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484
R E S 0 L U T I 0 N ----------N 0 • 2362
RESOLUT!ON PROVIDING FOR THE SALE OF CITY OP
PALO ALTO ~iUNIC!PAL IMPROVEMENT BONDS OF 1951,
SERIES C
The Counc11 of' the City or Palo Al to DOES RESOLVE as follows:
WHEREAS, the Co~ncil of the City or Palo Alto, pursuant to
call therefor, has received bide for the sale of City of Palo Alto
Municipal Improvement Bonde or 1951, Series nc", wh!ch bonds are
to be dated October 1, 1952, and shall consist of 950 bonds or
the denomination of $1,000.00 each; $35,000.00 principal amount or said bonds shall be payable on the 1st day of October or each
or the years 1953 to 1962 both incl. us1 ve, bearing interest at the
rate of two (2) per cent per annum, payable 5em1-annually; $~01000.00 principal amount or said bonds shall be payable on the
l:5t day or October or the year 1963 bearing interest at the rate
of two (2) per cent per annum~ payable semi-annually; $40,000.00
pr1ncipa.1 amount of said bonds shall be payable on the lat day or October or the year 1964 bearing interest at the rate of' one
and thr.ee-quarte~3 per cent per annum, payable semi-annually;
$40,000.00 principal amount of said bonds shall be payable on the
lst day of October of each of the years 1965 to 1966 both 1nclualve,
bearing interest at the rate of two (2) per cent per annum,
payable semi-annually; $40,000.00 principal amount of said bonds
shall be payable on the lat day or October or each of the years
1967 to 1977 both inclusive, bearing 1nterest at ·che rate or
two and one-quarter (2t) per cent per an11um, payable semi-annually;
WHEREAS, the Council did at its meeting on September 22,
1952, declare publicly all proposals or bids received fo~ said bonds; and
WHEREAS, this Council does f1nd that the b1d or Laidlaw &
Co. and Associates by The Bank of California N.A •• Agent, for
the par value of said bonds plus accrued 1nter~et and a premium
or $77.99, 1s the best bid offered for said bonds;
NOW, THEREFORE, this Council does hereby order that said
City of Palo Alto ltlnic1pal Improvement Bonds of 1951, Serles "c",
be and they are hereby sold to Laidlaw & Co. and Associates by
The Bank 0f Cal1forn1a N.A., Agent, for the sum of $950,077.99,
in accordance with their bid.
Upon the payment of said money into the treasury of the
City or Palo Alto, the City Treasurer is hereby authorized to
deliver said bonds, properly executed as directed by ordinance of
this Council, to L~idlaw & Co. and Associates oy The Bank or California N.A., Agent.
The above and foregoing resolution was duly and regularly
passed at a regular meeting of the Council of the City of Palo Alto
held on Monday, the 22nd day or September, 1952, by the folloW1ng vote:
AYES: Blois, Bower, Cashel, Cathcart, Gaspar, .Hill, Marshall,
Miller, Mitchell, Montrou;";.J., Wells, Wickett.
NOES: None.
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