Resolution No. 757
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RESOLUTION NO. 757
A. RESOLlJ'fION OF THE CITY CODCIL OF THE CITY OF VERNON AUTH-
ORIZING THE SALE OF 150,000.00 IN BONDS TO THE FmST NATIONAL
BANK OF VERNON, CALIFORNIA.
'fhe City Council of the City of Vernon does resolve as follows:
WHEREAS, the qualified electors of the City of
Vernon did on the lOth day of September, 1930, authorize the
issuing of $3,900,000 in bonds for the ptn'pose of acquiriug,
construnting and completing a certain revenue producing mtmic'-
ipal. improvement, as set forth in Ordiaance 430; and
'I'HlmEAS, the City Council of the City af Vernon has
heretofore s01d t3,510,000 worth of said bonds at private sale;
and
W.HISW!i.A.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 sell at this '1 ime $50,000.00 worth of said bonds
at pr ivate. sale; and
'I'HlmEAS, The First National :Bank o.f Vernon, Cali-
fornia, has agreed to purchase 150,000.00 worth of s&id bonds
(bearing interest at the ra.te of six (6) per cent per annum,
payable semi-annually O'n Apr il 1st a.nd October let o.! each
year, at par and accrued interes.t), said bonds being dated
October 1, 1930, and being numbered 3707 to' 3~56, both in-
clusive, and payabl..e: 118,000.00 October 1, 1968; 132,000.00
Oct 0 ber' 1, 1.969; and
'I'HlmEAS, in the opinion of the City Council this is
the h ighe at and be at offer obta iDab1.e ;
BOW, THEREFORE, :BE IT RESOLVED:
Section 1: 1'ha.t the offer of The First Natiol1&l Ba.nk
of Vernon, California, be accepted, and that $50,000.00 worth
of said boads be sold to said !he :rirst lfaiionaJ. Bank of Vernon,
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at par and accrued ;nt erest; that thEE lla.yor o.f the said City-
be author iseei, instruct ed and em.powered. in the name of the
City- to enter into. all necessary contracts to. carry cut this
sa1e upcn the deposit by The First National Bank of Vernon,
Californi&, of a certified check for ten (10%) per cent of the
total par' value of said bonds.
SenioR 2: That the City C1.erk of the City of Vernon
is d.irected to cert ify to. the passage of this Resolut ian and
thereupon the same shall be in full force and effeat.
Adopted and approved thi
AT~ES~ .
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STATE OF CALIFORNIA )
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County of Loa Angeles 1
I. T. ;f. FtJRLOliG, City Clerk of .the City of Vernon,
do hereby certify that the foregoing Res01uticn No. 757 was
duly- adopted by the City Cotman of the City of Vernon, and
approved by the liayor of said City, at a regular maeting thereof
held on the 5th day of NQvember, 1934.
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~A8. It 18 the oplal~1l of the ct,,. qo..-JJ.. Gt
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. . 'he C1t7 of V.Jlft.. that .1' 18 to t_. boat lntel'..' Qt't.h6..C:li1
of VeJ'ftoa to ..11 atibia t1M .$t)o, 000. 00 w..tli~ 0.1' ...ld ~~." .'
nl'.'. ...le J' .at
WJliUtfIAG. Th. :rut, ..t.~Jaftk ot !.r....t~al1..
t.nia. baa -.p'..' to pul'Ollaae .50.000.0Q worlh. '.t~""'14 baa
(bearla. Ill"....' at the~at. ot.J.x (6 ),.. ... pOI' ....,.
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pa;ra'bl. ..1....ftmW.ly on Apr 11 lat .. oot,ber 1., of ~..
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On....... 1,19" i aU
.WBBRllA.S. 11l'~ opl01_ of ~~ 01t10011l1011'th1.:1.
t.he higlMa' ..4 b8.t.ott."Obt.~14.j,'l:'
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.., par .... aoo:rut4 lilt...,; that the "'01' ot the 8&14C1'7
be autho:riaecl. 1.tJ'uoted aDd _POW." ill the .....t the
C1t1 to .ate 1.to all n....8uy eoft.2'act. to ....~..,'''~
.al8 up.. the ".Phlt 'b7 !he F11'at .t1onal lbnk ot ,.,.ltltoa,
California, ot a' cert1f1ed cmeck to.. ten (10") pel' ...t ot. the
total PI'!' .,alu. ot sa14 bonde.
. aeL".l~ gs . That the 01'7 el..k ot 'hit 01t" ot V..08
1s 4t.reottd to cut 1ty to ~e pueage ot 'hi_ _so 111." loa ..4
the:reupon the _.. shall be in fuU t.oe arlll.fr-.ot.
Ad.pt.4an4 appro,.d 'hi_ Ith 4a7 of 10'.hJ',
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1914.
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STAB OF C~.u,IFORnA )
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aGUftt)' 01 Loa ARpl.. )
I. T. J. B'URLOB'O. 01ty Clerk 01 tbe City of '.....
40 herebJ' 08rt 1t7 tbat the toregoing B...lut lto.o, '5',_"
411~ a40ptect by tbe C1ty COU1lO11 or tbe 01ty ofVI."G.. ~...
appro,. by the ~Ol' ot .a14 01',. at .. II~ ..'lac tb....ot
beld Oft the itla'c1ay It N".ber. 1934..
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