HomeMy WebLinkAboutCity Council Minutes 09.08.1938.e- City Council of the City of Laurel . et in an adjourned regular
session In the Council Chamber in the City Hall and was called to order
by Mayor Conrad at 7 o o'clock P, M. September,8, 1938„ P
Upon roll call the following aldermen answered present
Geot Smith
Sc oarse
Thomson
vooters
Graves
Gorier
Lam
Mr coarse presented the matter of moving the 25 -mile speed imilt
sags beyond the city limits* fter discussion it was moored by Scoarse
and seconded by Thomson a letter be written to 'the state Hiway Come
mission for permission to move the signs beyond the 'City limits The
motion carried,
This being the time set for receiving bids on the sale of a'ur,el ,
Montana,, Street Bonds for,$20,000�..the City leek produced proof of
publication in the Laurel Outlook and reported no bids. received.,
Mr. Law arrived and participated in the further deli e a ion o
the n ee t ing
This being the time set for receiving bids on the sale of General
Water Bo4ds ., Laurel, Montana ser e s 1938, for $4o, 000, the CityClerk
produced proof of publication in the 11aurel Outlook, Mr. B, M. Harris,
President of the Yellowstone Bank, appeared bef ore the Coulacil and pre
sent ed a bid for the §40,000, of general obligation bonds designated a
_
..General eater Bonds., . Citi' of Laurel, Montana, ser' ie 1938t!,, or such
portion thereof as the Council may decide to issue., to bear Ater s
at. the rate of four per cent per annum, pa ablea i—an ; ally 'with a
cashpremiumof 02,5.00 upo delive ref the bonds .► The of fey iJ
�b eco
to the approval of proceedings gs and the bonds. by, their attorneyst,
Cashier's Check for accompanied the bid* It was moved. b
$coarse and seconded by Graves the bid of the Yellowstone Ban's be
accepted.. Upon roll call all aldermen present voted aye and said
motion was declared ed passed,,
It was novel. ,by Scoarse and seconded, by Thomson the bonds be
t:
readverti sed for sale t o co form with the points:,, presented by the
Attorney of the Yellowstone. Bank* he motion car ,e°d..
This' being the time - set . for receiving bids on the Sale of General
Serer Bonds, for $6.,000,, the City Clerk produced proof of p ,b .icatio
in the Laurel Outlook and reported no bids received.
It was moved b .,..Law and seconded by Geo. Smith we do now ad J ou M
until 7,&30 o r clock P M. September 10, 1938*. The motion ca rped
City Cle f„
.pproved this loth day of September, 1938*
Yiayor u
ATTEST,
Minutes of the City Council of Laurel
September 8., 1938
V1114JUTES OF AN ADJOURNED REr
XULAR MEETING OF THE CIT1r,,C0UNCIL OF THE
CITY OF' LAUREL, YELLOWST01\FE COIR: TY, IVIONTI-2,41A. HELD AT THE COUNCIL
CHAMBERS OF SIE CITY OF LAUREL ON SEPTEIV111'BER 8th, 1938, AT THE HOUR.
'ATER DS
OF 7:30 01 CLOCK P. ivl.., RELATIRG TO THE SALE OF GENE!,RAL TVT BON
�
Pursuant to notice given as' required by law and in accordance
with the action taken by the C-1-ty Council at it's meeting held on
August 8th, 1938, and in, accordance with the terms and provisions
of Resolution No. 505, the Council met in an adjourned regular
session at the Council Chambers in the City of Laurel on September
8th, 1938, at the hour of 7:30 P. IVII.
The following mei-.hers of -the Council were present,
Geo, H. Smith
Do I. Scoarse
Peter Do Thomson
0* J. 'Woofers
George Graves
Henry E. Gomer
Ad C. Law
The following members were absent: Dr. I,, No Smith,
1vrliss Rosella Fritz, City Clerk of the City of Laurel, was also
present during the entire meeting.
The Mayor announced that the purpose of the meeting was to
receive bids and to sell bonds of the City Of Laurel in the amount
of Twenty-two Thous a"ind Dollars in accordance with the action taken
by the Council at its meeting held Auoist 8th, 1938, and as provided
for by Resolution No, 505, of the City of Laurel, and pursuant to
the 11-1�lotice of Sale of Laurel, TvIontana., 1,water Bonds" authorized at
the said meeting and which said. notice was published in the Laurel
Outlook., a newspaper of general circulation published at Laurel,
Yellowstone County, lilontana on August 10., August 17., August 24 and
August 31 and on SeDternber 7, 1938.
