HomeMy WebLinkAboutRESO 5784, 6076A • JHHW:KIJ:pl •
RESOLUTION NO. 5784
A RESOLUT JON CALL ING FOR BIOS ON SALE
OF IMPROVEMENT BONOS
UNIVERSITY /'.VENUE AREA OFFSTRF.ET PARK ING
ASSESSMENT DISTRICT NO. 75-63
$175,000 BONDS OF 1980
03/12/80
ORIGINAL
RESOLVED, by the Council of the City of Palo Alto, California, that
1. The City Clerk of this City be, and she is hereby, directed to call
for bids for the sale of improvement bonds to be issued pursuant to Resolution
of Intention No. 5242, adopted by this Council on August 9, 1976, as
thereafter ame11ded.
2. The Notice of Sale, in fvrm to be prepared by Jones Hall Hill &
White, shall be given by said law firm ca.using copies thereof to be mailecl to
the various banks and bond houses interested in the purchase of such bonds at
least ten days before the date of sale of said bonds.
3. The City of Palo Alto, will furnish the legal opinion of Jones Hall
Hill & White, San Francisco, California, unqualifiedly approving the legality
of the proceedings arid the issuance of said bonds.
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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 _ 7 day of Aprti ..
1980, by the following vote of the members thereor:--
f.YES, and in favor thereof, Councilmemers: Brenner, fletcher, Henderson, Levy
NOES, Councilmembers: None
ABSENT, Coone"\ lmembers: "Fazzino
NOT PARTICIPATING, Councilment>ers: Eyerl.r
City Cler
APPROVED:
~ yor
Renzel, Sher, Wttflerspoon
I • t <1
HOW, THERF.FORE, IT IS HF.REAY OE.fERMJNED and OROEREO, as follows:
1. Conditions Satisfied. All acts, conditons and things required by
the constitution ;ind laws of the state of California and the chart\!r of said
C Hy and the Pa "lo Alto Municipal Code to be dor>e, to haprcn and to be
performed precedent t.o and in the i 1suance of the bond~, 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 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 (Bond Plan G) for the
purpose of paying the cost of the acquisition; construction, corpl~tion,
repair and financing of the improvements, works and property described 1n the
proceedings had pursuant to Resolution of Intention Ne. 5242, adopted by this
council on August 9, 1976, · as modified pursuant to Resolution No. 5604, A
Resolution of Intention to Make Changes and ~~difications, adopted Octob~r ~O,
1978, shall be in the totai principal amount of One Hundred Seventy Five
Thousand Dollars ($175,000), shall be designated "City of Palo Alto UniversLy
Avenue Area Parking Bor1ds of 1900, Serie~ 75-63A;' shall be dated May 2, 1980.
shall be negotiable "'n form and of the character kno'rm as -serial", and shall
be 35 in number, numbered consecutively frcrn Al to A35, inclusive and of the
denomination of $5,000 e.3ch, and shall hereinafter be referred to as "the 1980
Bonds".
3. Maturities. The 1980 Bends shall mature serially in the order of
serial numbers and have maturHy dated on July 2 in each cf the years and
amounts, as fo11ows:
Bood Numbers
{Both Inclusive)
1
2
3
4 -5
6 -7
8 -9
Total
Principal
Amount
$ 5,000
5,000
5,000
l0,000
10,000
10,000
Year of
Maturity Callable
1981 Non
1982 q
1983 !I
1984 Iii
1985 II
1986 n
2
·.
. . e
iotal
Bond Numbers ~r-inci pal Ye~:· of
{Both Inr,lusivel Amount Ma~. l~.0_!l Callable
10 -11 10,.000 1987 •
12 -13 10,000 1988 ..
