HomeMy WebLinkAboutORD 153.,
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Ji'H Oa.DI!f ANC:E PROVIDING· FOR THE I?lCURRIMG 011~ A BONICED I?rn:a:BT
.~S.: FOR 1rEE CITY 0-P' PALO KtT"'Jt lN THE C.(;1mr;ry OF; SJJITA
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CLAP.A. STAT:E OF CALIFOJ:UHA, nr .'TEE SUM OF ~);~ Ti!OtJS.Alrn
DOLLARS, . IN'. GOLD COIN Qlt THE: UNITED ST ATES O:F J,MEF.IC.A.. T 1:) .
"PAX THE COS'.r OF CERTAil~ PUllt!C ~i:m'ICIPAL IllrPROV.E:JIN:rS O'F
. SAID CITY J.J~ PROVIDIN·1~ FOR TH! IS~JA'NCE Oll1 :BONDS EVI:ODGIN'G
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·subli · INDEDT::mnss.
WJ!t!RE.A.s, s..t the s·pec:L~ bo::ld elect.ion held in ·t.he
Ci:ty or. pru_;o · A.l'to on :ifa.y 14th.~ 1917., 'Z."ld e: Ordina.nc e lie. 151 ·
o:t &3.id Ci t~1 • a.uthori t:r was gi v m t.o iea:i;e !)onds ot ea.id
C.i ty in t.he sum. of aev;t.m ty t!"...o-u.as.."ld. dollar~1 !or the aequ:Lsi-·
ti on by p·ur·:ha.s e o! t,h~ property a.nd rightat o!' the· Palo Al to
Gae C:o.:np:&ny, a p~blic .~1tility corporation, both within &l·d
.without· the City of Pa.~~o Alto~ together with certain 'bet1~e:r-
. men ts incident. the :rct«> ;;
· .§.:~e .. 1· Tba.t bo?:ds of the City ef Pa.lo Alto do
· ~ort.bw! th i1asue in the. principal sum of ee,re!1t.y thousa~d
.dollars (t7•=-, o~:Jo. 00) f,Qr t.h..e s.equisi ti on by pure~se. of 1~e
property a.ri1~ rig:lts o! the ?e-lo Alto Gas Company, a. :public
ta.. Sa.id 1o.onda ehall 'oe known a.a "Pa.lo Alto ?!i.:nicipal Cias
Bonda,. and :~hall be iss 1;.ieC. i:i two series to 'be known .and de-
eig:la.ted. as Series No .. : l and Seri es No. 2. Seri es ~o. JL
shall eonsi:at o:f 4-0 bo:!\ds or the de?l.O::linati on o! one thou-
.8and dollar1a e.aeh, and Seri ea No. 2 shall c:ons is t of 40 honda
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ORD 153
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One of aia.id bonds of Series No. l shall 'r> ~ payn·ble ~ac:h an~i
. every Y~lr at the city tre.uii.ry of &aid. City, i!l Uni t1H.1 St1-.tee
,. Gold· Coi:zl, on the f:i. :"3t e..a:1 ·:of Jt1n.e bl each yea.r f'rom
1918 to 1958 incl"'Jsi.ve,: t.oe;ether with ic.1~ereet on all sums
unpaid a.i~ ea.id date·: and .one of es.id boncts c~r Series 'N'o .. 2
ab.all be .Pev~abie each an ct eve zy year e. t 1~he ei t;r t·rea.a'!.l.ry (>f\
$aid City. in United: Sta.t4!1s Gold Coin, on the firet ds,y of
.June
.t;he intex·eet on said. 'bor.ds of 'bot...~ aerhui eh.e.ll be pai:! St'It~i
a.nnually 'so th.at thE:re shall 'be a payment. of .interest on aJ~l
. ewn$ 'tlle:i~ un;ia.i d in ea.ch a:"Hi every half year; one o! such
a:emi-an.ntiLal 'payments in ea.·:ili yee.r being ·o·n tJ:l.e ~i rst ~:?..J· o1~
June ; a."ld said :lnterest shall be t:rvidea.ced 'by
in.g att,ac::b.ed to ee.cb bond o! aaid aeries for ea.c:h .sEmi
a.nnual paljl'ment ot' tbe inte:oest to be·co::ne due 'th•,reon.
