1931/06/24 Council Minutes - Laserfiche WebLink

155. • JURE 24th,1931. The Regular Adminietrative Session of the City Council was held an June 24th,1931,10-30 A.H.,Mayor Martin in the chair,Commiseloners Rasmussen and Relnerteee present at roll call. Minutes of June 23rd,1931 reed and approved ae of record. Moved by Rasmus.a,eeeonded by Relnerteen,thht the application of the Standard Electric,for permianion to hang an electric Neon eagn at the Owl Drug Co.,Hewitt and Colby,be granted. Carried unanimously. Moved by Martin,ascended by Rein...en,that Resolution No.3628 HDbe adopted ae follows: L •RESOLUTION No.3628. ' • wNHRESS.the twenty(20)year Oen..Funding Houde of the fee.of • • 1911 of the City of Everett mature and mast be retired an July 1931,end WHEREAS.the Slaking pend,provided'by said city,for the retirement of much bands haa frog time to time by resolution of the City Council been invented in Securities pursuant o Section 131 of the City Charter of the City of Everett,which seouritiee are now of the aggregate face value of Three Hundred Fourteen Thousand Seven Hundred Ninety Dollars avd Fifteen CentS(F314,70.16),and WHEREAS,such general funding bond Seen.w111 mature in July,1931, end it had became n.ecry to diepoee of said a uritis.prior to that time and to apply the procee00 of ouch sale to the retire0ent of said general funding bonds,and WHEREAS,the First National Hank of Everett has Submitted an offer to B ald City fol the'purchase of ouch bonds and Tae with reference thereto agreed to enter into a contract with the City of Rveret't,which contract, together with a deeerlption of the securities,,1,1ch such First Eotlonal Henle of Everett propanes to buy from thee City of Everett,is ae follows: 'She HIR0T NATIONAL HAWS OF WEE MTS has this day purchased outright from Brett,a Municipal Corporation,the bend.,a description of which le hereto attached,for the sum of Three Hundred Fourteen lamas.Seven IC the Hundred Ninety Dollars-and Fifteen Conte(314,790.16)is the par value of said bonds plus the unpaid accrued interest thereon to the date hereof. Except ae hereinafter provided the said beak hereby grants to Everett the aptlonhe boy said bonds-or any part of them at any Lime within one year from the date hereof at the price of per and accrued Interest,provided, however,that before Everett shall be entitled to buy coy other of said --bonds it must first have purchased all of the Mukllteo Water Dletriet Ronde described in the attached list. Hoteithetanding this option egad IAD bank may at any time within',aid year sell to others then&Teed.said hoods or any part of them at the market price at the time of eels,but auto any such 0e it shall so sell it shall par to Everett . ately after sale all sf.the principal received by it In emcees of the par value of the bends sold. Upon such sale of ap of said bonds the bank obeli Lain Siem the eale price for its owe mount unt of interest which ho.acorued to the ddte hereof on the bend.ao Bold,and whdclT amount the bank has thld dap paid to Everett,and of the interest srerulng on said bonds fr.She date hereof until the date of sale the bank shall stain for its ownues the amount which such interest would be if ea1- • culated at the of 4%per anpumaM.ball pay to Everett the om ea