HomeMy WebLinkAbout10-21-40 Council Special Meeting Minutes225
Be it remembered that the Common Council of the City of South Bend met in special session on October 21, 1940, at
the City Hall, Council Chambers, at 7:38 P.M. with all members present. President McCarthy presided and asked for
the reading of the special call.
South Bend, Indiana
October 21, 1940
TO THE CITY CLERK, PRESIDENT AND
MEMBERS OF THE COWTAON COUNCIL,
City of South Bend, Indiana.
Gentlemen:
You are hereby notified that under and by virtue of the authority vested in me as Mayor of the City of South Bend,
in the State of Indiana, a special meeting of the Common Council of said City is hereby called to meet at the hour of
7:30 P.M. on October 21st, 1940, in the Council Chambers of said City, for the purpose of ratifying the sale of
$1,650,000.00 of funding bonds and fixing an interest rate in conformity with the successful bid.
The City Clerk is hereby directed to forthwith serve a copy of this notice on each and every member of the Common
Council of said City and make due return of such service at said special meeting.
J. I. PAVEY
MAYOR -OF THE CITY OF SOUTH BEND, IND.
I, Marie Nelson, Clerk of the City of South Bend, Indiana, do hereby certify that copy of the above notice was serv-
ed upon the President and each member of the Common Council of said City prior to the date set for the meeting.
MARIE H. NELSON
CITY CLERK
THE WITHIN CALL CAME TO HAND THIS 21st DAY OF OCTOBER A.D., 1940, WHICH I SERVED BY READING THE SAME TO EACH COUNCIL,
VAN, UPON THE DATE DESIGNATED, AS FOLLOWS:
Wm. J. Richardson
Mrs. Bishop
Mrs. Jordan
Mrs.Geo. Heideman
per Mrs.J.R.Heintzelman
Mrs. Vern Luczkoski
Clem Niezgodski
J. Walsh for McCarthy
Geo. F. Hull per F.H.Stewart
Mrs. Brandon - Gene Zombil
On October 10/21 1940
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AND BY LEAVING A CERTIFIED COPY THEREOF AT THE LAST AND USUAL PLACE OF RESIDENCE OF SUCH MEMBERS AS I WAS UNABLE TO
FIND AS FOLLOWS:
(Blank)
OFFICER E. COIL
MEMBER OF THE SOUTH BEND POLICE DEPT.
RESOLUTION `
RESOLUTION confirming sale of $1,650,000 Funding Bonds
of the City of South Bend, St. Joseph County, Indiana,
and providing the interest rate thereon.
WHEREAS by proceedings duly taken in the menner, time, and form required by law, there have been authorized to be
issued 41,650,000 Funding Bonds of the City of South Bend, Indiana, dated October 1, 1940; and
WHEREAS pursuant to advertised notice inviting bids there have been received on October 21, 1940, the following bide
for said bonds, to wit:
Bids Received Rate Premium Amount of Check
From Accompanying Bid
Halsey- Stuart Co., Inc. 1% $ 4,306.50 $16,500.00
Otis & Co.
Eastman Dillon & Co.
Kean, Taylor & Co.
Stern Brothers & Co.
Bancohio Securities Co. 41-/. 13,211.00 16,500.00
Goldman, Sachs & Co.
Lazard Freres & Co.
Mississippi Valley Tr.
City Nat'l Bank & Tr.
Wisconsin Company
Braun, Bosworth & Co. 1� 16,863.00 16,500.00
Fletcher Trust Co..
Phelps -Fenn & Co. 1% 977.70 16,500.00
Harriman Ripley & Co.
Mercantile Commerce Bank & Trust Co.
John Nuveen & Co.
Alex Brown and Sons
Harrison and Austin, Inc. 1% 412.00 16$00.00
26
Cont I
tsias xeceivea Amount of Check
From Rate Premium Accompanying Bid
Estabrook & Co.
Bacon, Stevenson & Co.
Equitable Securities Corp.
Paul H. Davis & Co. 1%
Harris Tr. & Say. Bank
Northern Trust Co.
Union Tr. Co. of Indianapolis if
Wood Struther & Co.
Spencer Trash & Co. 1
Blyth & Co., Inc.
First Boston Corp.
F. S. Moseley & Co.
Illinois Co. of Chicago
Indianapolis Bond & Share Corp. 1
Lehman Bros.
Kidder Peabody & Co.
R. W. Pressprich & Co.
Eldredge & Co.
C. F. Childs & Co. and Associates
lea
Shields & Co.
B. J. VanIngen & Co., Inc.
Schwabacher.& Co.
Ufullaney, Ross & Co.
T. P. Oat i s. & Co., Inc .
Daniel F. Rice & Co.
if
495.00
328.00
13,200.00
14,510.92
16,830.00
2,640.00
$16,500.00
16,500.00
16,500.00
16,500.00
16,500.00
16,500.00
FREAS said Funding Bonds have been sold by the City Comptroller to HALSEY- STUART CO., INC., 'at aprice of
,654,306.50 and accrued interest to date of delivery, the bonds to bear interest at the rate of One Per Cent (1/%')
r annum;
NOW, THEREFORE, Be it Resolved by the Common Council of the City of South Bend, St. Joseph County, Indiana, as foll
Section 1. That the sale of said Funding Bonds to HALSEY- STUART CO., INC., at the price set out in the preamble he
of, is hereby confirmed, said bid being the best bid submitted.
ection 2. That said Funding Bonds shall bear interest at the rate of One Per Cent (1 %) per annum, payable semi -
nnually in accordance with the proceedings heretofore taken in connection with the authorization of said bonds.
ttorney Kenneth Dempsey gave a detailed explanation of the transaction after which Councilman Pulaski made a motion
or the adoption of the Resolution. Councilman Bishop seconded the motion. .Resolution adopted by a roll call vote
f 9 ayes - 0 nays.
ouncilman Niezgodski made a motion for adjournment.
dioureed at 7:48 P.M.
TESTS /
Councilman Bishop seconded the motion. Motion carried. Counc
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