HomeMy WebLinkAboutMinutes - City Council - Regular - 2/10/1925Feb. 10th., 1925,
City Commission met in Special sessi,n with the following presents
Mayor, F. R'. Friend, Cowiistioners, J. 0. Jones, Geo. C. Wolffarth, R. W. Blair
and W. S. Posey, City Attorney, R. a. Sowder and M. S. Rube, City Mgr.
kayor stated that the object of the meeting was to sell $225,000.00 in Bonds
voted Dec. 9th., 1924
Cashier's check were received from the following bond buyers;
W. &. Myrick �{ `` ` ` H. T. Fellon Co. Walter Moody J. F. Gibson
L. G. namilton Jno. T. Berry S. C. Byrd D. L. Lindsey
J. S. Sullivan Garrett Co. &. H. Bennett
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It was moved b- Mr. Jones and seconded by Mr. Posey that tkie Garrett & Co.
having the highest bid,was awarded the following contract by unanimous vote.
Thp Stq+p of Texas
County of Lubbock.
This agreement of sale of Bonds betweent the Cit7 of Lubbock, Texas
a municipal corporation, and Ryan Sutherland & Co., A. 2. Bell & Co. both of
Toledo, 0., and Garrett & Co., of Pallas, l'exas, purchasers is as follows:
The City has sold to the purchasers three (3) issues of Bonds
totalling $225.000,00 being constituted of $125,000.00 Street Improvement Bonds,
t75,000.00 Wager System Bonds, and 25,000.00 Sewer System Bobds, all issues being
dated February 20, 1925, at five (5`) per cent semi annual interest, in denomination
of $1,000.00 interest and principal payable at Hanover Uational Bank New York, IT. Y
purhhasers pay par, accrued interest and 30 cents per hundred preimium on the bonds
also, pay for opinion of Wood & Oakley on the Transcripts; City furhishes a copy
of the Transcript with letter of approval of the Attorney General of Texas on
each issue after approval by attorney General, Wood & Oakley and registration Qf
the bonds by the Comptroller, City permits purchasers attorneys to examine one
bond of each issue at Citv of Attorneys' residence; purchases have deposited Cashiers
Check in the sum of $10,000.00 with the City to guarantee acceptance of legally
issued bonds, above stated, and when issues are fully paid for said sum to be re-
turned to purchasers. It is agreed that within five (5) days after delivery of each
Transcript of issue to Purchasers, that such will be submitted to Wood & Oakley
for immediate examination and opinion as to legalit,T of issue, and will, within
seven days after such opinion has been rendered, notify the City of Lubbov k of the
acceptance or rejection of each several issue, an6 of renuirements of such attorneys,
if any which the City agreFs to meeti, if same can be done and the same period of .
time applies to corrections and amendments of Transcripts.
The maturity of the t125,000.00 issue is beginning February 20, 1926
$3,000.00 TPr year to Feby 20, 1960, inc. .and then $4,000.00 each year until whole
series has matured; the 675,000.00 issue, $1,000.00 matures 2eby 20, 1926, and each
ear such amount to 1929, inc., remain�er of issue beginning 1930, on said dater
2,000.00 per year until whole maturity; the �25,000.00 issue has its first bonds
$1,000) to mature Feby 20, 1941, and a like amount annual-7 until series has matured
Citv delivers the legally issued bonds, with draft attached to the
branch Bank of the -Federal Reserve System at Toledo, Ohio, and within two (2) days
after approval by Wood & Oakley of the siecimen bonds sent the whole of the i:-sue
shall be taken up.
attest: The City of Lubbock, Texas
J. R. Germany, By F. i. Friend, mayor.
City Secretary.
r Ryan Sutherland & Co.,
Purchaser-------- a. T. Bell & Co.,
Garrett & Co.,.
By Chas. L. Willis,
There being no further business the meetin- Mourned.
Read and approved this �,(o da,7 of-br\'Ca. 19� gi.
ATTEST
City Secretary
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