HomeMy WebLinkAboutRESO 4326ORIGINAL
RESOLUTION NO.
4326
SELLING $3,500,000 CITY OF PALO ALTO 1970 SEWER
UTILITY BONDS, AND FIXING THE DEFINITIVE RATES
OF INTEREST THEREON
WHEREAS, the Council of the City of Palo Alto
heretofore by resolution duly authorized the issuance
of $3,500,000 principal amount of City of Palo Alto 1970
Sewer Utility Bonds, all dated January 1, 1970; and fur-
ther duly authorized the sale of said bonds at public
sale to the highest bidder therefor; and
WHEREAS, notice of the sale of said bonds has
been duly given in the manner prescribed by said resolu-
tion and the following bids for said bonds were and are
the only bids received by the Council of the City, to wit:
Name of Bidder Net Interest Cost NetInterestrat
1. John Nuveen & Co.
2. United California Bank and
Phelps, Fenn & Co. , et al.
3. Crocker Citizens National Bank for
First National City Bank
4. Weeden & Co.
5. Bank of America and Assoc.
6. Wells Fargo Bank, N. A. , et al.
7. Security Pacific National Bank and
Blythe & Co.
8. The Bank of California, N. A. and
Kidder, Peabody Inc. and Assoc.
9. First National Bank of San Jose for
Morgan Guaranty Trust Co. of N.Y.
$ 1, 539, 590. 00 5. 7879%
1, 547, 162. 50 5. 8149
1, 554, 218. 50
1, 558, 606.25
1, 560, 566.25
1, 560, 986. 10
1, 562, 262. 50
1, 564, 931.25
1, 573, 845. 50
5. 8429
5. 8594
5.8667
5. 8684
5. 8732
5. 8832
5. 9167
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3) !� :. i /' •, a �c •
//// (3 ..x4...$44:441)
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and
WHEREAS, the said bid of
John Nuveen & Co. -
is the highest bid for saki bonds, considering the interest
rate(s) specified and the premium offered (if any);
NOW, THEREFORE, BE IT RESOLVED by the Council of
the City of Palo Alto, as follows:
1. Said bid of John Nuveen & Co.
for the bonds is hereby accepted, and the Treasurer of the
City is hereby authorized and directed to deliver the bonds
to said purchaser thereof upon payment to the Treasurer of
the purchase price, to wit: The par value thereof together
with a premium of $ 1,260.00 , and accrued interest at the
following rate(s):
Maturity Years
(July 1)
(inclusive)
Interest Rate
1971 to 75 6.00 %
1976 to 77 5.60
1978 to 80 5.75
1981 to 5.80
1982 to 5.85
to
The bonds shall bear interest at the said rate(s) herein -
above set forth, payable semiannually on January 1 and
July 1 (except the first year which is payable annually
on January 1, 1971).
2
2. That all bids except the bid of
John Nuveen & Co.
are hereby rejected, and the City Clerk is hereby ordered
and directed to return to the unsuccessful bidders their
several checks accompanying their respective bids.
3. The City Clerk is directed to cause to be
lithographed; printed or engraved a sufficient number of
blank bonds and coupons of suitable quality, said bonds
and coupons to show on their face that the same bear in-
terest at the rate(s) aforesaid.
4. This resolution shall take effect from and
after its passage and approval.
/at 7:34 p. m. /
PASSED AND ADOPTED/on January 27, 1970, by the
following vote:
AYES: Councilmen Arnold, Beahrs, Berwald, Clark, Comstock,
Dias, Gallagher, Norton, Pearson, Spaeth, Wheatley
NOES:
ABSENT:
(SEAL]
None
None
ayor oche City of Palo Alto,
California
CITY CLERK'S CERTIFICATE
I, JACQUELINE C. KLAMM, City Clerk of the City
of Palo Alto, California, do hereby certify as follows:
The foregoing is a full, true and correct copy of
a resolution duly adopted by the Council of said City, at
a regular meeting of said Council duly and regularly and
legally held at the regular meeting place thereof on
January 27, 1970, of which meeting all of the members of
said Council had due notice and at which a majority
thereof was present.
At said meeting said resolution was introduced
by Councilman Spaeth
upon motion of Councilman
, and was thereupon,
Spaeth , seconded
by Councilman Comstock , adopted by the
following vote:
AYES: Councilmen Arnold, Beahrs, Berwald, Clark, Comstock,
Dias, Gallagher, Norton, Pearson, Spaeth, Wheatley
NOES: None
ABSENT: None
I have carefully compared the same with the original
minutes of said meeting on file and of record in my office and
the foregoing is a full, true and correct copy of the original
resolution adopted at said meeting and entered in said minutes.
The original resolution has not been amended, modified
or rescinded since the date of its adoption and the same is now
in full force and effect.
Dated: January, 197
[SEAL]
j.. , •
,r
Cit `t, r; of the City Palo Alto,
California