19400625 Regular City Council Meeting - Minutes
MINUTES OF AN ADJOURNED REGULAR MEETING
OF THE CITY C OUNC IL OF, THE CITY OF VERN ON
HELD TUESDAY, JUNE 25, 1940, AT TEE HOUR
OF THREE O'CLOCK P.M., AT THE CITY HALL,
4305 Santa Fe Avenue, Vernon, California.
The meeting was called to order by the Mayor, J. J.
Furlong.
Councilmen present: Furlong, Leonis, Peralta, Levy
Councilmen absent: Scheider.
It was moved by Peralta seconded by Levy, that the
reading of the minutes of the meeting of June 18, be suspended.
Motion carried.
Resolution No. 1021, a resolution of the City Council
0'1 the City of Vernon, declaring that in the opinion of the
City Council it is to the best interest of the City of Vernon
that the sale of $340,000.00 City of Vernon Sewer District No.
One, Election 1939, bonds be sold at private sale, was read.
It was moved by Leonis, seconded by Peralta, that
Resolution No. 1021, be adopted. Motion carried.
A communication from Blyth & Co., Inc., 0'Me1veny~
Wagenseller & Durst, by Blyth & Co., Inc., Syndicate Managers,
being a bid for certain of City 91' Vernon Sewer District No.
One Bonds, Election 1939, was read, which is in words and
figures as follows:
"June 25, 1940.
To the
City Council of the
City of Vernon
California
Sirs:
For $340,000. CITY OF VERNON SEIER DISTRICT
#1, Bonds, dated March 1 1940, and maturing Two
Thousand Dollars ($2,000f on March 1, 1941; Twelve
Thousand Dollars ($12,000) each year from March 1,
1942 to March 1, 1960, inclusive; Eleven Thousand
Dollars ($ll,OOO) each year from March 1, 1961 to
March 1, 1970, inclusive, with interest payable
semi-annually on the 1st day of September and on
the 1st day of March, said bonds to be of the
denomination of $1,000 each; for immediate accept-
ance, we submit the following:
For Three Hundred Forty Thousand Dollars ($340,000)
bonds maturing from March 1, 1941 to March 1, 1970,
inclusive~ bearing interest at the rate of four and
one-half \4 1/2%) per cent per annum, we will pay,
par ($340,000) and accrued interest from the date of
the bonds to date of delivery, plus a premium of
$7,072.00.
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"We are attaching hereto a certi.fied check in the
amount o.f $35,000., payable to the City Treasurer o.f
the City of Vernon, which check is to be retained by
you to be applied as part payment on the purchase
price of these bonds i.f we are the success.ful bidders;
otherwise, it is to be immediately returned to our
representative covering the sale.
This bid is made subject to the prompt delivery
and to the unqualified approving opinion o.f the legal-
ity o.f the bonds by Mess2s. O'Melveny and Myers o.f
Los ~eles, Cali.fornia, which you agree to .furnish
withou~ cos~ to us.
Respect.fully submitted,
BLYTH & CO., INC.
O'MELVENY-WAGENSELLER & DURST
By- BLYTH & CO., INC.
SYNDICATE 1~NAGERS
STEVENS.' MANNING
Stevens Manning
Manager, Municipal Dept."
It was moved by Leonis, seconded by Peralta, that
the communication be .filed. Motion carried.
Resolution No. 1022, a resolution of the City Council
of the City o.f Vernon, California, awarding and selling bonds in
the sum o.f $340,000.00 o.f Vernon Sewer District No. One, designa-
ted as "City of Vernon Sewer District No. One Bonds, Election 1939",
was read.
It was moved by Leonis, seconded by Levy, that resolu-
tion No. 1022 be adopted. Motion carried by the following vote:
AYES: Councilmen Leonis, Furlong, Peralta, Levy.
NOES: None
ABSENT: Scheider.
It w as moved by
the meeting adjourn. Motion
seconded by, Levy, that
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