HomeMy WebLinkAboutRESO 2832•
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RESOLUTION N0. 2832
A RESOLUTION PROVIDING FOR ISSUANCE ♦l
THE FIRST DIVISION OF LORDS
UNIVERSITY AVENUE DISTRICT
OFF-STREET PARKING
PROTECT NO. 52-13
RESOLVED, by the Council of the City of Palo Alto, Santa
Clara Count:, California, that
WHEREAS, the City of Palo Alto, in the County of Santa
Clara, State of California, herein walled City, is a Charter City,
duly organized and existing under and pursuant to the provisions
of the Constitution of the State of California;
WHEREAS, by the terms of said Charter, the City is em-
powered to make and enforce all laws and regulations in respect to
municipal affairs, subject only to such restrictions and limita-
tions as may he provided in said Charter and said Constitution,
and to exercise any and all right-, powers and privileges hereto-
fore or hereafter established, granted and prescribed by any law
of the State, aaid Charter, or by any other lawful authority,
which a municipal corporation might or could exercise under said
Constitution, including all powers not in conflict with the pro-
visions of said Charter now or hereafter ranted to General Lw
Cities and wherein it is provided that the enumeration in said
Charter of any particular power shall not be held to be exclusive
of or any limitation upon said general grant of powers;
WHEREAS, the acquisition, construction, ownership, manage-
ment, maintenance, operation, repair, addition, extenzier., and
improvement of off-street parking facilities for public and pri-
vate ,urposes is a municipal affair;
WHEREAS, Ordinance No. 844 entitled"Palo Alto Improvement
rocedure Code", adopted by this Council on January 13, 1941, as
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*Mended, was adopted pursuant to the power and authority vested
in aald Council by and under the terms and provisions of said
Charter, and there are no limitations in regard thereto expressly
or otherwise provided in said Charter or in the Constitution of
the State of California, other than Section 17 of Article XI/I, as
to which full compliance has been had by the City Council in the
proceedings leading up to the adoption of this resolution; and
WHEREAS, all acta, conditions and things required by the
Constitution and laws of the State of California and the Charter
of said City and said Palo Alto Improvement Procedure Code to be
done, to happen and to he performed precedent to and in the
issuance of said bonds, have been done, have happened and have
been performed in regular and due form, time and manner as requir-
ed by law, and the City Council is now authorized to issue and sell
said bonds and to levy special ad valorem assessments upon the
real property within the district determined to be the district
benefited thereby, all as more particularly finally provided in
Resolution No. 2417, Ordering Acquisitions and Improvements,
adopted by this Council on March 23, 1953, as modified.
NOW, TIEREFCRE, IT IS HEREBY DETLI MINED and ORDERED, as
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1. Bond Law. Except as herein otherwise provided, the
bonds herein provided to be issued shall be issued pursuant to
the provisions of Ordinance No. 844, entitled Palo Alto Improve-
ment Procedure Code, adopted January 13, 1941 by this Council, as
amended, and particularly Part 6, Bond Plan E of Article IV
thereof.
2. Enterprise. The public interest, convenience and
necessity require and the public economy and general welfare will
be served by the acquisition and construction of off-street park-
ing facilities, all as more particularly described in Resolution
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No. 2411 of Intention to Make Acquisitions and Improvements, adopt«
ed by this Council on March 2, 1953, as modified, which acquisit-
ions and improvements were ordered by this Council by Resolution
No. 2417, Ordering Acquisitions and improvements, adopted by this
Council on March 23, 1953, herein called Enterprise, and there-
after modified.
3. Bond Issue. The total amount of the issue is Nine
Hundred Thousand Dollars ($900,000), the principal and interest
of which are to be serviced by special annual ad valorem realty
special assessment levies on the real property within the area
described in said Resolution of Intention, excepting therefrom
all public streets, avenues, highways, lanes and alleys, and other
public places and ways, within said district in use in the perform.
ance of a public function as such, which levies are hereby de-
termined and declared to be unlimited either as to rate or amount.
