HomeMy WebLinkAboutRESO 2458126
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CALLING FOR BIDS ON SALE OP IMPROVEMENT BONDS
PROJECT NO. 52-10
NORTH CALIFORNIA AVENUE
ACQUISITION AND IMPROVBM!NT
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RESOLVED, by the City Council of the City of Palo Alto,
California, that
l. The City Clerk or sai~ City be, an~ she is hereby
~1rected to call for bids for the sale of improvement bonds to be
iesued pursuant to Resolution of Intention No. 2404 adopted by th1e
Council on January 26, 1953, said bids to be received by said
City Clerk at or before the hour or 4:00 o'clock P.M. of Monday,
the 13th day or July, 1953, and to be publicly opened, examined and
declared at said time in the regular meeting place or said Council,
Council Chambers, City Hall, Palo Alto, California. Said notice,
in form a copy of which is hereto attached marked Exhibit "A",
shall be given by publication once in the Palo Alto Times, a newspaper
published in said City, at least five days before said date.
2. The City Council will furnish the legal opinion of
the law firm of Kirkbride~ Wilson, Harzfeld & Wallace, San Mateo,
California, unqualifiedly approving the legality of the proceedings
and the isBuance of said bonds.
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I hereby certify the foregoing to be a true copy of resolu-:j
t ion adopted by the Cj. ty Council or the City of Palo Alto, Calif-:._
orn1aJ at a regular meeting thereof held ..,n the 22nd day of June,
1953, by the following vote or the members thereof.:
AYES 8 and in favor thereof, Councilmen:
Bishop, Blois, Cashel, Drysdale, H1ll 1 Jackson, Marshall,
Miller, Mitchell, Montreuil, Porter, Simpson, Wells.
NOES, Counc:3. lmen: None •
ABSENT, Councilmen: Huston, Wickett.
' ty of p APPROVED~· ~fl. £1#a /).0 ~ II -a o Alto
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NCTICE OF SALE OP IMPROVEMINT BONDS
PROJECT NO, 52-10
NORTH CALIFORNIA A\1tNUB
ACQUISITION AND IMPROVEMENT
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NOTICE IS HEREBY GIVEN that the City Clerk or the City of Palo
Alto, Santa Clara County, California, will, at or before 4:00 o'clock
P.M. (P.D.S.T.) of Monday, the 13th day or July, 1953, at her office
in the City Hall or said City receive sealed proposals or bids for the
purchase or municipal iMprovement bonds or said City to be ordered
1ssuet1 on said date pursuant to Bond Plan C, Part 4, Article IV of
Ordinance No. 844 or said City entitled "Palo Alto Improvement Pro-
cedure Code" adopted January 13, 1941.
All bids must be unconditional and enclosed in a sealed envelope
ma.rked "Proposal for Bonds". No bid for l~as.th!,n par will be con-
sidered.
Said bonds will be issued pursuant to Resolution or Intention
No. 2404 adopted by the City Council or aaiu City on Januar3 26, 1953,
to pay the cost or the acquisition and improving of North California
Avenue, Greer Road, Louis Road, Colorado Avenue, Ross Road, Loma Verde
Avenue, Ramona Street, Emerson Street and Alma Street by grading, ex-
cavating, pavement, cur~s, gutters~ sidewalks, driveway aprons, catch
basins, headwall, electroliers, water mains, gas mains, sanitary sewer
mains and oleanouts, and all work auxiliary to the above.
The total assessed value of all taxable property 1n the City on
the current tax roll is appr~ximately $63,915.000.
It is estimated that bondd will be issued in the approximate
amount or $188,136.28. Said bonds will be issued 1n ten equal annual
series, maturing on July 2nd of the years 1954 to 1963, inclusive,
and will bear interest at the rate of not to exceed 31X per cent (6~) per annum, and be paid by semi-annual coupons, excepting the first
coupons which will be for interest from June 17, 1953 to January 2,
1954. Said bonds will be dated June 17, 1953.
In the event of a delinquency 1n the payment of any installment
or the assessments levied upon any or said benefited properties for
the payment of the principal and interest or said bonds, it is a man-
datory duty on the part of the City to transfer an amount equal to the
amount of such delinquency, with penalties and costs, from available
funds of said City to the interest and redemption fund or said bonds,
and 1n the event such funds are not available then to levy a tax
therefor up to Ten Cents (10¢) on the One H1mdred Dollars ($100.00) or
taxable property in said City. In such event said bonds bear interest
after maturity until paid at the rate stated therein.
All bids will be publicly opened, examined and declared at the
~1me and place above stated, after which said bonds will be awarded
to the bidder who offers to take them at the lowest net interest cost
and interest to the date or delivery.
The approving legal opinion of Messrs. Kirkbride, Wilson,
Harsfeld & Wallace, San Mateo, California, will be furnished by said
Council to accompany said bonds.
By order or the City Council or the City of Palo Alto,
California.
Dated: Ju1'le 22, 1953.
WINIFRED KIDD City Clerk o? City of Pa1o-xrto
EXHIBIT 11 A 11
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