xt75dv1ck422 https://exploreuk.uky.edu/dips/xt75dv1ck422/data/mets.xml Lexington, Kentucky University of Kentucky 1946051 minutes English University of Kentucky Contact the Special Collections Research Center for information regarding rights and use of this collection. Minutes of the University of Kentucky Board of Trustees Minutes of the University of Kentucky Board of Trustees, 1946-05-may1-ec. text Minutes of the University of Kentucky Board of Trustees, 1946-05-may1-ec. 1946 2011 true xt75dv1ck422 section xt75dv1ck422 



     Minutes of the Meeting of the Executive Committee of the Board
of Trustees, University of Kentucky, May 1, 1946.

     The Executive Committee of the Board of Trustees of the Universi-
ty cf Kentucky met In the Presidentts Office at 10:30 a.m., Wednesday,
May 1, 1946.   The following members were present:  Judge Richard C.
Stoll, Chairman; R. P. Hobson, H. D. Palmore, H. S. Cleveland, and
John C. Everett.   President H. L. Donovan and Comptroller Frank D.
Peterson, Secretary of the Board of Trustees, were also present.

     A. Contract for Construction of Men's Residence Hall.

     The Chairman of the Executive Committee, Judge Stoll, reported
that pursuant to authorization of the Board of Trustees, the contract
for the construction of the Residence Hall for Men, at a cost of
$413,200.00, base bid, and the acceptance of alternates 2, 3 and 4,
had been signed by the Vice Chairman of the Board of Trustees, attest-
ed to by the Secretary of the Board, and construction of the building
had begun.   The Comptroller reported that contract documents had been
approved by the Attorney General.

     B. Report of the Comptroller.

     The Comptroller submitted a financial report of operations of
the University for the period July 1, 1945, to and including March 30,
1946.   The following analysis was read to the Committee:

                                        April 27, 1946

     President H. L. Donovan
     University of Kentucky
     Lexington, Kentucky

     Dear President Donovan;

          I submit hereto attached the financial report for the
     period ended Larch 30, 1946.


          During the first nine months of the fiscal year 88.8%
     of the total budgeted income had been realized.   Apparently
     the Realized Income was in a favorable position on the date
     of the report.   However, there is a possibility that the
     income budgeted for Student Fees will not be realized in full
     by the end of the fiscal year,   During the period covered
     by the report only 55.5% of the estimate of Student Fees
     had been realized.   The original estimates and subsequent
     revising of the Student Fee Aconunts were based upon the idea
     that a large portion of the fees of Veterans under Public Laws
     16 and 346 would be available, due allowance being made for
     the fact that such fees were to be paid in arrears. However,



experience has proven that it takes approximately two months
after the close of a quarter to prepare invoices to teet
the requirements of the Veterans Administration and that paY-
mont of the fees is not made until three or four months
after invoices are rendered.   On March 30, 1946, fees of
veterans had been paid through the summer quarter.   The
fees receivable in connection with veterans amounted to ap-
proximately $130,000 on that date.

     State Appropriations were allotted in full on April 1,
1946, In order to realize the entire amount of the appropri-
ations, it is planned to encumber the general appropriations
for the payment of April, May and June salaries.   The bal-
ance of appropriations for Repairs to Buildings and Home
Economics Equipment is to be used to reimburse the College
Revolving Fund in connection with Job Orders.   The balance
of the appropriations for Scientific Laboratory Equipment
and Engineering Equipment is to be used to reimburse the
College Revolving Fund for funds advanced to acquire Surplus
and Excess Government.Property.   Other appropriations have
small balances which will be encumbered before the end of
the year.  No balance of any sizable amount is expected
to revert to the State General Fund.

     Federal Fund Accounts have small unrealized balances
which are expected to be fully realized before the end of the
fiscal year.

     The University has little control over the amount of
income derived through the State Department of Education in
connection with the Smith-Hughes Teaching Act and correspond-
ing State Funds.   A major portion of the estimated income
from this source is expected to be realized.

     Income of Residence Halls amounting to $79,133.17, has
been credited to Clearing Accounts.   This is in process of
being transmitted to the State Treasury. This amount, to-
gether with additional income for April, May and June, should
cause the estimate of Auxiliary income to be fully realized
by the end of the year.

     Other income items are expected to be realized in excess
of the estimates.

     From the standpoint of the total budget, there should be
no large variation between the budget estimate and the total
income realized by the end of the year.


