HomeMy WebLinkAboutRESO 2494~ . . .
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R E S 0 L U T I 0 N ----------2494 N 0 •
PROVIDING FOR ISSUANCE OF BONDS
UNIVERSITY AVENUE DISTRICT
OFP-STREET PARKING
PROJECT NO. 52-14
RESOLVED, by the Council of the City or Palo Alto, Santa
Clara County, California, that
WHEREAS, the City of Palo Alto, in the County of Santa
Clara, State or California, herein called City, is a Charter City,
~uly organized and existing under and pursuant to the provisions
of the Constitution of the State of California;
WHEREAS, by the terms of said Charter, the City 13 em-
powered to make and enforce all laws and regula·tions in respect to
municipal affairs, subject only to such restrictions and limita-
tions as may be provided in said Charter and said Constitution,
and to exercise any and all rights 1 powers and privileges hereto-
fore or hereafter established~ granted and prescribed by any law
of the State, said Charter, or by any other lawful authority,
which a municipal corporation might or could exercise under said
Constitution, including all powers not in conflict with the pro-
visions of said Charter now or hereafter granted to Cities of the
Sixth Class and wherein it i.e provided that the enumeration in
said Charter of any particular power shall not be he~J to be
exclusive of or any limitation upon said general grant of powers;
WHEREAS, the acquisition, construction, ownership, manage-
ment, muintenance, operation, repair, addition, extension, and
1mproven,ent of off-street park1ng facilities for public and private
purposes is a municipal affair;
WHEREAS, Ordinance No. 844 ent1 tled 11 Palo Alto Improvement
Procedure Code 11
, adopted by th1s Council on January 13, 1941, ae
amended, was adopted pursuant to the power and authority vested
in said Council by and under the terms and provisions or said
Charter, and there are no limitations in regard thereto expressly
or otherwise provided in said Charter or in the Constitution or
the State or California, other than Section 17 or Article XIII, as
to which full compliance has been had by the City Council in the
proceedings leading up to the adoption of this resolution; and
WHEREAS, all acts, conditions and things required by the
Constitution and laws of the State of California and the Charter
of said City and said Palo Alto Improvement Procedure Code to be
done, to happen and to be performed precedent to and in the
issuance or said bonds, have been done, have happened and have
been performed in regular and due form, time and manner as required
by law .• and the City Council 18 now authorized to issue and sell
said bonds and to levy special ad valorem assessments upon the
real property within the d1atr1ct determined to be the district
benefited thereby, all as more particularly finally provided 1n
Resolution No. 2432, Ordering Acquisitions and Improvements,
adopted by this Council on April 27, 1953i
NOW, THEREFORE, IT IS HEREBY DE'TERMINED and ORDERED, as
follows:
1. Bond Law. Except as herein o·therw1se provided, the
bonds herein provided to be issued shall be issued pursuant to the
provisions of Ordinance No. 84J~, entitled Palo Alto Improvement
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Procedure Code, adopted January 13, 1941 by this Council, as
amended, and particularly Part 6, Bond Plan E or Article IV thereof.
2. EnterErise. The public interest, convenience and
necessity require and the public economy and general welfare will
be served by the ac~uis1t1on and constructior. of orr-street parking fac111t1es~ all as more particularly described in Resolution No.
2b25 of Intention to Make Acquiaitionsand Improvements, adopted
by this Council on April 13, 1953, as amended, which acquisitions·
and improvements were ordered by this Council by Resolution No.
2432, Ordering Acquio1tions and Improvements, adopted by this
Council on April 27, 1953, herein called Enterprise.
