St. Tammany farmer., 1922-08-26
PROCEEDINGS OF COVINGTON
~ TOWN COUNCIL.
CONTINUED from page l

l. lIOm pdS6 J
the sinking fund All deposits to
be withdrawn only for the purposes
for which they are intended, and
also furnish approving opinion Of
Jno. c. Thompson, N. Y, and certi-
fed transcript Of proceedings, OR,
u /. Par and accrued interest from
date Of bonds to time they are de-
llivered to us, and in addition there
to premium Of $4,000 subject
to the Following terms: That pro
ceeds arising from sale Of bonds are
to be deposited in Covington Bank g.
Trust Co. without interest. All tax
es collected for payment of principal
and interest are to be deposited in
Covington Bank & Trust Co., inter
est to be paid on daily balances at
rate of 3 IL per cent per annum
Legal opinion of Hon. Jno. C. Thonl-
! sn, N. Y, and certified transcript of
all proceedings to be furnished. OR,
3. Par and accrued interest from
date of bonds to date of delivery,
and in addition thereto premium
of $5,666.00, subject to following
terms: That proceeds arising from
| sale of bonds, as we'll as the taxes
to be collected for payment of prin
cipal and interest, are to be deposit
ed in Covington Bank & Trust Co.,
both without interest, and not to be
| withdrawn for any other purposes
than for which intended. Legal ap-
proving opinion of Hon. Jno. C.
Thomson, and certified transcript Of
all proceedings to be furnished.
The Commercial Bank & Trust
Co., Coyington, La, bid on said
bonds as follows: Par and accrued
interest to date of delivery of bonds
to US, plus j premium Of s3025, con-
tingent upon proceeds from sale Of
above mentioned bonds being de-
posted with the Marine Bank &
Trust Co., New Orleans, Bank of Sill
dell, SIdell, La, and ourselves, with
out interest to the Town of Coving-
ton, La, OF
+ 2. Par and accrued interest to
in addition premium of $3O75.00
for the above mentioned bonGs Of the
proceeds from the sale of these
bonds, together with all tax collec-
tions for payment of principal and
Einterest as same becomes due, are
deposited in Marine Bank & Trust,
CO., New Orleans, Bank of Slidell
fSlidell, La, and ourselves, without
interest to the Town of Covington,
OR,
& 8. Par and accrued interest to
date of delivery of bonds to US, plus
a premium of $1725.00. and will
guarantee to pay 3 II. per cent on
daily balances on the deposit of
either, or both, the proceeds from
the sale of the bonds and the tax
collections.
All three bids with the understand
ing that approving opinion of Hon.
Jno. C. Thomson will be furnished,
with certified transcript of all pro-
ceedings, and that funds deposited
will be guaranteed to be used only
for purposes for which they were
voted
Sutherlin, Barry & Co., bid as fol-
lows, on said bonds:
1. Par and accrued interest to
date of delivery Of bonds to us, and
IN addition a premium of $1701, OR
q 2. If the proceeds from the sale
of bonds are deposited in Commercial.
Bank & Trust Co., Of Covington, La,
without interest to the city, to be
HraWn on as work progresses and to
be used for purpose for which voted,
pnly,. we will pay you par and accru-
ed interest to date o. delivery of
bonds to us and in addition a prem
ium Of S3,OG1.0O.
3. II the proceeds from sale of
bonds aud tax collections for pay
men tot principal and interest as
same become due, are deposited in
Commercial Bank & Trust Co., of
Covington, La, without interest to
the city, to be used only for Dur-
poses for which voted, and drawn on
as work progresses, we will pay you
par and accrued interest to date OF
delivery Of bonds to us and in adds
tion thereto a premium Of $3051.00-
4. II the board desires to accept |
bid for cash only and then desires to
lave their money out on interest |
Rhile being spent, and will deposit
tame in Commercial Bank & Trust |
Eo., of Coyington, La, either the
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