HomeMy WebLinkAboutCOMM - Meeting Minutes - - 2-3-1933 - COMMISSIONER 78
MINUTE BOOK
BOARD OF COUNTY COMMISSIONERS WASHINGTON COUNTY, PENNSYLVANIA
J. ELMER JOHNSTON, JOHN N. O'N£IL, W. A. BARNES, COMMISSIONERS
R P i N
February 3* 1933.
R E S O L U T I O N
At a meeting of the County Commissioners of the County of Washington* Common-
wealth of Pennsylvania, duly held February 3* 1933* at which meeting all members
of the Board were present, the following resolution, upon motion of Mr. O'Neil*
seconded by Mr. Barnes* was unanimously adopted:
WHEREAS* it has become necessary for the County of Washington* Commonwealth
of Pennsylvania* to borrow the sum of Three Hundred Fifty Thousand Dollars
($350*000a in anticipation of taxes assessed, levied and to be collected during
the year 1933; and
WHEREAS* the Guaranty Company of New York* New Yorka N.Y. * has agreed to
loan to the County of Washington the said sum of Three Hundred Fifty Thousand
Dollars ($350*000. ) upon the notes of said County; and
WHEREAS* the taxes assessed* levied and to be collected during the year 1933
will be more than sufficient to pay the principal and interest of the said notes
on August 3* 1933;
NOW $ THEREFCRE , BE IT RESOLVER* and it is hereby resolved:
1. That the said County of Washington* Commonwealth of Pennsylvania*
borrow from the Guaranty Company of New York* New York$ N.Y,* the sum of Three
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Hundred Fifty Thousand Dollars ($350*000.) in anticipation of taxes assessed*
levied and to be collected during the year 1933,
2, That said loan shall be secured by promissory notes in the - form herein-
after set forth* numbered from one (1) to seven (7) * inclusive* in the denomina-
tion of Fifty Thousand Dollars ($50*000.) each* dated February 3* 1933* payable
August 3* 1933* with interest at the rate of four and one-half per cent, (4j%)
per annum* at the office of The Philadelphia National Bank* Philadelphia* Pennsyl-
vania,
3. That said notes shall be executed by the County Commissioners* counter-
signed by the County Controller* with the seal of the County thereto affixed* duly
attested by the Commissioners' Clerk* and the same* together with interest thereon*
shall be paid on August 3* 1933* out of the said taxes assessed* levied and to be
collected during the year 1933,
4. That in order to provide for the payment of said notes at maturity* the
Treasurer of the County of Washington is directed to set aside from the taxes
levied by the said County for the year 1933* the sum of Three Hundred Fifty
Thousand Dollars (050*000. ) and a sum sufficient to pay the interest on said
f the Count
hall be set aside b the Treasurer o y
notes at maturity. Said sums s y
of Washington in a bank or banks satisfactory to the said County from the first
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79
MINUTE BOOK
BOARD OF COUNTY COMMISSIONERS WASHINGTON COUNTY, PENNSYLVANIA
J. ELMER JOHNSTON, JOHN N. O'NEIL. W. A. BARNES, COMMISSIONERS
proceeds of the taxes collected during the month of July, 19330 and said taxes
dollected during the month of Julys 1933s shall bd inviolabl-y'pledged to the
principal amount of said notes at maturity, together with the interest thereon,
and to no other purpose whatsoever.
5. That said notes shall be in substantially the following form:
No. $50,004•
FOR VALUE RECEIVED, the County of Washington, Commonwealth of Pennsylvania, 1
acknowledges itself indebted and promises to pay to bearer the sum of Fifty
Thousand Dollars ( 50,000. ) on August 3, 1933, with interest thereon at the rate {
of four and one-half per cent. (42%) per annum. Both principal and interest of
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this note are payable at the office of The Philadelphia National Bank, Philadel-
phia, Pennsylvania*
This note was duly authorized by resolution of the County Commissioners of
the County of Washington, duly adopted February , 1933s and is issued in anti-
cipation of and payable out of the taxes assessed, levied and to be collected
during the year 1933. The resolution authorizing the issuance of the notes, of
which this is one, provides that the first proceeds of the taxes collected during
the month of July, 19330 shall be set aside in an amount sufficient to pay the
principal and interest of this note at maturity.
IN WITNESS WHEREOF, the County of Washington has caused this note to be
executed by its Commissioners, countersigned by the County Controller, with the
seal of the County hereunto affixed, duly attested by the Commissioners ' Clerk,
this third day of February, 1933.
Countersigned:
\` County Controller CommIssioners of Wasrilngton County
Attest:
o ss oners er
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MINUTE BOOK
BOARD OF COUNTY COMMISSIONERS WASHINGTON COUNTY, PENNSYLVANIA
J. ELMER JOHNSTON, JOHN N. O'NE►L. W. A. BARNES, COMMISSIONERS
1-32 WARD PRINTING CO $6502
6. All resolutions not in accordance with this resolution be and the same
are hereby repealed.
Duly adopted this 3rd day of February, 1933.
Countersigned:
County Controller
Attest:
Corn ss oners Cler
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