HomeMy WebLinkAboutCOMM - Meeting Minutes - - 12-12-1932 - COMMISSIONER 65
MINUTE BOOK
BOARD OF COUNTY COMMISSIONERS WASHINGTON COUNTY, PENNSYLVANIA
J. ELMER JOHNSTON, JOHN N. O'NEIL, W.A. BARNES, COMMISSIONERS
i- WARD PRINTING CO.
Office of the County ,Commissioners*
Washington* Pa.* December 12$ 1932.
RESOLUTION of the Board of County, Commissioners of the County of Washington
and State of Pennsylvania* relative tv the issue by the said County of two 6ndred
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fifty (250) Funding Bonds of the denomination of One Thousand ($1$400.04) _Dollars {
each.'
At a meeting of the said Board of County Commissioners of the County of
Washington# in the State of Pennsylvania* duly called and held at the office of
the said Board of County Commissioners at the Court House of the said County of
Washington# in the City of Washington* Pennsylvania# on the 12th day of December#
1932s all of the members of said Boards to-wit: J. E. Johnston: John N. O'Neil
and W. A. Barnes* being presents the following Resolution was# on motion duly
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made and seconded# and adopted by the affirmative vote of all of said members
of the said Boards to-wit:
WHEREA3s the floating debt of said County is as follows:
Amount due the Commonwealth of Pennsylvania in the construction and reoonstructi.cra
of State Highways# 65#147016; amount of, Township aid in the reconstruction of
roads* $14*642918; amount due in the construction and reconstruction of County
roads* $22#334.61; amount due for land damages in the construction and recon-
struction of roads* $350000,00; amount due for offietersf and witnesses ' costs
in eases in the Court of Quarter Sessions$ $2*232.50; amount of money borrowed
and outstanding in notes for accounts due and approved$ $110#000000; and amount
of bills now payable* approved for payment but not yet paid, $37#7600290 making
the total sum of $287$116.72.
-WHEREAS# said County Commissioners of the said County of Washington desire 11
and deem it necessary to fund a part of the said floating debt of said County by I
i s suing bonds in the amount of Two Hu ndrvd Fifty Thousand ($284 s404.0O0) D*llars#
the financial condition of said County of Washington* owing to the existing finan-
cial depression* being sucks- that it is necessary to provide funds for the payment
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of the same:
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NOW# THEREFORE# BE IT RESOLVED:
,action 1. THAT* for the purpose of funding the floating debt of said
County* as aforesaid$ the County Commissioners of said County of Washington do {
hereby authorize and direct the issuing of coupon bonds in the form* as herein- !
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after set forth$ in the amount of Two Hundred Fifty Thousand ($250#000.00) Dollars
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to be known as Vunding Bonds# 1932.
Section 2. The said bonds to be numbered from 1 to 250s both inclusive$ I
dated the first day of Decemberp 1932$ both principal and interest to be free of
any taxes required to be paid or which may be hereafter required to be paid under ,
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any law of the Commonwealth of Pennsylvani.4s (except succession and inheritance fx
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66
INUT1= B 0 0 K
BOARD OF COUNTY COMMISSIONERS WASHINGTON COUNTY, PENNSYLVANIA
J. ELMECR JOHNSTON, JOHN N. O'NXIL, W. A. BARNES, COMMISSIONRR6 t
1-32 WARD PRINTING
taxes) # the said County to assume and pay the same* and to bear the rate of in-
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terest# payable aemiannuallys and, to mature* as hereinafter set forth.
,Section 3e The rate of interest on said bonds is to be four (4%) per
cents per annum from their date# payable semiannually on the first days of Decem-
ber and June in each year.
