19301113 Regular City Council Meeting - Minutes
MnroTES OF A..~ ADJOUllliED RRGlJT.uAR !iIBlETIUG
OF TEE CITY COUNCIL OF THE CITY OF V'~RI{ON,
CALIFORNIA, HEu) ON THill 13TH DAY OF NOVEM-
BER, 1930, AT 4: 00 P. 11., AT THE CITY HALL
OF TIm CITY OF V'ERNON, 4305 SANTA FE AVE. ,
VERNON, CALIFORlifIA.
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The meeting was called to order by the Mayor, J. J.
Furlong.
Uouncilmen present:
Councilmen absent:
Levy, Durbin, Jfurlong
Leonis, l1artin
It was moved by Durb in, seconded by Levy, that the
reading of the Minutes of the previous meeting be dispensed
with. Motion carried.
At this time Weeden & Co. and American Securit ies
Company presented to the City Council a bid for the purchase
of $3,000,000.00 City of Vernon light and power works ~lant
and distribution system bonds, voted September 10, 1930. in
the fm110wing form:
W~.J!..'DEN & CO.
650 South Spring Street
Los Angeles
Trinity a9l4
November 13, 1930
City Council
Vernon, California
Gentlemen:
For $3,000,000 City of Vernon light and
power works plant and distribution system bonds, elec-
tion of 19'30, $1,000.00 denomination, principal and
semi-annual interest payable at the office of the
Treasurer of the City of Vernon or at the National
City Bank, .New York City, bonds dated October 1, 1930,
and maturing.$9a,000 in each of the yea.r-s from October
1, 1933, to Vetober 1, 1962, inclusive, and $60,000
October 1, 1963, bearing interest a.t the rate of 4-3/4-
per cent, we will pay you upon delivery to us par and
accrued interest to the da.te of delivery plus a premium
of $11,450.00. ihis bid is made subject to immed~te
a..cceptance and is condit ioned upon the bonds being
legally issued and our being furnished with approving
o:pinions of Messrs. Bordwell., 1!lathews &/ladsworth, of
Los Angeles, and of Thomson, Wood & Hoffman, of New
York, or Messrs. Goodfellow, Eells & Orrick, of San
Francisco.
As ev idence of good faith we enclose here-
with cert ified check of the United Trust COlIlJ?any of
San Francisco for $90,000.00, payable to the City
Treasurer of Vernon, same to be retained by you a.s
:part payment in case the bonds are a.warded to us;
othe~vise to be returned to us or to our representative
at the sale.
Respectfully submitted,
Vfeeden & Co.
American Securities Company
by Sidney B. Hook
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:~!)H
At this time Councilman Durbin introduced Resolution
No. 604, a resolution of the City Council of the City of
Vernon, auth&riz.ing the sale of $3,000,000 in bonds to Weeden
& Co. and American Securities Company, and moved its adoption,
which 'Wa.S seconded by Councilman Levy I a.nd caX'ri ed.
It wa.s moved by Durb in, seco nded by Levy, t hat the
City Clerk be instructed to advertise for bids for the print-
ing of 3,000 p()W;er bonds, both full lithogra.phed and lithogra.phed
border and printed body. .Mot ion carried.
It was moved by l.evy, seconded by Durbin, that the
inquiry of P. P. O'Brien, postmaster of Los Angeles County, in
reference to the repairing of the old city ha.ll building, be
referred to the City Engineer with inatructions to repair it..
Motion carried.
It was moved by Durbin I seco nded by .Levy, that the
firm of Bordwell, Mathews & Wadsworth be employed as. special
counsel to pass upon the legality of the eleetric bond issue
of September 10, 1930;. they to be pa.id the legal and customary
fee for such service, to-wit, one-tenth of one per cent of
the principal of said issue, a.s outlined in their letter of
August 19, 1930, to the City Attorney. Motion carried.
'fhere being no further busine ss, it was moved by
Levy,' seconded by Durbin, that the meeting adjourn. Motion
carried. . ~ ~
~f4; .. of ~fty of ~non
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