HomeMy WebLinkAboutRESO 3166KWHW:KIJ:cwh 11/23/59 IOC
ABSOLUTION NO . 3166
A RESOLUTION PROV/DINO POR ISSUE'S
MOON) DIVISION
CALIFORNIA AMOR DISTRICT
OPP-STRUT PARKING PROJE(!P NO.
OP PONDS
G:.tiw, 44. c'4 Z' .
(sc.,; %(a.
55-5 3147
RESOLVED, by the Council of th e City of Palo Alt o, California
tha t
WHEREAS, the City of Palo Alto, in the Co unty of Santa
Sta te of California, he rein called City. is a Ch arte r City,
organize d an d existing un der and pursuant to the provisio ns
Con stitution of the State of California;
Clara,1
duly
of the
WHEREAS, by the te rms of sa id Cha rter, the City is empowered 1
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to make a nd en force all law s an d re gulations in resp ect to m unici-
pal a ffairs, su bject only to such restr ictions and limitatione as j
may be prov ide d in said Cha rter an d sa id Constitution, and to
exercise any and all r ights, powers and pr ivileges heretofo re or
herea fter esta blished, gr anted and pr escribed by an y law of the
State, said Char ter, or by a ny other la wful authority, which a
mun icipa l co rpor ation might or could exercise un der said Constitu-,
tion, including all power s no t in con flict with the provisio ns of
said Charter n ow or hereafter granted to gen eral law cities and
wherein it is provided tha t the enumeration in said Charter of
any particular po wer sha ll n ot be held to be exc lu siv e of or any
limitation upon sa id general gran t of powers;
WHEREAS, the acquisition , con str uction, ownership, mana gement;
ma intena nce, ope ratio n, repair, a ddition, exten sion an d improve-
me nt of off-street par king fa cilities for pu blic an d private pur-
poses is a mu nicipal affair ;
WHEREAS, Or dinan ce No. 844 entitled " Palo Alto Improv em ent
Pr ocedure Code", adopted by this Cou ncil on Jan uary 13, 1941, as
amende d, was adopted pur su ant to the pow er and authority vested
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in said Cou ncil by and under the terms and pr ovisio ns of said
Charter, and there are no limitations in regard thereto expressly
or otherwise p ro vid ed in said Charter or in the C onstit ution of
the State of Califo rnia, othe r tha n Section 17 of Article XIII,
as to which full complia nce h as bee n had by the City Council in
the proceedings leading up to the adoption of this resolution
after pro cee din gsto that end d uly had and taken;
WH EREAS, on February 6, 1956, the Coun cil adopted its Resolu-
tion No. 2708 Providing for Issuance of Bo nds, whe rei n the Co uncil
provided for the ineuan ce of $245,000 of b onds pursu ant to Bond
Plan E of Ar ticle IV of sa id Ordinance, whi ch bonds have since
been issu ed, sold and deliver ed;
WHEREAS, on April 14, 1958, the Council adopted its Resol utiod
No . 2979, A Re:.olutian of Prelimin ary Approval of Estimate of C oat!
