The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-10-31
BOND SALE APPROVED
Harris 3 Co. Put Up Q Certified
Check for $4,000.
Away TO PAY OFF xRuo NOTES.


A csrtifsd check for SIC. 600 was ysster-
Gay pat mp with the city clerk By Mr.. NJ.
A. DE WIT. representing y. VI. Harris, Of
New York and Chicaxo. a. en- earnest Of
GOOD faith In their cffer 70 purchase the
city funding bonds. The offer IL practi-
cAiiy the same - that Published in the
fos1-ix1EILlsEscEz on Sunday morning
and 10 IS folioxs:
"Referrins 70 the ss750 600 bonds Of the
city o. Seattle offered for sale. comprising
siSo.oo Seattle funding bonds, 1888. hrst
serlssi $3.50 Seattle funding bonds.
les. second series: $a5 900 Seattle sewer
tunnel bonds and $50 900 Seattle sewer
Donds. al 20 bear date July I. 1893, and to
Dear interest from said date at the rate OF
per cent per annun, payable semi
annually on the first days Of January and
July, principal and interest payable in
god coin at some bank Ia the city Of New
York, and due and payable in twenty
years from date OF bonds. without option,
We make the following proposition:
We Will buy outright <;45.0o OF said
bonds and take up and pay for said $3s5.-
90 OF bonds as follows: $4,000 as soon a.
the Legality of issue has been approved
and bonds executed and delivered, and
10000 In thirty days thereafter.
The city Is 10 receivs for all bonds
taken BY as % cents on the dollar, which
- equivalents to o 5i8 per cent. interest
basis: We will also pay the accrued interest
from date Of bonds TO date Of delivery OF
same.
And In consideration Of our agreement
az aforesaid, for the outright purchase OF
SsS.0Oo OF said bonds, we are to have the
privilege Of taking $i45,0oo additional
bonds ~ the same price, &C the same time
the second irssailment of the <345, 600 pnI-
chased outright by u is delivered. and
upon our taking M and paying for said
additional $4,000 OF bonds as aforesaid
We are TO have the right 10 take $4,000
more at the same price within thirty days
from the expiration Of the period last
above mentioned, and the remaining
$4,000 bonds within sixty days from said
period: We to decide at the time the
third 1nstallment Is due whether or not
we will take up all of the remaining bonds,
to-wit, s4s5, 600, or none.
I'VE shall have the right to take mp and
pay for said bonds rs much more rapidly
as we desire. regardless of the above speci-
fed amounts and periods; and should we
take the bonds faster than the times above
specified, each fnstailment OF bonds SO
taken shall be credited on the future de-
liveries, 30 that our privilege of taking the
bonds within the time above specified
shall hold good.
1.-THE city shall have the right to deliver
ferred TO as they may deem to the best in-
terests Of the city; that is, We will take
the tunnel, sewer or funding bonds first.
or any part of either Of the above issues
that the city may desire TO realize on first.
Each installment or block of bonds taken
by as shall BE- delivered and paid for at
some bank In the city of New York or Chi
cago. 40 We may elect and from time to time
direct.
1.-THE city of Seattle agrees to furnish as
with full, certified transcript Of proceed
ings evidencing legality Of issue, and to do
all things necessary TO make the above
described bonds legal and binding OBJ
LEGATION Of said city, 20 the satisfaction of
Judge John f. Dillon, Of New York city.
1--WE herewith hand you our check Tor
$4,000. to be held by said city Of Seattle as
q guarantee that We win perform our part
of this agreement"
The subject was brought before the city
council in joint session last night, the
members being joined by Mayor Ronald,
Comptroller Carson, City Treasurer Durie,
Jesse Cochran and other city officials.
City Clerk SLOVENIAN read the proposition.
Alderman Jordan moved that the offer
be accepted. and Delegate Bruce seconded.
The motion was carried without dissent
ing vote. and in i've minutes the transac-
ton was closed. The terms must now be
embodied in an ordinance Delegate Drew
making the necessary motion. The sub
ject had been discussed for several hours
during the day, almost every member Of
the city council being present 30 that all
were familiar with the proposition.