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HomeMy WebLinkAbout1924-12-01Called meeting of the City Council of the City of Grapevine, held December 1st 1924 at 7:00 pm with EE Lowe as Mayor; presiding and with the following Alderman present LD Pirkpatrick, Early Yates, JA Spinks, JW Harrison and HC Yancey. The mayor stated that the meeting was for the purpose of selling $60,000.00 Grapevine Water Works Bonds as advertised. Only two sealed bids were received. Blanton Baning Company of Houston failed to comply with the terms of the sale and their bid was not considered. The bid of the Shawnee Investment Company of Topeka, Kansas for $970.00 per thousand accrued interest to date of delivery was rejected. Upon the vote of the Council, the bonds were offered to the highest bidder: Barrett and Company, Dallas, Hall and Hall, Temple Texas, Weil, Roth and Irving, Cincinnati, Ohio, Brown-Crummer and Company, Dallas, and The Hobby Investment Company, Dallas, Texas, bidding. Garrett and Company, Dallas, offering the most satisfactory bid of $60,000.00 and accrued interest to date of delivery was accepted by the Council and approved and signed by the Mayor and City Secretary. Motion carried to accept the resignation of Lee Milson as City Marshall, effective, November 30th, 1924. No further business, motion carried to adjourn. HC Yancey City Secretary and EE Lowe Mayor 4-*AR;RETT.A,NDr ,t JMPANY -- - -,---- INVESTMENT BONDS TEXAS MUNICIPAL SECURITIES 41T.MAGNOLIA BUILDING DALLAS, TEXAS December first; 1 9 2 4 . TO THE;HONORABq'MAYOR AND CITY COUNCIL, Grapevine, Texas. Gentlemen:- For your-$ 60,000.00 of legally iasued'bonds�to be kno^rn a' G3APEVINE,_TE)W TATER-WORKS bonds, to'be the direct and'general'-, obligations of;said city;`to'lie dated November loth, 19240 and bearing' i:iterest ` at the rate of "five ' and one-half per cent (se.) per annum; payable"semi=annually; both principal and interest payable .at the'' City National`Baa* Dallas,'Texas, said bonds in the denomination -of "'P500.00 and to mature as follows: '$'500:00 each year from 1927 to 1936, inclusive, - 1000.00 " 11 If 1957 to 1942, If 1500.00 " 11 ". • 1943 to 1948, - 11 20-00.00 " " " '1949 to 1954; " 2500.00 " it " '1955 to 1958; " 3000.00 " " " 1959'to•1964, " We hereby -agree -to pay you, upon -delivery of bonds to some bank to be designated ,by us, the scam' of PAR AND ACCRUED'INTEREST TO DATE OF DELIVERY We' aro to ' be- furnished iiamediately with 'a • certified ''copy- of ' the transcript oF' procaedin_&6_ covering the above issue -of bonds;'_,' evidehei.nj'the legality"of • sam3 •to* the satisfaction of Messrs. Chapiniin; Cutler do Parker 'of' Chicago, - or some other well knovrn'bond attorney, cagreeable -to use • As evidence. of our good' -faith iri complyingwith the, terms` of this; contract, we- attaca,' hereto, Cashiers Check iai the sun of 01-200:00 to'be'held uncashed as good faith'd©posit'. and, in the evont of, our failure to comply'witli said t©rms, is to be' considered full and liquidated damages of all.claims against us. Respectfully submitted ; GAR OMPAN� ,, ' 7! _ i�;By�il 7�1 APPROVED AND ACCEPTED _thio/�,LYday of 1924, by order of • the „ City.Councl of Grapevine, Texas. ATTEST: %�©are siry: