HomeMy WebLinkAboutORD 116ORD 116
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EDN'.ESS ·.FOE !:;'.]:. CITY OF P PJ.,O M./!O,. !N TE.'E CO!.DrT"l/ OF S.>Jx"TJ.
t~~~A11 • ,ST·ATE. OF C.Ar..IFOEJU~.K.f IN TEY. SUM O? :FOR':Y TliOtTSA!::D DOL•
ISSUANCE CF BONDS EV!D?,NC!NG SUCE INDEBT-
E!>NZSS ...
W?~, at the tipecial bond ~leetio:n in the ci;y
:of Pa.10: Al to: on Ua.:ro:b · 19't~·: i 91 ;;·.. under Crd.i·c.anc 12' No. I//-~·/ of.
~aid. C:;lty, a.u:hori;ty •ae given to issue bo'nds ·of .said Cit.y in
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··the 9"..tm ocr,· · f"o:rty ~housand {$.4-0 ~.ooo ... O(}) dol lare. ' f o: the a~ . j
.Q.·uie.i.tion.11' conetl:uetio·n .and completion or water mains, fi:~-e
:hydraiit:z :~r:ld euers to be l~id upon oll o! the unimproved
etr·ee~~ ·and a.ve;nu..es. o.f the Ci t.y of P·alo .rl;l to: a.nd it 1s dee1r-
. e-d· to ·andertake a:e.i.d. ""'ork without del . .ay ,.·
POLLCWS:
That. bonds. of tht! City o!' Palo Al tc do
!:or~b\Yfth ·isaue in the p:-i:nci~al swn of forty thoutta.nd dol
iare, ($40~000 ... 0Q..), for t:~~(~ acq\;.isi ti on. ecnatruction and ;eo:e-
pl~:ti~n o.f .w~~;e·r: ~eir..a, !ire l'.t,j·dra.nts s.nd sewertJ to be laid
~pon e.11 .. or.· .. tl:ie. u.n!17'PX"°.';'Ved streets and a.vl!ni.1es of tht'I" Cit-y
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·or''.p·sJ.o Altc~
Efveey year a.t the City ':'re&sury of
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ii:::t,ere&1; on cul. s~ ·1.u:>pe.:!.d st ::iai<:i date, provid.ed th.a~ t.hc
!r;ie-:-e8't ·on .~aid 'bonds >!I.hall 'oe paid ee ~·.i -&J:.nually, eo t~t
t.he1 ... ·~ $b~:'.1 bE a pa.ym.-e?J.t o'! .1'.nte rest. on all s~s th~n unpaid.
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in· e.3.~'. .s.;id. ev~r-:r half ye-ar; one of such se:!d -annual pa.yrr.en·te
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1·7 .e&cli y.ear ce i ng on tl:;e s econ.d day o:· J12ly , and the o:her
--' of .such ~aym eu~~ -:eint) on ~() &eco n~ day o:' J~u.c.r:y ; and e~tid
intere$~ e~l l be evi ci enced ty prope r co~pone a ~tached to each
Se.ic · bonc!t.' eha ::.. l be d~ted. t he ~eco~d.. day o~ Ju '!y,
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v!l t he .sec on<i cie.y o f J·..ily . 19----~-!.he Ci -:.y of P alo
A";. tc·, a m~oi cip:'.L1 co rpora ~i o:-i , i:'lco:rpo.rated under til<' ~s.wa o:f
' the S~te of Cal i!or~ia# ~or ~alue rec~ived , hereby p rom.1sea
to ps.y 't'?l~. ~eare:-a.t t r~e City Zreesu.ry c: es.id. Ci t.y, in t he
c :i ty of ?Eilc Alto , 1;0".J.."l tY of Santa C1~r&., Suite of California,
the su:ti o'!' one tnouaa nd dolla:-s . ($1000.00 ),. in gol<i coi?:l of
t~e ·uni~ed Statee o~ A:nericA , with interest t~ereon ln ·li~e
gold co~~ fro~ the da ~e he r~of a t ~~e rate of ~iv e ~~~ ce n t~m
se~ta~io~ an~ a urr er.de~ of ~he proper interest coupons hereto
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Thie bori.d is one ~f e. eeriea of bonds o·f like date,
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t~nor ~rid· ·ef·t eet, :but~ mat.11.:'ing., s~ria.lly, ies~.led by, tne: Ci t.y
of :i?alo ·Alto }tor t.h-e pi.U"pose of acq:uirirl& eeirtai!'l public· :t1Ut'l
.i_c.1:paJ.;;1,.mprovemerits in. end for 5a.id Ci :y ~ aD<i is issued U:..'ld~r
-add in. ~urs':.lemce to-· ~nd in conformity 111 th Ordinances
of said City; a.nd t.he l.nwa. o!: the State of Cali!orn1a. ..
