HomeMy WebLinkAbout1951-07-19-min 500
SELECTMEN' S MEETING
July 19, 1951
A special meeting of the Board was held on
Thursday, July 19, 1951 at 11:00 A.M. in the
Directors' Room, Merchants National Bank in
Boston for the opening of bids on borrowing
$50,000 for water construction, $95,000 for sewer
construction and $1,740,000 for the new high school.
The members of the Board were notified of the
meeting by mail on Tuesday, July 17, 1951. There were
present Messrs. Nickerson, Emery and Gay of the Board
of Selectmen, Harold E. Stevens, Town Counsel, Miss
Murray, Clerk of the Board, Miss McDonough, Assistant
Town Treasurer, Mr. Barnett, of the Merchants National
Bank, and seven other individuals.
The bids were opened by Miss McDonough and read by
Mr. Barnett as follows.
Joint bid of
Smith, Barney & Co. 1.90% par .532
F. S. Moseley & Co.
Blair-Rollins & Co.
Weeden & Co.
Rockland-Atlas National Bank
First Boston Corporation 1-3/4% coupon bond
at par .059
Joint bid of
First National Bank of Boston 1.80% par .145
Second National Bank of Boston
Esterbrpok & Co.
Lee Higginson Corp.
Hempshill, Noyes, Graham, Parsons Co.
Joint bid of
Bankers Trust Co. 1-3/4% par .10
Harris Trust & Savings Bank
R. W. Pressprich & Co.
Whiting, Weeks & Stubbs
Halsey Stewart Co. Inc . 1.90% par .779
Merchants National Bank of Boston 1.80% par .11
Joint bid of
Phelps, Fenn & Co. 1.80% par .3491 I
Goldman, Sachs & Co.
Stone & Webster Corp.
Wood Struthers & Co.
F. S. Smithers & Co.
501
Mr. Gay moved that the bid submitted by the Bankers
Trust Company et al be accepted.
Mr. Emery asked Mr. Stevens if the possibility of
not being able to obtain steel would affect the situation
and Mr. Barnett said, in connection with this, that 80%
of the money could be reinvested in Federal notes at
interest of 1.6%.
Mr. IInery asked Mr. Stevens if there were any legal
angles involved in this whole matter which, in his
opinion, should be disposed of before awarding the bid and
Mr. Stevens replied in the negative.
Mr. Emery then seconded Mr. Gay's motion and it was
unanimously voted to accept the bid submitted by the
Bankers Trust Company et al.
Upon motion of Mr. Emery, seconded by Mr. Gay it was
voted that the appointment by James J. Carroll, Treasurer,
on March 6, 1951 of Mary R. McDonough as Assistant Town
Treasurer be and hereby is approved and that such approval
be effective as of March 6, 1951 and apply to all acts of
said Mary R. McDonough as Assistant Town Treasurer since that
date.
The meeting adjourned at 11:25 A.M.
A true record, Attest:
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II
WA!
I, Hazel J. Murray , Clerk of the Board of Selectmen
of the Town of Lexington, Massachusetts, certify that at
a meeting of said Board held July 19, 1951, of which meeting
all members of the Board were duly notified and at which a
quorum was present, the following vote was unanimously
adopted, all of which appears upon the official records of
the Board in my custody:
Voted that the sale of the bollowing bonds of the town,
$50,000 1 3/4 per cent Water Bonds (Nos. 1 to 50)
dated August 1, 1951, payable August 1
$50,000 in 1952 to 1961, and reciting
that they are issued pursuant to Chapter
44 of the General Laws as amended and a
vote of the town duly passed.
$95,000 1 3/4 per cent Sewer Bonds (Nos. 1 to 95)
dated August 1, 1951, payable August 1
$5,000 in 1952 to 1970, and reciting that
they are issued pursuant to Chapter 44 of
the General Laws as amended and a vote of
the town duly passed,
$1,740,000 1 3/4 percent School Building Loan, Act of
1947 (Nos 1 to 1740) dated August 1, 1951,
payable August 1 $90,000 in 1952 to 1959
and $85,000 in 1960 to 1971, and reciting
that they are issued pursuant to Chapter
186 of the Acts of 1947 as amended and a
vote of the town duly passed,
to Bankers Trust Company, Harris Trust & Savings Bank,
R. W. Pressprich & Co. and Whiting, Weeks & Stubbs at
the price of 100.10 and accrued interest is hereby
confirmed.
Dated July 19, 1951.
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