HomeMy WebLinkAboutORD 186...
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!~TS OP SAID C!T'Y A.i.'\D PROVIDING FOR TEE ISSV'l\..~CE OF
WH.E~ .. at the special bond .elect.ion held in
the City of Pa.lo Alto on May 27ths 1919,. U."lder Ordinance
No. 285 of: said. City, authority \Yas given to issu..e bond.8
o.f.$aid. City in the s.u:n of twenty thousand d.oll.:s.rs for
the 'f·ollowing pro_poai t.ior.:
The issUance of bonds in the sum. of twenty thou-
es.r1d d.ollare for the a.cquisi t ion oy pu.re!.:.a..se of s. site of
land·upon w!J,icl:l. t~ erect a city hall;
Sec. l, That 'bon.ds of the City of Palo Alto
de· forthwith .1 ssue i !1 the princ ipe.l aum of twe:i ty thou
sand dolla.rs' for the proposition, and ~or the object and
·purpose of s.cq~i:rin,g a site oi' land 'Upon which tc e:-ect
. a city ho.11.
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ORD 186
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Said bonds shall be known as *Improvement ~o~ds
of 1$19" &nd shall eons is t of twenty bonds t'Jf the d.eno!n.i:na.-
tion o! one thousFJ..~d dolls.rs each. One of said bonds shall
oe payable each a..~d every year at t::l.e city treasury of the
sa.id City, in United Sta.tea Gold. Coin o:n the ls 't day of June
in e~eh year from. 1920 to 1939 inclusive. togeth.e: with in-
terest on all s'Ums unpaid et s.aid date; provided that tb.e
interest on said bonds sh.all 'be pa.id ae!rl-s.nnually, so that
·there shall be a. pay:ne:nt of interest on all eu:ns t.!len un-. ·""
pa.id in each s.nd every l°'...3.lf year; one Of Said se::ni-a..."lnUa.l
pa.ymen ta in ea.ch year being O?l the lat da.y of June and th.e
other of eu~h. pay::nents being on tb.e let day of December
and ae.id interest shall be evidenced 'by proper coupons at
t~cbed to ea.eh bon~, a separate coupon being attached to
es.eh bond for e9..eh ae:=.i-o.'lllnue.l payment of' the interest to
Said bonds shall be dated the lat day of J'une,
1919,. ru1d shall be S!Plbata...'fl ti ally in the following fo:r.m, to
wit:
t~~ITED STATES OF AMERICA
STATE OF CALIFORNIA
Co.unty of Santa Clare.. City of Palo Alto
No ........ .. $1000.00
On t·he •••• day of ................. 19, the City
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of. Palo Alto,· s. ounieipal corporation, inc:orpo'.!'."ated under
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the l.?,.ws o:r the St.ate of California., for va.l":le received,
. hereby promises to pa.y th.a bearer at the City Tl"·ea.s".lzy of
said City, in the City of Pa.lo Alto* County of Sa..~ta Clara
\,$1000.09), :~n gold coin of the United St.ates of America.,
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T 04 R ¢.. ; $ 4 -.... 0
wi·t.b. int.e rest thereon in like gold coin fro:i the da. te
hereof a.·t the rate of five per centuxc. per annum,. payable
se~i-a:n.nus.lly, at the City Treas~ry. on the •••• day of
•. ~. • .... ·". .. and ., .............. of. ea.ch year~ upon t.he p:-e-
st:nt.·a ti.on and surrender of the proper interest coupcna
hereto attached.
This bond is one of' s. series of bonds of like
date,. tenor and effect~ but :maturing aerially, issued by
the City· or Pa.lo Aho for the purpose of acquiring certs.in
public m1J...'l'licip~Ml improvements i11 and for said Cit.y ~ and
. i~ issued ur.~d:e:r a...""!d. in puraua.."'lc ~ ·t.o and in confol~i ty with
. . · / ttr~·-I r11 Ordinances .N'o2 ... J~). and •.• 5.J~ .... of said City, and the la.wa
of the State of California.
And it is he~eby certified. aseerted and declar
ea.·· .tha. t thia bond is issued :ln pursua...."'lce o! and. in con
fo.rmity with t!:i:.e constitution a."ld laws of the State o!
Ca.li!"ornia and the ordinances of sa.id City of Pa.lo Alto.
and in pursua:1ce o'f a,.'"'ld in conformity with a. vote of more
than two-thirds of" all the qu.'l.lified electors voting a.t
a. special election d.uly and rP-"g'...t.larly called and held. in
said City on the 27th day of :Lay, 191~, notice t.!lereor
haying, been duly a...."ld regularly g1 ven and published in
the :nanner and f o.r the period required. by law. and tb.a. t. the
reeul t of said ele·ction has been· canvassed a.."'ld declared
and entered in the m.nner ae req 1J.ired 'by law.
It is ·ru.:rtb.e r certified and declared th.a. t all
·of :the. provi.aio~s and requirements of the cons ti tilt ion
a.Yld laws of the State o:f' .Ca.li:!"o:rnia. end of the ordinance•
of said Cit.:; of Palo Al-tio have been duly a.."'ld regu.la.:rly
and. :fully complied with by the proper o:!'fiee:rs of said
City S4d in tt.e i.ss;ia.,"'lce of this bond, and that all acts
a.nd oo:ndi·tions a.nd things :required. by law to be done :;>re-
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eed:~nt to a.nd in the issuance of' said bond.a have been done
·:azid h.a:ve been performed in regular &i.'¥l.d due form ci.nd in
i zing sa.i d ·· bonda: and th.at the tots.l indebted.~ens of ea.id
City of Pa.lo Al to" including tb..e i~de"otedtJ.ess evidenced ·
by t.hie i a.su.e of 'bonds, doe a not exceed the limit pres crib·
~d "'?Y the c:onstitution a."ld laws o! the State of California.
· Thie 'bond ceases to bear interest ~"'lless present ..
ed at. maturity.
ha.s· ea.used this bond t.o be 8 igr.ed oy t.be 11ayor and "treas-
ur·e1· of said City. and to be countersigned by ita City
Clerk, and ha.z aaused t.b.e City Cle:r.k to affix thereto the
corporate s·eal of said. Cit.y of Palo Alto-, this ..... day of
...... '• .• • tll ' ......... 19
Mayor of the City of Palo Alt.o·
Treasurer of th.e city of 0
Pa.lo Ali"o ·
city Clerk of t..he 'c i't.y of Pa.lo Al to
The i:i t e::-est c oupoi'ls a tt a.Che d to sa.1 d bonds and
evidencing the interest to accrue thereon shall be nu:m"bered
consecutively and. shall be in substa.."'ltially tl'.l.e following
form, to wit;:-
Cou~n No. :Bond No ...
On the ...... day o-! ................... A.:D .. , ........ •, the
City of Palo Alto will pay the bearer hereof at the City
Treasury of said City in said City of Palo Alto, County of
Sa.nt~ Clara, State of Califorriia, the st.~ of
dollars, in gold coin of the United States of .America.,. for
the s.emi-anmlal ir:terest due on that date upon. its above
numbered Palo Alto I:lprove;o:.ent Bond o:!' 1919.
City Treasurer
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And it is f'"O....~her orde.r--~d th& t the l!ayor o'f said
City, who is the executive of said City, be, and he is here-
by autl;,o'.rized to sign es.ch and every one of aaid bonds as
the exe·cutive of said City a.a aforesaid, and th.at the Treas-
urer of.' said C.ity 'be, and he is hereby authorized to sign
ea.ch a.."ld every one of said bond.a of said City, s.nd that the
City Clf"rk of sa.id City be,_ and. he is hereby au:thorized to
countereig...."'l each a.nd eveey cne of. said bonds of said City,
and he Shall affix thereto the eo:rpo!'ate seal of s&id C.ity
and. eeallng a.hall constitute a.."'ld be a. suf:f'icient and binC.-
i'!l(; execution of ea.eh S-"'ld eveey one or said bonds by a.nd in
·behalf o:f said.. City, a.nd that there ar;.all be li tb.ographed or
pi:...'i:ited upon each a.."ld every one ot the coupone attached to
each of --,said bonds a lithographed o:r printed fa.c simile sig
nature of a.aid Treatnir·er of aa.j.d City, a.."ld said fae simile
. lit.hograp~ed o :r printee signature of said Treasurer attached
to ea.ch of said coupons ,shall eonstitut~ s.nd be a su:tfici~nt
a.c.d 'bindi-e1g execution of ~~c.h a.nd every one of said coupons
by ·said City ..
§-ee of;' __ g.. . Said 1.':tonds may be sold 'by said. Council
or the .City o! Pa.lo Alto at not less tha.."'l their pa.r iralue.
at e-iti'le·: private or public so.le a.r:.d Yith.cut further notice.