     Expenditures and encumbrances recorded during the period
amounted to 71.9% of the Revised Departmental Appropriations.

     An analysis of the appropriation accounts reveals that
several accounts will close the year with balances, which



    will revert to the unappropriated surplus of the University
    Current General Fund.   It was also apparent that a few ap-
    propriations should be revised to provide for expenditures
    not anticipated in the original budgets and subsequent re-

         The unprecedented enrollment at the registration for
    the Spring Quarter has caused an increase in the expenditures
    of certain of the Administration and General Expense Accounts.
    There has also been an increase in the expenditures of the
    iiaintenance and Operations Division. The current rate of
    expenditures being charged to these accounts cannot be main-
    tained without overdrafts resulting.

         The expenditures charged to the College Budgets and
    Auxiliary Enterprises fall below the budgeted requirements.
    These accounts should complete the year with small credit

          The Experiment Station has submitted a revised budget
    which had not been recorded on 11arch 30, 1946.

                                      Respectfully submitted,

                                         Frank D. Peterson

     The financial statements were examined by the Committee and the
following action was taken:

            - 1. Upon motion duly madet seconded and carried,
                 the report was ordered received and filed.

     C. Budget Additions Authorized.

     President Donovan stated that it was necessary from time to time
to authorize various additions to departmental budgets,    These addi-
tions are required to handle the increased work of the departments,
primarily due to the increased enrollment of the University, and
necessary to provide funds for returhing staff members from leaves of
absence.   He read a list of recommended increases and asked for the
approval of tho Executive Committee,

     The Committee heard the recommendation of the President and took
the following action:



                           * ** * * * * * * *

              2. Upon motion duly made, seconded and carried,
                 the budget increases, as recommended, are
                 authorized, the Comptroller is directed to
                 transfer the amounts from the unappropriated
                 surplus of the general University budget, and
                 the list of increases is ordered filed with
                 the Secretary of the Committee.

     D, Sale of Dormitory Revenue Bonds,

     It was stated that the Board of Trustees, at its meeting April
2, 1946, authorized the issuance of $430,000 Dormitory Revenue Bonds
of 1946, the funds to be used for the construction of a residence hall
for men.   The resolution adopted at that meeting was approved by the
Attorney General, as set forth in the following letter:

                      Commonwealth of Kentucky



                            March 23, 1946

     Mr. Frank D. Peterson
     University of Kentucky
     Lexington, Kentucky

     Dear Sir:

          Pursuant to your request, this office has considered the
     resolution of the Board of Trustees of the University of Ken-
     tucky proposing the issuance and sale of Dormitory Revenue

          The Board of Trustees of the University of Kentucky is
     granted the authority for the issuance of such bonds for the
     purpose indicated by Sections 162.350 through 162.380 KRS.

          A study of the resolution of the Board of Trustees and
     of the proposed bond reflect very few irregularities.    Inas-
     much as the governing body of the University is tge Board of
     Trustees the references throughout the resolution and the
     bond of 4University of Kentucky by its Board of TrusteesW
     or similar expressions should be "the Board of Trustees of
     the University of Kentucky,"   I have indicated on Pages



     3, 6i 10 and 12 of the resolution the places where the
     change should be made4

          The first paragraph on Page 9 of the resolution pro-
     vides that all moneys held in the bond fund or as a reserve
     for contingencies shall be deposited in a bank which is a
     member of the Federal Reserve System and of the Federal De-
     posit Insurance Cprporation.   Quxestion has been raised as to
     the right of the institution to dposit the money in a bank
     and not deposit it with the Treasurer of the Commonwealth of
     Kentucky,   The revenues from the sale of these bonds are
     placed in a special fund which does not become a part of the
     general revenue of the state of Kentucky, but is a special
     fund set apart for the construction of the dormitory, The
     revenues from the use of the dormitory are likewise not
     funds of the state, but are funds earmarked and set aside
     for the redemption of revenue bonds.   As such, it is not
     state revenue and need not be placed in the Treasury of the
     Commonwealth of Kentucky, but may be placed in a bank as
     provided by this section.

          We call your attention to the case of J. D. Van Hooser
     & Co. v. University of Kentucky, 262 Ky. 581, wherein the
     Court of Appeals had before it for its consideration a similar
     bond issue from the University of Kentucky.    The Court of
     Appeals approved the issue there; and that before, being
     similar to that considered by the Court of Appeals, meets all
     the requirements of the statute, and, subject to the above-
     mentioned changes, are in proper legal form.

