HomeMy WebLinkAboutORD 237,.
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.E1)~"Ees :POB :E.! :J OF .?~.C I1: ~3.E CO\;~!\:::{ OF s..~.r;TJ.,
"CI.;.?:A l' ST.~i.'l'E C:u,:uOR1:l-A .. <IN TE:E 'OF T:T£.?\TY Z.a:.otJS,,:; ..... 'OI
. "DCEL1RS p 11;, GOt!) COI2~ 'JF Ul'llTED S~,r~1'E5 OF ... .J~E?IC,:'~, ro
,?sO'! 1:"'EE CGSrzI O?, OER~~~ T~~ ?LTEIIC i$l;rC I?i..l 11.r?1:;:O~"'Z!Ei.~~S. l:iP' s.:~I.!D
C I7'!. ~1\!J PF:0Y IDI1:!G :;~OE '~:~E:E ISS't;.';"'~':OE '\ ~~-= :"J ... 301[.£)5 ~71DZ1;:C I~~ StiCE
!N:01eSTE.D~~.,,'
~E::kS., ftf$ speeial bond elaot,1011ileld in tl1e
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~,l0' .. l.l to OIl l~Hrch 21. 1922 .. ;m,del"Ord inf:i.!lctl !;o •
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2S2,oiaaid ty, t:.1ltr.,o,ritywt' . .s ~ivel::'1 to i$~ue bond,s of s~1d
',~.... t,~"! .;~ •. , .... t~\ ,~r:";' ,.'::"~ j *""",,," iliJ:J ,~: (~:
,Ci:ty in tile, i'tt!:l, of ~enty tb.Q~~sf-nd ?olltt.rf; 'for the ~Ct1Ui's.1-, , ,~~ v", <,,,~,,,'."""',"",, ::,~ ,fi.,'ti~tr tolj.,/·,~ ~.'. +.~ t:;'_ II ~'l'l .' 1..1 ~' ,~,.: If ,'W '., ~~ ~>~
.tj.on",oot1st.:::"uction.. co!t'::jletion of" a.n ad·:: 1 tio::;;. to the 01 ty',
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t&1.'ofS6.1el (':.1 ty H.n.d ' :furl~i~~tJ.1ng ,the" B&.:tte.
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lroT~ ~~~ :E.E CJ'U!:,JI!. v~f:.EECln EJ? :?llO
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Sec.. 1 .. :btl. t bond~ of the 8:i. tyot P!~lo ... 1.1;00.0
forti':riit'itl1 i S2r.:.e in ti:e urinci-oal 'SUIn of: t\".;~nt,., thou, s, .... ..nd .. ,)
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dollars' for the, acquis1 t1on. ¢ :n:st::;,\;c tion ~t.:.d ~l.;ii)n-:of'
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.bon addition to theOity :~..ll o''!'City and: f'ttnrlahilig
tl:.e. Se::.l e ..: 3aid be,nus 8h~11 be ;{n:'~"D a$ "C1 ty 3~11 ,?o::.ds
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t;>~1·9.z.2l1''' a:nd. sha.ll corlsist of t.w€>:nty 'honds ,yftca de!'lonination
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o·t ,;):ne t2:.ouSSlld \iol!,a,rs $'-ach. One of said bonds shall be payable
t;)s.ch :and e'7ery :lee::: a.t the city tre.:",;.s~ry of the 8~1cl City .. ill
jrilted. Sta.te8 Gold' • on the second duy of July in each
:·Y$·~il"':from. 19i1Zito 194:2 inclusive. to,Ft.etber witl:.interest l').t
f:i:ve per :,eent't!.i'rt per ar.r..umon a.l1 SW'JlS unpaid &1: ssld da:ter;
pr?~idedtlH!-= the, 'irrterest on s~1d bond2 .eh.a.llbe p~1d semi
f'...l'lLualiy~. eo th.a.t ther.e shall be a pa.yme:ct of :1:ate:".-st on &11
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ORD 237
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Stael thetr~ '~UY'9li;1'>!'d .1nee<!b and every 1l..'1.l:! ye8Z: one· of said
. 8ev41-·a.lll:'J.,:;,;i::bl ,:)~ym·::,.nta in *ao~~ yea.r being on the second
:~~,y (;1 .J'U...~y, s':1d the other. o! STolon ps.yment~ being oa tll~
second dq ,)t Jamary; and 8&.1<1 interest si'..all b.e ev1denoed oy
pr:opar coupons ~~tta.ched to e&cn bond. a sePa.r$.t~ ¢o~pon ~eing
attach'ed to eaoh bond for ea.ch se:'Jll-81ll'!'ttt.l p~ellt of the '
t,l'l'terf,st to be-eoce: due tl::.ereon.
Said bond! abll be de. ted the second dqof July,
.,exid ·e:hal.lbe substantially in 'the follow11'l€ .:form. to w IS:
U~IT!D STATZS OK .AMERICA
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ST.A.~E 0]' Cll:rPQENIA
,. Co'u.:aty of S~te Cls..ra, C!i ty O:f ~lo ..;~;l t:o'
C IZ'! EA.!.!., BONDS vF 1$':22 • . ~ ------.... ." ; ....... ,.-, ...............
No·~ $i"ooo.oo
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.dJ.i:o., annmioip:e..l (;orpor~rtion. Inc0:~'poratedu.nder the laws {y: the
State ofCs.l!t'oX::;~1a.ror, vel,ltle reCeiTe{t w :hereby ,,pl'o:;;,ises ':;0
pay thebe:a.rer &t 'the City ::reasur:;-of said. 01 tyl' . in tl:&
City ':>f 1'$.lc .,:..1 tOfj COtUlty o·f S.~ta~l$.l"'a. state o'f C&l1fon1a.,
th. St1m .:>-! OD,·$ thous~:nd dollars ($1"..000.00) it ill go.J:d.~ {)Oill of'
·the t:nit6d stateeet ..i;nerioa. with int".rest th(;:::c~~;o:n in like
gold coin f:ro~ the d.ate hereof r;,tthe rate of fiV'~ per cent=
p.er ar..nUDl. payable. ee~"li-~::rmu8.11y;; at the Ci ty-:'teaatix-y 9 'On
the second d':; of' July" and Jarlt:.~:ry of each year. ,UP0l:: the
presente.tj,on and aurrenc!er of the prope.r i.uterest cou.pons
hereto attached.
:"'r.is nona is one of a sel"i.es of bonds of" li1-:e a.a:te ..
t,enor ~',nd e-ffect" but maturing eeriallYlf iS8'1,leo. by the C1tY'
of Palo ..u'~,) for the }?t.:.rpose of aequir1:ng certa.in Ft.tblio
nra.:nicipal im:r-ro'Ve~el'lts in ar..d 'for said City t e.nd is 1asufJd,
unders..nd in p'Ursuance to and in conformity with ordi~no*s
,Nos. 252 and 237, ots8.id 01 ty" and the laws of tl:~e state
0:£ Ca.lifornia.. 2
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.;nd 1 t is h~reby c ertitied ~ asserted :;;UlC declared th!:. t
this bend is i sS'"'.led, in pursuance of and in conform1 ty with the
eo:as.ti tutlon !:lr.ld 1[1.W~3 of th~ State of Ca2 iforn1a und tt.:.G
ordfru;.;ncea (."!t' .~:'.\' 10. City of ~lo .uta. e.nd in. :ou.rsuazi.ca of and
in conformi ty wi tn a vote ()f more ths.."'l. two-thirds of .t!:.ll the
qua.::U.f"ied. eleoters votirl~ .s.t a speoie.l .electi.on Ql:ly And
j. /
re~lbrly i(}a.lled Met held in s~1d0:ttyon" the 21st c..q of
~-;;
Ma.roh~ 192:2, not1o~ thereof' hs:v1ag'bee:c d:ul;y and regt;41arly !1ven
an,:, pu.blished in the manner ~:i.nd· -tor the period 1~fljqu1re·d by la.w It
and that the resti.l t of said e·lection has been can:vaesed end
declared s.,nde:rrtered in t.he mann,,:::-8.$ required by law •
!t is f\U't.h~r (H~rt;.itiet1 and deela.:red.thate.l1 ot' th.e
provis1<:>ne and requirlttments of the eon.sti tutlon and laws 0'1 the
St~te tjf :Ca11t'orllia and of the ord in8Jlo'.ls of said City of
?alo Alto have be-en duly And rep:"''';.la.rly e.llcl. fully complied \~ith
. b:y the pro'p~r o!t1oers of ~1d City and in the issnan;Ot'lQf
.. t·h1.$ bond, ~..n,~ th,(1,t all (:t..cts a!l.d e·~ndj.t1ons e.nd things required
b~,la~to be done pre<>edent to and in the issuarloe of, SO!;1.i.d
bOll-ds hAve·b~er.. dr)lle and hp. .. Yec€<ten l>e:rformed in. regula.r ed
,dti& form and 'in e.'triot e.ccort!an¢~~ wi t'h th&!yrovj, sions of the
18.w ''I!t~tl~r~)rlzin;t said bonds; ,~!ld.the.:~ tne total lndebted.:.n:ese of
,$~"it!.C'l:ty of 0 .Al to, i:ncluding the indebt-ed:a.lII)ss eVidenced by
thisis'$'lle of bon.ds. does' not exceed ·the limit prfStsarfbeo b:r
. the c6risti tut10::l e:od laws' Of tl1e: sttJ;te or Cs11:forIl.:1a.
Z'r;.is bond ceases to bear interest 'U"n1es8 Floes-ented
...: ..... \jt",\t :tatu.:rity ..
rlJ :';I713SS ·;~~.E01t 11 the as.id City of ?sJ.o .,,1 to has
cau.sed tl:.1s bond to be signed oy the ;tIl'.yor and :'reaSllrer of
said J1ty, and to be countersi~ed by j,ts ;.J1'ty :lerk. 5.00 ha.s
·'oeueed the :ity Cler~ to affix tcereto the corporate seal of
"'" id !""Iit ..(:' .....,.,.'" .'.,~ ""'-.. d ..:! < ... ..Itt' ... , "'92~ ..::Ie \J Y' 0 .... :~""' .. ' .t_ ,,0, ... !llS S80'Oll ""a.::y 0 .... ..,u. .... y" J. Go ..
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't. " t
Mayor ot the 01 ~ of ?alo .ilto
TressUrer~" of tEe 01 ty orpar"o ..... .1 to
C-fty Clerk o~t -:he Ci.ty 01 ?i10 ;.1 to
The intereet coupons e ttached to ssio'. bonds and
evidenoing the interest to aocrue thereon shall be ntullbered.
conseoutively end. shall be in aubets.ntially thl$ ;following
form.. to. w1t~
Coupon~;o .. ~ ••• &' Bond 1;0 ••••••
On the second d.ay of J'a;!:l'Utu·y. A .• 3)"" 1923. the City of
p~ 10 .L~lto will pay tbe:bearer her~of a. t the 01 t7 ::Teasury
of said City in said Ci tyof ~Jlo ... ~ to. County of Sante, Clara.
Ste.te of ·:'a.11 for rd.a.. th& Stml of twenty-:f1v0 doller,a. in gold
coin of the vn1 ted St-, tea of .. ~erl.eaf !ortl:e sem.i-~Ull'lual
interest due on thet date upon its above :o.um.bere-e Palo .k.l to,
City Ball' Bond Jf 1922~
cl-ty -Treasurer
~d it is further ord ered that the Masor of sai.d 01 t7,
who l8 tee exectttive of said -Ofty, be. ~1l1a he is hereby
euthor1ze'o to e1~ e·t:J.o}: l':t.2lr.: eVt:ry one of said ~onds as the
$xec:)),tive of sa.id ':;i t;r ~3a1orE'said, and that tee :treas~:rer of
said City bf', ':;:'!lO [le is hereby B:uti:or1zed to s1~ ee.oc a.nd
eVi.;>ry one ~,t $b.id bond.s of said ':;1 ty II ancl 't1:at ti:.e ;1 ty Clerk of
said':ity be, Bolld he is here1y e.uthor1z~d to ccu.ntereign eaell
and everyone 0:£ se.icl bQllds of S,"iid ;:,:-1 ty.. $.lld he she.ll ~:f:fix
thcl"'etc, the eorpors;te seal 0:£ ssid ,:;1 ty t) each s.nd eve!""'.! one o'f
said: bonds,. t-.x.c", th~t said signing and aealirLg' s:hall eonsti tnte
t"..l'ld. be a suffioi{'!nt and birlo.ing eYecnti<)n of s'a.or.. and eVl!:r'3 one
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Of,8f.lid . :hGnd's and in beilal f shid 01tYIl ~j;nd. that the:re shall
b'e' 11 thogl"tJ.l'ned. or !.)rin'ted "..l.p·on each Blld: every' or,L~ the COU.p.J!Hl
:~tte.ehe;d,to: each of s~itl 1~ond9 a 11 thogr:e.phed or prInted fae
8,1rli1,,1.e .$~g.rl8tu:re of aHld ~~a8'tlr$r of S:~;~~d :::it.1, ~"ld, 8~id tec simile
ljtho~,z{~p:ned . or pl"in:t~d siP1'ln,t'o.rt1 of :r~a.~u.rer :s.ttached to each
01 81;.1<1 c'·:n;.r.po:o.s ahall co::n~'ti tut",~~nd be a. s'U.i"!.io1ent and bine1ng
exec,~t!on of oa.o:h; and eV'irry one 0'£ saidc:vu-pona b.}" s:;..1d ::1 ty •
