Loading...
HomeMy WebLinkAboutCOMM - Meeting Minutes - 279 - 6-17-1955 - COMMISSIONERMINUTE BOOK BOARD OF COUNTY COMMISSIONERS WASHINGTON COUNTY, PENNSYLVANIA FRANCIS E. PETTIT, W. J. LANE, JOHN MAZZA, COMMISSIONERS 339 E August 955 ATTEST: A /Chief cler� NO. 27 Office of the County Commissioners Washington, Pa., June 17, 1955 Board of County Commissioners in special session for the purpose of opening bids for the providing of the issue and sale of one hundred thirty thousand dollars ($330,000.00) air- port improvement bonds. Those present at the meeting were Commissioners Pettit, Lane, Mazza and Controller Elish, In,aecordance with the aforementioned advertisement, the following bids were opened and read, Peter Elish, Controller of County of Washington, Court House, Washington, Pennsylvania Dear Sir: In accordance with your official notice of sale for all or none of the $130,000.00 County of Washington, Pennsylvania Bonds, to be dated July 1 1955, we herewith bid you a price of $100.323 and accrued interest to date of delivery for each 00. par value of bonds thereof, bearing inter. eat at the rate of 2 1/8% per annum due; Ten Bonds, $10,000.00, on July 1, of the years 1956 to 1968, inclusive. This bid is conditional upon this issue of bonds being a direct and binding obligation of the County of Washington, Pennsylvania and that said Bonds will be free of all taxes levied pursuant to any present or future Lw of the Commonwealth of Pennsylvania, except gifts, succession, or inheritance taxes. The County of Washington, Pennsylvania shall reserve the right to call for redemption Bonds numbered 71 to 130 in inverse numerical order on July 1, 1962 or any interest payment date thereafter at par and accrued interest. This bid is also conditional upon your furnishing us with a copy of the approving legal opinion of Messrs. Burgwin, Ruffin, Perry & Pohl, Pittsburgh, Pennsylvania. As evidence of our good faith, we herewith enclose our certified check in the amount of $2,600.00 payable to the County of Washington, Pennsylvania, which check is to be credited against the pur- chase price of the Bonds if we are the successful bidder, and if not, the check is to be returned to us. Very truly yours., Frederick C, Leech /a/ MOORE, LEONARD & LYNCH, MANAGER, CUNNINGHAM, SCHIW2Z & CO., INC. FAUSET, STEELE & COMPANY HUH APPLEGATE & HUMPHFW$ INC. SINGER, DEANE & SCRIBNER Mr. Peter Elish Controller of County of Washington Court House Washington, Pennsylvania Dear Sir: In accordance with your offid al notice of sale for all but no part of the $130,000 County of Washington.. Pennsylvania, coupon bonds in denomination of $1,000 each, bearing W interest at the rate of percentum per annum, interest payable semiannually, we bid you a price of 100.283 for each $100 par value of bonds maturing as follows: $10,;000 on July 1, 1956 to July 1, 1968 both inclusive. This bid is conditional upon the bonds being a direct and binding obligation of the County of Washington, Pennsylvania, callable, and that said bonds will be free of all taxes levied pursuant to any present or future law of the Commonwealth of Pennsylvania, except gift, succession or inheritance taxes. This bid is also conditional upon our receiving from you a copy of the approving legal opinion of Messrs. Burgwin, Ruffin, Perry & Pohl which cost will be borne by you. As evidence of our good faith, we herewith enclose our certified check in the amount of $2, 600.00. 340 MINUTE BOOK BOARD OF COUNTY COMMISSIONERS WASHINGTON COUNTY, PENNSYLVANIA FRANCIs E. PETTIT, W. J. LANE, JOHN MAZZA, COMMISSIONERS Respectfully submitted, AliTHURS, LESTRANGE & CO. BLAIR & CO., INCORPORATED By G. E. Lestrange /s/ Mr. Peter Elish, Controller of County of Washington, Court House, Washington, Pennsylvania. Dear Sir: Subject to the conditions set forth in the official notice of sale which are here- by made a part of this bid, and to our receipt of an unqualified satisfactory approving legal opinion of Messrs. Burgwin, Ruffin, Perry & Pohl of Pittsburgh, Pennsylvania, without cost to us, we bid par and accrued interest from the day the issue is dated to the day of delivery plus a premium of Five hundred seventy. -six dollars and three cents ($576.03) which is 'equivalent to 100,Wl for all of the 130, 000 face value General Obligation Bonds, with 2 V8% coupons, of the County of Washington, Pennsylvania, for the improvement of airdromes and aviation landing fields, to be dated July 1, 1955 and to mature $10,000 each July 1, 1956 through July 1, 1968 as advertised, This bid is for immediate acceptance. If our bid is not accepted, our certified Good Faith check for $2,600, which is enclosed, shall be returned immediately. Respetfully submitted, MaJUNKtN, PATTON & CO. CHAPLIN & COMPANY BY McJunki.n, Patton & Co. John S. Patton - prop. /s/ Motion by Mr. Lane, seconded by Mr. Mazza, that the following Resolution be adoptedc WMAS, On June 17, 1955, the Board of Commissioners of Washington County passed a resolution increasing the bond indebtedness of the County of Washington in the sum of One Hundred Thirty Thousand ($130,000.00) Dollars; and WHEREAS, the sale of the said bonds was duly advertised in the Washington Observer and the Washington Legal Journal, setting forth the date, the time and the place of sale; and WHEREAS, the bids received for the purchase of the said bonds were as follows: MCJunkin, Patton & Co. Moore, Leonard & Lynch Arthurs, Lestrange & Co. 2-1/8% $576.03 2-1,/8% 419.90 2-1/4% 367.90 NOW, THEREFORE, Be it resolved that the bid of McJunkin, Patton & Co., in the amount of Five Hundred Seventy -Six and 03/100 ($576.03) Dol]a.rs, being the highest responsible bidder is hereby accepted and the sale of the bonds in the amount of $130,000.00 to McJnnkin, Patton & Co., is hereby approved. ADOPTED AND PASSED this 17th day of June, 1955. Motion carried unanimously. Motion by Mr, Lane, seconded by Mr. Mazza, that the following Resolution be adopte&- `ix.'