HomeMy WebLinkAbout1938_05_12 Town Board Minutes A
SPECIAL iV,EETISSG OF TNT TO�41! BOARD
TOWN OF IJAMARONECK, NE'd YORK
HELD N'AY 12, 1938
At the Town Office, 158 ',Nest Boston Post Road, Mamaroneck, Ili. Y.
The meeting was called to order by Supervisor I,IcCulloch at
2 P. ir. Eastern Standard Time (3 P. 21. DaC'light Saving Time ) .
Present : Supervisor McCulloch
Councilmen Bates, Griffin, Mandeville, tveginniss
Absent: None
The presence was also noted of Town Clerk Payne, Town Attorney
Delius and Comptroller Luceno.
The Supervisor stated that the meeting was called for the
purpose of receiving pi°opPosals for 19 000 Highway Bonds and : 29, 000
Highwa;;r Drainage Bonds .
The Town Clem reported that due notice of the sale of these
bonds had been given as required b-,
law and submitted affidavits to
that effect .
The Supervisor inquired if there were any persons present
who desired to submit proposals who had not already done so. There
being; no one, the Supervisor opened. the Proposals which sbowed as
follows:
Rame of Bidder
Rate of Interest Amount Bid
A. C. A11zm &c Co. , 40 Wall Street 3. 60 as 485138.24
Geo . B. Gibbons & Co . , 49 Wall Street 3. 70 48,155 .52
Roosevelt L 'ffeigold, 40 'a!all Street 3. 70 48,153. 60
R. D. .White &: Co. , 120 Broadway 3. 70 48,138.72
The following resolution was offered, moved and seconded:
iV=REAS, pursuant to the resolution passed by this
Board on April 20, 1938, ,'19,000 Highway Bonds and
x'29, 000 Highway Drainage Bonds of the Town of
Mamaroneck have been duly advertised for sale on
notice published in the Iviamaroneck Daily Times, the
official newspaper of the Town, sealed proposals
to be received and considered at 2 o' clock P . TE.
Eastern Standard Time, on the 12th day of flay, 1938;
and
'NFaREAS, at the time and place fixed for the receipt
of bids, the following bids were received for said
bonds:
Name of Bidder Rate of Interest Amount Bid
A. C. Allyn a Co. ,
40 'Nall Street
3. 60
481138.24
Geo . B. Gibbons �
Co . , 49 Wall Street
3. 70
485155.52
Roosevelt i l'Neigold,
40 Yirall Street
3.70
48,153. 60
R. D. White & Co. ,
120 Broadway
3.70
483138.72
INA_EREAS,
the lowest rate of
interest bid for
said
bonds, stated
in a--multiple
of one-quarter or
one-
tentL, of
one per centum per
annum, was 3.60
per cent;
and
NHEREAS the highest and best bid complying with the
terms of sale, at such lowest rate of interest was
the bid. of A. C . A11yn a Co . , Inc. a'no offered to
purchase said bonds at said rate of interest and to
pad* therefor par value, accrued interest and a premium
of 138.24.
M
NO''V, THLRET'ORE' BE IT RESOLVED by the Town Board of
the 'Town of ;Mamaroneck, New Uork, as follows:
Section 1 . That the bid_ of the said A. C. Allyn M Co.
be and the same is hereby accepted, and said 119,000
Hi-laway Bonds and 29,000 Y,ighffra- Drainage Bonds, bear-
ing, interest at the rate of 3. 60 per centum per annum,
are hereby awarded to the said A. C . Allyn & Co. at
the price aforesaid..
Section 2. That said bonds shall be issued in sub-
stantially the following form and in substantial accor-
dance with the following =,4emorandum of Details:
�MORANDUP.1 OF DETAILS
° 48,000
TO'iIN OF i'lQU4RO17ECK, NEW HORN
COUPON BONDS
Designation: Highway Bond.
Amount : $19,000.
Date : Zav 15, 1938.
Denomination: x:1, 000 each.
Numbers : 1 to 195 inclusive .
Interest: 3. 60 per centum per annum, payable semi-
annually on November 15 and 1.1av 15.
Maturities : In numerical order, on ',`ay 15 in the amounts
and ;years as follows : '„)1,000 - 1939 to
1957, inclusive .
Purpose : (for the purpose of ) pa;;-in the cost of ac-
quirin� lands for right-of-*Tray for a county
road in said Town.
Statute: ( including among others) the County Law, the
Highway Lary and Chapters 42 and 707, Laws of
1936.
Proceedings: (issued pursuant to) proceedings of the Board
of Supervisors of the Count- of 'Zestchester
and the Town Board of the Town of Mamaroneck.
Designation: Highway Drainage Bond.
Amount e929.000.
Date : May 15, 1938.
Denomination: 01,000 each.
Slumbers : 1 to 29, inclusive .
Interest : 3.60 per centum per annLun, payable semi-
annually on November 15 and Ilan 15.
Maturities : in numerical order, on h4ay 15 in the amounts
and years as follows: 5`'#'2, 000 - 1939, � 3,000 -
1940 to 1948, inclusive.
Purpose : (for the purpose of ) paying the cost of draining
and improving certain highways in said Town.