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Section 4e The principal of the said bonds are to mature as follows:
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to-wit:
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Bonds numbered Date of Maturity ASgregate Amount
i ��r■I r - r.rr��,� r�rr NhN�r1�
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1 to 50* both inclusive December 1# 1930 50*000*00
51 to 100s both inclusive December 1* 1939 50#000000
101 to 150* both inclusive December 1# 1940 50#000*00
151 to 200s both inclusive December 1s 1941 500000*00
201 to 250s both inclusive December 1# 1942 50*000900
Section 5,0 The said bonds and the coupons annexed thereto to be in
the following form:
FORM. OF BOND
UNITED STATES OF AMERICA
STATE OF PENNSYLVANIA
COUNTY OF 'WASHINGTON
FUNDING BOND 1932
Noe ... $1*000*00
KNOW ALL MEN BY THESE PRESENTS* That the County of Washington# in the State
of Pennsylvania# for value received# acknowledges itself to be indebted and
promises to pay to bearers or if registered# to the registered holder hereof#
the sum of One Thousand ( 1s000e00) Dollars in lawful money of the United States
of America# on the first day of Decembers 19�s with interest thereon at the
rate of four per cents per annums payable semiannually on the first days of June
and December in each years both principal and interest being payable# free of
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any taxes required to be paid or which may be hereafter required to be paid under
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j any law of the Commonwealth of Pennsylvania (except succession and inheritance
taxes) ; said County hereby expressly agreeing and assuming to pay the same; the
principal thereof being payable at the office of the County Treasurer in the City
of Washington* Washington County* Pennsylvania, and the interest at the same plat
upon presentation and surrender of the coupons annexeds as they severally become
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due.
This bond may be registered as to principal uply upon the bond registry
book to be kept at the office of the County Commissioners of Washington County*
and by endorsement upon the back hereof by the Clerk for the time being for the
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County Commissioners, after which nd transfer of this bond shall be made except
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r
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67
MINUTE BOOK
BOAR® OF COUNTY COMMISSIONERS WASHINGTON COUNTY, PENNSYLVANIA
J. ELMER JOHNSTON, JOHN N. O'NEIL. W. A. BARNES, COMMISSIONERS
1-8Z WARD RRINTING CO.
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by the registered holder or holders in persons or by their duly authorized attorney,
and such transfer shall be noted upon the bond registry book kept at the office of
the Commissioners of Washington County, and upon the back hereof, provided, however#
that this bond may be transferred to bearers and negotiability thereby restored,
and shall continue subject to registrations or transfers to bearers but no such
registration of principal shall affect the negitiability of the coupons hereto
annexed# which shall continue to be transferable by delivery only,
This bond may also be registered both as to principal and interest* in which
event the coupons hereto attached shall be detached and immediately cancelled by
the Clerk for the time being for the County Commissioners of Washington County#
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and such registration shall be noted upon the registry book kept at the Office of
the County Comgissloners aforesaid, and upon the back hereof, and thereafter the
semi-annual interest shall be paid to the holder or holders hereof by check or
warrant drawn to the order of the registered holder or holders hereof* and mailed
to his# her# or their address, as the same appears of record upon said bond regis-
try book.
This bond is one of a series of two hundred fifty (250) bonds# of like dates
tenor and effect# differing only as to maturity* amounting in the aggregate to
Two Hundred Fifty Thousand ($250#000,00) Dollars* issued for the purpose of pro-
viding funds for the payment of the floating debt of said County# pursuant Aso the
authority conferred by the Act of the General Assembly of the Commonwealth of
Pennsylvanias approved April 20s 1874s Pamphlet Lags page 650 and the Acts of the
said General Assembly amendatory thereof and supplemental thereto* and by virtue
of a Resolution of the Board .of County Commissioners of said County# adopted at
a meeting thereof duly called and held# and entered upon the minutes,
It is hereby certified and recited that all acts# conditions and things
necessary to the validity of this, bonds exists have happened and have been done;
that every requirement of law affecting the validity hereof has been duly complied
with; that this bond is within every debt and other limit prescribed by the eon•
stitution and laws of the States and that prior to the issuance thereof an annual
tax has been levied in a sum sufficient to pay the principal and interest of this
series of bonds, The faiths credit* and property of said County of Washington
are hereby irrevocably pledged to the punctual payment of the principal and ix-
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terest of this bond in accordance with its terms,
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IN 1I TNESS WMMEOFs the County Commissioners of the County of Washington
have duly caused this bond to be issued and executed by them in the name of the
said County# and the corporate seal of the said County to be hereunto affi ds
attested by the Commissionerof Clerk; and the coupons hereto annexed to be ex-
ecuted by the facsimile signatures of the said County Commissioners as of the
first day of Decembers 1932,
68
MINUTE BOOK
BOARD OF COUNTY COMMISSIONERS WASHINGTON COUNTY, PENNSYLVANIA
J. ELMER JOHNSTON, JOHN hi. O'NRIL, W. A. BARNES, COMMtSM0119RO
1-92 WARD?RINSING CO 88802 i
I ATTEST: J. E. JOHNSTON
E JOHN G. HALL JOHN N. O'NEIL
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Commissioners Clerk. W. A, BARNES
County Commissioners*
FORM OF COUPON j
No, ..._...... $20.00
The County of Washington* in the State of Pennsylvania, will pay to bearer
Twenty Dollars s free of any tax imposed under any law of the Commonwealth of
Pennsylvania (except succession and inheritance taxes) s on the first day of
s 19 __.* at the office of the County Treasurer* Wash-
ingtons Pennsylvania# being six months ' interest that day due on its Funding
Bond 1932 No. s dated December 1s 1932.
