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ORIGINAL
RESOLUTION NO. 3472
A RESOLUTION PROVIDING FOR ISSUANCE OF BONDS
AND DIRECTING LEVY OF AD VALOREM ASSESSMENTS
TO PAY THE PRINCIPAL AND INTEREST THEREOF
CALIFORNIA AVENUE DISTRICT
OFF-STREET PARKING
PROJECT NO. 60-8
RESOLVED, by the Council of the City of Palo Alto, Santa Cl ara
Co unty, Ca lifornia , that
WHEREAS, the City of Palo Alto, in the County of Santa Cla ra, State
of California, herein called "City", is a Charter City, d uly o rganized
and ex isting un der and pursu an t to the pro visio ns of the Co nstitutio n
of the State of Ca lifor nia;
WHEREAS, by the terms of said Charte r, the City is empo we red to
make and enforce all laws and regulations in respect to m unicipal af-
fairs, subject only to su ch restrictions and limitations as may be
pr ov ided in said Cha rter an d said Constitution, and to exercise any and
all rights, powers an d privileges her etofore or hereafte r established,
granted and prescribed by an y law of the State, said Ch arte r, or by any
other lawfu l au thority, which a mun icipal corporatio n might or could
ex ercise under said Constitution, in clu ding all powers not in conflict
with the pr ovisions of said Charter now or he reafter gra nted to general
law cities a nd wher ein it is pro vided tha t the enumerati on in said
Charter of an y particular power shall not be held to be exclusive of or
an y lim itation upon said general grant of po wers;
WHEREAS, the acquisition, con struction, ownership, ma nageme nt,
maintenance, o per ation, r epair , addition, ex tension, and improvement of
off-street mo tor vehicle parking lots is a municipa l affair ;
WHEREAS, Or din ance No. 1928, The Palo Alto Improvement Procedure
Code, adopted by this Council on Apr il 11, 1960, was adopted pur su ant
to the power and au thority ve sted ir. said Cou ncil by and u nder the terms
and provision s of said Charter, and there are no lim itations in r egar d
thereto expressly or otherw ise provided in said Charter or in the
Constitu tion of the State of Califor nia, other than Section 17 of
•Article XIII as to which full complian ce has been had by the Council
'in the pr ocee dings leadin g up to the adoption of this resolu tion ; and
WHEREAS, all acts, conditions and things require d by the Constitu -
tion an d laws of the State of Califor nia and the Charter of sa id City
and of said Palo Alto Impr ove men t Procedure Code to be don e, to ha ppen
and to be performed precedent to an d in the issua nce of said bonds,
hav e been done, have happened and have been performed in regular and
du e form , tim e a nd manner as required by la w, an d the Co uncil is n ow
a uthorized to issu e and sell said bonds a nd to levy special ad valor em
assessments upon the real property within the district determ ined to be
the district benefite d thereby, a ll as more particular ly finally pr o-
v ided ir. Resolution No. 3403, A Resolu tion Determining Convenien ce and
Necessity, Adopting En gineer's Report, and Orderin g Wor k and Acqu isi-
tions, as modified, ado pted by this Council on May 22, 1961, as subse-
quently mo dified, a fter du e notice and hearin g, by Re so lu tion No. 3468,
A Resolution Determinin g Conv enience and Necessity and Or dering Cha nge s
and Modifications, adopted Ja nu ary 22, 1962.
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NOW, THEREFORE, IT IS HEREBY DETERMINED and ORDERED, as f ollows:
1. Defi nitio ns. As used herein, the following terms have the
follow ing meaning:
a) Ann ual mea ns the fisc al year of the City, which is from
July 1 to June 30, both inclusive.
b) Assessment District or District means the district com-
prising the territory in the City of Palo Alto described in
the proceedings.
c) Bond Law means the Constit ution of the State of California,
the Charter of the City of P alo Alto, and Ordi nance No . 1928,
the Palo Alto Improvement Proced ure Code, adopted Ap ril 11,
1960, and par ticu larly Articles 1, 4 and 5 of Chapter 5 and
Ar ticle 6 of Chapter 6 the reof.
d) Bonds mean the bon ds herein authorized to be issued .
e) Bondholder means the holder of a bearer bond, or the
r egistered o wner of a r egistered bo nd.
f) Clerk or City Clerk means the City Clerk of the City
provided for in tie Charter.
g) Cou ncil means the legislativ e body of the City so created
and design ated in its Charter.
h) City means the City of Palo Alto.
i) Controller means the Con tro ller of the City provided for
in the Cha rter.
j) Mayor mean s the Mayor of the City.
k) Proceedin gs mean s all action of the Coun cil and o ther
City o fficer s heretofore or hereafter taken pursuant to
Resolution No. 3379, A Resolution of Preliminary Determina -
tion a nd of In tention adopte d Febru ary 27, 1961, pursuan t to
the Bond La w.