                                       Yours very truly,

                                       (Signed) Eldon S. Dummit

                                               Eldon S. Dummit
                                               Attorney General

    It was stated that the changes in the resolution recommended in
the Attorney Generalls letter were made, and the resolution adopted
by the Board of Trustees at its meeting April 2, 1946, contained those
changres. The Comptroller reported that, pursuant to direction of the
Board of Trustees on April 2, 1946, he had caused the following ad-
vertisement to appear in the Louisville Times and the Courier-Journal,
Louisville, Kentucky; and in the Bond Buyer, a national publication
issued weekly, and the Daily Bond Buyer, a national publication,




                      UNIVERSITY OF KENTUCKY

                 Dormitory Revenue Bonds of 1946

         PUBLIC NOTICE is hereby given that on April 2, 1946, the
    Board of Trustees of the University of Kentucky at Lexington,
    Kentucky; adopted a resolution,.authorizing and providing for
    the issuance and delivery of $430,000 principal -mount of
    Dormitory Revenue"Bonds of 1946, to be dated June 1, 1946,
    to mature serially on June 1 of each of the years 1949 to
    1976, inclusive, but the bonds maturing June 1, 1952, and
    thereafter, are to be optional for redemption prior to ma_-
    turity on any interest payment date on or after June 1, 1951,
    and any such redemption on or prior to June 1, 1956, shall
    be upon terms of 103 and interest, and thereafter at par and
    interest.   The Executive Committe e of said Board of Trustees
    will meet at the University of Kentucky in the City of Lexing-
    ton, Kentucky, on the

                       1st DAY OF MAY, 1946

    at iG o'clock A.M., and then and there further consider the mat-
    ter of issuing said bonds and also receive and consider propos-
    als for the purchase of said bonds.   The minimum bid to be
    considered will be 102$ of par plus accrued interest.

         Each bidder will be required to qualify by furnishing a
    certified check on a state or national bank in the sum of
    $8,000 payable to the order of the Secretary of said Board of
    Trustees,   Such checks of any unsuccessful bidders will be
    returned after the opening and consideration of the bids but
    the check of the successful bidder will be retained until de.
    livery of the bonds and the amount thereof shall constitute
    the agreed liquidated damages in the event the successful
    bidder fails or refuses to perform in accordance with the
    accepted bid.   In the event that prior to the delivery of
    said bonds the income therefrom to an individual becomes tax-
    able under any f ederal income tax law, the successful bidder
    will be relieved of the obligation to accept delivery and the
    deposited check will be returned on request.

                                       FR ANK D. PETERSON
                                       Secretary, Board of Trustees

         Lexington, Kentucky, on May lst, will be on Daylight Saving

    He also reported that the following statements were issued and
mailed to investment houses making inquiry concerning the issuance of
*430,000 Dormitory Revenue Bonds of 1946,



                               April 29, 1946


     We enclose data concerning the proposed issue of
$430,000.00 University of Kentucky Dormitory fevenue Bonds
of 1946 on which the Board of Trustees of the University
will accept sealed proposals at 10:00 a.m. Central Standard
Daylight Saving Time, May 1, 1946.

    We wish to correct one error contained in this informa-
tion.  On the page headed "Bonded Indebtedness of the Uni_
versity of Kentucky" we make the statement that the bonded
indebtedness of the University is $938,000.00 less than the
maximum eight years ago.   That is not correct, as a careful
examination of the figures on that page will show. You will
note that to retire a like amount of bonds, $507,000.00 of
refunding bonds were issued last year bearing interest

     Further, the proposed $430 000.00 bond issue is call-
able from time to time in part "in the inverse order of
their numbering", on any interest payment date, etc.

     The legal opinion of Messrs. Chapman & Cutler, Chicago,
Illinois, will be furnished to the successful bidder.

