HomeMy WebLinkAboutMinutes - City Council - Regular - 5/3/1930RECESSED REMLAR MEETING.
Lubbock, Texas, May 3, 1930.
The City Commission of the City of Lubbock, Texas, met at 10 A.M.
in Recessed Regular Meeting, recessed from Regular Meeting of April
249 1930, at the Regular Meeting place in the City Hall, the fol-
lowing members thereof being present, to -wit:
Mayor J.J. Clements, Cormissioners Geo, E. Benson, Jno. E. Roach,
D.N. Leaverton, J.F. Bacon, City Manager G.W. McCleary, City
Attorney E.L. Klett and Secretary W.H. Rodgers.
Absent: None.
Motion by Mr. Leaverton, seconded by Mr. Bacon, carried unanimously,
it was ordered to sell the 4�60,000.00 of the Sewer Bond Issue to the
Panhandle Construction Company at par and accrued interest up to
February 20, 1930, as per the following contract with the Brown Crummy
Company.
May 3, 1930 ,
To The Honorable Mayor and City Commission,
Lubbock, Texas.
Gentlemen:
For the legally issued Sewer (Storm Sever) bonds of your City,
in the par value of $60,000.00, delivered to Rernublic National Bank
of Dallas, or First Natl of Wichita, Kansas, dated Aug. 1, 1929, to
mature serially to be in denomination of 61,000.00, bearing interest
from date at the rate of 5% per annum payable semi-annually, both
principal and interest payable at some New York Bank
WE M LL :PAY Par and Accrued Interest
This offer is for immediate acceptance, and provided further that
prior to the delivery of the above bonds to us and payment made
therefor, you are to furnish us with a complete certified copy of
the transcript of proceedings evidencing the legality thereof to
the satisfaction of Market Attorney.
Respectfully submitted,
THE BROWN-CRUP.U.IER INVESTPUUqT COMPANY
By. C.M. Smith
fiz
We, the duly authorized officials of City of Lubbock, hereby
accept the above proposition, and sell to The Brown-Crurnmer
Investment Company, the above described bonds on the terms and con-
ditions hereinbefore set forth this 3rd day of May, 1930.
ATTEST: Signed: J.J. Clements
W.H. Rodgers
Clerk.
Dallas, Texas,
May 3, 1930.
o The Honorable Mayor and
ity Commission,
Lubbock, Texas.
Gentlemen:
As a condition to our contract made with you today for the pur-
chase of your city Bonds in the total amount of 160,000,00,it is
further agreed as follows:
1. We will give whatever aid possible to you in preparing any
legal work, including Market Attorneys opinion.
2. For our services in finding a market for the bonds and our
aid on the legal work, we are to pay you the interest on the bonds only
to Feb. 20, 1930. We are to be allowed to call for and make pay-
ment for the bonds when and as we so desire. However, we have the
right to take them and pay for them on estimates from your contractor.
We obligate ourselves to take up and Day for bonds by July lst, 1930.
Respectf°ally Submitted,
The Brown-Crummer Company
By C.Y. Smith
We, the duly authorized officials, hereby agree to the above proposi-
tion by order of the commission in session.
J.J. Clements Mayor
V.H. Rodgers Sec.
(SEAL)
Motion by Mr. Roach, seconded by Mr. Bacon, carried unanimously, City
Secretary W.H. Rodgers was instructed to issue Warrant in the amount
of $300,00 as part payment for Painting Stand Pipe on 19th Street to
Pyle Bros. Iron Preserving Company, as per estimate of City Engine er,
M.-H. Smith.
No further business coming up for consideration, upon motion by Pdr.
Benson, seconded by Mr. Roach, carried unanimously, the City Commission
adjourned.
Read and approved this g day of , A.D. 1930.
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