05-04-39 Special
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COUNCIL CH.I\MBER
May 4th, 1939
The Counoil met in speoial session at 7:30 P.M.
with the City Attorney and all members present.
The Mayor announoed the purpose of the meeting
waB to disouss plans for improvements on the Munioipal
Golf Course and to determine an arrangement for finano-
ing these improvements.
Mr. J.C. Keen, Chairman of the Golf Committee,
presented to the Council a plan for finanoing proposed
improvements, upkeep and operation of the course, on
the following basis:
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An annual appropriation by the City of the sum.' I
of twenty-five hundred dollars ($2500.00) plus interest
.on loan and sinking fund until such time as borrowed
"'MY" r.p.14, but .it. tho f~th'r und.,,'.nO'.. ,,,,,,:;
the total amount which may be borrowed under the conditions ~
above named shall not exceed a total of twelve thousand ~
dollars (t12,OOO.00) to be raised as follows: Ten
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"To arrange for money to be loaned the City on
tax anticipation warrants, at not to exceed two percent
(2%) interest, for a period of not less than ten years,
payable ten percent per year pro-rata.
Mr. Bradshaw stated that after studying the sit.,.
uation, he felt that the plan outlined by Mr. Keen was
the best possible solution, and moved the adoption of same.
The motion was lost for want of a second.
The City Attorney expressed the opinion that
~~e certffipates of indebtedness issued .by the City,
i~ the even~~. Keen's plan was adopted, would not be
"",#egalan~:-q:~d Obligation of the City unless same.was
~tto areterendum vote and passed by a majority vote
ottb,e freeholders.
,Mr. Hall stated he was not in favor of Mr. Keen's
plan ail.!l'wished to present the following proposal for
fina,~oing improve~nts of the golf course:
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COUNCIL CHAMBER - May 4th, 1939
"To borrow money at not to exceed four percent
(4%) interest for a period of not less than ten years,
with the understanding that such borrowed money will be
repaid when and as the revenue of the golf course admits
of such repayment, it being understood that the term "rev-
enue" as here used shall include an annual appropriation
by the City of the sum of $2500.00 until such time as the
borrowed money is fully repaid; but with the further
understanding that the total amount which may be borrowed
under the conditions above named shall not exceed a
total of $12,000.00"
Mr. Crego moved that Mr. Hall's plan be adopted
but the motion was lost for want of a second.
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A lengthy disoussion then ensued regarding the
former plan which was presented by the Golf Committee.
Several in the audience urged the adoption of this plan
stating that if we maintained a good golf course, it
would attract a fine class of tourists to the community. ,
Finally, Mr. Crego moved the adoption of the Golf Committee'~
plan. Mr. Bradshaw seconded the motion and on roll oall
the vote was as follows: Mr. Bradshaw yes, Mr. Crego yes,
Mr. Hall no, Mr. Hill yes, Mr. Miller no. The motion was
declared carried. Mr. Crego also stated that citizens
who are dissatisfied with this proposal may ball for a
referendum vote by the freeholders, if they wished.
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The City Attorney reported that he had received ~
a communication from ~os. M. Cook stating that bond-I
holders representing ci ty bond s in the amount of .~
$150,000.00 have withdrawn from the Bondholders' Committee. K
Mr. Cook also recommended that the City go into bankruptoy .~
as soon as possible. Mr. Bradshaw moved that the Ci ty . I"
Attorney be instructed to start proceedings immediately ..II
for bankruptoy and validation of the bonds. Mr. Miller 1
seoonded the motion and on roll c all the vote was as ....
follows: Mr. Bradshaw yes, Mr. Crego yes, Mr. Hall yes, ~
Mr. Hill yes, Mr. Miller yes. The motion carried.
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Mr. Keen, Chairman of the Golf Committee, then
addressed the Council thanking the members for their
assistance and cooperation in this matter.
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It was regularly moved, seconded and carried
that Council adjourn.
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