The Ely miner., 1924-01-18
PROCEEDINGS OF THE
SCHOOL BOARD
DISTRICT NO. Il.
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A regular meeting OF the Board
of Education of INDEPENDENT
SCHOOL DISTRICT NO. IL, ST.
Louis County, Minnesota, was held
at the Office of the Board of Educa-
tion in the High School in the City
of Ely in said District on the 9Th
day of January. 1924, at 8 o'clock
p. M, lue notice of said meeting
having been served upon all mem
bers of said Board. The meeting
was called too order by the Chair
man, VIM. Olds, Jr. and ]. E.
Thompson was appointed Temporary
Clerk.
Upon call of the roll, the follow
ing members were present: VIM.
Olds, Jr., Chairman, ]. E. Thomp-
son, Temporary Clerk, Jack Gianotti
and Thomas Harri. Absent: Leon.
ard Slabodnik and Kenneth Dun
can.
Moved and supported that the min
utes of the regular meeting of Dec
ember IL, 1923 and special meetings
of December 18, 21 and 27, 1923 be
approved as read. Motion carried
unanimously.
The Chairman declared that the
first order of business was the re-
ceiving and considering of bids for
the purchase of Four Hundred
Thousand Dollars ($400,000) OF
School Building bonds of said school
district. Whereupon the Clerk pre-
sented and read the published Notice
of Sale of 100000. School Build
ing bonds of the District, advertised
to be sold at this time and place,
and presented Affidavit of Publica.
tion showing publication of said
Notice for period of at least two
weeks in the ELY MINER, a quail
fed newspaper published at Ely, in
st. Louis County, which the Chair
man directed to be filed.
Thereupon the Board proceeded
to open the bids received and found
that the following bids were made
in compliance with the terms of said
advertisement:
Drake-Jones Co., of Minneapolis,
Minnesota, $400,000.00 bonds at
five and one-half (51sTo) er cent.
per annum at par plus accrued in
terest from date of bonds to date of
delivery and premium in the amount
of $4,000 with 80 day option on
$3O0,000.00 from January 8, 1924.
The First National Bank of Du-
luth, Minnesota offered to find a
purchaser for $4O0,O00.OO bonds at
five and one-half $3.50 per cent.
per annum at par. plus accrued in
terest from date of bonds to date of
delivery, for a commission in the
amount of $15,000.OO.
Wells-Dickey Co., of MINNEAPOLIS.
Minnesota, $400,000.00 bonds at five
and one-half (5k 8o) per cent. per
annum at par plus accrued interest
from date of bonds to date of deliv-
cry and premium in the amount of
$48O.0O.
After consideration of said bids
Mr.. Jack Gianotti offere the fol-
lowing resolution which was sec
onded by Mr.. Thomas Harri.
RESOLUTION.
BE 1T RESOLVED, by the Board
of Education of INDEPENDENT
SCHOOL DISTRICT NO. 12, st.
Louis County, Minnesota, that the
bid of Wells-Dickey Company. of
the City of Minneapolis, State of
Minnesota, for Four Hundred Thous-
and Dollars ($400,000.) School
Building bonds of said School Dis
trict, to be dated June 1, 1928,
bearing interest at the rate of Five
and one-half per cent. $500 per
annum, payable semiannually, at a
price of par and accrued interest
and premium of $4,000, is here
by determined to be the most favor
able to said District of all bids re-
ceived therefor, and it is deemed to
be for the best interests of said his
trict to accept said bid, and said bill
is hereby accepted.
BE 1T FURTHER RESOLVED.
that the rate of interest which said
bonds are to bear is hereby deter
mined to be interest at the rate of
five and one-half (5hIo) per cent.
per annum, payable semiannually,
and that said bonds shall be execut-
ed and issued accordingly; and that
the interest coupons due December
/, 1928 shall be detached from said
bonds and cancelled prior to deliv-
cry thereof, and the Treasurer shall
collect accrued interest from the
purchaser from December 1, 1923 to
date of payment.
The above resolution was put to a
vote by the Chairman and was un-
animously adopted as follows:
AYES: VIM. Olds, Jr., J. e.
Thompson, Jack Gianotti and Thomas
Harri.
NAYS: None.
Whereupon the Chairman de-
,lared the resolutions duly adopted. !
VIM. OLDS, JR.,
Chairman of Board of Education. !