Bonds of said issue shall be issued in the amount of $450,000.
Said bonds shall be designated "University Avenue District Parking
Bonds of 1.957 - First Divirton", shall be dated June 1, 1957,
shall be four hundred fifty (450) in number and numbered 1 to 450,
both inclusive, In the denomination of $1,000 each, and shall
mature serially, in the order of serial number, on July 2 in the
years and in the amounts, as follows:
Bond Nos. Year of Principal
(Inclusive) Maturity Amount
1-5 1958 $ 5,000
6-10 19611959
5,000
11-15 5, OOG
16-25 10,000
43266-4355
6 - 55 1964 1962 10,000
56 10,000
$5 10, 000
ti66-ts5 1965 10,000
1966 10,0010
-95 1968( 10,000
96-110 1969 10,000
111-125 1970 15,000
126-140 15,000
141-155 1�i1 15,000
156-170 1972 15,000
171-185 1974 15,000
-200 15,000
201-215 1975 15,000
216-235 i 76 225,000
20,000
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Bond Nos. Year of (Inclusive Maturity Principal
236-25
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256.475 1979 X20,000
276-295 1950 20,000
296-315 1981 20,000
316-335
336-355 19832 20,000
000
3356- 75 1954 20,000
401-425 1985 25,000
25,000
426-450
1987 25,00o
4. Callable. Bonds maturing by their terms on or before
July 2, 1.981 shall not be subject to oall or redemption prior to
their fixed maturity date. Born maturing on or after July 2,
1982 shall, by their terms, he subjectto call and redemption, at
the option of the City, as a whole or in part, in inverse numeri-
cal order, on July 2, 1967 (but not prior thereto) or on any in-
terest date prior to their maturity date or dates at the principal
amoont and accrued interest thereof to the date of redemption,
plus a redemption premium equal to one -quarter of one percent
(1/4 of 1%) of such principal amount for each whole twelve (12)
months and for any remaining fraction of a twelve (12) months'
period from the date fixed fc. redemption to the maturity date of
such bond, but not exceeding five per cent (596) of such principal
amount. The City may also, from time to time, purchase any er
all of said outstanding bonds at prices offered, but not to exceed;
the sum required to be paid in the event of redemption by call.
All bonds purchased or called shall be cancelled and shall not
again be reiss'ied,
5. Notice of Reder'ption. The Treasurer shall canoe
thirty (30) days prior notice of redemption to be given by mail,
and in addition shall publish such notice once at least thirty
(30) days prior to the date of call in a financial paper published'
in New York or Chicago. The Treasurer shall trail soch notice ty
registered mail thirty (30) days prior thereto to the last known
holder or holders of any bearer bond so called, as shown b;; the
records in his office. Notice of redemption of any registered
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bond shall be given to the registered owner by registered mail at
least thirty (30) days prior to the late of call. Nc interest
shall accrue on said bonds called for redemption or on any in-
terest coupons thereof after the redemption date specified in said
notice.
. Form. Said bonds shall be substantially in the lollow-
ing form:
No.
STATE OF CALIFORNIA
CITY OF PALO ALTC
$1,003
2NI ERSrrY AVENUE DISTRICT
PARKING BOND OF 1957
FIRST DIVISION
Under and by virtue of Part b, Bond Plan E of Article IV
of Ordinance No. 844, entitled "Palo Alto Improvement Procedure
Code", adopted January 13, 1941, as amended, the City of Palo Alto
(a municipal corporation operating under a Freeholders' Charter),
State of California, for valt,e received, will pay to bearer, out
of the fund hereinafter designated, on the 2nd day of July, 19 ,
the stun of ONE THOUSAND DOLLARS ($1,000) In lawful money of the
United States, with interest thereon from date, as evidenced by
Interest coupons attached to this bond at the time of issuance,
(plus additional interest represented by separate detachable cou-
pons at the rate of ?. per annum from
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to and including
, 19 ).• Said interest 1s
payable semi-annually on the 2nd day of January and the 2nd day of
July, in each year, all as more particularly set forth in the Res°.
lution providing for the issuance of this bond. Both principal
and interest are payable at the office of the City Treasurer of
the City of Palo Alto, Palo Alto, California, in any coin or currep-
oy which on the date of payment is legal tender for public and
private debts, upon presentation and surrender of this bond or
the interest coupons as the;; severally become due.