and of Preliminary Determination and of Intention to M ake Changes
and Mo difica tions, where in the Council pre liminarily dete rmin ed
that the pu blic interest, convenience a nd n ece ssity required and
that it w as the intention of the Council to make certain changes
and modifica tion s in the acquisitions to be made an d work to be
done, the estimate of coat an d the amount of bonds to be issu ed
un der Resolution No . 2623 of Preliminary Determina tio n an d Re so
lution No. 2650 of In ten tion, a dopted June 27, 1955, and September
12, 1955, reepeotively, said changes and modifica tions bein g
therein particular ly described, and w herein the Council fixed
Monday, April 28, 1958, as the time and place of hearing ther eon;
WE8.R3AS, said hear ing w as duly noticed an d held as requir ed
by la w an d at the conclusion thereof, an d on May 12, 1958, the
Cou ncil duly a do pted its Reso lution No. 2990, A Resolu tion Deter -
m ining Convenience and Necessity a nd Ordering Changee and Modifi-
cations;
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WMIREAS, on S eytepber 294 1969, th e Cmaea ll adopted its
Resolution No.••3143y A Resol ution at P relimina ry Approv al of
Estimate of Cost and of Preliminary. Deter mination a nd of Intenti on
to Make Chan ges and Modlfioetto ne, mberein th e Coepsoil.p relimin ar-
i1y•determins d•that the publtis i nts reso, oonoenienae an d neeeseity
requ ired and that it, ,as;,tds:i atention °of th e C ouncil to nabs oer-
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ta to a dditiona l onan ges.andmodlfie etiona in the estimate of cost
an d the amoun t of bon ds to be issued under.Resol ution No. 2628 of
Prelim inar y Determination and Resolution No . 2650 of Inte nti on,
adopted hy•this Co uncil'on dun e,27, 1955, a nd 9aptember.12, 1955,
respectively, sa id changes and modifications bei ng therein pa rtic-I
ularly described, •ant. whelein the Council fixed Monday, Octob er )2,j
1959, as the time an d plane of hea rin g ther eon;
WHEREAS, said hearing was duly • noticad and held as required
by law and at the con clusion ther eo f, a nd on Octo ber 12, 1959, th e
Cou ncil duly adopted its Resolutio n No . 3144, A Resolution Deter- -
mining Convenience and Neosssity,,Ordering Cha nges and Modifica-
tio ns and Appro ving Bstima te,ot Co at; a nd
WHEREAS, all acts, conditions and things requ ired by the
Constitu tion and. law s of the State of Califor nia and the Charter
of said City and. said Palo Alto Improvement Prooedur e 0ode.to be
done, to happen an d to be performed prsoedent to an d in the issu-
an ce of su pplemental bnn ds.to•pay the co st of the a cquisition an d
improvem ent of the properties describe d in , iaid•Resolution. No.
2979, adopted April 14,,1958, have been done, hav e happened and
have been .perfoamaed in:Jrej ular .a nd du e fora, time and manner se
r equ ired by law, and the 4o vnoil is• now au thorised.to issu e a nd
sell said bon ds and to lev y special ad valore m assessments upon
the real proper ty within the distriet determin ed •tto be the •d:.a-
tr iot benefited thereby►, all• a■ more psrtioulerly• finally pr ovided
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in Resoluti on No. 2658, Ordering,Aagnisi tions and Imp rovement*, as
modified, adopted by thie Ooun oJ on . O ctobe r 10, 1955, in Resolu-
tion W or 2990, A Resolutio n te vO ning C onvenience and N eees tAty
an d Ordering Changes , e nd Modific ations, adopted hey 12, 1958,.and
in Resolution No. 3144, A Resolution Deter mini ng C onveni:eno e a nd
Nece ss ity, Ordering Changes and Modificati ons and Appr oving Esti-
mate of Cost, a dopted 0atobe r 12,.1959.
MOW, TRNRERORE,:IT IS HEREBY DETERMINED AND ORDERED, as
follew ss
1. Bond Law . Except as herein otherwise provided, the b onds
herein provided to be issued shall be issued p ursuant to the pro-
vision s of Ordina nce No. 844, en titled "Palo Alto Improvement
Pr ocedure Code", adopted Janu ary 13, 1941, by this Council, as
a mended, an d particularly Par t 6, Bond Plan E of Article IV thereofl.
2. En terprise. The public in terest, conve nience and nwces-
aity r equire and the pu blic e conomy an d gen eral we lfare will be
se rved by the acquisition and co nstruction of off-str eet parking
fa cilities, all as more particu lar ly describe d in Resolu tion No.
2979, A Resolu tion of Pr eliminar y Appr oval of Estima te of Coat and
of Preliminary Dete rmination and of Inten tion to Ma ke Changes an d
Mo difications, adopted by this Council on April 14, 1958, which
acquisitions and im pro vements were ordered by this Counc il by
Resolution No. 2990, A Resolu tion Determining Convenience and
Neoeasity an d Ordering Changes and Modification s, a dopted by this
Council on May 12, 1958.
