HomeMy WebLinkAboutRESO 1257•
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R E S 0 L U T I 0 N N 0 • 1257 ----------
PROVII>!NG FOR 'l'RE INVESTlrfiNT BY 'l'hE CITY OF PALO ALTO
OF SURPLUS MONEY IN I'l'S 'l'REASURY IN #175,000 PRINCIPAL
AMOL'NT OF HOSPITAL BONDS OF 1939 01-' 'i'HE f;I'l''Y OF PALO ALTO
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259
WI!ET<EAS, the C1'cy of Palo Alto heretofore authorized
an issue or its bonds :n the principal amount or $175,000, bear-
ing interest at the :rate of tbre~ pe:r cent per a.nnUJn, all dated
N ove~nber 1, 1939, and known a.a "The HoRpi tal ·• ond.s or 1939 or the C1 ~;y of Palo Alto"; and
WHEREAS, said C1 ~~'Y has surplus mo'l'ley 1n :1.ts tres.au.ry
not required !or the im."TTed1ate necess1 ties of said C1 ty, which
said surplus mone~r 1s 1n exceer.~ of the expeni11 ture hereinafter
Pl·ovided fort
BE IT l'(}t~SOLVED BY 'l'F.E COUliCXL OF 'l'HE CI'l'Y OF PALO ALTO
That said City invest the eu.m ot tl'75,000 of sa:td surplus money
in 1t8 treasury 1n ti&id ~175,000 principal ~ount of said bonds,
and that such investment be ms.d.e on ~!ovember 1, 193g by pur-
chase s.t par at the or1r::1nal sale of said bon<ls.
BE I'r FUf<'.:'r.illR RESOLVED, tho.t the City Treasurer of
said C1 t:; be nnd is hereby authorized. and direct eo to rna ke
such tre.nsfe:r· of funds of said City aa is necessary for the
purpose of oarry:tng out t.he pu.!•poses of t:t.is re.solu tion, fU'ld.
that the o:ff'icel•.s of as1d C1ty be ana are hereby fu!•the:r auth-
or,.zect to take any ana all eteps necessary or aa~11sable in
their judgment to t~at end..
BE J:'l' ~·vr.'.r:::ER RESOL'JED, that sales of ~:my 01 said bor:ds
so ::'Ur,:r.asea. and. J:elo. s!'•.all from t!::-:e to t1:·:e be nude 1n season
so t.<;.a t tt1a p:roceeas of such soles may be o.ppliea to th-e pur-
poses :t.'or which the ::;one;; with whic.ll snid bonas were ori<1.r:ally
p·,,.rch.a~ea was placea in the troaoury of said City.
T~.e above and fore ~·oing ,~eeo1ut1on was auly ana
re:.ru1n:r·ly i:;t.,.·ocluceo. and passed e.t a regular meeting of
the Cou."lcil of the City o.f Palo Alto held on r.~ondoy, the
9th ~ay of October, l93Y, by the followin~ vote:
Al'l!~St
NO:ESs
ABSENT:
r:.ent:r-ott, Blo1s, caahel, Costello, Cypher, Goac19.rd, Eoy,
MerrH.lr: ;rite'--ell, Reea, R:tchards, So1.1 thwooa, Thoits.
None.
Thomae:1 Wood.
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APPROVt'Da.~~~e~
ATTEST1 rd,.;.~ {.(:t.L ' trc er
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