14 -15 10,000 1989 !:
16 -18 15,000 1990 M
19 -21 15,000 1991 On or after
22 -24 15 ,000 1992 712/90
25 -27 . 15,000 )993 "
28 -31 20,000 1994 " 32 -35 20,000 19;:.5 •
4. Interest. The 1980 Bonds shall bear interest at the r~te of not to
exceed ten ·percent (10%) per annum from the1r date until paid. SaiC.: interest
shall be payable on Jan!lary 2, 1981 and semicrmua1iy thereafter on the 2nd di!y
of July and the 2nd day of january of each year to the date of maturity.
Attached to each said 1980 Bond shall be interest coupons payable at the time . the respective ·interest payr.:ents thereon become due and for the amount
thereof, as determined from the accei=ited bid for the purchase of th,.. 1980
Bonds.
Bidders for the purchase of the 1980 bonds must specify the rate or
rates of interest which the 1980 Bonds shall bear. Bidders may bid different
rates of interest irrespective of the maturities of the 1980 Bonds> provided)
that the spread from the lowest to the highest rate shall not exceed two and
one-half ,.1ercent (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 per~od to be split and represented
by more than one coupon.
5. Callable Bonds. 1980 Bonds maturing by their terms on or before
July 21 1990 shall not be subject to call prior to their respective fixed
dates of maturity. 1980 Bonds maturing on or after ·July 2, 1991, shal 1, by
their terms, be subject to call and redemption, at the option of th'e Cityt as
a whole or in part, in inverse numerical order on July 2, 1990, or on any
interest date thereafter and prior to their respective dates of maturity, at
the principal amount thereof ar.d accrued interest thereon to the date of
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redemption, plu~ a reden1ptlon pr(:fl'tium equa1 to one-quarter of onP. percent (1/4
of 1%) of such principal_·aioount for each whole twelve (12) months, and for any
remaining fraction of a twelve (12) month pertod, from the date fixed for
redemption to the maturity date of said 1980 Bonds; provided, however, that in
no event shall the premium paid on prior redemption of any 1980 bonds exceed
one and one-quarter percent (l-1/4%) of such principal amount.
6. Notice of Call. In the event· of call of any 1980 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 YC1rk. The Treasurer shall mail such notice by registered
mail_ thirty (30) days i--rior thereto to the last known holder or holders of any
bearer 1980 Bonds so called, as shown by the records in his office. r-:otice of
redemption of any registered 1980 bonds shall be given to the registered
owners by registered mail at least thirty ( 30) days prior to the date of
call. No interest shall accrue on said 1980 Bonds called for redemption or on
any interest coupons thereon c.fter the redemption date specified in said
notice.
7. Form of Bonds and Coupons. The form of the l9d0 Bonds~ and of the
interest coupons which shall be attached thereto at the time of their
issuance, and the form of endorsement of the 1980 Bonds for registration shall
be substantially as provided fn Exhibit •A11 hereto attached and niade a part
hereof by this t·eference.
8. Interest After Maturity. If, upon presentation at maturity, p~yment
of the 1980 Bonds herein authorized or of any interest coupons .therof, is not
made in full accordance with the terms hereof, the 1980 Sonds or coupons, or
both, shalt continue to bear interest at the rate stated 1n the 1980 Bond
until paid in full~
9. Where Bonds Payable. The principal and interest "" the 1980 Bonds
herein authorized shall be payable in lawful money of the United States of
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America at the Bank of America National Trust and Savings Association, Main
Off ice, San Francisco~ C"al ifornia, the Paying and 'Regis tr at ion Agent of the
City.
10. Execution of Bonds and Coupons. The 1980 Bonds herein authorized
shall be executed on behalf of the City by the mayor and by the city clerk
(hereinafter called 11 Clerk1!} by their printed, engraved or l ithn5raphed
signatures and countersignerl by the manual sigr.ature of the Treasurer, who
shal 1 affix thereto the corporate sea 1 of the C :ty (which may be by its
printed, engraved or i ithographed facsimile seal) and the interest coupons
shal 1 be executed and authenticated by the printed,. engra\.·ed or 1 it~ographed
facsimile signature of the Treasurer, who ty such signature shall ratify the
execution of the sane. .