1) Project mean s the acquisitions and improvements described
in the pro ceedings as now or hereafter modified pur su an t to
the Bond Law .
m) San Fr an cisco Paying Age nt mean s the San Fr ancisco Ma in
Office of Bank of America Nationa l Tr ust and Savings
Association, San Fran cisco, Ca lifo rnia, a ppointed as provided
in Section 20 he reof, its succe ssors and a ssigns an d any
other corporation or association which may at a ny time be
su bstituted in its place as pro vided in Sec tion 28 hereof.
Payyin Agent mean s the San Fr ancisco Paying Agent and an y
other Paying Agent appointe d he reunder by the San Fran cisco
Paying Agen t or the City.
n) Treasurer mean s the Treasurer of the City provided for
in the Cha rter.
2. Bon d Law . The bonds herein provided to be issued shall be
issued pu rsuan t to the Bond Law.
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3. Public Int erest. The public interest, co nveni enc e and
ne cessity requi re a nd the public economy and general welf are will be
serv ed by the acquisition and co nstructio n of off-street motor vehicle
parking lots, all as more pa rticularly described in the p roceedings .
4. Bond Issue . The total amount of the bo nds of this issue
shall be Two Hundred Forty Thousa nd Dollars ($240,000), the principal
and interest of which are to be serviced by special annu al ad valorem
realty special assessment le vies on the real p roperty within the as3ess-
ment district, ex cepting publicly owned p roperty, which l evi es are
her eby determine d a nd decl ared to be unlimit ed either as to rate or
amount. Said bon ds shall be desig nated "Californi a Avenue Distri ct
Parking Bonds of 1962", shall be of th e denomi nation of O ne Thousand
Dollars ($1,000) each, shall be dated May 2, 1962, shall be two hund-
red forty (240) in num ber and numbered 1 to 240, i nclusive, and shall
mature seria lly, of the numbers and in the amounts, in the ord er of
ser ial number, on the 2nd day of July in each of the years, as follows:
Bon d Nu mbers Principal Year of
(Both Inclusive) Amount Maturity
1 - 5 $ 5,000 1963
6 - 10 5,000 1964
11 - 15 5,000 1965
16 - 20 5,000 1966
21 - 25 5,000 1967
26 - 30 5,000 1968
31 - 40 10,000 1969
41 - 50 10,000 1970
51 - 60 10,000 1971
61 - 70 10,,000 1972
71 - 80 10,000 1973
81 - 90 10, 000 1974
91 - 100 10,000 1975
101 - 110 10,000 1976
111 - 120 10,000 197
121 - 135 15,000 197
136 - 150 15,000 1979
151 - 165 15,000 1980
166 - 180 15,000 1981
181 - 195 15,000 1982
196 - 210 15,000 1983
211 - 225 15,000 1984
226 - 24o 15,000 1985
5. Pur chase of Bonds. The City may, from time to time, purchase
a ny or all of sa id outstanding bonds at prices offered. All bonds pur-
chased shall be can celled and shall not aga in be re issu ed.
6. Inte rest Coupon s. The bonds shall bear in ter est at the rate
of not to exce ed six per cent (6%) per an num from their date until pa id.
Said interest shall be pa yable semi-annua lly on the 2nd days of Janua ry
and Ju ly of each year , ex cept tha t the first coupon s shall be for in ter-
est from May 2, 1962 to January 2, 1963. Attached to each bond shall
be interest cou po ns paya ble at the time the respective pa ymen ts ther eon
beco me du e an d for the amount thereof, as determ ine d fro m the acce pte d
bid for the purchase of the bonds.
The o riginal purchaser may r equest a split interest rate
repre sen ted by two co upons in any year for an y bond, in which ev en t he
shall specify the period and the interest r ates there for.
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7. Interest After Maturity . If, upon prese ntation at mat urity,
pa yment of said bonds or of any interest coupo ns thereon is not m ade,
said bonds or coupons, or both, shall c onti nue to b ear int erest at the
same rate until th ey are resp ectively paid in full .
8. Where Bo nds Paable . Princip al and i nt erest a re p ayable in
la wful money of the n e o ates of Am erica at the San Francisco Main
Office of Bank of Ame rica Natio nal Trust and Savings Association, the
San Francisco Paying Ag ent, in Sa n Fra ncisco, Califor nia, or at the
principal office of the New York Payi ng Agent, in the City of New Yo rk,
State of New York, or at the principal office of the Chicago Payi ng
Agent, in the City of Chicago, State of Illinois. The Council m ay, by
Supplementa l Resolution, establish an additional office or agency in
an y other city or cities for the payment of the pri ncip al of or i nte rest
on the bonds, an d if any such paying age ncy shall be established, th e
City shall maintain the same so long as any bonds sh all remain outstand-
ing, a nd in such even t both the pri ncipal of and interest on the bonds
sha ll also be pa yable at the option of th e holders of the respectiv e
bon ds and the coupons apper taining thereto or of the registered owne rs
of registered bonds without coupons, at such other paying age ncy so
established.
