Crossville chronicle. [volume] (Crossville, Tenn.) 1894-current, 1922-04-12
CITY SCHOOL BOYOS
SOLD FOR 81 CENTS
Twenty Acres Bought West Side OF
Town on Which to Erect
the Building.


to Jackson parties for 81 cents on the
dollar and the purchasers to pay all
incidental expenses. While this is
sale below par on the face, it is in
reality slightly above par for in such
sales there is usually connected an
attorneys fee of $500 for passing on
the validity of the issue and COM
piling the conditions that must be
printed in the face OF the bonds. 1t
is also usual to pay $3.50 for the
printing and the custom is for the
corporation or persons who sell to
meet these expenses, So, it will be
seen that the bonds in fact brougbt
$50 more than par, all conditions con-
s;dered.
About two weeks ago c. H. Lit
tie who represented J. B. Tigrett &
Company, Jackson, Tennessee, Were
here and secured an option on the
bonds for 81 cents on the dollar, with
the understanding that his company
would meet all expenses incident to
the sale. Mayor N: D. Walker and
the city board held out strong Tor
par. In the mean time the company
offered all the way from 92 up with
the understanding that the city should
meet the expenses incident to the
sale. Mayor Walker and associates
refused to consider any such a deal
until the matter reached the stage
where the purchaser agreed to meet
all expense incident to the sale. They
saw at once that such a deal meant
in fact that the bonds were selling
slightly above par. The bonds are to
bear interest at the rate of six per-
cent and to be paid semi-annually,.
! April and October.
z Finally an option was given I1grett
n Company for ten days at 81 cents
and on the con ditions named. Fri
day afternoon Mavor Walker received
A telegram from Tigrett & Company
saving that they would exercise their
option on the bonds. Friday nign'
being the repular meeting time OF the
board of aldermen the question was
taken up and il was unanimously
agreed to sell the bonds according to
ootion. Later Mavor Walker received
a letter from Tigrett & Company
confirming the telegram. 1t is ex-
nected the mon will be available
within ten davs ~r two weeks IRON
the date the onion was exercised
Build og Site
For some time Mayor Walker ana
the CITY board haA been looking Tor
= suitable site fer the building. 1t
was finally decided that the best and
most feasible location was a tract
of twenty acres laying just west or
tbe corporate limits and adjoining the
nroperty known as the Old Ball
Ground recently purchased from >
W Rose by G. F. Harrison This
particular twenty acres belonged to
Ernest Hale, c. F. Harrison went
70 Mr. Hale Saturday and closed a
deal with him for $4,000 for the twenty
acres. Mr.. Harrison then generously
allowed the city school board to as
eume his place in the deal, without
anv advance in the price. This Is
generally regarded very generous
oct on the part of Mr.. Harrison a.
bc could readily have sold the proper.
ty for $500 to $1,000 more than ne Pai.o
for il. But true to his general Sp,rr
of broad citizenship and sfong de-
e;re 10 see the town move torWare
along the best possible lines tor groWtr
and development, he did not consider
sor \ mor1ent the sacrifice he wa:
,nat;no but felt that, in tact, hi
generous act would result in grea
material benefit to him later as th'
town grows. o1
Mayor Walker has been giving mucf
thoupht to the idea of proper schoo
hnild;no. advantageously located ane
With such room for expansion a.
,vould meet the needs OF the toWf
for many years to come. he had con
t,,i+ed rcneated1y with other schoo
ononIe who had handled similar pro
;onts aud from, them he evolved the
IDEA of the twenty acre tract Una
wou,d provide ample room tor schoo
facilities for many years to come
When he presented the idea to tmh' m
aldermen and the members OF th'
c;ty school board, it met with an IN
sttant approval and resulted IN tn'
deal being carried through as aooV'
The mayor and board OF aldermen
h.re now completed their labors OF o,
.be school project and it rests witt
The The citv school board 10 complex r,
the work and erect the ouiiaine ~ II
CITY school board consists OF a. )