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Home My WebLink About1923, Oct 20 Acceptance of Palmer Bond and Martgage Co Purchase $40000 Refunding Bondssur• Rexburg, IdaY!o, October 20th, 1g23, The F~eayor and City Cou_:cil of the City of Rexburg, i=Madison County, Idaho, met in adjourned regular session on Saturday th 20th day of October, A, D, 1_g23, at the hpur of eight o' clock P, ~, a,t the City 11x11 in said City, due, legal and tirriely notice of said i.:eet~ ~, ing having been given to all rnernbers as required by lar=r and the rules and ordinances of said City. Upon roll call the following members tx;ere present; iltayor; L. Y. Rigb,y-, presiding. Councilrien:: IIugl_~ A. ?r,rright, 1=. E. Poale, D. ,fir, I?elson, A, E, Archibald, R. H. Smith and Peter Taylor, f.ttorney: C. J. Taylor. Clerk; Geo, E. Liljenquist. The follot^ring proceedings i=rere tl!en h.~:d and taken by said City Council to-=,=rit; Pursuant to resolution heretofore passed on the 2~ith day of September°, A, D, 1g23, and to publication of notice of Bond Sale duly and regularly given by said City Coun- cil and this being the time and place specified in said notice for the recentior. of bids fpr the purchase of w40,000.OG refunding bonds of said City consisting of 5;;1G,000.00 ti'rater'works refunding Bonds, being ten bonds numbered from 1 to 10 irclusive, of the denomination of X1,000.00 each; and,$p3tJ,000.00 Grading and Curbing Refunding Bonds, being thirty bonds num- bered from 1 to 3G inclusive, of the denomination of 4a1,000,OG each, for the purpose of raising mAney 1=rith urhieh'to retire, refund and redeem the outstanding bonds of said City of Rexburg of its issues of August lst, 1g13, fair the aggregate Sum of Forty Thousand (a~4G,000~ Dollars, being F`tater Bonds numbered from 1 to 10 irclusive for X10,000 and Grading and Curb® ing Bonds numbered from 1 t0 30 i.nrlus9.ve, a.ll due and payable August l.st, 1.g33 but redeemable at any time after 9.ugust 1st, 1823, at the o~rtion of said City, upon or^de2° made by T„ Y, Rigby, Mayor <o'f said City of Rexburg, the ~r~z~~u City Clerk then proceeded to open the bids received from the follova:ing named companies: Name Rate of Interest Amount of tlid, Tnter~MOU taro Life Ira, C. 5a r 1,000.00 Palmer Bod ~ Ptitge Co 54~ 1,001.50 That said bl.ds Frere all and the only bids received by said City Council far the pu.rcYass of said bands. Th.ereupo.:! Councilman R, H. Smith introduced and moved the adpption of the fo11f31r- ing resolution to-vr:it; RESOhU TI02d . ~~;ri-~REA.S, on the loth day of September A, D. ~g23, a resolutior°rt=ras duly and regularly passed by the City Council. of the City of Rexburg,.Idaho, provid= i!'g fox' the publication of notice of sale of ~~~O,OOG.06 Refunding Bonds of said City of r^.exbuxg, and further pr.ovidi.ng that bids for° the nurehase of said Bonds ~roul.d be received by said City Council of the City of Rexburg on or be- fore the 20th day o:° Qetober A. D. 1.823, and ~rHr,RF:A9, at a regular meeting of the City Council of sai.c! City of Rexburg, held on the 20th day of October A,D,1g23, Yiids tivex°e received from the Inter- ~~°ountair. Life Ir!suranoe Company and the Palmer Bond and ':iorf;gage Company for tine purchase of 4740,000.00 Refunding Bands of said C?.ty, and ti~'iiEREA_S, it is cleer,;Pd expedient and adva.sable by the iiayor and Cit;~- Coun- oil of said City to sell al.l of said Refunding Bonds, amauriting to 5pr0,C00.OC and, ~t~i~REAS the bid of Falmer Bond and iortgage Company fo.r tl,:e pureY!ase of said'~940,000,00 Refurdir:g Bonds is deemed the highest, best and mostad~ahtage- ous bi.d received for said bands and it beir;g deemed by the `ayor and City Coun® cil, t;a Yoe for the best interest of said City that sa.