3. Supp lemental Bo nd Issue. The tota l amoun t of the supple-
mental issu e is Ninety Eight Thou sand Dollars ($98,000), the
principal an d interest of which a re to be serviced by special
annu al ad va lore m realty speoial assessment levies on the real
pro perty within the area described in said Resolution of Inten tion;
excepting ther efro m a ll public str eets, avenues, highways, lanes
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an d alleye,.and other public pl,eea and ways, within said distri ct
in use in th e performa nc e of a p obllo fu nction as such, which
levies are hereby determined and d eclared to be unlimited either
as to r ate or amount . Said b onds shall be dated January 2, 1960,
shall be ninety eight (98) in numbe r and numb er ed 1 to 98, both
inclu sive , in the denomination or 11,000 each, and shall matur e
ser ially, in the order of serial numb er, on July 2 in the years
and in the amo unts, as follows:
Bon d Moe. Year . of Principal
(Inclu sive) Maturity Amo unt
1,2 1961
3,4 1962
5,6 1963
7,8 1964
9,10 1965
11,12 1966
13,14 1967
15,16 1968
17,18 1969
19,20 ' 1970
21-23 1971
24-26 1972.
27-29 1973
30-32 1974
33-35 1975
36-38 1976
39-41 107
42-45 1978
46-49 1979
50-53 1;:30
54-57 1981
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$2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
4,000
4,000
4,000
4,000
CJ
Bond NOB. Y ear of P rinoi 1
(malt iVe) AeiCttr3ty
58.61 1962 44,000
62-66 1983 5,600
67-71 1984 5,000
72-76 1985 5,000
77-81 1986 5,000
62-36 1987 5,000
87-92 ,1986 6,000
93-98 1989 6,000
4. Form. Said bonds sha ll be substa ntially in the f ollo wing
forms I�
Nd. 41,000 ,
SPATE OF CALIPORMA
CITY OF, PALO AilT0.
CAI.�FORNIA AVENUE AIST CT
iA11'itB0Da 1
SEabiD I /S/ON
UNDER AND BY VIRTUE of Sat 6, Bo nd Pla n E of Article 1v of
Ordin ance No. 844, entitled " Palo Alto IinproViment Pr ocedu re Code",
adopted January 13, 1941,'at'ame nded, the City' of Pilo -Alto (a'
mun icipal cor poration aperstin g fder a Freeholders' Charter),
State of Califor nia, for value received will pay'to•betr er, out
of the fund hereinafte r designated, 6n the 2nd daY of July 19_,
the sue of OWN THOUSAND DOLLARS X41,000) ih law ful money of the
United States, With intez'esst' hireon firm date; as eviden ced by
interest coupo ns attached tO' this' bend at the time of issuance.
Said interest is pa yable seiei,-rnntiallY"6lt $he 2nd day of Janua ry
and the Stud &&r of July, -in each yea r; al/ as more particu larly
let forth in the NelltaUdtbn 'prileidimilor the issu ance of this
bond, ea .ept that'l l* first ebttpen ;a folr:interest fr om January 2,
1960, to January 2,'1961 ''Flabh pliacipal tfld -in ts rest are payable
at the office of the 01ty ?f *su rer of the - City of Palo Alto,
Californi a, in any.eeln or cu rrency whi eh on;thedwteot p ayment
ie legal tend er for public a nd private•debte, nPoNs p rese ntatio n
an d surrender of .this bond, or the i nterest ooupona as they sever-
ally beoc rae due.
If upon presentati on at maturity, payment of this b ond is
no t made a; her ein: provided, i nterest;h erpo u 'hall conti nue at
the same rate until the .principal hereof is paid in full.