9. Ne gotiable Instrumen ts. The bonds of this issue are nego-
tiable instruments and title ther eto, u nless registe red, sh all p ass by
physical delive ry ther eof. The holders of unregist ered bonds shall have
all of the rights possessed by holders of ne gotiable instruments pay-
able to bearer.
10. Execution of Bon ds. When the bon ds of this issue ha ve been
prepared in accorda nce with this resolutio n, they shall be executed on
behalf of the City and under its seal by the signatures of the Mayor
and Cler k, by their printed, engraved or litho graphed signatures, and
m anually cou ntersign ed by the Treasurer, and the interest coupons shall
be ex ecuted a nd a uthen ticated by the printed, en gra ved or lithographed
facsimile signature of the Treasurer , who by such signatures shall
ratify the execu tion of the sa me. The seal of the City may be affi)ced
to the bonds by prin ted, lithographed or other reprodu ction thereof.
In case of an y such officer s who se signature s or counter-
signatu res a ppea r on the bon ds or cou pons shall cease to be such officer
be fore the bonds an d coupons so signed shall have been actually deliv -
ered, such signatures or countersignatur es shall n ev er theless be valid
and of the sam e for ce and effect as if such officers had rema ine d in
office until the delivery of the bonds and coupons, a nd su ch bon ds a nd
coupon s shall be issued and outstan ding hereu nder and shall be as bind-
ing upon the City as though the persons who signed su ch bonds or coupons
had been such officers or. the date born e by the bonds or coupons and on
the date of delivery; and also any such bond may be signed an d sea led
or any su ch coupon may be signed on behalf of the City by suc h per son
or persons as at the actual da te of the execution of such bond or coupo n
shall be the proper office r or officer s of the City a lthough on suc h da te
as may be borne by su ch bon d or cou pon an y su ch person shall n ot have
been su ch officer.
Before an y bon d is e xecuted or deliver ed, all cou pons there-
on then matured shall be cut off and can celled.
11. Bond Record. The San Francisco Payin g Agent shall keep a
record of ' the names of the pu rchasers of the bonds an d of all successive
holders of bear er bon ds issued hereunder so fa r as such in formation is
fur nished to it.
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12. Registration of Bonds . Any bo nd is subject to regist ration
either as to principal and i nterest or as to pri ncipal only upon
written request of the bondholde r a nd presentatio n of the bond to the
Sa n Francisco Paying Agent for regist ration.
a) Principal and I nterest . Upon such presentation and
request for registration as to p ri ncipal a nd inte rest, the San
Francisco Paying Age nt shall cut off the coup ons and p reserve them
in its office, o r, at its option, detach and cancel said co upons .
Sa id Paying Agent shall m aint ain a book in which shall be ente red
the nu mbe rs of all register ed bonds and the names and addresses of
the ow ners of registered bonds. Until such regist ration is ca n-
celled as herein provided, the i nte rest a nd p ri ncipal thereof
shall be payable only to the registered owner. There shall be
pr ovided on the ba ck of each bo nd a suitable blank showi ng the
name and address of the registered o wner, the d ate of registrati on
or transfer, the type of registratio n and the sign ature of the
San Francisco Paying Agent.
b) Principal Only. Upon such presentation and request fo r
registration as to principa l o nly, a n otation shall be made to
that effect in the registration book and on the bond. The coupo ns
shall not be detached a nd the interest on s uch bonds shall be paid
upo n presentation of su ch coupons in the same manner as unr egis-
tered bon ds, Principal, however, sha ll be paid only to the regis-
tered ow ner upon presen ta tion of su ch bond.
c) De -re istration. The registration of any unmatured b ond
may be can celled u pon w ritten request of the registered owner.
Upon receipt of su ch request, the San Fran cisco Paying Age nt shall
can cel the registr ation in the bond r egister and on the back of
the bon d, re -attach all unmatured coupons to the bond, and deliver
the bond and attached cou pons to the ow ner . In the event th at the
coupons or igin ally atta ched have been cancelled under subdi visio n
a) of this Sectio n, the bond submitted for de -registration shall
be can celled, and the owner thereof shall be entitled, upon pay-
ment of a ll costs and expen ses as herein provide d, to receive in
exchange therefor an equal prin cipal amou nt of coupon bon ds of the
same matu rity, and the City will exe cu te an d deliver at the office
of the San Fran cisco Payin g Agent the coupon bonds necessar y to
make such exchange; provided, that the Sa n Fran cisco Paying Agen t
may r equ ire of the bondholder makin g such exchange such cash
adju stment as ma y be necessary with respect to the first coupon
n ext to mature on ea ch su ch coupon bond so that no gain or loss
of interest shall result fr om such e xchan ge. As a condition of
an y such ex chan ge, the City, at its option , may re quire the paym ent
of such charge therefor as it ma y deem pro per, not exceeding $3.00
for each new bond issu ed upon such exchange. All bonds executed
and delivered in exchange for bonds so su rrendered shall be v alid
obliga tions of the City, eviden cing the sa me debt as the bonds
surre nder ed and sha ll be entitled to all the be nefits an d protec-
tion of this Resolution to the same exten t as the bonds in exc han ge
for which they w ere execu ted an d delivered. Until such bond is
re -registe red, the principa l thereof shall be payable to beare r,
and the inter est shall again be paid upon surr ender of pr ope r
coupons.
d) Re -r egistration. De -registered bon ds are su bject to
re -registratio n in the same man ner as prev iou sly un registered
bon ds.
