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" AJi...QMJ•iAli~~ll.Di& .SECtIQN 5§7, P.ARAYmH 1 11 . . ' .
OE . COJ2It:00?: ~llfMCE 10. 3 .QE TliE CI~L.QF PAl!Q AL~~
The Council of the City of Palo >.lto DO ORDJJ:N
as :f:ollows: ·
. .·... · That Section 5f!n,-Paragraph l, of Cod.ified
· Ordinance ?lo· •. · 3 be amended to read as .follows: ·' '
Sec·. 5&7.. . Interest at tha rat.a of three per·
cent:pe~ annum will be paid o:a dep0sits so
held by the: City 3 and shall 'bear interes.t :f'rom
~he first day or Janus.ry, April, July or Octobe:r·
after said deposit is made. Interest shall be :paid
.~ in January:, except, when service is
o:r,d,;e'red :discontinued, accrued intel'est shal:l be
computed, ta the .last dq oi' the preceding quarter,
but in no case shall interest be figured for less
than a e:&lend&r quarter.
The City cierk is directed to post a copy of·
thi,s or.dinanee on the bUlletin board at the City Hall
upon· passage·.
. The .abo.ve and .foregoillg ordinal1ce was duly and·
regularly introdu~ec at a regular meetillg or the
Council of the City or Palo llto held on Tuesday,
February 131 19341. and, was thereafter on Monday,, the
12th day·· o! Marcb.t 19~, duly' and regularly passed by
the f'ollowing vote:
. NOES:·.
Bonham, Cathcart, Collins, Crandall, Johnson, .
Judson,· Kelly, Kosher, Stephens, Thoits,Thomas ..
None.
Kitchell, Wood •
. APPROVE~£'..ef'Q/,z::~
Mayor
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