1917
tc wit:
No. ---
Ss.id bond.a sr...a.11 be dated the fi :re1~ cln.y of J\~::-: ~
cid shall be substantially in the ~~ollowing tom,
Seri e:a ?;o.. l
OtL the first dey tif June
$lOOIJ.OO
, 1918. the City of
lays of t.he State. of Cali.forr.da., for vahie rE~eeived, hereby
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. in t.h.t:t. CitY .. of Palo Al to, County or Sant.a ·Clara. St.ate of
California, the S'lll'A of. or.e thousand dollar.a ($1000.00), in
gold coin o! the Uniteci Sta;t.ea of An:.erlca,. '11f"i t..\i interest
thereon in like gold ci,in from the date· xurreof at the rate
and
r~d.er o'! t:ne proper i1~1t ere at coupons .beret•:> attached ..
T:nis ·l:iOnd i e one of a series of 01)n.d.s of like
dat~j tenor and effect,, out mat.uring serially, issued by
·the City of Palo Alt') :i:o:r the ~urpoa e of a.cc;.uir:ing certa:in .. , ~ '
l>U'O l i c mun i.c: iplJ~l im:p :-o•ir em en ta in and :for Bai d• City .11 a.nd :is
iasu.ed u.nder a.z.;;d !J"! pu:i.-sua.nce to and in con~~orm.ity with i:>r-·
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·di!lanc&e.N.o;s,.l5'1if,1rj~ of sai(1 CitYc-and the ls.wa oft.he ~~t.a.t~e
of Cali!orn.i&.
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with the eo1:ieti tut.ion u:.zi.d laws of the Sta.te of Califomi1l
and the ord:ln.8..'"'!ces of 1~aid Ci.ty of Palo Alt-c1,. s:od l:n purisu
ance of and in conform:ity w:1ih a. vo·te of more t.ha.1'. two-third$
of al~ ::;he cp.ial i:fied e:Leetors voting at a ~r~>ecis.l elect.ic1n
du:ly ~et .re1~u1,~.rly ce.1:t€-d s..'!'ld held in said C::ity on the l<~th
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caj-of ·~ay·, · 1917, noti4~e thereof having beett duly and regu-
:t~rly giver..; .. and pu:olislled in tile manner and. !'o-: the peri.:)d
i:equi.red b:( law* a.i..,,d tlJ.S. t the :-e2ul t of ea.it! elf;eti. o:n ha.a
·oeen ca.n:va·ned and deeJtared a.n:d er~t ered in t.he manner as re·
Cl?-~).;ed by . lt3.W.
l'l~ is fu.rtheJ:' certified and declared that all o:f
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the pro·vi &i·l)ns. and reqtti.rem.ents of the eons ti tuti on &.nd :l: aws
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o:f t.lle ·~.t.$:te of Cal: if:oi-r.:da e.n<l of the ordin~:mc es c1! said Ci ";.y
o~f .P~.io; Al to have been di.,J.ly a,.¥)_d regularly aJ'ld fully complied
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. with ".oy the~ p:-~~er off.ieers of said. City and in t.be 1esue.ne1e
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of/.Ul.it. ~oi:idl> ~d that a.ll acts and con.di ti 1:>0.8 end thing:e
recr~.t·i:re4 by law to be (ton~ precedent. to and in t.h'E: issuance
' of. &e.id. bonds have beetl done and have be en perfOnLed i:".I. re-
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:g;.a.l"r· w~d cue. rorm an.d. in. strict aecordanc 1e with. the provi·
aiona ·o-:r :the law· a:u:th.02:-izir~g said bonds; anci tr.at the total
indebtedness. of. eaid Ci.t-y o! Palo Al to. includin~ the in-
d.ebtedne·aa .. eviden~ed by this i.asu'! of bondi' :~ doea: not exceec'f
.,·the limit pr~ac:ribed by tb.e GOntH:itution and laws or the . ' ·: ~ ';;., ''
S t:a.t e :~ot' Cal 1 f ¢~ r:n i a.
