HomeMy WebLinkAbout1924_01_08 Town Board Minutes Special Meeting of the flown Board
TOWN OF MAMARONECK
held Jan. 8th, 1924.
s m • � s s � s �
The meeting was called to order by Supervisor Burton at
8:45 P.M'
PRESENT: Supervisor Burton.,
Justices Boyd and Collins,
Town Clerk Sherman.
The Supervisor stated that the Special Meeting had been
called to receive and open bids in connection with the sale of
$50,000. and $9,000. Sewer District Bonds, respectively.
The Supervisor asked if there were anyone present that
had not submitted thie bid.
On motion duly seconded, it was
RESOLVED, that the call of the meeting be
approved.
On motion duly seconded, it was
RESOLVED, that the bids received for the sale
Of $50,000. Sewer "District Bonds and ;49,000.
Sewer District Bonds, respectively, of Sewer
District fl of the 'Town of Mamaroneck, pur-
suant to Notices of Sale thereof, dated Dec-
ember 19th, 1923, and December 28th, 1923,
respectively, be now opened.
The Clerk proceeded to open and read each of the several
bids received, all of which were on the official form of proposal
furnished by the Town, and accompanied by certified check or checks
in the required amount, , and as follows;
$50.000 SEWER DISTRICT BONDS
Bigelow State Bank - - - - - - - - - - - - 50,525.00
Union National Corporation - - - - - - - - 61,835.00
Geo. B. Gibbons - - - - - - - - - - - - - 52,515.00
Farson Son & Company - _. - - - - - - r - 530320. 50
Sherwood & Merrifield - - - - - - - - - - 520345.00
9 000 SEWn DISTRICT BONDS
Bigelow State Bank - - - - - - - - - - - - 90100.00
Union National Corporation - - - - - -I - - 9,182.70
Geo. B. Gibbons - - - - - - - - - - - _. - 9,117.00
Farson Son & Company - - - - - - - - - - - 90188.30
Sherwood & Merrifield - - - - - - - - - - 9,188. 10
On motion duly seconded, it was
RESOLVED, that the Board go into executive
— session to tabulate and consider the bids
received.
The Board then reconvened.
The Supervisor stated that the Board had considered all
bids that had been received, and was ready to make the respective
awtr ds.
The following resolution was Offered by Justice Collins
and seconded by Justice Boyd:
RESOLVED, that the bid of PARSON SON & COMPANY,
�ar
115 Broadway, New York City, having bid the
sum of $53,320,50 (at the rate of 106,635)
for $500000 par value Sewer District Bonds
of Sewer District #1 of the 'Town of Mamar-
oneck, and accrued interest at the rate borne
by the bonds from the date thereof to the
dite of payment of the purchase price, pursu-
ant to the resolution of this Board and to
the Notice of Sale made in accordance with law,
and the said bid being the highest and best
bid received for said bonds, and, complying
with the terms and conditions of said Notice
of Sale, the said bonds are hereby awarded to
— the said YAPSON SON & COMPANY, and the afore-
said bid is hereby accepted., and the Super-
visor is directed to deliver the said bonds
upon their execution and upon the receipt of
payment being made therefor,
The resolution was put to a vot e, and was adopted am
follows-
Ayes ® Supervisor Burton
Justice Boyd
Justice Collins
'Town Clerk SIterman
Nayes-- «None®
'The Supervisor thereupon declared the resolution adopted.
The following resolution was offered by Justice Collins
and seconded by Justice Boyd:
RESOLVED, that the bid of SRERWOOD & MERRIFIELD,
135 Broadway, New York City, having bid the sum
of $9,188.10 (at the rate of 102.09) for $9,000
par value -Sewer 'District Bonds of Sewer District
#1 of the "Town of Mamaroneck, and accrued int-
erest at the rate borne by the bonds from the date
thereof to the date of payment ocf the purchase
price, pursuant to the resolution of this Board
and to the Notice of Sale made in accordance with
law, and the said bid being the highest and best
bid received for said bonds, and, complying with
the terms and conditions of said Notice of Sale,
the said bonds are hereby awarded to the said
SHERWOOD & MERRIFIELD, and the aforesaid bid is
hereby accepted, and the Supervisor is directed
to deliver the said bonds upon their execution
and upon the receipt of payment being made therefor .
