Resolution No. 741
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RESOLUTION No. 741
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VERNON AUTH-
ORrz ING THE SALE OF $200, 000. 00 IN BONDS TO THE FffiST RAT IONAL
BANX OF VERNON, CALIFORNIA.
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The City Council of the Cit.y of Vernon does resolve &s follows:
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'R'HEREAS, the qual if ied elect ors of the City of
Vernon did on the 1.Oth day of September, 1930, authorize the
issuing of $3,900,000 in bonds for the purpose of acquiring,
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constructing and completing a certain revenue producing munic-
ipal improvement, as set forth in Ordinance 430; and
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W'HEREAS, the City Council of the City of Vernon has
heretofore sold 13,2.50,000 worth of said bonds at private sale;
and
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\NB:lmlU.S, it is the opinion of the City Counc il of
the City of Vernon that it is to the best interest of the City
of Vernon to aell at this time $200,000.00. worth of said bonds
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at private sale; and
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WBJ:mE.A.S, The First National .tSank of Vernon has agreed
t.o purchase $200,000..00 worth of said bonds (bearing interest
at the rat e of six per cent per annum, payable semi-annually
on April 1st and October 1st of ea.ch year, a.t par and accrued
interest) said bonds being dated Uctober 1, 1930, and being
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25 numbered 3447 to 3646, both inclusive, and payable: $82,000.00
October 1, 1966; $98,0.00.00 October 1, 1967; and 120,000.00
October 1, 1968; and
lR'HEREAS, in the opinion of the City Council this is
the highe.st and best offer obta.inable;
NCW, TmmEFORR, BE IT msSOLVED:
Section. 1: That the offer of The First National. .oank
32 of Vernon, a nat ional banidng corporat ion, be accepted and that
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.200.000.00 worth of said bonds be sold to said The First
Hat iona.l Bank of Vernon at par and accrued int erest; that
the M.ayor of the sa.id City be aut.horized, instructed and
empowered in the name of the City to enter into all. ne.cessary
contracts to carry out this sale upon the deposit by The
First National Bank of Vernon o.f a cert ified check for three
(3%) per cent of the total par calue of said bonds.
See:.tion 2: That the City Clerk of the City of Vernon
is directed to certify to the passage of this resolution and
thereupon the same shall be in full force and effect.
this2'7th da.y
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1933.
Adopted and
ATTEgtI' :
STATE OF CALIFORNIA }
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County of La s Angele s }
I J T. ;I. FURLOliG. City Clerk of the City of Verno.n.
do hereby certify that the foregoing Resolution No. 741. was
du1.y adopted by the City Council of the C.ity of Vernon, and
approved by the llayor of said City. at an adjourned regular
meet ing thereo.f held on the 27 h d, of ,1Tovem'ber, 1933.
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