HomeMy WebLinkAbout2671 - Agreement Affecting Certain Bonds_
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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
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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
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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.
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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"
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