Resolution No. 739
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RESOLUTION liO. 739
A. RESOLUTION OF THE CITY COUlfCIL OF THE CITY OF VERNON AUTH-
ORIZIlfG THE SALE OF 1200,000.00 IN Bons TO THE FmS'1' lfATIONAL
BA.mr OF VERNON, CALIFORNIA..
!he City Cauncil a~ the City of Vernan daes resolve as follows:
WH..&wsAS, the qualified electars af the City af
Vernon did on the 10th day af September, 1930, authQrize
the issuing af $3,900,000 in bands far the purpose af acquir-
ing, eanatructing and completing a certain reTenue praducing
municipal. improvement, as set farth in Ordinance 430; and
w.mmE.AS, the City Council af the City af Vernon
haa heretofore saId $3,250,000 warth o.f said bonds at privat.e
Sale; and
WlmREAS, it is the apinian af the City Council af
the I!:ity af Vernan that it is to' the best interest of the City
of Vernon to' sell at this time $200,000.00 worth of said bonds
at private sale; and
WH:I!:REA.S, The First Hat ional Bank of Vernon bas agreed
to purchase $200,000.00 worth of said bonds (bearing interest
at the rate of six per cent per annum, payable semi-annually
on A.pril 1st and October 1st of each year, at par and accrued
interest) said bonds being dated Uctaber I, 1.930 and being
numbereel 3347 to' 3546, both inclusive, and payable: $82,000.00
~ctober 1, 1966; 198,000.00 Uctober 1, 1.967; and $20,000.00
October 1, 1968; and
~, in the opinion af the City Council. this is
the highest and best ai"fer obtainable;
NO\V', ~FORE, BE IT RESOLVED:
Section 1: That the offer af The First Natianal Bank
of Ve.rnon, a nat ional banking carporat ion, be aceepted and that
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$200,000.00 worth of said bonds be s01d to said The First
>>ational Bank of Vernon at par and accrued interest; that
the Mayor of the said City be authorized, instructed and em-
powered in the name of the City to enter into all necessary
contracts to carry out this sale upon the deposit by The
First National .Da.nk of Vernon of a certified check for three
(3%) per cent of the total par val.ue of said bonds.
Section 2: That the City Clerk of the City 01' Vernon
is directed to certify to the passage of this resolution and
thereupon the same shall be in full force and effect.
Adopted and approved
1933.
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ATTES'I' : ~W
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STArE OF CALIFORNIA.
County of Los Angeles
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I, T. ~. FURLONG, City Clerk of the City of V~rnon,
do hereby certify that the foregoing Resolution No. ~ was
duly adopted by the City Council of the City of Vernon, and
approved by the Mayor of said City, at aQ,i adj ourned regular
meeting thereof held on the 1.4... h... dN. Of. November, 1933.
:7-7;. '\~7
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J..t.y-C1.erk
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