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13. Defa ult, Order of Pay ment. In the e ve nt that the amou nt in
the California A ven ue Dist rict, P arking Bonds of 1962 Interest and
Re de mption Fund shall be i nsufficie nt at any time to pay the p rincipal
of and interest on all bonds of thi s issue then due, said amount shall
first be used to p ay inte rest the n d ue on all bonds and the balance
shall be applied in payment of mat uring p ri ncipal in the order of serial
num bers. In the event there sh all be i ns ufficient funds to pay the
prin cipa l of any bond when due, the City may, with the consent of the
holder ther eof, refund s uch bond by the issuance of a new bond maturi ng
after the matur ity of the last bo nd issu ed hereunder but otherwise on a
parity as to pa yment of principal a nd interest with the bonds issued
her eunder an d exchan ge such bond for s uch matured bond a nd in s uch
e ve nt such actio n shall not be deemed a defa ult hereunde r.
14. Amen dment. All of the provisio ns of this resolution shall
constitu te a contract between said City and th e h older or holders of
the bonds hereby au thor ized, and from a nd after the sale and deli very
of any of the bonds, no amendment, alte ration or modific atio n of the
bonds or of the co upons appertaining thereto or of this resolution
shall be made which shall in any manner impair, impede or lessen the
rights of the holde rs of the bon ds or the coupons appertaining theret o,
then outstanding, without the prior written conse nt of the holders of at
lea st sev enty-fiv e per cen t (75%) of the aggregat e p rincip al amou nt of
bonds then outstanding. An y such amendment, alteratio n or modification
which shall hav e r eceived the wr itten conse nt of the holde rs of said
percentage of said outstanding bonds as provided in this section shall
be binding upon the holders of all of the un matured bonds and coupons
a ppertainin g thereto, either attached to or detached f rom said bonds.
Fr om and after the sa le and deliv ery of the bon ds by the City the b onds
and coupons appertain ing thereto shall be incon testable by the City .
15. Bon ds Not a General Obligation. The bonds a nd the interest
ther eon a ree n t a gene ra l o bligation of the City, but rather are p ay able
solely fr om the inter est and redemption fun d herein provided as to
which ther e is a mandatory du ty on the par t of the Cou ncil to levy a
spec ial assessmen t on all rea l property (land and improvemen ts) within
the assessment district, ex ceptin g publicly ow ned property, in an amount
which shall be clear ly sufficient to pay the principal and inter est on
said bonds as it shall accrue prior to the time that the pr oceeds of
another such levy shall be a va ilable therefor, which obligation is with-
out limitation as to rate or amou nt.
16. Contributions. The Cou ncil ma y make annu al or other per iodic
contribu tions, payments or transfers of funds to the Interest and
Re demption Fu nd of this issue, from the gen er al fun d, many other funds
available therefor, or fro m the pro ceeds of an y genera l obligatio n
bonds, specia l assessments a nd assessment bonds or other legal char ges
imposed, levied or issued therefor.
17. Redemption Fund. The Con troller shall cr eate and shall here-
after maintain in the office of the San Fra ncisco Pa ying Agen t a
California Avenue District, Par king Bonds of 1962 Interest and Re demp-
tion. Fund, fr om w hich the principal of and interest on said bonds shall
be paid.
Annua lly, at the time of preparing the City budget, the
Co ntroller shall cer tify to the Coun cil the total amoun t requir ed to
pay the principa l of and in ter est on said bon ds before the procee ds of
a tax other than the one for the forthco ming year shall be available
ther efor, and the a mount eecessar y to be raised by assessment for said
forthcoming yea r after having credited any moneys that shall remain in
sa id Fun d and be av aila ble therefor , and after hav ing ma de adequate
allowance for estimated delin quencies.
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18 . Ad V alorem Tax. The Council of said City shall a nnually,
until all of the bonds and inte rest thereo n have been paid, levy an ad
valorem assess ment upon all real prop erty (land and i mp rovements) within
said district excepting p ublicly owned prop erty , which le vy shall be in
an am ou nt olea rly sufficient, together with any moneys which are or may
be in the redemption fund and after making adequate all owance fo r esti-
mated delinquencies, to pay all of the pri ncipal of and interest on s aid
bonds w hich shall beco me payable b efore the proceeds of anothe r s uch
levy shall be available the refor .
