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R E S 0 L U T I 0 N ---------··-N 0 • --l27!!
RESOLUTION REPEALING RESOLUTION NO. 1953
PROVIDING FOR THE SALE OF THE CITY OF PALO
ALTO ?>:UNICIPAL IMPROVEMEN'l' B0NDS OF 1950, SERIES "A".
The Council of the City of Pnlo Alto DO RESOLVE as follows:
WHEREAS, the Counc11 did, by Resolution No. 1953, dated
the 24th day or :February, 1950, order the sale of $300,000.00
of Serj,e,1 "A" of the Ct ty of Palo Al to Municipal Improvement
Bonds of 1950, sold to Blyth & Co., Inc. and aGsociates,
R. H. Moulton Sc Company and Heller, Bruce & Company, for the
par value of said bonds plus accrued interest and a premium of $221.00; and
WHEREAS, said sale 1s 1nval1d bees.use the first
$!;.0,000.00 principal amount of said bonds, according to the
bid of Blyth & Co., Inc. end associates, shall bear interest
;::i,t the ratl'-) of 5% per annum, payable semi-annually, which
lnterest rate :l.s contrary to the provis:l.ons of Ordinance No.
1211 of the City or Palo Alto, calling the election, for the
a:1thor1 ty to issue the C:t ty of Palo Al t0 !"'lprovement: Bonds of
1950, in which ordinance lt ls provided that the maximum rate
or interest on any of said bonds shall not exceed 4% per annum, payable sem1-o.nn~ally.
NOW, TffEREI<'ORE, this Counc11 does hereby order that
$aid resolution No. 1953 be and it is hereby repealed and the
sale of the City of Palo Alto Municipal Improvement Bonds of
1950, Ser:tes "A·1 to Blyth & Co., Inc. and assocJ.ates, R. H.
Moul ton & Company and Heller, Bruce & Company, 1.s hereby can-celled.
The above and foregoing resolution was duly and regu-larl~r passed at a regular meet:tng of the Council of the Cl ty
of Palo Alto held on Monday, the 10th day of April, 1950, by
the following vote:
AYES:
NOES:
Blois, Bolander, Dowden, Bower, Cashel, Cathcart,
Freedman, Gaspar, Linder, Mltchell, Montroull, Morten, Wickett.
None.
ABSENT: Bentrott:, Hill.
APl'ROVED: ~-""-Mayor
I ~ I . .
ATTEST: ~ C~' y erk
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