HomeMy WebLinkAboutRESO 32471
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RESOLUTION NO.
3247
A RESOLUTION PROVIDING FOR ISSUANCE OF BONDS
CALIFORNIA AVENUE DISTRICT
BIRCH STREET
PROJECT NO. 59-3
RESOLVED, by the Council of the City of Palo Alto, S ant a
Clara County, California , that
WHEREAS, the City of Palo Alto, in the County of Santa
Clara , State of Califor nia , herein called City, is a Charte r City,
duly organized and ex isting un der and pursuant to th e provisions
of the Con stitu tion of the State of Ca lifornia;
WHEREAS, by the terms of said Charter , the City is emp ow ere
to make and enfor ce all laws and regulations in respect to mu niai
affairs, su bjec t only to su ch restrictions and limitatio ns as nary
be prov ided in said Cha rter an d said Constitution, an d to exe rcise
a ny a nd a ll rights, powers a nd pr iv ilege s her etofore or hereafter
established, granted an d prescribed by an y la w of the State, said
Charter , or by any other law ful author ity, w hich a municipal cor -
pora tion might or co uld exercise u nder said Constitution, in cludin
a ll powers not in conflict with the provisions of said Cha rter n ow
or hereafter gra nted to Cities of the Sixth Cla ss and wher ein it
is prov ided that the enumeratio n in said Cha rter of any par ticu lar
power sha ll net be held to be e xclusiv e of or any limita tion upon
sa id general gr ant of power s;
WHEREAS, the acquisition, construction, own ership, mana ge-
men t,, maintenan ce, operation , repa ir, addition, ex tension , and
improvement of city streets and s tree t impro vements is a mu nicipa l
affair;
WHEREAS, Ordinance No. 844 entitled ' Palo Alto Improv emen t
Procedur e Cede", adopted by this Cou ncil on January 13, 1941, as
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amended, was adopted pursu ant to the power a nd a uthority vested in
said Council by a nd under the terms and provisions of s aid Charter,
and there are no limitations in reg ard theret o expressly or oth er-
wise pro vided in s aid Charter or in the Constitution of the State
Califo rnia , other than Sectio n 17 of Article XIII, as to which ful
compliance has been had by the City Council in the proceedings lea
ing up to the adoption of this Res olution; and
WHEREAS, all acts, conditions and thi ngs r equi red by the
Co nstitution an d laws of the State of Californi a and the Ch art er
of said City and said Palo Alto Improvement Procedure Code to be
done, to ha ppen a nd to be perfo rmed precede nt to a nd in the issu-
ance of said bonds, hav e been done, have happe ned a nd have been
per formed in regular a nd du e form , time and manner as required by
law, and the Council is now author ize d to issue and sell said
bonds and to levy special ad valorem assessments upon the real
property within the distr ict determin ed to be the district be ne-
fited thereby, all as more particula rly finally pr ov ided in
Resolution No. 3216, A Resolution Orde ring Acqu isitions and Impro v
ments, and Con firming Assessment, as modified, adopte d by this
Council on May 23, 1960;
NOW, THEREFORE, I'.' IS HEREBY DETERMINED and ORDERED, as
follow s:
1. Bon d Law. Except as herein other wise provided, the
bon ds herein pr ovided to be issue d sha ll be issued pur suant to the
provisions of Ordinance No. 844, en titled Palo Alto Impro ve men t
Procedu re Code , adopted Januar y 13, 1941, by this Co uncil, as
a men ded, and par ticularly Pa rt 6, Bored Plan E of Ar ticle IV ther e-
of.
2. Enterprise. The public interest, conven ien ce and n eoes
city r equire and the public economy an d ge neral welfare will be
served by the aoq uieitlon a nd cen etr uoti on of streets and st reet
improvements, all as m ore pa rticul arly desc ribed in Resolutio n
No, 3213, A Res olution of Inte nti on to Acqui re and Co nstr uct Impro
ments, a dopted by th e Council on Ap ril 25, 1960, ae amend ed, which
acquisitions and improvements were ordered by this Council by
Resolution No. 3216, A Resolution Orde ring Acquisitions and Imp ro ve
ments, an d Confirming Assessment, as modified, adopted by this
Cou ncil on May 23, 1960, herein called Dkhterpriee .
3, Assessment Dietriot . The district benefited thereby
an d. to ':e assessed to pay the principal and interest on the b onds
as herein pr ovided and the ex terior bo und aries thereof are describe
ae the cotermino us exterior boundaries of the parking district
formed and existing by vir tue of proceedings conducted by th e C oun-
cil pursuant to Resolu tion of Inten tion No. 2650, adopted Septembe r
12, 1955, as modifie d.
