Book 14 (January 1950 - July 1954) - City of Oxford

209MtNUJE BOOK No. 14, CITY OF OXFORDnn-tEIIT - ImmlTA IIc_--",-==-_· -' -'---.. _-_._._--#_..--'="---"==... ~."-' ... =."-' .. -::....O-~"--_-'=-"RECESS, RECESS, RECESS, RECESS REGULAR MEETING 7:00 ;p. M. OCTOBER 18, 1950Pursuant to a recess order on October 16, 1950, the Mayor and !oard of Alderment met at theCity Hall at '1:00 P. M. Wednesday, October 18, 1950, when and where the following werepresent:R. X. Williams, Mayor, PresidingA. H. Avent, Alderman at Large!en Jack Hilbun, Alderman Ward OneW. T. Chandler, Alderman Ward TwoT. E. Combs, Alderman Ward Four***********************Thomas R. Ethridge, City AttorneyC. P. Fulmer, Deputy Ci'by Clerk***********************After the meeting had been called to order, the following business was transacted:Mr. Sterling Chandler of Cady and Company, Incorporated, Columbus, Mississippi, appearedbefore the M8yor and !card in the interest of his company and its associates advan~ingcertain credit to the City for special improv.ment purposes, the content of his ~~ematksbeing incorporated in the following proposal, submitted in the form of the followingletter:October 17, 1950Hon. Mayor and Board of AldermenOxford, MississippiWhereas you propose to issue bonds in an amount of approximately'$265,405.92 (or not to exceed $300,000.00), or any part thereof as may benecessary, for the purpose of paying the co,yvof street improvements,street paving, water and sewer system improvements and other city work, andwhereas, prior to the issuance of said bonds, you desire to borrow moneyfor the payment of said improvements, said money to be borrowed for a periodnot to exceed twelve months and to be secured by full faith and credit notesof the City of Oxford, MiSSissippi,We hereby propose to lend to the City of Oxford, Mississippi, for aperiod not to exceed twelve months from date, whatever amount the City ofOxford may need for the abovementioned purposes, but not to exceed$300,000.00, said money to be loaned to said City either all at one timeor at various times in the amounts then needed, provided that said City hasthe legal authority to borrow in such manner and that said loan will be inaccordance with the laws of the state of Mississippi, and said loan to beapproved as to legality by Messrs. Charles and Trauernicht, Attorneys ofS~. Louis, Missouri, said loan to be at the rate of two per cent(2%) per annum, and to be secured as outlined above,. \Provided that when bonds are issued for the purposes outlined abovewe shall have the privilege to purchase said bonds, and you hereb,y agree tosell said bonds to us, this agreement to be in consideration of the factthat we lend to said City the money required for immediate or short timefinancing as outlined above; and we hereb,y agree to purchase said bonds,provided that said bonds are delivered to us within ninety days from date,but the acceptance of said bonds after ninety days from date to be optionalwith us; said bonds to bear the rate of ~ per annum, payable send-annually,to mature according to law and to be payable at the Union Planters NationalBank and Trust Company, Memphis, Tennessee, and to be direct obligations ofthe City of Oxford, Mississippi, and provided that we are to pay you forsaid bonds par and accrued interest to date of delivery at the point thatwe specifY, and we will pay cost of printing bonds and the fee of Messrs.Charles and Trauern1cht, attorneys of st. Louis, Missouri, for approval of----_ .. _--_.-_ ....