HomeMy WebLinkAbout1927, Oct 19 Sureties Released and DischargedRexburg, Idaho, October 19, 1927.
A regular meeting held October 19, 1927,
bTayor Prlickelsen in Chair.
Councilmen present:
Ray N, &Iiller, F, D, Kelley, H, E, Poole, vd, H, WheelwriE;ht.
Councilmen absent: F, L, Erdman, L. V, Pterrill.
Prlinutes read and approved. Kelley moved and Pmeelvrright seconded that Chief of Police
be authorized. to get what help he needs for IIallovaeen night, Carried. unan,
P~Ioved oy Kellpy, seconded by I`4iller oz the settlement of the City's moneys in the
Farmers & Ivlerehant"s Bank. Carried, H, E. Poole not voting.
P;~oved by Kelley seconded by Miller that the bills be allowed, and the Clerk authorized
to pay them. ftToved by Mayor that we adjourn, carried unan.
NATvr~, : FUntr
C,I',k M. CO. VVateri°rarksz Fund
C.Pt.& Teri. CO. Waterworks Fund
'v°Vinter Transfer Co. 'r rr
Rensselaer Valve Co. "
Moroni Ilamilton Road & Bridge Fund
W. N. Garner " " r'
State's `Itatermaster General Expense
Daniel Ricks ~ ` rr
Burrough's Adding PIch, Co. "
FOR; AT~OUNT ;
7.46
Axel grease 1.25
7®71
Adaptors. 17.50
8.00
Horse Aire 18,00
State Vlatexmaster's fees 37.60
Bond 9.50
1.50
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Tviayo r
ATTEST; _~~air~e--
•~~'' Clerk
R E S O L U T I O N
VIIiEREAS, On the 14th day of January, 1923, the Farmers c~ i~ierehants Bank of Rexburg
became insolvent ar_d.passed into the hands of the Commisssoner of Finance of the State of
Idaho, as an insolvent'bank and eras closed on said date; and,
'v'JI~ERi!.AS, Th'e City of Rexburg had on deposit in said bank on said date the sum of
TEN THOUSAIID, FOUR HUNDRED TWENT'f TWO tend 53100 DOLLARS, 0;10422,53), which said amount
vras secured by a bond executed by certain individuals to secure the payment to the City of
Rexburg oi' all sums-an' deposit in said bank, and,
1°/fiEREAS, The Liquidating agent of said bank has paid 30 per cent of the amount o' said
deposit and .the sureties on said bond have offaxed to pay 70 per cent of the balance novr
unpaid and assign to the City of Rexburg all. claims and demands which they may have against
said panic or liquidatiing agent thereof, and, whereas it appears to the Iiayor and Ci ty Council
of the City of Rexburg, that it is to the best interest of the said City of Rexburg that the:
offer made by said sureties be"'accepted and settlement made according without the necessity
of litigating the said claim in the courts;
THEREFORE :dE IT RESOLZTED By the Teayor and Cii;y Gouneil oi' the City of Rexburg that the
offer of t'r~e said sureties to pay to said City 70 per cent of the amount nog^r ovrinF on
account of said deposit and assign their claim, ue, and the same is hereby accepted and the
proper officers and committees of the said City be and they are hereby authorized to acce~i;t
'rpm said sureties in full satisfaction of all claims and demands vrhich the said City may
have against said bar~?c or said sureties, a sum equal to 70 per cent of all amounts now
due the City on account o~ said deposit and an assignment zrom said sureties of all claims
-~ and demands vrhich they might rtther:vvaise leave against said bmnk or the liquidating agent thereof.
BE IT PURTIiER RESOL~TED `CFIt1^1 Upon the payment of said amount the sureties shall be
absolutely released and discharged from all further liability to the City of Rexburg on said
bonds.
Passed and Approved the_ day of A. D,, 1927.
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G ~_~~ PGayor
(Ct'Iyi1L )
ATTEST. I
~y,. , ~~"~... Clerk