                               Very truly yours,

                                   Frank D. Peterson




    On May 1st, 1946, the Board of Trustees of the University of
Kentucky will accept sealed proposals for this issue of bonds at 10:00
AsX., Central Standard Daylight Saving Timie. This issue of bonds has
been advertised in the Bond Buyer and the Courier-Journal and Louisville
Times of Louisville# Kentucky.  The information given below is to pro-
vide prospective buyers with more information regarding this issue of

                        SCHEDULE OF TN4ATURITIES

            Principal Due               Maturity

              11,000                 June 1, 1949
              12,000                 June 1, 1950
              12,000                 June 1, 1951
              12,000                 June 1, 1952
              13,000                 June 1, 1953
              13,000                 June 1, 1954
              14,000                 June 1, 1955
              14,000                 June 1, 1956
              14,000                 June 1, 1957
              14,000                 June 1, 1958
              15,000                 June 1, 1959
              15,000                 June 1, 1960
              15,000                 June 1, 1961
              15,000                 June 1, 1962
              15,000                 June 1, 1963
              16,000                 June 1, 1964
              16,000                 Juno 1, 1965
              16,000                 June 1, 1966
              17,000                 June 1, 1967
              17,000                 June I, 1968
              17,000                 June 1, 1969
              17,000                 June 1, 1970
              18,000                 June 1, 1971
              18,000                 June 1, 1972
              18,000                 June 1, 1973
              18,000                 June 1, 1974
              19,000                 June 1, 1975
              19,000                 Juno 1, 1976
    Total    $430, 000

    Bonds maturing to and including June 1, 1951 non-callable. Re-
maining bonds optional for redemption prior to maturity on any interest
payment date on or after June 1, 1951 and, any such redemption on or
prior to June 1, 1956, shall be upon terms of 103 and interest and
thereafter at par and interest.


                       NEED FOR THIS BUILDING

     As against an average pre-war fall term enrollment of thirty-five
hundred, the present spring quarter enrollment is 4,273. The fall en-
rollment for 1946-47 is estimated to reach six thousand, if housing
foccilities can be found within the City of Lexington, or made available
through other sources by the University. It is estimated by the
administration of the University that the enrollment will exceed five
thousand for many years to come, and will reach and be maintained at
six thousand when housing accommodations can be provided. At the
drescnt time, the University owns and operates three residence halls
for min, normally housing three hundred and thirty students; we are
now housing three hundred and ninety-four in those dormitories. In
normal years, the ratio of men students to women students has been
approximately two to one.  This new dormitory will house men students
and provide recreational and social accommodations for men students
housed in all dormitories for man.


     It is contemplated thr.-t one hundred and. cight men students will
be housed in the proposed residence hall, from which rental income in
excess of seventeen thousand dollars will be derived. The room rental
will be approximately forty dollars pcr ousi'ter per student, collected
each quarter in advance at the time the student registers in the
University. No student is allowed to occupy a room in the dormitory
until his room rent has been paid. The University opert.tes on a four
quarter systcm, therefore the residence halls will be in operation
during the entire year. This housing rental of forty dollars per
quarter is substantially below normal rent rates for housing facili-
ties obtainable from private sources in Lexington. The basement level
floor, and the ground floor in the proposed building will care for
recreational and social needs for students living in all existing men's
residence halls; it will provide for a coffee shop, administrative
offices, director's apartment, etc., which facilities will be leased
directly to the Univcrsity and paid for from income derived from
rental of dormitory facilities to other men students. The income
from this source will not bc less than sixtcen thousand dollars per
year, making a total annual income in excess of thirty-three thousand
dollars.  The total expense of operating the new men's residence hall
will not oxceod ten thousand dollars pcr ennum, allowing for bond
interest and principle retirement an amount in excess of twenty-three
thousand dollars annually as against maximum debt service charges in
any one year of twenty thousand five hundred dollars, Thus the new
dormitory will be self supporting.                       I

     Contract for the erection of the proposed Residence Hall for Men
has been let on a firm competitive bid of $418,000.00 awardEd to the
Hargett Construction Company of Lexington, Kentucky. The contract
has been authorized by the Board of Trustees and executed and perform-
ance bond riven by the contractor.  A work order for commencing actual
construction has been issued. Actual construction will start Immediate-
ly and contract provides that the construction will be completed within
a period of 245 calendar days.



     -le TMiversity of Kentucky is located at Lexington, an urban
community of about 70,000 population. It is a state supported insti-
tution operated under the direction of a board of trustees of fifteen
mcmbcrs. The imembership of this board includes the Governor, the
Su,-,4cpintcndent of Public Instruction, and the Commissioner of Agri-
culture, ex officio, and twelve members appointed by the Governor,
three of whom are alumni of the University and three, members of the
St. to Board of APriculture.  The University is one of a number of
institutions known as land-grant colleges which were established by
the liorrill Act of 1862 and which have continued. to receive federal
assistance under the provisions of this and subsequent lbws relating
to the teaching of agriculture and the mechanic arts and the provision
of agricultural experiment stations and extension services in agri-
culture and home economics.

     The University of Kentucky is on the approved list of the
Associ:.,tion of Americaft Universities, and is a member of the Southern
Associtntion of Colleges and Secondary Schools and the Kentucky Associa-
tion of Collcgts rad Secondary Schools. It is accredited in its res-
pective colleges or departments by the Association of American Law
Schools, the Amcrican Association of Collegiate Schools of Business,
the Amneric-n Association of Schools and Departments of Journalism, the
American Library Association, the National Association of Schools of
Music, and the Engineers' Council for Professional Development,

     The major function of the University is that of instruction. For
the performance of this function it is organized into the College of
Arts and Sciences, the College of Agriculture and Home Economics, the
College of Engineering, the College of Law, the College of Education,
the Colleve of Commerce, the Graduate School, and a Department of
University Extension. Residence instruction is given through four
quarters of approximately twelve weeks each, the summer quarter being
divided into two terms.

     In addition to giving instruction to its student body, the
University contributes to the welfare of the state through research,
experimentation, and public service. While all departments make im-
portant contributions along these lines, certain divisions and bureaus
have been established specifically for these purposes. Included in
this group arc the Experiment Station and the Extension Division of
the College of Agriculture and Home Economics, the Bureau of Business
Research, the Bureau of Government Research, the Bureau of School
Service, the Bureau of Source Materials in Higher Education, the
Personnel Bureau, the Teachers Placement Bureau, the Department of
University Extension, and the Department of Public Relations,

     The University of Kentucky began as a part of Kentucky University
under a cooperative plan authorized by the legislature in 1865. The
purpose of this plan was to unite sectarian and public education under
one organization. This experiment wastried for a number of years. In
the meantime, the federal furds authorized under the Morrill Act were
used to develop agriculture and mechanic arts in Kentucky University,
In 1878, when the people of Kentucky decided to establish a state insti
tution of higher learning, the College of Agriculture and Mechanic
Arts was separated from Kentucky University and reestablished on lands
given by the City of Lexington and the County of Fayette. Thirty
years Lter thQ legislature changed the namo of the institution to the



State University of Kentuckyt and gave It additional financial support.
In 1916 the name was again chanved) this time to the present title,
and additional maintenance wns aeranged by legislative act.


Original bond issue:

P.V.A. bonds, First issue, 1936
Land Trust certificates, Service
  Building, 1936

$ 634,000.00


$ 684,000.00

Bonds subsequently issued:

  P.W.A. bonds, Second issue, 1938
  Land Trust certificates, Kinkead and
    Breckinridge Halls, 1938
  Land trust certificates, Woolley property,
  P.W.A. bonds, refunding issue, 1945




Total bonds issued

Bonds redeemed
Bonds ou.tstanding, October 31, 1945

Bonds outstanding, October 31, 1945
           Consisting of
           507 refunding bonds, $1,000.00 each,
             bearing interest at 1-3/4% due in
             1962 (final payment)
           276 P.W.A. bonds, $1,000.00 each,
             boaring interest at 3%, final
             payment due in 1968
Bonds outstanding, October 31., 1945



8 763,000.00

$ 507,000.00

$ 783t000.00

     Since October 31, 1945 $8,000.00 principle has been paidt leaving
the present bonded indebtedness of the Univwsity at $775,000.00 or
$938,000.00 lcss than the maximum eight years a-ro. During this same
period ovcr $500,000.00 of additional real property has boon acquired
by tho University which has bcon paid for out of current funds.  The
present investment in plant of tho University is z.s follows:


$ 916,000.00
1. , 840o000. 00



l94i-47 rstimr.-ted TIniversitv Income

Inc ome

Total State Appropriations

Total Federal Grants-in-Aid

Total Student Fees

Total Sales, Services, and. Rentals

Auxiliary enterprises

Total Income







    Your attention is called to the above referred to advertised
notices of sale. The information contained hcrein is solely for the
purpose or giving all prospective bidders for the. bond issue more
complete information than is ordinarily practical in the advertised
Noticos of Sales*



     The Comptroller reported that bids were accepted at the Comptrol-
lerts Office up to 1O0O: a.m.; May 1l 1946.   A representative of
Pohl and Company, Inc., Cincinnati, Ohio, and a representative of a
syndicate headed by the Bankers Bond Company, were present.   A bid
was received from a syndicate composed of the following:  The Bank-
ers Bond Company; Security and Bond Company, Almstedt Brothers, Stein
Brothers and Boyce, J. D.Van Hooser & Co., J. J. B. Hilliard & Son,
Edward G.Taylor & Co., and Fox, Reusch & Company, signed by Wood
Hannah, Authorized Agent,

     Mr. Edward F4 OiConnor, representing Pohl and Company, stated
that the group he represented 'ad decided, in view of the recent de-
cline in Government Bonds, not to submit a bid.

