HomeMy WebLinkAboutOrdinance 418 N.C.S. 12/05/1955, /07
ORDINANCE NO. 418 N.C.S.
INTRODUCED BY COUNCILMAN SECONDED BY COUNCILMAN
W.Rage A. Ad xs Albert L. Bigelow
AN ORDINANCE PROVIDING FOR THE EMPLOYMENT
OF STONE & YOUNGBERG OF SAN FRANCISCO, , . CALI-
FORNIA, AS MUNICIPAL FINANCIAL CONSULTANTS,
TO PERFORM FINANCIAL CONSULTANT SERVICES
CONSISTING OF THE PREPARATION.OF AN OFFICIAL
STATEMENT OR BOND PROSPECTUS IN CONNECTION
WITH THE' PROPOSED SALE O;F APPRO)aMATEL Y
$205. 000.00, OF BONDS FOR OFF- STREET PARKING
UNDER ITARKING DISTRICT N'0; 1955 ®1 OF THE. -CITY
'. ,
OF PETALUM9
BE IT ;ORDAINED BY THE COUNCIL OF THE CITY. OF PETALUMA AS FOLLOWS
Section 1. That the City employ the firm of Stone.&
Youngberg, fincancial consultants of San.Francis California, to
prepare an official statement or bond prospectus for use in providing
prospective bidders with all appropriate information and advice with
xaspect to the proposed,bond issue in the principal sud of two hundred
five thousand dollars ($205,000000) for off- street parking in con-,
nettion with proceedings under the project known as,_ "Parking District
1`'oa 19,55 ®1 of the City of Petaluma "o Said - statement to be furnished
under .said contract shall set forth all details in regard to the
issuance and amortization said proposed bond issue. including
flow o'f funds; redemption by call and all other'factors which con.
stitute the terms upon which the City agrees to repay -the borrowed
moneys Said firm shall furnish the City with a copy of such pros -
ectus or official statement adequately and properly describing the
project and the bonds to be offered for sale with all necessary
suppor - ting economic and financial data, and. will furnish_ _the
ev
with a list of- potential bidders for the bonds to b4 offered for ,
ssae and do that which is necessary to stimulate Interest an and.
encourage competitive bidding upon such bonds and'aid., advise and
assist the City to create conditions favorable for- securing- the
best hid for the bonds to be sold. Said contract shall further
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provide that in consideration for the performance and completion
of said services by said firm the City shall pay said firm the
total sum of one,,thousand dollars (41000.00) in full satisfaction
for said services.
S,ection,2. That the he payment to said firm of-Stone &-'
Youngberg under the contract,authorized by this ordinance, shall''
be charged against and paid from the Parking.Meter Fund
Fund.
Ordered -.posted thi 28th day of -November
AYES'. COUNCILMEN ADAMS,,,BIGELOVV, BROWN, GUSTAFSON, NORWWOOD
AND MAYOR SCHOENINGH.
NOES m COUNCILMAN KING,
ABSENT NONE'
Signe
4 Ir C_;
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Attest:
9tty Cler1c
I hereby certify that the within ordinance was posted in one public place
in the City of Petaluma, to-Wit: In of the City Hall on the 29th day of
November, 1955-
I hereby certify that the whole nuphber,of members of. the Council oft the
City of Petaluma is seven, and that the foregoing ordinance was passed -by the
Council: at its meeting.of the 5th day of December, 1955, by the following vote, .
to-Wit:
r
AYES: Councilmen Adam_ s, Bigelow, Brown, Gustafson, Norwood and May_ or'
_-Sc-ho-pningh.
NOE8:,Councilihan King..
, ,ABSENT: None.'.
ATTEST
(SEAL) T, City Clerk
The foregoing Ordinance 'Number 418 N. C. S., having been regularly
. passed, and presented to me this 5th day, of December, 1955, is hereby
approved by me this 5th day of December, 1955.
EFFECTIVE DATE: january 4, 1956. 2:
Mayor.
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