The weekly Iberian. (New Iberia, La.) 1894-1946, 1918-08-24


Machinery andappurtenance provide,
Tor IN the contracts hereinabove se
forth.
And whereas, 1t is desirable that tn
cost OF the purchase, erection ant
construction of said engine, machine
ry and it's appurtenances; should b,
paid out of the earnings of the New
Iberia Electric Light Plant.
And whereas, il Ia necessary e
make provisions tor the payment @
SAID Crude Oil Engine, electric ma
ehinery and its necessary appurte
nances and fixtures as hereinabove Sc
forth, upon terms extending beyond
the period set forth for the liquidation
the'purchase price set out in the
contract between the City of New Ibe
ria and A. NJ. Lockelt * Company
Limited and the General Electric
Company, therefore,
BE 1t ordained by the Mayor and
Board OF Trustees of the City of New
Iberia,
First: That the said Mayor be aud
he is hereby authorized to enter into
a contract with any person or persons
banking institutions or corporation to
assume the payment of the price OF
Thirty one thousand nine hundred
and ninety two 1881 ,9e2 00) Dollars.
and such additional costs or charges
AZ may be incident to the contracts
entered into between the City of New
Iberia and A. nj. Lockett IL Company.
Limited, and the General Electric
Company for the consumation of
these present transactions; that he be
aud be IL hereby authorized aud di-
rected to enter into contract with
such persons, banking institutions or
corporations under and by virtue of
which the said persons, banking in
situations or corporations, shall under
take to advance the funds necessary
for the purpose of paying the obliga-
lions hereinabove set forth as they be.
come due to A. M. Lockett & Compa-
ny, Limited, and the General Electric
Company, agreeing to be reimbursed
Tor the amounts so advanced BY either
or all of them on the basis of at least
five hundred (S50000) Dollars per
month, to be distributed pro rata
among the holders of the obligations,
representing the amounts advanced
by either or all OF said persons, bank
ing institutions or corporations, or
making the distribution on the basis
OF Five hundred, (500U Dollars be
tween said persons, parties or corpora.
tons IN any other manner that may
he agreeable to all parties in interest
the intent being to allow the Idayor
aud The said Parties or Corporations
such latitude az will enable them to
determine and fix the method of pay.
ment OF the obligations to be issued as |
herein provided. That in order to
meet said obligations, the Mayor of
the City of New Iberia be directed
and au hori2ed to issue "A series of
notes or certificates of Indebtedness,
payable IN sums not less than Five
hundred, $500. 00l Dollars per month
aud bearing interest at the rate of 4
percentum per anDum from date; and
IN order to secure the said parties,
banks or corporations SO advancing
The necessary funds with which TO
iquidate the obligations incurred TO
NJ Lockett * Company, Limited,
and the General Electric Company,
INC City of New Iberia. acting through
is Mayor, and by virtue of these reso-
utions and ordinance of the Mayor
md Board of Trustees shall enter into
contract with such person or per
ons, banks or corporations subrogat-
ng the same to all the rights, privll-
gees and claims which by law or By
ontract hereinabove referred to, are
eserved to A. Nj. Lockett e Compa
~, Limited and the General Electric
company; the intent being by said
ubrogation to recognize the party or
arties. banks or corporations holding
he note or notes or certificates of in
ebtedness hereinabove provided for I
$ substitute to and subrogated to all 4,
he rights, claims. privileges and pre-
ensions of the said A. M. Lockett &
company, Limited, and the General
,lectric Company to exercise their
ights, claims and privileges in the
rem1ses in the same manner and to
he same extent as the said A. nj. ,
'ockett x Company, Limited, and the q
feneral Electric Company, may do.
Be it further ordained, etc., that in
rider to cUDsumate these present
on the basis outlined {
bove, the Mayor of the City OF New q
IBERIA ia authorized and directed to
sue on behalf of the City of New
IBERIA sucb note or notes or certiti-
ates of Indebtedness, aud to sub
cribe to such acts and deeds az may !
e necessary to fully, completely and A
carry into force aud eff
get the objects and purposes herein.
bove recited.
BE it further ordained, etc., that in
rider further to protect the said per
On or persons, banks or corporations
nd the funds advanced for the pur-
oses hereinabove set forth all of the l
avenues Of the New. Iberia Electric A
light Plant are pledged to thesextent 4
ecessary to retire the monthly in
ebtedness or installments, as herein
bove set forth, 1t being distinctly un-
erstood aud provided that the econo-
lies arising from the substitution of q
le Snow Crude Oil Engine, Electrical
Iachinery and its appurteDances, for
nat now in operation In said electric
ght plant, shall be imputed to the
etirement of the obligations herein =
bove provided for; but that above /
nd beyond the revenues resulting :
70 n said changes and improvements,
also here1nabove pledged, the :
Iayor and Board OF Trustees OF the
ity OF New Iberia pledge the City OF
ew Iberia to impose such electric
ght rates aud tariffs if the same be
eeessary to produce such funds and
ayenues in excess of the present
,nds as will be sufficient to meet the
,optlly payment of Five Hundred
E500.o0) Dollars. together with the
,terest accruing monthly in The
rent the presppt revenues and the