4. Eond issu e. The total amount of the issue is Nin eteen
Tho usand Tree Hun dr ed Nineteen an d 24/100 Dollar s ($19,319.24) the
pr in cipal and. in tere st of which are to be serv iced by special an nua
ad valor em realty special assessment levies on the real pro perty
within the ar ea. described in said Resolu tion of Inten tion, an d here
in described, ex oepeing therefr om all public streets, a venues,
highways, lanes an d alleys, and othe r public places and wa ys, withi
said distr ict in use in the performance of a public functio n as
such, which levies are here by determined and decla red to be un-
limited either as to rate or a mount. Said bo nds shall be da ted
September 1, 1960, shall be ninete en (19) in n umber and numbere d
1 to 19, both inclu sive, in the denom ination of $1,000 each,
except tha t Mond No. 1 sha ll be in the denom ination of $1,319.24,
and shall matur e serially, in the order of ser ia l n umber, on
July 2 in the years an d in the amou nts, as. follows:
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Bond Nos, Ye ar of p rincipal
(I ncl usive) Maturity Amount
1 1961 $ 1,319.24
2 1963 1,000.00
196 1,000.00
4 196 1,000.00
5 - 6 1965 2,000.00
7 - 8 1966 2,000.00
9 - 10 1967 2,000.00
11 - 13
1968 3,000 .00
14 - 1 1969 3,000 .00
17 19 1970 3,000.00
irg for m:
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5. For m. Said bonds shall be substantially in the foll ow
No.
STATE OF CALIFORNIA
CITY OF PALO ALTO
$
CALIFORNIA AVENUE DISTRICT
STREET BOND OF 1960
UNDER AND BY VIRTUE of Par t 6, Bond Pla n E of
Article IV of Ordinance No. 844, entitled "P alo Alt o
Im provement Procedure Code", adopted January 13, 1941,
as ame nde d, the City of Palo Alto (a muricipal co rpo ra-
tion opera ting under a Fr eeholders' Charter), State
of Californ ia, tor valu e r eceived, will pay to bea rer,
out of the fund her einafter designated, on the 2nd day
of July, 19 , the sum of Doll ars
) in law fu l money of the United States,
witfi interest thereon from date, as evidenced by interest
cou pons attached to this bo nd at the time of issuance.
Sa id interest is paya ble s emi-annu ally on the 2nd day
of Janu ary and the 2nd day of Ju ly, in each yea r, all
as more particu brly set forth in the Re solution pro -
vidin g for the issuance of this bond, ex cept that the
first coupon is for inter est .fro m Septembe r 1, 1960,
to January 2, 1961. Both pr incipal an d inteeeat a re
payable at the o ffice of the City Treasurer of the
City of Palo Alto, Californ ia, in any coin or cu rren -
cy which on the date of paymen t is lega l tender for
pu blic and private debts, u pon presentation an d surre n-
der of thin bond or the interest cou pons as they sever-
a lly become due.
If upon presentatio n at m atur ity, pa ymen t of this
bond is not made as herein pr ovided, interest her eon
e all contin ue at the same rate u ntil the principa l
hereof is paid in fu ll.
This bond is one of an issue in the total princi-
pal amoun t of Nin eteen Thous an d Three Hu ndr ed Nin eteen
and 24/100 Do llar s ($19,319. 24), a ll of lik e date an d
ten or except as to matu rity a nd denomination, all
issu ed by the City for the purpose of providing mon ey
to finance a r. En terpr ise con sisting of acquirin g and
constructing streets and str eet improv eme nts in and
alon g Bir ch Str eet, a ll as set forth an d described
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a:
in Resol utio n No . 3213, A Resol utio n of Intentio n to
Acquire and Co nstruct Isp rovesie nts, adopted Ap ril 25,
1960, by the Co uncil of th e City of Palo Alt o, as
a mended, to which ref ere nce is hereby mad e f or the
oblig ations, d uties, rights, and privil eges hereby
created, and as autho ri zed by a nd in strict accord-
ance with the Fr eeholders' Charte r of said City,
and said Palo Alto Imp roveme nt Proced ure Code, and
par ticularly Article V a nd P art 6, Bo nd Pl an E of
Article IV the reof, and in accordance with R esoluti on
No. 3216, A Resol ution O rde ring Acq uisitions and
Im prov ements, as modified, ad opted May 23, 1960,
an d Resolution. N o. , A Resol ution Providing
for the Issuance of Bonds, adopted July 25, 1960, by
the Council of said City, after due notice and
public hearin g having been held therein, all described
as Project No. 59-3.
