The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1925-01-01
:COUNCIL PROCEEDINGS:

JoNAiioo oSoolOH OI the COM
mon Council held December 10,
1924 at 7:3O P. M. with all the mem
bers in attendance.
The Clerk read the Affidavit of
publication of Notice of Sale of
Special Paving Improvement No. 1 in
the sum OF $1,000. 90 and for Special
Paving improvement No. 2 in the
sum Of $4,000 and there being no
out side bidders the certificates were
offered at auction to the best bidders.
The $4,000 issue was offered
first. The First National Bank start
ed the bid at 5 ~ %; The Merchants
National Bank and The First State
Bank bid 81 % and by successive
bids, the rate was reduced until The
Merchants National Bank and The
First State Bank bid AZ % and a
premium of $1,000 and the issue was
sold to these banks at that rate.
Alderman Cass offered the follow
ing Resolutions and moved it's adop-
ton, viz:
RESOLUTION ACCEPTING BID
FOR CERTIFICATES OF IN
DEFICIENCIES FOR SPECIAL
PAVING IMPROVEMENT NO. 2
AND FIXING RATE OF INTER-
EST THEREON
BE IT RESOLVED by the CITY
Council of the City of Sank Centre.
Stearns County, Minnesota, that the
bid of Merchants National Bank of
Sank Centre, Minnesota and First
State Bank of Sank Centre, Mime
sofa for Nineteen Thousand two Hun
dred Dollars ($19,2OO) of certificates
OF Indebtedness of the City of Sank
Centre for Special Paving Improve
ment No. 2, which bid is to accept
said bonds bearing rate of interest
at four and one-half per cent az 20
per annum plus premium of Ten
Dollars ($1O), and which bid is not
less than par and accrued interest on
said certificates and is the highest |
and best bid received for said bonds,
and is deemed to be for the best in
terests of said city and is hereby ac-
copied and the officers of said city are
hereby required and directed to de-
liver said bonds, when duly executed
to the purchaser thereof upon pay
ment into the City Treasurer of said
City of the purchase price thereof,
same being not less than par and
accrued interest, and the purchaser
shall not be obliged to see to the ap-
olication of the proceeds thereof.
BE 1T FURTHER Resolved
hat the rate of interest which said
certificates shall bear and at which
hey shall be issued is hereby fixed
md determined to be the rate of four
md one-half per cent az %) per
annum and that said certificates shall
'e issued otherwise in strict conform
ty with the resolution of the City
Council passed and adopted on De-
ember Bird, 1924.
Alderman Wakefield seconded the
notion to adopt the foregoing Resolu-
ion and it was unanimously carried.
The $1,000 issue was then offered
md the Merchants National Bank
md First State Bank jointly offered
20; The First National bid 4-%9eI
nd by successive bids the, rate was
educed to Az % and a premium of
5000 and this issue was sold to the
1erchants National Bank and The
irst State Bank.
Alderman Wakefield offered the
GLOWING Resolution and moved its
doption, viz:
RESOLUTION ACCEPTING BID
FOR CERTIFICATES OF IN
{ DEFICIENCIES FOR SPECIAL
PAVING IMPROVEMENT NO. 1.
AND FIXING RATE OF INTER-
EST THEREON.
BE 1T RESOLVED by the City
'ouncil of the City of Sank Centre,
learns County, Minnesota, that the
i'd of Merchants National Bank of
aux Centre, Minnesota, and First
tate Bank of Sank Centre, Mime
ota for Seventy Nine Hundred Dol
fQH0nnt - i