HomeMy WebLinkAboutORD 498ORD 498
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sa1d'·'bC.:nds ·Shall be paid ee'.ini .... ~L?mually, so that there
shall be. a payment or interest on s.J.1 sums unpaid in
each and every half year; onf3• c1f the semi-am:tUal
pavm:ent.s in each year being on the first day of
Apr.11,, .·.and the othe.r of. such pe~ymE;nt,s being on the
firs.t day of October,, and said.: il"1teres"t sh.all:/be
evide:.nced by prope:r coupons att.ached ti' each 'bond, a
s.epara:te coupon: bei~iig attached to ·.each bond for each
.. semi'-tmnual payment of the :i.nterest to become due
thereon. Bo::th principal and interest shall be
p:ayable in: go·ld coin ot the United Sta.1;es at the
office of' tlie City Treasu.re:r• ·of said c:L ty,, s.nd said
interest shall be payable upon presentH.tion and.
. surrender of the proper inter·es.t coupon.s:.
Said bonds shall be da'ted the f~'.rst day o:f
·April~ l.930, and shall be su'bstant1e.11:r in the following
~or'!:l,. to-wit.:·
UNITED S'!'ATES OF AMJmICA ---·-,
STATE OF C.ALIFOR1'11:A
Co.unty of Santa C1a.ra., Ci'l::y of Palo Altc
PUBLIC UTILITY BOND.S o:p 1930
r no .. ----$1000.00
On the first da.y of A.pr:Ll, 1934:, the Ci~y of
Palo. Alto, a mun:!.cipa.l corporat:lon inccrpo.rated
unde:i--the laws of the State o:!:.' Ca.J..ifc>rx:.ie., for value
1•ece:tyed ·hereby promise to pe.y the bear·er-s.t the
City,. Treasury of said City, :1r1 the. City of Palo Alto,
·. Coiinty of .Santa Clara, Sta;te of Calitor·nia, the sum
of::. One Thousand Dollars ($1000.00) in eold coin ct
the' Unite.d Ste.:tes of .Arn.ertca, w.j~th, interest thereon in
.like gold coin from t:r~e date b.ei•eof, at the rate of
fi"ve per centur.n per e.nnum, pi:i.ya'ole semi ... .o.nnua.lly at
tb.e C'ity Treasury, on the fi;.,..,st day of April and
.oc·tober or each year, upon the present&tion and
surrender of t.he proper inte1~est coupons he!"eto attached.
This bond is one of ~~ series of bo!l.ds of like
date,. .tenor and effect, but mattl.r1ng se:-ially, issued ·
by tl:l-e· City of Palo Alto fl")r the purpos :i of s.cquiJ~ing
.certain public mu.nicipa.l' irilprovements 1:1 and for ~1aid
City, e.nd is issued under s.nd in. pursua::lce to and in
conformity with Ordinanc.e Nos~ 492 and ·198 of sa.1C. City,
and. the laws of the State of California.
And it is hereby certified, a ssi:::rted and
declared that this 'bond. is issued l:r. pu::-suance of
and in. conform.it~ with the Const:1tut1on and laws of
the State of California and the cr·d:!nances of sa.i·cl
City of P~lo-Al to, and in pu:r·.sua:nce of 1md in
ccnformity w1.th a vote of more than two·-thirds of
all the q;uali . .fied electors vo,t:1.ng at_ a :~pecis.l elect1cn.
·duly. and regularly· called .and· held in st~d city, on
t.he: 14th day: of March, 1930, notice theJ'eof having
r.;Jeen duly and regularly giveri; :anc";. published in the:
manner t:ind for the : per·iod requ:tl"'ed 'by li~w, and thst
the result of said election ha:s 'been caxivs·.ssed and
decla..~d s.nd. enter,ed in the man.""J.1er as rElqu1red by law ..
!t is further certified 1e.nd decJ.ared that all
of' the. provisions and requ:1.rem1~nts of' tl:~e constitution
and laws of the State of Ca:J.if<>rJr>.ia e.nd of the
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CAPSSL. 4l42 UZI
348
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o:rd1n11nces _of· said City of Pa.lo Al to have be en duly,
regu.le.rly and fully complied. with by the prcper
o_f.ficeI's cf' said City a.nd i:l the 1.ssua::ice 01.' this bond,
and that all acts arJ.d conditions s.nd things reqt<.ired by
law to be do,ne precedent to .and in t.he issuance. of
said bonds h:s.ve been done and have_ be·en per.formed in
·regular and due form. and in strict ac~~ordance with
the provisions of the law au.thcrlz.ing said bonds; and
that the total 1ndebtedne3s Of s:s.id Clty of Palo Alto,
including the indebtedness evidenced hy this issue
of ?o:nds·, .does not exceed tf>.e limit p:r•escri bad by
the constitution _and laws of the Si;ate1 of California ..
_ This 'bond ceases to bear int-erest unl~ss presented
at ma.tu:r-ity ..
IN WIT'.NESS W1iEREOF', the said City of '.?alo Alto
-ha.s caused this bond to be signed ·oy tJh.e Mayor and
Tree.surer of said City, and to be countersigned by its
City _Cleri:-, and has caused the City: Cl~~rk to af'fix
taereto the corporate :seal of said City cf Palo Alto,
this .first dtly of April,. 1930.
The interest ccuoons attached. to said bonds and
evidencing the inter-est· to accrue therecm sh.a 11 be
numbered consecutively, and shall be in sub.sta.ritie.lly
. the following form, to-wit:
',
Coapon No .. E100nd No.
Ori the first day of October A._D. 1930,the City
of .P~lo Al to will pay the bearer _herE~of, at: the City
Treasury of ss.iC. City in sai.d City of Pa.lo Alto,
County of: Santa Clara,, State of ce.li fO rn.ia, the SUr:l
of twenty-five do.llars, in gold coin, of the t'nited
States_ cf .A."nerica., for the sem1-anri:ui:tl interE;st due
on tha-t. :date upor. 1 ts s.bove numbered Ptlblic t tili ty
Bonds o t 1930_. ;._ ,I/ .,:!'/ ~ ~ / !'I . (j7, lp~''tJ'j0:P,t\
Oity T:rea~~~-
And it is further or•dered thoe.t th<;l Ma.~ror of'
said C:l ty who is the e.x:ecuti Ye officer oj:' sa~.d City
be; and he is hereby authorized to sign ~~a.ch and
every c:ne cf said tx::.:t1ds as the executive of Ba.id City as a.fores aid;. _a.nd that the Treasurer of ~~aid City be I
·and he i's hereby authorized to sign eia.ch and every
one of said bonds of said City_, and tl"l.at thEi City ClC:irk
of said City be_1 'and he is here.by author:tzed to
countersign .• each s.nd every. one of sald bc1:lds o!" saiC.
City,. and he· shall affix the1"eto the <:::orpor~d;e seal
of said City to each and every one of sa:1.d ~x:inds,
a.nd that_ said signing and sealing sha:Ll c:ons~ti tute and
be a auffic1elit and b'ind1ng execution of eac.h and. every
one of saiC. bonds by and in 'behalf of se.i.d Ctty, and
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that there shall be 11 thographE~d 0 1r p:•inted upon each
----and e-ver:r one of the coupons a.t_t.ac;hed. to . each of sa.~ui
bomds ~ a lithographed or prir.Lt~Hi f'acs:l.m11e signature
of _a.aid Treasurer of said. Cit;y 11 and said facsimile
11.tnographed or prirlted signatl:t.re of i:aid Treasurer
attached to f;)ach of ~aid coupons shall constitute and
be !J. .sufficient and binding execution or es.ch and
--every one o-r. said coupons by sELid City :1 which fund
shall be designated "fublic Ut!.11 ty Ft~nd or 1930",
and .tb:e money 1n said fund shall be ar;·plied
exclusively to the at'd.:resaid 1uiprovemEnts ..
_ __ Sec. 2 .-Se.id bonds may be is 1old 'by ss:td Council
of the~ City of Palo Alto at n.ot-less than their par
valu.e,_a.t either private or public sa1e, and without
further notice,, The proceeds of ·t;he sale of said
bo:rids or fmy of th.em shall be plaeiad in the Treasury
of said City to the c:"edi t of t_he .f'uno f-or which they
were. authorized.