1his 'bond een .. ~1es. to, bP.a.r interest unl~•s pres.etlt:.;..~~
ca.u~ed this bond. to be signed oy -c.~e l!a,yo r 1.md 1'.reaaure r o!
&aid City s.:&d: to be cour.ttersigned. by its Ci·ty Cl'e::k, and has,·
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Mayor of tee Gi ty of Palo Al to
Treasu:re:r o:f the Ci:·ty of Palo .uto"'
City Clerk of the City of Pa.lo Alto
~ne fo ma of t~he bo:H; for the Palo Al to i~u.nieipe.l
e.lil hereinbefore set to:t"th~ eave and
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The interes·t. eoupone attached to said. cond~ ('J'f
S~e·ri.e$ _!to~ l, and f.rvi 1ien.c.ing the intere3t to a.cct"'J.e t.:·~ereon
~shall ... be num.br..::E-d· con:i·eeut:Lvely and. shall l:ie in tubatan·tia1 .. ·
ly .. U!.e~ following t'oJ:m:, tt> •r:tt:
:Sor.d No.
, A.D.~ 1918, the
Ci;tY of Palo Alto wlll pay the bearer herec1f at tr.1.e City
t.res.sa.r.~r :o:r said Cit~y in said City of ?al.o Al to. Co'tlnty of
· 'd.ol1ars an:d f.ifty cen:ts. in gold co in of the United Sta·t.ea
o{ .America, for the eemi-s.nnual interest d'JLe on that date
upon its above .. numbE~re~ ~ Pa:Lo Al to 1:u;ni ci pal Gs.a :Z·ond..
the for.: of the :l:n,ti!'reet e cu.pons atta.cl:.ed to said
.. ·· bond.a of Serie& No. 2 sha.l:t. ·oe substantially the same as fer
Serie.a No.· l~ save· ~1l.n1d. e:xc:·ept "'~bat 1' .. !1e· d e.nomina. ti on o! said
~oupons ·fall i:o.g due Oil": Dec·ember l$t of each yes~r shall ioe
·:ror the sue o.f aixt•~e:o. dolla:r·a. and eighty-i~even eenta, .and
the d.enomin.&t.i;tll ,Ci" Said C')~l)O?l!: f allirig 1:h;~e Ot.L J'une la·t Of
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"e.ight cents ...
City·, .who· is the ex•2c·utive 01:!" said Clty, 'bf~ir and he is :nereby
'.authorized; to aig..'l es.C'..h. an.:i every one of s~li.d bonds as 'i.:o,e
:e!ltecu:t.ive of !'aid City ae 1~fore2aj.d, and that the Tre.tuiu.rel:-
of s:aid City 'be. ar:ii:i he is: b.ereby authorized to aign each
C,ler:k of said City i:>e,. a..~d. i::.e ia hereby a1.1tho:::ized to c:>un-
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·. :te'ri.t::i2;gn ',ea:Ch a.nd ev1~1'.)'' one! of saic bond's .of said City, &."'ld
h.e. e~all a.i't":i:x. :thereto. the e-orpora.te seal c>:f said City to
, each L"'ld· eY:e:t:;" (lne 1';;:! eai d b·onds, S-?ld t.ha t. s.aid Signing and
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: i:~a.l ing .•rl.i~ll const i ttJ:t. e and. be: a euffi ci e~:t. and :oindins; e.xe ....