This bond is pa yable out of "Bond Plan E,
California Av enue District Street Bo nds of 1960,
Inter est and Redem ption Fund" exclusively, as
sa id fund appea ra u pon the books of the T re asurer
of said City; but in accordance with the pr ovisio ns
of sa id Code a special assessment tax will be
lev ied and colle cted upon all the land and improve-
ate nte w ithin the assessment district oreated in said
pr oceedings therefor, e xcepting therefrom all public
places a nd ways in u se in the performance cf a public
fu nction , in an a moun t clearly sufficient to pay the
principal and interest of said bonda as the same
shall become payable, until all sa id bon ds and the
in terest thereon are paid in full.
Annua lly, at any time prior to the time the levy
le made, or at auch o ther time as it shall determine,
the Council is authorized to transfer to the r edemp-
tion fun d of said bon ds, from av aila ble fun ds, such
a mount or amounts as it shall determin e.
IT IS HEREBY CERTIFIED AND RECITZD that all acts,
con ditions and things re quired by the Constitution
and laws of the State of Californ ia and the Charter
an d or dina nces of said City, to be done, to happen
and to be per formed, pre cede nt to and in the iasuance
of this bond, have been don e, have happen ed and have
been per for med in regular a nd due fo rm, time and
m ann er as r equired by law, a nd this bond is made
conclusive eviden ce ther eof.
IN WITNESS WHEREOF, the Coun cil of the City of
Palo Alto has caused this bon e to be signed by the
City Tre asure r of said City an d by its City Cler k
and has ca used its Cler k to a ffix her eto its corpo r-
a te seal, a ll on the let day of September , 1960.
City 2'rea surer
-City Cler k
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I464411111111111111.1111111W<
6. Execution . Said b onds shall be sig ned by the City
Treasurer of s aid City which may be by his eng ra ved or lithog raphed
signature, a nd by the City Oleek, who shall affix thereto th e
o fficia l seal of said City. The interest coupo ns affixed thereto
shall bear the engra ved, p ri nted or lithographed sig natur e of tho
City Treasu rer. Such signing and seali ng of said bonds by said
officers and raid aigning of said co upo ns by said T re asurer shall
constitute and be a suffiolent and binding execution of each and
e very one of said bonds an d of all of said c oupons.
7. In ter est Coupons. The int erest coupo ns att ached to
each of said bonds and evidencing, the interest to accrue thereon,
shall be numbe red con secutively and be substanti ally in the f oll ow-
ing form, to -w it:
Interest Coupon
Coupon No. $
CITY OF PALO ALTO
CALIFORNIA
On the 2n d day of July (January), 19 , the
�lty of Pa lo Alto will pay to bearer out —Fr its Bond
Plan E, California Av enue District, Street Bond of
1960, Inter est and Redemption Fund, at the office of
the City Tre asurer , Palo Alto, Califor nia , the sum
of. Dollars for inte re st
then ue on e . reet Bond dated September 1, 1960.
Treasu rer
Bond No.
In addition to the fore going fo rm of coupon which s hall b
attached to the bon ds, there w ill be a dditional co upons attached
the bo nds at the time of issua nce, if requested in the bid upon
w hich the bon ds are sold, which shall pr ovide for the payment of
additional in terest. The for m of each su ch coupon shall be su b-
stantially as follows:
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6'3x� "brr 4ar�.utd:
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0
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Coupon. No. A
INTEREST COUPON
CITY OF PALO ALTO
CALIFORNIA
Ip
te
On the 2nd day of July (Janu ary), 19 , the
City of Pal o Alto will pay to bear er ouf of its
Bond Plan E, Calif ornia Avenue District, Street Bond
of 1960 Interest and Redempti on Fund, at the office
of the City Treasu rer, Palo Alt o, California, the
sum of Dollars fo r i nte rest
then due on its Street B ond de.Wa—September 1, 1960 .
Treasurer
Bond No.
8. Purchasers Record. The Treasurer shall keep a record
the names of the pu rchase rs of the bonds and of all successi ve
olders of beare r bonde issued her eunder so far as such infor matio n
a furnished to him.
9. Place of Payment. Sa id bonds a re payable at the offie
f the Treasurer of the City of Palo Alto, Palo Alto, California.
