Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1919-03-07
Citv Sells Its Bonds
ath$35O Premium
Three Bids Offered for $15O,OOO Sewer and
Streets Issue with Cincinnati Houses Accept
ed by Council and Citizens Committee

On their bid of par, accrued inter-
est to date of delivery and $3.50 pre-
MUM. the firm of We'll, Roth & Com
pany, of Cincinnati, was awarded the
$50. 900 sewer and street bonds of the
city of Richmond at the meeting OF
the City Council Thursday night.
This bid was considered the best of
three which were offered, the others
being submitted by the National City
Company of New York, and the State
Bank and Trust Company Of Rich
mond-
Representatives of other bond
houses were here, and apparently for
tl.e purpose of endeavoring to secure
the bonds at their own figures, spread
false reports that the bonds were in
valid. A careful study Of decisions OF
the Court of Appeals satisfied every
one that they are valid, and the sale
TO the purchasers is considered a GOOD
an. The bid of the National City
Comnany was for par and accrued IN
terest and payment by the city Oh
s71.5o as attorneys fees and expenses
n the bond concern. The Staue banh
hid was at par and accrued interest
the city to pay expenses of furnishing
and printing the bonds and court ae-
c;s;ons as to evidence of legality. This
strong local financial institution was
heartily congratulated upon oifering
rs hid. and it undoubtedly caused
others to aboost" their figures.
When the bond question was taken
nm at the conclusion of the regular
business of the City Council, Mayor
Evans invited the Council to go into
executive session with the speciai
citizens Committee, which is to have
;o;nt supervision of the expenditure OF
tbe funds for sewer and street work
Mr. R. E. Turley, cashier OF the ssaee
Rank and Trust Company, and 3
,ner,ber Of the Citizen Commit
declined to meet with the body as ne
represented one Of the contenoihs
h;dders. The others who went INTO
session with the Council to CONSIDER
the bids were Messrs. T. K. Hamilton
R R. Burnam, ]. H. Dean, R. J. NC
Kee, together with Attorney j. .
Creenleaf. who has done rnuch vaiu-
able legal work on the bond lssue'
: CIV Attorney ]. P. Chenault, and Clty
Clerk Blanton. Following their con-
ference in executive session, the City
Council voted unanimously to accep'
the bid of Messrs. We'll, Roth and 20
ond the city thus took one more ster
forward toward the Improvements
which are destined to make it one o.
the finest little cities in the world.
Due to the erroneous reports wnief
had been spread apparently for INT
nurpose of soaring off bidders, Judg'
Creenleaf made statement OF tn'
\ careful Investigations of court decis
ions which had been made In order q
insure validity of the bonds
In response to inquiries from hon
W. B. Smith, the Mayor stated tina
the only indebtedness the city nov
has is $4,000 in school bonds, not du
and floating debt of SS,loo SUI
owing on the fire truck but not ye
due.
In order to correct any mlsundei
standing or ambiguity in the orlglna
bond ordinance, the Council adopte
an ordinance by Councilman Ierrll
providing that interest shall oe pa'
semi-annually Mayor EvarS explains
that this was the invariasic cusso'
With usual of bonds.
After this City Clerk Blanton opeI
ed the bids and they FIRE cars.'''i' y
considered and the one that the Cou'
ell and Citizens Committee adJudge
the highest and best bid was aceep
ed
That there is much interest IN v
splendid improvements which are !,
sured for early completion r. nc
mond was evidenced by he iar'
number of prominent citizens WI
were present when the Caty fdsne
were called to order BIZ the mayor.
Councilman Terrill was the on
absentee when Mayer Eys.is cail'
the council to order.He came IN So
afterward. sss
DR.. Telford, Of the First ft9z2 To-!
terrain Church, asked the divine 1les
ing on the ds1iberatidns of she Doe
After reading Of the m1nzzfee