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HomeMy WebLinkAbout2671 - Agreement Affecting Certain Bonds_ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 RESOLUTION NO.1 WHEREAS, there has this day been presented to the City Council of the city of Newport Beach a certain agreement affecting certain bonds issued under the Improvement Bond Act of 1915, designated Series "G", Resolution No. 370; and WHEREAS, in said agreement E. P. Clapp, 912 Tacoma Building, Tacoma, Washington, is therein named "Bondholder ", and the city of Newport Beach, a municipal corporation, is therein names "City "; and WHEREAS, it satisfactorily appearing to the City Council of the city of Newport Beach that it is for the best interests of said city and the inhabitants thereof that said agreement be executed. NOW, THEREFORE, BE IT RESOLVED: That the Mayor and City Clerk of the city of Newport Beach be, and they are hereby directed, authorized and instructed to execute said agreement in the name of, and on behalf of the city of Newport Beach, and that the City Clerk deliver a duly executed copy thereof to the Bondholder therein named. 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 thel 5th day of October, 1942, by the following vote, to —wit: AYES, COUNCILMEN: OoCOo�� (A��on �� bo1� o \eQ� �0, ,. NOES, COUNCILMEN' ABSENT, COUNCILMEN: j,,,�,r City Clerk w, ayor ,-. 0 1 2 3i 41 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 A G R E E M E N T THIS AGREEMENT, by and between E. P. Clapp, 812 Tacoma Building, Tacoma., Washington, hereinafter referred to as "Bondholder ", and the CITY OF NEWPORT BEACH, a municipal corporation, hereinafter referred to as the "City ": W I T N E S S E T H: WHEREAS, the Bondholder is the owner of certain improve- ment bonds issued by the City under the Improvement Bond Act of 1915, designated Series "G", Resolution No. 370, and bearing the following numbers, maturing on the following dates, and having appurtenant thereto the following interest coupons, to —wit: Bond Numbers Maturity Date Interest coupons Attached 152 7/2/35 No coupons 153 7/2/35 No coupons 15 4 7/2/35 , No coupons 167 7/2%36 #17r &u #18s 168 7/2/36 #17 & #18 169 7/2/36 #17 & #18 170 7/2/36 #17 & #18 177 7/2/36 #17 & #18 NOW, THEREFORE, IT IS HEREBY AGREED by and between the 1parties hereto as follows: 1. To avoid the necessity of the creation of an escrow Ilin connection with the performance of the covenants and con- lditions hereinafter contained, the Bondholder agrees to register Ithe hereinabove described bonds with J. A. Gant, the City (Treasurer of the City of Newport Beach, and the said J..A. Gant, as (Treasurer of said City, shall hold said bonds in trust for the Muses and purposes and upon the terms and conditions hereinafter set forth in this agreement. 2. The City hereby agrees to pay the Bondholder on or before the A day of October, 1942, the sum of $3,960.00 and the Bondholder agrees to accept said sum in full payment for the Ivalue of all coupons attached to said bonds, which became due on 0 • u 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 or prior to July 2, 1942, and in full payment of all interest on all of said bonds, from the due date of the last interest coupons thereof to July 2, 1942. The Bondholder agrees that upon payment to him of the aforesaid sum he will surrender all his in- terest in and to said coupons and that the City Treasurer may immediately remove all coupons from said bonds. 3. The Bondholder agrees that in the event the payment provided for in Paragraph 2 hereon is made by the City to the Bondholder at the time specified, or within any extension of said time authorized by the Bondholder, that he will surrender to the City Treasurer for retirement all of said bonds upon payment to him by the City of the sum of $1,215.00, said sum being 130 of the par value principal of said bonds,. said payment to be made on or before the let day of July, 1943. 4. Time is of the essence of this agreement. In addition to any other remedy of the Bondholder, in the event the City fails to pay interest as agreed in Paragraph 2 hereof, or fails to purchase said bonds as provided in Paragraph 3 hereof, the Bondholder, at his option, may withdraw from the City Treasurer said bonds and all interest coupons thereon and may take, without restrictions because of this agreement, any action in connection with said bonds and coupons the Bondholder deems proper. 5. The terms and conditions of this agreement are in accordance with the provisions of a certain Judgment rendered in the Superior Court of the State of California in and for the County of Orange, being Case Number 38046 and entitled Belle Crowell versus J. A. Gant, as Treasurer of the City of Newport Beach. • • ; -. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19; 20 21 22 23 24 25 26 27 28 29 30 31 32 IN WITNESS NTIEREOF, the parties hereto have executed this agreement, the City by its officers thereunto duly authorized, with the seal of the City hereunto affixed, this day of October, 1942. TEST: (SEAL) Clerk "BONDHOL, E " CITY OF NEWPORT BEACH B Mayor " CITY" ti