HomeMy WebLinkAboutRESO 2161----------R E S 0 L U T I 0 N N 0 • 2161
CALLING FOR BIDS ON SALE O.b' IMPROVEMENT BONDS
PRO.JEC'X' NO. 51-1
THIRD STREE'r, et al
ACQUISI'rION AND IMPROVEMENT
RESOLVED, by the City Council of the Ci.ty of Palo Alco, Cnlifornia, that
1. The City Clerk of said City be, and ohe is hereby direct-
ed to call for bids for the sale of improvement bond..~ to be issued purs~ant to Resolution of Intention No. 2093 adopted by this
Council on April 9, 1951, said bids to be rec~ived by said City
Clerk at or before the hour of 7:30 o'clock P.M. of Monday, the
8th day or October, 1951, and to be publicly opened, examined
and declnred at said time in the regular meeting pl<lce of said
Council, Council Chambers, City Hall, Palo Alto, California.
Said notice, in form a copy of which is hereto attached marked
Exhibit 11 A11
, ~hall be given by publication once 1n the Palo Alto
Times, a newspaper published in said City, at least ten dayA before said date. -·
2. The City Council will furnish the legal opinion of the
1aw firm of Kirkbride, Wilson, Harzfeld & Wallace, San Ma.tee,
California, unqualifiedly approving the legality of the proceed-
ings and the issuance of said bonds.
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I hereby certify that the foregoing resolution was d~ly and
regularly adopted and passed by the City Council of the City of
Palo Alto, California, at a regular meet1ng~ereof held on the
2)+th day or September, 1951, by the fol lowing vote:
AYES, and in favor thereof, Councilmen: Blois, Bowden,
Bower, Cashel, Cathcart, Drysdale, Gaspar, Hill,
Maroh3ll, Miller, Mitchell, Simpson.
NOF.S, Cotmcilrr.en: !Jone.
ABSEN'.l', Co~rnc1 lmen: Bishop, Montreuil, Wickett .
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City Clark o~thc~ty Of Pafo Alto '' ....
APPHOVED:
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EXHIBIT ., A"
NO'rICE OF SALE 0? IMPROVEr<:ENT BO~'DS
PROJECT NO. 5:-1
THIRD ST. , ET AL
ACQ~JISITION & IMPROVEMENT
NOTICE IS HEREBY GIVEN that the City Clerk of the City of
Pale Alto, Santa Clara County, California, will, at or before 7:30
o'clock P.M. of Monday, the 8th day of October, 1951, at her of-
fice in the City Hall of said City receive sealed proposals or
btds for the purcba.::ie of m~~r11cipa l improvement bonds of' said C1 ty
to be ordered issued on aaid dnte pursuant to Bond Plan C, Part 4,
Artie le IV of Ord1nance No. 844 of said City entitled "P.:tlo Al to
Improvemer1t Procedure Code" ad.opted JumJary 13, 1941.
All bids must be 1mcond1t1onal and enclosed in a sealed en-
velope marked "Proposal for Bonds0
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Said bonds will be issued to pay the cost of the improving
of Third Street between California Avenue and !-'ernando Avenue, the
northeasterly side of Alma Street between Colorado Avenue and
Ma t::iclero Creek, Lambert Avenue between Third Street and El Cam1.no
Rea1, Chcstnllt Avenue between First Street and Third Street, Rone
Avenue between L:imbert Aven•1e and Pi rs t Street, Second Street be-
tween L'.:trnbert .Avenue and l•'ernando Avenue and between Cambrid~:;;e
Avenue and She~man Avenue, First Street between Lambert Avenue and
Fernando Avenue and between California Avenue and Sherman Avenue,
Alley S-2 be·cween Pirst Street and Third Street, two unnamed pede3-
tr1an lanen extendlng from California Avenue to Alley S-2 between
r1rat Street and Third Street, and n 20-foot easement extending
from College Avenue to Cambridge Avenu0 roughly parallelinB El
Camino Real approximately 300 feet northeasterly therefrom, and
Cambridge Avenue between El Camino Real and Park Boulevard, by
gr3ding, removing trees and existing structures, constructing or
reconstructing Portland cement concrete curbs, gutters, sidewalks,
driveway aprons, storm water catch basins, manholes and drain pipe,
constructing crushed rock base pavement with asphaltlc concrete
wcarine; surface, cons truct1ng vi. trificd clay pipe sani tory cewer
cervices, copper or galvanized iron p1pe water services, and wrapped
steel pipe g2s ~ervices, installing electrol1er conduit and elec-
troliers complete with Portl.:md cement concrete bases and under-
gro~nd conduit and conductor cable.
The total assessed value of all taxable property in the City
on the current tax roll is approximately $52,995.340.
It is estimated that bonds ~lll be issued in the approximate
amo'..lnt of $200,607.25. Said bonds will be issued 1n equal annual
series, m:)turing on July 2nd of the ;:.•cars 1953 to 1962, inclus1 ve,
and will bear interest at the rate of not to exceed fo~r per cent
( 4%) per ann'..lm, and be paid by s1~mi-annua 1 coupons, excepting the
first coupons which will be for interest from September 25, 1951
to January 2, 1953. Said bonds will be of the denomination of
$1,000.00 each, excepting one bond each year which will be for the
b3lance of said series.
In th~ event of a delinquency in the payment of any install-
ment of the asoessments levied ~pen any of said benefited proper-
ties for the payment of the principal and interest of sn1d bonds,
1t 13 a mandatory duty on the part of the City to transfer an amount
equal to the amount or such delinquency, with penalties and costs,
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from available funds of said City to the interest and redemption
f1;rid of sa1d bor,ds, and 1n the event such 1" .. mds are not available
tr.en to levy a tax therefor up to ten cent;s ( 10¢) on the One
Hundred Dollars ($100.00) of taxa'ble property in said City. In
:r.ich ev1~nt said bonds bear interest after matur1 ty •mt11 paid at the ratenstated therein.
All bids will be publicly opened, examined and declared ~t
the time and place above stated, after which sald bonds will be
3warded to the bidder who offers to take them at the lowest net
interest cost and interest ~ the date of delivery. No bid for lc~s thal"l par will be considerecl.
The approving legal opinion of Me~;srs. K1rkbr1de, Wilson,
Harzfeld & Wallace .• San J\'1.ateo, Ca.111.'ornia, will be fl!rnished b~r said Council to accompany said bonds.
By order of the City Council or the City or Palo Alto, Santo. Clara County, Call forn1a.
Dated: September 25, 1951.
WINIFRED KIDD
City Cl en of t!1e City of Palo Alto
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