•To be inserted when split interest rates represented by
split coupons are bid. In such event, additional coupons
designated 'A" shall be attached.
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Bonds maturing by their terms on or before July 2, 1981
are not subject to call or redemption prior to their fixed
maturity date. Bonds maturing on or after July 2, 1982 are, by
their terms, subject to call and redemption, at the option of the
City, as a whole or in part, in inverse numerical order, on July
2, 19u7 (but not prior thereto) or on any interest date prior to
their maturity date or dates at the principal amount thereof and
accrued interest thereon to the date of redemption, plus a re-
demption premium equal to one -quarter of one per cent (1/4 of 1%) i
of such principal amount for each whole twelve (12) months and for I
any remaining fraction of a twelve (12) months' period from the I
date fixed for redemption to the maturity date of such bond, but .
not exceeding five per cent (5%) of such principal amount. The
City may also, from time to time, purchase any or all of said out-
standing bonds at prices offered, but not to exceed the sum re-
quired to be paid in the event of redemption by call. A11 bonds
purchased or called shall be cancelled and shall not again be
reissued.
The Treasurer will cause thirty (30) days prior notice
of redemption to be given by mail, and in addition will publish
such notice once at least thirty (30) days prior to the date of
call in a financial paper published in New York, or Chicago. The
Treasurer will mall such notice by registered mail thirty (30) days;
prior thereto to the last known holder or holders of any bearer
bond so called, as shown by the records in his office. Notice of
redemption of any registered bond shall be given to the registered
owner by registered mall at least thirty (3o) days prior to the date
of call. No interest will accrue on such bonds called for redemption
or on aay interest coupons thereof after the redemption date
,specified on said notice.
If upon presentation at maturity, payment of this bond is
not made as herein provided, interest hereon shall continue at the
same rate until the principal hereof is paid in full.
Visas +..r,..... -__.._w..._.__
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This bond is one of the First Division, argre atir,
Four Hundred Fifty Thousand Dollars ($450,000) in principal
amount, and Is part of an issue in the total principal amo,int of
$900,000, all of like date and tenor except as to number, maturi-
ty (and interest rate) and provision for redemption, 311 issued
by the City for the purpose of providing money to finance an -
terprise consisting of acquiring and constructing automobile park-
ing places within the assessment diatriet, all as set forth and
described in Resolution No. 2411 of Intention to Make Acquisitions
and Lmprovements, adopted March 2, 1353, by the Council of the
City of Palo Alto, as modified, to which reference is hereby made
for the obligations, duties, rights and privileges hereby created,
and as authorized by and in strict accordance with the Freeholders'
Charter of said City, and said Palo Alto Lnprovement Procedure Code,
and particularly Article V and Part t, Bond Plan E of Article TV
thereof, and in accordance with Resolution No, 2417, Ordering
Acqubitions and Improvements, adopted March 23, 1953, and Resolu-
tion No, 2832 , Providing for the Issuance of the First Livialon of
Bonds, adopted April 8
1957, by the Council of
said City, after due notice and public hearing having been held
therein, all described as Project No. 52-13.
This bond is payable out of "University Avenue District Park-
ing Bond of 1957 Interest and Redemption Fund" exclusively, as said
fund appears upon the books of the Treasurer of said City; but in.
accordance with the provisions of said Code a special assessment
tax will be levied and collected upon all the land and improve-
ments within the assessment district created in said proceedings
therefor, exceptin_ therefrom all public places and ways in use in
the performance of a public function, in an amount clearly suf-
ficient to pay the principal and interest of said bonds as the
same shall become payable, until all said tonds and the interest
thereon are paid in full.
