Resolution No. 728
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1 RESOLUTION NO. 728
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A RESOLUTION OF THE CITY OF VERNON AUTHORIZING THE APPLICATION
TO THE RECONSTRUCTION FINANCE CORPORATION TO PURCHASE THE :E'LEC-
TRIC POIER AND LIGHT BONDS OF THE CITY NOT TO EXCEED $500,000.00.
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5 T:FIll CITY CO UNC IL DOES RESOLVE' AS FOLLOWS:
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THAT W'HEREAS, said City Council finds that it is
necesfuay to sell a certain rmmber of Light & Power bonds
heretofore voted by the people of the City of Vernon; and
W'HERE.A.S. it bas been found by said City that the
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condit ion of the bond market does not warrant bond buyer-s
bu,.ing these bonds; and
W'HEREAS, it is necess.ary that the City secure ad-
dit ional funds for the complet ion of' it s light and power
projeet; and
WHEREAS. under the terms of the Emergency Re1 ier
and CORstruetion Act of 1932, the Reconstruction Finance
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Corporat ion is authorized and empowered to purehase securit les
of the charac"ter of the Light & Power bonds of the 01 ty; and
WHEREAS. the City is desirous of making an applica.-
tion to :JIaid Reconstruction Finance Corporat.ion requesting
said Reconstruction Finance Corporation to file a bid with said
City for the purchase of said City bonds;
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]fOW, THEREFORE, BE IT BESOLVlm:
Section 1: That the City fil.e an applica"tion with
the Reconstruction Finance Corporation requesting said cor-
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poration to purchase certain of the City's Electric Light &
Pawer bonds now: avai1.able for sale, in an amount not to ex-
ceed 1500.000.00, the exact amaunt required to be determined
by the City EngineU" of said City-;
Sect ion 2.: That for the pur'pose of the applicat iall
:I. :I. Furlong, Mayor af the City Jl:f Vernon, b&, and he is
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hereby, authorized, empowered and instructed in the name of'
the City to execute and deliver the application aforesaid,
and any exhibits thereto in the exact form in which said
application Is submitted, to the Racon.true-tion Finance Cor-
poration; and he:; is f'urther authorized and. empQ1J;ere,d to
auppJ.y 'lhe "\.ecODatruction J'inanee CorporatioD. with any and
al.l inatrumente cm' data it may request in conneet ioft with
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suell application;
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BeriioD 3: That the tity Attorney of 8ai4 City is
hereby instructEld to assist the Mayor in pr'eparing and present-
ing said applica"tion to said Reconstruction Finance Corpora-
t ion and to represent the City 'before the Reconstruction
Fi_nce Corporation in the futherance of the .ale of 8aid bonda;
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Section 4: That the City Clerk shall certify 'lo
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the passage of this Resolution, and, upon the signing thereof'
by the, Mayor of said City, t.he same shall be in full force and
eff"ect.
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19 Adopted and approved at a regul.ar meeting of the City
20 Council held ~ 1. 19U, by the fol1o.ing vote:
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Aires:
Leonie, Furlong, Darb in
Levy, Peralta
.oes: .one
Absent:
None... . .........~;:~. '../7
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STATE OF CALIFORNIA }
: sa
COU1'1ty of Los Angeles )
I, T. :I. FURLONG, City Clerk of' the City of' Vernon,
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do certify that the foregoing Reso1ution .as adopted by the
City Council of the City of Vernon, and signed by the Mayor
of said City, at a regu1ar meeting thereof held on the lat
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Vernoll
day of Jlay, 1933.
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