HomeMy WebLinkAboutRESO 5467...... • • ORIGINAL
RESOLUTION NO. 5467
RESOLUTION SELLING $5,000,000 CITY OF PALO ALTO
TEMPORARY NOTES FOR THE FISCAL YEAR 1977-1978
AND FIXING THE DEFINITIVE INTEREST RATE THEREON
WHEREAS, the Council of the City of Palo Alto
has duly authorized the issuance of Temporai-y Notes,
fiscal year 1977-1978, in the aggregate principal
amount of $5,000,000 and further duly authorized the
same of said notes at public sale to the highest bidder
therefor; and
WHEREAS, notice of the sale of said notes has been
duly given and the following bids for said notes were and
are the only bids received, to wit:
Name· of Bidder
CroCker National Bank
Bank of America
Wells Fargo Bank
California F:i.rst Bank
United California Bank
Securit}~ Pacific National Bank
Net
Interest Co'3t
3.41%
3.S2
3.88
3.93
4.0'1
4.10
$125.00
0
0
0
0
0
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and
~WHEREAS, the bid of Crocker National B3nk
is the highest bid for said notes, con-
sidering the interest rate(s) specified and the premium
offered (if any) :
NOW, THEREFORE, BE lT RESOLVED by the Council
of the City of Palo Alto as follows:
1. ~;aid bid 0 f _ _.Croc......,,,~\k.,..e4l"_...Nwawt,...j~or.un,..,s.._l ...1I\!.J10:lilon1Dk-----
be and it is hereby accepted and the City
Treasurer is hereby authorized and directed to deliver
said no·tes to said purchaser thereof upon payment to said
-City Treasurer of the purchase price, to wit: the par
value thereof and a premium of $]25.QO, together with
accrued interest at the following rate(s) for note(s)
of the following denomination(s) and number(s):
Denomination
$100,000.00
Note Numbers
(inclusive)
to ,0
-tO
Interest
Rate
3.47 %
Said note(s) shall bear interest at the said rate(s)
payable at maturity.
2. All bids except said accepted _bi~ are
hereby rejected and the City Treasurer is hereby directed
to return to the unsuccessful bidders their several
checks accompanying their respective bids.
3.. 'l'he City "Treasurer is directed to cause
to be prepared blank note{s) showing that the same bear
interest at the rate(s) aforesaid • •
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4. This resolution shall take effect frm and
after its passage and approval •
. i ADOPTED this 17th aay of October, 1977, by the
following vote:
AYES:
NOES:
Brenner, Carey, Clay, Eyerly, Fazzino, Fletcher, Henderson, Sher
Witherspoon
None
ABSENT: Rone
APPBOVEI>:
. I, Ann J. Tanne't' , City Clerk of the City of Palo
Alto, State of California, do hereby certify that the above
copy of Resolution No. 5467 is a full, true and correct
copy of said resolution now on file in my office, _and that
said resolution was adopted on the 17th day of OCtober, 1977,
and has not been amended, rescindet;i or repealed, and is :now
in full force and effect.
IN WITNESS WHEREOF, I have hereunto set my hand
and affixed the seal of said City this 17th day of October,
1977.
[Seal]
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CROCKER DATIDDALBADH·
PORTFOt.10. MONEY MARKET ANO BONO TRADING DIVISION
ONE MONTGOMERY STREET, SAN FRANCISCO. CA 94104
The Council of the City of Palo Alto
Santa Clara County
City Treasurer's Office
Civic Center
250 Hamilton Avenue
Palo Alto, California
. October 171 1977
RE: $5,000.000 City of Palo Alto Temporary Notes
We hereby bid you par plus a premiilm of $ 125.00 for (SO) Temporary
Notes of the above mentioned issue in the amounts of $100,000 each.
Said notes shall bear interest at a rate of 3 .47 '% per cent per
annum and shall be repaid no later than June 12, 1978. This proposal
is subject to the conditions of the Notice of Sale dated October 4, 1977.
This bid is contingent on receipt of an unqualified legal opinion by the
finn of Orrick, Herrington, Rowley & Sutcliffe as well as a supplemental
reference that the notes' exemption from F~deral income taxes complies
in full with Section 103 (d) of the-Internal Revenue Code and current
proposed regulations promulgated thereto. Interest is to be computed on
a 365 day b~sis and the above notes will not be called prior to maturity.
Very truly yours,
CROCKER NATIONAL BANK
By ");_A , / ~ ~--.... ____..... .C--~/?
D. L.I{; kb;ll;er, vice President & Mgr.
Palo Alto Main Office
P. 0. Box 150, Palo Alto, c.a. 94302
Phone: 855-6625
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