4 - City of Oxford

72
97768— tmon..tttict
MINUTE BOOK No. 24, CITY OF OXFORD
There then came on for consideration a certified copy of the Resolution
from the Board of Trustees of the Oxford Separate Municipal School District,
requesting the City of Oxford to borrow the sum of $27,000 for said School
District and with said $27,000 to be repaid by the School District when funds
become available to the District in October, 1968. After discussion, on
motion made, seconded and passing unanimously, the following Resolution was
adopted:
RESOLVED, that under Section 6532-13 Mississippi Code 1942 Annotated,
Recompiled, the sum of $27,000 be borrowed for the use of the Oxford Separate
Municipal School District to cover current expenses and that the City of Ox-
ford issue its note for the purpose of obtaining such funds and with such note
to be issued in accord with said Section.
BE IT FURTHER RESOLVED, that the Mayor and Clerk of the City of Oxford
be and they are hereby authorized to execute and deliver said note in the
amount of $27,000 to the Bank of Oxford at Oxford, Mississippi, with interest
at the rate of 6% per annum, and with said note to be paid on or before
October 15, 1968, with funds to become available to the Oxford Separate Muni-
cipal School District.
THIS the 26th day of June, 1968.
Motion was made by Alderman Hannaford, seconded by Alderman Owens and
passed unanimously to spread upon the minutes the following proposal y. on
Northeast Mississippi Power Association:
Mr. Richard W. Elliott
Mayor, City of Oxford
Oxford, Mississippi 38655
Dear Mayor Elliott:
NORTHEAST POWER ASSOCIATION
June 19, 1968
With further reference to your letter of May 9, 1968, in which the City of
Oxford offered to purchase our facilities located within the City of Oxford
for the sum of $225,000,plus additions less retirements, our Board has requested
me to advise that they do not consider such offer to be adequate, and
authorized me to make a counter-proposal which is the appraisal of McWhorter
and Franklin, as set forth in detail in Exhibit "A" hereto.
This matter has had our careful attention during the past several months and
in reviewing our filed it appears that our Board joined with your Board in
employing McWhorter and Franklin to make an appraisal for negotiation between
our Boards. Very frankly, our Board feels that the appraisal of McWhorter
and Franklin is low, but in view of our agreement we feel compelled to accept
their appraisal and to submit to you as a counter-proposal.
We trust that you will give this proposal your careful consideration and if
such meets with your approval, we will be happy to discuss terms of payment.