• - 110gluglit,012 t , u WHEWAS, it is necessary that the County of Washington, Pennsylvania, shall borrow money and incur an indebtedness in the sure of One Hundred Thirty Thousand ($1303,000.00) Dollars for the purpose of providing funds for the improvement of airdromes and aviation landing fields within the County of Washington. THEREFORE, BE IT RESOLVED by the Board of County Commissioners of the County of Washington, as follows: - C 1 Section 1. That the indebtedness of the County of Washington be and it is hereby increased by the amount of One Hundred Thirty Thousand ($130,000.00) Dollars for said purpose by MINUTE BOOK BOARD OF COUNTY COMMISSIONERS WASHINGTON COUNTY, PENNSYLVANIA FRANCIS E. PETTIT, W. J. LANE, JOHN MAZZA, COMMISSIONERS 341 i� E J an issue of general obligation bonds of the said County. Section 2. Said bonds shall be in coupon form, numbered consecutively from One (1) to One Hundred Thirty (130), both numbers inclusive, each in the principal sum of One Thousand ($1,400) Dollars, dated and bearing interest from the first day of July, 1955, at the rate of two and one -eighth (2-1/8%) per centum per annum, payable semi-annually on the first day of the months of January and July in each year during the term of said bonds which shall nature in numerical order and be paid as follows: - Ten bonds, Ten Thousand ($10,000.00) Dollars on July lot in each of the years 1956 to 1968, both inclusive. The principal and interest of said bonds shall be payable at the Office of the County Controller of said County in the City of Washington, Pennsylvania. Said bonds shall also provide that the County. of Washington will pay or refund any tax (except.gift, succession or inheritance tax) legally levied or assessed upon said bonds or upon the debt secured thereby under any present or future law of the Commonwealth of Pennsylvania. Any or all of the bonds of this issue numbered 71 to 130, inclusive, shall be subject to redemption at the option of the County in inverse numeerical order of July 1, 1962, or on any interest payment date thereafter at par value and accrued interest, provided notice of such call be given by registered mail to all registered owners any by advertisement once a week for two successive weeks in a newspaper of general circulation published in Washington, Pennsylvania, the first advertisement to be made at least thirty (30) days before the date on which the bonds will be redeemed and paid. Section 3. Said bonds are hereby declared to be general obligations of the County of Washington, and shall pledge the full faith and credit of the County. Section 4. The period of usefulness of , the improvements for which the said bonds are to be issued is twenty (20) years, Section 5. The form of said bonds and the coupons thereto annexed shall be sub- stantially as follows: No, UNITED STATES OF AMERICA COMMONWEALTH OF PENNSfLVAM COUNTY OF WASHINGTON Issue of 1955 Bond KNOW ALL MEN BY THESE PRESENTS that the County of Washington in the Commonwealth of Pennsylvania, is indebted and promises to pay to the bearer, or, if registered, to the registered owner hereof, the sum of One Thousand ($lpOOO,OO) Dollars, lawful money of the United States of America on the first day of July, 19__,, at the office of the County Controller of said County in the City of Washington, Pennsylvania, with interest thereon from the date hereof, until this bond shall be fully paid, at the rate of two and one -eighth (2-3,/8%) per centum per annum, payable semi-annually at the office of said County Controller on the first day of the months of July and January of each year, upon presentation and surrender of the annexed coupons as they severally become due and to pay or refund any tax, except gift, succession or inheritatce tax, legally levied or assessed thereon or upon this bond or upon the debt secured hereby under any present or future law of the Commonwealth of Pennsylvania; and for the true and faithful - payment of this bond and the interest and taxes thereon as aforesaid, the faith, credit, taxing power and resources of the County of Washington are hereby irrevocably pledged. 342 MINUTE BOOK BOARID OF COUNTY COMMISSIONERS WASHIN13TON COUNTY, PENNSYLVANIA FRANCIS E. PETTIT, W. J. LANE, JOHN MAZZA, COMMISSIONERS The County of Washington reserves the right to call., redeem and pay arW or all of the bonds of this issue numbered 71 to 130., both inclusive, in inverse numberical order on July 1., 1962, or on arq interest payment date thereafter at par value and accrued interest., provided notice of such call shall be given by registered mail to all registered owners and by advertisement once a week for two successive weeks in a newspaper of general circulation published Washington, Pennsylvania, the first advertisement to be made at least thirty days before the date on which the bonds will be redeemed and paid,. This bond is one of a series of one hundred thirty (130) bonds of like date., amount and tenor., except as to the date of maturity and provisions for redemption, numbered consecutively from one (1) to one hundred thirty (130) both inclusive; amounting in the aggregate to the sum of One Hundred Thirty Thousand (,WO.