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eutiG:n of" d~ac.b. and e·ve:::f.Y ottt? o~~ ate.a.id. bonds '.by and. in b~alf
o,f: a.aid c11~y .• and u-~a·t t.he~e ~hall be lithCi:;re.phed. er prtnte4
upon ea'Ch iuld every~ :oti:e 'or tlLe coupons attai:::hed to each of
said b:oilda· ~ l~ thOQtiirhed c~r printed. f'ac ait:r.ile signature of
said T:re&e'L1.rer of aa.i·d Cit:Y:i Md said fa.e s.Lm.ile lithographed
or .P~nt;ed· ·s1gnatu:re ol'.' said Treneurer attaebed t 10 each of
•al~ eo-~poxr~· shall cio?lstitut.f.! OLnc be a. sufficient and. bir..d.ing
aecu-tid~ c»f' each a..nd i!'Ve:ry one of eaia eou:p-ons 0:1 sai<'! Cl ty ..
the City • o~· · Palo Al tio ~a.ct not less than thei:~ par Tal t;.e. at
ei.ther 1i~i."9'~te o.r pU:bl:Lc S!Ll~~ and without r·u.rthe:r noti_ee: ..
Tt.e· ,P::rooeeC:ls of the .:1eus.le ot f.1,3.id bon<!e o:" W:lY of them sil:all
be placed i.n the Tr~a;su:y of SB.id Ci.ty to t:l:i.~ cre;Ut of the
:fund f.Q r w'l:dch they 'Wt:l" e &'1thCl I'i2; ed ..
§kse1 ~ J.. And._ it is furth~r ordained and ordert!d
th:a.t t.bere shall be le"ri ed and collected eac-h and every yea.:r
U:p<).O. :all Pl:'O~ti:rty subji!?Ct to taxation in ea.id City e. t&.": .suf
ficient' ·t..o' pay 'all ¢.f: ·~e ir.1.te:rest on such 'b,'O?lded indebted
neaa ·a.a sa).d in~erest !all~ due, and a sufficient amov..."lt also
t.o pay e:e.icl princ!p.a:l ·maturing· ea¢h &.nd eire:ry year;. and aur-
fici ent. ti;). pe.y th.e ·who.le of the principal s.nd 1ntere.at o!
a aid ineebte~neea at the w:~ turi ty the::e.of. i!i.nd th~ said Cour1-
_eil of t:he City. of Palo .Al t.r) hereby makes pro··iision for t!le
l.evy .end .ecillection. of: ea1d taxes, and for ·•t.he levy and col ...
lect.ion,· of" all sums ·t..t .. at shall be or ma::1 be necessary to pa.y
in f.ull al~. th~· :bl t.e:e,:s.t s.nd pr-inc ip-al of a:e..id bond ec i~; ... ' .....
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a.foresai di',' ax1d so f~?;:r s.s t-hia Council ha.a· Uie po•ter now to
make said leyY. it. hereby 1i:1'kes the Bame ..
