HomeMy WebLinkAboutRESO 2077~.---···"
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RESOLUTION PROVIDD1G l'OR THE SALB OP CITY OP PALO ALTO
MUNICIPAL IMPROVEMIH'l' BONDS OF 1950, SIRIES B
The Council ot the City or Palo Alto DOBS RESotv• as tollowa:
WHERBAS, the Council of t.he City of Palo Alto,, pur•ua.nt
to call therefor, has received bids tor the sale of City of Palo Alto
Municipal Improv&ment Bonds ot .1950. Series B, which bond.1 are to be
dated Apr1l 1, 1951, and shall consist of 300 bonds or th& denomination or $1,000.00 each; $195,000.00 pr1nc1pal amount of said bonda
shall be payable on the lst day of April or each of the years 1952
to 1969, both 1ncluslve, bearing interest at the rate of one and
one-half per cent (lj1) payable semi-annually; and $105,000.00
principal amount or said bonds shall b~ payable on thelet day
Of April Of each of the yeare 1970 to 1976 1 both inclusive, bearing
interest at the rate of one and one-quarter per cent (l~) payable semi-annually; and
WHEFtEA.S, the Coune1l did at its meeting on February 26,
1951, open, examine and declare publicly all proposals or bids
received for said bonds; and
WHEREAS, this Cou.~cil does find that the bid of The First
National Bank of Chicago and Hanneford & Talbot for the par value
of said bonds plus accrued interest, and a premium of $75.00, is
the best b1d offered for said bonds;
NOW THEREFORE~ th1e Council doee hereby order that said
City of Palo Alto Municipal Improvement Bonds of 1950, Series B,
be and they are hereby sold to The First National Bank or Chicago
and Hannaford & Talbot for the sum or $300,075.00, in accordance
with their bid.
Upon the payment or said money into the Treasury of the
City or Palo Alto, the City Treasurer is hereby authorized to
deliver aald bonds, properly executed ae directed by ordinance of
this Council, to The F1rst National Bank or Chicago and Hannaford &
Talbot.
The above and foregoing resolution was duly and regularly
paesed at a regular meeting or the Council of the City of Palo Alto
held on Monday, the 26th day of February, 1951, by the following vote:
AYES: Blois, Bolander, Cashel, Cathcart, Freedman, Gaspar,
Hill, Linder, Mitchell, Montreuil, Morten.
NOES: None.
ABSENT: Bowden, Bower, Wickett.
APT!ROVTl:D:~ , i
A1"?EST: 4,4 µ -~~, j
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