HomeMy Public PortalAbout09-10-1934 Office of Special Council Committee
City of Richmond, Indiana, 33
Monday September 10th, 1934.
The Special Council Committee, Board of Public Works of the City
of Richmond, Indiana, met in regular session at the office of said
Board, Monday September 10th, 193 -, at 9 o °clock A.M. All the mem-
bers of said Board, Messrs, Crebb, Schnieder and Williams being
present , the following proceedings were had, to-wit :
The minutes of the preceeding meeting were read and approved.
The Board unanimously adopted Declaratory Resolution No. 250-1934,
for the vacation of a portion of Dbrthwest"E" Street(formerly Chest-
nut Street ) , -from the west line of Northwest 7th Street to the east
line of the alley east running north & south.
City Attorney -R. K. Shiveley, reported that he had been investigating
as to the -possible sale of the proposed 4360, 000.00 bond issue, and
that he had been informed by leading bond attorneys of the State that
the Richmond issue would not be approved due to the limitations of
the 'l. 50 tax law; he had also been advised by local bankers that
the ponds probably could not be sold in Richmond, also a result of
the 41. 50 law; He had been advised that the bonds probably could be
disposed of if the city would sell below par enough so that a return
equal to six per cent could be realized. The ivlayor, thought the light
plant funds might be used in purchasing the oonds as a direct obli-
gation of the city, which would bridge over a period until the pre-
dicted repeal of amending of the law, following the repeal or amend-
ment of the law, which it was stated is almost a certainty, the bonds
could be disposed of in a regular manner. After some further discussion
in the matter, it was decided to confer with Charles H. Hurd, the
cities consulting engineer on the sewer proj ect, in an effort to
secure more information in the matter.
Claims in the amount of $9405. 54, were allowed.
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• The Board then adjourned,
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Prest . of Board
Attests -
lerk of Boars.