HomeMy WebLinkAboutCity Council - 319 RESOLUTION NO. 319.
Whereas, it is the desire of the City of Huntington
Beach to purchase $5000.00 of the United States Government
10-25 year 4% Gold Bonds 2nd. Liberty Loan of 1917 in de-
nominations of $"1000.00 each, coupon bonds; and
Whereas, said bonds- have not yet been issued and in
order to obtain the same it is necessary to make subscrip-
tion therefore
Now therefore, be it resolved:
That the First National Bank of Huntington Beach is
hereby authorized and directed to subseribe on behalf of
the City of Huntington Beach for $5000.00 of the United
States Government 10-25 year 4% Gold Bonds 2nd. Liberty
Loan of 1917, in denominations of $1000.00 each, coupon
bonds, and upon delivery of said bonds to the City of Hunt -
ington Beach spid city will pay par and accrued interest
to date of delivery theredf from the funds contained in the
General Fund.
Above Resolution No. 319 passed and ad5pted this 22nd.
day of October, 1917.
SEAL.
President of Board of Trustees
Attest. Chas. R. Nutt
Attest W. E. Tarbox Clerk.
Pres.
State of California, )
County of Orange ) ss
City of Huntington Beach.
I, Chas. R. Nutt , City Clerk and ex-officio Clerk of
tle Board of Trustees of the city of Huntington Beach, Calif-
ornia, do hereby certify that the foregoing Resolution No.319
was Dresented and read to the said Board of Trustees of the
city of Huntington Beach, California, on the 22nd. day of Oct-
ober, 1917 , and that on said date the said Resolution was passed
and adopted by said Board of Trustees by the following vote:
Ayes, Trustees Decker, Vavra, Huston, Chapin, Tarbox
Noes, None
Absent, one
Chas. R. Nutt
City Clerk and ex-officio Clerk
of t`ne Board of Trustees of the
City of Huntington Beach, Calif.
S EAL.
m T ;� The f: m ,;� c re ry i-,�
wo t e ?.®rlor�i..�e, h Bom r.. .,3_ r,U �ees of t_, vie, of
Funti �"tor. Beach:--
In �.esnonse to n ar recuest for an onir�ior1 as to �,!hether `
tl--Ie City would be em-oov=erc:c'; to invest in Liberty Bonds of the
United 5t ,.tes, I c'is�i to sl�o_-rit tl--Le f llov-ing:
Chanter 73 of the Statutes of 1913 ;fives the .express no,,--er
to Counties and Cities to invest certain specified bonds G>nong
V.r -ich are U. S. Bonds. 7he rJ a rt is given to invest any surplus
finds a.nd t-_e only lDroviso is that the 1)onl. s shall be so held
that the'r 1',c;.. and be sold nd converter. into cash when needed for the
^,urn oses for whic}i t' e T`:oney '' s rF-- ised f?-nJ. .?laced in t1=1e treaaury.
Under this Statute it is my o-)inion t 1,t the City has t -le
ri:�ht to invest in the Liberty Bonds such smis anc from such
fun6 .s :s t'�°ey ,ia.y dee::1 -dvis(-�D1e, _orovidir s_, alvrays that the
money is ry.ot needeQ for the 1--mediate -ses for '7,hich it was
raised, anct farther orovic_ed t. .e.t be so. held th,^t they
be disrosed of vyhen the fund, from rhich the investment is
made, is in need of the sum, so invested, for the purpose for
which it is raised.
Respectfully subraittea ,
10- 2Z -17 LAX F. NELS0IN
City .
� Attorney.y
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