19. Method of Collection. Said special assessment levy shall be
levied and co 1ected upon the last equalized secured and utility tax
rolls upon which general City taxes ar e collect ed. It shall be in ad-
dition to all other taxes levied for general City p urposes, a nd shall
be lev ied, co mputed, entered, collected and e nforced in the same manner
and by the same persons as are othe r ta xes fo r City purposes, a nd all
law s applicable to the levy, collectio n and enforcement of t axes fo r
City purposes ar e hereby made applicable to s aid sp ecial assessme nt
lev y. The a mou nts so levied shall, when collected, be p romptly trans-
mitted to the San Fr ancisco Payin g Agent for deposit in the said I nt er-
est and Rede mption Fund, and applie d to the payment of said bonds and
interest ther eo n.
20. Pa ying Age nts. The City hereby appoi nts the San Fra ncisco
Main Office of tank of Americ a National Trust and Savings Association,
San Fra ncisco, California, as the Sa n Fran cisco P aying Agent. The San
Fran cisco Pa yin g Agent sha ll designate co -paying agents for the bonds
in the City of New York, State of New York, a nd in the City of Chicago,
State of Illinois.
The City ma y appoint any bank or tru st com pany in any city in
which the bo nds of any series may be made payable as its Paying Agent
in such city. Each Paying Agen t shall signify its a cceptance of the
duties a nd obligations imposed upon it by this Resolution by exec uting
and de livering to the City and to the Pa ying Agen t a written acceptance
thereof. The City may appoint as m an y Paying Agents in diffe rent cities
as the City deems desirable.
The San Francisco Paying Agent an d an y other Payin g Agent or
co -payin g agent hereunder are hereby author ized an d directed to receive
the mon eys and make the payments on acco unt of the principa l of and
interest on the bends presen ted for payment at matu rity or on redemption
prior to matu rity, as provided herein, and to cancel all bo nds and cou -
pon s upon paymen t ther eof an d to return them so cancelled to the Con-
troller.
21. Id. - Lia bility of Agents. The r ecitals of fact a nd a ll
promises, covenan a an d agreements herein a nd in the bonds con tained
shall be taken as statemen ts, pr om ises, coven an ts and agreements of the
City, and no Paying Agent a ssu mes an y re spo nsibility for the cor rectne ss
of the same, or makes any representations as to the v alidity or su ffi-
cien cy of this Resolution or of the bonds or coupon s, or shall in cur
any responsibility in r espect thereof, other than in conn ection with the
du ties or obligations he rein or in the bon ds assigned to or im posed upon
it. No Paying Agent shall be under any responsibility or duty with
respect to the issuance of the bonds for value.
22. Id. - Secur ity for Deposits. All funds held by any Paying
Agent may Ee`deposited by it in its ba nking department an d shall be se-
cured at all times by such obligation s, and to the fullest exten t, as
shall be required by law covering the deposit of pu blic funds of the
City in banks in this State. All obligation s com prising such security
shall be depo sited with and held by the Tr easurer, or by a ny agent of
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the Treasu rer who may now or hereafter be autho rized by law to receive
and held s uch security, as security fo r such respecti ve deposits, but
such Paying Agent shall at all times have full power of s ubstit ution
therefor of other such obligations . No s uch s ec urity sh all be r e-
qu ired for any deposits made with any Paying Agent h ereunder u nles s at
the time such security is required by the laws of the State of C alifornia .
Each Payi ng Age nt shall at all times mai nt ai n appropriate
accounts which will indicate from d ay to day the amounts and ch ar acter
of all deposits with it.
Each Paying Agent shall allow and c redit int erest on any
mon eys held by it hereunde r at s uch rate as it customarily allows upon
similar funds of similar size under similar conditions.
23. Id. - Notice to Agents. Any Paying Agent sh all be p rotected
in a cting upon any notice, resoluti on, request, consent, orde r, cer-
tifica te, report, bond or other paper or document believed by it to be
genuine and to have been sign ed or prese nted by the proper pa rty or
parties. Any Paying Agent may consult with counsel, who may or may not
be of cou nsel to the City, with regard to legal questions and the
opinion of such cou nse l shall be full and c omplete autho rization and
protection in r espect of any action taken or s uffered by it hereunder
in good faith an d in accordance therew ith.
Nc Payin g Agen t shall be bound to recog nize any pers on as the
holder of a bond unless and u ntil such bon d is submitted for insp ection,
if requ ired, and his title thereto satisfactorily established, if
disputed.
Whenever an y Paying Agen t shall de em it necessary or d esirable
that a matter be proved or established prior to takin g or s uff ering any
action hereunder, su ch m atter (unless other ev idence in respect thereof
be herein specifically pre scribed) may be dee med to be conclusively
pr ov ed and established by a written statement signed by the Mayor and
such state ment shall be fu ll wa rrant for an y action take n or suffered
un der the provisions of this Reso lution or a ny Su pple menta l Resolution;
bu t in its discretion any Paying Agen t may, in lieu thereof, accept
other ev ide nce of such fact or matter or may require su ch further or
a dditional evidence as to it may seem reasonable.
