HomeMy WebLinkAboutRESO 177438
RESOLUTION NO. 1774
RESOLUTION PROVIDING FOR THE SLLE OF CITY OF
PALO ALTO MUNICIPAL IMPROVEMENT BONDS OF 1948
The Council of the City of Palo Alto DO RESOLVE as follows:
WHEREAS, the Council of the City of Palo Alto, pursuant
to call therefor, has receved bide for the sale of the City of
Palo Alto Municipal Improvement Bonds of 1948, which bonds are ;o
be dated November 1, 1948, and shall consist of 555 bonds of the
denomination of $1,000.00 each; $25,000.00 principal amount of
said bonds shall be payable on the 1st day of November of each of
the years 1949 to 1950, both inclusive, bears interest at the
rate of three and three-quarters per cent (3-3/46) payable semi-
annually; $25,000.00 principal amount of said bonds shall be pay-
able on the let day of November of each of the years 1951. to 1959,
both inclusive, bears interest at the rate of one and three-
quarters per cent (1-3/4%) payable semi-annually; and $20,000.00
principal amount of said bonds shall be payable on the let day of
November of each of the years 1960 to 1961, both inclusive, bear-
ing Interest at the rata of one and three-quarters per cent
(1-3/4%) and $20,000.00 principal amount of said bonds shall be
payable on the let aay of November of each of the years 1962 to
1973, both inclusive, bearing interest at the rate of two per cent
(2%) payable semi-annually; and
WHEREAS, the Council did at its meeting on October 11, 1948,
open, examine and declare publicly all proposals of bids received
for said bonds; and
WHEREAS, this Council does find that the bid of American
Trust Company, Weeden & Company and Lawson, Levy & Williams for the
ar value of said bonds plus accrued interest, and a premium of
$10,00, is the beet bid offered for said bonds;
NOW, THEREFORE, thia Council does hereby order that said
City of Palo Alto Municipal Improvement Bonds of 1948 be and they
are hereby sold to American Trust Company, Weeden & Company, and
Lawson, Levy & Williams for the sum of $555,010.00, in accordance
with, their bid.
Upon the payment of said money into the treasury of the
City of Palo Alto, the City Treasurer is hereby authorizLd to
deliver said bonds, properly executed as directed by ordinance of
this Council, to American Trust Company, Weeden & Company, and
Lawson, Levy & Williams.
The above and foregoing resolution was duly and regularly
passed at a regular meeting of the Council of the City of Palo Alto
held on Monday, the 11th day of October, 1948, by the following
vote:
AYES: Bentrott, Cashel, Freedman, Gaapar, Hill, Linder, Merner,
Mitchell, Montrouil, Thoits.
NOES: None.
ABSENT: Blois, Bolander, Bowden, Morten, Wickett.
• APPROVED:
ATTEST: Mayor
er