HomeMy WebLinkAboutORD 295·1 '.11 ' ·' ' ,( ' ·~ ~
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0 RD I N·A NC E NO. 295 ----- ---·· -- --
AN ORDINANCE PROVIDING FOR THE INCl:JRRING OF A
BONDED INDEBTEDNESS FOH THE .C !TY OF PALO At TO
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IN THE COUNTY OF SANTA CI.Aifti·, ST.AT:E OF CA!,IFORNIA,
IN THE SUM OF EIGHTY THOUSAND IX>LL3.RS, L'i GOLD
COIN OF THE U:NITED STA~~ES Oi' AMERieA, TO ?AY THE
COST 'OF CERTAIN PUBLIC MUNICIPAL .t"1PROV.EMENTS OF
SAID.CITY AND PROVIDING FOR THE ISiSUANCE OF IONDS
EVIDENCING SUCE INDEBT!:DNESS.
WHEREAS, at the special bond election held
in ths City of Palo Alt~ on Aup:ust 8, 1924, under
Ordinance No. 293 o! ea.ld city, authority was p;ivon
to issue bonds of said ·lity in the sum of $80,000, -
$50,000 of said sum bei:1g. for the acquisition and
oonetruotion of addi tiO:'.lS a.nd betterments for the
distributing system of ·~he municipal power plant of
said city and $20,000 o:~ said sum 1,eing for the
aaquieition and oonstruotion of additiuns and better
ments :for the water plant of said city,
NOW THEREFORE, the Council of the City ~f
Palo Alto do ordain as follows:
Seotion l. ThE;t bonds .of the City of Palo
Alto do forthwith issue in the pri~cipal sum of
$80.000, -$60,QOO of at.id sum bein~ for the acquisi
tion nnd construction of additions e.nd betterrr::ente
for t·he distributing syE:tem of the power plant of
said. 01 ty and $20,000 of said sum being for the
acquisition and. construction of additions and better
ments for the wate:r plar..t of said c 1 ty. Said bonds
shall be known ae "Powel'· and w·ater Bonds of 1924"
and shall consist of 80 bol'lds of the denomination
of $1,000 ea.oh •
It is hereby determined that four of said
bonds shall be payable each and every year at the
, oity treasury o! said city, ·in United St~tee gold
ccl-11, on the let day o:i'ftieptember in each and every
year from 1925 to 1944 ioclusive, ti:>gether with
interest at five per cent 0?). all sums ttnpaid at said ..
date; provided:> that the interest on s!:tid bonds shall
be paid semi ... annual ly, s1> that ther•~· shall be a
payment of interest on all sums unpaid in each·nnd
every half year; one of .381d semi-annual paYm.ents
in each year being on tho lst day of March and the
other of such payments boing on the let day of
September. a.nd said inte~~est shall lie evidenced by
proper coupons attached ~;o each bond, a separate
coupon being attached to each bond for each semi-._,..
annual payment of the interest to become due the:reon.
Said bonds s1?fll be dated on the 1st day
of September, 1924 and slLall be substantially in tJ:.e
following form:
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ORD 295
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• UNITED STA~ES OF AMERICA
STATE OF CALIFORNIA
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County of Santa Clara, c!i ty of Palo Al to,
POW:mt AND WATER BONDS OF 1924
------$1000.00
On the ,let day of September, .1925, the
City o! Palo Altc:>, a municipal corporation, incor-
porated under the J.8ws of the .State of California,
for value received, hereby promises to pay the
bearer $t the city treasury of said city, in the
city Of Palo Alto, County Of santa Clara, state of
California, the sum of one thousand ($1000.00)
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dollars in gold coin of the United States of America,
with interest thereon in like Rold coin from the
date hereof at the rate of five per centum per annum,
payable semi-annually, at the city treneury. on the
let day of March and September of each year, upon
the presentation and surrender of the prope2· interest
coupons hereto attached.
This bond is one of a series of bonds of
like date, tenor and effect, but maturity serially,
issued by the City of Palo Al to for the purpC':~e of
acquiring certain public muiliotpal improvements in
a.ud for said o i ty, an-d is 1 a sued under and ,-i.n pur-
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suance o"f and in conform! ty with Ordinano! ;~s. 293 •
and '295 of said oi ty, and the laws o'f the· ·~ of
California. f
And it is hereby certified, ass, -and
declared that this bond is issued in pt:.ra~ , ~f
and in conformity with the oonatitution anci .of
the state of Cal1forn1r. and the ordinances ch:. t
o i ty :of Palo Al to, and in pursuance of and in ·-):rmi ty
with a vote of more than two-thirds of all the
qualif'ied electors votin.g at a speo i1'\.l eleot ion".
&nd regularly oalled and, held in said city, on :' .-~;:·
8th day of Aup."llst, 1924, notice thereof havinp; ·~_.Jen
duly and r;egularly given and published. in the manner
and for the period requi:t:'ed by law. and that the result
of said election has beel:i canvassed and declared and
entered in the manner as required by law.
It is further certified and d9olared that
all of the provjsions and requirements of the c,~stitu._:
tion and !awe of the State of California. and o,"'· '":e
ordinances of said City of Palo Al to have been ..:dilty, •
regularly and fully complied witb b~ the proper officers
of said oity and in the issuance o1 this bond, and
that all ~Lots, oondi t:Lons anil thi~s required by
law to be done precedent to and in tb." 1 ssuawle of
said bonds h~ve been done and have been performed
in regular and due form and in strict accordance
with the provisions of the law authorizing said bonds;
and that.the total indebtedness of said City of Palo
Alto. incrluding the indebtedness evidenced by this
issue of bonds does not exceed the limit prescribed
by the aonst1tut1on and laws of the State of
California.
This .. bond oeases to bear interest unless
presented at maturity.
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' IN ·,v ITNESS WHEREOF' the said c 1 ty Of
i>f~lo Alto has ~;&used this bond to be sign·ed by
the Mayor and Treasurer of said city and to be
c<)unters1gned by its City Clerk, and has caused
the City Clerk to affix thereto the corporate
seal of the said city of Palo Alto, this 1st
day of September, 19_~.1~
"~ff./h C,(/QT
o.
Treasurer of t~e City of Palo Alto.
City Clerk of the City of Pal~ Art"O:"'
The interest coupons attached to said
bonds and evidencing the interest to accrue
thereon shall be numbered consecutively an~~ .shall
be in substantially the following form, to-wit:
Coupon No. __ Bond No. ---
On the day of 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 o'f Santa Clara,· State of
California, the sum of. twenty-five dollars, in
gold co in of the Uni tee Sta tea of America., for
the semi-annual interest due on that date upon
its above numbered Palo Alto Power and Water B:>nds
of 1924.
city Treasurer.
AND IT IS FUR TEER OR DER.Ell th& t tll:e May_or
of said oity, who is the exeoutive of said city,
be. and he is hereby authorized to sign each and
every one of said bonds as the executive of said
oity ae aforesaid, atld that the treasurer of said
oity b~, and he 1:!3 hereby 3.uthorized to sign each
and every one of said bonds of said oity, &nd th:a+.
.: the City Clerk of said oi ty be •.. and he is ht!reby
authorized to oountersi~ each and every one of
said bonds of said oity, and he ahall aff'ix thereto
the corporate seal of said oity, and that said
signing and sealing shall constitute and be a
sufficient and binding execution of each and every
one of said bonds by and on behalf of said city,
and that there shall be lithographed or printed
upon each and every one of the coupons attached
to each of said bonds, a lithoP.raphed or printed
fao simile signature of.said treasurer of said,
oity, and said fao simile lithographed or printed
signature of_ said treasurer attached to each of
sald coupons· shall constitute and be a. sufficient
&.nd binding execution of ea.r.h a.nd every one of
said coupons by said city.
Seo. 2. Said bonds may be sold by said
oounoil of the City of Pa.lo Alto at not leas than
their par value, at eithe:c private or public sale,
and-without further notices. The proceeds of the
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sale of said bonds or any of t~em-shall be placed in.
the treasury of said o1ty to the credit of the :fund
for wh1oh they were authorized • . r. ..
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Seo. 3. ABD IT IS FURTHER ORD.\INED AND.
ORDERED that there eh.all be levied and collected'
eaoh and every year upon all property eubje.ot to
taxation in said city, a ta....'"t suffici.ent to pay all
of the interest on sach bonded indebtedness as
said interest falls due~ and a sufficient amount
also to pay said principal m~turing eaoh and every
year, and sufficient to pay tho whol.e of the
pr1ncip3l and int~reet of said indebtedness at
the maturity thereof; and the said council of the
City of Palo Alto hereby makes provision for the
levy and collection of all Sllms that shaL. be or
may be neoeseary to pay in full all the irLterest
and principal of said bonded indebtedness as the
same ahBl~ fall due, and hereupon contracts and
agrees, represents and promises that such levy shall
be made ae aforesaid, in case the said boj1ds shall
'b.e issued as aforesaid, and so far as this council
has the power now to make said levy, 1 t. hereby makes
the same. -
And the said Council of the City of Pa.lo
Alto further ordains that there s.li..s.ll be and is
hereby pr·ovided a sink Lng fund to be kept by the
treasurer of said city, to be designated ELS the
"Sinking :Fund for the Payment of Power .and Water
:Bonda of 1924", and that the proceeds of the levy
above meLtioned shall be paid into as.id sinking
fund as soon as the same shall be collected, and
shall remain in said einkinR fund until rf.lquired
for the respective payments of principal and
interest to be made upon said bonds, and then when
the respective payments of the principal a.nd
interest of said bonds shall fall due, the treasurer
of said oity shall be and he is hereby authorized
and commanded to pay out of the money of said
sinking fund, the said respeotiv~ amounts ther·eof,
when demand shall be made therefor as by l.aw
required; and ·ci.pon the surrender of the corres:ponCJ. inp.
bonds and co.upons to sa1G. treasurer, the d:.lty of
said treasursr shall be to cancel said bonds aJld
ooupons as paid, tmmediately after their p&yment.
AND IT IS .FURTH.ER ORDA~NED, CONTRACTED,
REPRESENT.ED, P:R01!ISE1> AND AGREED that none of the
moneys paid into said sinking fund shall be used
for any other purpose than the payment of the
principal of said ind.ebtedn.ese and the interest
thereof, until the whole amount of said indebtedness
and interest shall have been fully pa.id, and that
eaoh and every one of the conditions and provisions
stated and provided in relation to said bo.nds by
said ordinance calling said election shall be complied
with.
Seo. 4. All bo~ds of said city herein pro
vided to be issued shall bear the date herieinbefore
provided, and shall be executed and be ready for
delivery to the :!=>Urcha.ser on payment of purchase
price, and shall be lithographed or printed on bond
paper~ so called, and when properly exeou.ted, sifmed
and sealed, shall be delivered to the oity·.treasurer,
and a receipt therefor executed by him to the mayor of
the oity of Palo Alto, approved by the mayor, and
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said city treasurer shall be held responsible
on his official bond for the safe custody and
delivery thereof, as aforesaid.
Seo. 6. This ordinance er.all be posted
by the city olerk on the bulletin board in the
oi ty hall, and shall take effect and be in force
from and after its passa~e.
This ordinance was duly passed and
adopted as an ordinenoe of the oity of .Palo Alto
at a regular meeting of the Council of the City
of Palo J.lto held on the llth day of Aurrast. 1924.
by the following vote:
AYES: Bertsche, Cooley. Cottrell, Duveneck, .
Ea.sterday.Hobart,Jordan,tausten, Menden
hall, Terw1111ger, Tho:ta,W1111ams.
NOES: ,. None~
ABSENT: Blair,Cathcart,W1ng.
~··~ / Attest:~/
.... 1 y C erk.
I hereby certify that the above and fore
~oinp. ordinance was duly passed and posted as set
forth above.
C!Vy Clerk.
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