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September 23rd, 1954.
<br />
<br />At a called meeting of the City Council, held on September 2Srd, 1954, there were pres-
<br />
<br />ent:
<br />
<br />Fred A. B~ke, B. W.
<br />J. N. Howard, E. W.
<br />Manager, ~nd R.C.
<br />
<br />Baker, Frank N. Bilisoly, Jr,
<br />Lawrence, B. Irvine Smith, E.
<br />Barclay,City Attorney.
<br />
<br />George L. Grimes, R. E. Hawks,
<br />R. StUrtevant, I. G. Vass, City
<br />
<br />The following call for the meeting was read:
<br />
<br />"Please attend a called meeting of the City Council, in the Council Chamber,
<br />at 7:30 P.M., on Thursday, September 23rd, to consider the sale of $1,500,000.
<br />School Bonds and $850,000. Improvemen~Bonds."
<br />
<br />The following reports from the City Manager were read:
<br />
<br /> 54-255 -
<br />bids were as follow~:
<br />
<br />"Bids were opened today at 12:00 noon for the sale of
<br />
<br />Shields & Company, with an interest rate of 2.195
<br />Lehman Brothers, " 2.217
<br />Ira Haupt & Company," 2.237
<br />Blythe & Company, 2.249
<br />Halsey, Stuart & Company " 2.269
<br />Phelps, Fenn & Company " 2.283
<br />J. P. Morgan & Company .... 2.302
<br />Northern Trust Company " 2.404
<br />
<br /> Shields and Company being the low bidder, I recommend
<br />this concern, at the interest rates prescribed by the attached prbposal."
<br />
<br />$1,500,000.00 School Bonds. The
<br />
<br />tb~%t the bonds be awarded to
<br />
<br />Motion of ~r. Hawks to concur in the recommendation of the City ~anager, was adopted.
<br />
<br />Notion of Nit. Hawks, seconded by Mr. Smith, to place the following ordinance on first
<br />
<br />reading, was adopted:
<br />
<br />"AN ORDINANCE TO APPROVE THE SALE OF ONE MILLION FIVE HUNDRED THOUSAND DOLLARS
<br />OF SCHOOL BONDS PROVIDED IN THE ORDINANCE ADOPTED BY TBE CITY COUNCIL ON
<br />AUGUST 10th, 1954, AND FIXING THE RATE OF INTEREST FOR SAID BONDS~
<br />
<br />bids were as follows:
<br />
<br />"Bids were opened today at 12:0b noon for the sale of $850,000. Improvement Bonds.The
<br />
<br />wi~h an interest rate of
<br />
<br />2.195
<br />2.217
<br />2.237
<br />2. 249
<br />2.269
<br />2.283
<br />2.302
<br />2.404
<br />
<br />Shields & Company,
<br />Lehman Brothers
<br />Ira Haupt & Company,
<br />Blythe & Company "
<br />Halsey, Stuart & Company
<br />Phelps, Fenn & Company
<br />J. P. Morgan & Company,
<br />Northern Trust Company
<br />
<br /> Shields and Company being the low bidder, I recommend
<br />this concern, at the interest rates prescribed by the attached proposal."
<br />
<br />that the bonds be awarded to
<br />
<br />Motion of Mr. Hawks to concur in the recommendation of the City Manager was adopted.
<br />
<br /> Motion of Mr. Howard, seconded by N~r. Bilisoty, to place the following ordinance on
<br />first reading, was adopted:
<br />
<br />"AN ORDINANCE TO APPROVE THE SALE,OF EIGHT HUNDRED FIFTY THOUSAND DOIJARS
<br />OF IMPROVEMENT BONDS PROVIDED IN THE ORDINANCE ADOPTED BY THE CITY COUNCIL
<br />ON AUGUST 10th, 1954, AND FIXING THE RATE OF INTEREST FOR SAID BONDS"
<br />
<br />On motion adjourned.
<br />
<br />Approved -
<br />
<br /> President.
<br />
<br />
<br />
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