The resolution was put to a vote, and was adopted as
follows:
Ayes - Supervisor Burton,
Justice Boyd,
Justice Uollins,
Town Clerk Sherman
Nayes- .•None-
'The Supervisor thereupon declared the resolution adopted.
Upon motion duly seconded, it was
RESOLITED, that the Counsel be, and he hereby
is authorized and empowered and directed to
take any and all steps which may be necessary
in the premises to consummate the sale of the
aforesaid $50,000 and $9,400 Sewer District Bonds.
Upon the recommendation of Supervisor Burton, it was upon
motion duly seconded, upon POLL CALL,
249
RESOLVED, that the salary of the Clerk to
the Supervisor for the ensuing term be and
the same hereby is fixed at the sum of
$150040 per year.
Justice Collins moved and Justice Boyd seconded the adopt-
ion of the following resolution*
WHEREAS, the 'Town Board of the 'Town of Mamar-
oneck has, in the manner provided by law, and
by resolution dated June lith, 1923, extended
the Sewer District #1 of the 'Town of Mamaro-
-._ neck, and
WHEREAS, the Board of Sewer Commissioners of
Sewer District #1 of the Town of Mamaroneck
has heretofore filed in the office of the 'Town
Clerk a map and plan of said district as ex-
tended, and as required by law, and has report-
ed to the 'Town Board the amount of the cost of
construction of Section 6, which is in the ex-
tension of said sewer district, and the sewer
system determined as required by law, the said
report of said cost reading as follows :
Edgewood Avenue,
Larchmont, N.Y.
January 8, 1923.
Town Board,
'Town of Mamaroneck,
8 Elm Street,
Mamaroneck, N.Y.
Gentlemen*
On November 19th, 1923, this commission opened bids for the
construction of Section 6 of the Sewer System in Sewer District #1 of
the Town of Mamaroneck, as extended. Based on these estimates, we
hereby, report to you that the amount of the cost of the construction
of Section 6 of the Sewer System of Sewer District fl of the 'Town of
Mamaroneck, including Engineers* fees , real estate, rights-of-way and
easements , legal fees , administration and miscellaneous expenses in
connection therewith will be $180,000.
We. therefore, request that you immediately authorize and
direct the issue and sale of bonds for the aforesaid amount herein
reported, to wit - $180,000, which is in addition to the amount of
Sewer Bonds heretofore authorized and sold..
Yours very truly,
((Board of Sewer Commissioners
(%ewer District No. 1
((Town of Mamaroneck
NOW, THEREFORE, BE IT RESOLVED by the Town
Board of the 'Town of Mamaroneck*
1. $1800000 Sewer District Bonds of the Town of Mamaroneck
shall be issued pursuant to the provisions of the 'Town La, constitut-
ing Chapter 62 of the Consolidated Lairs of the State of New York and
of Chapter 422 of the Laws of 1922 of the State of New York. Said bonds
shall be dated January 1, 1924, shall bear interest at the rate of
four and one-half per centum (4-1/2%) per annum, payable semi-annually
on January lot and July let in each year, and shall be one hundred
eighty (180) in number , numbered from 1 to 180 inclusive, of the de-
nomination of $1000 each. Said bonds shall mature $4000 on January 1st
in each of the years 1929 to 1973 inclusive, and. shall be substantially
in the following forms
No, $1000.
UNITED S'TA'TES OF AMERICA
S'TA'TE OF NEW YORK
251
COUNTY OF NESTCHESTER
SEM DISTRICT NO. 1 OF THE 'TORN OF MAMARO, CK
SEWER BOND, SERIES C.