This bo nd ia.one or a aupplementa1 .iesne in th e t ot al prin-
cipal amount of,$98,000, all of life date and te nor e xcept ae to
nu mber, meturity (an d in terest rate), all iss ued by the ,Oity fo r
the pu rpose ot.pro viding mon ey to finance changes and modific a-
tions in an Enterpr ise consisting of acquiring and e onst rueting
auto mobile parking places within the assessment dist rict, all as
Set for th a nd describe d in Reso lution No. 2979, A Resolutio n of
Preliminary Approval of Estima te of Cost and of Preliminary Det er-
mina tion an d of Intentio n to M ake Cha ngea.and. Mo difications,
a dopte d Apr il 14, 1958, by the Co uncil of the City of Palo Alto,
to whic h r eferenoe le hereby. made fo r the obligation s, duties,
rights,, a nd priv#.lege e he reby cr eated, and as authorized by and
in strict eco ordanoe with the Freeholders' Char ter of: said City,
an d aatd Pa lo Alto Improvement Code, and particula rly Ar ticle V
and Par t 6, Bond Plan E, of,Ar ticle IV the reo f, and in a ccordance
with Resolu tion No. ,.299p,.A Raaolution.Deter mining Con ve nien ce
an d Necessity and Orderin g.4bangea and Mo4ifieetion e, a do pted
April 28, 1958, Rsaolm44gn . No. 34,44,,A Resolution, Determining
Conven ience ,a pd. :.jieoeesOyf, qtr *n lhasges gn A Modifica tion s an d
Approving, Ei,timtte of C.o!tr;..edepted 4oto or 12, , 1959, and Re so lu -
tion No . , 3444 ;t A PAAA-4 49p l r:0444 P, for the Issuance of Bon ds,
Seco nd jYlyision, adopted $91701 41 2, 3. ,.i9b9...by :the. Council of
said City, after 4u e no4Mis 4pd publ,io hparings-,having been he ld
there in , all descr ibe d as Project No. 55-5.
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This bond is pay able out of "Bond Plan $, Calif ornia Avenue
District Parki ng Bonds of 1956, Interest and Redemption F und "
ex clu sive ly, as said fund app ears upon the books of the Tre asurer
of said City; but in accordance with the pr ovisions of s aid Code
a special assessment tax will be le vied and coll ected upon all
the lan d an d improvements within the assessme nt dist rict cr eat ed
in said proceedin gs the refor, excepti ng ther efrom all p ublic places!
and ways in use in the performance of 5'pdblio f uneti on, in an
amount clearly sufficient to pay the p rincipal and inte re st of
said bonds as the sa me sha ll become payable, until all said b onds
an d the interest the reon are paid in full.
In the event of a delinqu ency in the payment of any install-
ment of the assessments levied u pon an y of said be nefited p roper-
ties for the payment of the principal an d interest of said bonds,
it is the ma ndato ry duty on the pa rt of the City to transfer an
a moun t equal to the amou nt of su ch delin quen cy, with penalties
and costs, from availa ble fun ds of said City to the interest and
redemption fund of said bonds, and in the event such fun ds are
not availa ble, then to levy a tax therefor up to 10¢ on the $100
taxa ble property in said City. In su oh event, sa id bonds bear
inter est after ma turity until paid at the r ate stated therein.
Ann ually, at any time prior to the time the le vy is made,
or at su ch other time as it shall de te rmin e, the Council is au th-
or ized to transfer to the re demption fund of said bon ds, fr om
available funds, suoh amount or amo unts as it shall determine.
IT 13 HBREBY CERTIFIED AND ENOTTBD,that all acts, condition s
an d things xe qu t?ed by:ths Conatittation ssad la ws of the State of
California said the arter and or dinada d 'r said City, to be
done, to happen and to be performed pre cedent to an d ltt the
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issuan ce of -this bond, hav e been done, ha ve happened and ha ve
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been pertersid in r eg ularandAno f ork, tin e and ma nne r as rehi red
by law, and this bond is node ° e0lol *siie eiideAoa thereof'. '
' IN WI2Rrn WNIRDOP, the Ce i1 • of the city of Palo Alto has
cau sed taxis bend" -to be sign ed by the Osty- Treasurer ef said City
and by its City Clerk and has ca used its•Gl erk to affix h eret o its
corporate seal, *11 on the 2 nd day of Ja nuary, 1960.
City rrelsu rer
City Clerk
5. Ine oution: tald:"be hds shall be sig ned 'by theeity'T reae-
ure r ef'eald City Which May' -be -^by -his engraved or lithographed
signa ture, ad., bj .tAt :City Clark,' who skull affix-theristo the
official seal of said City. The inter est coupons affixed the reto
shall bear the en grav ed, printed or lithographer signature of th e
City Treasurer. Such signing and. sealing o f_ said bonds by said
officer s an d sa id sign ing o fsa id coupons by aaid.Trea surer shall
co nstitu te and be a sufficient an d binding ex ecution of each and
every one of said bon ds an d of all of said cou pon s.
6. ptere st qnupons. The in ter est coupons a ttached to each
of sa id.bonds an d ev idencin g the in te re st to accr ue thereon, shall
be numbered consecutiv ely an d be substa ntially in the followin g
form , to -wit:
Cou pon No.
