HomeMy WebLinkAbout1956-08-16 Special Meeting 'i
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'a A specia.l meeting of the City Cc�uncil of the �ity of Grapewine
' wa� held on August 16, 1956 �ith the following members present:
Mayor Joe D. Clark; Aldermen Joe Box, M. B. Au�tin, & E. M. Pair;
Secretary Hugh Millican; with Aldermen R. T. Bidson & R. F.
Shelton absent.
The f oll owing bids f or the pur chase of proposed $ 30,000.00
Street Improvement bonds were submitted for consideration:
$ 30,DOO.OU original issue for Highway Improvement purposes, �
maturing serially 1957-78; $1,000.00 eac� year 195?-7U & I
$2,�04.0� each qear 1971/78n Interest pa�able semi-annually.
First of Texas Corp. :
1957�66 - 3-�%; 67�73-3 3/4%a; 74�78 - 4%
Total Interest Costs, 2� ye�rs $ 15,400.�0
plus $ 300.00 har:idling costs
First Natior�al Bank of Dallas
195?/?0 - 4%a; 71/78 - 3 3/4%
Total Interest Costs, 2:2. years $ 15,540.0�
Henry Sea� & Black �
ias�/�o - 4�a; 7i/�s - �.�-s
. Total Interest Costs, 22 years $ 16,780.00
Plus handling costs �
Wm. Edwards & Co. ;
1967�66 - 4%; 67�78 - 4�% �
Total Interest Costs, 22 years $ 16,905.00 �
Plus $300.00 handling costs �
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Alternate bid submitted by: i
�irst of Texas Corporation: �
� 30,000.00 maturing $1,000.�0 each year 1967 �hru
1966 @ 3�%a; � 2,000.00 each year 1967 thru 1971 �
@ 3 3/4%; $ 2,000.00 eath year 1972 thru 1976 @ 4%. s
Total Interest Costs of $ 14,000.00 plus $ 300.�0 !
handling cost. ;
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Alderman Box moved the adoption of the following resolut�on ;
which passed: �
SLi� RESOLVED that the Mayor and City Secretary be authorized �
�� to negotiate with The First of Texas Corporation for the �
sale of the above $ 30,000.00 bonds if approved by the
voters within the limits of their bid submitted.
Meeting adjourned. •
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Hugh Millican, City Secretary '
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