Culbertson council authorizes $18,000 bond sale, accepts low bid and sets bond terms

On May 5 and June 2, 1958 the Town Council of Culbertson took a series of financial actions to fund the planned improvements in Special Improvement District No. 4, according to the council minutes.

At its May 5 meeting the council introduced and adopted Resolution No. 124 to authorize the sale of $18,000 in bonds for the improvement district. On June 2 the council opened bids for the bond sale and moved to accept the lowest bidder; the minutes record the bid-opening and passage of Resolution No. 125 to accept the bid. The council also passed Resolution No. 126 to create a revolving fund, Resolution No. 127 to accept the contract from the State, and Resolution No. 128 prescribing the bond and coupon form to be printed.

The resolutions direct that the cost of the improvement be paid by special improvement district bonds drawn against "Special Improvement District Fund No. 4," that assessments be payable in annual installments over 20 years and that the bonds carry interest at a rate not to exceed 6 percent per annum from registration. The council authorized the mayor and clerk to sign the state contract accepting construction terms.

The minutes record bidders and rates as entered at the bid opening: "National Security Corp. bid 5 3/8," "Grande & Co bid 5.45," and "Ist Nat. Bank of Circle bid 5.4"; the council sold the bonds to the lowest bidder and passed the necessary resolutions to finalize the sale and bond form. The minutes do not record roll-call vote tallies for these motions; each resolution is recorded as passed (motion carried).