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<br />2,
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<br />TIHJRS DAY
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<br />OC TOBER. lO, 1957
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<br />A special and called meetin,c: of I~arti:1Sville City Council, a::.~ per action of Council
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<br />on October 8, 1957, with Mayor John W. Shultz presidinG, iims held in the Council
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<br />Chamber, City Hall, on Thursday, October 10, lS'57, at 9:00 A.H., the following
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<br />members being present: Ua;;ror and Council'11an John W. Shultz; Vice-Ivlayor and Council-
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<br />man E. E. Stone; and COlli"'1cilmen C. C. Donavant and B. H. I!ill. Councilman Walker
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<br />~f
<br />was alJsent because'~out-of-toW"n business.
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<br />After the invocation, Mayor Shultz stated the purpose of the meeting, viz., to
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<br />ratify the school bond sale of October 9, 1957, in Richmond, Virginia, and such
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<br />other items of business the Council desired to consider.
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<br />In cormection vlith the school bond sale, Council Coy a recorded and u.nanimous vote
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<br />~
<br />iJ
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<br />of those present) ado~)tec1 the follovving resolution acccpting the bid submitted by
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<br />F. 'N. Craigie and COYi198-ny:
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<br />WHEREAS, the Council has received, at the office of the State
<br />Cormnis:::;ion on Local Debt, in Richmond, sealed proposals for the purchase
<br />of $2,:200,000 School Building Bonds dated Novcnber 1, 1957, as provided
<br />in resolutions passed by the Cou~ il on AUGust 27, 1757, and the following
<br />list shows the name of each bidJc:r who subrnitted a proposal, the price
<br />offered by such biclcler and the rates of interest specified by such bidder.
<br />Interest Rates
<br />Name of Bidder Price Offered Specified by Bidder
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<br />F. W. Craigie and Company
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<br />$2,200,913.00
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<br />$2,090,000 1958 - 1976
<br />@ 3.5af,
<br />$110,000 ~ 3.40%
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<br />Halsey, Stuart f!. Co., Inc.
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<br />$2,202,530.00
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<br />$550,000 1958 - 1962
<br />~ 5.50%
<br />$1,650.000 1963 - 1977
<br />@ 3.50%
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<br />iVHEREAS, the terms of sale as stated in the notice of sale of said
<br />bonds require that the proposal hereinafter described shall be accepted;
<br />NOVi, T:ER.EFORE,
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<br />BE IT RESOLVED by the COlmcil of the City of !IIartinsvil1e, as follo1J'lS:
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<br />(1) The proposal to purchase said $2,200,000 School Building Bonds
<br />for thE:.:; price of $2,200,9l3.00 and accrued interest, submitted byF. W.
<br />Craigie Pc Company is hereby accepted.
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