HomeMy WebLinkAboutRESO 3002RESOLUTION NO. 3092
RESOLUTION morn= FOR T* SALA OR
CITY OF PALO ALTO MIIi14?,PAL I1 0YEMET BONUS OF 1956
YEAS, the Connell of theditgrrtflajg A oe..Califoruia,
pUseusat to , call tb4er.Aar, 0a.,,.;p.A v. bid £ t ,talw of City
it a0 )Alto Xunieipal /tsprovement Bonds of 1956, aeries "Y►", which
bends auk tau be dated Jusq lw, , P ' aA4 shf 4„oe'aijt, of 5C) bonds
of the d®fptipItiop„of '$1,000 each;- $20,006 p1 noipal itOhnt of
said bongs plan be payable on the first day of June of each of the
years 1959 to 1962, both inclusive, bearing interest at the rate
of per annum, payable semi-annually; $20,000 principal amount of
said bonds shall be payable on the first day of June of mash of the
years 1963 to 1966, both inclusive, bearing interest at the rate of
2*% per annum, payable semi-annually; $20,000 principal amount of
said bonds shall be payable on the first day of June of each of the
years 1967 to 1972, both inclusive, bearing interest at the rate of
21% per annum, payable semi-annually; and $20,000 principal amount
of said bonds shall be payable on the first day of Jane of each of
the years 1973 to 1983, both inclusive, bearing interest at the rats
of 2-3/4% per annum, payable semi-annually; and
WHEREAS, the Council did, at its meeting of May 26, 1958,
declare publicly all proposals or bids received for said bonds; and
WREREAS, this Council does find that the bid of Taylor and
Company and Associates for the par value of said bonds plus accrued
interest and a premium of $75.00 is the best bid offered for said
bonds;
NOW, THEREFORE, the Council of the City of Palo Alto does order
that said City of Palo Alto Municipal Improvement Bonds of 1956,
Series "D", be and they are hereby sold to Taylor and Company and
Associates for the sum of $500,075.00 plus acerusd interest in
accordance with their bid.
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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 26th day of May, 1938, by the
following vote:
Bishop, Byxbee, Corcoran, Creaap, Davis, Evans, Giffin,
AYES: Marshall, Mitchell, Mavis, Porter,_ Rodgers, Ruppenthal,
Stephens, Woodward.
Nc s s None.
ABSENT: None,