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Fifty per cent
(5C%)oP the annual net revenues to be de-
rived by the City from the on -street narking meters, and fifty
per cent (5 ) of the annual net revenues to be derived by the
City from off-street parking facilities, heretofore or hereafter
installed or acquired in or for the University Avenue Commercial
District are pledged to the payment of the bonds of this issue
and of the interest to accrue thereon; provided, however, that
the annual amount of such pledge shall not be leas than the total
annual net revenues to he derived by the City from the off-street
parking facilities acquired from the proceeds of these bonds. These
pledges constitute a first and prior lien on said net revenues,
but are not and shall not constitute a limitation or restriction
upon the power and duty to levy an annual ad valorem assessment
Iupon the taxable real property within the assessment district suf-
ficient to pay the principal of and interest on said bonds as it
shall accrue and before the proceeds of another such levy shall
be available therefor, which power and duty is declared to be In-
exhaustible in nature and unlimited as to rate or amount.
No additional bonds of the same nature shall be issued
which shall have a prior or superior lien up„n any of the revenues
herein pledged.
Annually, at any time prior to the time the levy Is made,
or at such other time as it shall determine, the Council is auth-
orized to transfer to the redemption fund of said bonds, from
available fund®, such amount or amounts as it shall determine.
IT
IS HEREBY CERTIFIED AND RECITED that all acts, condi-
tions and things required by the Constitution and laws of the
State of California and the Charter and ordinances of said city,
to be done, to happen and to be performed, precedent to and in
the issuance of this bond, have been done, have happened and
have been performed in regular and due form, time and manner as re-
quired ty law, and this bond is made conclusive evidence thereof.
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IN WITNESS WHEREOF, the Council of the City of Palo Alto
has caused this bond to be signed by the City Treasurer of said
City and by its City Clem and has caused its Clerk to affix here-
to 1te corporate seal, all on the 1st day of June, 1957.
Y reas�:rer
7. Execution. Said bonds shall be signed by the City
Treasurer of said City, which may be by his engraved or litho-
graphed signature, and by the City Clerk, who shall affix thereto
the official seal of said City. The interest coupons affixed
thereto shall bear the engraved, printed or lithographed signature
of the City Treasurer. Such signing and sealing of said bonds b,
said officers and said signing of said coupons by said Treasurer
shall constitute and be a sufficient and bindin„ execution of each
and every one of said bonds and of all of said coupons.
8. Interest Cou ons. The interest coupons attached to
each of said bonds and evidencing the interest to accrue thereon,
shall be numbered consecutively and be substantial)
following form,, to -wit: Y in the
Interest Coupon
Coupon No.
CITY OF PALO ALTO
CALIFORNIA
On the 2nd day of July (Januar.•), 1) the City of Palo Alto will pay to bearer OTT Hof
its University Avenue District Pars:irg Eond of
1357 Interest and Redemption Fund, at the office
of the City Treasurer, Palo Alto, California,(unless
the bond to which this coupon la attached has been
redeemed prior thereto)
Z-1.17 the sum of
or _r, eres
en ue on
trio Parking Bond of 1957 dated June 1, '°enue D13-
1957.
Bond No.
.reasurer
[ 1 J To be inserted in coupons rnaturinc on or
after July 2, 1967 attached to bond3 due
in 1982-1987.
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In addition to the foregoing Form of Coupon which shall
be attached to the bonds, there will be additional coupons attach-
ed to the bonds at the time of issuance, 1f provided in the bid
upon which the bonde are sold, which shall provide for the payment
of additional interest. The form of each such coupon shall be
subetartially as follows:
Coupon No. A $
w
On the 2nd day of July (January), 19 the City of Palo Alto will pay to bearer out-Fr-its
utorits
University Avenue Dlatrict Parking Bond of 1957 In-
terest and Redemption Fund, at the office of the City
Treasurer, Palo Alto, California, (unless the bond to
which thle coupon is attached has been redeemed prior
thereto) z7.1 J7 the sun of
then due on its University Avenues D+ rictrPar�i gat
Bond of 1957 dated June 1, 1957.
