HomeMy WebLinkAbout12-18-1934 Special Meeting~~ .._..
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SPEC TAL i4LE'ET ING
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LAP ORTE CITY C 0 U1?C IL
DECFIr>FsER EIGHTE~,'Tv
1934
iLeeting was called to order by Illayor H B Harrison.
The following members of the council were present.
Alderman Counts, Sharpy Lawrence and Agee.
The Mayor explained tn.at the meeting was called for the
purpose of acting upon an amended proposition to the
original one for refunding the Cities indebtedness which
called for the refunding Bonds and .~~arrants to draw inter-
est at the rate of 4% fo'r ten years and 5% for twenty years.
The amended proposition calling f'or interest at the rate
of 4/ for ten years, 5 o for ten years and 6~ for thereafter.
I~ir. Austin was present and explained that the largest Bond
holde~sobjected to the reduction in interest rate as show
by the original proposition but agreed to ri~f~r~ accept
refunding Boffids at the rate as shown by the amended propo-
sition.
Alderman Agee offered a motion which vaas seconded by Al d.
~~ Counts that the council accept the amended proposition.
_ The roll call vote was as follows. Ald. Counts Yea. Ald.
Sharp, Yea. Ald. Agee, Yea. Ald. Lawrence Yea. Alderman
Roark was abscent.
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Ald. Counts offered a motion which was seconded by Ald.
Lawrence that io;r. Austin be given authority to negotiate
with the Bond holders fora reduction of 100 on past due ;i
interest.
The council adjourned by unanimous vote of that body.
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iVlayor
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