A.."ld 1 t. l$ hereby ce::t:1.f1ed., asserted.. and declar.i::?d
t:J::tat this bond l~ issued in pursu.an_ce <::f and 1.n couform:ity
w1 th the cone4:.itut.1o:n &.n.d la..wa ot. -:he State of Cali!ornia and
a.nd in con!o:rm.it;r w.itll:. a vote o.f ::norc than two ... t.J:"drd.s o! all
;the qualit"iec e.lectors vot.·1ne, at a special eleetio:o C.'!J.ly a."'ld
. reg.alarly cal.led and b.eid in ;:,ei.d City on the 19th day o!
''M:a.reh, 19r5, no~ice thereo1" ha.v.bi,g cee.c duly and regularly
g:~·v_eP,: ~,e.d publi~hetl.__ in the m~tin'l:!'!" an.d. !or 'the :period requir}ed
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It i~f further certified and. declared that all of
·of t.b.e State of California. and 0£ ·th~ ord.ina!l.ces of said City
.o:f :Palo A.A.to ha.·1e bee:a. ·duly and regi.lla.rly and i:.llly comI=:lied
w! t~{ by the pr·oper o!fic-ers of said .c·i ty and in the iasu.e.!'l.ce
. of thi.s: bond ,.and t..1lat. all' ~cts'-and conditions and thin .. ge re-
4ui:-~d.· by .l&w to be done precedent to and ir~ the iss:'IJ.S.nc.c~ of·
ea.id 'bond.a have 'been done and ~ve be·en performed. in regular
.and. <:.ue f o-rrr.:. and .in: s-t.rict· accordance with ~he provisions o·f
·-ehe law auT.h.¢·.t:izing said 1?ot1ds: anc .. '::,hat. the tot.al ineebtecnese
de;r::ped_·~_by this issue or ·oonds, d.oet) not, exeeed the li!fl.it pre
scrf'ti~~;bf 'the coneti~' ... 1tior, and law.fl o! t:he Sta.t.e o! Cali!or-
This 'b(l,~d c.,easea to bear interest ur .. lees preeent~C. at. :r~-;uri ty.
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the said. City o! Pal-o Al to has
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·eau,sed thta· oori.d to be eig!led. by th~ ~a.yor a!ld ':':es.sure: of
aaid City> and to be .countersig~ed. 'by it.a.· City Cle::-k,. and has
c"ausehi the Ci'-tY Clerk to affix therato the coi~orat~ seal o!
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3.~id Ci.ty of 1-alo iltO:.;. t.b.{a.·2nd day of July. 1915.
:L:~yo~ ~t· the City of Pilo Al to
Ci'tY,-Cier~df t.he City of P~o Al.To
.. The ·:in.t~rest. coupo:1s attac.h*d to said forty bond:s
and ei1dencins the intex:eet to accr~e thereon sl'lall. b~ number-
·form~ : to !Vit: ~e coup¢:ns of eac!'l. 'bond t.o be 'f~r the eum o!
t.;,er.tty-fi ve do,llare.
Coupo;i No .. __ .Bond :~c>' .. ----
On thP. sec.ond day of. --------'
C.i ty o! Pe.lo .. U·to -w:il l pay tht? bearer hereof a. t the City
Tree.sur:.r. of sa.i d C'i ty in :mid City of ·pa.to .. ~..i-;o. Cou.rity of
·Ani! it ie further ordered t..ha.t the Mayor ot sald.
ia her.eby
su:~horized :to sig::i. each and every one o!' ea.id bond.a a.e the
execut.fve of sa.id ctty as aforesaid, a.mi t...~a.t the Treaew,:~r
·a.ad. e'l'!ecy one of s.a:ld 'bon.ds of said City, and -:..hat the City
Cler:i(. ot· said City '04!, and he is hereby ~uthorized t.·o cou!l-
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te:reign es.oh s.~d every o:o.c of said bonds .o! ea.i<! City. nnO.
