August 4, 1948MINUTES OF A REGULAR MEETIidG OF THE CITY COUPICII« OF 17uST idr:idrHlS, ARKANSAS
_ _ _ AUGUST 4, ...1.948 _ __ _ . _ _
___ < - _:
The Council of the City of West bgemphis in the County of Crittenden, State of Arkansas, met
in a regular session at the City Hall in said City at 7=30 P.M. on the 4th day of august, 1948.
The meeting was called to order by the Mayor, and the roll being called there wares
Presents ~'. M. Dacus in the chair and the following named 1Lldermans Curtis Foster,
C. H. Rowton, 0. I, Bollinger, R. L. Garrison, and K. R. Morley; and
City Attorney Spears.
Absents Alderman G. '~V. McAuley and City Clerk H. 0. Coats.
It being determined a quorum tivas present, the following proceedings were had to-wits
Minutes of the Council Meeting on July 21st were read and approved.
bQr. H. 0. Cobb appeared before the Council to request refund on his privilege license that
was paid in January of this year for a retail lumber and supply dealer at 113 W, Broadway as his
co~~any the Cobb Lumber Company had gone out of business .several months ago,
After discussion of the matter the following motion was made by Alderman Bollingers That
the City refund b1r. Cobb the sum of X75.00 that would be the amount of a z year's license for a
retail lumber and supply dealer. The motion was seconded by Alderman Foster, and upon the matter
being called to vote, the following voteds
Ayes Curtis Foster, C, H. Rowton, 0. I. Bollinger, R, L, Garrison, and R. R, Morley.
Nays None.
Mayor Dacus next called the Council's attention to a letter he had received from bor. McCloy
of Southern Securities Corporation y~ith reference to the 1M1Tater Revenue Bond Issue. The letter
was read in full and the contents thereof discussed by the Council, and after a discussion of the
matter, it was the opinion of the Council that the proposal should be accepted.
Thereupon motion was made by Alderman Bollinger that the City Accept the proposal of
Southern Securities Corporation as set forth in its letter dated August 2, 1948, and which
letter is as followss
SOUTHERN SECURITIES CORPORATIGN
Boyle Building
Little Hock, Arkansas
Aug. 2, 1948
tdayor P. M. Dacus
Nest bJemphis, Ark,
Dear Mayor:
The bond forms were sent to you this afternoon and I had Mr. Townsend
send you some other papers. I have retained about four papers which I will have
executed on the 10th.
Please have a letter written by you and signed by the recorder or
city clerk whereby you authorize the Commercial Nat'l. Bank to deliver us the
75 first numbered bonds at 98 plus interest and for them to hold the remainder
for the City.
As I stated to you to-day we have sold 55 of the 75 bonds and have
not been able to sell 9M 1957 and 11M 1958 as yet, even at a reduced price
but if the City will pay all of the expenses of the 110 bond issue up to X700
we will pay any over that even though it is a year from now before you issue
the other 35 bonds, we will take up the 75 bonds norv ~ 98 plus interest.
This will enable us to make 1~ on the transaction and we had expected
to make 2~ which I stated to the Council but delays not caused by either of us
has let the market slip and the buyers are scarce. I think that October would
be the best time to market the other 35 bonds. VVe will advise market conditions
in September.
Thanking you and the Council accordingly for your favors and I trust
that my services have been satisfactory.
Yours cordially
The motion was seconded by .47.derman i~owton, and upon the matter being called to
vote, the following voteds
Ayes Curtis Foster, C. H. Rowton, 0. I. Bollinger, R. L. Harrison, and R. R. Morley.
Nays None.
The ~4ayor next called attention of the Council to the Resolution prepared by Townsend and
Pownsend, which Kesolution read as follows=
R E S O L U T I O N
WHEREAS, the City of West Memphis, Arkansas, by Ordinance No. 1$6, passed and approved on
July 7, 1948, provided for the issuance of X110,000 in 3p water revenue bonds dated as of June 1,
1948, numbered from 1 to ll0, both inclusive, and maturing serially on January 1 of the years
19$0 to 1961, both inclusive, and has sold to the Southern securities Corporation of Little Rock,
Arkansas, Bonds Nos. 1 to 7$, inclusive, in the aggregate amount of X7$,000 of said issue, but
the agreement of purchase by the said Southern Securities Corporation expired by limitation on
July 1, 1948; however, the said company is still willing to take from x$$$,000 to X7$,000 of said
bonds as hereinafter set out, and the City needs this money for the purpose of installing the
proposed $00,000-gallon elevated storage tank;
NOW, THEREFORE, BE IT RESOLVED By the City Council of the City of West Memphis, Arkansas,
at a regular meeting of said Council held on the day of August, 1918, at which more than
two-thirds of the number of the Councilmen-elect are present and voting, thats
1. The Mayor and City Clerk proceed to execute the 110 bonds of the issue of X110,000
in 3$ water revenue bonds dated June 1, 1948, and attest their execution with the seal of the
City and deliver said bonds to The Commercial National Bank of Little Rock, Arkansas, trustee
and paying agent for the issue.
