HomeMy WebLinkAboutRESO 1172I .
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R E S 0 L U T I 0 N N O. .._ __ ....,..,....,...., __ _ 11'72 -
RESOLUTION AtJTHORIZDfG CITY TREASURER TO .SELL CER'l'AII CITY
BONDS AND PURCHASE OTHER BONDS
Whereas, there are now 1n the treaaurJ or the City or
Palo Alto the following Cit7 ot Palo Alto bonda, to-vita
'l'hirtJ--aix (~6) One Thousand DOllar C1tj.of Palo
Alto Water and Sewer Sonde o! 1923, due aerially
from June l, 1949 to and. irtcluding June 1, ~957;
Twenty (20) One Thouaand Dollar CitJ ot Palo Alto
Water Bonde of 1926, due aerially from June 1, 194~ to and including June 1, 1946J and
Fifty (50} One Thousand Dollar City of Palo Alto
Water Bonde of 192$, due serially from June 1,
1957 to and including June 1, 1966J
And wherea~, upon a sale o1' said bonds a large pre=1um can be real1zeda and·
Whereas' 1 t 1!1 for the best; financial 1nterel5t8 or the
city that 21aid bond& be sold and that the receipts from eaid aale be 1nveated. in United Statea Governmtmt eeour1t1•• hereinafter enumeratedJ
Now, thereforo, the Council of the Clty of Palo A1t o DO RESOLVE as followes
That w. C. COBB, City Trea:1ure.r, be and he ie hereby
directed to secure bida from the bond houaee and/or banks which
might be interested in purchasing the City of Palo Alto bonda
above enumerated; that in htl9 call for bids he make the same
returnable to himself at the City Hall i.n the City of Palo Alto
on or before the first day of November, 1937, at the hour or
5s00 P.M.; that at the laet mentioned time and place said City
Treasurer, in conjunction with standing Committee No. 5 of the
City Council, open aaid b1da and award the contract of eale to
the bidder making the best bid on all OI' part of ea1d group or
b:)ndsJ provided, however, that all bida. may be rejectedJ
That 6a1d City Treasurer be and he 1& hereby d1r6cted
to invest the fund~ received from the sale of the above mentioned
bonds in sec·ur1t1es selected frot. the following lbt, to-wits
(Twenty (20) One Thousand Dollar United States
Treasury Bonds, bearing 3f% interest, payable
October 15, 1945, and callable October 15,
. 1943J
Twentr·tive (25) One Thoueand Dollar United
States Treasury Bonds, bearing 3f% interest,
payable April 15, 1946, and callable April 15, 1944J
Twenty (20} One Thousand Dollar United States
Treasury Bonds, bearing 2-3/4% interest, pay-
able September 15, 1947, and calla-lo September 15, 1945:
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TwentJ (20) One Thousand Dollar United Statea
Treaaury BQnd.a, bearing 3~ interest, paJabl.e
June 15, 1948, and callable Juno 16, 1946;
Twenty (20) On~ Thoutand Dollar United State•
Treasury Bonds, bearing 3-1/8~ interest, p&J-
able June 15, 1949, and callable June 16, 1946J
and
Twenty (20) One Tnouaand Dollar Unit~d States
Treasury Jotea, beGring 1-3/4-interest, pay-
able M~rch 15, 1942.
That said City Treasurer ia to purchase the above
enumerated bonds at the market pr1oe available •• or the date or puz•ohase.
The above and foregoing resolution was duly and
regularly introduced and paa~ed at an adjourned regular meeting
of the Couno11 of tne City or Palo Alto held on Monday, the
25th daJ ~r October, 1937, br the following votes
AYES:
NOES:
ABSENTs
Blois, Bonham, Caahel, Colllna, Costello, Cypher,
Goddard, Mrs. Merner, Mitehell, Mosher, Richards,
Salsman, Thoit3, Thomaa, Wood.
None.
None.
~e~ APPROVEDI~yor ·
ie'~l~ ATTESTs_ U4'tt:lr '
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