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~ean:•~=~'~.,..,.~~>imim•4•11 =~; .... •1111••llllllllllllJ!llll ... .,.•a:c&S(lll11111111~.., .... t•.-,.ll!llllllllllllB .. llJlllllllll .... llllilll!Rl&•.8'1i•!•tEl:S£LtllllM!RLllllllJl!l&•&•t•z•z•t .. l& .. Bl .... lll .. IB .... &lilli•Z .... ll .............. l 22&&
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b.e·· S'ha:il: affix· ther·eto the corporate 3eu o! e.aid Cit.y to each
and. ev:ery. one .or aai.d bon~e. a11d th.et.· a.aid ·sis:nin~ and ee&lin.g
ehall ·co::l.eti t~~.te. a.nd be ~. tJu.f~icient and 't:·ind.ing execution. o'f ·
each ;.).Uti: i!'9'.:e-.ry one of ea.id bonds by and. ia behalf Of' said
or printed
City> a:Ui th.at thex·e-ahe.ll be 11 thograpb.ed~, u.pon eac!l .and every
one. a:· t.he. couponc attached to .each of oa!d boncts,. a li tho ....
· . or .: ;prin.te-d.
gra,phed·;.!.:C. si~.ile signature of said. Zrea.G'!J.rietr of s&id City•
. '·. .· or printed .
and :~id fat: Simi le li ~hographe-d AS'i~....,at~:re Of aai.:l 'Xrea.eu.rer
s.ttacae·d~tt .. ea.eh o!eaid coupons·shell eons:itute iuld be ·a
sufficient ~d ·oinding executio'!l of each and evecy one of said
co,~:µons oy )'ai:C. City.·
SJ.tc:_.r.~~. Sai:.d 'b-ond.ei ·f:UJ:y 1'e !lOl<i by said Council o!
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the City· o:C Palo Al to-a.t no:. less th.an their par value, . at
·iid t'ner priv:ate or public &a.le and without further notice. Tbe
prr.teeed.s o! t.he sale of said. bonds or any of them shall b-e
pl&.effd in the Treasur; eif aai d City to the credi ~ of the !und
for· wb.i ch ~hey •ere .au t.ho:ri ::ed ..
:?ec, _3.. . And it ia :·:;.rt.her ord.a.inf!d . .and ordered. ·
that 1ihf!re $h~ll be levied ar.d coll·ected f.!ach and. every year
"lpon ·all pl-O¥erty ;zrci~j e--ot to ta:x.a:tion i!l said. City a tax suf ...
fioierit to ~.;ay all of the int.ereet on s:..cl:l 'bon.d'!d ind~fotednes~
. S.e said ir"terest fa.ll3 d.ue" and a. .su..fficien t. atl:lount alflo to
i "" t , ., "I .,jC• .......... i i. 'I d i ' ,.. i .... c :~n ... · o pe.y. t.ne wno.i..e O.i. .. .ne pr :nc !'8...4 an nt.eres t O.t. sa. o.
.. inde'btear.'letH! at. the m.atu.ri ty thereof, .ar"d thf.} said Cour1cil of:
the ~it.y ·of Pa.lo Alto he:eby :makes ,prc-viaio~ :·~x-the leV"J
and collec:t;:f'.on ot $.aid t.a.xee ... and for the leV"'J' .and coll~e-
tion of al.l eum!3: tllat eh.all 'be or m.ay be neceeaa.ry to -pay
in :\.;.ll. a.ll ";.he inter'!'at .a,6.(i ~.;rinci!=fal cf siaid bond.ed indebt
. edness as. t.he same ehall fall due, a.nd hereupon contr:lc.ts and
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a:ig:r·~es,. re·;preaen.'.ts a..1d promises t~'tt 6uch levy shall be o.ade .
