HomeMy WebLinkAboutRESO 1953;' ;
....._ .. _._•A•
:J36
R E S 0 L U T I 0 N ----------N 0 • ~
RESOLUTION PROVIDING FOR THE SALE OF CITY OF PALO ALTO
MUNICIPAL IMPROVEMENT BONDS OP 1950, SERIES A
The Council of the City or Palo Alto DO RESOLVE as follows:
11HEREAS, the Council of the City of Palo Alto, pursuant
to call there· for, has received bids for the sale of City of
Palo Alto Municipal Improvement Bonds of 1950, Series "A11 , which
bonds are to be dated April i 1950, and shall consist of 300
bonds or the denomination of ,l,000.00 each; $40,000.00 princi-
pal amount or said bonds shall be payable on the lst day or April of
each of the years 1951 to 1954, both inclusive, bearing interest
at the rate of five per cent {5~) payable semi-annually;
$70,000.00 principal amount or said bonds shall be payable on the
1st day.of April or each of the years 1955 to 1961; both inclusive,
hearing interest at the rate of one and one-quarter (lt) per cent
payable semi-annually; $55,000.00 principal amount of said bonds
shall be payable on the 1st day or April or each of the years
1962 to 1966, both 1nclus1veiJbear1ng interest at the rate or
one and cne-r.alf per cent (1,-,,) payable aemi-a.nnually; and
$135,000.00 principal amount of sa1d bonds sha:l be payable on the
1st day of April of each of the years 1967 to 1975, both l~clusive,
bear1ng interest at the rate of one and thx-ee-quart':rs per cent
(1 3/4%) payable semi-annually; and
WHEREAS, the COuncil did at 1 ts meeting on February 24,, 1950,
open, examine and declare publicly all proposals ct' bids received
for said bonds; and
WHEREAS, this Co~ncil does find that the bid of Blyth &
Co., Inc. and associates, R. H. Moulton & Company, and Heller, Bruce ~ ".:ompany, for the par value of said bonds plus accrued interest,
and a premium of $221.00, is the beat bid offered for said bonds;
NOW, THEREFORE, this Council does hereby order that said
Cit:-,• of Palo Al to Munic:tpal Improvement Bonds of 19501 Series "A11 •
be and they are hereby scld to Blyth & Co., Inc. and associates,
R. H. Moulton & Company, and Feller, Bruce & Company, for the
sum of $300,221.00, 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 authorized to
deliver said bonds, properly executed as directed by ordinance
of this Council, to Blyth & Co., Inc. and associates, R. H.
Moulton & Company, and Heller, Bruce & Company.
The above and 1'orego1np; resolution was duly and regularly
passed at an adjourned regular meeting of the Council or the
City of Palo Alto held on Friday, the 24th day of February, 1950, by the followj.ng vote:
A~·'.:
NOES:
Bentrott, Blois, Bolander, Cathcart, Freedman, Gaspar,
Linder~ Mitchell, Montreuil, Morten,
None.
ABSENT: Bowden, Bower, Cashel, Hill, Wickett.
ATTEST:_~,lrth. lidL
/ 1 ty Clerk '~
'1
j
_J