
rized to transfer to said Bond Fund, from available funds, such
amount or amounts as it shall determine.
In the event of a delinquency in the payment of any install-
ment of the assessment levied upan any benefited properties for
the payment of the principal and interest of said bonds, there is
a mandatory duty on the part of the Cit.y to transfer an amount
equal to the amount of such delinquency, with penalties and costs
from ava_ilable 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 (10¢) on the one hundred dollars ($100) of assessed
valuation of all taxable property in said City, which duty is a
continuing, annual, mandatory duty_ on the part of the council dur-
ing the entire life of the bond issue, if assessments against
the benefited real properties continue to be in default.
This bond may be registered, deregistered and reregistered
in thE manner provided in the resolution providing for the issu-
ance hereof. If registered as to principa! and interest, the
principal hereof and interest hereon shall be payable only to such
registered owner. If registered as to principal only, the princi-
pal hereof shall b~ payable only to such registered owner•
IT IS-HEREBY CERTIFIED ANn RECITED that all acts, condi-_
tions and things required by_ the constitution and la:ws of the state of
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• ' . • • • •
California and the charter and ordinances of said City, to be
done, to happen and to be performed, precedent to and in the
iaauanee of this bond, have been done, have happened and have Deen
performed in re9ular and due form, time and manner as required by
law, and thia bond is made conclusive evidence thereof.
IN WITNESS WHEREOF, the City of Palo Alto:-by its council,
has caused this bond to be executed on its behalf by the mayor
and city clerk of said City by their printed, lithographed or
engraved signatures hereon, and countersigned by the manual signa-
ture of the city treasurerr who has affixed hereto the corporate
aeal of the City, and has caused the interest coupons to be exe-
cuted and authenticated by the facsimile signature of the city
treasurer, all as of _June 2, 1977.
COUNTERSIGNED:
NO.
City Treasurer
INTEREST COUPON FORM
-----$ ______ _
·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
reaemption right rE'!Served, then due on its University
Avenue District Parking Bonds of 1977, Series 75-63,
dated June 2, 1977.
Bond No.
City Treasurer
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.. • ··-
REGISTRATION PORM
Thi• bond ia reqiatered in the name of the reqistered
ovner whose name and address appear laat in the space below,
aa to principal only or a• to principal and interest, as
noted below, and the principal only or both the principal of
and intereat on this bOnd are payable accordingly to such
re9iatered owne~.
NOTE: There must be no writing in the space below except
by the Ra9iatrar.
Date of
Registry
•
Type of
Registration*
Principal only
and Interest
Principal on!Y
and Intereat
Principal only
and Interest
Principal only
and Interest
Name of
Registered
OWner
Address of
Reqistered
OWner
Siqnature
of
Registra;,
In the event registration ia «• to principal only,
strik:e the words "and Interest" r if aa to principal
and inter••t, •trike the word •only" •
* * • * •
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