11. Registration. Any 1980 Bond is subject to registration either as to
principal and interest or as to principal on1y, upon written request of the
bondholder and presentation of the bond to the Registration Agent for
registration.
a) Principal and Interest. Upo~ presentation and request for
registration as to principal and interest~ the Registration Agent sha 11 cut
off the coupons and destroy them. He shall maintain a book in which he shall
enter tfle numers of an registered bonds and the names and addresses of the
owners of registered bonds. Until such registration is cancel led as herein
provided, the interest and principal thereof shall he payable only to the
registered owner. There shall be provided on the back of each bond a suitable
blank shewing 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· princip~ 1
only. \Jlen bonds are registered as to principal only, a notation shall be
made to that effect 1n the registration book and on the bond. The coupons
sha 11 not be detached and the interest on such bonds sha 11 be paid upon
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presentation of such coupons in the same manner as ur.registered bond:;.
Principal, however. shall be paid only to the registered owner upon
presentation of such bond.
c) Oeregistration. The registration of any unmatured bond may be
cancelled upon written request of the registered owner. Upon receipt of such
request, the Registration Agent shai 1 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 de 1 iver the bond and a.ttached
coupons to the owner. Until such bond is reregistered, the principal thereof
shall be payable to the bearer, and the interest shall again be pa ic! upon
surrender of proper coupons. The cost of reprinting the coupons shall be paid
by the person requesting deregistration. .
d) .Reregistration. Oeregistered bonds are subject to
reregistration in the same manner as previously unregistered bonds.
12. Proceeds of Bends.. There has heretofore been created a special
fund designated "City of Palo Alto iJniversity Avenue Area Parking Bonds of
1977, Series 75-63 Construction Fund'',. tierein ca 1 led "Construction Fund" which
has been and shall continue to be maintained by the city controller
(hereinafter called 11 Controller") as a. separate account, distfoct from all
other funds of the City. The proceeds of the 1980 Bonds, or any part thereof,
including the premium, if any, sold by the City, shall be deposited in said
fund and shall b~ ~xpended to pay th2 costs and expenses of completion of the
acquisitions and in-.f)rovefll?nts described in the proceedings and expenses
incidental thereto. lnte1 est accrued on saf d 1980 Bonds from their date to
the date of de livery sha 11 be d~pos ited 1n the Bond Fund ·referred to in
Section 28 • ..
Any uuexpended 1980 Bond proceeds remaining after the completion of the
project shall b2 paid into the Bond Fund, or may be used to pay the cost of
additional acquisitions a~d improvements ·for the District, and expenses
incidental thereto, pursuant to change and modification proceedings.
13. Bonds Not a Debt. The 1980 Bonds and interest thereon shall not be
a debt of said City, nor a charge, lien or encumbrance, legal or equitable,
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upon any pr~perty of the C1ty 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 1 iable for the principal of or-
interest on the 1980 Bonds.
14. Equal Parity. All of the 1980 Bonds and a1~ of the bonds known as
11City of Palo Alto University Avenue Area Parking Bonds of 1977 ~ Series
75-63", authorized and issued pursuant to Resolution No. 5395, adopted May 2,
1977 (the 11 1977 Bonds'') shall be equally and ratably secured without
preference -or priority by reason of number, date, division, date of sale or of
execution or deliverys by the moneys in the Bond Fund. The 1980 Bonds and the
1977 Bonds are hereinafter in this Resolution co11ective1y referred to as "the
Bonds 11 •
15. Parking As<:>essment Oi strict. The off street park in9 improvements
described in the proceedings conducted pu~suant to said Resolution of
Intention are within a11d are for the benefit of an assessment d;strict in the
University Avenue Area of said City, which is hereinafter referred to as, "the
Parking Assessment District". The cost and expenses nf said tontem;-ilated
acquisitions and improvements, being, in the opinion of this council, or 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 d~scribed 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 inc1ud~d
within the Parking Assessment District and which sha11 govern for all details
as to the extent of said district.
