HomeMy WebLinkAbout1920, Nov 18, #2 Authorizing New Contract with the Hanchett Bond CoWIiERE1~S it is for the best in+„crests of the tax payers that accrued int-
Brest be provided for in said contract, and
WHEREAS it was t'rie intention of the parties that the Eighty (80.00},
Dollars provided for in htae old contract ,vas for the purpose of securing a fiscal -
agent to represent the said City in the sale of said bonds,
NOW, T?iEREFORE,BE IT RESOLVED
1. That a new contract be authorized with the said Hanchett Bond. Com-
par_y providing for the sale of said bonds at par.
2. That Andrew F. Foreman be appointed the fiscal agent for said City
to find a purchaser for said issue oi'. ponds and that: said fiscal agent be allowed
eight (8} per cent of the bond issue for his services as said agent.
3. That i:he Mayor and City Clerk be authorized to sign said contract
in accordance with the above named terms':
The motioi-! was seconded by CharlesL•ollinger.
The I2a.yor put the question "Shall the resolution as rea.d~~be passed?" and
then instructed the Cleric to call the roll.
The result of the .roll call was as follows:
Those voting "Yea": R. G. Archibald, Charles Zollinger, .Tames R. Wright,
E. I,. Walker and G. G. Espe.
Those voting "No": D?one.
Absent and not voting: D. ~J. Sto~mell.
Councilman R. G. Archibald then introduced and moved the adoption of the
follovring resolutm®n:
RE SOLU TIGN.
" A RESOLUTION AUTHQRI7_,I1tiTG A NEW COIdIRAC?' WITH T'1~ HANC3~TT BOND COlaff'ANY"",
concerning the sale of bonds for Local Improvement District No. 12.
4'~rI~REAS, on the 28th day of Ap.ril., 1G20, the Hanchett Bond Company of
Chicago, made a proposal for tiie purchase of bonds for Local Improvement District
No. 12 of the City of F.exburg, and
Whereas, the said l~iiayor and Council authorized the acceptance of said
proposal., and
WHEREAS contract eras made with the Hanchett Bond Company for the purchase
of said bonds, and
GU1~F.EAS in the said contract referred to, the said bonds were designated
as Special hssessment Improverent Bonds, maturing serially in from one to ten years
and no accrued interest is provided for by said contract, and
VJF.EREAS the only form of bond that can be legally issued by said Imnrove-
ment District is a bond maturing on or before ten years from date, and
lh'I-1.r,RL+'AS it is for the best interests of the tax payers that accrued inter
est be provided for ii? said contract,-and
WHERE;~S it eras the intention of the parties that the Eighty (w80.00}
Dollars provided for in the old. contract vras for the purpose of securing a fiscal
agent to represent the said City in the sale of se.itid bonds,
NOW, '_f'IPREFORE, BE IT RESOLVED
1. That a nevr contract be authorized with the said=Hanchett Bond Company
providing for the sale of said bonds a,t par.
?. That Andrew F. Foreman be appointed as fiscal agent for said City to
find a purchaser for said issue of borLds and trot said fiscal agent be allowed
eight (8) per coat of the bond issue for his services as aa.Ld agent.
That t; he TLiayar and City Clerk be autl!ori.zsd to sign said contract ir.~
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