HomeMy WebLinkAboutRESO 1368I ~:
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RESOLVTIOB AUT.HORIZIKG SALI OP
DIPROVENE!ft' BOKD8
lfo. 1368
RESOLVED, by the City Council ot the City ot Palo Alto, California, that
WHIRBAS, aaid city council baa called tor b1da tor the
puroh&ae ot 1aprovemen·t bonds to be iaaued under Bond Plan C ~
Part ~, Article IV ot Ordinance No. 844 ot aa14 oit7 entitled
Palo Alto Improvement Procedure Code, tor pa,aent ot the ooet
ot the improvements, and the incidental expenaea thereof mo~
particularly described 1n Resolution of Intention lo. 1341
adopted by aa1d Council on September 8, 1941, pursuant to·
Article V ot aaid Code, aa1d banda to be dated and to bear
interest at not to exceed four per cent per annum from
March 9, 1942, 1n the amount ot $27,025.33; aa1d bond3 to be
1eau&d in ten equal annual aer13& matur1ng on July 2, 1u the
yeara 1943 to 1952, inclusive, said interest to be repreaented
by coupon11 the t1rat or which will be for interest trom .March 9, 1942 to January 2~ 1943, ADd the balance thereot to be tor
aem1-annual interest payable on the aecond d&ys ot January
and July ot each year, aaid banda to be ot the denaaination
ot $1000.00 each, e~cepttng one each year ot $500.00 each,
and one each yfJar ot $200.00 each, and. one odd bond or the
denomination ot $25.33, said banda to be accompanied b~ toe
legal opinion ot Messrs. Kirkbride & Wilson, San Mateo, C&.litornia;
VHJRIAS, 1n the call tor said bids notice baa been given
that sealed proposals vould be received b7 the City Clerk or
eaid City on or betore 7:30 P.M. ot Monday, the 13th day ot
April, 1942, at her ottioe 1n the City Ball, which propoaala
or bids would be publicly opened, e~am!ned and declared by
the City Council at aaid time 1n its council room 1n the City
Ball 1n said city, at which time the amount and denominations
of aaid bonds will be ti~ed and said bonds awarded to the
bidder who otters to take them at the loveat interest rate
without premium or interest to date of delivery, both said
premium and 1ntereet to date ot delivery to be reflected 1n the interest rate so bid; and
.WHERIAS, 1n response to aa1d call sealed proposals or
bide have been received and were by said council publicly
opened, e:xam1r.1ed and d~clared, .from which 1t ap;:•eara sr..d said
Council find. a that the bid or the C1 ty Treasurer• or the 01 ty
of' Palo Alto 1s the highest and best bid theretc1r.
NOW, THEREFOR!, IT IS ORDERED, as follows:
1. That all sealed proposals or bide excepting that o.t
the City Treasurer or the City ot Palo Alto be and the same
are hereby rejected and the sale ot said bonds be and tne same
is hereby awarded to said City Treasurer ot the City or Palo
Alto at the price and upon the terma stated 1n aaid bid.
2. That said bonds be dated and bear 1nt6·rest from March 9, 1942, at the rate ot three per cent ( ~) per annum, vhich
rate 1s hereby fixed and establiahed aa the interest rate or aaicl bonds.
3. That the total amount of said bonds shall be $27,025 .. 33,
of wh1oh a hond 1.n the amount or $25.33 will •ture on July 2,
1943, and o~ which $27,000.00 vill mature on ten equal annual
aeries or $2700.00, of which, tor each ot said aeries, tvo ot
405
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406
aaid bonds ahall be or the denOJI!Snation ot 11000.00 each, one ot
said bonds ahall be of the deno.1nat1on ot 500.00~ and one of
said bonde shall bo ot the donocclnat1on of 200.00.
4. That sa1c1 bonds be rorthv1th printed and prepared by A.
Carlisle & Co., San Francisco, California.
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5. The Meacra. Kirkbride & Wilson be and the7 are hereby -,
requested to torthvith turniah their legal opinion on the val1d1t1 l
or aaid bonds aDd the p:rocoed1nga pursuant to vhich the7 were ;
1saued, to ace~ said boD4a and to inure to the benefit of ·
said bidder and assigns.
6. That said bonds be torthvith delivered to a&id purchaser
upon hia depositing with the Cit7 Treasurer or said City the
amount ot aa1d bid.
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I hereby certi~y the rore;oing to be a true copy or
resolution adopted b7 the Oit7 Council or the City of Palo Alto,
Calitornia~ at a regular meeting thereof held on the 13th day or
April, 1942, b7 the following vot~ of the membere thereot:
Ayes, and in tavor thereof, Councilmen:
Bentrott, Blois, Cypher, Hoy, Morten, Reed, Southwood, Tho1ts.
Noes, Councilmen: None.
Absent, Councilmen: Caehel, Merner, Mitchell, Radford,
Richardt», Thomas, Wood.
lt!-u:.~:r~ ~J -7 City C-Lerk
APPROVED:
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