Loading...
HomeMy WebLinkAboutCOMM - Meeting Minutes - - 3-29-1934 - COMMISSIONER 143 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 R E S 0 L U T 1 0 N At a meeting of the County Commissioners of the County of Washington, Commonwealth of Pennsylvania, duly held March 29, 1934, at which meeting all members of the Board were present, the following resolution., Pena"'if-3- upon motion by 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, ($580,000.00) in anticipation of taxes assessed, levied, and to be collected during the year 1934; and WHEREAS, the Citizens National Bank of Washington, Pa. , 'has agreed to loan to the County of Washington the said sum of Three Hundred Fifty Thousand Dollars ($350p000,00) upon the notes of said County; and WHEREAS, the taxes assessed, levied and ,to be collected during the year 1934 will be more than sufficient to pay the principal and interest of* the said notes on August 2, 1934; NOW, THEREFORE., BE IT RESOLVED., and it is hereby resolved: 1. That the said Cou#ty of Washington, Commonwealth of Pennsylvania, borrow from the Citizens National Bank of Washington, Pa. , the sum of Three Hundred Fifty Thousand Dollars ($350,,000.00) in anticipation of taxes assessed, levied and to be collected during the year 1934. 2. That said loan shall be secured by six promissory notes in the form hereinafter set forth, numbered from one (1) to six (6) p inclusive, in the follow- ing denomination, dated April 2, 1934, payable August 2, 1934, with interest at the rate of four and one-eighth per cent. (4 1/8%) per annump at the office of The Citizens National Bank of Washington, Pao : Notes numbered one and two, for One Hundred Thousand Dollars ($100.,000.00) each,, notes numbered three and four, for Fifty Thousand Dollars ($00000,00) each, notes numbered five and six, for Twenty-five Thousand Dollars ($25#000.00) each. 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 the interest thereon, shall be paid on August 2, 1934, out of the said taxes assessed, levied and to be collected during the year 1934. 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 19340 the sum of Three Hundred Fifty Thousand Dollars ($350'p000.00)1 and a sum sufficient to pay the interest on said notes at maturity. Said sums shall be set aside by the Treasurer of the County of Washington in a bank or banks satisfactory to the said County from the first proceeds of the taxes collected during the month' of July, 1934, and said taxes 1.44 MINUTE BOOK BOARD OF COUNTY COMMISSIONERS WASHINGTON COUNTY, PENNSYLVANIA J. ELMER JOHNSTON, JOHN N. O'NEIL. W. A, aARNES, COMMISSIONERS 1-32 WARD PRINTING CO $6502 collected during the month of July 19340 shall be inviolably pledged to the principal amount of said notes at maturity, together with the interest thereon, and to no other purpose whatsoever* 5. That said notes shall be in substantially the following form: No. FOR VALUE RECEIVED, the County of Washington, Commonwealth of Pennsylvania, acknowledges itself indebted and promises to pay to bearer the sum of Dollars on August 2, 1934, with interest thereon at the rate of four and one- eighth bdrlcent. (4 1/8%) per annum. Both principal and interest of this note are payable at the office of the Citizens National Bank of Washington, Pennsylvania. This note was duly authorized by resolution of the County Commissioners of the County of Washington, duly adopted March 29, 1934, and is issued in antics- ' pation of and payable out of the taxes assessed, levied and to be collected during the year 1934. The resolution authorizing the issuance of the notes, of which this la,-one, provides that the first proceeds of the taxes collected during the month of July, 1934, shall be set aside in an amount sufficient to pay the prin- cipal and interest of this note at maturity. IN WITNESS NHEREOF# the County of Washington has caused this note to be executed by its Commissioners, countersigned by the County Controllers with the seal of the County hereunto affixed, duly attested by the Commissioners$ Clerks this 2nd day of April, 1934. Countersigned: County Controller, Commissioners of Washington County Attest: CommIssionerst Clerk 6. All resolutions not in accordance with this resolution be and the same are hereby repealed. Duly adopted this 29th day of March, 1934. Countersigned: County Controller Commissioners of Washington Counfy Attest: Commissioners' Cle-r=.