res_1775 - Laserfiche WebLink

Home

of title to the premises, and upon advice from the Village Attorney that said title has been examined and found marketable, and upon the deli very and recording of the deeds conveying marketable title to the Village, as provided in said agreements, th~ Mayor and Village Clerk are authorized and directed to make and execute an order to t~e Village Treasurer for the payment of the sum of $274,000 to Williamsburg Green Company, a partnership consisting of Lillian M. Iv:cDonough, Eugene B. McDonough, Dorothy L. Lipschultz, Joseph Lipschultz, Paul N. Rifkin, A. L. Lipschultz, and Herschel Rifkin, in full payment of the remainder of the purchase price of said premises as provided in said agreements. 3. Said order shall be drawn on the Golf Course Acquisition and Improve- ment Fund, which is hereby created, and to which there are hereby appropriated all proceeds of the bonds to be issued pursuant to the authority recited in paragraph 1, together with such other moneys as the Council may direct to be credited to said fund, for payment of items which by accepted accounting practice constitute capital costs of the acquisition of the golf course pursuant to said authorization. In the event that said order, or any other orders issued pursuant to resolutions of this Council for payment of claims representing such capital costs, cannot be paid from cash on hand in said fund on the respective dates of presentation of said orders, the Treasurer shall endorse on the back thereof the words "not raid for want of funds", the date of the endorsement and the Treasurer's signature. The Treasurer shall make a record of each s'l:.ch presentment, nonpayment and endorsement. Each such order shall bear interest at the rate of 3 3/4% per annum from the date of such pre- sentment. 4. The Village has received a proposal from First National Bank of Saint Paul, St. Paul, Minnesota, to purchase orders issued pursuant to this resolution at the principal amount thereof, upon assignment of such orders by the respective payees to said bank. The Treasurer is authorized so to advise said payees. When sufficient moneys are appropriated and credited to said fund pursuant to further resolution of this Council, from the proceeds of sale of said bonds or otherwise, for the payment of one or more of said orders, the Treasurer shall serve written notice upon said bank at said address, and to any other payee or assignee of such an order who has requested such notice, that he is prepared to pay the same; and after service of such notice interest on the orders so endo:csed shall cease. Said orders shall be paid only in order of the presentm2ut and registration thereof. 5. The Village Clerk is directed to furnish certified copies of this resolution to said bank and to any payee of an order issued pursuant hereto. The motion for the adoption of the foregoing resolution was duly seconded by Trustee Shields , and upon vote being taken thereon, the following voted in favor thereof: All present and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. -2-