3. Bond Issue. The total estimated cost of the issue
is Eight Hunared Iighty THousand Dollars ($880,000), the principal
and interest or which are to be serviced by special annual ad
valorem realty special assessment levies on the real property
within the area ddacr1bed in said Resolution of Intention, except-
ing therefrom all public etreats, avenues, highways, lanes and
alleys, and other public places and ways, within said district 1n
use in the performance or a public function as such, which levles
are hereby determined and declared to be unlimited either as to
rate or amount. Said bonds shall be dated March 2, 1954, ahall
be eight hundred eighty (880) 1n number and numbered 1 to 880,
both inclusive, in the denom1nat1o~ of $1,000 each, and shall
mature serially, in the order or serial number, on July 2 in the
years and in the amounts, as follows:
Bonds Nos. Year of Principal (Inclusivel Maturity Amount
' 1-15 1955 $ 15,000 16-30 1956 15,000
31-50 1957 20,,000 51-70 1958 20,000
71-95 l959 25,000 96-120 1960 25,000 121-145 =~961 25,000 146-170 :L962 25,.000 171-195 :.963 25,000
196-225 1964 30,000 226-255 1965 30,000
2§6-285 1966 30,000 2 6-315 196~ 30,000 316-350 196 35,000 3~1-~95 1969 35,000 3 6-20 1970 35,000
421-460 19'Tl 40,000
461-505 1972 45,000 506-550 1973 45,000
551-600 1974 50,000 601-650 1975 50,000
651-705 1976 55,000 706-760 1977 55,000
761-820 1978 60,000 821-880 1979 60,000
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4. Callable. Bonds maturing by their terms on or before
July 2, 1971 snall not be subject to call or redemption prior to
their fixed maturity date. Bonds maturing after July 2, 1971
shall, by their terma, be subject to call and redemption, at the
ont1on or the City, as a whole or in part, in inverse numerical
order, on July 2, 1963 (but not prior thereto) o:D on any interest
date prior to their maturity date or dates at the principal amount
and accrued interest thereof to the date or redemption, plus a
redemption premium equal to one-quarter of one per cent (1/4 of 1~) or such principal amount for each whole twelve (12) months
and for any remaining fraction of a twelve (12) months' period
from the 1ate fixed for redemptiOl"l to the maturity date or such
bond, but not exceeding four per cent (4~) or such principal
amount. The City may also, from time to time, pu~chase any or
all or said outstanding bonds at prices offered, but not to exceed
the sum required to be paid 1n the event of redemption by call.
All bonds purchased or called shall be cancelled and shall not again be reissued.
5· Notice of Redemption. The Treasurer shall cause
thirty (30} days prior notice of redemption to be given by mail
to the Paying Agent, if any, and in addition shall publish such
notice once at least thirty (30) 1ays prior to the date of call in
a financial paper published in N~w York or Chicago, or in lieu
th~reof, may mail such notice by register~d mail thirty (30) days
prior thereto to the last known holder or holders of any bearer
bond so called, as shown by the records in his office. Notice or
redemption or any registered bond shall be given to the registered
owner by registered mail at least thirty {30) days prior to the date of call.
6. Form. Said bonds shall be substantially in the following form:---
No.
STATE OF CALIFORNIA
CITY OF PALO AT,TO
1954 PARKING BOND
SERIES A
$1,000
Under and by virtue of Part 6, Bond Plan E of Article IV
of Ordinance No. 844, entitled "Palo Alto Improvement Procedure
Code 11
, adopted January 13, 1941, ae amended, the City or Palo Alto
(a. municipal corporation operating under a Freeholders' Charter),
State of California, for value received, will pay to bearer,
out of the fund hereinafter designated, on the 2nd day of
July, 19 , the sum of ONE THOUSAND DOLLARS ($1,000) in lawful
money or~e United States, with interest thereon from date,aa evidet)ced
by interest coupons atta.ched to this bond at the time of issuance.
Said interest is payable sem1.annually on the 2nd day of January
and the 2nd day of July, 1n each year, all as more particularly
set forth in Resolution p~ovidir.g for the issuance of this bond.
Both principal and interest are payable at the office of the
City Treasurer of the City of ?alo Alto, Palo Alto, California,
in any coin or currency which on the date or payment is legal
tender for pu·'blic and private debts, upon presentation and
surrender of this bond or the interest coupons aa they severally
become due.