2. The Commercial National Bank, as trustee and paying agent, shall certify and deliver
to the Southern Securities Corporation from #$$$,000 to X7$,000 of the bonds numbered 1 to 75,
both inclusive, to be selected by said corporation, at a price of 98 cents on the dollar face
value of said bonds, plus accrued interest, upon receiving the opinion of Townsend & Townsend,
Attorneys at Law of Little Rock, drkansas, approving the validity of said bonds.
3. The said trustee and paying agent be instructed to hold the undelivered part of said
issue of bonds. without certification, subject to the further order of this City Council.
4. A certified copy of this resolution be delivered with the bonds to The Commercial
National Bank of Little Rock, brkansas.
After a discusssion of the matter, it was the consensus of opinion that the Resolution as
originally prepared would not be fair to the City, and that it should be amended.
Thereupon the following Resolution was introduced in ~~ariting by Alderman Bollingert
RESOLU TION td0.102
WHEREAS, the City of West Memphis, Arkansas, by Ordinance No. 1$6, passed and approved
on July 7, 1948, provided for the issuance of X110,000 in 3% water revenue bonds dated as of
June 1, 1948, numbered from 1 to 110, both inclusive, and maturing serially on January 1 of
the years 19$0 to 1961, both inclusive, and has sold to the Southern Securities Corporation
of Little Rock, Arkansas, Bonds Nos. 1 to ']$, inclusive, in the aggregate amount of ~r']$,000
of said issue, but the agreement of purchase by the said Southern Securities Corporation
expired by limitation on July 1, 1948; however, the said company is still willing to take
$7$,000 of said bonds as hereinafter set outs and the City needs this money for the purpose
of installing the proposed $00,000-gallon elevated storage tank;
NOW, THEREFORE, BE IT RESOLVED By the City Council of the City of 1Yest Memphis,
Arkansas, at a regular meeting of said Council held on the 4th day of disgust, 1948, at
which more than two-thirds of the number of the Councilmen-elect are present and voting,
thats
1. The Mayor and City Clerk proceed to execute the 110 bonds of the issue of X110,000
in 3~ water revenue bonds dated June 1, 1948, and attest their execution with the seal of
the City and deliver said bonds to The Commercial National Bank of Little Rock, Arkansas,
trustee and paying agent for the issue.
2. The Commercial National Bank;'as trustee and paying agent, shall certify and deliver
to the oouthern Securities Corporation X7$,000 of the bonds numbered 1 to 7$, both inclusive,
at a price of 98 cents on the dollar face value of said bonds, plus accrued interest, upon
receiving the opinion of ~lownaend & Townsend, attorneys at Law of Little Rock, Arkansas,
approving the validity of said bonds.
3. The said trustee and paying agent be instructed to hold the undelivered part of
said issue of bonds without certification, subject to the further order of this City Council.
4. A certified copy of this resolution be delivered with the bonds to The Commercial
National Bank of Little Rock, Arkansas.
This motion was seconded by Alderman Morley and upon the matter being called to vote,
the following voteds
Aye= Curtis Foster, C. H. Rowton, 0. I. Bollinger, R. L. Garrison and R. R, Morley.
Nay: None.
City Attorney Spears presented the itinerant photographers~s
as requested by the Council on July 21st. After discussion action
James Moore and Charles Hulen, Photographers of Nest Memphis, were
Council the proposed ordinance.
ordinance that he had prepared
was delayed until Messrs.
present to discuss with the
Mayor Dacus advised the Council that Mr. Frank Reese, who had been employed as night policeman,
h=id been employed at a salary of X160.00 a month, and that he now recommended that Mr. Reese~s salary
be raised $20.00 a month. Thereupon, motion was made, passed and adopted approving the recommendation
of the Mayor.
The Building Inspector presented the building permits he had authorized to be issued. Motion
was made, passed, and adopted to confirm the actions of the Building Inspector in the issuance of
the following building permitas
Ed Dearen
Josh Hale
Susie Jones
Sam Kaplan
Hammett Candy Co.
Y~. M, Sheeks
J. B. Martin
Louie Auston
Grace Baptist Church
Mary Roland
Wm. L. Johnson Co.
