05-17-38 Special
9:3
COUNCIL CHAMBER
May 17, 1938
The Council met in special session at 7:00 P.M.
for the purpose of discussing certain provisions
which the Bondholders' Committee refused to waive in
redrafting of the Refunding Agreement, viz. the item
requiring that accrued interest on past-due bonds be
included and refunded just as in the case of unamtured
bonds, and the paragraph stipulating that for the
year 1940-41, and thereafter, the tax levy shall be
sufficient to provide, if collected 100%, for the
payment of current interest and an equal amount" for
retirement of bonds.
After prolonged discussion, it was moved by
Mr. Wodischek that the Council instruct Mr. Byrd,
the City's Attorney, to have said agreement, as fin-
ally outlined in Mr. M~ttendorfts letter of the lOth,
sent down for submissiOn to a vote of the people.
at an election to be ,held for that purpose, after due
publicity and required advertising. Mr. Hall sec-
onded the motion which on roll call carried unanimously.
However, upon recommendation of certain members of
the Council Mr. Byrd was instructed to write Mr. Mitt-
ehdorf, advising that it was the consensus of opinion,
among members of the Council, that the inclusion of
the item relating to accrued interest on matured
bonds would seriously jeopardize the passage of the
agreement. by the people, at an election.
Upon being questioned as to fee to be paid by
the City, should the refunding fail to materialize. "
Mr. Byrd stated his fee, up to the present time.
would be $50.00 and should the proposa~ be defeated
at the election, in that case, his fee would not
exceed $100.00. According to previous instruction,
a paragraph embodying this contingency was ordered
written into the agreement to be entered into between
Mr. Byrd and the City.
Mr. Hall reported Mr. Ogren would draw necessary
plans and forms to submit to the F.W.P.A. office
in applying" for a Municipal Building project, for the
sum of $250.00. this being half the usual fee for such
work. If a project of $50.000.00 was carried through
to conclusion his fee for architectural work would be
at the rate of 5% of the cost. There was some hes-
itancy as to the expenditure of $250.00 for architect-
ural fees since the City had no assurance that the
loan to be applied for, would be granted by the Govern-
ment. It was decided to consider the matter a little
further before taking definite action.
93:
COUNCIL CHAMBER - MaY 17, 1938
The Clerk reported the City Attorney had advised
that it would be necessary to publish the Notice of
the Library Election for pwo full weeks, therefore,
the date of election would have to be set for later
than June 1st, as at first intended. It was regularly
moved, seconded and carried that said election be
held on Tuesday June 7th instead of Wednesday June 1st,
the date previously set for such election.
There being no further business, Council
regularly adjourned.
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APPROVED:
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