Bonds maturing by the!r terms on or before July 2, 1971
shall not bt: s11bjee:t to call o:.:• redem!')tion prior to their fixed
~aturity date. BoPds maturing after July 2, 1971 shall~ by their
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terme, be subject to call and redemption, at the option or t~e
City, as a whole o~ in part, in inverse numerical order, on July
2, 1963 (but not prior thereto) or on any interest date prior to
their maturity date or dates at the principal amount thereof and
accrued interest thereon to the date or redemption, plus a re-
demption premium equal to one-quarter of one per cent (1)4 or 1~)
or such principal amount for each whole twelve (12) months and for
any. remaining fraction or a twelve (12) months' period from the .
date fixed ror redemption to the maturity date of such bond, but I
not exceeding four per cent (4%) or such principal amount. The 1
City may also~ from time to time, purchase any or all of said out·· ·
standing bonds at prices offered, but not to exceed the sum re-
quired to be paid in the event of redemption by call. All bonds
purchased or called shall be cancelled and shall not again be
reissued.
Tbe Treasurer shall cause thirty (30) days prior notice
of redemption to be given by mail to the Paying Agent, if any, and
in addition shall publish such notice once at least thirty (30)
dnys prior to the date of call in a f1na~cial pa~er published in
New York or Chicago, or in lieu thereof·, may mail such notice by
regi3tered mail thirty (30) days prior thereto to th~ last known
holder or holders of any bearer bond so called, as shown by the
records of his office.· Notice of redemption of any registered
bond shall be given to the registered owner by registered mail at
least thirty (30) days prior to the date of call.
If upon presentation at maturity, payment or this bond is
not made as herein provided, interest thereon shall continue at the
same rate until the principal hereof 1e paid in full.
This bond 1s one of an issue in the total principal
amount or $880,000, all or like date and tenor except as to maturi-
ty (and interest rate) and provision ror redemption; all issued by
the City for the purpose of providing mone:r to finance an Ent•rprise
cor.sistlng or acquiring and constructing automobile parking places
within the assessment district, all as set forth and described 1n
Resolution No. 2425 of Intention to Make Acq~iaitions and Im~rove
ments, adopted April 13, 1953, by the Council of the City of Palo
Alto, as amended, to which reference iB hereby made for the obliga-
tions, duties, rights and privileges hereby created, and as auth-
orized by and in strict accordance with the Freeholders• Charter
or said City, and sa1d Palo Alto~Improvement Procedure Code, and
particularly Article V and Part 6, Bond Plan E of' Article D1
trtereof, and in accordance with Resolution No. 2432, ordering .
Acquisitions and Improvements, adopted April 27, 1953, and Resolu-
tion No. 2494, Providing for the Issuance or Bonds, adopted
December 14, 1953, by the ~oun~11 of said City, after due notice
and public hearing having been held therein, all described as
Project No. 52-14.
This bond is payable out of '!Bond P::.an E, 1954 Parking
Bond Series A Interest and Redemption Fund." exclusively, as said
fund appears upon the books of the Treasurer of said City; but j,n
accordance with the provisions of said Code a special assessment
tax will be levied and collected upon all the land and improve-
ments within the assessment district created in said proceedings
therefor, excepting therefrom all public places and ways in use 1n
the performance of a public function, in an amount clearly suf-
ficient to pay the principal and interest of said bonds as the same
shall become payable, until all sa1c.t bonds and the interest thereon
are paid in full.
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That part of fifty per cent (5~) or th~ annual net
revenues to be derived by the City from the on-strP.et parking
meters, and that part of fifty per cent (50%) or the annual net
revenues to be derived by the City from off-street parking facili-
ties, h~retofore or hereafter installed or acquired in or for the
University Avenue Commercial District, that the annual principal
and intereBt or these bonds bears to the annual principal and
interest of all bonds then issued and outstanding for such year,
f.,r orr-street parking facilities for said d1etrict, are pledged
to the payment of the bonds of this issue anc' or the interest to
accrue thereon'; provided, however, that the annual amount of such
pledge shall not be less than the total annual net revenues to
be derived by the City from the off-street parking facilities
acquired from the proceeds of these bonds. These pledges con-
3ti.tute a first and prior lien on said net revenuea, but are not
and shall not constitute a limitation or restriction upon the
power and duty to levy an annual ad valorem assessment upon the
taxable real property within the assessment district sufficient
to pay the principal of and interest on said bonds as it shall
accrue and before the proceeds of another such levy shall be
available therefor, which power and duty is declared to be in-
exhaustlble in nature and unlimited aa to rate or amount.