16. Nontaxable Property Exemption. Sair:I 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
cnitted from the annual benefit assessments hereafter tc be made tc pay
principttl and interest on the Bonds.
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17. Plan G Bonrls. Seri al 1980 Bonds to r·epresent the balance of the
total cost of the parking improvements to be financed by the Parking
Assessment District, or $175,000, shall be issued pursuant to Bond Plan G,
Section 13.16.150 of Chapter 13.16 of Title 13 of said Code, as herein
prCJvi ded.
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 inexhaustible in nature and unlimited as to rate or amount.
19. Contr-ibut ions. The council may annually, at or prio;· to the time
the levy of assessments is made, or at such other tice as it shall determine,
transfer to the bond fund, from availab·1e"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 which sha11 include the following:
a) The gross aroount required to pay the principal of and interest
on the Bonds which will become payable before the proceeds of the next
succeeding assessment levy hereunder shal 1 become avail ab le therefor.
b) The balance available therefor at the end of the fiscal year in
the Bond F unrl •
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 amcwnt provided in subdivision· (a).
21. Benefit. Assessment. The amount provided in subdivision (d) of
Section 20. including adequate prov is ion for anticipated delinquencies, shall
be raised by an annual assessment on all taxable lands and 1tni:lrovements within
the Parking Assessment District in the ratio of the adjusted square footage of
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floor areas of non-residential structures together with land area assessment5
if necessary, all determined as hereafter provided. until a11 of the e~n~s and
the interest to accrue thereon have been paid in full.
22. Determination of Gross Sql!are footage. Dn or before July 1 of each
year next succeeding the issuance of the Bonds, ·the city assessor (or such
other of fleer as may be hereafter designated by the council, herein referred
to as "Assessor") sha 11 determine from any· records or other sources 1e!=Ja 1 ly
avai1able to him the gross number of square feet. based on exterior
measurements, of the floor area of such building or structurE= within the
boundaries of the P'arldng Assessment Distrkt, which is zoned and used for
o':her than residential purposes. A complete list of said square footage
figures~ set opposite the Assessor's parcel numbers to which they pertain,
shall b~ transmitted to the city planning officer (herein called 1'Planning
Off icer'1
). Any refereces t::> square footage Cir adjusted square footage
hereinafter mentioned shall be deemed to refer to floor areas in buildings
zoned aid used for non-residential µurposes as herein provided.
23. Determination of Credits. l11J11ediately upon receipt of the square
footage figures from the Assessor, the Planning Officer shal 1 determine, for
each parcel of land within the Parking Assessment District, the number of
offs treet autorob i1 e parking spaces which wou 1 d be required to be provided
uncter City ordinances generally then in effect, and the number being provided
by said parcel and which would be credited in satisfaction of S?;d requirement
if said ordina11ces applied to said parcel. Said figores, together with the
gross square footage flgures provieded by the Assessor, shall ba transmitted
to the City Engineer.
24. Prepar;ltion of Engineer's Report. tmme.diately upon receipt of :.:he
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:
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a) A description of each parcel of land 1n the Parking AssP.ssment
District, by a legal· description, Assessor's parcel number or other
description sufficient to identify the same:
~j 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 numher of parking spaces required of each parcel, as
provided by the Planning Officer;
-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 llY reducing the gross square footage set
forth in (b) by the ratio set forth in (e)~ and the total adjusted square
footage in the Parking Assessment District;
g) The rate of assessment per adjusted square foot of
non-residential building, determined by divir:Jing the figure providej 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
ra~e per adjusted square foot, as determined by the council and set fo!"'th in
the resolution of intention, as now or hereafter established or nK>dified. In
the event that the proceeds of an assessment levied at the maximum rate in any
year are insufficient to raise the all()unt 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) with the Pz:: '.~ing Assessment
District~ in the ratio of their 1 and area. The Erigineer 's Report for such
year shall include a column for such a land area assessment.
h) The amo~nt of the indiviiiual annt1al assessment against each
parcel of land in the Parking Assessirent District, determined by multiplying
10
the rate determined in (9) by the adjust~d square foot::i~e for eac.h . pJrccl
determined in (f), and adding the land area assessment. 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 s~id Code.
