Contracts & Agreements_4-1962 - Laserfiche WebLink

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AnDVVMVVM AGREEMENT made and entered into this 3rd day of A-oril , 19 62 , by and between the City Council of the City of Redlands hereinafter called the "Board" and the Board of Administration of the State Employees, Retirement Sys- tem, hereinafter called "System." - YY I A l.`b E S S E d. H o WHEREAS, the Board by a Resolution dated February 6, 1962 has adopted plans and specifications for construction of a City Hall Annex building at Brookside Avenue and Eureka Street; and WHEREAS, the Board by Resolution dated April 3,_ 1962 has authorized and created an issue of not exceeding � 475,000.00 aggregate principal amount of Building Certificates, Issue 1962, and provided the terms and conditions for the issuance thereof for the purpose of financing the construction of said building; and WHEREAS, the Board has offered to sell said Certificates authorized by said Resolution to System, and the'parties hereto desire to enter into an agreement for the purchase by System of said Certificates and establishing the rates of interest said Cer- tificates shall bear NOW, THEREFORE, IT IS MUTUALLY AGREED by the parties hereto as follows-. to The Board agrees to sell and issue to System and System agrees to accept from the Board on the dates the Board from time to time orders their issuance, Building Certificates, Issue 1962, upon the terms and 6onditions provided in the Board's aforesaid Resolu- tion dated April 3 1962.T-- - in the aggregate principal amount of $ 475,000.00 or as much thereof as may be necessary to fi- nance the cost of the public building to be constructed pursuant to the plans and specifications adopted by the Board in its aforesaid Resolution dated February.6� _1962____ 2e The per annum rate of interest each Certificate shall bear shall be determined by averaging the daily highest per a num -30-