HomeMy WebLinkAboutORD 163;
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EDNESS )'OR TEE CITY O? PALO ALTO. rn nm Comrl'Y OF SANTA
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CLARA, STATE CfF CAL.IFORRIA. IN' TEE S"'JM OF SIXTY-SIX TH.OOSAlID
DOfu.RS. I'*J GOLD CO!N O'F T.tl.E UNITED STATES 03' AMERICA, TO
PAY THl COST ·aw CERTAIN I't:GLIC MU'1rICIP .. ~ !MPROVEME.i.'iTS OF SAID
CITY A..'fD PROVI:>I:a'G FOR TF.rE ISSUA'N'CE OF :SO~"'DS EVIDENCING SUCH
.· , n..rnEBTJID~"ESS a· ·
~, a.t the special !'>ond election held in t.!l.e:
City ·Of' Pa.lo Alto· on J"a.nuar-y 5th., 1918. ':lnder Or<tinance No ..
162 or said City .. authority was given to issue bonde of eaid
~ ity in the sum of e-1.xty-s ix th.o-us&.""lcd dollars !or the acquiS"i
. tion., by purchase and in.st.allation of a Dieael engine elec
tric generating uni.t, t.'01· the :..tunie:ipal Power Plant of said
City;
· ALTO no· OP..DAIN AS FOLLCWS:
That bends of the City of P.alo Alto· do
f or:.hwith
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issue in the prin.cipal sum. of sixty-six thousand
dollars for the acquisition by :purchase. and installation of
a Diesel er.e;ine eleetl:ic genera.tins unit for the ~unicipa.l
Power Pla:nt of said City .. Said bonds st.i.all be known as
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:it'rl ·l'l1 · . ..., "1 ..;-1',,..·1" • d ' 11 it of •'-·t·y .ower • ant ;::on...,,a O-":"· .'.;t .M. sna. cons s DJ.A -
eix b0,ndz of the dencimina.tior.. of one tl:.ousand dollars each.
Three o! BS.id 'bonds shall ·oe payable ea.eh a.nd every year at
. the city trea.~ury of the said. City. ill United St.a.tea GQld
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Coin, on the 15th day of January ~n ea.ch year from. 191~ to
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1940, inclusive, together with intere·et on all su:ns ur.1.paid
at· said da.te: provided th&t the interest on sai~ bonds
shall be p.aic: se!'n.1-a.:o.nually. so. that th.ere s~all be a. payment
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ORD 163
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of intere.et on all s:wns then ur;~.id in each and eveey half
yea.:r; one of said :smi-snnua.J. payments in each yea.r being
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on the 15th da;y of Ja::l\ary &..'"'ld. the other of auch payments
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-being on the . 15t.hda.y of , July : and said interest ab.all
"o·e evidenced by proper coupons at.tache:_d ·to ea~ bond, s. se
'para.te coupon b~ing attaciled to each bond for each se.=i~a.n
.nuel payment of tbe interest to· oeco:ne due t.bereon ..
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Sa.id bonds shall be dated the i5thdo.y ot"''ia..~'. · l91S
: a.nd ch&ll :be substantially in t!H! foll.owing fo:rm, to -wit:
STATE OF CALIFOra!IA
C-0unty of. Santa Clara.~ City of_ Palo Al to
. ,lOW-.tR PLA~'T B0?..7.DS OF l 9 ~§.
No~ $1000.00
On the l5'~~;:dey of j·~ry, 19~~·. the Uity of Pa.lo
A:.U .. o~ a municipal corporation, incorporated under the lc.n
of the State of California, :or value received,. hereby pro ...
mises to pay the bes.rer at the Ci t..y Treasury of said City t
in the City of Palo .Al-to. County of Santa Clara, State of
Cal'ifornia." the aum. of one 'thousand. dolla:ra ($1000,, 00), in .
.gold coin of the United State!S of Amerio~. wit..."-1 interest
thereo:l in like gold coin fro: the date hereof at the rate
of five per cent~u.m: per e.r~u:n. pa.ya.Ole se:a_i-an.n~_ally. at the
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City Treasury, on the l.$thds.y of ianua!"Y a.nd 'July o:
ea.ch year, upon the pres en.ts. tion and surrender of t.he · ;>:-op-
er interest coupons heret.c attaclle·d.
This bond is one of a series of bonds o:t li!.te
~a.t.e, t.enor and effect. but m.atur.ing serially, isstted by
the City of Palo Alto 'for the-pu.rpos ~ of acquiring certain
public ·mun.icipal imp:ro?e~r..ent~ in e.r.i.6. for said City, and ia
is/sued. under and in p'irsuance to and in conformity with Or-
,..~:;.' / ~; r,-
.dinances Nos. lo2 :md lb3 of said City, and the laws o! tile
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state o! California ..
And it is .here"by certi! iea. asserted &."'ld decla:ed
that this bond i9 ia1'J:ue d in pure:uanc e. of and in conformity
•i th the constittit ion Md la"rre of ti4e State of' California
and the :oX-dinaneea of e.a'id City of Pa.lo Altop end in P'JrS'tA
a.nc:e of and i.n conformit.'y with a vote of m.ore tr..an ti.'fO-til.i.rde
of .a.ll t4e qua.li~ied electors voting at e. sl)ecia.l election
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duly a..."'ld reg'.llarly called. end held ·in sa,id City on the' 5th .,,
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day of :.an~ .. ry, 1918. notic.e thereof ru>.vir.i.g been duli a.nd
r~gularly given s.nd publis:ueC: in t'b.e ma.!'mer and for the per-
. iod required by law, and tha't. th.e l."t:sult of said ele ctior:
has been can V2.ssed and declai·ed. ai."'ld en t~red in the manr.e r as
required by lsw ..
It ie :"u.rther cert.i.f ie1 and declared th.at all of
the provisions and requi:remente of the :constitution c.nd, laws
of tbe State or California and of the ordinances of a:.:id City
o..f Palo Alto have be~n dul.y L"J.d reg,u.l.8.rly and t"'ully co~plied
with by tll.e proper officers of said City and in the issua.nce
of :~.t~is ·ooi:ld. snd that e.ll a.cte and conditions and tJ:·~insa.
required by law to be done p~~eeedent to and i!l ~e isouance
:of said bonde have oeen done and :-..ave be en performed. in :-r..e-
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gu.la:r and due !orr.c s.nd i:i strict accor,1a.nce with the :provi ...
efone. ··:if the law au th.or i z int; said ·oond.s: and ";t'.l.Q t the t•::>tal
indebt:ed.ness or s~id City of Palo Al to" including tt.e in-
de'iJt.ed.n.eG~ evid.enc-ed · ..... -:-.. x .. i$ issue of bo~c e, does not e:xceed 'VJ
the limit prescribed by the constit~tion a."'ld laws of the
State of C~li!ornia.
Tnie bond ceases to bear interest unless presented
IN' ,:r:r1;,3ss w.S.EREOF, th.e said city of Palo Alto has
cau.sec! this bc!i.d to be aiened by tb.e ~a;yr;r and Tre83urer o'f
said Ci ~ a.'1.d to be cou..Ylter,igned by its City Clerk, and has
c-.aused t.he City Cler~ to &.ff ix thereto the co:pora.te seal of
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said· City of Palo Alto, this
Tre:aaure:r of the ci t.y of Palo 'iito-
The interest coupons attached to said. bonds and ··
evidencing the interest to. e.cerue thereon shall ·oe ·numbered
· Cc(U1.i;e«:uti~e·ly and sh.all be in su.bsta.:1t1::,lly the f ollowinc;
r o:rm, t.o wit !
COUllOn No. Bond ::\o ..
· On the I the
·City of ·Pa.lo Alto· will pay the "oea.re:r hereof s.t the City
.Tre~t:HJ.J:'Y of said. City in r-aid City of Pa.lo Alto, County of
Sentf'.1. Cla:ra., State· of Cs.lif ornia. tile sum of twenty-five
dollars~ in gold co in of the United States of .America, !or
the sem.i-.ann~al interest due on that date U!'On its· abo-;re
.numbered Palo Alto Yu::iicipal Powe:r .. Plant Bond.,
Alld it ia further ordered t.llat the Ml~"or of said
City, who is tile executh"'e of se.id City, 'be~ s.."1.d he is here-
by , a:ut .. :O.orized to e ign eacil et!d e?e -::y <.me of said ·oonda s.s
the execu\:.ive of. said City a.a a..for.esaid, and th.at tb.e Tre·aa-
u.rer of ea.id City tH~: and :ne ie nereby autho:ri:~ed to sign
each and . every one of said bonds of' said City, and tbat the·
City Cle:::-k of said Cit:.7 be, s.nd he ie !.:.ereby a.uthoriz~d to
co.untersign each a.::id ever; one of said bonds of said City.
and. he sr...all a.ft."ix tl"•ereto the corporate seal of' ea.id City
to ea.ell and every one of said bonds, and that said signing
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arid. sealing shall c.onetitate e...~d be a. sufficient and binding
.execution ct . each and every one of ea.id bond.a 03 and i11 be
ha.l:t" of said Cityt and that thert: shsll be lithographed or
pr1n~ed upon each and every one of the coupons attached to
each of said bonds a lithographed or printed fa~ si~ile sig
nature o! es.id Treasurer o'f said City. and e aid fac s in:.ile
lithographed or p1·inted signa.t.u.re of said Treasurer attached
t·o ea.ch of said coupons sh.all con2ti tut.e and be a. sufficient.
·and .binding execu.t ion of each ar:.d every one of said cou:;:ione
by said City ..
Said bonds may be solci by ea.id Council
ot the City of Palo Alto at not less than their par value •
.. at ei.ther private or public 2ale and wi ttLout further not ice.
The proceeds of the sale of said. bends or any of them sh.all
be ~lacf:!l'd·in the Treasury of es.id 1.!ity to the credit of the
fund for wilich they were authorized.