Bond No.
Treasurer
Lr> To be inserted in coupons maturing on or after
July 2, 196;7 attached to bonds due in 1982-1987.
9. Purchasers Record. The Treasurer shall keep a record
of the names of the purchasers of the bonds and of all successive
holders of bearer bonds issued hereunder so far as such information
is furnished to him for the purpose of giving notice of any call
ifor redemption of said bonds.
10. Place of Payment. Said bonds and interest are payable
at the office of the Treasurer of the City of Palo Alto, Palo Alto,
California.
11. Registration. The bonds issued hereunder shall be
subject to registration as to principal and interest upon written
request of the owner and prosentatlon of any such bond to the
Treasurer for registration. Upon such presentation and request,
the Treasurer shall cut off the ooupona and preserve them in his
office. The Treasurer shall maintain a book upon which he shall
enter the numbers of all registered bonds and the names and
addresses of the holders of registered bonds. Until such regis-
tration is cancelled as herein provided, the interest and principal
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thereof shall be payable only to the registered holder or to his
duly registered transferee. There shall he provided on the back
of each bond a suitable blank showing the name of the registered
owner, the date of registration or transfer and the signature of
the Treasurer. Registered hondr shall he transferred at the office
of the Treasurer in the same manner as the original registration
and the name of the new registered owner shall be entered on the
hond register and on the hack of the ponds.
The registration of any unmaturel bond may be cancelled
upon written request of the registered holder. Upon receipt of
such a request, the Treasurer shall camel the registration in the
bond register book and on the back of the bond, re -attach all un-
natured coupons to the bond, and deliver the bond and attached
coupons to the holder. Until such hond is re -registered, the
principal thereof shall be payable to bearer, and the interest
shall again be paid upon surrender of proper coupons. Any such
bond is subject to re -registration as to principal and interest in
the sane manner as previously unregistered bonds.
The bonds may be registered as to principal only. Such
registration may be cancelled and the hond re -registered as to
principal or as to principal and interest. When bonds are regis-
tered as to principal only, a notation shall be made to that ef-
fect in the registration book and on the bond. The coupons shall
not be detached and the interest on such bonds shall be paid upon
presentation of such coupons in the same manner as unregistered
bonds. Principal, however, shall he paid only to the registered
owner upon presentation of such bond.
12. Default, Order of Payment. In the event that the
amount in said University Avenue District Parking Bend of 1957
/nterest and Redemption Fund shall be insufficient at any time to
pay the principal of and interest on all bonds of this issue then
due, said amount shall first be used to pay interest then due on
all bonds and the balance shall be applied in payment of maturing
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principal in the order of serial numbers. In the event there shall
be insufficient funds to pay the principal of any bond then due,
the City may, with the consent 3f the holder thereof, refund such
bond by the issuance of a new bond maturing after the maturity of
the last bond issued hereunder but otherwise on a parity as to
payment of principal and interest with the bonds issued hereunder
and exchange auch bond for such matured bond, and in such event
such action shall not be deemed a default hereunder.
13. Amendment. All of the provisions of this Resolution
shall constitute a contract between said Clty and the holder or
holders of the bonds hereby authorized, and from and after the
sale and delivery of any of the bonds, no amendment, alteration or
modification of the bonds or of the coupons appertaining thereto
or of this Resolution shall be made which shall in any manner
impair, impede or lessen the rights of the holders of the bonds or
the coupons appertaining thereto, then outstanding, without the
prior written consent of the holders of at least seventy-five per
cent (75d) of the aggregate principal amount of bonds themout-
standing. Any such amendment, alteration or modification which
shall have received the written consent of the holders of said
percentage of said outstanding bonds as provided in this section
shall le binding upon the holders of all of the unmatured bonds
and coupons appertaining thereto, either attached to or detached
from said bonds. From and after the sale and delivery of the bond&
by said City the bonds and coupons appertaining thereto shall be
incontestable by said City.
