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R E S 0 L U T I 0 N N 0 • 2159
RESOLUTION PROVIDING FOR THE SALE OI" CITY OF PALO AI.TC M":JNICIPAL
IMPHOVE!•!ENT BOl\'DS Of' 1950, SERIES C.
The Co•;irici 1 of the City of Pa lo Al to DOES RF.SOLVE as follows:
WHEREAS, the Council of the City of Palo Alto, pursuant
to call therefor, ::.as received bids for the sale of City of
Palo Alto Municipal Improvement Bonde of 1950, Series "c", which
bondz 3.l'e to be do.t-::d October l, 1951, and dhall consist of 600
bonds of the danom1nat1on of $1,000.00 each; $100,000.00
principal amount of said bonds maturing October 1 1952 to
October 1, 1956, lncluslvc, bearlng .interest at 2-!-% payable
semi-rrnnually_: $230,000.00 nr1nc1pDl amount o.f said bonds
maturing Oc~ .. ~r 1, 1957 to October 1, 1067 inclusive, bearing
interfJst at l~, payable semi-annually; and $270,000.00 prlri-
c1pa1 amount of said bonds maturing October 1, 1968 to
Octcbe!' 1, 19'(6, ir1clu!3ive, bear.inf?: 1'!'lterest a·t 1 3/4;&,
payable sem1-nnnually; and
WHEREAS, the 6ounc11 did at its rneetlnrr, of Aui:r;ust 27,
1951, opGn, examine and declare publicly all proposala of bids
received for said bonds; and
WXER~:AS, thh1 Councl 1 does find that the bid of
Bank of America National Trust & Savings Association for the
oar value of said bonds plus accrued interest and a premium
of $69.00 is the bc8t bid offered for said bonds;
NOW, THEREFORE, th1s Council does hereby order that
~1aid City of Palo Alto Municipal Improvement Bonds of 1950,
Series 11 C", be and the~r are hereby sold to Bank of Amer1c;:i.
National Tr~st & Savings Association for the sum of $600,069.00
in accordance w1th th~1r bid.
Upon the payment of said money into the treasury of the
City of Palo Alto, the City Treasurer is hereby a thorized to
deliver said bonds, properly executed as directed by ordinance or this Council, to Bank of America National Trust & Savings
Association.
The above nnd foregoing resol~tion was duly and
reg•ilarly passed nt n regular meeting of the Council of the
City of Palo Alto held on Monday, the 2'7th ctay of August, 1951,
by the following vote:
AYF..S:
NOES:
ABSEN'r:
ATTEST:
Blois, Bower, Cashel, Cathcart, Dry8dale, Gaspar, Hill,
Marshall, Miller, Mitchell, ?'lontro'..l:ll, Wickett.
None.
D!~hop, Bowden, Simpson.
APPROVED: ~ . 7JaVOr I , ~ ,/ _,...., '" ,' . /',~·,,.;"~ '.
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