. as a.!oresald in case the said bonds ahall be issued as afore-
te:..r e..z this Council has the power now to ,mak(l:
· '::..t-ier ordains tlis.~ therie t5hall be a.ad i$ hereby ,:rovid.ed a
·ainkins:.'=tund to be kept 03 th.e Treasurer o! a.aid. City, to be
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de;s.iia.ated aa the '1111 Sinki·n'& 'Fund for the ?ayme.nt cf •wa.ter
aric .$ 1.,e:· · w e r :Bonde · o:f 1915,. '" o.:ed that the p:-oc·eeds o! the
·1:ev;y s.b.o;,,e m.en tioned eh.r:t.ll 'be paid intl9 sa.1 \1 sinking fund as.
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·~:rincipal "a.u:d int·eree-t to be n.a.de upon said bonds, a."'ld. that
·wher1 the ·r.eu:pective pay:ient~ of t.he :>rincipsl b..nd inte:t'f:1);
o·{ sa.:i .. <1 bond.e shall !ell c:ue :.he !re&.surer of said. City 'be,
and he· is he:-~by a.utho.rized aa,d commanded to psy out of. the
·thereof when de:.z:and shall 'bt! made ther~for as by la~ r-equ.i·r-
, cou.pom to said Treasui .. trr,, the d'.l ty of said. Treasurer shall be
't.O: .oiit..ncel said bond~ and coupon.a s.2 paid i:mmed.1J.~:tely s.f ter
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. th:ei:f,:,.P~eni:. ..
And. .it is fu.rt..ber ordained, contracted., represented,
:pr.omised and a,&"'l"'eed that none o:f' -;he ~oneys :paid into ea.id.
_.einkin,g::, ttinc.t ah.all oe used. f.,r sny o tiler pur:Pose than the pay-·
: ~en,t·· ot the ':p-rinci:pal o!" e.nid ind.ebted::.eas and the interest
t..her'!:o:.;_: Tintii the whol.e ~oant o'!' said indebtedness and in-
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t.eres:t' shal.l bave be'!!l ;:"'~.lly .. paid, e.nd that ea.ch a.no. every
one· o.! t.ne 'c-ondi tion.e a.nd :provi$iona s-tated and provid~d in
rela~io?l "':O the·, said bonds by said ox·dina.nce calling ea.id
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.. ui: 'bonde o.f sa.1d· City herein pro"V"ided to
~Je issued, shall b~ar the date here:tnbefore provided. &."ld
· . eh.all be executed and 'be :t1e&.dy !or C.eli very to t:be p-:J..rcha~er
on· paymerr:.: o! purchase pric.e~ an.d a'hall be lithographed or·
print:eo. Gn ~ond 1 paper ~o e.a.lled; and· •hen p::operly execute·d,
e.1,tS.:rted· :·~.at;l. eea.l.e(J, .~l .be deliver~~~ to the City Tre"'surer
a.nd; a.' ~~e.ip:t 'theref'o.r execu:ted 'by hiJIJ to the X:ayor of .tbf!'
C:tty o:r': Palo Alto ,~and City Clerk, reci t1ni the ?lu=be:r of
e&cll, bond. S.nd that the ~U'f.me are to b~ del1 Tered to the order
o!.th.ie Ccu.ncil of. the City of Palo Alto,. approved by~ May-
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or, a:o.d. aai<:l C1ty Treasurer shall be b~ld l"i?Spo~a ;.bl~ O:! hie
o!tf e.ia.l bond for ·~ht!-safe cnetody a.nc1 delive.ry t'!lereo:f, as
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·~~. Thi.s ·ordinance shall 'be poated. by the City
Clerk oil· ::i~e ·oulletin bo·a.x-d in the City .Hall, and shall take
\tf!ec·t. and be .in fore.e from and a.fter its passage ..
Thi'e. or:dinance 11as introduced. at an adjcurn~d :re
gUlu: meeting ot. t.he Council 'held on tbe 22nd d.ay of U.arch~
191.", 6.nd. w-a~ du.ly pas.tH!d tt.l'lll ad.opte_d aa a.a. ordinance of th~
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· ·. . Ci,ty Cl~·rk.. . · ·.
. . : . ..·... I. hereby certi:fY ·~h&;t the
~~:~: :ifas:· d~ly :p.a.ssed a.nd pt,,sted as
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above and foregoi.ng: ordi .....
s e't forth a'bove.
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