No additional bonds or the same nature shall be issued
which shall have a pz•1o1 .. or superior lien upon e.ny of the revenues
herein pledged. Additional bonds. or the sace nature may be 1osued
which shall have a lien on the net on-street and off·-street park:tne:
revenues of the C1ty1 other than the net revenues from the fac~li
t1ea to be acquired from the proceeds or these bonds.
Annually, at any time prior to the time the levy is made,
Ol .. at such other time as it shall determine, the Council is auth-
orized to tra.rmfer to the redemption fund of sa:td bonds, from
available funds, such amount o~ amounts as it shall determine.
IT IS HEREBY CERTIFIED ~~ RECITED that all acts, condi-
tions and things required by the Constitution and laws of the
State or California and the Charter and ordinances of said City,
to be done~ to happen and to be performed, precedent to and in
the insuance of ~hls bond, have been done, have happened and have
been performed itl regular and due form~ time and manner as re-
quired by law, ami thlh bond is made conclus1 ve evidence thereof.
IN W:TNESS WHEREOF, the Council of the City of Palo Alto
has caused this bond to be signed by the City Treasurer or ~aid
City nnd by its City Clerk and has caused its Clerk to aff~x hereto
its corporate seal, all on the 2nd day of March~ 1954.
~-----City Treasurer
City Clerk -
7. Execution. Said bonds shall be signed by the City
Treasurer o~ said City, which may be by his engraved or litho-
graphed signature, and by the City Cl~rk, who shall afflx thereto
the official seal of said City. The interest coupons affixed
thereto shall bear the engraved, printed or lithographed signature
of the City Treasurer. Such signing and sealing of said bonds by
said officers and aa1d s1gn1ng of said coupons by said Treasurer
shall constitute and be a sufficient and bonding execution of each
and every one of said bonds and of all of said coupons.
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8. Intere9t Coulone. The interest coupons attached to
each ot aa1d bonds and· ev dencing ';he interest to accrue thereon,
shall be numbered consecutively and be substantially in the
following form, to-wit:
Interest Coupon
Coupon No. ____________ _ $ _____ _
CITY OF PALO ALTO
CALIFORNIA
On the 2nd day or July (January), 19 I
the City of Palo Alto will pay to bearer out of
its Bond Plan E, 1954 Parking Bond Series A
Int~reat and Redemption Fund, at the office of
the City Treasurer, Palo Alto, Cal1forn1a,(unless
the bond to which this.J.:!Zon 1s attached has been
redeemed prior thereto; the sum of
D~~f~o~r-irn~t~e~r~e~s~t~tTh-e~n~du_e __ o~n~1~t-a~I~9~5~~~Pa~r~k~fng Bond
dated March 2, 1954.
Bond No.
Treasurer
ill. To be inserted in coupons maturing on or
after July 2, 1963 attached to bonds due
in 1972-1979.
In addition to the foregoing Form or Coupon which shall
be attached to the bonds, there Nill be addit1onnl coupons attached
to the bonds at the time of issuance~ if requested in the bid upon
which the bonds are sold, which :Jhall provide for the payment of
additional interest. The form of each such coupon shall be sub-
ntantially as follows:
Coupon No. A ---------$ __ _
On the 2nd day of July (January), 19 ,
the City or Palo Alto will pay to bearer out of ita
Bond Plan E~ 1954. Parking Bond Series A Interest
and Redemption Fund, at the office of the City
Treasurer, Palo Alto, California, the sum 0~
';~LLARS "::>l'f~o~r-1~n~t;:-e~r:-.e:-:e~t:---.rtTh~e"::"n-d":l"u:"':"e~o:-.n:-.1:-:1t:-:s:-""'1'1?;9:?115'TT!l-..cpa~r='k~1:-:n:-.g~Bond
dated March 2, 1954.
Bond No.
Treasurer
9. Purchasers, Record. The Treasurer shall keep a record
of the names o1 the purchasers of the bonds and of all successive
holders of bearer bonds issued hereunder so far aa such information
is furnished to him for +:he purpose of gi v1ng notice of any cal1
for redemption of said bonds.