     The bid submitted by Mr. Wood Hannah, Authorized Agent for the
Syndicate; Was opened in public, read aloud, and was as follows:

                       The BANKERS BOND Co.
                         Louisville 2, Ky.

                                          April 30, 1946

     Executive Committee
     Board of Trustees
     University of Kentucky
     Lexington, Kentucky


                In accordance with your published Notice of
     Sale which appeared in THE BOND BUYER on April 20, 1946,
     we bid 102 for the entire issue $430,000 DORMITORY REVENUE
     BONDS of 1946 with the specifications as contained in the

               Our bid is for bonds bearing an interest coupon
     of  2%  for maturities     1949       through    1974
     and bearing an interest coupon of l314     for maturities
       1975      through   1976   .   Our- certified check in the
     amount of $8,000 payable to the order of the Secretary of
     the Board of Trustees is attached hereto.

               Respectfully submitted for the consideration of
     your Board of Trustees at its meeting set for 10:00 A.M.
     Central Standard Daylight Saving Time, May 1, 1946.



                                  Yours very truly

                                      The Bankers Bond Co.
                                      Security & Bond Co.
                                      Almstedt Brothers
                                      Stein Bros. & Boyce
                                      J.D. Van Hooser & Co.
                                      J.J.B. Hilliard & Son
                                      Edward G. Taylor & Co.
                                      Fox, Reusch & Company

                           (Signed) By   Wood Hannah
                                         Authorized Agent

     The Comptroller further reported that the above bid represented
a net interest cost of 1.96% on maturities for 1949 to 1976 inclu-

     After due consideration of the bid, the following resolution,
entitled "Resolution Concerning the Sale and Award of 8430,000 Dormi-
tory Revenue Bonds of 1946" was offered by Iember J. C. Everett and
seconded by Miember R. P. Hobson, as follows:

     "Whereas notification of the sale of $430,000 Dormitbry Revenue
Bonds of 1946 has heretofore been given in strict compliance with the
provisions of the resolution heretofore adopted by the Board of Trus-
tees on April 2, 1946, authorizing the issuance of said bonds, and
whereas the best proposal received for said bonds is from The Bankers
Bond Co., Security & Bond Co., Almstedt Brothers, Stein Bros. & Boyce,
J. D. Van Hooser & Co., J. J. B. Hilliard & Son, Edward G. Taylor
& Co., and Fox, Reusch & Company, by their Authorized Agent, Wood
Hannah, now therefore be it resolved by the Executive Committee of
the Board of Trustees of the University of Kentucky, as follows:

    "Section 1: That upon being advised in the premises, it is
hereby determined that the proposal of The Bankers Bond Co.$ Security
& Bond Co., ilmstedt Brothers, Stein Bros. & Boyce, J. D. Van Hooser
& Co., J. J. B. Hilliard & Son, Edward G. Taylor & Co., and Fox,
Reusch & Company, by their Authorized agent, Wood Hannah, of price
of 102, for 8430,000 Dormitory Revenue Bonds of 1946, as advertised,
and bearing an interest coupon of 2% for maturities 1949 through
1974, inclusive, and bearing interest coupon of 1.3/4% for maturities
1975 through 1976, inclusive, is the higrhest and best bid received
and that said bonds be, and same are hereby awarded thereon to sali
The Bankers Bond Co., Security & Bond Co., Almstedt Brothers, Stein
Bros. & Boyce, J. D. Van Hooser & Co., J. J. B. Hilliard & Son
Edward G. Taylor & Co., and Fox, Reusch & Company, by their Author-
ized Agent, Wood Hannah.

     "Section 2: That all resolutions or parts of resolutions in
conflict herewith are hereby repealed."



    Upon roll being called, the following members voted:

       Aye: Stoll, Hobson, Cleveland, Pulmore, Evere