-i.d bid be accepted for the ~~`~ purchase of said 4b40,000.00 Bonds, t~:-h:ieh said b9.d is ir_ words and figures as fo llotvs to-wit; Honorable 1.!!ayor and City Cour;ail, Rexburg: Idaho. Gentlemen: For :h;aC~,000.00 Refunding Bonds, t=:itli ~~;~ 1ti11 number of ~~~`~~~~ coupons attached, of the City of Rexburg, Idal.o, constitut- irrg a direct obligation. of the City and payable ;from the direct tax levied against a.ll property in the City, bonds to be dated as soon as 1ega11,y passible and to mature in twenty years, redeemable a.t option of the City after. ten years, to be'a,ssued in convenient der:ortinatians and bearing interest at the rate of rive a.nd tlsee®quarters t5~~) per cent per annum, interest payable semi-annually both interest and principal payable a,t some bank in Nsrr York City, lYevv York, tnre ~v:lll pay lipol: delivery o.f raid bonds to ti!s at such banliing point as tine ma.y 308 . designate free of exchange and eolleetian charges, the sum of ONE THOUSAND ONE AITD 50j100 Dollars (~r1,001,50} for each w~1,000.00 in bonds and aocrued interest from the date of bonds to date of delivery of said bonds to us. Bonds ar.e to be legally issued and in form satisfactory to our attorneys and prior to delivery of said bands to us you are to furnish us with a complete certified transcript of all proceedings incident to the issuance of said bonds, evidencing their legality to our attorneys' satisfaction and you agree promptly to adopt such proceedings and to take such steps as may be necessary to make said bonds legal in their opinion. This offer is =or immediate acceptance only. Res¢>ectfully submitted, Palmer Bond and lortgage Company, By Richard ?r. Price. °1 YSOi.'1' TZ+~REFORE, T'i' IS HEREBY RESOLVED AND ORDERED, by said P;iayor and City Council of the City of Rexburg, Tdalio, that said bid of Palmer Bond and 1.~1o.rtgage Company for the purchase of w40,000.00 Refunding bonds, Ue a,nd the same j.s hereby accepted and that the sale of said x;:40,000.0"0 Refunding bonds to said Palmer Bond and Mortgage Company and the action. of the said ;ayor and C"it,y Council in accepting said bid and all acts and proceedings pertaining thereto are hereby eensiiiered and are hereby ratified and confirmed, and said bonds a:.,ounting to said sum of w40,':C0.00 are hereby ordered to be delivered to said Palrier Bond and 1tlortgage Company upon reecip~:af the purchase prioe therefor in accordance with the terms of said bid. CpUU~cilman Peter Taylor seconded the motion of Cout:cilriar. R, H. Smith for the adept- ipn of said resolution and the acceptance of the bid of said Palmer Bond and Tklortgage Comprxny for said y40,06C.OC Refunding bonds and the same on being put to a vote vcas unanimously carried by 'tne affirmative vote of all Councilmen present, the vote being as follows: Z'lxoss voting "Aye" Councilmen Hugh A. 'vtlright, H. E. Poole, D. 'PI. I+7elson, A, E. Archibald, P.. H, Smith and Peter Taylor. Those voting n1;tay" hone. ADOPTED r1ND APPROVED this 20th day of October, A. D, 1923, Rllesting adjourned. /' .__, Attest. i'~.~~ "tom` .... .. ~~..~~' tYayo~tT z~:-C+Serlc. J ~ s` Rexburg, Tdaho, tlovember jth, 1923... 9 regular meeting of the i~:'a,yor and City Council of the City.oF Rexbta~r.g, L~iadison, County, Tdaho was held on Wednesday 1lovemUea• 7th, 1.923 a.t ~~ o'clock P, YL~, at the City-Hall. Ti'se meeting eras Called, to order U,y the aybr, and ro11 call shoved the follocrin.g members pi=went; ,;; ?s~ayo.r; T. Y. Ra.gby s ~.,, Councilmen• Hugh A. fright, H, F,, Poole, D. P1. R. H. Sr.itli and"eter Taylor°. D, tf1. 1del.son acted a.s Cleric of the meeting. Kelso A. E. Archibald; An overei~arge an 4^rate2• to the C. 1v. ~ i.;l, ~ompa:ny being apparent, the matter t=das adjusted to rate o:f $p1,1U instead of ti77.Ot7 as o~~nrger.-:ay metex• reada.ng, , In the .natter of increase of salary fo.r City en;ployees, Peter TaylD~ r:.oved that ~, the matter be referred to the Finanoe Comri.ttee for investiga.tian and repor.~. Tlie motion wa.s seconded Uy ntzgh A. ;bright ar,r6 carried. ' On motion. of Peter 'I'ayl.or;, seeorded by R. IS. Smith and ca.rs•ied, ...the follot~ring bills ti=rere allot+red ~,.nd order ad pa.i d; Name iv"els iiel.son _. L. i:ave E. J, Cabbie John ~i!arlcrr ('tah Po*.~~es' 8: Ligh/~t Co He:rdtl. EleCtr:.C 40. Rexburg I.,.oto:r Co Winter Transfer Co The R. Hardesty iifg Co titc~h Power ~ LigYrt Co Geo, E. Liljenqui,~t Joh~~r Phil:iips Cal°1 !1'ithers A_. 'U. ii in~ler Fund Ditoh. Fttnd 9! !! ~Tater',°ras•ks Fund 9f 9i tl 99 95 h n n Road ~ Bridge Fund n n 9i v Gsnl Exp. " N i! a n li fl For Salary 18 days Labor Salax'y Tabor Afe Pump house Relay on nrotar Retxa.ir Ford Freight on culverts Culverts Strset La.ghts Salary tP n ~! Amount. v60.eo 3 • ~J `~ 100.00'_. 2~.f~0 373 =?_~ 3d6.2~"i 1 .2, ~~1et r 109 .1.4 306.87 12,00' 2,00' 100.00 80.00 '