Girlie Lee Moore
Motion was made by Alderman Garrison and seconded by Alderman roster to approve, authorize,
ratify, and/or confirm payment of the following biller
H. A. Jones $45.00 Perry Rogers ~4l4.00
Jasper Woodson 19.20 A. A. McKay 7.50
1Valter Allen 27.00 H. A. Jones 45.00
John McCullar 33.00 Walter Allen 27.00
John Dabner 33.00 Earnest Arnold 27.00
Ed Hudson 35.25 Lee Drake 10.80
J. T. Holmes 37.50 Louis C. White 5.40
Clyde Hill 30.00 Merchants & Planters Bank 162.54
Aaron Larkin 25.03 Merchants & Planters Hank 155.00
Early Pope 23.50 Choctaw, Inc. 185.13
Sarah Y. Smith 42.00 Brady Sanders 40.40
0, P. Sides, Jr. 60.00 Henry Palmer 35.75
Mack Ho-.re11 40.00 r%arlena Arnold 33.00
Perry Rogers 44.00 J. L. Blackwood 35.00
Brady Sanders 40.40 Brady Sanders 11.54
Henry Palmer 35.75 Henry Palmer 40.40
J. L. Blackwood 35.00 Earlina Arnold 35.75
Otis Ball 15.00 J. L. Blackwood 35.00
Doyne Did 125.00 Charlie Griffin 23.40
Jean Hillencamp 112.50 Johnson Auto 9.62
H. D, Holland 250.00 Farmers Supply Co. 2.35
H. D. Holland 30.00 H. ~-. Jones 50.00
P. M. Dacus 150.00 Walter Allen 27.00
H. 0. Coats 25.00 Earnest Arnold 27.00
Dayton Sackett 25.00 Louis C. White 27.00
1[rs. M. B. Currie 35.00 John McCullar 33.00
C. 0. Burrow 205.00 John Dabner 33.00
G. G. Kietzman 300.00 Fd Hudson 36.38
W. H. Cushman 300.00 J. T. Holmes 39.38
C. H. xowton 10.00 Clyde Hill 34.13
G. tip. McAuley 10.00 ' Aaron Larkin 30.55
Curtis Foster 10.00 Early Pope 24.50
0. I, Hollinger 10.00 Sarah Y. Smith 42.00
Ray L. Garrison 10.00 0. p, Sides, Jr. 60.00
R. R. Morley 10.00 Mack Howell 40.00
J. H. Spears 1.00.00 Perry 13ogers 44.00
0. J. Hatton 225.00 W. M, Fire Dept. 233.00
Lewis Hathcock 160.00 Central Service Station 25.85
J. F. +'~right 230.00 Billy Terry's Inc. 1.87
lbs. J. r', Wright 360.30 Western Union Co. 2.03
L. p. Bernhard 50.00 tiV. ~. Appliance Co. 131.52
W. F'. Reese 160.OU Jack Sanders 20.60
S. E. Hatfield 15.00 Bob Cancan 17.82
John McCullar 33.00 Ark. Paint & Glass Co. 7.40
John Dabner 33.00 1Y, M, Machine Shop 48.16
Fd Hudson 35.63 Southwestern Bell 49.66
J. T. Holmes 37.88 Leggett's ~%sso 47.33
Clyde Hill 32.83 Bil-'YOy Service Station 1.85
Aaron Larkin 30.55 Bragg Auto Co. 12.87
Early Pope 25.50 Thrifty Drug ~o. 1.25
Sarah Y. Smith 42.00 YY. Iia, Lumber Co. 1.48
0, P. Sides, Jr. 60.00 tiYever & Riehl Motor Co. 47.97
Mack Hrnvell 40.00 Missouri Pacific hailroad Co.
1,033.05
Mid-South Oil Company $26.80
Earl Williams Station 145.72
Johnson Auto Co. 50.38- 9.h2
Farmers Supply Co. 10.90- 2.35
Cobb Lumber Company 75.00
Earl tiYi]liama Station 16.20
H. A. Jones 60
Walter Allen 21.
Louis C. '~~hite 21.60
Earnest Arnold 16.20
John McCullar 33.00
John Dabner 33•~
Ed Hudson 37.13
J• T, Holmes 40.50
Clyde Hill 32.83
Aaron Larkin 30.55
Early Pope 25.25
Sarah Y. Smith 42.00
0. P. Sides, Jr. ~•~
Mack Howell 40•CO
Perry Rogers 411.00
Henry Palmer 40.110
Earlena ;Arnold 35.75
Charlie Griffin 33.00
J. L• Blackwood 35.00
No further business appearing, the meeting was ad3ourned.
~~7~~ MAYOR
8
ATTES~t"
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_.CITY CLERK
APPROVED: AUr,UST 25, 1948