HomeMy WebLinkAboutRESO 1979•
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R E S O L U T I 0 N ----------N 0 • --l2I2
RESOLUTION PROVIDING FOR THE SALE OF CITY
CF PALO ALTO MUNICIPAL IMPROVEMEJIT BONDS OP
195,0, SERIES "A" A'l.' PRIVATE SALE.
The Council or the City of Palo Alto DO RESOLVE as .follows:
WHEREAS, the Council or the City of Palo Alto, pursuant
to call there.for, did on the 24th day of' February, 1950, receive
bids for the sale or Cit~· of' Palo Al to ]un1.c1pa1 Improvement
Bor.d8 or 1950, Series "A , which bonds were to b\? dated Al_)r11
l, 1950, and consist of 300 bonds or the denomination of $1,000.00 each; and
WHEREAS, the lowest and best bld under the offer of sale
was received from Blyth & Co., Inc. and associates, R. H.
Moulton & Company, and Heller, Bruce & Company, for the par
value of sr..i.!d bonds plus accrued lnt.erest, and at· a premium of $221.00; and
WHEREAS, Blyth & Co., Inc. and associates, in theil"' bid
provided that the first $40,000.00 principal amount of said
bonds mat·~ring ohould bear :interest at the rate of 5:~, which is
contrary to the ordinance call1ng the election for the purpose
of ~ubmltt1ng to the electors of the City of Palo Alto the pro-
poaltions for which the proceeds of the bonds were to be ex-
pended, in that said ordinance provided that the maximum rate
of interest should be not more than 4% per annum, payable semi-
::mnually; and
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WHEREAS, Blyth & Co., Inc. and associates, R. H. Moulton & Company, and Heller Bruce &. Company have agreed to revise
their bid so that the same shall be as follows: They will pa:;'
to the C1ty of Palo Alto for City of Palo Alto Municipal Improvement
Bonds of 1950, Serles "A" consisting of 300 bonds of the
denomination of $1, 000. 00 each par 1 pJ.us accrued interest to
date of delivery and a premium or ,221.00; and further that the
Interest rate on :::aid bonds shall be: upon i~he first $40,000.00
ot~ bonds maturing ci.t the rate of $10,000.00 on the first day of
April of each of the years 1951 to 1954, both inclusive, shall
bear interest at the rate of 4~ per annum, payable semi-annually;
$70,000.00 principal amount of said b·.mds shall be payo.ble at
the rate of $10,000.00 on the first day of April of each of the
years 1955 to 1961, both inclusive, and shall bear interest at
tt.e rate of l~ per annum, pr.i.ya.ble semi-annually; $55,000.00.
~r1nc1pal amount of said bonds shall be payable at the rate of
fl0,000.00 on the first day or April of each of ti.1e years 1962
to 1965, both inclusive, and $15,000.00 on the first day of
Apr:l.l, 1966, bearing interest at the rate of li% per annum,
payable semi-annually; and $135,000.00 principal amount of ::iald
bonds shall be payable at the rate of $15,000.00 on the first
day of April or each of the years 1967 tO 1975s both inclusive,
bearing interest at the rate or 1 3/4% pe::r annum, payable sem1-
a.nnually; and
WHEREAS, Resolution #1953 ot' this Council, providin'~
for the sale of the above mentioned bends has been repealed
and the sale set forth therein cancelled.
NOW, ~rHEREFORE, this Council does hereby order that said
City of Palo Alto Municipal Improvement Bonds of 1950, Series
"A" be ar1d they are hereby sold to Blyth & Co., Inc. and assoc-
iates, R. H. Moulton & Company and. Heller, Bruce & Company for
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the sum of $300,221.00, said bonds to bear the in.terest rates
as hereinabove set forth.
Upon the payment cf said money into the trea::Nry of the
City of Palo Alto, the City Treasurer is hereby authorized to
deli •1er said brmds, properly executed as directed by ordinance
of this Council, to Blyth & Co., Inc. and associates, R. H.
Moulton & Company aud Heller, Bruce & Company.
The above and foregc1ng reoo1ut1on was duly and regularly
passed at a regular meeting of the Council of the City of Palo
Alto held on Monday, the 10th day or April, 1950~ by the
following vote:
AYES:
NOES:
Blois, Bolander, Bowden, Bower, Cashel, Cathcart, Freedman,
Gaspar} Under, Mitchell, Montrou11, Morten, Wickett.
None.
ABSENT: Bentrott, Hill.
ATTEST: .?{;~ /{a
y erk
~~, APPROVED: . A/~.-t..--~yor ,.1
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