HomeMy WebLinkAbout1934-12-06city council minutesd
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COUNCIL CHAMBERS, DECEMBER 6, 1934.
6:00 P.M.
The City Council of the City of Caldwell, State of Idaho, met in special session
at the City Hall in said City on Thursday, the 6th day of December, 1934, at 8 o'clock
P.M., pursuant to the call of the Mayor,
The meeting was called to order by the Mayor and the roll call showed the
following present, to -wit: Mayor: Emery L. Vassar. Councilmen: Edgar L. Oakes, C. E.
Bales, W. S. Boynton, G. W. Montgomery, G. M. Fenrich and W.R. Hollingsworth. Absent:lfgne.
Also present: 0. E. Fritts, City Clerk.
It appearing that each member of the City Council had been notified of the call
of the Mayor for the Special Meeting, as required by law, and the ordinances of the City,
the Mayor declared the meeting ready for business.
Thereupon the Mayor called the attention of the City Council to-the outstanding
indebtedness of the City in the following matters, to -wit:
That 481,000.00 of the General Dbligation Bonds of the City, issued for the
following purposes, to -wit: $67,000.00 refunding bonds, dated January 1, 1925, due January
1, 1945, and bearing interest at the rite of 52% per annum, numbered from 1 to 67, inclusi
all of which, as to principal, remained unpaid, and $14,000.00 being part of a total au-
thorized issue of $23,500,00 funding bonds, dated July 1, 1920, due July 1, 1940, bearing
interest at the rate of 6% per annum, numbered from 10 to 23, both inclusive, which were
still unpaid, and which said bonds could be called for payment on and after January 1,
1935, at the option of the city;
That the City had no funds and would have none at said date to pay the principal
of said bonds and that it 'would be for the best interest of theCity to fund said bonds and
by so doing the City could save an amount of interest more than sufficient to justify said
funding, and that he had an offer for a purchase of the said funding bonds if said in-
3ebtedness was refunded at a rate of 4% per annum, payable semi - annually.
The Council then proceeded to discuss the matter of refunding said bonds and
after consideration, toe following resolution was introduced by Councilman Oakes, who
coved its adoption, said motion was seconded by Councilman Bales, and after consideration
the Mayor ordered the roll called upon the adoption of said resolution, the vote resulting
is follows: Aye: Oakes, Bales, Boynton, Montgomery, Fenrich, and Hollingsworth.
fay: Bone.
Thereupon the Mayor declared the said Resolution adopted, said resolution being
as follows, to -wit:
RESOLUTION TaIMBER 9.
WHEREAS, the Mayor and Council of the City of Caldwell, Canyon County, Idaho,
after careful consideration of the financial status of the City, have arrived at the cones
elusion that it is to the beat interests of the City that there be issued coupon bonds to
be termed "Funding Bonds, Series, 1935," and that said bonds be sold and the proceeds be
used to retire the. following bonded indebtedness of said City, to -wit:
$67,000.00 refungin bonds, dated January 1, 1925, due January 1, 1945,
.,and bearing Interest at the rate of 5�% per annum, numbered from 1 to
67, inclusive, all of which, as to principal, remain unpaid, and
$14,000.00 being part pf a total aut4orized issue of 423,500.00 fund-
ing bonds, dated July 1, 1926, due July 1, 1940, bearing interest at
the rate of 6% per annum, numbered from 10 to 23., both inclusive, which
are still unpaid;
That said bonds necessary to re -fund said two issues will amount to the total sum of
x'81,000.00 and that said amount of refunding bonds be issued for said purpose, numbered
from 1 to 81, both inclusive, in the sum of 41000.00 each,
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NOW, THEREFORE, BE IT RESOLVED: That the City Clerk be, and he hereby is, in-
structed to prepare and publish as is proveded by law, a notice Inviting bids for said
funding bonds, when the same shall be authorized by proper ordinance, said notice inviting
bids for said funding bonds, when the same shall be authorized by proper ordinance, said
notice of sale to generally describe said bonds, their maturites, and the rates of interes
which they shall bear, and the conditions upon which they shall be sold, which notice of
sale shall be in words and figures as follows, to -wit:
NOTICE OF BALE
NOTICE IS HEREBY GIVEN By the Mayor and Council of the City of Cald:ell, Canyon
County, State of Idaho, that sealed proposals willtbe received by the said City Council at
the City Hall in Caldwell, Canyon County, Idaho, the same to be filed with the Clerk until
10 o'clock, A. M. on the 31st day of December, 1934, for the purohase of $81,000.00 of
general obligation negotiable coupon bonds of the City, in denominations of 61,000.00 each
to be dated January 1, 1935, and to be known as "Funding Bonds, Series 1935, bearing inters
at the rate of 4% per annum, payable semi - annually on the first day of January and July of
each year, both interest and principal payable at the office of the City Treasurer In Cald.
yell, Idaho, or at the Chase National Bank of the City and State of New York, at the
option of the Holder.
That said bonds will be numbered 1 to 81, both inclusive, due definitely and
serially from January 1, 1937, to January 1, 1950.
Each proposal shall be accompanied by certified check, payable to the Treasurer
of said City, in a sum of 5% of the sum bid, to insure good faith on the part of the bidden
and to be forfeited to the City in case the said bid is accepted and said bidder shall
refuse, fail or neglect to complete the purchase of said bonds on or before the 2nd day
)f January, 1935.
WITNESS My hand and the official seal of said City this 6th day of December,1934,
E. L. Vassar
ATTEST City Clerk
O.E.Fritts
Thereunon Councilman aollingsworth moved that the City Treasurer be, and he
hereby is, instructed and authorized to publish Notice in the official newspaper of the
,sty, calling for payment of the said outstanding bonds, to -wit:
$67,000.00 refunding bonds, dated January 1, 1925 due January 1, 1945
and bearing interest at the rate of 5 1 , , % per annum, numbered from 1 to 67,
inclusive;
$14,500.00 being part of a total - authorized issue of $23,500.00 funding
bonds dated July 1, 1920, due July 1, 1940, bearing interest at the rate ,.
of 6% per annum, numbered from 10 to24, both inclusive,
said bonds to be presented for payment on the let day of January, 1935, and that the intere:
in said bonds shall cease from said date. Said motion urea seconded by Douncilman Mont -
;omery and after due consideration thereof the roll was called, with the following results:
,.yes: Oakes, Bales, Boynton, Montgomery, !Yearich and Hollingsworth. Nay: None.
Whereupon, the Mayor deelared said motion carried.
iiereupon, no further business appearing, on motion of Councilman Fenrich,
seconded by. Councilman 13oynton, the City Council adjourned, to meet on the 17th day of
December, 1934, at 8 o'clock, P..M. for the purpose of considering the adoption of an or-
dinance authorizing the issuance and sale of said bonds.
ATTEST ' Mayor
City Clerk.
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