HomeMy WebLinkAboutRESO 5592,.
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ORIGINAL
RESOLUTION NO. 5'592
lmSOLUTION SELLING $5,000,000 CITY OF PALO ALTO
TEMPORARY NOTES FOR THE FISCAL YEAR 1978-1979
AND FIXING THE DEFINITIVE INTEREST ~.1'.TE THEREON
WHEREAS, the Council of the City of Palo Alto has
duly authorized the ~ssuance of Temporary Notes, fiscal year
1978-1979, 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 therefor1 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 Natio~al Bapk
We l1 s Fargo Bank
Bank ()f America
United California Bank
and
Net·
Interest Cost
4.67 i
5.04
5.10
5 .10
Crocker National Bank
Premium
$ 32.00
101.00
is the highest bid for said ~otes, considering the interest
rate(s) specified and the premium offered (if any)1
NOW, THEREFORE, BE IT RESOLVED, by the Council of
the City of Palo Alto as follows:
l. Said bid of . Crocker National Sank
be and it is hereb~· accepted and the City Treasurer is hereby
.authorized and directed.to deliver said notes to said purchaser
thereof upon payment to said City Treasurer of the purchase
price, to wit: the par value thereof and a premium of $ 32.00
together with accrued interest at the following rate(s). for
note (s) of the following denomination(s) and number(s):
Note Numbers Interest
Denomination (inclusive)" Ra~e
$ 100,000 1 to 50 4 .67 ' .
to
to -
to
,/'
Said note {s) shall bear interest at the said rate (s) payable
at mat\irity. -2. All bids except the accepted bid are hereby
rejected and the City Treasurer is hereby directed to return
to the unsuccessful bidders their several checks accompanying
~their respective bids.
3. The City Treasurer is directed to cause to be
pr~pared blank note(s) showing that the same bear interest at
the rate(s) aforesaid.
4.· This resolution shall take effect from and after
its passage and approval.
ADOPTED this 11th day of September, 1978, by the
following vote:
AYES: Carey, Clay. Eyerly, Fazzino
fletcher, Henderson, Sher, Witherspbon
NOES: Brenner
2
APPROVED: <_:ct ~
Mayor
APPROVED: < ' ~.-
l. --.
~ --. AP PRO~
/ a 9=< Cfty M a er
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I, /!-r/\.11\.) ·-/~ /FJ "-'l'\..tC::lf" , City Clerk of the
City of Palo Alto, State of California, do hereby certify that
the above copy of Resolution No. ~-S-U is a full, true and
correct copy of said resolution now on file in my office, and
that said resolution was adopted on the 11th day of September,
1978, and has not been amended, rescinded or repealed, and is
now in full force and effect.
IN WI'J.'NESS WHEREOF, I have hereunto set my hand and
affixed the seal of said City this ~ day of §11£ t ~r, 1770 1978. . ?z~.Ak1
(Seal]
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