The Town of Mamaroneck in the County of Westchester, a
municipal corporation of the State of New York, for value received,
promises to pay to bearer , or if this bond be registered, to the
registered holder hereof, on the first day of 19 ,
the sum of One 'Thousand Dollars ($1,000.) and to pay interest there-
on at the rate of four and one half per centum (4..1/2/0) per annum,
payable semi-annually on January let and July let in each year,
upon presentation and surrender as they severally mature of the
— coupons therefor annexed hereto, or if this bond be registered,
then to the person in whose name it is registered. Both principal
and interest of this bond are payable in lawful money of the United
States Mortgage & Trust Company, New York City.
This bond may be converted into a registered bond, as
provided by the General Municipal Law, and be registered in the books
of the Town Clerk, and thereafter is transferable only upon present-
ation to the Town Clerk of said Town with a w ritten assignment duly
acknowledged or proved. Upon presentation thereof, with such
assignment, the Clerk will note such transfer on this bond and on
said books.
This bond is one of an issue of $150 ,000. of like date
and tenor, except as to maturity, numbered from 1 to 180 inclusive,
maturing in order as numbered, $4000. on January let in each of the
years 1929 to 1972, inclusive, issued pursuant to the provisions
of the Town Law constituting Chapter 62, of the Consolidated Laws
of the State of New York, and Chapter 422 of the Laws of 1922 of
the State of New York, and by virtue of a resolution of the Town
Board of the Town of Mamaroneck, duly adopted January 8th, 1924.
- It is hereby certified and recited that all conditions,
acts, and things required by the Constitution and Statutes of the
State of New York to exist, to have happened and to be performed
precedent to and in the issuance of this bond, exist, have happen-
ed and have been performed, 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 Constitum-
tuion and Laws of said State.
IN WITNESS THEREOF, the 'Town of Mamaroneck in the County
of Testcheater, has caused this bond to be signed by its Supervisor ,
and the seal of said Town to be hereunto affixed and attested by
its Town Clerk, and the coupons hereto annexed to be authenticated
by the facsimile signature of its Supervisor, and this bond to be
dated January 1st, 1924.
(Corporate Seal) Wupervisor of the To of Mamaroneck
ATTEST:
Town Clerk.
(FORM OF COUPON)
Series C $22.50
No.
'The Town of Mamaroneck in the County of Westchester, will
pay to the bearer on the 1st of 19 , the sum of Twenty-two
and 50/100 Dollars ($22. 50) in lawful money of the United States of
Americ a, at the of floe of the United States Mortgage & 'Trust Company,
New York City, being six months interest then due on its Sewer Bond
Series 'C dated January let, 1924, bearing number
"TOWN SUPERVISOR
5
�5„
(CONVERSION CERTIFICATE)
WE HEREBY CERTIFY that upon the presentation of the with-
in bond with a written request by the owner thereof for its con-
version into a registered bond, we have this day cut off and de-
stroyed coupons attached thereto, numbered from to
inclusive, of the amount and value of Twenty-two and 50/100
Dollars ($22, 50) each, amounting in the aggregate to
Dollars, and that the interest at the rate of four and one half
per centum (4-1/26) per annum, payable semi-annually on the first
days of January and July in each year, as was provided by the
coupons, as well as the principal, is to be paid to
legal representatives, successors or assigns , at the United States
Mortgage & Trust Company, New York City, the place stated in the
coupons.
Supervisor of the Town of Mamaroneck
Toy CClerk.
DATED*
19
(FORM OF REGISTRATION CERTIFICATE)
IT IS HEREBY CERTIFIED that the within bond was this day
registered in the name of the payee above named in the books kept
in the office of the Town Clerk of the 'Town of Mamaroneck, in the
County of Westchester, and is transferable only upon presentation
to said Clerk with a written assignment duly acknowledged or proved,
at which time the name of the assignee shall be entered hereon and
in said books by said Clerk.