14. Bonds Not a General Obligation. The bonds and the
interest thereon are not a general obligation of the City of Palo
Alto, but rather are pa;;able solely from the redemption fund herein
provided, as to which there is a mandatory duty on the part of the
Council to levy a special assessment on all real property within
the assessment district, excepting public streets, avenues, high-
ways, lanes and alleys, and other public places and ways in use in
the performance of a public function, in an amount which shall be
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clearly sufficient to pay the principal of and interest on said
bonds as it shall accrue prior to the time that the proceeds of
another such levy shall beavailable therefor, which obligation
le without limitation as to rate or amount.
15. Revenue fledee. Fifty per cent (y0%) of the annual
net revenues to be derived by the City from the on -street parking
meters, and fifty per cent (50%) of the annual net revenues to
be derived by the City from off-street parking facilities, hereto-
fore or hereafter installed or acquired in or for the Univernit
Avenue Commercial District, are hereby pledged to the payment of
the bonds of this issue and of the interest to accrue thereon;
provided, however, that the annual at,ount of such pledge shall
not be less than the total annual net revenues to be derived by
the City from the off-street parking facilities acquired from the
proceeds of these bonds,
16. Fle -es 1:ot a Limitation. These pledges shall con-
stitute a first and prior lien or. said net
revenues, but are not
and shall not constitute a limitation or restriction upon the
power and duty to levy an annual ad valorem assessment upon the
taxable real property within the assessment district sufficient
to pay the principal of and interest on said bonds as it shall
accrue and before the proceeds of another such levy shall be weal].able therefor, which power and duty is hereby declared to be in-
exhaustible in nature and unlimited as to rate or amount.
17. Additional Bonds. No additional bonds of the same
nature shall be issued which shall have a prior or superior lien
upon any of the revenues herein pledged.
13. Contributions. The Council may annually, at or
prior to the time levy is made, or at such other time as it shall
determine, transfer to the redemption fund of said bonds, from
available funds, such amount or amounts as it shall determine.
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19. �vY• The Council of said City shall annually, at
the time and in the manner for levying other City taxes, levy and
cause to be collected an ad valorem assessment upon all lands and
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improvements in said assessment district, excepting public places
and ways in use in the performance of a public function, based upon
the last equalized assesement roll in aaid City, clearly suffici-
ent, in addition to such sums as may be in said redemption fund
and after making adequate alloxance for esticated delinquenclee,
to pay the principal of and interest on said bonds which shall
become payable before the proceeds of another such levy shall be
available therefor. 3ald special aeseasaent levy shall be levied
and collected upon the tax roll upon which general City taxes are
collected. It ohall be in addition to all other taxes levied for
general City purposes, and shall be levied, computed, entered,
collected and enforced in the same manner and by the same persons
and at the aame time, and with the same penalties and interest, as
are other taxes for City purposes, and all laws applicable tc the
levy, collection and enforcement of taxes for City purposes are
hereby made applicable to said special assessment levy, and be
subject to redemption within one year from the date of sale in the
same manner as such real property is redeemed from the sale for
general City taxes, and if not redeemed shall in like manner pass
to the purchaser.
20. mption Fund, The City Treasurer shall annually
c.rtify to the Council the amount necessary to be raised by a
special assessment to the pay principal of and interest on said
bonds to be collected on the forthcoming roll, and the principal
and interest of said bonds shall be paid by the Treasurer of said
City in the manner now or hereafter provided by law for the payment!
of principal or interest on the bonds of said City and from the f
moneys collected from the levy and collection of the ad valorem
assessments hereirbefore provided.
