08-10-1934 Regular Meeting
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Minutes recular ad.journed meetinl Clermont City Council
held at the City Hall August 10, 1934
Meetinl called to order at 8;15 P.M. by President Miller
Councilmen present Kern, Aeene, Roe & House and Attorney
Westbrook.
Attorney ~Vestbrook stated that he had been in several
conferences with the Bondholders Committee and that the
Committee had advised him that they seemed to have all the
bonds deposited with them that they are goi~C to cet whiek
!s not the necessary fifty one per oent to let into Court
under the Wiloox Federal Munucipal Debt Adjustment Act,
and advised that the City try to contact enouch bondholder.
to make up the balance of fifty one pereent.
After some discussion with reference to a procram it seemed
acreeable to the Council that we make the bondholders a
proposal that we issue Class "A" bonds l!q!l whieh will be a
direot tax oblication upon tke City in the amount of $250,000
and Class liB" non interest bearinc bonds with no due date
for the remaininl portion of bonds and interest ww owe.
Class "A" bonds to draw 3% interest the first five years
and 6% from then on to maturity.
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There being no
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