November 4, 1954Y' `~! `tea
MIDItI'PF:S OF AN ADJOUftfIED MEET]AIG 0.11 Tlili CI'I'Y COUIdCIT~ OF THE CITY OF WF,ST P~NPHIS, ARKANSAS,
IIAD ARID I~LD ON NOVF,h?I3E'R it, 1951.
The roturct_]. of the City of. West flompht.s met irx art adjourned session at the City Hall.
in said City at 7:30 F,f?. or! the I_+th da.y of November. 1.95!+.
`.I'he meeting raas called to order.• by f9ayar• H. B. Price, and upon roll. call. there were:
P.resen+,: Aldex•men James Bledsoe, 0. T. Bollinger, John Pus•row, Freeman Finley,
A. Ii. fTanchester, r, D, Fo:aers and C. Fi. Rowton; City Attorney Atlee Ha_rri.s.
Absent: Aldermv~r Ctu•tis Foster and City Clerk W. It. Seaton.
It being de termi.ned a quorum wa.s present, thc~ following proceedings were had to-t•rit
fIayor Price announced the meeting had been called for the purpose of sale of „270,OnO
Tmp~rovement Bonds, and City Attorney A.tlee Harr~.s then read the Notice o,C` Bond Sale:
Plotice is herebyr given that the C~ ty of West I4ernphi s, Arkansas, will sell at pub J.i.c
saJ_e for cash to the highest bidder its proposed issue of `270,000 zn 3?;' imprevemont bonds
dates January 1, 1955.. interest payable; semi-anmza.lly, and matur•inlr serially on January 1.
of each year as folloras:
9~~ 6.500 in 195f.
7, 000 in 1.957
7.500 in 1958 and l_959
~,Onn in 196n and 1.961.
~ , 500 ir. J..962 and J963
9, n00 in 1.961
c,50O in 1965
1.0,000 in 7.966 and- 1967
10, 500 in 7.968
1.1_.000 in 1969 and 1970
1.1.500 in J.9'j1
1 2 , Qr")(1 i n 1.972
11?, 500 in 1973
13 ,ono ut 197~~
13, 5O0 in 7.975
11t, Ono in J_976
1)t.500 sn 1977
15. (?00 ~n 1978
1.5. X00 in 1979
16,000 in 1980
These bonds are being offered subject to the appt•nval o.+' the electors oie' the Ci.t,y oi'
West; Memphis at the general election to be held Plovemher 2, J_95<<. attd will be pay*able from a
speci_aJ tax author. ize~d by Amendment PIo. 13 to the Constitution of the State o:f Arl<ansas, t~rhi.clt
wi1.1. continue annual'Ly urttiJ_ all the bonds and..i_nterest axe paid in full. The present assessed
valuation of the taxable property in the City i.s w(t,1~29,67'j.OO. The bonds are being issued for
the purpose of refunding otzt.standing bends under said. Amendment Pto. 7.3, building and equipp9ng
fir.•e stations and remodeJ_ing and enJ.ar•g~ng the City Ha11..
'Phe buyer may name the plane of paymtent and trustee, anal. may have the right to convey the
bonds to bonds bearing a lotJer.• rate of interest, such conversion to be 5n substantial. accord
with the i1n9.vers~tl Bond Values Tables and subject to the approval of tkre City Council.. The buyer
wiJ.l be required to pay tyre call. premium of X2,500 on the> 62,500 bonds that wiJ_1 be called for
payment arx January 7_, 1955, artd 'the interest amounting to ~~1, 780 to be escrowed. for the ~jn1.5, 500
non-ca1.1ab1.e bonds, and the CityTS agent will. pa.,y the expenses o[' pri.nti.ng the bonds and the f.'c~
o.f the trustee and of Totarrsend & Tovmsend, bond. counsel., upon tahose unqualified approving opinion
tkle bonds will_ be sold. The bonds r~r;.ll be callable for payrnrent prior to maturi y i.n :_nverse
numex•i.ca1. order a,t; par and accrued :intexest, as fcllotas: Px•crn surplus ft.nds derived fx•nm t:he
special tax, or from the bond sa.J_e; ot• any interest paying date; from funds from any cotu•ce, nn
any interest paying date on ancl. after' Januat°y 1, t_9~q,
The sale taiJ.l_ be held upon auction. bids at 4 orcJ.ock p.m. on the Zttkr day of November,
19'~h, in the Corznri_l_ Chamber :in the City 1Ia11 in West f'emphis, Arkansas. tach bidder will. be
regtt?.red. to file a certified check i.n the sum of ;;S,i,C'~0, dx•awrr or: a bark that, '.i.s a men,hers of.'