10. Registratio n. The bon ds issued hereun der shall be
u bject to registr ation as to princ ipa l and interest upon writte n
equ est of the owner and presentation of an y such bo nd to the
ea surer for re gistration. Upon such pr esentation a nd reque st, th
easurer sha ll cu t o ff the coupon s an d preserv e them in his office
e Trea surer z hall maintain a book upon w hich he shall enter the
umbers of a ll r egistered bonds a nd the names and a ddresses of
the holders of r egis ter ed bonds. Until such registration in can-
lbcelled as he rein pro vided, the inter est a nd principal ther eof shall
e payable only to the register ed holder or to his du ly r egistered
tran sferee. There shall be provided on the back of each bon d a
suitable blank showing the na me of the registered ow ner, the date
of the registration or tr ansfe r and the signature of the Treasu rer.
Re gistered bonds shall be transferred at the office of the Treasu re
in the same man ner as the original registr ation and the name of the
n ew registe re d owner shall be entered on the bo nd r egister and on
the back of the bonds.
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The regist ratio n of a ny unmatured bond may be cancelled up
written request of the registered holder. Upon receipt of such a
request, the Treasur er sh all cancel the regi stration in th e bond
register book and on the b ack of the bond, re - attach all unmatured
cou pons to the bond, and deliver the bond and attached coup ons to
the holder. Un til such bond is re -r egistered, the principal th ere-
of shall be pa yable to be are r, and the i nte rest sh all again be
paid upon surrender of proper coupon s. Any such bond is subject
to re -r egistration as to principal and inte rest in the s ame manner
as prev iously unregiste red bonds.
The bonds may be registered as to pri ncipal only. Su ch
registra tion may be can celled and the bond re - regist er ed as to
prin cipal or as to prin cipal an d in terest. When bo nds a re regis-
ter ed as to prin cipal on ly, a notation shall be m ad e to that
effect in the registration book and on the bond. The co upons shall
not be detached a nd the interest on su ch bon ds shall be paid upo n
presentation of such coupon s in the sa me mann er as un registe red
bonds. Prin cipal, howev er , shall be paid only to the registered
owner upon presentation of su^,h bond.
11. Default, Or der of Pazment. In the event that the
a mount in said Bon d Plan E, California Aven ue District, Str eet Bonet
of 1960 in terest an d Redemption Fund shall be in sufficien t at any
time to pay the prin cipal of an d inter est on all bo nds of this
issue then due, sa id a mo unt shall first be used to pay interest
then 'due on all bonds an d the balan ce shall be applied in paymen t
of m atu ring principal in the order of serial numbers; provided,
how ever , that a ny bon d register ed pursuan t to subdivision (b) of
Sectio n 6 of Pa rt 1 of Article IV of the Palo Alto Impr ov emen t
Procedure Code shall be entitled to the pr iority of paymen t there-
in provided. In the event there shall be insufficient funds to
pa y the pr incipa l of any bond then due, the City may, w ith the
consen t of the holder thereof, refund such bond by the issu ance of
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a new bo nd mat uring after the m atu rity of th e last bond iss ued
hereunder b ut other wise on a parity as to payment of principal a nd
in terest with the bonds issued hereu nder a nd =Ch ange such bond
for such matured bond, and in such ev ent such acti on shall not be
deemed a default here under.
12. Amendment. A11 of the p ro visions of this Resolution
sha ll con stitute a contract between said City a nd the holder or
holders of the bonds hereby authorized, a nd f rom and after the
sa le an d delivery of an y of the bonds, no amendment, alte ration
or modification of the bonds or of th e coup ons appert aining ther e-
to or of this Re so lution shall be made which shall in any ma nner
impa ir, impede or lessen the rights of the holde rs of the bonds or
the coupon s a pper ta ining ther eto, then outstanding, with out the
prior wr itten consent of the holders of at least seve nty-five pe r
cent (75%) of the aggregate principal amount of bonds then out-
standin g. Any such a mendmen t, alteration or modification which
sha ll hav e r eceived the writte n consen t of the holders of said
percentage of said ou tstandin g bonds as prov ided in this section
shall be binding u pon the holders of all of the un matur ed bon ds
a nd co upo ns apper taining ther eto, either attached to or deta ched
fr om said ' co ndo. Fro m and after the sale and delivery of the bon d
by said City the bonds a nd coupons appertaining thereto sha ll be
incontestable by said City.
13. Bonds Not a Gen eral Obligation . The bonds a nd the
in ter est the reo n ar e not a general obligation of the City of
Palo Alto, but rather are paya ble solely from the r edemption fun d
herein pr ovided, as to which thsecit a manda tory duty on the
part of the Coun cil to levy a specia l assessment on all r eal
pr operty within the assessmen t district, exeteptin g public stree ts,
a venues, highways, lan es and alleys, and other public places an d
ways in use in the per for mance of a public function, in an amo unt
which sha ll be clea rly sufficient to pa y the principal of and
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interest on said b onds as it shall aocr ue p rior to the time that
the proceeds of another auch levy shall be av ailable the refor,
which obligation is without limit atio n as to rate or amount.