Any Paying Agent, acting in good faith, may conclusively r ely
as to the tru th of the statem ent a nd correctness of the opinions ex-
pressed there in , and shall be fully protected in taking an y action which,
under the provisions of this Reso lution , is to be taken by it upo n
written request of the City or other s.
24. Id. - Arra ngements Between Payin g Agents. The San Francisco
Paying Agent shall enter in to such arrangements w rth any other Paying
Agent appointed by it or by the City as shall seem necessary and desir-
able in order to enable such othe r Payin g Agent to carry out the dutie s
of such office.
25. 21. - Com pensation. Any Paying Agen t appointed by the City
hereunder sha ll be entitled to reasonable compensation (on a basis to
be agreed u pon with the City) for all eervicee render ed hereun der and
also all re asonable expe nses, cha rges, counsel fees and other disbur se-
men ts and thoee of its atto rne ys, agen ts an d employee s incu rre d in a nd
about the performance of its powe rs and duties hereunder.
26. Id. - Ownership of Bo nds. Any Paying Ag ent may becom e the
o wner of bonds and coupons wiIh th e same rights it would have if it
were not such Paying Agent, and may act as dep osit ary f or and p ermit
an y of its officers or directors to act as a member of, or in any other
capacity with respect to, any committee f ormed in the inte rest of bond-
holders, whether or not such committee shall represe nt the holde rs of
a majo rity in principal amount of the bonds outstanding hereunder .
27. Id. - Merge r and Co ns olidation. Any comp any in which any
Paying Agent may be merg ed or with which it may be consolid ated, or any
company resulting from any merger or consolidation to which it shall he
a par ty, shall be the successor Paying Agenc witho ut the exec ution or
filing of any paper or the perfo rmance of any further act.
28. Id. - Resignation and Dis charge. Any Payi ng Agent appoi nted
hereunder , or any successor here af'Eer appointed, may at any time resign
and be discha rge d fr om the duties and obligations h er eby c reat ed by
giv ing at least sixty (60) da ys' written notice to the City. Such Pay-
ing Agent or any successor here after appointed may be r emo ved at a ny
time by an instru ment filed w ith such Paying Age nt and signed by th e
City. Any successor to an y Pa ying Agent shall be appointed by the City.
If for any reason there sha ll not at any time be a s uccessor to any
Payin g Agent resigned or discharged, all of the duties of such succes-
sor Paying Agent shall be perform ed by the Treas urer . In the event of
the r esignatio n or re mova l of a ny Pa ying Agent, such Paying Agent sh all
pay over, assign and deliv er to the su ccessor Paying Agent (incl udi ng
the Tr ea surer then acting for or on behalf of such successo r Paying
Agen t) any moneys held by it as Paying Agent.
29. Id. - Ex ecution of Docu ments by City. Except as otherwise
prov ided herein, an y request, order, n otice or direction, requi red or
per mitted to be furn ished pursuan t to a ny provisio n hereof, by the City
to a ny Paying Agent appoin ted hereun der, shall be su fficiently e xecuted
in the name of the City by the Mayor or City Manager of the City and
also by the Cler k or any Deputy Cler k of the City, with the seal of the
City affixed.
30. Resolu tion is Co ven ant. Ea ch and all of the terms of this
resolution shall be an d constitu te a co ven ant on the pa rt of the City
to and w ith each and ev ery bo ndholder from the time the bo nds are is-
sued hereunder.
31. Transcr ipt. The Clerk a nd Treasur er are here by author ized
•and directed to prepare an d furn ish to the purchasers of the bonds
issu ed her eunder certified copies of all ordina nces an d reso lutions of
the Council rela ting to the Project an d to the issuance of bonds and
a'11 othe r pr oce edings and records of the City sho wing the right, power
and au thority to issue said bonds and to pr ovide the secur ity therefor
and such certified copies an d certificates sha ll be deemed re presenta-
tions of the City as to all fa cts stated therein .
32. Delivery of Bonds. The bonds to be issu ed here un der , or the
amount thereof necessary to complete the Project shall be sold and
deliver ed as the Cou ncil shall determin e. The Treasur er shall deliver
said bon ds u pon rece ipt of the purchase price and shall credit the pro-
ceeds to the specia l fu nd and account for payment of the co st of acqui-
sition an d constru ction of the Proje ct but the purchaser s shall not be
required to see to the proper application thereof.
33. Sale of Bo nds. Sa id bonds sha ll be sold in such manne r as
the Councilshall determ ine.