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21. SuPPieme.,tal Bona L;�euv. Il the event teiere shall
not be sufficient moneys in the bond interest and redemption fund
to pay any bond or any interest coupon issued in any proceedings
heretofore or hereafter undertaken, when it shall mature,
4 and there are not sufficient funds available therefor in any re -
9 serve fund created therefor, or in the operative fund of said
facilities, as a loan oan only and to be recovered from the proceeds
of any special ad valorem assessment levy or net revenues there-
after available therefor, and in any event, from the proceeds of
delinquent special ad valurem assessments recovered from the re-
demption or sale of property subject thereto, the Co
unciL shalt
make the transfers and advances from available City funds, ant:
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the special tax levies, in the manner and with like fcrce and
effect, all as now or hereafter provided in Sections 23, 25 and 26
of the Refunding assessment Bond Act of 1935, or any codification j
thereof.
22. Parkin K Revenue Fund, Separate special funds and
accounts shall be established and maintained to carry out the
objects and purposes of the pledges herein provided. So long as
any of the bonds of this issue are outstanding, said funds and
accounts shall be kept and administered separately and distinctly
from other funds and accounts of the City.
23. $eParaLe A'encv. The project of acquiring, con-
structing, maintaining and operating on -street and off-street
parking facilities within the City is hereby declared to consti-
tute a separate agency, department and function of the City, and,
except for the special assessments herein provided to be levied
for local benefits to be derived from the off-street parking
facilities to be acquired from the proceeds of these bonds, to
constitute a single transaction, complete in and of itself, ane
to be able to meet all of the obligations which are herein properl•i -
, furred wholly and solely from the revenues herein pledged.
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24. Maintenance and 0 eration.
The cost of maintaining
and operating the off-street parking facilities herein proposed to
be acquized shall be paid first from the revenues to be derived
from the operation of such facilities, and any balance shall be
paid from the revenues of on -street and off-street parking facili-
ties of the City, and the City shall keep and maintain said
facilities in good order and repair. The on -street and off-street
parking facilities of the City, from the net revenues or which a
portion is additionally pledged for the payment of the principal
of and interest on these bonds, shall be maintained and operated
from the revenues to be derived from said facilities.
25. Bonds Not a Debt. The bonds and the interest thereon
are not a debt of the City, nor a legal or equitable charge, lien
or encumbrance upon any of its property, or upon any of its ineome,i
receipts or revenues other than those herein pledged. The general
fund of the City is not liable and the credit and taxing power of
the City are not pledged for the payment of the bonds or their
interest, and the holders of the bonds or coupons shall not compel
the exercise of the taxing power of the City or the forfeiture of
its property, beyond the lawful application of Section 21 hereof.
26. Transcript. The Clerk and Treasurer are hereby
authorized and directed to prepare and furnist to the purchasers
of the bonds issued hereunder certified copies of all ordinances
and resolutions of the Council relating to the Enterprise and to
the issuance of bonds and all other proceedings and records of the
ity showing the right, power and authority to issue said bonds
and to provide the security therefor, and such certified copies
and certificates shall be deemed representations of the City as
to all facts stated therein,
27, Delivery of Bonds. The bonds to be issued hereunder,
• or the amount thereof necessary to complete the Enterprise, shall
10.
28. Premiums and • d
accrued interest received from s
interest and redemption fund and
the principal of and interest on
Accrued
•
be sold and delivered as the Council shall determine. The
Treasurer shall deliver said bonds upon receipt of the purchase
price and shall credit the proceeds to the apeciP1 fund and
account for payment of the cost of acquisition. and construction
of the Enterprise, but the purchasers shall not be required to
see to the proper application thereof.
Interest. Any premium and
eh sale shall be paid into the
shall be used for the payment of
said bonds.
I hereby certify that the foregoing resolution was duly
and regularly adopted and passed by the City Council of the City
of Palo Alto, California, at a regular meeting thereof held on the
8th day of April , 195J, by the following
vote:
AYES, and in favor thereof, Councilmen:
Bishop, Byxbee, Corcoran, Cresap, Cummings, Davis, Drysdale
Giffin, Marshall, Mitchell, Nevis, Porter, Rodgers, Ruppen-
thal, Simpson.
NOES, Councilmen: None.
ABSENT, Councilmen: None.
APPROVED:
tiliayWr
City 1 rk olfthe City of Pa' :Ito
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