HomeMy WebLinkAboutResolution 02-15-1938 \q.
RESOLUTION
Canton, Illinois
February 15,1938
WHEREAS, the City of Canton, Illinois, did on September 15,193G
enter into a contract with C. W. McNear & Company� y and John Noveen &
Company for the sale of approximately *200.000.00, legally issued
water revenue bonds, for the City of Canton, Illinois, bearing
interest at the rate of 4 percent per annum.
WHEREAS, in this contract it was understood and agreed, that in
the event the City of Canton, Illinois, was unsuccessful in its
efforts to secure a grant from the P.W.A. , that neither party to this
agreement should be bound by the terms,.thereof, unless it was the
desire of the City Council to finance the entire project through the
issuance of water revenue bonds.
AND WHEREAS, the City was unsuccessful in its attempt to secure
a grant from the P.W.A.
NOW THEREFORE BE IT RESOLVED that the City cancel and abrogate
this contract and that the City Clerk be directed to send a copy of
this resolution to C. W. McNear & Company and John Noveen & Company.
PASSED this 15th day of February, 1938.
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