Resolution No. 604
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RESOLUTION NO. 604
3 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VERNON AIJ'I'li-
ORIZ-nrG THE SALE. OF THREE MILLION DOLLARS IN BONDS TO WICll;I~
4 & COMPANY and AMERICAN SECURITIES CO:MPAN'Y.
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The City Council of the City o.f Vernon does resolve
as fol1.owa:
WHEBEAS, the qualified- elee:tors of the City of
Vernon did on the lOth day of September, 1930, authorize the
issuing of 'i'bree Million Nine Hundred Thousand (13,900, 000)
Dollars in bonds for the purpose. of acquiring, constructing
and completing a certain revenue-produaing municipal improve-
ment, as set forth in Ordinance No. 430; and
\Y1IERE.A.S, it is the opinion of the City Council of
the City of Vernon that it is for the best interest of the
City of "-ernon to sell at this time Three Million (13,000,000)
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Dollars worth of sa.id bonds at private sale; a.nd
-1flHEREAS, Weeden &. COIt1I>allY a.nd American Securities
Company, bond buyers, ha.ve agreed to purcl1a.se Three Million
($3,000,000) Dollars worth of sa.id bonds (bearing int.erest act
the ra.te of 4-3/4%, payable semi-annually, on April 1st and
October 1st of ea.ch year) a.t pa..x and acc.rued interest and a
premium of Eleven Thousand Ji'our Hundxed Jnfty ($11,450. GO)
Dollars, sa.id bonds being dated uctober 1, 1930, and being
numbered 1.97 to 3196, both inclusive, and payable $98,000
each year beginning Yctober 1, 1953.1, up to and including
Oat.ober 1, 1962., and $60,000 Oc:t.ober 1, 1963-; and
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WHEBEAS, it is the opinion of' said City Council
that this is the highest a.nd best offer abt.a.i.nable;
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NOW, THEREFORE, BE IT RESOLVED:
Seat..ion 1. That t..he offer or- bid of Weeden & Company
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and AmericllUl Securitiea Company be ac.a:epted, and that '1:hree
lU11iaIt. ($3,OOO,000) Dollara worth of aaid bonds be sold to
the said Weeden &; c.ompany and American Securitiea c.ompany
at par, ac-erued interest and a premium of Eleven Thoua.and
]'our Hundred 1l1ifty ($11.450.00) Dollars, and th&t the .MIqtlr
of said City and the City aIerk be authorized, in.strurled.
and empowered, in the name of said City, to enter into all
nec.easary contracts. to carry out this sale, upon the da-
posit Ciy said Waeden & Company and Am.erican Seouritie.s Company
of a certified oheck for three percent of the total par
value of said bonds.
Beet.ion 2. The City Clerk of the. City of Vernon
is dire.c:ted to certiSy "t-o the passage of this Res01ution
and thereupon "t-he same shall be in full farce and e:ffact.
Adopted and approved this 13th day of November, lS30.
{f~~ Ver=n
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22 STATE OF CALIFORNIA )
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23 c.ounty of La s A.ngeles )
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I, TI. J. Ji'urlong, City Clerk of the City of Vernon,
do certify that the foregoing Resolution was duly a.dopted by
the City Council of the City of Vernon, and signed by the
Mayor of said t:ity, at a regu1ar a.djourned meeting thereof
held an the 13th day of November, 193Q.
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