Resolution No. 732
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~SOLUTION NO. 732,
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3 A. RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VERNON AUTH-
ORIZ.Dm TEE SALE OF tlOO,OOO.OO IN BOIrnS TO THE FTIlST NATlONAL
4 BANK OF VERNON, CALIFOmrU
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The City Council of the City of Vernon does resolve as follows:
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\f.til:!iRl!iAS, the qualified elect or s of the City of
Vernon did on the lOth day of September, 1930, author ize
the issuing of' 13,900,000 in bonds for the purpose of &cquir-
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:i.ng, constructing and completing a certain revenue produc.ing
11 municipal improvement, as set forth in Ordinance 430; and
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~, the City Council of the City of Vernon
13 has- her'at afore ao1d $3,150.000 worth of said bonds at private
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sale; and
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it is the opinion of the City Council of
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the City of Ver'non that it is to the beat interest of the City
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of Vernon to sell at this time 1100.000.00 worth of said bonds
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at. private sal.e; and
.,[v~, The First National Btlink of Vernon has agr-eed
to purChase $100.000.00 worthiof said bonds (bearing in-tere:st
at the rate of six: per cent per annum, ps\y&ble. semi-annually
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on April l.st and October 1. st. of each year, ,at pa.r and acc.rued
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intereat) sa.id bonds be.!ng dated October 1, 19.30, and being
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numbered 3347 to 3446" both inclusive, and payable:: t84, 000.. 00
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October JL, 1.965; and 116,000.00 October 1, 1966; and
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.~, in the opinion of the City Council this is
28 the highes:t. and best offer obtainable;
NOW, THEREFORE. BE IT RESOLVED:
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Section 1:
That the offer of The Fir"st Ha.t iona~ Bank
31 of Vernon. a. national ban1d.ng corpora.tion, be accepted and that.
32 $100,000.00 worth of said bonds be sold to sa.id The Firat ITa-
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1 tional. Bank of Vernon at par and acc:rued interest; that the
2 Mayor of the said City be authorized, instructed and empowered
3 in the name of the City to enter into aJ.~ necessary contracts
4 to carry out this sue upon the deposit by The First National.
5 Ba.nk of Vernon of So certified check for three (3%1 per cent of
6 the tQtaJ. par val.ue of said bonds.
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~eetiQn 2: That the City Cl.erk of the City of Vernon
is diree:ted to certify to the passage of this resol.ution aDd
thereupon the same shal~ be in full force and effect.
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Adopted and a.pproved this 25th day ~ ][a.y, 1.933,.
(ti{t~~fi;ernon
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STAT.El OF CALIFORNIA )
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County of Los Angeles )
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1., If. ;T. FURLONG, City Cl.erk of the City of Veruon,
do hereb.y c ert ify that the l' oregoing Re s olut ion No. 732 was.
duly adopted by the City Council of the crity of Vernon, and ·
a.pproved by the :Mayor' of said City, at an adj ourned regular
meet iog there of held on the 25th day-- of May, 1.933.
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