14. C ont ributions. The Co uncil may ann ually, at or prio r
to the time levy is m ade, or at such oth er time as it sh all d e-
termin e, tr ansfer to th e redemption f und of said bonds, fr om av ail
able fun ds, such a mount or amounts as it shall determine ,
15. Redem ption Fund. There is hereby created a speci al
fund designated "Bon d Plan E, Califo rnia A venue Dist rict, Street
Bo nd of 1960 Interest a nd Re demptio n Fund", to cove r the payment
of the prin cipal of and in ter est on all of the Ottrt1t; b onds of
this issue. All mon eys collected from the special assessme nt
lev ies herein provided for sha ll be deposited in said fund.
16. Levy. The Coun cil of said City shall annually, at
the time an d in the manner for levying other City taxes, l evy and
cau se to be collected an ad valorem assessmen t upon all l ands a nd
improve+.ri.ts in said assessmen t district, excepting public places
and ways in use in the per forman ce of a pu blic function, based
u pon the laat equa lized assessment r oll in said City, clea rly
sufficien t, in addition to such sums as may be in said redem ption
fu nd a nd after making adequate allow ance for estima ted delin -
quencies, to pa y the principal of a nd intere st on said bonds which
shall become payable befor e the pr oceeds of a ny other such lev y
shall be ava ila ble the refor. Said special assessment lev y shall b
levie d an d oollected upon the tax ro ll upon which gen er al City
taxes are collected. It shall be in addition to all other tax es
le vie d for gene ra l City purposes, an d shUl be levied, computed,
en tered, colle cted and enfor ced in the same manner and by the
same per sons and at the sam e time, and w ith the na me penalties
and inte re st, as are o ther taxe s for City pu rposes, and all laws
applicable to the lev y, collection and enforcement of taxes fo r
City purposes ar e here by made applicable to said spe cial assess-
ment levy, and be subject to redemption within on e year from the
date of sa le in the same manner as such rea l pro per ty is r edeemed
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from th e sale for gene ral City ta xes, a nd if not redeemed shall in
like manner pass to th e purchaser .
17. Red emptio n Fund, The City Treasure r shall an nually
cer tify to the Council the amount necessary to be r aised by a
specia l assessment to pay the principal of a nd interest on said
bon ds to be collected on the fo rthcoming roll, a nd th e principal
an d Inter est of sa id bonds shall be paid by the Treasurer of said
City in the ma nner now Qr hereafter provided by law f or the pay-
ment of principa l or in ter est on the bo nds of said City and from
the money* collected from the lev y and collectio n of the ad
valor em assessme nts herein befor e provided.
18. Transcr ipt. The Clerk a nd Treasurer are hereby
author ized and directed to prepare and furnish to the purchasers
of the bonds issued hereunder certified copies of all o rdinances
a nd resolutions of the Council relating to the En terprise and to
the issuance of bonds and all other pr oceedings and r ecords of the
City showin g the right, pow er and authority to lssu e said bonds
and to provide the security ther efor , and such certified copies
and certificates shall be deemed r epresentation s of the City as
to all facts sta ted therein .
19. Deliver y of Bonds. The bon ds to be issued he reunder,
or the amoun t thereof nece ssary to complete the Enterprise, shall
be sold and deliv er ed as the Council shall determine. The Treasu r
er sha ll deliver said bonds u pon receipt of the pu rchase price
an., shall cre dit the proceeds to the special fun d a nd a ccount fo r
pa yment of the cost of acquisition and constr uction of the En ter-
prise, but the purchasers shall not be requ ired to see to the
proper application thereof.
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20. Premi ums a nd Acc rued IBterest . Any premi um and
accrued interest recei ved from s ucheale shall be paid into the
interest a nd redempti on fund and sh all be used for the p ayment of
the principal of and inte rest on said bo nds .
1 hereby certify that the foreg oing resolutio n w as duly
and regularly a do pted and passed by the C ouncil of the City of
Pa lo Alto, Califor nia, at a regular meeting there of held on the
25th day of July, 1960, by the following vote:
AYES, an d in favo r thereof, Co uncilmen:
!la11, Byxbee, Nva ns, Giffin, Haight, Marshall, N evis,
Por te r, Rodge rs, Stephens, Woodward, Zw eng .
NOES, Co uncilmen: N ene.
ABSENT, Councilmen : Bishop, Davis, Mitchell.
APPROVED:
4a yor
Urty C1er K' of tit
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Sr Palo AI o