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ORIGINAL
RESOLUTION NO. 4397
A RESOLUTION AMENDING RESOLUTION NO. 4386, ENTITLED
"A RESOLUTION OF PRELIMINARY ;ETERMINATION AND OF
INTENTION TO ACQUIRE AND CONS1'NUCT IMPROVEMENTS
AND TO FORM THE UNIVERSITY AVENUE DISTRICT BEAUTI-
FICATION MAINTENANCE DISTRICT"
UNIVERSITY AVENUE DISTRICT
BEAUTIFICATION PROJECT NO. 70-95
ASSESSMENT DISTRICT
RESOLVED, by the Council of the City of Palo Alto, Caiifcrnia,
that the project number set forth in the caption of the resolution
cited in the title adopted by this Council on October 19, 1970, is
amended to read: "Beautification Project No. 70-95".
BE IT FURTHER RESOLVED that Section 9 of said resolution is
amended to read, as follows:
"9. The City will contribute towards the costs and
expenses of the improvements the amount of $5311650,
representing the available proceeds of sale of City lands
sold under the proposed 'Agreement for Accomplishment of
the Bryant Street Project.' Said contributicn-shall be
made solely from the proceeds of sale of said lands pur-
suant to said Agreement. The balance of the costs and
expenses of said contemplated acquisitions and improvements
being, in the opinion of this Council, of more than local
or ordinary public benefit are hereby made chargeable upon
an assessment district, which district said Council declares
to be the district benefited by said acquisitions and
improvements, and the exterior boundaries of which are
described and shown on tYe map identified as 'Proposed
Boundaries of University Avenue District, Beautification
Project Assessment District, P*o pct ro. 70-95,' on file in
the office of the City Clerk, which indicates by a boundary
line the extent of the te;' Ltory included_ within the assess-
ment district and which shall govern for all details as to
the extent of said proposed district."
• •
BE IT FURTHER RESOLVED that Section 11 of said resolution is
amended to read, as follows:
"11. Notice is hereby given that serial bonds to
represent the total cost of the project to be financed by
the assessment district, to bear interest at the rate of
not to exceed seven percent (7%) per annum, shall be issued
pursuant to Bond Plan D, Section 13.16.130 of said Code,
the last installment of which bonds shall mature not to
exceed twenty-four (24) years from the 2nd day of July
next succeeding ten months from their date."
BE IT FURTHER RESOLVED that Section 16 of said resolution is
amended to read, as follows:
"16. If any surplus shall be realized from the proceeds
of sale of the bonds to be issued under Bond Plan D, it
shall be deposited in the bond interest and redemption
fund for said bonds."
I hereby certify that the foregoing is a full, true and correct
copy of a resolution duly passed and adoptec-by the Council of the
City of Palo Alto, California, at a meeting thereof held on the 1601
day of November , 1970, by the following vote of the members
thereof:
AYES, and in favor thereof, Councilmen: Arnold, Clark, Dias,
Gallagher, Norton, Wheatley
NOES, Councilmen: Comstock, Pearson
ABSENT,. Councilmen:
APPR. r1 D:
ayor
APPRO
-Bond Counsel
Beahrs, Berwali, Spaeth
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