. ~~. ' ,R$\id'bonds may be sold. 'by s~11d Couueil 01 thlJ
01 tyo! .; .. i to ~lt .:cot l~s$ t:r..an their par v~~lue" !t.t ei therpl"ivate
or public a.nd.:1 th,:tut further ti:,~e. The proceeds of the'
sale :o! said bO!l~s-or a..ay ot tllem shall be placed, ,in the :Teasu:r;y
of ss.1d i:;,ity to the cre,d1 t of, the fund tor which they were ~'llthor1z$d.
S!:(!t.. ,2. md it is fUrther ordai:n@d and ordered the. t t.h~,re
e118..11 beleV'1~d end :o,olleot~d "sob and every ,.·ear up10n all p:r~p'arty
subJeet to taxs,tion sa..1d":':1 ty' a. tax ~:.nJ.ff1c1ent'·· to ps..1 of t,ile
.1nter~~Hit on such, bond.sdindebtedness a.s said lntertlst :t'6.!ladu.e~
;'and S Bll:!'":f'icier.:.t B.."tount also to P:E!.Y sald. principal olatur1ng e8.o~
'ruid ,eveX"'fJ ,yea.r t and 8v;~ti0'1e:ut to rm,y-the , ... hole or the principal
,::indinteres;:)f s~ld. i!ldebtedn6~S 8.t. the :la'tl!rity thereo:f', an.od the
sa.id. CO'f.Ul¢11 of the C.:ity of Palo ~.;.l to' hereby ::1~~es provision for ,th~
levy s..ndo.ol1ectioXl of 3&113 ts.xea" ~l.:nd for the leV'," a.nd col1ect,~>.)n '
ofa~11·amn8 shall be or may be neoessal-Y to r,ny in~ll all 'the
interes:t a:n~ .!J'l'i!loip1l1 , of 8a1d bond:ttd indebtedness ae -the s!lmGsh..!i.ll
. :f"a.l1 du.e, "a1ldhereup'~n contracts ~:nd ap::reea. re'pz·l,u;.ents snd prOr.liS8S
I
. that su~h leovyahi::t.l1 bema.o.e as afores'a1d in e~se the s~id bonds
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s~.';i.l1 1::~e 1e~:t;ec.:b:s .~ fore-stIoid,. a11:(1 so :!8.r !'.:.~ :o'Cl?o;i,l has the
power. now to m.ak'S' sa1,(! levy. it hereby r.oa.kesthe sa.~e •
.1...."l<1 the s;t:lid Council o! t:he City of ~,lo .~l to :fu:rth~r
ord.ains tl:atthere 8:'1&11 be ~md 5. f~ h~re'by prcvid,ed e. Sii::;;:;.ng· ':f1.:.nd
,to be.k$ptby the ':"re;S.s'Urer s.:;dc ·Ji ty, to' b,e <leei~ated 8.t~ the
~ S.i~ing, ~d for the ?;'>o,ym~nt of 01 ty :!a11 "Bonds ~)f. 1922" aJ.'ld
tha.tthe proeeede levy above r:..ent..i;}ned 511.&11 be p&!d into
Sii.id si!ik:!:,.ng fund~::a s';);)n, as t~e sartle 8h~11 be' cOlleoted. 1!.IU1. sl:all
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reaa1n in aaid aink:lng' fUl'ld until :requ.ired for the respactive
ps,:rmenta of ·:.}:ri~eip8.1 and intel"p.etto b~ .me.de U90n sf~id bonds .. and
then when tile resp>9ative pc:.~"7Jents 0:'" the pr1n.eip<'1.2. :.t..rld. interest 0"£
g.s,,1d bonda. shall ;f,ell clue the:-reas:ul'er of the :~1ty ~ and h~ is
ber.eby author:i ze-d and co!!',;.~s.nded 'to YP1:3' out of the moneys of said
e1:r:j.dn.R' tu.:::.d· tbe said res:pect1v6 araO".lnts thereof vthen de:'~p.~nd sb.sll
be !!iade tberaf<ll" ~l.ti! 'by Jaw req'lAirec1, and upon the 8'l.'lr1:"II}!lder o~ the
corresponding-bonds t't.nd eOU~)On8 to 8t .. id ':l"ea.$u.r~r" the dut.y 01 sa.16 .
Trea.~uiel' ah$.11 be to Gti.D,C i1 e~id bo:::::ds ti.o.d, coupons fl,.S ;oaid im..r.J.edif~.te-
1y ,3.fter theIr PY!7lent"
.':'..nd it i $ I"urth~1r ord$.in.ed,. contr~.c ted, represe.n ted..,
pr'bl:.1s~d ~.lld. ~~,pZeed: none o:f the :::oneys paid into said sin;':ing
tnnd shel.l be used for t).;ny other purpose t~.~n the !'>"1::lent )~ the
prln.cipel'o:f snidindebtecness ~).nd t!tt> int,ertst thereof. until tbe
w~oi'e sm'u""'Jt ()fs~id. indebted:ceS6 i:ctel"~'Ht 8b:~.\11 have been tu.l1y
l'aid~ a.:nd :tht:,t e ..... ~cl~ .t2.nd e":1ex-y one o~ t:he c ·..)nt. itlons s.o.d pr;ovl.sions
$t-:'~ted. sndproyided' iX2 l"e-1f.1. #. on to the said bond.s by s~id ordinance
c~11ing said'election shall be fed wi'tc.
Sec ... · !: ..;J.l bonds of :~$.id :1 ty 1:ere1n provided to be
1ss'l.ted ... shall bear tl:e date ht:~l"einbe::o::re pro"/ined,. und. shall be
axee'l;i.'ted ~nd be l"eady for deJ. i'vottry tJ the yu:tci:.f..ser on PfI.Y~H:!!lt of
1)UrCJJsa~ !?r:i.o~~. nd ah»lll 'be li.l~co~r~,,:p'~ed -=>:4 pr1ntedon bon:t! paper
so ,called; ~ll',ld Wc.e:-l pxo:perly executed., six-ned seale·d t she.l1 be
deli'1ered by r.d.rn tr)t.}~e ::syor of t.he ::: t;;r of ::'8.1" to e.nd i~i ty
Cl~:rk. reciting t!;,~: tlutno<;)r of es.ci:; bond aIle thnt tne $~::.1ne ar'~
to ·b "' il.' d~··~· , ....... d . .,.. .... ..;-.... ",,..., <f"\,.....I> oio~ "'it-~-"t . e o.e ... .I. v'ere .1;.,) ",,l:.;e ,",'J. e ... _ \of... '0'1 ... '1:; ""ounc.!. .• '..IJ.., v.c.e" .j.;;:e:...LC;::,._ 0,
al'p:r'ovec by the !~-v'or. s~id:'i ty :!':reJ~,$u.rar sl:.~112 be held
responsi ole on hie offio 11:-:1 ol;)nd for the s~!e o'Q.stod.y and deli v-ery
thereof. as afctesald •
..--:~~ec ... L " :rei S o:rdi:na.nce e:Call be ~osted. by the C1 ty
Cl.erk· on the bulJ. etin boe.re in the 1:)1 ty Eall ~ and sC:l.l1 take effect
end in force fro'::: a.nc, after its pas8age.
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7.oi$ ordi:c.a~~e w~s duly . I)&sse-Ci a.no. ado))ted a.s .~..n
ordinanoe of til(t C1 ty of ?l.tio Al to 8. t a regular m~eting of .the
Council of .. tile ei ty o'! ?t=.lo Alto held on tlleSt1l d~ of !ray.:
1922, by the foIlow1nR vote!
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Approved by me this i: day of. ~7" .19 .~?:""
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Qrd.in~ce 'NS,8 duly !,a.c$~'d ~:!.!ld postt.Hl &~ set f'o:r ·th a.bove.
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