HomeMy WebLinkAboutRESO 2810RESOLUTION NO. 2810
R prrnIoN:. fl OVIDiNG FOR Ti SALT OF
C ZTY OF PALO TO : MUNICTPAL IMPROVE/42NT BONDS OF 1956,
Una "B"
WHEREAS, the Council of the City of Palo Alto, California,
pursuant to call therefor, has received bids for the sale of City
of ?alo Alto Municipal Improvement Bonds of 1956, Series "B",
which bonde are to be dated March 1, 1957, and shall consist of
five hundred (500) bondr of the denomination of One Thousand Dol-
1are 4$1,{X)0) each; Twenty -Five Thousand Dollars ($25,000) princi-
pa.1 amount of said bonds shall be payable on the first day of March
of each of the years 1958 to 1961, both inclusive, and Twenty Thou-
sand Dollars ($20,000) principal amount of said bonds shall be pay-
able on the first day of March of each of the. years 1962 to 1981,
both inclusive, bearing interest at the rate of 2-3/4 per cent'per
annum, payable semi-annually; and
matua, the Council did, at its meeting of February 11, 1357,
declare publically all proposals or bids received for said bonds;
WHEREAS, this Council does find that the bid of the First
National Bank of Chicago for the par value of said bonds, plug
ace7rued interest and a premium of One Hundred Fifty -One Dollars
($151), is the best bid offered for said bonds;
NOW, THEREFORE, the Council of the City of Palo Alto does order
thee said City of Palo Alto Improvement Bonds of 1956, Series "B",
be and they hereby are sold to the First National Bank of Chicago
for the sum of Five Hundred Thousand Cne Hundred Fifty -One Dollars
($5(20,151) in aaaordance with their bid.
The above and foregoing resolution was duly and regularly
introduced and passed at a regular meeting of the Council of the
City of Palo Alto on Monday, the 11t4 day of February , 1950(,
by the following vote:
AYES: Bishop, Byxbee, Corcoran, Cresap, Cummings, Davis,
Giffin, Marshall, Mitchell, Mavis, Porter, Rodjers,.
Ruppenthal, Simpson.
NOES: None.
ABSENT: Drysdale
("7 APPROVED: , ✓aG- c
yor
ATTEST:
Clerk
APPROVED AS TO 'OEM:
APPROVED: