HomeMy WebLinkAboutORD 448ORD 448
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Secti.on .. 1 .. It is hereby determined tha.t the public
interest and ne¢essity l'equire said f,)tlblic improvem.ent, as
set :forth in the resolution above referred to, declaring the
public· necess1.ty thel"eof; that 1 t is hereby deemed that it is
necessary to incur the 1ndebted.."'less herein mentioned,, in excess
of the money in the t:r:aasury applicable for the pur·pose for
which said indebtedness .is being in.curred.
That the approximate assessed valuation of· all
property within tl1e limit.s of said City is $13,.000,ooo.oo and
the present outsta.nd:lng indebtedness against said City is
.approximately $944:-560. 00.
That. the annual income and revenue of said City is
equs.1 to .sm.d not greater than the annual expenditures of said
city, and tha.'t the cost of said improvem'!)nt is too great to be
paid out of such ordj.ns.ry annual income and revenue; that the
·amount of indebtedne~is now proposed to be ir::.eurred,, together
·with all other indebtedness of said City, 1.:3 less tha..'11 15%,
to-wit: is e.ppr.ox1ma.tely 8% of the assessed valuation of all
p:r;operty wi thj.n the cot-po rate limits of .said City:
Sec. 2. A special election is her~:) by called and
ordered to be held in the City of Pa.lo Alto:, County of' Santa
Clara, State of Ca.111'ornia, on Monday, the '.!.3th day of May,
. 1929, to submit ·to the qua.l1fi6d voters of ::iaid City of Palo
Alto, .the fol::li:rw1-ng proposition to incur a bonded i:ndebtedness
of said City 1 to-wit:
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T"ne· proposi.tion to incur a bonded indebtedness of
sixty thousand dolla.rs in gold coin of the United s·tates of
.America, for the acquisition, construction ~,.nd completion of
a subway at the crossing of the Embarcadero Road under the
Southern, Pacific c·om:Pany' s right of' way, thE: cost o:r which w1ll
c~d10.$."'t
be too great to be paid out of the M~ ar.nual roenrenue and
inc.o:6e o~ · said C.1ty:
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T.b.at the said last mentioned date, to-wit: Monday,
Kay 13, 1929~ is hereby fixed as the dat;9 o:~ h·~lding said
election. and the said p:ropos~tion to ineur .said municipal
indebtedness, as 'des5.gnated. and refer:-ed to in the summary
thereof set .forth 1n the form of ballot harti1ne.fter prescr1 ...
bed tor us~ .at said election, is hereby subinitted to said
voters for their dete:rm.1natlon at said election> which is
held. a·c the same time as the general :o:unicipal elec·tion ..
It shall require the vote of two-thirds o:f' all v<Jters
. voting a.t said general election on this proposi t1on to authorize
the incurring of the indebtedness and the issuance c>:f' bonds
therefor.
Sec. 3 .. The object and purpose for ,,hich snid bonded
1 ndebtedn.ess of sixty thousand dollars is pr1.>posed 1~0 be in
<:urred is for the acq\iisi tion, construction und completion o~
· ~i subway at the c:::-ossing of the Embarcadero Hoad ov~,r the
. S.outhern Pa,cific Company's right of way, which sepa.:i:•ati-on or
grades and construction of a subway at sl:l.id ~:.ntersection cross"'.'
1rig 'was Ol'"dered. by the Railroad Comm.iss1on of the State o-£
Calii'o;rnia 1n. its d.e.cision number 20456 on c~"ty of Palo Alto's
a1ppl1cat:lon number 14323, and by wh1.ch order, plans and spec1-
f'ica.tions were·: adopted by 'the Railroad Cot::Lmis sio:n for. the.
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construction of ss.id subway, and order :nade for the .allocation
of the cost thereof between the Sou.them. Pa.ci.f'ic: Company and
the. Ci.ty or Palo Alto, by which al:Loea.tion the cost 1~f the
City of Palo Alto f'or said pu.rpose is the s1m ,~f s1x1;y thousand
dolla:rs.