10. Plac~of Payment. The purchaser of said bonds may
elect to have the bonds payable at the office or the Treasurer of
the City of Palo Alto 1 Palo Alto, California.
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11. ~ef1,strat1on. The bonds issued hereunder shall be
subject to reg !·rallon as to principal and interest U?On written
request or ·the owner and presentation of any such bond to the
Treasurer ror registration. Upon such presentation and request~
the Treasut•er shall cut orr the coupons and preserve them in his
office. The Treasurer 3hall maintain a book upon which he shall
enter tt1e numbers of all registered bonds and the names ar.d
address~s of the holders of registered bonds. Until such regis-
tration is cancelled as herein provided, the interest and principal
thereof shall be payable only to the regist~red holder or to hi3
duly registered transferee. There shall be provided on the back or
each bond a suitable blank showing the name of the registered owner#
the date of registration or transfer and the sig11ature or the
Treasurel". Registered bonds shall be transferred a I; the of'fice
of the Treasurer in the same manner as the original registration
and the name of the new registered owner shall be entered on the
bond register and on thA. back of the bonds.
The registration of any unmatured bond may be cancelled
upon Nritten request of the registered holder. Upon receipt of
such a request, the •rreaaurer a hall cRncel the registration in the
bond register book and on the back of the bond, re-attach all un-
matured coupons to the bond, and deliver the bond and attached
coupon~ to the holder. Until such bond is re-registered, the
principal thereof shall be payable to bearer, and the interest
shall again be paid up~n surrender of proper coupons. Any 9Uch
bond ia subject to re-registration as to principal and interest in
the same manner as previously unregistered bonds.
The bonds may be registered as to principal only. Such
registration may be cancelled and the bond re-registered as to
principal or as to principal and interest. When bonds are regis-
tered as to principal only, a notation shall be made to that effect
in the registration book and on the bond. The coupons nhall not
be detached and the interest on such bonds shall be paid upon pre-
sentation of such coupons in the snme manner as unregistered bon1s.
Principal, hoHever, shall be paid only to the registered O'l'mer
upon presentation of such bond.
12. Default Order of P~ent. In the event that the
amount of said Bond Pian E1 ~~ing Bond Series A Interest
and Redemption Fund shall be insufficient at any time to pay the
orincipal of and interest on all bonds of this issue then due,
said amount shall f':l.rst be used to pay interest then due on all
bonds and the balance shall be applied in payment or maturing
principal in the order of serial numbers. In the event there shall
be 1nsurriaient funds to pay the principal of any bond then due,
the City may, with the consent of' the holder thereof, refund such
bond by the issuance of a ne\'t bond maturing after the rnatur1 ty or
the last bond issued hereunder but otherwise on a. parity as to
payment of principal and interest with the bonds issued i1ereunder
and exchange 2uch bond for such matured bond, and in such event
such action sr.all not be deemed a de raul t hereunder.
13. Amendment. All of the provisions of this Resolution
shall constitute a contract between said City and the holder or
holders of the bonds h~reby authorized, and from and after the
sale and delivery of any of the bonds, no amendment, alteration or
modification of the bonds or of the coupons apoerta1n1ng thereto o~ or this Resolution shall be made which shallin any manner
impair, impede or lessen the rights of the holders of the bonds or
the coupons appertaining thereto, then outstanding, without the
prior written consent or the holders of at least seventy-five per
cent (75~} of the aggregate principal amount of bonds then out-
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standing. Any such amendment, alteration or modification which
shall have received the written consent of the holders or said
percentage or said outstanding bonds as provided in this section
Bhall be binding upon the holders or all or the unmatured bonds
and coupons appertaining thereto, either attaehed to or detached
from said bonds. From and after the sale and delivery of the bonds
by said City the bonds and coupons appertaining thereto shall be
in~ontestable by said City.
