HomeMy WebLinkAbout2532 - Delinquent BondsF-7
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32
RESOLUTION NO.
WHEREAS, there has this day been presented to the City
Council of the City of Newport Beach a certain Memorandum of
Agreement dated February 2, 1942, by and between the City of
Newport Beach, therein referred to as City, and Hall, Marquardt
& Co., a co- partnership, therein referred to as Broker; and
WHEREAS, said agreement provides that certain bonds
issued by the city under the Improvement Bond Act of 1915,
designated Series "D" and OG" are now delinquent and that the
districts and bond redemption funds of said districts are insolvent
and
WHEREAS, said agreement further provides that the city
is desirous of purchasing said outstanding bonds for 50% of the
face or par value thereof, including all unpaid interest coupons;
and
WHEREAS, said agreement further provides that the City
will pay to the Broker for each bond procured through its efforts
5% of the face or par value thereof, interest coupons to be attac
to all bonds surrendered; and
WHEREAS, the City Council of the City ct Newport Beach
deems that it is for the best interests of the city of Newport
jBeach that said agreement be entered into with said Broker, upon
the terms, conditions and consideration therein set forth.
NOW, THEREFORE, BE IT RESOLVED: That the Mayor and
City Clerk of the City of Newport Beach be, and they are hereby
directed, authorised and instructed to execute said agreement
in the name of, and on behalf of the city d Newport Beach, and
that the City Clerk deliver a duly executed copy thereof to the
IlBroker therein named.
LAW OFFICES OF I�
ROLAND THOMPSON
210 SPURGEON BLDG. 1
SANTA ANA CALIF.
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LAW OFFICES OF
ROLAND THOMPSON
210 SPURGEON BLDG.
SANTA ANA CALIF.
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I hereby certify that the above and foregoing resolution
was duly and regularly passed and adopted by the City Council of
the city of Newport Beach at a regular meeting thereof held on the
2nd day of February, 1942, by the following vote, to —wit:
AYES, COUNCILMEN: Cr aa'
e-n.�nwn��ovAfll�o
NOES, COUNCILMEN: o
ABSENT, COUNCILMEN:
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