26. Annual Assessment Levv. The total of each annual asse~sment,
determined as contained in said report as confirmed, shall be levied and
collected upon the last equalized secured and utility tax ro11s 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 saire manner and by the same person"s and at the same time, and with the
same penalties and interest, as are other taxes for City purposes, and all
laws applicab1e to the levy~ collection and enforcemer1t of taxe5 for City
purposes are hereby made applicable to said special assessmE:nt levy, and the
assessed real property, if sold for taxes, shall be subject to redemption in
the same manner as such real oroperty is redeeme.d from the sale for general
City taxes and if not redeemed sh al 1 in 1 ike mar~er pass to the purchaser.
27. Advances from Available Surplus Funds. The City shall be the
purchaser of property upon which payment of annual assessment is delinquent,
in like manner in which it becomes or may becClme the .?JArchaser of property
sold for the nonpayment of general taxes, and shall transfer from available
surplus funds into the Bond Fund. as an advance recoverable upon sale or
redemption of the property, the ~nnunt of the de 1 inquent unpaid assessment
upon which said ~ale is made. The City shall also pay and . transfer from
available surplus funds into said Bond Fund, as ~n advance recoverable upon
sale or redemption of the :':operty, the amount of any future delinquent unpaid
assessirents °', such property pending redemption.
28. Bond Fund. There has heretofore been created a special fund
designated "City of Pal a Alto Bond Plan G Series 75-63 l nt.:-rest and Redemption
11
Fund", herein called "Rond.Fund", w~i~h shall be maintJined hy thP Controller
as a separate account, distinct from all oth'=!r funds of the City from which
the principal of and interest on all of tne Bonds shall be paid.
a) ForthwHh upon rec:ei pt of the procezd~ of the 1980 Bonds, the
Treasurer sh;11 l pay th2refrom to the Bond Fund any funds received on account
of interest on the Bonds from their date to the date of their delivery.
b) Any amounts determined to be. appropriated and contr-ibuted by
the City to the payment of principal and interest on the Bonds shall be
deposited fn the Bond Fund.
c) The pr_oceeds of any specia 1 assessments levied our suant to
Sections 20 to 26 inclusive, hereof shall be deposited in the Bond Fund.
d} Any amounts required to be advanced pursuant to Sect ion 27
shall also be deposited in the Bond Fund.
All imneys 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 assessments levied therefor, and a11 amounts
avanced pursuant to Section 27, as herein provided, sh al 1 be deposited ir: 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 thepayment of all of the Bonds and the interest thereon, they shall
be transferred to the maintenance fund of the Parking Assessn~nt District~ and
be used for the objects and purposes thereof.
30. Refunding. If, prier to the payment of the 19£0 Bonds it shall be
found desirable to refund the 1980 Bonds under the prov is ions o~ any 1 aw tt,en
available, the 1980 Bonds · or any part thereof may be refunded ar.d the
refunding obligations so issued shall enjoy complete equality of lien with the
portion of the 1980 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 1980 Bonds refunded.
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31. Printing and Execution. The Clerk is directed to cause the 1980
Bonds to be 1 ithographe~, printed or engraved, according to the prov is ions
hereof and the bid of the successful bidder, and to procure their execution by
the proper officers and to deliver them when so executed to the Treasurer who
sh al 1 safely keep the same until delivery to the purchaser or purchasers
thereof, on receipt of t.he purchase price. Said Mayor, Treasurer and Clerk
are further authorized and directed to make, execute and deliver to the
purchaser or purchasers of the 1980 Bonds a si gnatur"e and no-1 iti gation
certificate in the form usually required by purchasers of municipal bonds
general1y, certifying to the genuinenes~, and due execution of the 1980 Bonds
and further certifying to all facts within their knowledge relative to any
litigation which may or might affect said City, the Parking Assessment .
