MINUTE BOOK No. 17, CITY OF OXFORD

MINUTE BOOK No. 17, CITY OF OXFORDNON TH~RSFO R i;, Bi; IT R.ESOL 'fED BY THE MAYO R Al'TD~rrs~; ISSIP?I, AS FOLLOl'JS:SOA,1.D OF ALDERMEN OF TH3 CITY OF OXFOW,)-'SECTIon 1. That the One Hundred and Forty Thousand Dollars ($140,000.00) Special StreetImprovement Bonds of the City of Oxford, Mississippi bearing date of March 1st, 1957 shall be andthe same hereby are awarded and sold to Herman Bensdorf & Company of Nemphis, Tennessee and theirassociates, Alvis & Company of Jackson, Hississippi in accordance 1..;rith the offer submitted to theMayor and Board of Aldermen, in words and figures as folloHs:IlInvestmentSecuritiesTo: Honorable Hayor & Board of AldermenCi ty of OxfordOxford, MississippiHERNAN BENSDORF & COHP ANYCommerce Title BuildingT.ilemphis, TennesseeTelephone 5-5058Teletyoe HE 295February 18, 1957For ~140,000.00 bonds, proposed to be is::ued by City of Oxford, Hississippi for Special streetImprovement purposes, said bonds to be dated Harch 1, 1957 bearing interest at the rate of 3and 3-?t% per annum, vJhich shall be payable semi-annually in the months of September and March,both principal and interest to be payable at National "Sank of Conunerce, IJlemphis, Tennesseesaid bonds to be of the denomination of $1,000, and to mature serially on Harch 1:$14,000 each 1958 through 1967T'Jithout option of prior payment, and to be general obligations of said City of Oxford,Hississippi1'ie 1..;rill pay you for said bonds delivered to us in Memphis, Tennessee par and accruedinterest plus a premium of ~P39. 20 for ~nO,OOO bonds bearing interest at the rate of 3% andmaturing 1958 through 1962 inclusive, and for $70,000 bonds bearing interest at the rate of3-?t% and maturing 1963 throUGh 1967 inclusive (total interest cost 3.1767%)?HOVIDED that you promptly furnish us, prior to the delivery of the bonds to us, 1rJithoutcost to us, a full transcript, properly certified, of all proceedings had prior to and incidentto this issue, satisfactorily evidencing to our attorneys the legality of the issue in allrespects; and, you agree to take such further action as our attorneys may reql:ire, to establishthe validity of said issue.As an evidence of our good faith, we hand you herel-lith our check No. 11620 for *;2,800.00to be held by you uncashed pel"ding our com.;liance ,nth the terms and conditions of this bid, andto be forfeited by us as full liquidated damages in case of our failure to comply 1rJith the termsand conditions of this agreement. If for any reason this bid is not accepted, or if for anyreason onr attorneys decline to approve the issue, said check is to be immediately returned to us.'\\Alvis & Company, JacKson, jlljississippiRespectfully submitted,W.;; ?MAN ~~NSDORF& COHPANYBy:J uli us FrankAccepted and agreed to by resolution duly passed by the Hayor and Board of .Hdermen of theCi ty of Oxford, Mississippi this H3 day of February 1957.( SEJIL)/s/ Richard \f. 2;lLiottHayorAttest/ s/ C. P. Fulmer, ClerkSEcrrON 2. That the Hayor and City Clerk be and they are hereby authorized and directedto endorse upon the aforesaid offer a suitable notation to evidence the acceptance thereof forand on behalf of the City of Oxford, Lafayette County, MississippiSECTIUN 3.That the good faith ci1ecks filed by all unsuccessful bidders forthwith be returnedto them upon their respective receipts therefore, and that the good faith check filed by thesuccessful bidder be retained by the Mayor and Board of Aldermen as a guarantee that the bidderwill carry out his contract and purchase the bonds pursuant to the aforesaid bid and contract.If said successful bidder fail to purchase the bonds pursuant to the aforesaid bid and contract,the amount of such good faith check shall be retained by the City of Oxford, Mississippi asliquidated dame>.e;es for such fail"C.re.----I./