· That a compet.a.nt engineer has made estimate~; or the
ni,eessary cost ot said proposition and finds ~aid co~:t to be
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th.e · sum o :f s 1.xty thousand dollars •
. : se.c"' 4 .. That the estimated cost of said propos1 tion i.s
the SU'U! Of sixty thousand dollars, gold Coin as aforesaid, Which
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" slun ha.s been f"cu.nd a.nd is declared to be an .nmount t<)O great
to be' paid out of the ordinary annual 1noome and revE~nue of
, saiid city., Th.at the amciunt of the principal Qf said j.ndebted:ness
?rop.o:sed to be i??-cu.rred for said municipal ir!1provemer.~t is the
sum. of sixty thousand ($50 1 000) Dollars.
See. 5., That,i:f the above proposition to 1neu.r said
indebtedr1ess shall be adopted by the qua.11f1od voters of said
, c~H~y 11 a~ in this o!"dinance and by law providnd, then and in
'tha:t case,, bonds or the said city in the amount ot si~~ty
thousand dollars, gold coin as aforesaid, fo:::-the pay:tnent of
the cost of said proposition, shall issue as follO\fS, to-wit:
Said bonds shall be nagotiable in ;:~orm. and shall be
of the character known a.s "Se:z•ials" 11 and shall bear ths rate
of :tnterest hereinafter ~orovided ..
Bonds authorized to be· issued at ~iaid elect:Lon shall
/ bear interest froc their issuance unt:il paid at a :nl&Xi1aum rate
not exceeding five per centwn per annum, payllb~.e semi-e.nnually,
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on such indebtedness, which rate so recited ::1a.y be less but
shall not be exceeded in the issuance o:f' bonds for such indebted-
'riess. The pri:::tc1pal and interest of said bonds shall 'b·e payable
ir. gold cc,1n ot the Unit.ed States cf America in the follow1ng
The municipal bonds authorized to be issued at said
elect,i'on shall be ~de payable by the legisle1.tive, brancr.. of the
city substantially as provided by Section S cf an act entitled,
nAn A1~t Authorizing the Incurring of Indebtedness by Cities,
Towns and Municipal Corpori:i.t1ons for Municipal Improvemen.ts, and
Regulating the :Acqriisi ti:on 1, Construction or Completion Thereof, n
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;: passed Februa.ry 25, ·1901, as amended to date.
Sec. 6. Tha,t the proposition herein oontainer':,d.r.td
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providied to be ~ubmi.tted e.t said election, nor any proposition
or propositions:. for incurring a mun:S.eipal ::!.nd11~btedness s:ii:nilar to,.
, ~)?' Sub.stant:ially Or, in. any .manner the same 8.S the propos1'l::1on
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li:e:rein: e,oritatil:ed, bas not 'l:?een submitted to the qualified electors.
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of said G1ty, nor voted upon nor failed to receive the req1iisite
two-thi:rd vot'e of the qualified electors voting at any ele{-:tion
held w11t::hin · si.x months prior to the date of the passage of th5..s
That the total indebtedness autho?•ized to be cres~ted
at said election shall be represented by bor.ds payable in the
man:..l')er aforesaid, and that such bonds sha.11 be issued in su.ch
denoraination or denominations as. the legisls,,tf ve branch of said
c'1ty shall authorize ..
Sec. 7 ~ 1Inat the manner of holding said election o:r of
vo·ting thereat for and against incur:t"ing said indebtedness,
shall be as provided 1ri this ordinance,, and that in all particu
lars not recited here:in,, said election shs.11 be held and cor.,
ducted as provided by law for holding municipal elections in
said City: Provided, however, th.at instructions and sample
ballots need not be mailed to the voters~
Sec. 8 .. The said spec:la.1 election submitting the pr<:>po
sition of incurring indebtedness and the issuance of bonds there-
tor, calle~d pu:rsua:nt to the provisions of tht:i Act here1nbefo1•e
referred to, sha.11 be consolidated with the general municipal
election f'or councilmen t·O be held in said City on Monday
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13th day of May, 1929, and for this purpose, the election pre
cincts, polling places and officers of election :shall be the
same as thc)se set forth in the ox-dinance call 1ng the geneZ'a.l
i:::.u..."11C1pal election,, which ordii."lance for said ::JUrpose is hereby
referred to by its official # 450 , for furt;her particulars,
and is on file in the office of the City Cler}:, a..""ld will be pub
lished in t:b.e Da.1ly Palo Alto Times contimlOU!'ily :from day to d;ay
with the publication of this ore.tine.nee calline:~ the bond election.
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Th•! polls shall be opened at said :polling places at
six o s clock :Ln the morning of. said day of eh~ction s.nd shs.11 be
kept open u."'lt;11 seven or clock in the evening of said day, when
the polls sr...a~11 be closed~
IT IS HEREBY ORDERED, that on the ·:>fficia.l printed
ballots used for the ·election of councilmen .:it said. ge1neral
election, the proposition to erea.t·e a bonded indebtedness to be
·voted upon sh:a.ll be stated as follows:.
"Sha.ll the C~ty ot Palo Al.~o incur a. bonded indebted
ness o.'f six~, thousand dollarL_for th~ Acqui:~tionz. Co:nstruction
and Complet1oIL.£f ~ subway at ~e ~rossing of Emba!'Cadiero Road
over t~Sou~~:!.~ Pac1r1c_Compani's !:!.ght-o!:!a.y?"
Afte~ said preposition to be voted upon, there shall
• be printed orf the official ballots the words "For the Proposi-
a
tion", and rt.A.gs.inst the Propos1tion 11 ,, with a blank voting square
after each •
Voter:s voting at this elec'.t.ion. sha.11 use only the offi·
cial 'ballots, and shall indicate thoir choic·:~ by st.a:mping only.
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ac:z-oss (X) in the square after the words ~t!"o::>r the Propi:>sition"',
if they desire to vote for and in fs.vor of th.a proposition, or
by stamping a. cross (X) in the square after ''.:.he words 11 Against
the Propos,i:t;ion'1 , if they desire to vote aga.:~nst the proposition
to incur safd indebtedn.ess.
Sec. 9. The money received from the sale of sa.:1.d bonds
shall. be deposi·tad in the city treasury in a:n appropriate fund,
and shall be a.p:pl1ed exclusively tc ·t'be object and purpose
mentioned in th:Ls o··rdina.nce.,
Sec. io. Tl'ie City Clerk of the City of Palo Alt1:i is
hereby directed to have official balJ.ots printed in confcn"?nity
wit"h the d1rectj,ons of this ordinance., He is further d:!.rt~cted
and required to cause this ordinance to be published .in the
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Daily Palo Alto Times on May 4,6,7,S,9,, 10 s.nd 11, 1929, being
seven publicati,:ms, a newspape:t• of general circulation, printed
and. published d:aily in the said City or Pale' Alto, excepting
Sunday, which pi:iblicat1cn a·hall be m.'9.de in e:aid newspaper once
a day for the d:ayg as stated, separate 1nse1"·tions, a.s often as
said newspaper ls published, and being not less than once a day
for at least se·g-en days.. No other notice of' the election hereby
called need be :;1v:en,.
Sec. 11. This ordinance shall take effect and be in
force from and ;after its passage and approval ..
The f·oregoing ordinance was· duly passed by the Council
··of. the City of Palo Alto at .a regular meeting held on tl:le 22d
Clay of April~ 1929 .• 'by the following vote:
:AYES
NOES "'-1' -..... one
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City Clerk
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---iTI.l:y Clerk --
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