34. Bo nd Form. Said bo nds shall be, substantially, in the fo l-
lowin g for m:
9
u'y�!IkS .nd'1eR;`RiS.7l'::TM1/�WN.Yn •Y11M.'�4
• i
$
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF SANTA CLARA
CITY OF PALO ALTO
CALIFORNIA AVENUE DISTRICT
PARKING BOND OF 1962
Bond No.
KNOW ALL MEN BY THESE PRESENTS that under and by virtue of Bond
Plan E, Article 6 of Chapter 6 of the Palo Alto Impro veme nt Procedure
Code of the City of Palo Alto, the City of P alo Alto (a municipal cor-
poration operatin g un der a Freeholde re' Ch arter), State of C alifor nia,
for value receiv ed, has obligat ed itself to pay to be arer ( or if this
bond is register ed, to the registe red owner hereof), on the 2nd day of
July, 19 , the sum of ONE THOUSAND DOLLARS ($1,000), with interest
the reon from date at the rate of per cent ( %) per an num,
as e viden ced by inter est coupons attached he reto at the time of issu-
an ce, said intere st payable Ja nu ary 2, 1963 and semi-ann ually thereafter
on the 2nd da y of Janu ary and the 2nd day of July in each y ear, all as
more par ticu larly set for th in the resolution providi ng for the issuance
of this bond. Both prin cipal and interest are pay abl e in lawful m oney
of the United States of America at the San Francisco M ain Offic e of
Ban k of America National Tr ust and Savings Associatio n (herein called
the "San Francisco Paying Agent"), in San Francisco, C alifo rnia, or at
the pr incipa l office of the New York Payin g Agent in th e City of New
Yor k, State of New York, or at the prin cipal office of the Chic ago Pay-
ing Agen t in the City of Chicago, State of Illinois.
The City may fr om time to time pu rchase any or all outstanding
bon ds at pr ice s offered. All bonds pur chased shall be cancelled and
sha ll not aga in be reissued.
If, upon presentation at maturity, paymen t of this bond or any
interest coupon thereon, or both, is not ma de in full accordance with
the terms of the reso lutio n providin g for the issuance hereof, said
bond or cou pon, or both, shall continu e to bear interest at the rate
stated herein until paid in full.
This bo nd is one of a duly au thorized issuecf bon ds of said City
aggregating $240,000 in principal a moun t, all of like tenor except as
to date of ma tur ity (an d inter est rate),, issu ed by the City for the
purpose of providing mone y to finance a Pr oject consisting of acquiring
and con stru ctin g parking lots w ithin an assessment district, all as
m ore par ticu larly set forth an d described in proceedings conducted pu r-
suant to Resolu tion No. 3362, A Resolution of Prelim ina ry Determina tion
and of Inten tion to Acqu ire a nd Constru ct Impr ov ements, a dopted Fe bruary
27, 1961, by the Council of the City of Palo Alto, to which refer ence
is hereby made for the obligations, du ties, rights a nd privileges her e-
by created, and as authorized by and in strict accordan ce with the
Freeho lders' Char ter of sa id City an d said Im prov ement Procedure Code ,
a nd in a ccor da nce with Reso lution No. 3403, A Resolution De termining
Con venience an d Necessity, Adoptin g Engineer's Report, and Or der in g
Work an d Acqu isitions, as modified, adopted by the Council of said City
on May 22, 1961, as subsequently m odified, and Resolution No.
A Resolution Prov iding fo r Issuan ce of Bonds and Direc ting Levy of Ad
Valorem Assessments to Pay the Principal and Interest Thereof, adopted
February 26, 1962, by the Coun cil of sa id City.
The holder of this bond has all the rights of a holder of a nego-
tiable instrument payable to bearer. Both principal and in ter est are
payable sole ly from the Interest an d Redemption Fu nd here in refe rr ed to
and the City is not obligated to pay the principal hereof or interest
hereon ex cept fr om said Fu nd.
10
•
This bond is payable out of "California Ave nue District, Parking
Bonds of 1962, I nterest and R edemption Fund" exclusively, as s aid fund
appears upon the books of the C ontroller of said City and is maint ained
in the offict, of the San Francisco Payi ng Agent; but in accordance with
the provisions of s aid Code, a special assessment t ax will be levied
and collected upon all the la nd and imp rovements withi n the assessment
district created in said proceedings th erefor, e xcepting the refrom all
publicly o wned property, in an amount cle arly sufficient to pay the
principal an d interest of said bonds as the same shall become payable,
until a ll said bonds and the i nterest thereon are p aid in f ull .
The Council has reserved the right to make a nnual or other pe riodic
contributions, payments or t ra nsfers of funds to the Inte rest and
Redemption Fund of this issue, from the gen eral fund, or any other fu nds
av ailable therefor, or from the proceeds of any ge ne ral obligatio n
bonds, special assessments and assessment bonds or othe r legal cha rges
imposed, levied or issu ed therefor.