Inter est Coupon
CITY OP PALO ALTO
On the 2nd day of ialy (January), 19t the
Ciky ' dfr fait At ^M.i31 to bazarsat D3' 3.'ts
Bond Plan� ''s`; California Ave nue District, larking
Bed of -1 a tattatil OWRa re► ilkhdr4440.
otfioe of the City Tr easur er , Palo Alto, Califo rnia,
the jowlof . Dome i .
for in ters¢£ tn en au* on 1tg ya xicing, Blobs dated
JaRniat, g,=1960:, . .•
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1Xeasw kro r
Bead No.
In addition to the fo regoing form of co upon which shall be
attached to the b onds, there will be additional coupons attached
to the bonds at the tim e of issuance, if requested in the bid upon
whioh the bonds are sold, whioh shill p ro vide fo r the payme nt of
additional interest. The form of each such coup on shall be sub-
stantia lly as follows:
I nterest Co upon
Coupon No. A
CITY OF PALO ALTO. CALIFORNIA
On the 2nd day of Ju ly (January), 19 • the Qity
of Palo Alto will pay the bearer out of its $e nd Plan E,
California Av enue Distriot, Parking Bond wt 1956 Inter-
est and Redemption Fu nd, at the office of the City
Treasu rer, Palo Alto, Ca liforn ia, the sum of
DOLLARS for interest then due
on its -Parking Bond dated Janua ry 2, 1960.
rea surer
Bond No.
7. Purohaeer s_Record, The Treasu re r sha ?1 kee p a record of
the names of the pur cha sers of the bonds an d of all su ccessive
holders of bea rer bonds issued bereeeder so far as sueh informa-
tio n is furnished to him.
8. Place of Payment. Said bonds are payable at the *Moe
of the Tr ea surer of the City 9t Palo Alto, Palo Alto, Californ ia .
9. Registr ation. The bonds.issu ed hereunder: shall be sub-
ject to re gistr at•eon an to principal and inter est upon w ritte n
requ est of the o wner an d presentatiole of any sueh bond to the
Tr ea sure r for registr atio n. Upon Pu gh pr esentation a nd request,
the Trea sur er shall out off bke,•.oupona and pr eserve thee in, hts
office , T`s Tr easurer shall,maintain.a bo ok upon which he shall
enter the nu mbers of all registe redbonds an d the names an d
a ddr esses of the holders of r egistered bends. Until suet: regis-
tration is eapcelled es he rein.proeided, the in terest an d prigeipa
thereof shall be payable only to the, register ed. liolde7r or to his
duly re gister ed tran sfer ee. The re shall be provided on the back
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of each bo nd a s uitable bla nk showing the n am eofthe regist ered
owner, the date of registratio n or transfer and the sig nature of
the Tr easurer. Regist ered bonds shall be tra nsfe rred at the office
of the Treasurer in the same manner as the origin al registration
and the name of the new registered owner shall be ent ered on th e
bond re gister and on the back of the bo nds.
The registr ation of any unmat ured bond may be c ancelled upo n
wr itten request of the registered holder. .Upo n receipt of such a
request, the Treasu rer shall cancel the regist ration in the bond
register book and on the back of the bond, re -attach all unm atu red
co upo ns to the bond, and deliver the bond and attached c oup ons to
the holder. Until such bond is re -r egistered, the p rincipal
ther eof shall be payable to bea rer , an d the interest shall again
be paid upon su rrender of pr oper coupons. Any such bond is sub-
ject to re -re gistration as to prinoipal an d inter est in the wane
manner as previou sly unre giste red bonds.
The bonds may be registered as to prin oipal o.tly. Such
r egistration may be ca ncelled an d the bond re -register ed as to
principal or as to pr incipal and intere st. When bo nds are regis-
tered as to principal on ly, a notation shall be lade to that
effect in the registr ation book and on the bond. The cou pons
shall not be deta ched an d the inter est on su ch bonds shall be
paid upon presentation of such cou pons in the same man ner as
un registered bonds. Prin cipal, how ever , sha ll be paid on ly to
the registered owner upon presentation of such bond.