Upon the request of the lkv�Ttayor, the Clerk read all of the proceedgew
Ings had at allprevious meetings relative to the issue and sale of the
said bonds, and the "Notice of Sale of Laurel., 11ontana':) Water Bonds,,"
and the affidavit of Publication thereto attached, and the affidavit of
the City Clerk relative to the nailing of the of Sale of Laurel.,
1.,,Tontana, 1ATater Bonds" to the State Board of Land Corm-issioners of the
State of Fontana.
The Clerk was then asked to read all proposals that had been
received for the purchase of the bonds, whereupon' the following pro-.
posals were read:
"FEDERAL EMERGENCY ADMINISTRATION
OF PURL I C VvTORKS
Washington, , D 4 C . $
Dated: July 5, 1938o
Docket No. Mont. 1148m*F
The City of Laurel.,
Laurel, Yellowstoije County, !�,'ontana,
1. Subject to the Terms and Conditions ("P'kiVA Form Wo. 230, as
amended to the date of this Offer) Which are made a part hereof, the
United States of America hereby offers to aid in financing the cons"
strialction of improveinents to a waterworks system (herein called the
"1croject") by making a grant to City of Laurel (herein called the
"Applicant") in, the amount of 45 percent of the cost of the Project
upon completion, as determined by the Federal Emergency AcIxiinistrator
of Public Works but not to exceed, in any event the sum of -.18P0001
and by purchas-11-n-g, at the principal emovnt thereof plus accrued
interest thereon,, from. the Applicant,, obligations of the description
set forth below (or such other description on as shall be mutually
Minutes of the City Council of Laurel
September S. 1938 - continued am
satisfactory) iii the aggregate principal amount of 61`220000*
(a) Obligor: City of Laurellle
(b) Typee* Klegotiable, general obligation-, serial., oupon bond;
000* (d) Date: Aug
,ust 1 1938
(c) Denomination, S. P .9 0
(e) Interest rate and interest payment dates: 4% per annum
payable semi-annually on February 1 and August 1 in each
yeaxe
#
(f) Place of payment ,# The office of the City Treasurer of the
City of Laurel, 1411,ontana;
I ,
(g) Taiatunit ies: On Aub-,ust 1 in amounts and years as follows*
�!-?11$000 in 1939 to 1957., inclusive, and
3,000 in 1958;
(h) Payable as to both principal and interest fron. and secured
Ithe -'lron_ oper . ation of
by a pledge of the revenues der*ved
the Applicant fs entire waterworks systern. after deducting
the reasonable and necessary costs of operation, main-
tenance and repairs of the systen. and additionally payable
from ad valorem taxes which may be levied without liiait as
to rate or arount upoii all taxable property within the
territorial limits of the Applicant.
2. By acceptance of this Offer the Applicant covenants to begin
work on theroJect as early as possible but in no event later than
q
8 weeks fropi the date of this Offer and to complete such Project with
all practicable dispatch, and in any event within 10 months frorn the
c orunenc ernent of construction,
and
UNITED STATES OVIERICA
Federal Emergency Administrator
of Public Works
By__.. H* A*
Assistant Administrator,
"Laurel, Tv"t-ontana
Septeriber 8. 1938
To the 11fonorable Yayor and Cl*t-r,;r Council
V
of the City of Laurel, Yellowstone County,
Montana,
,000 of general obligaticity to be
on bonds of your
For the ID 40 I I
designated as "General ",-,A.Tater Bonds., City of Laurel, Ellontana, Series
1938". or such portion thereof as you may decide to issue, to be
issued In denominations of 000.00 each to be dated August 1 1938,
�. 10 19 .0
.to bear interest at the rate of four per cent per annum, payable semi-
annually, both principal and interest to be payable at the office of
the City Treasurer of the City of Laurel, and to mature '61,000,:00 on
Augtist 1. 1939, and a like amount each year thereafter for a period
of nineteen years, and balance of said bonds to riatilwe August 1, 1958.
Ile will pay you the par value thereof upon delivery to us at Laurel.,
Iviontana., and a' cash ;fir einium of Twenty -f iVe Dollars. It is understood
that the said bonds will be de-iivered to us not later than Kovember 1,
19390
You agree., by your acceptance hereof to furnish us, without cost,
a complete certified transcript of all proceedings had relative to
the said bond issue,
This offer is made subject to the approval of the proceedings
and the bonds by our attorneys, Blenkriler MacFarlane of Columbus,
IVIontana.
As evidence of good faith and in part payment for the said bonds
we hand you herewith our certified check in the sum of TWO THOUSAND
OT
2 000*00) D ILARS receipt of which is hereby acknowledged by dour
acceptance of this propo sce.-il.
Respectfully submitted,,
YE-I'CCDM STONS BANK OF LAURELv IV10STT AIiA
By Bo hi, Harris, President*
ionutes of the C1*ounce"I
September 8, 19 8 am, continued
I 1-.1_)'E1-_MBY CEYTIFY that the above proposal was, and the same is
hereby, accepted by proper rnotion-of the City Council of the City
of Laurel, Yellowstone County., Montana duly adopted. this 8th day
of September., A.D. 1938*
Lucius Conrad
IV!ayor, .
0
ATTEST,
Rosella Fritz
City Clerk,"
After full discussion of the proposals to purchase the said
0
bonds, it was deter Tnined that the sense of the Council was that the
bid of the Yellowstone Bank of Laurel, TvIontana, wasthe more advanta"
geous b -id, and thereupon 1Jr. Scoarse introduced the following
resolution and moved Its adoption:
RESOLUTIOY 04 505-A
A RESO.'U'UTION PROVIDING FOR TBE SAIIIj OF 4.F�122$000*00 OF GE IM Rfil
'�1jTAT*_Ji..._.1R B011\_J1)S 0'2r' THE' CITY OF LAUREL., MELLOIJAISTONLO COUI Y, 11ONTAEA TO
TTLMUSTOME EHE Y
EFE BANK OF LAUREL IvILONMNA
..A. -i $
IM-1-EREAS the City Council of the City of Laurel., Yellowstone
Courity., 1,11iontana., in pursuance to Resolutions Nos, 491 and 505J. duly
and regularly adopted by the City Councilldully and regularly published
a "Hotice of Sale of Laurel, 1,11ontana, v�ater Bonds" in manner and form
and f or the t1-pne required by law on Aue,-ast 10.. Auprrust 17, August 24
and Auoast 31 acid on September 7, 1938, as is evidenced by the Al'fidav*t
of Publicat ion the re of now on file in the of f 'Ice of the C ity Qlerk., and
which is hereby made a part of this resolution, and
-WHEREAS the it Clerk of the City of Laurel did, at least fifteen
days before the Gth day of September, A.D. 1938a the date fixed for the
sqLle of the said bonds, mail a copy of such published notice to the
Secretary of the State Board of Land Commissioners of the State of
1ki'llontana, and at the sarle time furnished to the said secretary a transom
cript of the proceedings had for the *Issuance of such bonds, together
w itb, such other information as was requested by the said secretary,
all o' Vnich more fully appears from the affidavit of the City Clerk
now on file in the office of the said it Clerk., and.. which said
affidavit is likewise in-ade a part of this resolution., and
141MIEREAS the only bids received for the Durchase of the Said bonds
were received from the United States Government and the Mellows tom Bank,
of Laurel, Y`ontana, and
'�V"v"1"11]'REAS the bid- of the Yellowstone Bank of Laurel, 1,,Tontam, is the
best bid received for the said. bonds and is adjudged the most advanta-
g
4' eou's to the City of Laurel,
I i
1�_, 0 IP1.9 TI...-I-EREFORE., BE IT RESOLVED by the City Council of the City of
Laurel.., 1il.ontanres., that the bid of the Yellowstone Bank of Laurel, 1"'lont"
ana, for the entire issue of the �22,000.00 General 11�11ater Bonds of the
City of Laurel, Montana, be, and the sarne is hereby accepted in accord-
ance with the terms of the said bid or proposal, and
B1ij' IT FURTHER RESOLVED that the said issue of General !Pater Bonds
be issued in twenty-two (22) separate serial bonds numbered cona"
