The URL can be used to link to this page

Home My WebLink AboutRESO 177944 RESOLUTION N0. 17�9 PROVIDING FOR THE ISSUANCE OF BONDS WARREN WAY, ET AL PROJECT NO. 48-13 RESOLVED, by the City Council of the City of Palo Alt< California, that WHEREAS, said Council did on the 9th day of August, 1948, adopt its Resolution of Intention No. 1734 relating to certain iiork to be done and improvements to be made in said City under and pursuant to the provisions of Article V of Ordinance No. 844 of said Cit;r, adopted January 13, 1941, entitled "Palo Alto Improvement Procedure Code", and did therein privide that serial bonds would be issued there- under pursuant to the provisions of Part 4, Bond Plan C of Article IV of said Code, reference to eaid Resolution of Intention being hereby expressly made for further particulars; WHEREAS, on October 28, 1948, the Superintendent of Streets of said City of Palo Alto filed with the Clerk of said City a com- plete list of all assessments unpaid thereunder upon the respective aeseeement and diagram numbers thereon, whereupon eaid Clerk gave notice of the filing of said lint and fixed in said notice Monday, the 8th day of November, 1948, at the hour of 7:30 o'clock P.M., as the time when interested persona might appear before the City Council of said City, at the regular meeting place of said Council in the City Hall in said City, and show cause why bonde should not be issued upon the security of the unpaid assessments shown on said list, all of which appears from affidavits on file in the office of said Clerk; WHEREAS, no protests or objections against the issuance of said bonds were presented before or at the time fixed for said hearing; NOW, THEREFORE, IT IS HEREBY RESOLVED, FOUND and DETER- MINED, as follows: 1. That said list of assessments unpaid filed by said Superintendent of Streets as aforesaid was at the time of filing thereof in all respects complete and correct, and that since the filing thereof no assessments have been paid and also that the unpaid assessments in the proceedings duly had and taken under and pursuant to said Resolution of Intention are as follows: Assessment Number 1 5 6 7 Amount Assessment Number Amount $572.15 24 $588.24 572.15 25 588.24 572.15 26 588.24 572.15 27 588.24 572.15 28 588.24 572.15 29 588.24 572.15 30 597.64 45 Assessment Assessment Number Amount Number Amount 8 4572.15 23 #588.24 9 572.15 33 331.02 10 572.15 34 556.90 11 572.15 35 513.75 12 572.1;1 36 495.99 13 653.33 3y 495.99 14 411.39 38 250.69 15 411.39 339 435.61 1716 411.39 40 670.05 8 556.08 42 508.59 508.59 19 789.57 43 252.26 20 588.23 58 508.36 21 588.24 59 569.72 22 588.24 * 23,317.74 2. That for a particular description of the lots bearing the respective assessment numbers above set forth and upon which assessments remain unpaid as above stated, severally and respect- ively, reference is hereby made to said assessment and to the diagram recorded in the office of the said Superintendent of Streets after confirmation by said City Council, the several iota represented by said assessment numbers above set t5rth being so numbered and designated upon said diagram and aaeeesment as so confirmed and recorded, severally and respectively. 3. That the total or aggregate amount of said aeseee- menta unpaid is the sum of $23,317.74. 4. That bonds shall be issued upon the security of said unpaid assessments in the said amount of $23,317.74 in accordance with the provisions of Part 4, Bond Plan C of Article IV of the Palo Alto Improvement Procedure Code, and under and pursuant to the provisions of Resolution of Intention No. 1734 and the pro- ceedings thereunder duly had and taken; that said bonds shall be thirty (30) in number, shall be dated October 28, 1948, and bear interest at the rate of not to exceed four per cent (4%) per annum from October 28, 1948; and the denomination of said bonds and their respective numbers and dates of maturity are as follows: Series No. Bond Number Denomination Date of Maturity JJ 1 $ 1,000.00 2 1,000.00 3 331.77 4 1,000.00 5 1,000.00 6 331.77 7 8 9 1,000.00 1,000.00 331.77 July 2,1950 July 2, 1950 July 2, 1950 July 2, 1951 July 2, 1951 July 2, 1951 July 2, 1952 July 2, 1952 July 2, 1952 46 Series No. Bond Number Denomination Date of Maturity JJ 10 3 1,000.00 July 2, 1953 11 1,000.00 July 2, 1953 12 331.77 July 2, 1953 1 15 16 17 1 19 20 21 1,000.00 1,000.00 331.77 1,000.00 1,000.00 331.77 July 2, 1954 July 2, 1954 July 2, 1954 July 2, 1955 July 2, 1955 July 2, 1955 1,000.00 July 2, 1956 1,000.00 July 2, 1956 331.77 July 2, 1956 22 1,000.00 July 2, 1957 23 1,000.00 July 2, 1957 214 331.77 July 2, 1957 25 1,000.00 July 2, 1958 26 1,000.00 July 2, 1958 27 331.77 July 2, 1958 28 1,000.00 July 2, 1959 29 1,000.00 July 2, 1959 30 331.77 July 2, 1959 5. That said bonds shall be issued in series, and the unpaid assessments as shown on said list filed by the Superinten- dent of Streets and determined by said City Council, together with the interest thereon, ahall remain and constitute a truat fund for the redemption and payment of said bonds and of the interest which may be due thereon, which unpaid assessments shall be payable in annui,l series corresponding in number to the number of series of bonds issued, and an even annual proportion of each assessment shall be payable in each year preceding the date of the maturity for each of the several series of bonds issued, and such proportion of each assessment coming due in any year, together with the annual interest thereon, shall in turn be payable in installments as the general taxes of said City on real property are payable, and shall become delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties for delinquency. That the signatures of the Mayor and Treasurer be im- pressed upon said bonds by engraved or lithographed process and that said City Clerk physically sign said bonds and affix thereto the corporate seal of said City; the interest coupons affixed thereto shall be signed by said Treasurer or bear his engraved, printed or lithographed signature; and such signing and sealing of said bonds by said officers, and signing, of said coupons by said Treasurer, shall constitute and be a sufficient and binding execution of each and every one of said bonds and all of the coupons thereof respectively. Said bonds shall be substantially in the form set forth in Bond Plan C of Article IV of said Palo Alto Improvement Procedure Code; said Treasurer and said Mayor and said Clerk are hereby authorized and directed to so sign and attest respectively. 47 6. That the interest coupons attached to each of said bonds and evidencing the interest to accrue thereon shall be numbered consecutively and be substantially in the following form, to -wit: Coupon No. $ CITY OF PALC ALTO SANTA CLARA COUNTY, CALIFORZIA Will pay to bearer hereof on the 2nd day of , l9 at the office of the Treasurer of said City, the sum of Dollars ($ said sum being the semi-annual interest due on Improvement Bond No. Of Series No. JJ Dated: Treasurer of the City of Palo Alto I hereby certify the foregoing to be a true copy of resolution adopted by the City Council of the City of Palo Alto, California, at a regular meeting thereof held on the 8th day of November, 1948, by the following vote: AYES, and in favor thereof, Councilmen: Blois, Bowden, Cashel, Freedman, Gaspar, Hill, Linder, Mercer, Montrouil, Morten, Thoits, Wickett. NOES, Councilmen: None. ABSENT, Councilmen: Bentrott, Bolander, Mitchell. City Clee: elity of Paio Aito APPROVED: