HomeMy WebLinkAboutRESO 40931.
•
WJML:KIJ:mf 1/ 8 55C
RESOLUTION NO. 4093
A RESOLUTION PROVIDING FOR ISSUANCE OF BONDS
AND DIRECTING THE LEVY OF ANNUAL ASSESSMENTS
TO PAY THE PRINCIPAL AND INTEREST THEREOF
ORIGINA4,
CITY OF PALO ALTO
UNIVERSITY AVENUE DISTRICT
CIVIC CENTER OFF-STREET PARKING PROJECT NO. 66-8
$975,000 BONDS of 1968
RESOLVED, by the Council of the City of Palo Alto, California,
that
WIEMIREAS, the City of Palo Alto, State of California, herein
called 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 empowered
to make and enforce all laws and regulations in respect to municipal
affairs, subject only to such restrictions and limitations as may
be provided in said Charter and said Constitution; and to exercise
any and all rights, powers and privileges heretofore or hereafter
established, granted and prescribed by any law of the State, said
Charter, or by any other lawful authority, which a municipal cor-
poration might or could exercise under said Constitution, including
all powers not in conflict with the provisions of said Charter now
or hereafter granted to General Law cities, and wherein it is
provided -that the enumeration Weald 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 -
4
ment, maintenance, operation, repair, addition, extension and
improvement of off-street automobile parking facilities for public
and private purposes and the issuance of bonds to pay the cost
thereof is a municipal affair; and
WHEREAS, Title 13 of the Palo Alto Municipal Code was
adopted pursuant to. the power and authority vested in said 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 XIII, as to which
full compliance has been had by the Council in the proceedings
leading up to the adoption of this resolution;
NOW, THEREFORE, IT IS HEREBY DETERMINED and ORDERED, as
follows:
1. Conditions Satisfied. All acts, conditions and things
required by the Constitution and laws of the State of California
and the Charter of said City and the Palo Alto Municipal Code to
be done, to happen and to be performed precedent to and in the
issuance of the bonds, have been done, have happened and have been
performed in regular and due form, time and manner as required by
law, and the Council is now authorized to issue bonds in the manner
and form as in this resolution provided.
2. Issuance of Bonds. Bonds shall be issued in accordance
with Section 13.16.150 of Chapter 13.16 of Title 13 of said Code
(Bond Plan G) for the purpose of paying a portion of the cost of
the acquisition, construction, completion, repair and financing
of the improvements, works and property described in the proceed-
ings had pursuant to Resolution of Intention No. 3896, adopted by
this Council on June 13, 1966, shall be in the total principal
amount of Nine Hundred Seventy-five Thousand Dollars (4975,000),
shall be designated "City of Palo Alto Civic Center Parking Bonds
of 1968, Series 66-8", shall be dated April 22,1968, shall be
negotiable in form and of the character known as "serial", and
at the option of the bond purchaser shall be either'975 in number,
numbered consecutively from 1 to 975, inclusive and of the denom-
ination of 41,000 each; or shall be 195 in number, numbered con-
secutively from 1 to 195, inclusive, and of the denomination of
45,000 each.
2
• •
Bidders for said bonds must indicate in the bid proposal
whether the denomination of bonds will be $1,000 or $5,000 as
provided herein. A bid which is silent as to number and denomina-
tion shall be conclusively presumed to be for bonds in the denomi-
nation of $5,000 ee.c,..
3. Maturities. The bonds shall mature serially in the order
of serial numbers and have maturity dates on July 2 in each of the
years and amounts, as follows:
Bond Numbers
(Both Inclusive)
'Denomination Principal Year of Cumulative
$1,000 $5,000 Amount Maturity Callable Bond Years
26
76
101
126
151
181
211
241
271
306
341
37611
451
491
5361
681 1
7361
851
911
25
50
100
125
150
180
210
240
270
340
410
450
4390
580
680
0
790
85o
910
75
1 5 $25,000 1969 Non -Callable 29.8600
6 - l0 25,000 1970 if
f' 84.7200
11 - 15 25,000 1971 If If
164. 00
16 - 20 25,000 1972 n ff 269.4400
21 - 25 25,000 1973 .f 399 .3000
26 - 30 25,000 1974 ff n n 554.1600
31 - 36 30,000 1975 769.992o
7 - 42 30,000 1976 f If 1015.8240
43 - 48 30,000 1977 II
0 1291.6560
49 - 54 30,000 1978 n 'f 1597.4880
55 - 61 35,000 1979 n if 1989.2920
62 - 68 35,000 1980 If
IS
2416.0960
69 - 75 35,000 1981 If If 2877.9000
76 - 82 35,000 1982 'f n 3374.7040
83 - 90 x+0,000 198/ n 3982..4800
91 98 40,000 1984 630.2560.
99 - 107 45,000 1985 ' n 5204.0040
108 - 116 45,000 1986 On or after 6222.75720
117 - 126 50,000 198 July 2, 1977 7182.
127 - 136 50,000 1 ff 8192.1920
1z -. 147 55,000
158 55,000 1989 n 9357.8
i48 - 1990 10578.560
n
159 - 170 60,000 1991 n 11 70.2400
171 - 182 60,000 1992 13421.9040
n
183 - 195 65,000 1993 15059.5400
• ..
4. Interest. The bonds shall bear interest at the rate of
not to exceed six percent (6%) per annum from their date until paid.
Said interest shall be payable on January 2, 1969 and semiannually
thereafter on the 2nd day of July and the 2nd day of January of each
year to the date of maturity. Attached to each said bond shall be
interest coupons payable at the times the respective interest pay-
ments thereon become due and for the amount thereof, as determined
from the accepted bid for the purchase of the bonds.
3
• •
Bidders for the purchase of the bonds must specify the rate
or rates of interest which the bonds shall bear. Bidders may bid
different rates of interest irrespective of the maturities of the
bonds, provided, that the spread from the lowest to the highest
rate shall not exceed two and one-half percent (2-1/2%) per annum.
The interest rates stated in the bid may be in multiples of any
fraction of one percent (1%). Bidders shall not be permitted to
cause the interest for a given period to be split and represented
by more than one coupon.
5. Callable Bonds. Bonds maturing by their terms on or
before July 2, 1985 shall not be subject to call prior to their
respective fixed dates of maturity. Bonds maturing on or after
July 2, 1986 shall, by their terms, be subject to call and redemption,
at the option of the City, as a whole or in part, in inverse numeri-
cal order on July 2, 1977, or on any interest date thereafter and
prior to their respective dates of maturity, at the principal amount
thereof and accrued interest thereon to the date of redemption, plus
a redemption premium equal to one-half of one percent (1/2 of 1%) of
such principal amount plus one -quarter of one percent (1/4 of 1*)
for each whole twelve (12) months, and for any remaining fraction of
a twelve (12) month period, from the date fixed for redemption to
the maturity date of said bonds; provided, however, that in no event
shall the premium paid on prior redemption of any bond exceed the
coupon rate applicable to said bond.
6. Notice of Call. In the event of call of any bond for
redemption, the City Treasurer (hereinafter called "Treasurer")
shall cause thirty (30) days prior notice thereof 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 San Francisco or in a financial paper published in New York. The
Treasurer shall mail such notice by registered mail thirty (30) days
prior thereto to the last -known holder or holders of any bearer bonds
4
s
i
so called, as shown by the records in his office. Notice of redemp-
tion of any registered bonds shall be given to the registered owners
by registered mail at least thirty (30) days prior to the date of
call. No interest shall accrue on said bonds called for redemption
or on any interest coupons thereon after the redemption date speci-
fied in said notice.
7. Form of Bonds and Coupons. The form of the bonds, and of
the interest coupons which shall be attached thereto at the time of
their issuance, and the form of endorsement on the bonds for registra-
tion shall be substantially as provided in Exhibit "A" hereto attached
and made a part hereof by this reference.
8. Interest After Maturity. If, upon presentation at maturity,
payment of the bonds herein authorized or of any interest coupons
thereof, is not made in full accordance with the terms hereof, the
bands or coupons, or both, shall continue to bear interest at the
rate stated in the bond until paid in full.
9. Where Bonds Payable. The principal and interest on the
bonds herein authorized shall be payable in lawful money of the United
States of America at the Bank of America N. T. & S. A., Main Office,
San Francisco, California, the Paying Agent and Registrar of the City,
or at the designated correspondent banks of said Paying Agent in
New York, New York, or Chicago, Illinois.
10. Execution of. Bonds and Coupons. The bonds herein author-
ized shall be executed on behalf of the City by the Mayor and by
the City Clerk (hereinafter called "Clerk") by their printed, engraved,
or lithographed signatures and countersigned by the manual signature
of the Treasurer, who shall affix thereto the corporate seal of the
City (which may be by its printed, engraved or lithographed facsimile
seal) and the interest coupons shall be executed and authenticated by
the printed, engraved or lithographed facsimile signature of the
Treasurer, who by such signatures shall ratify the execution of the
same.
11. Registration. Any bond is subject to registration either
5
• •
as to principal and interest or as to principal only, upon written
request of the bondholder and presentation of the bond to the
Registrar for registration.
(a) Principal and Interest. Upon presentation and request
for registration as tc principal and interest, the Registrar shall cut
off the coupons and destroy them. He shall maintain a book in which
he shall enter the numbers of all registered bonds and the names and
addresses of the owners of registered bonds. -Until such registration
is cancelled as herein provided, the interest and principal thereof
shall be payable only to the registered owner. There shall be provided
-on the back of each bond a suitable blank showing the name and address
of the registered owner, the date of registration -or transfer, the type
of registration and the signature of the Registrar;
(b) Principal Only. The bonds may be registered as to
principal only. .When bonds are registered as to principal only, a
notation shall be made to that effect 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 be paid only
to the registered owner upon presentation of such bond;
(c) De -registration. The registration of any unmatured
bond may be cancelled upon written request of the registered owner. -
Upon receipt of such request, the Registrar shall cancel the regis-
treat t nn lid . the_ -bond - registry book and_ on the back of the bond, cause
.:=all-unmature caupos- t-o,=be r printed__ rc re attachea to the -band; 0nd=
deliver the bond and attached coupons- tofthe owner. --until - tilers bond'
is re -registered, the principal thereof shall be payable to bearer,
and the interest shall again be paid upon surrender of proper coupons.
The cost of reprinting the coupons shall be paid by the person request-
ing de -registration; and
(d) Re -registration. De -registered bonds are subject to
re -registration in the same manner as previously unregistered bonds.
12. Proceeds of Bonds. There is hereby created a special fund
to be designated "City of Palo Alto Civic Center Parking Bonds of
1968, Series 66-8, Construction Fund", herein called "Construction.
Fund", which shall be maintained by the City Controller (herein
called "Controller")as a separate account, distinct from all other
funds of the City. The proceeds of the bonds, or any part thereof,
including the premium, if any, sold by the City, shall be deposited
in said Fund and shall be expended to pay the costs and expenses of
the acquisitions and improvements described in the proceedings and
expenses incidental thereto. Interest accrued on said bonds from
their date to the date of delivery shall be deposited in the Bond
Fund.
6
i •
Any unexpended bond proceeds remaining after the comple-
tion of the project shall be paid into the Bond Fund, or may be
used to pay the cost of additional acquisitions and improvements
for the District, and expenses incidental thereto, pursuant to
change and modification proceedings.
13. Bonds Not a Debt. The bonds and interest thereon shall
not be a debt of said City, nor a charge, lien or encumbrance,
legal or equitable, upon any property of the City or upon any
income or receipts or revenues of the City other than as in this
Resolution provided. Neither the City nor any of its officers is
to be held otherwise liable for the principal of or interest on
the bonds.
14. Equal Parity. All of the bonds shall be equally and
ratably secured without preference or priority by reason of num-
ber, date, division, date of sale or of execution or delivery, by
the moneys in the Bond Fund.
15. Parking Assessment District. The off-street parking
improvements described in the proceedings conducted pursuant to
said Resolution of Intention are to be provided on a site which
is now .bccupied by a total of 176 off-street motor vehicle park-
ing spaces, 97 of which were financed by an assessment district
(identified as the "University Avenue District Off -Street Parking
Project No. 52-14" conz,ummated pursuant to Resolution of Intention
1%. 2425, adopted April 13, 1953), and 79 of which were financed
by the City generally, and by the city library, also financed by
the City generally. In order to compensate said 52-14 assessment
district (which district has since been consolidated and merged
with the assessment district identified as "University Avenue
District Off -Street Parking Project No. 52-13", consummated pur-
suant to Resolution of Intention No. 2411, adopted )(arch 2, 1953,
which two assessment districts, together with certain additional
territories subsequently annexed, comprise, and which are
7
•
hereinafter referred to as, "the Parking Assessment District") for
the loss of said 97 spaces, the Council has determined to con-
tribute toward the cost of said improvements the cost and expenses
incidental thereto of 97 of the estimated 750 spaces to be pro-
vided in said proceedings, together with the cost and expenses
incidental thereto of sufficient spaces. to serve the City offices
and functions. The balance of the cost and expenses of said
contemplated improvements, to the extent of $1,500,000, being, in
the opinion of this Council, of more than local or ordinary public
benefit, have been made chargeable upon the Parking Assessment
District, which district said Council has declared to be the dis-
trict benefited by said improvements, and the exterior boundaries
of which are described and shown on the map identified as
"University Avenue District Civic.Center Off -Street Parking Project
No. 66-8", on file in the office of the City Clerk, which indicates
by a boundary line the extent of the territory included within the
Parking Assessment District and which shall govern for all details
as to the extent of said district, and which are more particularly
described as follows, to wit:
BEGINNING at the point of intersection of the center-
line of.Forest Avenue with a line which runs parallel with
and distant 25 feet southwesterly from the northeasterly
line of Alma Street; thence northwesterly along said'line
of Alta Street 1560.0 feet to a point 165 feet northwesterly
of the centerline of Lytton Avenue; thence northeasterly _
parallel with said line of Lytton Avenue 137.5 feet; thence
southeasterly at right angles 35.0 feet; thence north-
easterly at right angles 417.5 feet to the centerline of
Emerson Street; thence northwesterly along the centerline
of Emerson Street 75.0 feet; thence northeasterly at right
angles 142.5 feet;'. -thence northwesterly at right angles
50.0 feet; thence northeasterly at right angles 137.5 feet
to the centerline of Ramona Street; thence southeasterly
along the centerline of Ramona Street 100.0 feet; thence
northeasterly at right angles -280 feet to the centerline
of Bryant Street; thence northwesterly &long the center-
line of Bryant Street 75.0 feet; thence northeasterly at
right angles 380.0 feet; thence southeasterly at right
angles 12.5 feet; thence northeasterly at right angles
180.0 feet to the centerline of Waverley Street; thence
southeasterly along the centerline of Waverley Street 217.5
feet to the point of intersection thereof with the center-
line of Lytton Avenue; thence northeasterly along the
centerline of Lytton Avenue 965.0 feet; thence southeasterly
at right angles 155.0 feet thence northeasterly at right
8
angles 12.5 feet; thence southeasterly at right angles
175.0 feet; thence northeasterly at right angles 12.5
feet; thence southeasterly at right angles 137.5 feet
to the centerline of University Avenue; thence north-
easterly along the centerline of University Avenue 130.0
feet to the point of intersection thereof with the center-
line of Webster Street; thence southeasterly along the
centerline of Webster Street 187.5 feet; thence south-
westerly at right angles 180.0 feet; thence southeasterly
at right angles 101.0 feet; thence northeasterly at right
angles 50.0 feet; thence southeasterly at right angles
179.0 feet to the centerline of Hamiltdn Avenue; thence
southwesterly along the centerline of Hamilton Avenue
990.0 feet to the intersection thereof with the center-
line of Waverley Street; thence southwesterly along the
centerline of Waverley Street x+60.0 feet to the point
of intersection thereof with the centerline of Forest
Avenue; thence southwesterly along the centerline of
Forrest Avenue 1675.0 feet to the point of beginning and
being all of blocks 4, 5, 6, 11, 12, 13, 20, 21, 22, 29,
30 and portions of blocks 3, 14, 19 37 and 38, Univer-
sity Park, recorded February 27, 18b9 in Book D of Maps
at page 69, Records of Santa Clara County.
16. Non -Taxable Property Exemption. Said Council has declared
that all public streets, highways, lanes and alleys and other pub-
licly owned and otherwise non-taxable property within said Parking
Assessment District shall be omitted from the annual benefit or
ad valorem assessments hereafter to be made to pay principal and
interest on said bonds.
17. Specific Lien Assessments and Plan G. Bonds. Thirty-five
percent (35%) of that portion of the total cost of the parking
improvements to be financed by the Parking Aspessment District, or
$525,000, has been spread against properties benefited within the
Parking Assessment District in the form of specific lien assess-
ments pursuant to Sections 13.12.040 and 13.12.050 of Chapter 13.12
of -Title 13 of the Palo Alto Municipal Code, and serial bonds to
represent unpaid assessments will be issued in the manner provided
in Bond Plan B, Section 13.16.110 of Chapter 13.16 of Title 13 of
said Code, the last installment of which bonds shall mature not to
exceed nine' (9) years from the 2nd day of July next succeeding ten
months from their date.
Serial bonds to represent the balance of that portion
of the total cost of the parking improvements to be financed by
9
•
the Parking Assessment District which is not financed by specific
lien assessments, or $975,000, shall be issued pursuant to Bond
Plan G, Section 13.16.150 of Chapter 13.16 of Title 13 of said Code,
as herein provided.
18. Maintenance District. In Resolution No. 3929, A Resolu-
tion and Order Adopting Engineer's Report, Confirming the Assess-
ment, Ordering the Work and Acquisitions and Ordering the Formation
of the University Avenue District Off -Street Parking Maintenance
District, Civic Center Off -Street Parking Project No. 66-8, adopted
October 3, 1966, a parking maintenance district was formed for the
purpose of paying the costs and expenses of repairing, maintaining
and operating.public automobile parking places therein by the City,
the exterior boundaries of which are coterminous with the exterior
boundaries of the Parking Assessment District above described,
known as the "University Avenue District Off -Street Parking Main-
tenance District", pursuant to Section 13.12.050 of Chapter 13.12
of Title 13 of said Code.
19. City Obligation. The City has the power and it is the
duty of the City to levy annual assessments on all taxable lands
--and-improvements within the Parking Assessment District, of a
sufficient amount to pay the principal of and interest on any of
the bonds, which power and duty is hereby declared to be inexhaust-
ible in nature and unlimited as to rate or amount.
20. Contributions. The Council may annually, at or prior
to the time the levy of assessments is made, or. at such other
time as it shall determine, transfer -to the Bond Fund, from avail-
able funds, such amount or amounts as it shall determine.
21. Annual Budget.. The Controller shall annually cause
to be prepared a budget for the bonds herein authorised, which
shall include -the following:
The gross amount required to pay the principal
of a terest on said bonds which will become payable
before the proceeds of the next succeeding assessment levy
hereunder shall become available therefor.
10
(b) The balance available therefor at the end of the
fiscal year in the Bond Fund.
(c) The amount of contributions, if any, which the City
proposes to make to the Bond Fund for the fiscal year for
which an annual assessment is to be levied, which amount shall
be provided in the City budget for the fiscal year for which
an annual assessment is to be levied.
(d) The balance of the amount provided in subdivision (a).
22. Benefit Assessment. The amount provided in subdivision (d)
of Section 21, including adequate provision for anticipated delinquen-
cies, shall be raised by an annual assessment on all taxable lands
and improvements within the Parking Assessment District in the ratio
of the adjusted square footage of floor areas of commercial struc-
tures, together with ad valorem land assessments if necessary, all
determined as hereafter provided, until all of the bonds and the
interest to accrue thereon have been paid in full.
23. Determination of Gross Square Footage. On or before
July 1 of each year next succeeding the issuance of the bonds, the
City Assessor (or such other officer as may be hereafter designated
by the Council, herein referred to as "Assessor") shall determine.
from any records or other sources legally available to him the gross
number of square feet, based on exterior measurements, of the floor
area of each building or structure within the boundaries of the Park-
ing Assessment District, which is zoned and used for commercial pur-
poses. A complete list of said square footage figures, set opposite
the Assessor's. Parcel numbers to which they pertain, shall be trans-
mitted to the City Planning Officer, (herein called "Planning Officer").
Any references to square footage or adjusted square footage herein-
after mentioned shall be deemed to refer to.floor areas in buildings
zoned and used for commercial purposes as herein provided.
24. Determination of Credits. Immediately upon receipt of the
square footage figures from the Assessor, the Planning Officer shall
determine, for each parcel of land within the Parking Assessment
District, the number of off-street automobile parking spaces which
would be required to be provided under City ordinances generally
11
then in effect, and the number being provided by said parcel and
which would_be credited in satisfaction of said requirement if
said ordinances applied to said parcel. Said figures, together
with the gross square footage figures provided by the Assessor,
shall be transmitted to the City Engineer.
25. Preparation of Engineer's Report. Immediately upon receipt
of the foregoing data from the Assessor and the Planning Officer, the
City Engineer shall prepare a report containing the following data
as to each parcel within the Parking Assessment District in columna-
rized form:
(a) A description of each parcel of land in the Park-
ing Assessment District, by a legal description, Assessor's
parcel number or other description sufficient to identify
the same;
(b) The gross number of square feet of floor area in
any commercial building or structure on each parcel, as pro-
vided by the Assessor;
(c) The number of parking spaces required of each par-
cel, as provided by the Planning Officer;
(d) The number of off-street parking spaces provided
in satisfaction thereof, as provided by the Planning Officer;
(e) The ratio of (d) to (c);
(f) The amount of adjusted square footage in each commer-
cial building or structure, determined by reducing the gross
square footage set forth in (b) by the ratio set forth in (e),
and the total adjusted square footage in the Parking Assess-
ment District;
(g) The rate of assessment per adjusted square foot of
commercial building, determined by dividing the figure pro-
vided by the Controller under subdivision (d) of Section 21
by the total amount of adjusted square footage of commercial
buildings in the Parking Assessment District determined under
(f). The rate of assessment shall in no event exceed seven
cents ($.07) per adjusted square foot, as determined by the
Council and set forth in the Resolution of Intention. In
the event that the proceeds of an assessment levied at the
maximum rate in any year are insufficient to raise the amount
of money provided in subdivision (d) of Section 21, the
balance shall be raised by an additional assessment on all
taxable lands (exclusive of improvements within the Parking
Assessment District, in the ratio of their assessed valuation
as said valuation appears on the Assessor's roll for the
current fiscal year. The Engineer's Report for such year
shall include a column for such an ad valorem land assessment.
(h) The amount of the individual assessment against each
parcel of land in the Parking Assessment District, determined
12
• •
by multiplying the rate determined in (g) by the adjusted
square footage for each parcel determined in (f), and add-
ing the ad valorem land assessment, if any.
26. Successive Annual Reports. The original report and each
successive annual report shall be noticed for hearing before the
Council, and heard, amended, altered, modified, corrected and con-
firmed as provided in Section 13.16.150 of Chapter 13.16 of Title
13 of said Code.
27. Annual Assessment Levy. The total of each annual assess-
ment, determined as contained in said report as confirmed, shall
be levied and collected upon the last equalized secured and utility
tax rolls upon which general City taxes are collected. It shall be
in addition to all other taxes levied for general City purposes,
and shall be levied, computed, entered and collected together with,
and not separate from, general City taxes, and enforced in the same
manner and by the same persons and at the same time, and with the
same penalties and interest, as are other taxes for City purposes,
and all laws applicable to the levy, collection and enforcement of
taxes for City purposes are hereby made applicable to said special
assessment levy, and the assessed real property, if sold for taxes,
shall be subject to redemption 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. -
28. Supplemental Bond Remedy. In the event of a delinquency
in the payment of any installment of the assessment levied upon any
benefited properties for the payment of the principal and interest
of said bonds, there isa mandatory duty on the part of the City to
advance an amount equal to the amount of such delinquency, from
available funds of the City, to the Bond Fund, and in the event
such funds are not available, to levy a tax therefor up to ten
cents (10¢x) on the one hundred dollars ($100) of assessed valuation
of all taxable property in the city to provide such funds, which
duty is continuing, annual and mandatory.
13
29. Bond Fund. There is hereby created a special fund desig-
nated "City of Palo Alto Bond Plan G Series No. 66-8 Interest and
Redemption Fund", herein called "Bond Fund", which shall be main-
tained by the Controller as a separate account, distinct from all
other funds of the City from which the principal of and interest on
all of the bonds shall be paid.
(a) Forthwith upon receipt of the proceeds of the bonds,
the Treasurer shall pay therefrom to the Bond Fund any funds received
on account of interest accrued on said bonds from their date to the
date of their delivery.
(b) Any amounts determined to be appropriated and contri-
buted by the City to the payment of principal and interest on the
bonds shall be deposited in the Bond Fund.
(c) The proceeds of any special assessments levied pur-
suant to Sections 21 to 27 inclusive, hereof shall be deposited in
the Bond Fund.
(d) Any amounts required to be advanced pursuant to
Section 28 shall also be deposited in the Bond Fund.
All moneys in the Fund shall be used and withdrawn solely for
the purpose of paying the principal of and interest on the bonds as
the same shall become due and payable.
30. Trust Fund. All moneys contributed to.the payment of the
bonds and the interest thereon, all annual assessments levied there-
for, and all amounts advanced pursuant to Section 28, as herein pro-
vided, shall be deposited in the Bond Fund, shall constitute a trust
fund therefor, and shall not be expended for any other purpose; pro-
vided, that if any moneys shall remain in the Bond Fund after the
payment of all of the bonds and the interest thereon, they shall be
transferred to the Maintenance Fund of the University Avenue District
Off -Street Parking Maintenance District, and be used for the objects
and purposes thereof.
31. Refunding. If, prior to the payment of the bonds it shall
be found desirable to refund the bonds under the provisions of any
law then available, said bonds or any part thereof may be refunded
with the consent of the holders thereof and the refunding obligations
so issued shall enjoy complete equality of lien with the portion of
lit
the bonds which is not refunded, if any there be, and the refund-
ing obligations shall continue to enjoy whatever priority of lien
over subsequent issues which may have been enjoyed by the bonds
refunded; provided, however, that if only a portion of the outstand-
ing bonds is so refunded and if such bonds are refunded in such
manner that the interest rate thereof is increased or that any of
the refunding obligations mature at a date earlier than the maturity
date of any of the bonds not refunded, then such bonds may not be
refunded without the consent of the holders of the unrefunded por-
tion of said bonds.
32. Printin4 and Execution. The Clerk is directed to cause
said bonds to be lithographed, printed or engraved, according to
the provisions hereof and the bid of the successful bidder, and to
procure their execution by the proper officers and to deliver them
when so executed to the Treasurer who shall safely keep the same
until delivery to the purchaser or purchasers thereof, on receipt
of the purchase price. Said Mayor, Treasurer and Clerk are further
authorized and directed to make, execute and deliver to the purchaser
or purchasers of said bonds a signature and no -litigation certificate
in the form usually required by purchasers of municipal bonds
generally, certifying to the genuineness and due execution of said
bonds and further certifying to all facts within their knowledge
relative to any litigation which may or might affect said City, the
Parking Assessment District, said officers or said bonds, and said
Treasurer is further authorized and directed to make, execute and
deliver to the purchaser of said bonds a Treasurer's receipt in the
form usually required by purchasers of municipal bonds, which receipt
shall be conclusive evidence that said purchase price
and has been received by said City. Any purchaser or
taker or holder of said bonds is hereby authorized to
shall be justified in relying upon any such signature
tion certificate and Treasurer's receipt with respect
executed pursuant to the authority of this Resolution.
has been paid
subsequent
rely upon and
and no-litiga-
to said bonds
15
EXHIBIT "A"
UNITED STATES OF AMERICA
STATE'OF CALIFORNIA
CITY OF PALO ALTO
CIVIC CENTER PARKING BOND OF 1968
SERIES 66-8
No.
$ ,000.04
KNOW ALL MEN BY THESE PRESENTS, that the City of Palo Alto
(a municipal corporation operating under a Freeholders' .Charter),
State of California, for value received, will pay to bearer, from
the City of Palo Alto Bond Plan G Series No. 66-8 Interest and
Redemption Fund, herein called Bond Fund, of said City, on the 2nd
day of July,' 19 , the sum of THOUSAND DOLLARS
($ ,000.00) in Tawful money of the Qnited States, with interest
thereon from date, as evidenced by interest coupons attached here-
to at the tipe of issuance. Said interest is payable January 2,
1969, and aeMiannually thereafter on the 2nd day of July and the
'2nd day of January, in each year, all as more particularly set
forth in the' resolution providing for the issuance hereof.
Both principal and interest are payable in lawful money of
the United States of America at the Bank of America H.T. & S.A.,
Main Office, San Francisco, California, the Paying Agent and
Registrar of the City, or at the designated correspondent banks of
said Paying Agent in New York, New York, or Chicago, Illinois.
.The holder of this bond has all the rights of a holder of a
negotiable instrument payable to bearer.
If, upon presentation at maturity, payment of this bond or
any interest coupon thereof, or both, is not made in full.accord-
ance with the terms of the resolution providing for the issuance
hereof, said bond or coupon, or both shall continue to bear
interest at the rate stated herein until paid in full.
Bonds maturing by their terms on or before July 2, 1985,
are not subject to call prior to their respective fixed dates of
maturity. Bonds maturing on or after July 2, 1986, are subject
to call and redemption at the option of the City, as a whole Or
in part, in inverse numerical order on July 2, 1977, or on any
interest date thereafter and prior to their respective dates of
maturity at the principal amount thereof and accrued interest
thereon to the date of redemption, plus a redemption premium
equal to one-half of one percent (1/2 of 1) of such principal
amount plus one- rter of one percent (1/4 of i%) for each
whole twelve (122 months, and for any remaining fraction of a
twelve (12) wont period, from the date fixed for redemption to
the maturity date of the -bonds; provided, however, that in no
event does the premium paid on . prior redemption exceed the cou-
pon rate applicable hereto.
The City Treasurer shall -cause thirty (30) days prior
notice of redemption to be given by nail, and in addition shall
publish such notice once at least thirty (30) days prior to the
day of call`in a financial paperpublished in;3an Francisco or
in a financi,aal paper published in New York. The City Treasurer
shall mail uch notice byregistered mail thirty (30) days prior
thereto to the last -known holder or holders of any bearer bonds
socalled, es shown by the records in his office. Notice of
redemption 4f any registered bonds shall be given to the regis-
tered owners by registered mail at leant thirty (30) days prior
•
to the day of call. No interest shall accrue on said bonds called
for redemption or on any interest coupons thereon after the redemp-
tion date specified in said notice.
This bond is one of an issue in the total principal amount of
$975,000, all of like date and tenor except as to number, maturity,
and prior redemption (and interest rate), all issued by the City for
the purpose of providing money to finance the acquisition and con-
struction of off-street parking facilities within a parking assess-
ment district in the University Avenue area in said City, all as set
forth and described in Resolution No. , adopted March 11,
1968, by the Council of the City of Palo AD o, providing for the
issuance hereof, to which reference is hereby made for the obliga-
tions, duties, rights and privileges hereby created, and as authorized
by and in strict accordance with the Freeholders' Charter of said City,
and the Palo Alto Municipal Code, and particularly Section 13.16.150
of Chapter 13.16 of Title 13 thereof.
This bond is payable exclusively from the Bond Fund established
in said resolution, as said fund appears upon the books of said City.
Neither the City nor any of its officers are otherwise liable for the
principal and interest hereof.
There is a mandatory duty on the Council to levy and collect
a special assessment upon all taxable land and improvements within
said parking assessment district of said City, in an amount. clearly
sufficient to pay the principal of and interest on this bond as the
same shall become payable, until all said principal and interest are
paid in full, and to deposit the proceeds thereof in said Bond Fund.
- Annually, at any time prior to the time the levy is made, or.
at such other time as it shall determine, the Council is authorized
to transfer to said Bond Fund, from available funds, such amount or
amounts as it shall determine.
In the event of a delinquency in the payment of any install-
ment of the assessment levied upon any benefited properties for the
payment of the principal and interest of said bonds, there is a
mandatory duty on the part of the City to transfer an amount equal
to the amount of such delinquency, with penalties and costs, from
available funds of ,said City, to said Bond Fund, and in the event
such funds are not available, to levy a tax.therefor, up to ten
cents (100) on the one hundred dollars ($100) of assessed valuation
of all .taxable property in said City, which duty is a continuing,
annual, mandatory duty on the part of the Council during the entire
life of the'bond issue, if assessments against the benefited real
properties continue to be in default.
This bond may be registered, de -registered and re -registered
in the manner provided in the resolution providing for the issuance
hereof. If registered as to principal and interest, the principal
hereof and interest hereon shall be payable only to such registered
owner. If registered as to principal only, the principal hereof
shall be payable only to such registered owner.
IT I3 HEREBY CERTIFIED MW RECITED that all acts, conditions
and things required by the Constitution and laws of the State of
California and the Charter and ordinances of said City, to be done,
to happen and to be performed, precedent to and in the issuance of
this bond, have been done, have happened and have been performed in
regular and due fora, tine and manner as required by law, and this
bond is made conclusive evidence thereof.
ii
•l . •
•
IN WITNESS WHEREOF, the City of Palo Alto, by its Council,
has caused this bond to be executed on' its behalf by the Mayor and
City Clerk of said City by their printed, lithographed or engraved
signatures hereon, and countersigned by the manual signature of the
City Treasurer, who has affixed hereto the corporate seal of the
City, and has caused the interest coupons to be executed and authen-
ticated by the facsimile signature of the City Treasurer, all as of
April 22, 1968.
Mayor
City Clerk
COUNTERSIGNED:
City /Treasurer
INTEREST COUPON FORM
No.
On the 2nd day of July (January), 19 , the City of
Palo Alto will pay to bearer (unless -'bond is regis-
tered as to principal and interest) at the Bank of
America N.T. & S. A., Main Office, San Francisco,
California, or at its correspondent banks in New York,
New York,or Chicago Illinois, the sum of
Dollars ($ ) for interest, subject to any
prior redemption right reserved, then due on its
Civic Center Parking Bonds of 1968, Series 66-8,
dated April 22, 1
Bond No.
Zity Treasurer
1 •
REGISTRATION FORM
This bond is registered in the name of the registered
owner whose name and address appear last in the space below,
as to principal only or as to principal and interest, as
noted below, and the principal only or both the principal
of and interest on this bond are payable accordingly to -
such. registered owner.
NOTE: Thire must be no writing in the space below except
by.the Registrar.
Name of Address of Signature
Date of Type of Registered Registered of
Registry Registration* Owner Owner Registrar
Principal only
end Interest
Principal only
and Interest
Principal only
and Interest
' = Princ.paf only
and Interest
* DI the event registration is as to principal only,
- s!}rike the words "and interest"; if as to principal
aiid interest, strike the word "only".
* * * * * *
iv
I hereby certify that the foregoing is a full, true and
correct copy of a resolution duly passed and adopted by the Council
AYES, and in favor thereof, Councilmen:Arnold, Berwald, Clark,
Dias, Gallagher, Pearson, Spaeth, Wheatley