HomeMy WebLinkAboutCOMM - Meeting Minutes - - 2-21-1935 - COMMISSIONER 194
MINUTE BOOK
BOARD OF COUNTY COMMISSIONERS, WASHINGTON COUNTY, PENNSYLVANIA
J. EI MER JOHNSTON, JOHN N. O'NKIL. W.A. RARNES, ComhimpoNmRs
t.32 WARD PRINTING CO 56502
Office of the County Commissioners,
Washington, Pa. ,, February 21, 1935.
At a regular meeting of the County Commissioners of the County of Walshihgton,
Commonwealth of Pennsylvania, duly held on February 21, 1935# the following reso-
lution was unanimously adopted:
YEEREAS,, It has become necessary for the County of Washington, Commonwealth
of Pennsylvania, to borrow the sum of Three Hundred Thousand Dollars ($300v000.00)
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 Thousand Dollars ($300,,000.00)
upon the notes of said County; and
WHEREAS,, the taxes assessed, levied and to 'be collected during the year 1935
will be more than sufficient to pay the principal and interest on the said notes
on August 2., 1935;
NOW, THEREFORE, BE IT RESOLVED, and it is hereby resolved:
1. That the said County of Washington, Commonwealth of Pennsylvania, borrow
from the Citizens National Bank of Washington, Pa., the sum of Three Hundred
Thousand Dollars ($300p000.00) in anticipation of taxes assessed, levied and to
be collected during the year 1935,
2. That said loan shall be secured by seven promiqoory notes in the form
hereinafter setforth, numbered from one (1) to seven (7) p inclusive, in, the
following denomination, dated February 25, 1935, payable August 20 1935, with
interest at the rate of two and seven-eighths per cent. (2 7/9%j per annum# at
the office of the Citizens National Bank of Washington, Pa. : Notes numbered one,
two, three, four and five, for Fifty Thousand Dollars ($50,000.00) each,, notes
numbered six and seven., for Twenty-five Thousand Dollars ($25,9000.00) 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 4ffixedp duly
attested by the Commissioners' Clerk., -end the same, together with the interest
thereon, shall be paid on August 2. 1935, out of the maid -taxes assessed, levied
and to be collected during the year 1935.
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 1935, the sum of Three Hundred Thousand
Dollarai ($300,.000.00) and a sum sufficient to pay the interest on said notes st
maturity, Said sums shall be set aside by the Treasurer of the County of Wash-
ington in a bank or banks satisfactory to the said County from the first proceeds
of the taxes collected during the month of July, 19350 and said taxes collected
during the month of July 1935, shall be inviolably pledged to the principal
195
MINUTE - BOOK
BOARD OF COUNTY COMMISSIONERS WASHINGTON COUNTY, PENNSYLVANIA
J. ELMER JOHNSTON, JOHN N. O'NEIL, W. A. BARNES, COMMISSIONERS
t-32 WARD DRINTING CO 96502 JJ
4 . I
amount of said notes at maturity, together with the interest thereon, and to no
other purpose whatsoever.
in
5. That said notes shall besubstantially the following form:
No.
FIR VALUE RECEIVED, the County of Washington, Commonwealth of Pennsylvania,
acknowledges itself indebted and promises to pay to bearer the sum of
Dollars on August 20 1935, with interest thereon at the rate of two and seven-
eighths per cent. (2, 7/8%) per annum. Both principal and interest of this note
are payable at the office of the Citizens National Bank of Washington, Pennsylvania,
• I
This note was duly authorized by resolution of the County Commissioners of
the County of Washington, duly adopted February 21, 1935, and is issued in anti-
cipation of and payable out of the taxes assessed, levied and to be collected
during the year 1935. 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, 1935, shall,be set aside in an amount sufficient to pay the
principal and interest of this note at maturity.
IN WITNESS MIEREQF, the County of Washington has caused this note to bs
executed by its Commissioners, countersigned by the County Controller, with the
seal of the County hereunto affixed, duly attested by the Commissioners' Clerk,
this 25th day of February, 1935.
i
Countersigned:
County on ro er.
Attest:
omm as one rs Clerk
6. All resolutions not in accordance with this resolution be and the same
are hereby repealed.
Duly adopted this 21st day of- February, 1935.
Countersigned:
County Contro ITer
Comm an de a df Was ng on COURVY0
e
Attest:
o� s s oners er .
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