St. Tammany farmer., 1922-08-26
proceeds from. sale of bonds or tax
collections, either or both, we will

cOllectlOns, either or both, we will
guarantee you 31a per cent on daily
| balances or eitder or both.
All above propositions made with
| understanding that prior to or at
time Of delivery of bonds you agree
to furnish approving opinion of Hon.
Jno. c. Thomson, attorney, New
York, and full and complete tran
script of proceedings had incident to
the issuance of the bonds.
The Hibernia Securities Company
Inc, of New Orleans, La, bid as fol-
lows: For the $130,000OO Town of
Covington, La, Sewer and Water
| works bonds, dated July 1st, 1922,
maturing as per schedule provided,
between the years 1928 and 1857,
bearing interest at the rate of 5 N
per cent Give and one-fourth) per
| annum, principal and semi-annual
interest, January and July 1, each
year, payable at Chase National
Bank, N. y, we submit you the fol-
lowing proposal:
We viii pay you par value of these
bonds and accrued interest from
their date to date of delivery to us,
plus premium of $151.00, subject to
following terms: simultaneously
with delivery Of bonds and payment
therefor by us, you are to furnish
the approving opinion of recognized
bond attorney, proceeds of this sale
to be deposited in the Covington
Bank & Trust Co., without interest.
subject to check only for purpose for
which bonds were issued. Tax coll
lections Tor sinking fund and inter-
est purposes are to be deposited In
CovingtOn Bank e Trust Co., on
which SAID bank will allow 8 " per
cent interest on daily balances" OR
2. For same bonds outlined in
first above proposition, only bearing
interest at rate of five and one-half
(51h) per cent per annum;t instead
of 5A per cent, the said Hibernia
Securities Co., Inc, bid as follows:
We will pay you par value Of these
bonds ana accrued interest from
their date, to date of delivery to us,
plus premium of $235.0O, subject to
approving opinion of recognized bond
attorney, same as in preceding bid,
proceeds Of this sale to be deposited
in the Covington Bank & Trust Co.,
subject to check only for purposes for
which these bonds are issued, said
bank to allow interest on these funds
at rate Of per cent per annum on
daily balances. Tax collections for
sinking fund and interest purposes
are to be deposited with the Coving-
ton Bank & Trust Co., on which fund
said bank will allow interest at the
rate Of u per cent on daily bal
ances. ilI1xSE
All bids, as above set forth, hay
ing been opened and read, it was
moved by c.. 3. Schonberg, alder
man, and seconded by Alderman NJ.
P. Planche, that the Town Council
recess from this time, 1900 o'clock
noon, to 2:00 o'clock p. M, at which
time the said body would consider
said bids, and on said motion being
duly put to vote, was carried, and
such recess was declared.
The Town Council, otherwise call
ed the Mayor and Board of Alder
men, OF Covington, La, in accord
ance with, the above resolution, re-
convened at 900 O'Clock p. M, and
was duly called to order by the Hon.
Robert w. Badon, Mayor, who pre-
sided, there being present Aldermen
G.. 3. Sehonberg, A. R. Smith, Emile
Frederick, H. A. Mackie, M. p
Planche and Chas. H. Sheffield, and
said Mayor, Robert W. Badon.
Absent: None.
And all bids having been read III
full and due and careful considera-
tion having been given the same, the
following resolution was offered by
Aldermen c. e. Schonberg, who NOV
ed its adoption, duly seconded by AL.
derman A. R. Smith, as follows:
Be 1t resolved by the Town Coun-
ell, sometimes called the Mayor and
Board Of Aldermen, of the Town Of
Covington, La, in legal session con-
vened, That the bid of the Interstate
Trust & Banking Company, of New
Orleans, for the purchase of said
$50, 100000 Town of COvington St.
Tammany Parish, Louisiana, Water
works and Sewerage Bonds, 35 year
serial payment, $4,000 denomina-
ton, dated July 1, 1922, maturing
serially on July 1st of the year 1923
to 1857, inclusive, bearing 5 X PEI
centum per annum interest, payable
semi-annually on January and July
LIST Of each year, numbered from /
to 260, inclusive, and which said
bonds were advertised for sale on
sealed bids as hereinabove set forth.
In which bid said Interstate Trust E