Minutes 08/13/1957 - Laserfiche WebLink

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s8 TUESDAY AUGUST 13. 1957 The recommendation of your committee is as follows: 1. As soon as clearence and approval can be secured from the Commission on Local Debt of the State, the City immediately advertise and call for bids on the sale of 20-year bonds in the full amount of the $2,200,000 issue. If an interest rate safisfactory to Council is received on the total issue, that Council sell the issue and make the funds available to the School Board to undertake and complete its construction program as outlined by the Board in advance of the bond election in May. 2. If the Council should find the bids on the entire issue, as proposed above, to be unsatisfactory because of interest rates or other factors, then the Council of necessity would reject the sale. In that cases a. The School Board should immediately pursue the securing of State Literary funds for the construction of those buildings on which final plans are now complete or nearing completion. b. City Council would endeavor through short term financing to provide such additional funds as would be necessary to supplement literary funds in order to complete the construction of buildings referred to in the preceeding paragraph. c. The Council at a later date and in advance of the School Board undertaking construction on the remainder of its program, would offer for sale, conditions appearing favorable, the remainder of the $2,200,000 issue. The remainder would be the $2,200,000 less the amount above borrowed from the literary fund, and above borrowed, on a short term basis. 3. Your committee, mindful of the fact that the City currently enjoys a good bond rating, urges that every effort be made to maintain and/or improve upon this rating through sound financial programs and through steps as may from time to time appear desirable or advantageous to this purpose. Respectfully, John H. Shultz William F. stone J. F. Hirst W. H. Yeaman