secutively from One to Twenty-two inclusive and be of the par value of
One Thousand (9"1,000.00) Dollars each, all dated August lst, 1938,
and maturing serially on the first day of August in each year, beginnoo
ing August lst., 1939J. except bonds numbered Twenty, Twent-,y--orle and
�nienty-two , which said numbered bonds shall all mature on August lst,
1958, and all of which said bonds shall be identical in form except
as to numbers and dates of maturity and the number of coupons to be
attached to each of the said bonds, and
13E M TED that the said bonds shall be in essence
31 IT F*MTHER RESOL�l
and for) -n., substantially as follows:
Minutes of the City Council of Laurel
September 8, 1938 continued
INTO 000.00
UNITED STATES OF' ATivIERICA
STATE OF MONTANA
'LLOWSTOISM,
CUUNITY OF YE
CITY 01-,_` LAT T REL
GENERAL 'WATER BOND
SERIAL PLAN,
SERIES OF 19380
THE CITY OF' LAUREL, in the County of Yellowstone, State of
lAfontana, for value received, hereby acknowledges indebted., and
hereby ptrornises to Day/ to the bearer hereof, the sum of
ONE THOTTSAI-\,FD DOLLARS
in lawful raoney of the United States of America, on tbi.e first day
of August, A.D.19ie';-19 together with the interest thereon at the
rate of four per 70"Ftizi per annum, payable serni,-annuallv on the
i'first day of August crind-5- th_e first day of February in each year,
both. Principal and interest bel iii payable at the office of the City
Treasurer,, upon presentation and surrender of this bond and the
annexed coupons as they respectively become due.
For the prompt payment hereof,, both princ 21pal and interest as
the sane becoine due, the full faith and credit of the City of Laurel
are hereby irrevocably pled -gyred. (The City of Laurel reserves the right
to redeein this bond on Pouigust -1st., 1948, or on any interest due date
thereafter before maturity.)
This bond is one of
a. series
of Twenty-two
(22) bonds in the
One Thousand ("I"I.,000,00)
Dollars
each., maltl-Ling a
total issue of Twenty
two Thousa-nd 't-522,000,00)
Dollars
and due serially.
These bonds are issued by the City of Laurel under the authority
of aad in full c orapl iance with the prov is ions of Chapter 399 of the
Revised Codes of Moiitana, 1935, and lavj,,7s,,�supplen.entary thereto, or
anendatory thereof,, and a resolution duly and regLilarly adopted by
the City Council; and are issued in order to obtain funds for the
purpose of replacing a portion of the transmission water maim in the
distribution systen, and for improving the pump house facilities of the
municipal water works system.
it is hereby recited and certified that all_ acts, conditions and
th_1ng;%s required.. to happen., exist and be j-.)erforrned precedent to, and in
the __*Lssuance of., this bond have happened,, exist and have been perforried
in due tiine, form and. manner as reqi-,.ired b�r the laws and the constitution
lu
0J. the State of Montana.
The City Council of the City of Laurel, for itself Cr;-,Lnd its
successors., hereby prornise and agree to provide for an annual levy of
*n
taxes upon all of the taxable proper -by --l-n- the City oj*." Laurel I
addition to all other taxes., sufficient iri amount to pay the interest
and principal of this boi-id. as the same beconne due.
It is hereby recited and certified that the total indebtedness of
the said City of Laurel., including th-is bond, does -L--),ot exceed the
constitut-1-o�al and statutory limitatlo z:0
IN VR,,TIT1\TESS VF_F'1ER1i',0F r-12HE City of Laurel., Yelloy'ristone County, State
of 1,flontama..., by its City Council., Ila's caused this bond to be signed by
the Tvlayor and, the City Treasurer,, and tb.eir signatures attested by the
City Clerk, and the seal of the City of Laurel to be affixed hereto,
and the coupons hereto attached to be signed with the .bac similie sfig_
Matures of the said offficersthis first C`iay of August, A.D. 1938.