The p.roceeds of the sale of s~id 'Conda or any of then:. ehal:t
·be placed in the Treasury of said City to the credit of the
Sec.. 'f. And it is fu::-t he :r orC.a.ined a..'"ld ordered
that tb.ere shall be levied a.nd collected ea.ch a.-.d every year
upon all pro:pe-:wty subj eot to ta.xat ion in said City a tax
s\U'fici'ent to pay all of the interest on such bonded indebt
edness as sa.1d interest falls due, a."'l.d a. suff'ieient amount
also to pay the whole of the p!"incipal a.nd interest of
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eaid. indebtedness at the maturi.ty t:i.ereof I' and the :a.aid
Courieil of t.he City of Palo Alto hereby makes provision
for the leV,;Y and collection of said taxes, and for the levy
and· collection of all euma th.at shall be o:r "/AfJ.:3' be nee~aBa..7
to pay in; f'::lll a.ll t_he interest and principal or said bond
ed indebtedness as the Sl!l.me shall !all due, and hereupon eon-
tracts and '.agrees. :represents and promise a tr.LS. t such levy
shall.be ~de as aforesaid in ea.ae the said bonds shall be
·: issued a..s a.!orea.e.id·, and eo :·ar as this Counei l 'has the
And tll:e said Council o! the c it.y of Pa.lo J.J.. to f"..ir·
·th.er ord . .ains t:r.i.a.t there shall ·be a..."'ld ie hereby provided a
/a.in.king fund to be 'ke:pt by t.b.e Treas':lre:.r o:!' said. CH~. ~o
• '.be designated. as the "Sinkir..g Fund for the :?a;yment of Im-
proveme:.r,i. t Bond.a of l~l9, ti Md t:.:.a. t the proceeds of the levy
above. m.e::lt ioned shall '!':re pa.id into sa.i :i sinking fund as
soon as the same shall be collected, and shall remain in
ea.id &inking fU.."'ld until requ.i ::ed for the respective pay ..
men.ts or princ1pa.l a.11tl interest to' be made upon said bonds!'
a.."ld that 'l(he.h the respecti·ve pa)'"?!J.erJts of the p:-incipa.l and
.· in:tereet of s:?..id bone.o shall fall due the Treesure:i o'!
sai'd Cit.y be, an.d he h; hereby auth:orized. a.nd COt\'l:%landed
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to pay ot.rt. of the moneys of said sinking fund the as.id.
res.pecti ve ·a..:iou.nts thereof when de~i..nd shall be made there-
for .a.s by law :required.~ and u:pon the surrender of the cor-
r-enponding 'bonds and coul'ons to sai.C. Treasurer, the duty
ot:. said Treasure:-shall be to cancel said bonds anC. coupons
a:s paid imme.d:l.ately aftez-their pa.ym.ent.
Alld it is !ur~her or~ained~ contracted, represent-
ed. ·pro!llised and agreed. tha. t none of the ::::.oneys paid int.o
aaid sin:l::ir..g fund sh.:dl '.b·e used !or any other purpose than
the payment. ~~, tJ.le p_rineip-s.l of eaid indebtedness a."ld the
in.te:-est the:t'eof, u.nti l the whole amo\l.."'lt of said indebted-
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ne.$s arid inter eat shall have been fully paid, and th.3. t each
e.r:d every one of the conditions and provisions stated and
provided in relation to the said bonds by said. ordinance
ca.l.li:o,g said e:.eeti on stt.S.ll ·be complied with ..
See. 4. All bonds of' said City l::i.erein provided
:to. be iasue_d, shall bear the date here:!nbefore provided,and . ._,,
shall be· executed and. be ready for deli very to the pu.rehaaer
on payment of pu:·cha.se price, a.nd shall be lithographed or
printed on bond paper so es.lled; and ·.mer. properly executed,
eigned &i."ld sea.led~ ehall be delivered to the City Treasurer
tu:ld a. receipt therefor executed by him to the !tayor of: t.lle
·city of Pa.lo Alto and City Clark, reei·ting_the nlll':lber o!
each bond and th.at the same are to ~e delivered to the order
or· the council or: the City of Palo Alto, approved by the
M:ayor, and said City Treasurer ah.all be held :responsible on
his of'·ficia.l bond for the s9.fe cn2.etody and delivery thereof,
a.a a.f oresa.id.
Sec: 2,, Th.is oraina.!lce shall oe posted by the
City Clerk on. the .bulletin ooa:"d in the City Hall, and shall
take effect and be in force fro~ and after its passage.
Th~s prdinance waG duly passed and ado~ted as a.n
ordinance of th.e Ci tY of Palo Alto at an adjourr.t.ed meeting
Attest:'ffel/oli.e4e0. .city cierk
I hereby certify that .the above a..."'l.d torego.ing ordi-·
n.ance was ctuly passed and poat.ed a.a set :forth above.
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1"1 t~ 7 City. Clerk
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