HomeMy WebLinkAboutRESO 1213i Q ;• ,.
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R E S 0 L U T I 0 N I o. 1213 ----------
OF PUBLIC INTEREST .AND CONVENIENCE
RE REFt~DING BONDS OF ACQUISITION ~fD
IMPROVElmNT DIS'I'RICT NO. 1.
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RESOLVED, by the Council of the City of Palo.Alto, Cal1forn1a,
WHEREAS, the ownors cf property of more th~ fifty per ce~
of the area of the lands to be asae~sed for the payment of the
bonds ~f Series A and B of Aoqu1&it1on and I~provement D1atr1ct
No. 1 or the City of Palo Alto have in writing petitioned this
Counc.11 to authorize and undertake the refunding of !!Said bonds
by mak!r1g a definite assessment for the unpaid ·t'lals.nce thereof,
and by isau1ng district bonds under Pend Plan B or Article III
of the Palo Alto Improvement Procedure Code No. 722;
WHEREAS, the redemption fUnd ~or the payment of said bonde
ie now delinquent ani indebted to said city in thfJ .sum of $6440.08,
for which said city has acquired and holds bond6 which are now past duo and delinquent; · ·
WHEREAS, said petit1on9rs have offeree to and are willing to
have the eostts of pl'inting and advertising and legal expenses
assessed tt..ga1nat the propert1e!l w1th1n said dist~j.ct 1n said re-
funding prooeoed.1ng; and
WHEREAS, the gr•eater part of the property within asid assess-
ment d1atr1et 1s improved subdivided property, and ea1d property
haa been detrimentally affected by aa1d bonds in that they inter-
fere with the m-.rketab111 ty of said property and prevent tb e
obtaining or refinancing of real e3tate loans thereon.
NOW, THEREFORE, IT IS ORDERED tha't publ,ie interest and con-
venience require, and it ie the intention of this Council to
~efund the issued outstanding and unpaid ~and~ of said Aoqu1sit~n
and Improvement District No. 1, Series A and B, by •aking
definite asaeeements, and by the issuance in their place or
bonds under Bond Plan B of Article III of the Palo Alto Improvement Procedure Code No. 722.
The law firm of Messrs. Kirkbride & Wilson are hereby
authorized to prepare and submit to thi5 Council an ~a&lys1s
of the asses3mente within eaid properties, to prepare and submit
to this Council a res olutton of intention therefor, to negotiate
~ith the holders of bonds for propos&ls and consents for said
refunding, and to take such other and further steps and proceed-
ings as are necessary therefor; provided, however, that
Y.essre. Kirkbride ~r Wilson shall rece1v~ no legal t'ees from
the :;ity of Palo Alto on account of the work performed by
virtue of the above conferr~d authority, it being understood
that legal feee for the refunding procedure will be a charge against the district affected.
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I hereby certify that ~~e above and foregoing resolution
was duly and regularly adopted by the C-1tyCounc1l of the City
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of P~lo Alto at a regular meeting thereot held on the 12th
day ot September, 1938, by the following votes
AYES&
NOESz
ABSENT a
Blo1e, Bonham, Caehel, Collins, Costello, Cypher,
Goddard, Mrs. Kerner, Richards, Salaman, Thoita, Thomas.
None.
Mitchell, Mosher, Wood.
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197
APPROVED:~~/ ayor
ATTEST: Uk..~.e.td ~ ty1er
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