ATTEST:
Rosella Fritz
City of Laurel, 171ontana
( S A L)
Lucius Conrad
fORP C-1-ty, of LaurelP 1o,.Itcm a
114 i's 1_1 -
TREAUTRER Cit--j
TJ o --ta t an a
Minutes of the City Council of Laurel
September 8 1938 - contlnuel,1
COUP01�1s
Bond TFo,, 416
..'20.00 'k J- %f
coupon !qo. ili-Iri-ii,
On the f irst c1av ofFebruary 1939/, tb
Montana, W-1111 pay to V the bearer qj P _e C ity of L al -i. r e 1
TWENTY DOIZjARS
in lawful ri-on-ey of the United States., at t1le office of the it
Treasurer, for six months interest then clue o-_ri the bond to which
coupon is attached, be!_ng one of its general vinic bonds., series of
119,38, dated August 1st., lQo-/38*
:Lucius 0 orirad
Yayor C i*FV, 'of Late r6"T,'7-1joi�f-
J. R a r, er
T J.; o - "K
reasurer, Cit�,7 ana.
Ho sella Fritz
fo-
C C ity of L'aur el., M nt ana
Lach bond bears a d if f erent riatur 16ty date (Except 20., 21 (S-, 22)
Coupons atta6hed to each- bond are to be nivilbered here the same
as the number borne by the bond to Which the coupons are attached,
Coupons on each bond are to be ri-ainbered serially-.
Coupoii-s -are due on the f irst daly of Februar-y and the first day of
t 0 -1 1
Augurs in each year, beg`nnin'n- February Ist, 1939*
;U
(��,�ote Bonds 11os, 20, 21 and 22 all have -the saiaiae maturl-ty d)tel
August is -, 19580
CERTIFICAT, OF REGISTTI'L'ATT01,�i
1 1 ) 0 -1. E CERTIFY that I have reg-,,)-_*Lstered the w.1 -thin bond- in
my Office in a boo1z, provided for that purpose, and in the a'nanner pro-
vided by law.
Dated at Laurel MontanaI
,-,,th*s lst day of August, A. D. 1938.
Rosella Fra.tz
-a-
S A L
(0'[.TTSIDE OF B0111D)
Numb e r
UN I TED S 1JT_1ATES OF AMERICA
STATE.OF YONTI-d\fA
CITY 01,--' LAUR1u:�j'L
B01,70
�I
SERT-AL PLAN S." -'JR -ES OF 1938
£Ai
000000
4/b
Dated
.August 1st., 1938
Interest Payable
seini-annually on
Febr*,Uary Ist arir,1 Aurrust ist
a c�
in each year
Principal and Interest
-vableat 1:;he
U
office of the City Treasil,rer
Laurel, TvTontana
lnute s of the Ciounce of Laurel
September 8,, 1938 - continued
AND BE IT FURTHER RESO LOPED that the Mayor arid the City Treasurer
of J_*jai_i,rel be., and they are *'h_ereby,, authorized and directed to execute
t*-h.e said bc_-,;ndsJ, and the City Clerk of the City of Laurel is hereby
author zed and directed to attest the s ignEr-It ure s of the said officers
and affix to the said boiids the seal of the City of Laurel., and thereoft
upon deliver all of the said bonds to the Yellowstone Bank of Laurel.,
1,lontanaP upon recept by the City Treasurer of the City of Laurel of the
the suin of Twenty-two Thousand
full purchase price thereof '. to -W 11 -t.
( 22,000000) Dollars., together with accrued interest on the said bonds
from August 1st, 1938 to the date of delivery, and
BE 'IT 1PURT-1-1ER RESOLVII-31D that there shall be levied a special and
separate tax upon all of the taxable property in the City of Laurel
sufficient in amount for the payment of the Principal and Interest
on the said bonds during each and every year hereafter, until such
bonds shall have been fully paid and all retired,,
After reading the above resolution by the City Clerk,, the motion
for its adoption was seconded. by Mr. Graves.
The Mayor thereupon put the question upon for the adopt -ion of the
resolution, and upoii roll call the following vote was had:
Aye
Geo,
D1. Sin-01-th
Mr.
D. I.
Scoarse
V1111
Ir
Peter
D. Thomson
Tv,11 r e
0 J
VVooters
Mr.
George
Graves
Yr.
hie nr-kar
h. Gorier
A• C Law
No None
The 1.i-Tenyor thereupon declared. the Resolution duly adopted.
There being no further business to come before the council
relative to the issue of the said bonds, the meeting,, upon motion,
adjourned,
1,#a or, City of Laurei's-
ATTEST,
C1 rk.9 it Y' o Laurel
( SEAL)