IN WITNESS WHEREOF, I have hereunto set my hand and
official seal this day of , 19
Town Clerk.
(FORM OF REGISTRATION CERTIFICATE)
Date of Name o Registered
$egistration Registered Holder By
2.
The 'Town of Mamaroneck hereby convenants to pay the principal
and interest of the said bonds as the same shall become due by levying
and collecting an assessment or assessments on property of the district
at such time or times and in such amounts as may be necessary therefor.
The 'Town of Mamaroneck further convenants that in case of a default in
carrying out the terms of the foregoing eonvenant the said flown will
raise by tax upon all the taxable property in said Town from time to
time a sum or sums sufficient to pay the principal and interest of
said 'ponds as the same may be or shall become due.
a. The said bonds authorized by this resolution shall be sold
255
upon sealed proposals upon notice published not lees than five or
more than thirty days before such sale, at least once in 'The Larch-
monter Times, which is designated the official newspaper of said
'Down for the purpose of such publication and also in The Daily .Bond
Buyer, a financial newspaper published in the City of New York. Said
notice of sale shall be substantially in the following form:
NOTICE OF SALE
SEWER DISTRICT NO, 1 OF THE 'TOWN OF MAMARONECK
$1800000. SEWER DISTRICT BONUS.
Sealed proposals will be received by the Town Board of the
Town of Mamaroneck on January 23rd, 1924, at 8:30 P.M, o'clock at No.
8 Elm Street, Mamaroneck, New York, for the purchase of $180,000
Sewer District Bonds of said Town. Said bonds will be of the denomin-
ation of $1,000 each, will be dated January let, 1924, and will mat-
ure $4,000.00 on January 1st in each of the years 1929 to 1973
inclusive.
Said bonds will bear interest at the rate of four and one-
half per centum (4..1/20 per annum,, payable semi--annually on January
1st and July let of each year. Both principal and interest will be
payable in lawful money of the United States of America at the office
of the United States Mortgage and Trust Company, New York City. The
bonds will be coupon bonds, with the privilege of registration as to
both principal and interest.
'The right is reserved to reject any and all bids and any
bid not complying with the terms of this notice will be rejected.
'The bonds will not be sold for less than par and in addition
to the amount bid, the successful bidder must pay accrued interest
at the rate borne by the bonds from the date of the bonds to the date
of payment of the purchase price.
i
All bidders are required to deposit a certified check pay-
able to the order of the Town of Mamaroneck, for two per centum (412)
of the amount of bonds bid for, drawn upon an incorporated bank or
trust company. Checks of unsuccessful bidders will be returned upon
the award of the bond s. No interest will be allowed upon the amount
of the check of a successful bidder and such check will be retained
to be applied in part payment for the bonds or to secure the Town
against any loss resulting from the failure of the bidder to comply
with the terms of his bid.
'The bonds will be prepared under the supervision of the
United States Mortgage & Trust 'Company, which will certify as to the
genuineness of the signatures of the officials and the seal impressed
thereon.
Bids are desired on forms which will be furnished by said
Trust Company or by the undersigned,
Proposals should be addressed to the Town Clerk, Mamaroneck,
New York, and enclosed in a sealed envelope marked on the outside
"Proposal for Sewer Bonds.1
The successful bidder will be furnished with the opinion of
Messrs. Hawkins, Delafield and Longfellow, of New York City, that the
bonds are binding and legal obligations of the Town, payable in the
first inst=ance from assessments and not from a general town tax, which,
however, may be levied if there is a shortage in the primary fund.
By order of the "Down Board of the 'Town of Mama roneck.
FREDERICK M. SHERMAN,
Dated: Mamaroneck, N.Y, January 8th, 1924. Town Clerk.
Th^- question being taken v.pon the for-.gci ng re, on,
the same vas upon ROLL CALIF, unanimously adopted.
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Upon motion the meeting adjourned at 11:15 P,M,
- O-�
'down Clerk,