10. Default, Order of Pant. In the even t that the amo unt
in said Bond Plan E, Califor nia Ave nue District, Pa rking Bond of
1956 Inter est an d Redemption Fund shall oe insuffioien t at an y
time to pa y the prin cipal of and in terest on all bo nds of this
issue then due, said amoun t„shall first be u sed to pay in ter est
then du e on a ll bonds andethbalance•hall be a pplied in pa yme nt
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of mat uring prin cipal in th e orde r of serial numbe rs.] provid ed,
how ever, that any bond r egiste red iurs usnt to eubdivisi os (b) of
Section 6 of P art 1 of A rticl e IV of the hal o Alto Impro vea ent
Proeedure Code shall be e ntitled 'bottle p riority of payment therein
provided. In the event the re sh all be i nsufficient fu nds to pay
the pr incipal of any bond than due, the City may, with the consent
of th e holder thereo f, refund ouoh bend by the issuanc e of a new
bond ma turin g after the maturity of the last bo nd issued he reund er
bu t otherw ise on a par ity as to paym ent or principal and interest
with the bonds isiu ed hereunder and exchange auoh bo nd fo r auoh
matur ed bon d, a nd in such event auoh aotio n shall not be deem ed a
default hereun der .
11. Amen dment. All of the pr ovisions of this Res olutio n
shall oon atitute a contract between said City and the holder or
ho lders of the bonds hereby authorized, a nd fro m and afte r the
ma le an d deliv ery of an y of the bo nds, no amen dment, alte ration
or modification of the bonds or of the oou po ns appe rta ining theret
or of this Resolu tion sha ll be made which shall in an y manner
impair, impede or lessen the r ights of the h olders of the bonds
or the cou po ns a ppertainin g thereto, the o utstanding, witho ut
the prio r written con sent of the holdere orat least se ven ty-five
per cent (75%) of the a ggregate pr incipa l•amou nt of bonds then
ou tstanding. Any such amendment, alteration or modifica tion whichll
shall have re ce iv ed the. w ritten consent of the holder s of sa id per}
ten tage of said outetartdiug'bon ds as prov ided in this aeotion shall
be bindin g upon the holder s of all of the-un mttured bonds an d
coupo ns apperta ining thereto,' either.atta ehe d too r detached fro m
seed bo nds. Prom a nd a fter the sale and delivery of the bonds by
said City the bonds a nd cou pons appertaining the re to shall be
in contestable by said City
. 12. Ree ds Not a,Oenempl.Obligatio n. Who bends and the
Interest thereon are not a Sseew al abligktien of the City of Palo
Alto , but rather are payable solely from the r edemption fund
At=
herein provided, as to which there is a mand atory d uty on the p art
of the Council to le vy a special ass essment on all real pr ope rty
w ithin the assessment district, excepting p ublic st re ets, avenues,
highways, lanes and alleys, and other public places and ways in
use in the performance of a public function, 1n an amount which
a::ell be clearly sufficient to pay the pri ncipal of and interest
on said bonds as it shall accr ue p rior to the time that the pro-
ceeds of another such levy shall be available the refo r, which
obligation is w ithout limitation as to rate or amour'; .
13. Contributions. The Council may annu ally, at or p rio r
to the time levy is made, or at such other time as it shall deter-
mine, transfer to the redemption fun d of said bonds, from a vailable)
fu nds, such amount or amoun ts as it shall determi ne.
13a . Re demption Fun d. There has been created a special fund
designated "Bond Plan E, Califor nia Avenue District, Pa rking Bond
of 1956, Inte rest an d Rede mption Fund", to co ver the payme nt of
the principa l of and interest on all of the parking bonds of this
issu e. All moneys collected from the specia l assessmen t levies
here in prov ided for shall be de posited in said fun d.