And it is further. ordained and order ed.
tha.t tner-e shall be levied a.nd. co llec::ted ea.en and every year
upon all property su.oj e ct to ta.A.a.ti on in ea.id City a tax euf -
f:ic ien.t to pay a.ll of the intere~~t on e,~d:. ·oonded indebted
ness· a.s .aa..i.d interest falls due. a."'l.d a at1fficient amount also
·to pai· said principal ms.tu.ring each and every year, and su!
.!icien:t !o pay the whole of the principal and intereet of
""ea.id indebtednesn at the maturity thereof J and the aa.i.d CoU!l ..
cil of the City of Pe.lo Altv hereby ma.kee :provision for the
levy and collect.ion of said ta:xe::;, a.."'ld for ti.'!e le"r.f ant! eol-
le.ction of all s~ that shall be or may b~ .necessary to pay
·in !ull &ll the interest and principal o! sa.id bonded i::.-
d.ebtednese as tlle sa:ne shall fall due., and hereupon eontrs.cta
··and sgr.eea. represents and prom.iees that such levy 2haJ.l be
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l&ide a.a aforesaid. in ease t.:he said bond.a &hall be issued e.e
a.tore.said., a..'"ld so !a.r as this Coun~il !la~~ the power new to
makEf said levy, it. hereby makes th~ some.
And the ea.id Cow:.tc il of t.he City o!" Palo .. .\l to !ur-
t!A~r ordains that there ahall be and is hereby prov ide-d a
sinking· !tmd to be kept by the Treasurer of as.id City, to be
designated as the "Sinking Fund for the Payment of Power
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Plant Eox:vis of i91$w s..~d t.ila.t the proceeds of the levy above
mentioned aball be pa.id into said. ai:lki.~ fund as econ as
. the· s.a.r.ri.e. shall be colleeted, and M.a.11 remairl in said a ink·
ing fund w1t.:i.l required !or the respective pay::lents of prin-
c ipa.l and inter-est to be made upon as.id· bonds, end than when
tne·.resI1ective··pay:nents of the principal end interest of said
bond,s sl1a.J.l· f'.all d';.le the Treast:.rer of se.id City _be* and he ,, ! .
·i's hereb.Y. authorized and cou.mand~d to ptq' ou.t of the moneys
o! ea.i.d sinking fund the Ge.id. re3peetive amotUl't.8 thereof' vhen
de!lland ail.all be r::..:J.d.e there·r~r e..s by law requi:-ed. and upon
the surrender of the corresponding bonds a.nd couyone t..;; J.?.a.id
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Trea.eure:r,, the d.uty of said 1':reaaurer shall be to ea.."'lcel
eaid bonds a.r.i.d coupons as paid immediately after their pay-
And it is furth~:r ordained~ contr~. cted, re pre sent•
ed., promised a."ld agreed that none of the moneys paid into
eaid sinking f'Und $h.a.!.l be used fol' any .other purpose than
the :pa.ymen~ ~f' the principe.l cf said indebtedness and the
i:ntereat thereof. u.~nil the whole ::count o! uid indebted-
ness and inte::.·est shall hs.ve ~eea f1.llly paid, a.nd that ea.ch
_and every one of the conditions and provisions statec and
provided in rel.a.tion to the aa.id. bonds by said ordinance
callin~ said election ehall be cocplied with.
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All bonds of said City herein provided
to be issued. shall bear 'the date hereinbit...fore pro'7ided, and
shall be executed and be ready for delivery to the purchase::
on psymen't Qf pu.reha.ae-price I and shall be l:i thographed 0%'
print'ee. on 'bond. ps.per so called: and vhen properl.y executed.,
·&ig:o.ed and sea.led. ah.all be deliV6red. t.o the Git.y Treasurer
an<i a receipt therefor· executed by hi:::n to the Mayor o! the
c'1ty cf Palo Al to and 8 it:r· Clerk, reei:t ing the number of
ea.ch bond e.nd that the same are to be. d.el ivercd to th.e order
of the Coancil of t.he City ot Palo Alto, approved 'by the
!!ayor, and said City Tr9a.surer ~;}hall be held responeicle on
hia'. official bond for Ui'e 2afe custody and delivery t:aereof.
as ~fore~a.id.
T'b.1$ ordine.noe shall be posted oy the
C i ty Clerk on the bull et in ~o&rd. in the City H a.11, and she. ll
take e:f.fect and be in !o:ree !'ro::n and aft.er it~ ,pueage"
Thie· ordinance was duly passed Md. adopted as an
ordinM1:e of the City o.f' Pa.lo Alto at. an adjourned regul&r
meeting of the Council of the City of Palo Alto held on
I he~eby ce~ti!y that the abo~e ene !or~going or-
dinance wa.s duly pasae·i al'jd :posted as set fo:rt.h above. /
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-·---::~' ,<,./(;:.;,.# ~.-';(! .. .-{.£,.-</ .~ • ~*-----I -C ·ty Clerk
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