District, said officers of the 1980 81.:mds, a'1d said Treasurer is further
authorized and directed to make, execute and deliver to the p:.srchaser of the
1980 Bonds a Treasurer's receipt in the form usua 1 ly required by purchasers of
municipal bonds, which receipt shall be conclusive evidence that said purchase
price has been paid and has been received by said City. Any purchaser or
subsequent take or holder of the 1980 Bonds is hereby authorized to rely upon
and shall be justified in relying upon any such signature and no-litigation
certificate and Treasurer 1s receipt with respect to the 1980 Bonds executed
pursuant to the authority of this Resolution.
32. ~on-Arbitrage Covenant. The City hereby covenants with tt1e holders
of the bonds that it will make no use of the proceeds of said bonds at any
time during the term thereof which. if such use had been rtdsonJ.bly expected
on the date said bonds were issued, would have caused said bonds to bP.
arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue
code of 1954, as amended, and the Temporary and Proposed Treasl.:ry Regulations
promulgated thereunder.
33. Certificate as to Non-Arbitrage. On the basis of the facts,
estimates and circumstances now in existence and in existence on the date of
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h:sue of said bonds, as dctl?rmined by tiiEl Trt~~surcr, saH Tr<>ac;1Jrcr 1s
authorized to certify th_at it is not expected that the proceeds of said issue
will be used in a manner that would cause such obligations to be arbitrage
bonds. Such certification shall be delivered to the purchaser of sairl bonds
at the time of delivery of and payment f~r said bonds.
* * * * * * *
I hereby certify that the for€going is· a full, true and correct copy of
a resolution du1y passed and adopted by the Council of the City of Palo Alto,
California, at a meeting ther.eof he1 d on the 7 day of April ,
1980, by the fol'low1ng vole of the members thereof: -
·.
AYES, and in favor thereof, Counci11T1€mbers: Brenner, Fletcher, Henderson, Levy
NOES, Councilmerrbers: None Renzel, Sher, Wi"therspoon
ABSENT 5 Councilmewbers: Fazztno
APPROVED:
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6102A
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JHHW:KI J: i· 1
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
CITY OF PALO ALTO
UNIVERSITY AVENUE AREA PARKING BONO OF 1980
SERIES 75-63A
03/1/480
NO. A $. ____ _
KNOW ALL MEN BY THESE PRESENTS, that the City of Palo Alto, (a municipal
corporation operating under a freeholders' charter), state of California, for
valu-? received, will pay to bearer, from the City of P<ilo A1to Bond Plan G
Series 75-63 Interest and Rederilptioo Fund, herein called Bond Fund, of said
City~ on the 2nd day of July, 19 , the sum of THOUS.ti.ND
DOLLARS {$ ) in lawful money of the Ui1ited States, wiffi interest
thereon from tne date, as evidenced by interest coupons attached hereto at the
time of issuance. Said inte;est is payable January 2, 1981, and semiannually
thereafter on 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
issuance hereof.
Both principal and interest
States of America at the Bank
Associations Main Office, San
Registration Agent of the City.
are payable in 1awfu1 money of the United
of America National Trust and Savings
Francisco, California, the Paying and
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.
Bond maturing by their terms on or before July 2, 1990., are not subject
to call prior to their respective fixed dates of maturity. Bonds maturing on
or ·after July 2, 1991, 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, 1990, or on
any interest date thereafter 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 equal to one quarter of one percent (1/4
of 11) of such principal amount f~r 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 one and
one-q~arter percent (1-1/4%) of such principal amount.
