06/20/1916 Board of Public Works Minutes

Home Browse Search

AGREE)(RNT 1�HEREAS on the 25th. day of April 1916 , the City of South Bend, Indiana, entered into a contract with the W. B. Brady Construction Company of the. City of Chicago, Ill., for the construction of Asphalt pavement on Indiana Avenue in the City of . , South. Bead, I nd lax.*_ ,AND MT.REAS, the said Const`ruetion „Company has mado''spplieation to. the_ St, Joseph Loam and Trost Company for certain loans of money to made during the period' ©f the ,constructionfor the purpose of. purchasing material and employing labor used in the construction of the said street paving, and to secure the paym At to the said St . Joseph Loan & Tru:7.t Company for money loaned as aforesaid, the said W. B. racer Con struetion Company has assigned and it does hereby transfer and assign to the said St.. Joseph. Loan and Trust Company all right., title rid interest in and to the said con— tracts made with the City' of South: Bend., Indiana,_ for the construction of the said improvement and to any and all allowances made for labor and material used _in the con— struction and for all amounts that may be due or ;owing at any time upon the aforlsaid contract, an the City Controller of the City of South Bends Indiana' is hereby rcquestd to Issue all wa rrant s and t o deliver all bonds issued on said imp roveme rat to the said St. Joseph Loan and Trust Company aforesaid, and the receipt of said Trust CompazW therefor shall fully and completely- release the said City of South Bend,from any and all liability,on account of such delivery of said warrants and bonds to the said Trust Company, IT IS UNDERSTOOD AND AGREED that as the work progresses and the Engineers certificates are issued therefor, that the said Trust Company will loan to the said Construction Company such amounts of r.oney as may be desired up to the amount of such Engineer's certificates, at 5% interests and payable at the time of the delivery of the money and beds from the City upon .the completion of the said work. IT IS AGREED that the said contractor with .t be City of South Bend, India oa, is ass igned to the said St. Joseph Loan and Trust Company, and that the said EnEineert certificates willlikewrise be. assigned to the said Trust Company .as collateral security to secure the re -payment - of such sums as s ba ll be loaned by the said Trust Company to, the said Construction Company, and that upon delivery df the said bonds and cash from the City, that the said Trust Company will give the said Construction Company full credit for the . amount of such cash together with the par value of the bonds and the interest accrued thereon, and after deducting the amount of the indebtedness of the said Construction Company to the said Trust Company, the balance will be paid in. cash to the said Construction Company by the said Trust Company. IN 'WITNESS EHEREOF, the parties here hereunto signed this agreement this 4th. day of May 1916 W. , B. ' BRADY CON3i'RUCTION CO. By W.B. BRADY President. ST. JOS. LOAN & TURST C0 . , by ROME C. STEP HEISTS ON W. G. DUCHLOW PRES. SEC. & TREAS. This assignment accepted subject to all the terms and conditions of a certain contract entered into between the City of South Bend and the W. B. Brady Construction Cam, on the 25th. day of April 1916 for the improvement of Indiana Avenue, under IM-Movement Resolution No. 416. Witness oulp hands this 20ih. day of June 1916. E. M. MORRIS A. H. RICE JOHN B. WEBER Board of Public Wox�-.s of the City of South Bend, Indiana.