14. Bonds Not a General Oblifation. The bonds and the
interest thereon are not a general oE1lga ion oi" the City of Palo
Alto~ but rather are payable solely :from the redemption fund hereir1
provided, as to which there is a mandatory duty on the part of the
Council to levy a special assessment on all real property within
the assessment district, excepting public streets, avenues, high-
ways, lanes and alleys, and other public places and ways in use in
the performance or a publ~.c function, in an amount which shall be
clearly sufficient to pay the principal of and interest on said
bonds as it shall accrue prior to the time that the ~roceeds of
another such levy shall be available therefor, which obligation
is without limitation as to rate or amount.
15. Revenue Pledge. That part or fifty per cent (50%) of
the annual net revenues to be derived by the City from the on-
street parV'ing meters, and that part of fifty per cent (50%) or
the anrlUal net revenues tc be derived by the City !'rom off-street
parking facilities, heretofore or hereafter installed or acquired
in or for the University Avenue Commercial District, that the
annual pt~incipal and interest of these bonds bears to the annual
principal and interest of all bonds then issued and outstanding
for such year, for off-street parking facilities for said district~
are hereby pledged to the payment of the bonds of this issue and
or the interest to accrue thereon; prov1ded3 however, that the
annual amount of such pledge shall not be less than the total !
annual net revenues to be derived by the City from the off-street i
parking facilities acquired from the proceeds of these bonds. · •
16. Pleases Not a Limitation. These nledges shall con-
stitute a f:l.rst and prfor lien on said net revenues .. but are not
and shall not constitute a limitation or restriction upon the
newer and duty to levy an annual ad valorem assessment upon the
taxable real prooerty within the assessment district sufficient to
oay the principal of and interest on said bonds as it shall accrue
and before the proceeds of another such levy shall be available
therefor, which power and duty is hereby declared to be inexhaus~
ible in nature and unlimited as to rate or amount.
17. Additional Bonds. No additional bonds of th~ same
nature shall be issued which efia!! have a prior or superior lien
upon any or the revenues herein pledged. Additional bonds of the
same nature may be issued which shall have a lien on the net on-
street and off-street parking revenue3 or the City, other than the
11et revenues from the facilities to be acquired from the proceeds
of these bonds.
18. Contributions. The Council may annually, at or
prior to the time !evy is made, or at such other time as it shall
determine~ transfer to the redemption fund or said bonds, from
available furldS, such amount or amounts as it shall determine. ] l li
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19. Levy. The Council or said City shall annually, at
the time and in the manner for levying other City taxes, levy and
cause to be collected an ad valorem assessment upon all landa and
improvements in said asseasment district, excepting public places
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195
and ways in u3e in the ?erformance or a ?Ublic function, based uoon
the last equalized assessment roll in said City, clearly suffi-
cient, in addition to such sums as may be in said redemption fund
and after making adequate all~wance for estimated d~linquenc1eo,
to pay the principal or a.nd interest on said bonds which shall
become payable before the oroceeda or another euch levy shall be
available therefor. Said s~ecial assessment levy shall be levied
and collected upon th~ tax roll upon which general City taxes are
collected. It shall be 1n addition to all other taxes levied for
general City purpo3es, and shall be levied, computed, entered,
collected and enforced in the same manner and by the same oersons
and at the same time, and with the same penalties and interest~ as
are other taxes for City purposes, and all lawa applicable to the
levy, collect1o~ and enforcement of taxes for City purposes are
hereby made applicable to said special assessment levy, and be
subject to redemption within one year from the date or sale in the
same manner as such real property is redeemed from the sale for
general City taxes, and if not redeemed shall in like manner pass
to ~e purchaser.
20. Redemption Fund. The City Treasurer shall annually
certify to the Council the amount necessary to be raised by a
special assessmentto pay the principal of and interest on said
bonds to be collected on the forthcoming roll, and the principal
and interest or said bonds shall b~ paid by the Treasurer or said
City in the manner now or hereafter provided by law for the payment
of principal or interest on the bonds or eaid City and from the
moneys collecte~ from the levy and collection of the ad valorem
assessments hereinbefore provided.