The city treagurer 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 prim to the day of Cd 11 fo a financial paper
published in San Francisco or in a financial paper published in New York. The
city treasurer shall mail such notice by registered mail thirty (30) days
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prior thereto to the last kncwn holder or holders of any ti?.arer ti0nds so
called, as shown by the records in his office. Notice of redemption of any
registered bonds shal1 be given to the registel·ed owners by registered mail at
least thirty (30) days prior to the day of call. No interest shall accrue on
said bonds ca 1 led for redemption or on any interest coupons thereon after the
redemption date specified in said notice.
This bond is one cf an issue in the total principal amount of $175,000,
all of like date and t~nor 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 construction of offstreet parking facilities
within a parking assessment district in the University Avenue area in said
City, all as set forth and described in Resolutiori No. , adopted
__ , 1980, by the council of the City of Palo A--rro;-provid-ing_..,,f,__o_r__,.tT""he
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 th.~ 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 referred to 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
assessJ1E11t 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.
The bonds are on a parity of lien with respect to the proceeds of such
special assessment with the lien of the "City of Palo Alto University Avenue
Area Parking Bonds of 1977, Series 75-6311 in the original principal amount of
$791 .ooo.
Annually, at any ti~ prior to the time the levy is made, or at ~uch
other time as it shall determine, the council is authorized to transfer to
said Bond fund, from avai 1 ab le funds, such a100unt or amounts as it sha'il
determine.
In the event of a delinquency in the payment of an.Y assessment levied
upon any benefited properties for the pa_ynu=nt of -the principal and interest of
said bonds, there is a mandatory duty on tnc part ~f tflE Clty 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, with duty is a continuing,
annual, mandatory duty on the part of the council during the entire 1 ife 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 hereof. If ·registered
3S to principal and interest. the principal hereof and interest hereon shall
be payable only to such registered owner. If registered a'i to principal only,
the principal hereof shall be payable only to such registered owner.
IT IS HEREBY CERTIFIED ANO RECITED that all acts, conditions and things
required hy the constitution and laws of the state of California and the
charter and ordinances .of said City, to he done, to happen and to be
performed, precedent to and in the issuance of this bond, have been done,
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have happened ilnd have hf'.!en performed in reqular and ctue form, time and manner
~s. requfre<l by l av:, .:?.nd th i'S bond is made cor1cl u~ ivc evi r:lf':r.ce thereof.
IN WfTNESS WHEREOF, the City of Palo Alto, by its council, has caused
this bond to be execu t".:'d on its heh al f by the mayor and city cl erk of sa ·id
City by their printed, lithographed or engraved signatures hereon, and
countt=rsigned by the manual s'gnature 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 sig~ature of the city
treasurer, all as of May 2, 1980.
. Mayor
~,~____.___..__LQ -
COUNTERSIGNED:
NO.
City Treasurer
INTEREST COUPON FORM
$ _____ _
On the 2nd day of July {January), 19 , the city of Palo
Alto will pay to bearer (unles!:. bond1s registered as to
principal and interest) at the Bank of America National
Trust and Savings Association, Main Office, San
Francisco, California, the sum of DOLLARS ( $ ) for in ter_e_s--:-t-, _s_u_,.b_,J,_.e-ct.,.... __ t,_....o_a_n_y
prior redemption right reserved, then due on its
University Avenue Area Parking Bonds of 1980, Series
75-63A, dated May 2, 1980.
Bond No.
City Treasurer
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RF.~lSTRATIO~ FORM
This bond is regis·tered in the name of the r~gistered owner whose name
and address appear last in the space below~ as to principal only or as to
principal and interest~ as noted below, and the principal only or both the
princi pa 1 of and interest on th is bond are pay ab 1 e accordingly to such
registered owner.
NOTE: There must be no writing in the space below except by the Registrar.
Date of
RBgistry
Type of
Reaistration*
NarTP, of
Regi~tefed
Owner
Address of
Registered
0'1'/ner
Signature
of
Registrar
Principal only
and Interest
Principal only
and Interest
Prfocipal only
and Interest
Principal only
and I ntere-s t
* In the event registration is as to principal only, strike the words
"and Interest11 ; if as to principal and interest, strike the word
"only".
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