1950-09 BondsA RESOLUTION NO.
WHERI-AS, by negotiall-ion and correspondence the City
of Okeechobee and Emerson Cook Company entered into an agreement
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concerning City oil Okeechobee Bondsi-5/6 interest, dated 1-1-42
due 1-1-72, par value $75,000.00; and
,ZILREAS., the City of Okeechobee for and in considera-
tion of Emerson Cook Company binding said agreenent, paid to the
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said Company ', i.5.,250,00- and
q? $
!V11T,2REAS,, to date three additional payments, each in
the amount of '12,900.00., have been paid to said Company, for and
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in consideration of the retirement and delivery of $15,000-00
par value of the above described bonds, the payment and delivery
both of which have been acoomplished; and
'4TIEREAS, the City is bound under said a,-reement to
make further payments
to said
Coiapany for the
retirement of the
-- -remaining bonds in the
azoun-t-
of $60,000.00;
and
Wh2"REAS., Emerson Cook Company is bound by the terms
of the Agreement to deliver said bonds at such times as payments
are -made thereon by the City; and
WHEREAS, It is deemed to the best interest of the City
and the inhabitants thereof, that said agreement be tel-minated
as of this date; and
'�&,-M,EAS, Emerson Cook Company has consented to such
termination; and
WI1ER]--,AS, a default on payments by said City now exists;
and
WHEREAS., Emerson Cook Company has, by letter., agreed
to and accepted the terms of this Resolution and said letter has
the above referred to agreement is further released from any
further payments to Emerson Cook Company;
BE IT FUl'-=ER Rl"I'SOLVED, that Emerson Cook Company is
released and discharged from any and all obligations forever of
the terms and conditions of said a,,1,,,ree-Y.qent, including the obliga-
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tion to deliver the remainder of such bonds now in its possession,
or in the possession of its agents, to the said City;
BE IT FURTHER RESOL-VEDj that no action herein taken
is contermlated to3 nor does it, rescind, alter or amend any
of the terms or conditions recited in said bonds;
BE IT FURTHER RESOLVED that the City, from the date
of this Resolution, will hold Emerson Cook Company har-riless and
fully exonerated from any of the ter -,s or conditions of the
agreement above referred to, and the status ouo of the parties
referred to in this Resolution, as contemplated therebys shall
be that the City of Okeechobee is no longer obligated to make
any payments, by money or otherwise, to Emerson Cook Companyp
and that Emerson Cook Company shall not be required or obligated
to make delivery of said bonds to said City or abide by, carry
out, or otherwise comply with any of the provisions or terms of
the Agreement above referred to.
BE IT FURTHER RESOLVED that the 11'�iayor of the City of
Okeechobee and the'Clerk of said City are hereby authorized and
directed to execute the attached Mutual General Release and to
affix the seal of said City thereto.
THIS RESOLUTION passed and adopted this the 24th day
of July, A. D. 1950.