Ar.i.~1 the tndd CoUJ:i c:il of the City of Pe.lo . .Al to !"ul"'•·
.t.inking .fund to ·c e ke1}t by tx.1.e Treaau:"er of ea.id Ci tYt to ,be~
~';>:ti\ll~t1Ji·• "'11 ;;. /.ri~1 1 -t, t~
,~eBignated. as the "~~i·nking: :F'ar.ld for· the Payment of(_the '.Palo
Alto xJ~j.cipal Gas Bonde.") a..~d that the pr<>eeede of the
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:revy: a'b.ove Tnentionec:l. ar:.all. be ,a.i.d into sa.lld ain.l~ing f~nd
""" said ainldng f'und u.."l"ti l re!q.,.1i red !"or the l"4eapeeti ve pay:r.o.ent21·
of p:rinci.i.al a..'ld _interest ~o 'tie ~s.de u.pon ea.id oonds, and
tbs.t when the ree.pe1~tive p~m.¢nt$ of the :p:rineip.£~1 and in
te?:-eai. or :said: bond is :Sl:ul.ll t'al.l d'u.ie the Tr~~a.surer of said
C:i·t.y >be_.. s.nd he is h.ereoy authorized s.nd ec)tmn.a.ndt~d to pey
out of the~ moneys o~t sa.ic :a.inking fund 'the said respective
;req_ui red, and upon t.:a e 'SU?' Tenet er o ! the .::=o~~responding conds
a:...~d coupori.s -to said Treasurl(!r,. . the duty o! ea.id Trea.su.re:r
shall. ·ee to cancel. :ae.; .. o. 'conde a.nd coupons ill.a paid :i..m.."'tediate-
ly. after trJ:iei ).~ payment"'
.And: it is r·urtha::-ord.s.ined, eont'raeted~ repre·sent-:
sa.i'd sinkj,ne; fund shs.ll. -b~~ ~J..sed for a.ny other purpose than
t:C.e pay:rier.lt of the .. :prineip.a;l of said i=ideb·c.ed."lees. and the
n·ess and interest sb.e,ll. h<:rwe ·been fully pa:ic, an,.! that eaeh
S...'1d eYezy one of the <~ond"i tioru; and p:'OVis'ions a"t.ated Slld
provided in relation to th~ said bonds. by eaid ordina.r.i.ee
cal.ling ~~Lid elect.tor~. shall be complied 1Vi·t.h.
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Sec. 4... All 't1om:la of said City herein prQvided to
·.be ,.i,e:elJ.ed:. el'.i.a.l.1; l:!e.a.r t..be da.'.''~ hereinb<E~1'ore p::ovide,:i, ~d
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tdial.J. '.b~ exe~~~ted~. a.r .. d Ct;!' X'ead~.Y for delivery to t.he pur::hatfe?
.on payment ot pu.rchase i)riceit and eh.all oe llthogra.phed or
print~d. on ·bcH'.ld paper sci called: ~d w.he.n prope1"lY execut«tdtr
. ·signed-a..,~d s~·&.l'~·d.. aha.ll be~ deli ve:red t.o the City T rea.eu:rE~:r
. n.nd; a :r:ee:eipt. therefor. ei:xect;.ted by him. to tile ::ta.yor ~f thfe
C :l ty o :f'. ?,al o · Al to ·and Ci t.y Cl e:rl\:, r· eci ting the ri.l.1.mb er o !
·each bond an~i.tha.t:. the ~,a:c.e a.re to be delivered to the orc~er
of' t~he Council. of, the Cfty of: :Palo Alto. appr-ove.d by the 7-~:ayori
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· an~ a.aid Cit)"' T"·reaaurtrx· ·ahail be held. :resxxmeible on his cif-
!1.zi.al .bond nn· tl:ie safe~ cu.a~cdy &1.d celiver-J thereof t Q$
iil,f oresa,id.:
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Clerk on ·t.r+e: b~.llletin boa.rd in t.he City :BallfliWd ahall t~i.ke
·e:r:r·ect and be in fe::ce.' :tro:c. ant.: 8.fter its pues.ge.
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This o rd inane~: 'Jli'as i:::-~ trod.uc ed. v. t ats;;..a; ;icaa:~iis:d r~1-··· · ·' , ~ ·,.ff' ·'
s;u;1:ar .:neet.i1lg o"! the Cot.:a"ldl held on the/#/'"d:i.;, o! :~ay, 15117,
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and wS:B :tl.113' passed S.t'ld :~t1!o:pt c·d. a• a."l o rdin&"lc e of th,~~ City
.•.lt.tes.t:.~~~---/ ___ _
; . Clerk of t.b.e City J~f ~ea.lo .::..1 to
. I. ller.el'Y ee:-t:ify that the above ai1d forego ins o:r-
d.inS.:1ce was duly, pa.seed a.r..d :posted a.a set fo:r·~th·_.,,,,.a.bove. -;:;!~:=Jr;'~l--
. ~~ 7
8 Ci ts Cl.erk .
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