The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1892-01-16
SCHOOL BONDS SOLD
Fernald & Co., of Boston, Buy
100000 Of Them
AT NINETY-SEvEN AND A HALF
The Finance Committee Recommends the
Acceptance of the Bid, and the PROPOSE
tion is Unanimously Accepted.

of considering an offer for the purchase OF
school bonds. In the absence of Mayor
Scott, Vice-President Nelson presided, and
the trustees in attendance were Messrs.
Baldwin, Duke, Downey, Newman, Pike,
Pratt, Young.
A REPORT FROM THE FINANCE COMMITTEE.
The finance committee submitted the
folio wing:
To the Board of Education
GENTLEMEN-Your finance committee having
had under consideration the accompanying bid
for s3OO00O OF our school bonds. respectfully re-
commend its acceptance, conditioned on the
legislation referred to therein.
BID FOR THE BONDS.
SALT LAKE CITY, Jan. IA, 1892.
To the Honorable Board of Education Salt
Lake City, Utah
GENTLEMEN-In the matter of the proposed
issue of S301, 600 twenty year 3 per cent. gold
bonds, of your district dated July /, 1891 inter
est payable semi.annually, both principal and
interest payable at some bank in the city of
New York, we make you the following PROPOSE
ton:
I've will take and sell said bonds at par,
provided you pay us commission for our ser
vices in selling said bonds at par of 21a per
cent. and all interest accumulated to the date
of payment OF the same, including the interest
coupons due January 1, 1892.
ment IN the city of Boston. Mass, in install
ments as follows: 100000 on February 10,
1892; 100000 on March l5 1892; 100000 on
April 10, 1892, We agreeing in case the bonds are
not sold by US by the dates named for Install
ment deliveries, to advance the payments on
those dates, less the commission named, such
advances to be retained by US from the pro-
ceedS of sales when the bonds are sold
3-The bonds are to be legally ana regularly
issued, and full papers evidencing the legality
thereof, satisfactory to our attorneys, to be 1ur
nished US prior to any delivery of bonds.
4-This offer is fur Their conditioned upon an
amendment Of the present law by the Utah
legislature, which viii authorize the issuance
OF the bonds, with semi annual interest and
authorizing the board TO pay commission for
effecting their sale.
If this bid is accepted, we offer to furnish
within fifteen days, the guarantee of the Broad
way National bank, Of Boston in the amount of
$4,000, that this contract will be fully and faith
fully performed.
This proposition is conditioned upon accept
ance on January i5 1892.
GEO. A. FERNALD & Co.,
20 Water Street. Boston.
By W. H. DALE, Agent
THE FORM OF ACCEPTANCE.
The acceptance of this proposition sub
mltted with the report, was as follows:
Geo. A. Fernald & Co, Boston, Mass.
GENTLEMEN-.We hereby agree to the fore
going proposition for the sale of S3o00O0 OF the
| bonds of the school iStrlct Of Salt Lake city,
| Utah territory, and agree to deliver said bonds
! in Boston, Mass, at the dates mentioned above
| IN your proposition, and to pay for your SER
vices in effecting sale of said bonds at par the
commission of ga per sent. ana all interest
| accrued at the delivery therein mentioned
provided that if it is found impossible to de-
liver the first ms allment on February Is, as
provided, that the delivery shall be made as
soon thereafter as possible, not later than
| March Is, 1892.
SOME DISCUSSION.
| Mr.. Pratt did not like to see our bonds
discounted. and thought il might be wise tc
defer action for short time.
Major Downey thought the proposition
fair one, and did not think anything would
be gained by waiting.
Mr.. Young took the same view of the
matter, and favored the acceptance of the
proposition.
Mr.. Pike said that after months of wait
ing, fair offer had been received TIL,
interest was a shade over So per cent
which seemed reasonable. He had been a.
conservative in these matters as any mem
Der of the board, and in view of all the cir
cumstances he was in favor of accepting
these bids.
THE BILL.
Colonel Nelson read the following bill TO
an act upon the subject:
A bill for an act in relation 10 school bonds i
cities of the first class:
Be it enacted by the governor and legislativ
assembly of the territory OF Utah:
Section THAT in all cities of the first class
where school bonds have been voted and ar
not vet issued, it shall be lawful for the boar
of education to make the interest thereon pay
able semi-annually
Sec. Fin all cases named in the first sectio
of this act it shall be lawful for The board
education TO pay reasonable commission fo
the sale of such bonds, not exceeding per cen
off from the par value of the same
THE PROPOSITION ACCEPTED.
After some further discussion. the ques
ton on the acceptance of the bid was pu
3 and the proposition of Fernald & Co. We
unanimously accepted.
. / FORM OF THE BOND.
= The form of the bond was. then adopted
and the vice-president and clerk were al
: thorized to accept in writing the bid.
. The finance committee was instructed
= have four hundred and fifty $1,000 bono
= printed at once.
4 The meeting then adjourned.
+ PERSONAL MENTION