1934-15 Eagle Bay Drainage DistrictQ_
The following Resolutio.n was offered by Councilman '�c arthy who moved its
adoption, motion seconded by Councilman Brass and passed:
RESOLU'710N
EREAS, the City of Okeechobee, Florida, a m-,rniciral corporation is the holder
of twenty-five (25). bonds of the Eagle BayStfb-drainage District of the par value
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01A $25,000-00; said bonds being a part of an issue of bonds in the sum of '100 1000.00
da ted M -Y 1� 1927) -nd
WHERZAS� the Trustees of th,,-� 'Eagle Bay S,,frb-drainage Di,,_,,"k-;rict are negotiating
v�itfl the Reconstruction Fim�nce Corporr,,tion for the p=pose of refinancing sodd b'oads
of the said drainacre district, and
1473,711ZAS� City of Okeechobee is desirous of aiding the said refinancing of
s.aid bonds
THE'.'IEWRE) BE IT RESOLVED, that the said City of Okeechobee, hereby a�--rces to
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sall, transfer and assign the said bonds heretofore set out to -wit: twenty five
bonds of the par value of $25,000-00 to the said Recon3truction Finance Cornoration,
its agents or to the Trustees of the Eagle Bay SUb-drainage District for the slLm of
% flat.
BE IT FURTHEa RESOLVED, that in the event any of the holders of like bonds
shali receive a sum in excess of %o fl -,t, then.in that event the City of Okeechobee
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onall receive a like amount, it being expressly- agreed and mutually understood
by any person to rho,. -.q it may concern, that the City of Okeechobee make-. this agree-
ment tb sell its bonds at 510 flat for the purpose of aiding the Eagle Bay Sub -drain -
.,e District in refinancing its indebtedness and/or o'bligations and that it is to
receive an amount for its bonds in proportion to the amount held by sa id City as any
other holder of bonds of the same series shall receive in exchange for their bonds.
BE IT FURTHER RESOLVED that this agreementsh-all be in full force mid effect
for a period of ten months from date hereof, and in the event that the E,,).gle Bay
Sub -drainage District shall not coI'.,i-plrzte the financing of it -z- obligations as here. -
fore mentioned, within ten months from the date hereof, that is to say, from
October 31st, A. D.' 1934, and shall. pay to said City t -.e sum of money' herein speci-
fied) then this obligation shall be, null and void otherwise to remin in full force
and virtue#
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PASSED in ope-n special session this -Ust day of October, A.. D. 15-7,4.
Alto Watford
D. B. Y1,-,Jr�rthv
A.. W.—Brass
J. -H. W�,,.lker, Sr.
(Corporate Seal) J. D. Brett
Mambers Citir Council
ATTEST: Florida.
R. P. Fletcher
CITY CL RX
Approved by me this 31st day of October, A. I). io-44.
H. 11. Hancock
N'layor
Upon motion Council adjourned.
A4,ff-,6 4,0 &zv-&�
�ttest: President City Cou&il
i C16Tke