HomeMy WebLinkAboutRESO 2851l·
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5-8-57 lOe
RESOLUTION NO._ 2§51 _
A RESOLUTION AUTHORIZING PURCHASE OF SECOND
SALE OF BOND BY CITY
MIDDLEFIELD ROAD, ET AL
PROJECT NO. 55-11
RESOLVED, by the City Council of the City of P4lo Alto,
California, that
WHEREAS, $300,000 of bonds :tn the above project were sold
at pub'l1e eale l)ased upon notice inv1t:j,ng competitive bids thereon,
at par and at the interest rate of ~ per annum on bonds maturing
in the yeat8l958 to 1960, 1nclue1v~, and at the rate of 4-1/2% per
annum on bonds maturing in the years 1961 to 1967, inclusive; and I
WHEREAS, by virtue of ea1d sale the interest rate and dolla~
price of eaid bonds has been est~bl1shed, and the public inter~at, I
economy and general welfare w1·11 be served by the City purchasing I
the remainder of eaid bonda at the same price;
NCM, THEREFORE, IT IS HEREBY ORDERr:J:>, sa follows:
l. That $136,782.28 of said bonds, being bonds maturing
:p5,014.84 in the year 1953 and $13,529.71 in each of the years
1959 to 1967, inclusive, be pur·ci·iosed by the City for par and
accrued 1nterP.at to date of delivery, at the 1ntereat rate of 5%
per annum on bonds maturing in the years 1958 to 1960, incluAi'JC,
't
' and at the :rate of 4-1/2% per annum on bonde maturing in the yeare
~ 1961 to 1967, inclus·ive.
2. That oaid bonds be purchased fo1• the account of the i
I
Hospital Improvement Fund and that a warrant be issued again.st sa1dl
Fu11d for the purchase price thereof and that said bonds be and t
remain the prot:ierty or said Fund •
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