October 15, 1964MINUTES OF A REGULAR P:EETING OF THE CITY COUNCIL OF THE CITY OF WEST MEP:PFIIS HELD ON
OCTOBER 15, 1964, AT 3:00 P.M.
The Council of the City of West N,emphis, in the County of Crittenden, State of
Arkansas, met in regular session at the City Hall in said City, at 3:00 o'clock, P.M.,
on the 15th day oY October, 1964.
The meeting was called to order by the Mayor, and the roll being called, there were:
Present: Bob Eden, Mayor, in the chair, and the following named Aldermen:
Paul Matthews R. C. Bowie
C. H. Rowton Earl Felts
F. C. Weis Kirby .Leggett
0. I. Bollinger
and City Attorney W. H. Dillahunty
Absent: Alderman Y. G. aims.
It being determined a quorum xas present, the following proceedings were had to-wit:
Minutes of Council Meeting on October 1st and 8th were approved as read.
Mayor Eden announced the first order of business xould be Sale of $675,000 City of
West P;emphis Refunding and Construction Improvement Honda as per Notice o£ Sale published
in the Evening Times on September 21st, 28th, and October 5th. Bidders were requested to
present their bids.
Mr. W, H. Satterfield presented the following bid:
Diayor and City Council
City of West Memphis, Arkansas
Gentlemen:
For your legally issued $675,000 General Obligation Refunding and Construction
Improvement Bonds bearing interest at 3.574 as advertised for sale this date, we will
pay you par plus a premium of $20,600 plus accrued interest to date of delivery.
We will have the privilege of converting the bonds to bonds bearing interest at a
lower rate or rates of interest provided the City pays no more nor receives less as a
result of such conversion and that the average maturity is not reduced by more than six
months.
Attached is our good faith deposit in the amount of $13,500 to be held by you and
applied to the purchase price of the bonds upon delivery or returned to us, or to be
retained as full liquidated damages in the event that we do not accept delivery of the
bonds.
The bonds will be delivered within 45 days or thereafter at our option.
Respectfully submitted,
TRULOCK, SATTERFIELD & POWELL, INC.
W. H. SATTERFIELD & CO., INC.
BY /S/ W. H. SATTE.RFIELD
DATE: OCTOBER 15, 1964
Accepted , 1964
CITY OF WEST MEMPHIS, ARKANSAS
By ,Mayor
By ,Clerk
There being no other bids presented, motion was made by Alderman Weis: That the City
accept the bid of Trulock, Satterfield & Powell, Inc., W. H. Satterfield & Co., Inc. as
presented. Upon vote, the voting was as folloxs:
Aye: Aldermen: Matthews, Roxton, Weis, Bollinger, Bowie, Felts, and Leggett.
Nay: None.
City Attorney Dillahunty brought to the Council's attention due to reissuing of bonds and
the premium paid for the bonds the effective interest rate on the bonds was being reduced from
444 to 3.384.
The Mayor announced the next matter on the Agenda would be opening of bids for the City of
West Memphis "Industrial Project" (Mid-South Foundry, Inc.) as per advertisement for bids
published on September 24th and October 1st in the Evening Times. All bidders xere requested to
present their sealed proposals at this time. The bids were opened by the City Attorney as listed
on Bid Tabulation Sheet.
35
The bids received were as follows:
Brownlee & Rogers $335,500
Clinton Construction Co. 319,000
P. W. Jameson 336,273
F. H. Lee & Co. 354,710
Brownlee & Rogers requested 3~ Preference.
Bids and Alternates and break-branch of work on file.
Mayor Eden appointed a committee of Aldermen: Matthews, Bowie, and Bollinger to
canvas the bids, and ascertain which bid would be most advantageous to the City.
Mr. Ralph Hill, President of East St. Louis Castings and Mid-South Foundry, Inc. and
representatives of the companies were present.
Motion was made by Alderman Leggett: That the Committee composed of Aldermen Matthews,
Bowie, and Bollinger working with representatives of Mid-South Foundry, Inc. be authorized
to award the bid. Upon vote, the voting was as follows:
Aye: Aldermen: Matthews, Rowton, Weis, Bollinger, Howie, Felts, and Leggett.
Nay: None.
No further business being presented, the meeting was adjourned.
;~
ATTEST• v
APPROVED: NOVEI~ER 5, 1964