The Parker post. (Parker, Ariz.) 1910-1918, 1914-02-21
FOR
SALE OF BONDS
KELLY e. KELLY TO RECEIVE A
FEE OF $4,000 FOR DISPOSING
OF YUMA COUNTY'S GOOD
ROADS BONDS.


bonds of Yuma county through the
firm of Kelly & Kelly of Kansas
City is published herewith AS there
has been considerable discussion over
the method of marketing these bonds,
and some little opposition to the plan
pursued and adopted by the board of
supervisors, the contract is publish
ed in full, as follows:
''This contract, made and entered
into this 7th day of February, 1914,
| by and between Kelly e Kelly, Bond
Brokers of Kansas City Missouri, par
ties of the first part, and Yuma
County, of the State of Arizona, party
of the second part, witnesseth:-
''That said Kelly & Kelly hereby
agree to use their best efforts to Sc
cure purchaser, at par and accrued
interest, for the 1913 issue of High
way Bonds of the said Yuma County,
said issue being in the amount of
$500, 100000 bearing five per cent in
ing for the purpose of securing the
ends in this contract set forth, here
by duly authorized as the Agents of
the said Yuma County.
F'The sale of the said bonds here
under shall be made upon, and the
said purchaser must agree to, the fol
MIR.
chaser shall agree to Immediately, or
as soon thereafter as can legally
be carried out surrender the above
described bonds and take in exchange
like amount of new refunding State
of Arizona bonds bearing Az per cent
interest due twenty-five years from
the date of said bonds and containing
an option to pay any or all OF said
bonds fifteen years after date these-
Of
''Kelly & Kelly also agree to fur
nish at their expense the new and
the old bonds, printed or litho-
graphed, pay for legal opinion, express
connected with or pertaining to the
issue and the refunding of said bonds
E'The said County of Yuma hereby
agrees that so far as lies in it's power
it will have properly executed and
signed all papers and orders neces-
sary and pertaining to the said re-
funding and will carry out such or
ders as may be necessary to assist in
the matter of the said refunding.
"Also the said Yuma County
agrees to pay to Kelly & Kelly as
their full compensation under the
terms of this contract, at the time
and place of the exchange and sur
render of the old bonds for the new
| AZ per cent bonds commission
equal to four -sixths of the difference
on the interest rate named on the
old bonds and the rate of Az per
cent on the new bonds, same being
estimated and based up to the date
of maturity of the old bonds or for
the average time that the old bonds
would be outstanding, which commits
sion it is hereby agreed is the sum
of $5O,OOO.0O. This amount, namely
$50 100000, is to he paid in warrants
drawn and made payable out of any
funds available in either the General
Fund or the General Road Fund of
nd in
amounts annually during the next
four years, said warrants to run with
out interest and to be paid by the
County Treasurer of said Yuma Coun-
ty at the time when the interest on
the refunding bonds is legally due.
"The said Yuma county also agrees
to prepare or cause to be prepared
certified copies of all proceedings had
relative to the issuance of the old
bonds.
''This contract to be in force and
effect for a peiod of 4 months from
the date hereof with the understand
ing, however, that this contract is to
be carried out and completed as soon
as the legal requirements pertaining
thereto can be made
''The said Kelly & Kelly further
agree that they will submit the ques-
tion of the legality of both the old
and the new bond issues aforesaid
to Dillon, Thompson & Clay, Bond
AttOrnevS A Of New York Citv for Onin.
ion as to the legality of each said
issue and that they will furnish to
said Yuma County a copy of such
opinion signed by said Dillon, Thomp-
son e Clay
tsThe said nnrchasar must agree