10-19-36 Special
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6:19
COUNCIL CHAMBER
October 19, 1936
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The Council met in special session at 9:00 A.M. on
~ call of the Mayor who stated the meeting was for the
purpose of accepting or re jecting a "roposition of 'IIhe
Calmgrove Securities Company, represented by Marshall B.
Wood, by which said oorporation agreed to sell the $25,000.
block of bonds, together with a $9,701.35 judgment it hold,p
against the City, for a price of $14,000.00; and for the
purpose of approving the applioation of W.M. Buck to erect a.
filling station on Lots 19 & 20, Block 106.
Mr. Foote recommended that the Council decide at this
time as to whether the North Federal Highway should be ~ig-
nated business or residential district, as this had never
been settled in the Zoning ordinance.
It was the consensus of opinion that the North Fed-
eral be allotted to business liIld it was therefore moved by
Mr. Barton, seconded by Mr. Hill and Ulllinimously carr.iad that
the re'luested p!'rmit for filling stliltion be granted Mr., BUOk,
providing all the terms of the code were compl~ed with.
The (}i ty Attor.o.ey reported that, in a maeting w.i:.thMr~+;,
Kearley and Marshall B. Wood, a proposition for t.he purchase d
of the Calmgrove bonds a!ld judgment at a price of $14,000.00
had been worked out on the following basis. That the 'qonds
and judgment be placed i!l escrow, and the (}1ty be allowed to
take it up as ne eded in one thousand dollar units to be paid
for as follows:
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dollar $4~QP'
" 4000'
" 38M
n ~2lt~
14QQO
This would make an average cost of approximately 40.3 fo'r the
e!ltire obligation, the whole of which is to be taken up by
December 31st, 1937.
The fi rst
The next
The next
The final
$8,000.00 @ 50 cents on the
10,000.00 @ 40 n " "
10,OQO.00 @ 38 n n n
6,101.75 @ approx 32.82 "
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COUNCIL C~rnER - October 19, 1936
'rhe City Attorney agreed to communica te wi th The
Committee along these lines and the meeting was adjourned
on cull of tne Mayor, until such time as additional inform-
ation could be furnished.
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Wl~(V. ~~
City Clerk
Ai'PROVED:
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preSi&~ Ij C~~ber
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