J. E. JOHNSTON
JOHN No O'NEIL
W9 A, BARNES
County Commissioners.
FORM OF REGISTRATION
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I HEREBY CERTIFY that the request of the holder of the within bond for its
conversion into a bond registered as to both principal and interests I have this
day out off and cancelled coupons attached thereto, numbered from
to inclusive, for Dollars ( } each*
amounting in the aggregate to the sum of Dollars ( } *
and that the within bond is hereby converted into a registered bond with the
principal thereof and semi-annual interest thereon payable to
assignee or legal representative.
Dated s 19
Mrk of 03u'ntyo ss oners.
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69
MINUTE BOOK
BOARD OF COUNTY COMMISSIONERS WASHINGTON COUNTY, PENNSYLVANIA
J. ELMER JOHNSTON, JOHN N. O'NEIL, W.A. BARNES, COMMISSIONERS
1-32 WARD PRINTING CO 56502
Date of Name of Clerk of
Registration . Registered Owner ' County Commissioners*
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Section 6. That an annual tax# commencing with the year 1933, the first
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fiscal year after the date of said bonds, be and the same is hereby levied and {'
assessed upon the proper subjects of taxation within said County #to be applied
solely to the payment of the principal of said bonds at maturity and the interest
thereon at the rate of four (4%) per cent per annum and State taxes thereon as
the same shall become payable, (saidannual tax is .sufficient for the payment of
the interest and State taxes thereon and of the principal of said debt within a
period not exceeding thirty gears, to-wits within ten (10) years from the date
of said bonds) # to be collectedt for the following years and in the following j
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j amounts, to-wit:
Year Amount
1933 110000*00
1934 118000000
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1935 110000000
1936 118000*00
1937- 11#000.00
1938 61#O00*00
1939 5800.00
1940 560600000 j
1941 54#400s00
1942 528200.00
Section 7. That the money collected from the taxes levied in the fore-
gbiag rmsblution authorising the issue of the said bonds, shall,, as collected# be
paid to the County Treasurer, into a special sinking fund# to be kept separate
from the other funds, and shall be applied by him to the payment of the principal
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of said bonds at the maturity thereof and the interest and State taxes thereon as
the same become due and payables
Section 8s That before any of said bonds shall be issued, a Statement
shall be prepared, executed and filed In' the office of the Clerk of the Court ,of
Quarter Sessions of Washington County# as required by the second section, of the �
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i aforesaid Act of the General Assembly of the Commonwealth of Pennsylvania,, approved
op the 20th day of April* 1874# P,Ls 65# and the Acts amendatory thereof and sup-
plemental theretos
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70 {ter
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MINUTE BOOK
BOARD OF COUNTY COMMISSIONERS WASHINGTON COUNTY, PENNSYLV'ANIA
J. ELMER JOHNSTON, JOMN N. O'NEIL, W.A. BARNES, COMMISSIONess
1.32 WARD PRINTING CO
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Section 9, That the notice be given by advertisement for the sale of said
bonds in accordance with�ovisions of the Act of the General Assembly of the
Commonwealth of Pennsylvania, approved the 6th -d.ay of July, 1917, P.L. 747, and
the acts amendatory thereof and supplemental thereto, and that the same be sold
to the highest responsible bidder after due public notice as required by said
Act, provided that no bid for said bonds at less than their par value shall be
accepted.
Section 10. That said Two hundred Fifty Thousand ($250,000*00) Dollars of
bonds, when duly prepared, signed and sealed in the form above set forth* shall
be delivered to the purchasers thereof, as hereinabbve provided, on payment of
the purchase price thereof, and the receipt of the Treasurer of the said County
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shall be to the purchaser a full acquittance for the said purchase price, and
the said purchaser shall not be bound to see to the application of the proceeds
thereof.
M.
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