This bond shall be subje ct to registrati on as to pri ncipal and
interest u pon written request of the owne r and presentation of the bond
to the San Francisco Payin g Agent for registration. Thereafter, the
pr in cipal hereof and interest he re on shall be payable only to such
r egister ed o wn er. Bonds may also be registered as to p rincipal o nly,
in which ev ent the coupon s shall n ot be removed. Registered bo nds may
be de -registered and again become payable to bearer, or at the optio n
of the San Fran cisco Paying Agent, exchanged for co upo n bonds in th e
sa me a ggre gate pr in cipal amount, upon paymen t of the fe es p rovided in
said Resolu tion No .
IT IS HEREBY CERTIFIED AND RECITED tha t all a cts, conditio ns a nd
thin gs required by the Constitution and laws of the State of C alif ornia
and the Charter an d ordinan ces of said City, to ha ppen and to be per-
for med precedent to and in the issua nce of this bond, have bee n d one,
have happened and ha ve bee n performed in regular and due form, time and
manner as required by law, and this bond is made conclu siv e evidence
thereof,
IN WITNESS WHEREOF, the City of Palo Alto, by its Council, has
caused this bon d to be exe cuted in its behalf u nder its official seal
by the Mayor and City Clerk of said City, by their printe d, litho gr aphed
or engrav ed signatures hereon, and c ounter signed by the manu al signa -
ture of the City Tr easurer, and has ca used the interest co upon s to be
exec uted and authe nticated by the fa csimile signa ture of the City
Tr easurer , all as of May 2, 1962.
Mayor
COUNTERSIGNED: City Clerk
City Treasur er
35. Interest Coupon For m. The intere st coupons attached to
e ach of said bonds and e viden cin g the in te re st to accru e thereon , shall
be n umber ed consecutively and be substantia lly in the following fo rm:
11
•
City of P al o Alto, California $
Parking B ond of 1962 co upon No.
Dated M ay 2, 1962 Bond No.
Due , 19_
is payable to bearer ( unless the bond is registered) in lawful
money as interest at the San Fra ncisco Mai n Office of Bank of
America National Tr ust and Sa vi ngs Associati on, the S an F rancisco
Payin g Agent, in San F rancisco, C alifornia, on su rrender he reof,
or as otherwise provided in the bond.
T reas urer
36. Addition al Coupon. In addition to the foregoing form of
coupon which shall be attached to the bo nds, the re will be additi onal
ccu pon s attached to the bon ds at the time of issu ance, if request ed in
the bid upon which the bonds are sold, which sh all pro vid e for the pay-
me nt of interest. The form of each such coupo n sh all be s ubstantially
the same as a bove and shall be designated Coup on No . A-
37. Reg istra tion Form. The form of the endo rseme nt on said
bon ds for registration sha ll be as follows:
This bond is registered in the name of the registe red owner
whose n ame and address appear last in the space below a nd
both the pr in cipal of an d interest on this bond are payable
to su ch registered ow ner .
Note: There mu st be no wr iting in the spa ce below except
by the Sa n Fr ancisco Paying Agen t.
15. E5117 -f -117 -06 -Fir Tame of Address ofgnature of
Registry Registration* Registered Owner Registered Own er San Francisc o
Paying Age nt
Principal On ly
and In terest
Principal Only
and Interest
Principal Only
an d Interest
* In the ev ent registration is as to principal only, strike the
words " an d intere st" ; if as to prin cipal and interest, s trike
the wo rd "on ly".
38. Constru ctio n. This resolutio n shall be liberally constr ued
to the end that its pur pose may be effected. No error, irregu lar ity,
inform ality, and no neglect or omission her ein or in an y proceeding
had pur sua nt hereto which does not directly affect the jurisdiction of
the Council shall a void or inv alidate th's resolu tion or such proceed-
ing or any part thereo f or any act or determination made pursuant thereto.
39. Legality. If a ny sectio n, sub -section, sentence, cla use or
phr ase of this resolu tion be for any reason held to be un constitution al,
such decision shall not affect the v alidity of the remaining portions
of this resolu tion. The Coun cil hereby dec lar es tha t it wou ld hav e
pa ssed this r esolution and each section , su b -section, sentence, clause
or phr ase thereo f ir respective of the fact that any one or more sections
sub -sections, sen tences, clauses or phr ases be declared to be unco nsti-
tu tion al.
12
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I he reby certify that the fo regoing is a full, true a nd cor rect
copy of a resoluti on duly passed and adopted by the City Cou ncil of
the City of Palo Alto, Califor nia, at a meeting thereof held on the
26th day of
Februa ry
the members thereof:
, 1962, by th e following vote of
AYES, an d in favor there of, C ouncilmen:
Arn old, Bishop, Byxbee, Cresap, Dabs, Di as, Marsh all, Po rter,
Rodger e, Ro hr 6, R ue, Stephe ns, Wo odwa rd, Zweng .
NOES, Councilmen: None.
ABSENT, Councilmen: Haight.
APPROVED:
W•
City t e City oPalo Alto
Vice Mayor
•