The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1914-06-05
TEXT OF PROPOSAL
AND THE RESOLUTION

W. " 80 NNNA 80 NN 80 NAL N
sactiun. lie stated that while he UNI
derstood the Albuquerque banks wcfe
ready and willing TO take the louus
upon The basis proposed. there were
others prepared to advance the
money. II for any eason the banks
should not be willing to do 50. IL Is
understood. however. tins both the
First National aud the state National
have expressed their willingness 90
have expressed their willingness To
matter has been tested In court; ana
that the oar Is 10 be divided among
the banks.
Mr.. wood was instructed BY the
council 60 proceed at once with the
court test. Following IN the text OF
the proposal n M councils reso-
luton of acceptance.
The Proposal.
To the City Council OF the City of
Albuquerque.
Gentlemen. with reference 20 the
request made by your committee that
our clients LOAF or advance to the
city sufficient money TO complete and
furnish the new city hall ~ being
erected. we would respectfully advise
you that We nave reached the conciu-
sion, and informed our clients, that
In our opinion the city has not the
power under the constitution Of the
state to become further indebted,
either by bond or contract. TO com
plcte the city hail, and that they can
not therefore safely advance OF loan
To- the city any money on the strength
Of - promise OF obligation to repay
the same. In view. however. OF the
improvements already put upon the
clty's lots In the way of the partial
erection Of m building thereon, and
the value OF the lots as now lmproN-
ed. our clients are willing TO make
to the city the following proposition.
II the city viii deed To- them the
property with the partially completed
building thereon LA Zee simple. they
viii supply all money necessary %
complete and furnish the building ia
accordance with the plan and scheme
now being carried on by the city, and
allowing the city authorities To con
troll the completion and furnishing of
the building and Ia determine the
amount to be expended Tor that pur-
pose, not exceeding the sum of S25,-
geo. They viii at the same time en-
ter into a lease, contract me option
with the city agreeing To sell and
convey To the city at any time within
ten years from this date the said
property for the price and consideru-
ton OF the moun so advanced and
expended iu the completion and fur
nishing of the building. the city a.
have the risht 10 make partial pay
ments on aoeount OF such purchase
price semi-annuaily at any time dur
ing the existence Of snid option. and
the property 20 be re-dccded To- the
city when the full AMOUNT 81 such
purchase price shall have been paid
The city 20 pay for the use OF such
property a rental To be determined by
computing quarterly the interest "a
n rate OF - per Ccnt per annun
on the amount then unpaid under tn,
option to purchase, plus such sums. b
any, as are necessarily paid by uu
clients for insurance or other lcgu
charges or assessments made upoI
the said property pursuant To aw
such lease Go run cOncurrontly viii
the option Go purchase. the rental
herein provided for TO be computed
only upon the amounts actually Ia
veIted by our Clients In the compile
ton n furnishing OF the buildini
from the time OF such investment
and these monies 10 be advanced upol
d certificate OF the city e~nginee
from time tn time as the work %
completing and furnishing the build
ms proceeds. and 20 be available an'
used only Tor the payment OF an
necessary cost OF cOmpleting and fur
nishing the building.
unul Il is determined whether thi
proposition be- accepted by the cit.
we do not wish to disclose the nam
OF our clienIs. but viii say hat VI
viii give a bond satisfactory 90 IN
city that an provisions of this con
tract viii Doe faithfully observed AM
carried Out by them N Il be accepted
Dated this tth day OF June. 1914.
Respectfully submitted,
MARION a WOOD.
Attorneys.
The Council Resolution.
Resolved hv the city council OF IN
city of Albuguerque that the write
proposition unlimited to the cit
council BY Marron A Wood, ATTORNEYS
with reference TO providing none
and completing the city hall and pro
viding for "a conveyance OF the city
property upon which the city hail
being erected. taking back TO the cit
a lease and uption To repuTchase th
same, be and II Ia hereby accepted 4
manner and form az made.
And he h iurther resolved that IN
mayor aDd the city clerk ne and the
are hereby authorized and directed
enter into % contract with such pet
son or corporation as shall be- desia
mated by Marion a Wood In manne
and form as provided In their off
upon receiving a bond approved b