_ _ Sec .. 3.. The Council of the Ci t:y of Pe.lo Alto
shall, at the time of fixing the gt~ne:ra.l tax levy,
an~ i.n th.a' manner -for such general ta.."'t levy provided,
levy and _collect annually each yeaJ~ until said bonds
-a.re paid, or until there shall 'be_ a sum in the treasury
of said City of Palo .P..lto set apar1; for that purpose
;o· :neet all sums coming due for pr~Lnc1pal and 1nterest
or.l such_ bo.:nds, a tax suf'f1cient to pay the annual
1ntere-.st on· such bonds, and als•:> such part of the
t>rin.ciDal thereof as shall beco:me d.ue befora the time
for fixing the next general tax leiry,. The taxee therein
required to be levied and collected. shtll be in addit:ton
to all other taxes levied for munic:ipal purposes,
and shall be collected at the time and in the same
manner as other municipal taxes ar~~ collected, and be
_used for no other purpose than the pay:nent of ss.1d
borids and the accruing interest:.
And the ss.id Council of the Gity of Palo Alto
further ordains that there shall b~~ w:xd tt.ere is
hereby provided a sinking fund to be J:e1~pt by the
Treasurer of said C:t ty" to be designe.t1~d as the
"Sinkin§ .Fund for the Payment of Pi1bli1.! Utility Bonds
of 1930_ , and that the proceeds of th~3 levy above
mentioned sh&ll be pa.i(;, into said :s1 nk:tng f\md, as
soon as the same shalVoe collected, and sha.ll remain
in_ said sinking fund until required fo:i.' the rE<specti'1e
payment's of_ principal and i:nterest to be made upon
said 'bpnds., and then when the resp~;lcti ve payments of
the principal and intere_st of said bonds shall fall
-d:u.e, the Treasurer of', S'aid City be;• and he is hereby
authorized and comma.need to pay out of the money of
said sinking fu."ld, the said respective amounts thereo~,
when demand shall be made therefor as by law rcq"t;.ired,
and upon the surrender o-f the c.•orrHsponding bonds
and coupons to said Treasurer, the dut:r of said
Treasurer sho.11 be to cancel said 1:iondH and coupor:.s
as pa.id, immediately after thei.:r:o pn.yment.
.. And i_t is further ordain1ed, contracted, represented,
promised, and agreed, that none of t.he moneys paid 1:nto
said s:trJ.cing fund shall be used fo1~ an:.r other purpos,e
than the.-pa.yment of the principal t:.)f ~~n.id indebtedness
and the i!".t~rest thereon, un.t11 th~~ whc1le a.racunt of
sa.:td 1ndebtecL"less shall have be1~n full:r paid, a.nd that
e-ueb. and. every one of the conditions and provisions
stated: and provided in relation to the s~id oonds 'by
said ordina.nce calling said ele·~tion shall be complied
w:ith.
349
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;See .. 4 ... ;All bends of.' said c1t1 hE:rein provided
to be issued, shall bear the date her·einbefcre provided,
and shall ·:oe. executed and ready for d1aliveI'J" to the
purchase.r ori. payment of' purchase pric1e, a.:r:;d she.11 be
1£t:hogra.phed or pr'inted. on bond. paper, sc called; and
when properly executed, signed and si:M.le 16.,. shs.ll be
delivered to t.he City frea:::urer · a..."ld a. rei~ eipt therefor
executed by him to the Mayer of the C:lty of Palo Alto
and City·. Clerk, reciting the ·number ·:>:t' e19ch bond and
that said, bonds are to be delivered tc> the order of
the Council 'of t?:lc City cf Palo Alto,. a.py.:roved by
the :Msydr} an.d said City Treasurer shall be held
resporis.ible on. his official bond fc:>r the safe custody
and ·delivery thereof as afores8.1d •
. ·Sec" 5o
t11e·c1tyc1e:rk
·. and 'shall take
its pa.ssag.~ ..
·: ..... :
Thi.s ordinance shall he posted by
on the. bulletin board :1.rL the City Eal].
effect and be in fo~oe from and after
This ordinance was duly pas~;ed and a. d.opted s.s
an o:rd1nance of the .City of Pa.lo Alto at a regular
meeting or the .Council of the City of Pal<) Alto,
held on the 17th day of March, 1930, by t.ne following
vote:
AYES:
NOES:
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Cathcart.z.. Christensen, Johns or.~, K·3ll~, Ls.us ten,
Mo sher, 'l'no1 ts, Thomas, Whisleir, ::V<>Oo..
None ..
ABSEN 1r: M:!;s.s .Baugh, Bertsche, Hoba2:-t, Mrs .• Thomas ..
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