*000,00) Dollars., issued in accordance with the Act of General Assembly of the Commonwealth of Pennsylvania., approved the twenty-fifth day of June., A. D, 19U.9 P. L. 159., as amended$ and by virtue of resolutions of the Board of County Commissioners of said County and the sworn statement of authorized officers thereof., as appears of record in the Office of the Clerk of Court of Quarter Session of Washington County, Pennsylvania. It is hereby certified that all acts, conditions and things required to be or be done, happen and be performed precedent to and in the issuance of this bond or in the creation of the debt of which it is evidence have been done., happened and been performed in regular and due form and manner as required by law and that this bond, together with all other indebtedness of the said County of Washington is not in excess of arty constitutional or statutory limitation and that an annual tax sufficient for the payment of all future debt service charges on the issue of bonds of which this bond is a part, has been properly levied and assessed and that said tax is not in excess of any legal limitation, This bond shall pass by delivery or it may be.registered in the name of the owner at the office of the County Controller in the City of Washington; such registration being noted hereon by the said County Controller, After such registration., no transfer shall be valid unless made at said office by the registered owner in person or by an attorney duly authorized and similarly noted hereon. The bond., shall., however., be discharged from registration by being in like manner transferred to bearer and thereafter shall be transferable by delivery; but it shall continue subject to successive registration and transfer to bearer as aforesaid at the option of the holder. The transferability of the coupons by delivery shall not be affected by registration of the bond. IN WITNESS WHEREOF., theCounty of Washington has caused this bond to be proper. ly executed by its County Commissioners or a majority of them and its corporate seal to be hereto affixed, and to be countersigned by the County Controller of said County, and has also caused the coupons hereto attached to be authenticated with the facsimile signature of the County Controller as of the date the first day of July, 1955, A.D. County of Washington County Commissioners Countersigned: - Controller of the County of Washington I �l MINUTE BoOK BOARD OF COUNTY COMMISSIONERS, WASHING,TON COUNTY, PENNSYLVANIA FFRANCIS E. PETTIT, W. J. LANE, JOHN MAZZA, COMMISSIONERS fa E 1 FORM OF COUPON No. $10.62410,63 The County of Washington, Pennsylvania, will pay to bearer at the office of the Iounty Controller of said County in the City of Washington, Pennsylvania, on the first day of 19____, Ten and 62/100 (10.62) Dollars -- Ten and 63/1oo ($10.63) Dollars in lawful money of the United States of America, free of State taxes, being six months' interest on its Issue of 1955 Bond, dated July 1, 1955, and numbered bond shall have been called for earlier redemption. Date of Registry FORM OF TFEGISTRATION In Wbose Name Registered , unless the aforementioned County Controller County Controller Section 6. The said bonds shall be signed by the County Commissioners or a majority of them and countersigned by the County Controller and the corporate seal of said County shall be affixed thereto. The Coupons shall be authenticated with the lithographed facsimile signature of the County Controller,. The Treasurer shall deliver said -bonds to the purchaser and receive pay. ment therefor on behalf of the County after sale of the bonds in the manner required by law. Section 7. There is hereby levied and assessed upon all persons and property subject to taxation for County purposes an annual tax in each of the following fiscal years of so many mills as will yield amounts sufficient for the payment from time to time of interest cove - ranted to be paid on said bonds and the principal thereof at maturity: Year Amount 1956 $14, 037.5© 1957 12,443.75 1958 12, 231.25 1959 12,018,75 1960 11.9806.25 1961 11,593.75 1962 119381.25 1963 11,168.75 1964 10,956.25 1965 10,743.75 1966 10,531.25 1967 10,318.75 1968 10,106.25 which taxes are sufficient for and shall be applied exclusively to said debt service charges as the same shall from time to time become due and payable. The collection of said tax shall. commence with the fiscal year beginning 1956 being the first fiscal year following the issue of said bonds. Section 8. There is hereby established a sinking fund for the payment of the bondf hereby authorized. All moneys realized from the taxes hereby levied shall be paid into the sinkinE fund hereby created as collected and shall be applied exclusively to the payment of the principal of said bonds at maturity and to interest and State tax thereon meanwhile to which purposes they are hereby irrevoml2y pledged. Section 9. There is hereby appropriated and transfered from the General Funds of the County the sum of $1081.25 for the purpose of meeting the requirements of this issue of bonds for debt service charges pending the collection of the tax levied for that purpose and such amount so appropriated and used shall be repaid to the General Fund out of the proceeds of the tax levied