HomeMy WebLinkAboutRESO 2233j L~.
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P. E S 0 L U T I 0 N ----.. ----·--N 0 • ~
RESOLUTION DIRECTING W. C. COBB, CITY TREASURER, TO PUR-
CHASE $jO~ooo.oo PRINCIPAL AMOUNT OF BONDS DESIGNATED AS
SKRI!S 'B OP "CITY OF PALO ALTO MUNICIPAL IMPROVEMENT
BONDS OF 1951", BRING A PA.RT OF AN UN.ISSUED PART OF AN
ISSUI OF $1,100,000.00 PRINCIPAL AMOUNT AUTHORIZED BY
ELECTION HELD IN SAin CITY ON TF.!: 8TH DAY OF MAY, 195!.
WHEREAS, the City Council of the City or Palo Alto
heretofore, to-w1t, on the 22nd day or October, 1951, duly
paaeed and adopted ita Ordinance No. 1365 providing for the
issuance or $1,100,000.00 principal amount of "City of Palo Alto Municipal Improvement Bonds or 1951"; and
WHEREAS, in ea1d Ordinance No. 1365 the autho~1zed issue
of the "City or Palo Alto Municipal Improvement Bonde or 1951" wa~ divided· into series,, w.1ereo1· $80,000.00 principal amount
was designated "Series A", and the issuance and sale thereof authorized and directed; and~
WHEREAS, said "Series A11 bonds in the amount or $80,000.00 have heretofore been issued and sold; and,
WHEREAS, said ordinance above mentioned provided that
the remaining $1,020,000.00 principal amount of City of Palo Alto
Mun1c1pal Improvement Bonda of 1951 might be issued from time to
time as separate series, as and when directed by the City Council; and,
WHEREAS, the Council d1d on the 28th day of January, 1952,
pass 1te Ordinance No. 1379 providing for the issuance of an
additional $70,000.00 pr1ncj.pa.1 amount of said City or Palo Alto
Municipal Improvement Sonds of 1951, to be designa"t;ed as "Series
B", in which ordinance the City Clerk was directed to cau3e to
be published once in the Daily Palo Alto Times, a newspaper or
general circulation in the City of Palo Alto, a notice or said sale, and,
WilEREAS, said notice wae published on the 5th day of ?ebruary, 1952, as above provided; and,
WHEREAS, said notice of sale provided that bids wouldbe
received on Monday, February 11, 1952, at the hour of 4:00 P.M.
for the purchase of said bonds in accordance with the terms or the official nct1ce of sale; and
WHEREAS, no bids ~ere received at said t1me; and
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WH.:DUS, the City Council has determined that the public
health and safety require the work to be done which was contemplated
to be done out of the funds realized from the sale or said $70,000.00
Series B, City of Palo Alto Mun1c1pal Improvement Bonds of 1951, and
has determined that Baid bonds ahould be purchased by said City and
held in the City Treasi.try ae an investment,
NOW, THEREFORE, The Council of the City or Palo Alto DOES RESOLVE tts follows:
That W. C. Cobb, City Treasurer, be and he 1s hereb:,~
directed to purchase ror the account or the City, to be held
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1n the City Treauurl as an investment, said $70,000.00 principal
amount of' Series 11B , City or Palo Alto Municipal Improvement
Bonds 01· 1951, on the following basis, to-w1 t:
At par and accrued interest to the date of delivery,
together with a premium of $140.00, said bonds to be
dated March 1, 1952, and bear interest and mature as follows:
$20,000.00 par value bearing interest at the rate of j~ per annum, maturing $4,000.00 each year on
March 1, 1953 to ~~rch l, 1957, both inclusive.
$20,000.00 par value bearing interest at the 1•ate or
lt,5 per anm1m, maturing $4,ooo.oo each year on
March 1, 1958 to March 1, 1962, both inclusive.
$30,000.00 par value bearin~ interest at the rate ·or
1 3/4~ per annum, maturing ,3,000.00 each year on
March 1, 1963 to March 1, 1972, both inclusive.
The above and foregoing resolution was duly and regularly
1ntroduced and passed by the Council or the City or Palo Alto at
a regular meeting held on Monday, the 11th day of February, 1952,
by the following vote:
AYES:
?WES:
Bishop, Blois, Bower, Cashel, Cathcart, Gaspar, Hill,
Marshall, Miller, Mitchell, Montrou11, Simpson.
None.
ABSENT: Bowden, Drysdale, Wickett.
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APPROVED:,_·;~ ··-·---
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