the FDIC arcl pay*able to the C9_ty, to be retained as liqui_cl.ated dama.ge.s in the event he is
atrarded the sale of t;he bonds bust refuses to compJ.ete the purchase. i'he checl~s ei' tugsuccessful
bidders will be returned promptly and no interest will be paid on good faith checks. 1'he City
reserves the .ri.ghi:, to reject, any and alJ bids. For further information address the urrdex•si_gxred.
GIB?s'AI tkri.s 11+th day of October. 7.9`;1;.
CI'1T O}~ WL;S`C fI!sfiPlllta,
ARbAI?S~S
%S~ HOWELL B. PR_l~Cli
flavor
/S~ 1rJ, R. SEATOId
City C1.eri-
`~
The vara.ous phases of the bond issue here then discussed,
At 8:00 P.M, the bond dealers interested in becoming bidders were requested to
file their certified checks in the sum of ~p$,400. Thereupon, certified checks
were filed by the follow5ng:
Hill, Crawford & Lanford, Inc Union Planters National Bank
Little Rock, Arkansas Mem phis. Tennessee
W. R. Stephens Womeldorff & Lindsey
Little Rock Arkansas Lit tle Rock, Arkansas
T. J. Raney & Sons
Little Rock, Arkansas
City Attorney Harris announced the auction would commence with the bidders in lire
as listed.
Hill, Crawford & Lanford, Inc. 97.80 98.40 99.15 99.32 99.58 99.772
T. J. Raney & Sons 98 98.50 99.20 99.35 99.60 99.80
W. R. Stephens 98.10 98.65 99.25 99.46 99.62 99.81
Union Planters National Bank 98.25 99.00 99.27 99.50 99.65 Par
Womeldorff & Lindsey 98.35 99.10 99.30 99.56 99.75 Par .02
Par .06 Par .21 Far .422 Far .53 Par .622 Far .79 Pass Par .922
„ .07 " .24 ° .tt5 ° .55 ° .68 " .80 Far .87 " .93
„ .12 .31 .47 " .56 " .71 " .81 Fass " .93.5
„ .15 " .35 " .50 " .60 " .75 " .85 Far .90 " .95
" .18 " 37 " 52 " ,61 " .77 " .86 " .91 Fas s
Par .96 101.01 101.06 101.10 101.1.7 101.25
" .97 101.03 101.08 10]_.12 101.20 101.272
.98 _101.04 101.09 101.16 ]_01.2.3 Pass
1.01. Pass Fass
Womeldorff & Lindsey Combined. W ith
Hill., Crawford & Landord, In.
101.30 101.37 101.l~1 101.4!4 101.51 101.54 101.58 Fass
101.32 101.40 101.1_43 101.46 _101.53 101.57 lOl . Eil
After all. bids had been received., the Council. went into executive session in
the Mayors office.
Upon the reconvening d' the Council. in the Council Chamber, motion was made by
Alderman Bollinger and seconded by Alderman Fin]_ey; That the bid of 101.61 by
T. J. Raney Rc Sons of Little Rock, Arkansas, be accepted on the X270,000 Improvemani;
Bond Issue. Upon roll. call vote, ttze Aldermen voted:
Aye: Bledsoe, Bo1l.inger, Burrow, Finley, Manche seer, Powers, .arid Rowton.
td ay: None.
The Council.. was informed an ordinance to be prepared by Tlr. Wallace Townsend,
Bond Counsel would be ready for action on A}ovember. 9. 195!4, thereupon, a motion was
made by Alderman Bledsoe and seconded by Alderman Finley: Tnt the meeting be adjaux•ned
until. 7:30 F.M. Tuesday, Dlovember 9. 1954. Upon vote. the Aldermen voted;
Afire: Bledsoe, Bollinger, Burrocr, Finley, Ntanchester, Powers, and Rowton.
Nay: iVone.
r.
~_~
E7
ATTEST:
CI7:'Y CLERK
APPROVED: NOOEMBER 16, 1954