HomeMy WebLinkAbout1958-08-28 Minutes336
La�suit The City Attorney reported that there was a possibility that the lawsuit of the North
di cussed ighway 71 Water Line and The North Highway 71 Water Association V9 The City of Fayetteville,
as to krkansas, and Dr. Helstern could be settled without going to the Arkansas State Supreme •
compromise, jourt,
after a long discussion, Alderman Kent moved that the "later Committee, City Engineer, and
City Attorney meet with Dr. Helstern and his attorney to explore the possibilities of a
settlement of the case of the North Highway 71 Water Line and The North Highway 71 Water
jssociation VS The City of Fayetteville and Dr. Helstern.
The motion was seconded by Alderman Hatfield and passed unanimously.
There being no further business, Alderman Walker moved to adjourn. The motion was seconded
P Alderman Burgin and passed unanimously, whereupon the Mayor declared the meeting
adjourned.
APPROVED: —
AUSTIN- PARISH, MA
TTEST:
Eatlw Xe'VAVi6,CITY CLERK
Special The City Council of Fayetteville,nArkansas, met in special session on Thursday, August 28,
Session. 1958, at 1:00 P.M.
Present: Mayor J. Austin Parish, City Clerk George J. Davis, City Controller Albert J.
Jones, City Engineer W. C. Smit�A,City Attorney A. D. McAllister 'Jr., and Aldermen:Lynn
Smith, Ellis Burgin, Webb Williams, Herbert Hatfield, Dale Kent, and Bryan Walker.
bsent: Aldermen Ralph Barnhart and Bruce Lunsford,
The Mayor stated that the purpose of the meeting was to consider the leasing of certain
property for Off -Street Parking Facilities and to conduct the auction sale of the 1958
Water and Sewer Revenue Bonds and to make a final decision to accept or reject the lowi
bid on these bonds.
Off -St. �fter a long discussion, Alderman Burgin moved that as a second phase in the projected
Parking overall program of acquiring additional "Off -Street Parking'•Facilities" within the corpo
Lot Rte limits of the City of Fayetteville, Arkansas, that the Mayor and City Clerk be and
Leased. they are hereby authorized to execute a lease agreement with The Fulbright Investment CoF
whereby the City would lease for "Off -Street Parking" certain real estate located in thel
rear of J. C. Penney Co., on the South side of the Square for a period of, up to,25 years
at an annual rental of $2,000.00 per year plus the taxes and with an option to purchase
after the expiration of two years on condition, however, that an association of local
merchants interested in underwriting a percentage of the total annual net loss, if any,
which might be sustained by the -City in connection with the maintenance and operation of
Paid parking facilities, ente8 into a satisfactory agreement with the City for such
undertaking.
The motion was seconded by Alderman Williams and passed unanimously.
he Council then recessed at 2:00 O'clock P.M. to reconvene in the Hospitality Room of
he Arkansas Western Gas Co. where the Mayor announced that pursuant to prior advertise-
ents for bids heretofore published, the time had arrived to sell at public auction, the
958 Water and Sewer Revenue Bonds. Thereupon the Mayor called upon Mr. Dallas P.(Pete)
aney, financial advisor for the City, to conduct the public auction sale of the bonds
nd requested the City Clerk to tabulate the bids.
t 3:45 O'clock P.M., Mr. Dallas P.(Pete) Raney, Financial Advisor for the City, reporte
hat Stephens, Inc., Little Rock, Arkansas, had submitted a low interest rate bid of
.3437 per cent.
fter discussion and consideration of the low bid offered, Alderman Hatfield made a
otion, seconded by Alderman Williams, that the City of Fayetteville, Arkansas, offer to
ell the bonds to Stephens, Inc., at an average interest rate of 4.30 per cent with the
onds to be delivered on or before October 1,1958, and that the Mayor and City Clerk be
nd they are hereby authorized to sign the acceptance.
he motion was passed unanimously. Stephens, Inc.,then accepted this offer.
lderman Hatfield then moved that the Council extend a vote of Thanks to all the bidders
iz. Stephens, Inc., Hill -Crawford Co., Rauscher -Pierce Co., Dabbs -Sullivan Co., as well
s to the local bankers, and others for their interest in the public auction sale of the
onds. The motion was seconded by Alderman Burgin and passed unanimously.
here being no further business, the meeting was adjourned.
APPROVED:
ATTEST:� A S ,MAYOR
S, Ci�l; K
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