April 16, 19472~
PSINUTES OF A 5P::CIAL 2~1E,:TIfiG OF TIiI: CITY COUI~'CIL OF VdEST }.'lEbiPIiIS
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The Council of the City of ti"+est 1`.:emphis in the County of Crittenden, State of Ar}:e.nsas, nit in a II
it special session at the City Hall in said City at 7:30 P.Pi. on the 16th day of April, 1947. All members
~~ having bean given written notice as required by law. i~
i! The meeting was called to order by the Mayor, and the roll being called there v;ere;
~~ presents F. }d. Dacus in the chair and the follot^ring named Aldermen: C. H. Brrnm, 0. I. Bollinger, i`
'~ Curtis Foster, J. A. Johnson, and G. W. P~Icpuley; City Attorney J. H. Spears and City Clerk
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li H. E. Manning.
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$bsents Alderman R. R. }oSorley. I~
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i'' It being determined a quorum was present, the follrnving proceedings were had to-vrits
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2dayor Dacus advised the Council that the meeting has been called to discuss a bond issue for the
!i proposed school building and that Professor TW"addux and Mr. J. 0. Spotts, Secretary of the school board, j~
'I were also present. Thereupon, Ltayor Dacus introduced the follovrings
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pdr. James Ienoastar of Union Planters National Bank 3; Trust Company, pair. Dabbs Sullivan and
~~; l~r. llan Sprick of Dabbs Sullivan Company of Little Rock, and 14r. J. E. 1Yosneldorff of Yd. R. Stephens ~'~
!~ Investment Company of Little Rock.
'I A lengthy discussion was had by all present as to the issuing of bonds for the school covering amount,
~ interest, and procedure of issuing. The following contract was submitted to the Council by the bond dealers
'~I presents
Date April I6th, 1947
pity of West Memphis
1Yest Memphis, Arkansas
Gentlemen:
It is our understanding that you desire to issue $50,000.00 City of lriest Memphis, Arkansas
Improvement Bonds. To assist you with this financing, vre respeotPully submit the followizg
proposals
1. We agree and guarantee to secure a bid of 103 and accrued interest for an issue of
#50,000.00 City of West Memphis Improvement Bonds bearing a coupon rate of 2.9~a. It is
understood that you will pay us a fee of 3; for securing said bid of 103 and accrued
interest and we will assist with the details pursuant to the issuance of the bonds.
2. The bonds will be dated Rigy 1, 1947 and mature sorially on a schedule satisfactory to
you with interest payable semi-annually.
3. The bonds will be callable on any interest paying date in inverse numerical order at
par and accrued interest from funds derived from any. source on any interest paying date.
4. We are to have the right to convert the bonds to a lovrer coupon bond, tho conversion
to be figured accoxtiing to the Universal Bond Values Tables and subject to the approval
of the attorney approving the issue.
5. The bonds will carry the final to gal approving opinion of Honorable }Vallace Townsend,
Attorney, Little Rocl~, Arkansas.
6. tide agree to pay all expenses incident to the issuance of the bonds, including attorney
approving the issue, printing and certification of the bonds.
This contract tivill remain in effect for a period of 90 days from this date with the right
of extension to be sat our option.
RsspectPully submitted,
~S~ DABBS SULLIVAN CO.
Bys Dan T. Sprick
UIIION PL4NTER5 NAT. BIC. 2. TR. CO.
Bys J. IRncastor, YP
Vd. R. STEf7iEI1S I}NESTZ;ENT CO.
Bys J. E. '~'fomeldorff, VP
After the reading of the contract and discussion it vras decided to post-pone any action on the
contract due to objection to several clauses in the contract as now submitted.
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A committee oomposed of the follotiving representatives of the Rotary and Lions Clubs vrere present:
Rev. Aubrey C. Halsell, Bernie P;ioCarlsy, Dr. James R. Fall, Newt Soarbrough, C. B. Senhausen, and
$. 0. Coats to discuss with the Council the appointment of a Recreation Commission.
After discussion of the matter the City Attorney was instruotod to prepare an ordinance creating
a A~,rlr Commission and outlining the duties of said Commission to be presented at the neg.-t regular
Council meeting.
liayor Dacus appointed the following temporary oommissianerss Rev. Aubrey C. Halsell, H. 0. Coats,
and C. B. Senhausen.
I.Iotion vras made by Alderman Johnson that the temporary appointments made by I<9ayor Dacus be affirmed.
The motion was seconded by Alderman TicAuley, and upon the matter being called to vote, the following
voted:
Ayes C. H. Brrnvn, 0. I. Bollinger, Curtis Foster, J. A• Johnson, and G. W. P,SaAuley
Nays None.
Iv?otion was made by Alderman Johnaon that Rav. Aubrey C. Halsell be selected as Chairman of the
Commission; C. B. Senhausen, Vice-Chairman; and H. 0. Coats, Secretary-Treasurer. The motion was
seconded by Alder~ran I.1cAuley, and upon the matter being called to vote, the following voted:
Ayes C. H. Brrnvn, 0. I. Bollinger, Curtis Foster, J. A• Johnson, and G. W. 1,'_cAuley
IJay s None .
There being no further business to come before the Counoil, motion was made by Alderman Bollinger
to adjourn the meeting. Tha motion was seoonded by Alderman Foster, and upon the matter being oalled
to vote, the following voted:
Ayes C. H. Brawn, 0. I. Bollinger, Curtis Foster, J. A• Johnson, and G. W. McAuley
Nay: None.
LIAYOR
ATTEST:
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TQINUTES APPROVED; 1T~Y v", 19-i7