14. Levy. The Cou ncil of said City shall a nnually, at the
time and in the manner for levying other City Ta xes, lev y and
cau se to be collected an ad valorem assessme nt upon a ll lands an d
improveme nts in said a ssessment district, exceptin g public pla ces
a nd ways in use in the performance of a public fun ction , based
upon the last equ alize d a sse ssment roll in sa id City, clea rly
sufficient, in addition to such, sums as may be in said re de mption
fund and after making adequate allo wan ce for estimated delin quen-
cie s, to pay the prin cipa l of an d interest on sa id bonds w hich
shall beco me pa yable be for e the proceeds of another such le vy
shall be av ailable ther efor. Said special a ssessment levy sha ll
be levie d and collected upon the tax roll upon which gen era l City
Taxes are co llecte d. It shall be in addition to a ll other taxes
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levied for g ene ral City purposes, and shall be l evi ed, computed,
ente red, collected and enforced in the same manner and by the
sam e persons and at the same time, a nd with the same penalties
and interest, as are oth er tax es for City p urposes, and all laws
applicable to the levy, collection and enforcement of taxes fo r
City purposes are hereby made applicable to said special ass ess-
ment levy, and be subject to redemption within one yea r fr om the
date of sale in the same manner as such re al pr ope rty is redeemed
from the sale for gen er al City Taxes, a nd if n ot redeemed shall
in like m anner pass to the purchaser.
15. Redemptio n Fund. The City Treasurer shall an nually
cer tify to the Council the amount necessary to be rais ed by a
special assessme nt to pay the principal of and inte rest on said
bonds to be collected on the forthcoming roll, and the principal
a nd in tere st of said bon ds sha ll be paid by the Treasurer of s aid
City in the manner now or her eafter provide d by law for the pay-
ment of principal or interest on the bon ds of said City and fr om
the moneys co llected from the levy and co lle ction of the ad
va lore m asse ssments hereinbe for e provided.
16. Supplementa l Bond Remedy. - In the ev en t there shall not
be sufficient m oneys in the bon d interest and re demption fun d to
pay any bond or an y interest coupon issued in any Proceedings
hereto fore or hereafter unde rtaken, w hen it shall mature , and
ther e are not sufficien t funds available therefor in an y r eserve
fund created ther efor,,orin the oper ative fund of said facilities,
as a loan only and to be recovered from the pr oceeds of any special
ad valorem assessm ent levy there after available therefor, a nd in
any ev ent, from:the proaee¢s of,daliequ ent spec ia l ad valor em
assessm ents r ecovere d fros. th e redemption or sale of property
subjeot thereto, the Coun cil snail make the transfers a nd advan ces
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from available City fundt9 !t►d thA dpeaia l tax lev ies, in the
man ner an d with like farce and effect, all as prov ided in Section s
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sa a u
a ;A it
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24, 25, and 26 of the Refunding Assessment Bond Act of 1935, as
amended prior to and as the said Act was in effect on O ctober 1,
1939.
17. Transc ript. The Cle rk and Tre asu rer are he reby author-
ized and directed to prep are and furnish to the p urchasers of the
bon ds issued he reunder certified copies of all ordi nance s and
r esolution s of the Council rel ating to the Ente rp rise and to the
issuance of bonds and all other proceedings and reco rds of the
City showing the r ight, power and authority to issue said b onds
and to provide the secur ity therefor, and such certified copies
an d certificates shall be deemed r epresentations of the City as
to all fa cts stated there in.
18. Deliv ery of Bonds. The bon ds to be issued hereunder
shall be so ld and delivered as the Coun cil shall determine . The
Tre asurer shall deliver sa id bonds upon receipt of the pu rchase
pr ice and shall credit the pro ceeds to the special fund and
a ccoun t for pa yment of the co st of acquisition an d conatruoti on
of the facilities descr ibed in the procee din gs, but the pu rchaser s
shal l no t be r equ ired to see to the proper application thereo f.
19. Pr emiums and Accrued Interest. Any pre mium and accrue d
interest receive d from such sale shall be paid into the in te re st
and redemption fund a nd shall be u sed for the payment of the
principal of and interest on said bonds.
I hereby ce rtify that the fo rego ing resolution was du ly a nd
regularly adopted and passed by the City Council of the City of
Palo Alto, Ca lifornia , at a regular meeting ther eo f held on the
23rd day of Nov4xPber , 1959, by the following v ote: I
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AYES, and in favor thereof, Councilmen:
Bell, Evans, Giffin, Ha ight, Mar shall, Mitchell, Nevis , Por ter ,
NOEtocitguitters, Wo odward, Zweng.
N one.
ABSENT, Cou ncilmen: Bombes, 44,40.
N OT VOTING, Co tmc#lawns
bialtaap
Mayor
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