Statute: ( including among others ) Chapter 707, Laws of 1936.
Proceedings; (issued pursuant to ) proceedings of the Town
Board of the Town of -Inaniaroneck.
UNITED STATES OF ATFE RICA
STA'T'E OF NEW YORK
COUNTY OF 'VES'TCH STER
T099pT OF' KA11ARONECK
No .
BOND
W 000 .
The TO-'WN OF MADFAROiLCK, a municipal corporation of the
State of PTew York, hereby acknowledges its indebtedness
and for value received promises to pay to bearer on the
fifteenth day of 2ay, 19_ the sum of One Thousand
Dollars ($1, 000) , together with interest thereon
from the date hereof at the rate of per centum
per annum, payable semi-annually on the fifteenth days
of November and May upon presentation and surrender of
the annexed interest coupons as the sa:ie respectively
mature . Both principal and interest of this bond are
payable in lawful money of the United. States of America
at The National City Bank of New York, in the City and
State of New York.
This bond is one of an issue of bonds of like date
and tenor, except as to number and date of maturity,
and is issued for the purpose of
(Insert )
pursuant to and in strict compliance with the Constitution
and statutes of the State of Ne-v York, including among others
(Insert )
and is issued pursuant to
(Insert)
duly had and taken in all respects authorizing the same .
It is hereby certified, recited and declared that
all acts, conditions and things required to exist, to
happen and to be performed precedent to and in the
issuance of this bond, exist, have happened and have been
performed. in due time , form and manner as required by
law; and that the issue of bonds of which this is one,
together with all other indebtedness of said Town is
within every debt and other limit prescribed by the
Constitution and laws of the State of Nev,, York. The full
faith and credit of said TovJn are hereby irrevocably
pled ed for the punctual payment of the principal and
interest of this bond. according to its terms.
This bond may be converted into a registered bond
in accordance raith the provisions of the 'ce eral Munici-
pal Law. if this bond be registered, the interest hereon
at the request of the registered owner will be remitted
by mail with New York exchange .
IN WITNESS W=REOF, the Town of iviainaroneck has
caused this bond to be signed by its Supervisor and
attested by its Town Clerk under the corporate seal
of the Town of iviamaroneck and the interest coupons
hereto annexed to be authenticated by the facsimile
signature of its Supervisor and this bond to be dated
as of the fifteenth day of THay, 1938.
ATTEST:
Town Clerk
TOWN OF IVIAMARONECK
By
Supervisor
(FORD! OF COUPON)
No. 6 _
November,
On the fifteenth day of May, 19
the Town of Mamaroneck, a municipal corporation
in the State of New York,
sum of
City Bank of New York, in
being six months' interes
No.
will pay to the bearer the
Dollars at The National
the City and State of New York,
t then due on its
Bond,
dated Pi1ay 15, 1935
pervisor
°Righway or Highway Drainage,
CERTIFICAT^; OF CONVERSION INTO A FULLY REGISTERED BOND.
Upon the written request of the owner of the within
bond for its conversion into a fully registered bond,
I have this day cut off and destroyed
coupons annexed to this bond amounting in the aggregate
to Dollars
( j ) , and the interest on this bond at the rate
and on the dates as was provided by the coupons as well
as the principal thereof will hereafter be paid to
legal
representatives, successors or assigns, at the place of
payment specified therein, or, at the request of the
registered owner, the interest will be remitted by mail
with New York exchange . This bond hereafter will be
transferable on the books of the Town Clerk of the Town
of mdamaroneck, in the County of 'destchester, New York,
or other Registrar only on presentation of the same
with a written assignment duly acknowledged or proved.
Dated_
19
( Official Title )
Date of Registry: Name of
Registered Owner
Signature of
Registrar
I
Section 3. That said bonds shall be signed by
the Supervisor and attested by the Town Clerk under the
corporate seal of the Town, and the interest coupons shall
be signed with the facsimile signature of the Supervisor.
Section 4. That there shall be raised annually by
tax upon the taxable property in said Town a sum sufficient
to pay the principal of and interest on said bonds when the
same respectively beco_mie due and. payable .
Section 5. That when said. bonds shall have been duly
executed the sane shall be delivered to the purchaser upon
payment of the purchase price to the Supervisor and the
receipt of the Supervisor shall be a full acquittance to
said purchaser who shall not be obliged to see to the ap-
plication of the purchase money.
Section 6. That all resolutions and parts of
resolutions heretofore adopted, particularly the resolution
adopted on April 6, 1938, providing for the form of said
U19,000 Highway Bonds, to the e -tent that they are in-
consistent herewith be and the same are hereby amended and
superseded.
Section 7. That this resolution shall take effect
immediately.
The question of the adoption of the foregoing resolution
was duly put to a vote which resulted as follows:
AYES: Supervisor LcCiulloch
Councilman Bates
Councilman Griffin
Councilman i,4andeville
Councilman Dleginniss
NOES: None
The resolution was thereupon declared duly adopted.
On motion duly made and seconded it was unanimously
Pa SOWED, that the Clerk be and he hereby is
directed to return to the unsuccessful bidders
their bid checks .
At 2:45 P. Y. eastern Standard Time the Board unanimously
resolved to adjourn.
Town Clerk