21. Sup~lemental Bond Remedy. In the event the~e shall
not be sufficien moneys in the bond interest and redemption furld
to pay any bond or any interest coupon issued in any px·oceedings
heretofo~e or hereafter undertaken, when it shall mature, and
there are not sufficient funds available therefor in any reserve
fund created therefor, or in the operative fund of said facilities,
as ~ loan only and to be recovere~ from the proceeds of any special
ad valorem assessment levy or net revenues thereafter available
therefor, and in any event, from the proc~ede of delinquent special
ad valorem assessments recovered from the redemption or sale of
property subject thereto, the Council shall make the transfers and
advances from available City funds, and the special tax levies, in
the manner and with like force and effect, all as now or hereafter
provided in Sections 24~ 25 and 26 of the Refunding Assessment Bond
Act of 1935, or any codification thereof.
22. Parkin£ Revune Fund. Separate special funds a~d
accounts shalT Ee established and maintained to carry out the
obj~cca anct purposes of the pledges herein provided. So long as
any of the bonds of. this iasue are outstanding, said funds and
accounts shall be kept and administered ae'\)arately and distinctly
from other .funds and accounts of the City.
23. Sdparate Agencl· The project or acquiring, con-structing,
maintaining an operating on-street and orr-street parking facil~
ities within the City is hereby declared to constitute a separate
agency, department and function of the City~ and, except for
the special assessments herein provided to be levied for local
benef1t3 to be derived from the off-street parking facilities to
be acquired from the proceeds of these bonds, to constitute a
single transaction, complete in and of itself, and to be able to
meet all of the obligations which are herein properly incurred
wholly and solely from the revenues herein pledged.
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24. M&int~nance and Operation. The cost or maintaining
and operating the off-etr~et parl<ing facilities herein proposed to
be acquired shall be paid firot from the revenues to be derived
from the operation or such facilities, and any balance shall be
paid from the :c~venull'ts or on-street and offl"'Btreet parking facili-
ties or the City, and the City shall keep and maintain said
rac111ties in good order and repair. The on-street and off-street
parking facilities of the City, from the net revenues or which a
portion iB addi tior1a.lly pledged for the payment of the principal or and interest on these bonds, shall be maintained and operated
from the revenues to be derived from said facilities.
25. Bonds Not a Debt. The bonds and the interest thereon
are not a debt-of tne city, nor a legal or equitable charge, lien
or encumbrance upon any of ite property, or upon any of its income,
receipts or revenues other than those herein pledged. The general
fund or the City is not liable and the credit and taxing power of
the City are not pledged for the payment or the bonds or their
interest, and the holders or the bonds or coupons shall not compel
the exercise of the taxing pow~r of the City or the forfeiture of
its property, beyond the lawful application or Section 21 hereof.
26. Tranacriat. The Clerk and Treasurer are hereby
authorized and dlrecte to prepare and .furnish to the purchasers
of the bonds issued hereunder certified copies of all ordinances
and resolutions of the Council relating to the Enterprise and to
the issuance of bor;ds and all other proceedings ar.j records of the
City showing the right, power and authority to issue said bonds
and to provide the security therefor, and such certified copies and
certificates shall be deemed representations of the City as to all
facts stated therein.
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27. Delivery of Bonds. The bonds to be issued hereunder, l o~ the amount £hereof necessary to complete the Enterprise, shall
be sold and delivered as the Councn shall determine. The -
Treasurer shall deliver said bonds upon receipt of the purchase
price and shall credit the proceeds to the special fund and
account for payment of the coat of acquiaition and construction
or the Ent~rprise, but the purchasers shall not be required to
see to the proper application thereof.
28. Premiums and Accrued Interest. Any premium and
accrued interest received from such sale snall be paid into the
interest and redemption fund and shall be used for the payment of
the orincipal or and interest on said bonds.
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I hereby certify that the foregoing resolution was duly
and regularly adopted and passed by the City Council of the City
of Palo Alto, California, at a regular meeting thereof held on the
14th day or December, 1953, by the following vote:
AYES, and in .favor thereof, Councilmen:
Bishop, Byxbee, Corcoran, Hanley, Huston, Marshall,
Mitchell, Porter, Rodgers, Simpson, Wickett.
NOES, Councilmen: Cummings.
ABSENT, Councilmen: Cashel, Drysdale, Ruppenthal.
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_ _/_L/_A~ _.&'--'--~ --~-> C11:y~rK o27the City of Palo Alto
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