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Culbertson council approves $18,733.98 warrant-funding bond sale at 5.75%
Summary
The Town of Culbertson approved and awarded a warrant-funding bond issue totaling $18,733.98, setting a serial-bond repayment schedule from 1931 to 1950 and authorizing officials to obtain a legal opinion and deliver bonds to the purchaser.
The Town Council of Culbertson on Feb. 25, 1930 completed arrangements to fund outstanding warrants by issuing serial bonds totaling $18,733.98 and awarded the sale to the highest-ranked bidder recorded in the council minutes. The council found serial bonds to be more advantageous than amortization bonds and accepted the bid presented to the record at an interest rate recorded as 5.75% per annum. Mayor J.E. Rucker presided; the clerk presented proofs of publication and mailing required by statute.
The council’s resolution establishes 38 serial bonds (numbered 1–38) with maturities ranging from Jan. 1, 1931, through Jan. 1, 1950, the first bond numbered 1 for $233.98 and the remainder generally in $500 denominations. The resolution directs that sale proceeds be paid into the town treasury and used solely to fund the outstanding warrants for which the issue was authorized. The council also authorized the mayor, town clerk and treasurer to furnish certified records and documents to bond counsel to obtain an approving legal opinion before delivery.
Town Treasurer Hans Smith designated the treasurer’s office in Culbertson as the place of payment for the bonds, as required by statute. The minutes record statutory citations and publication steps: local publication in the Culbertson Searchlight and notice in The Bond Buyer in New York, and mailed notice to the Register of State Lands and the State Board of Land Commissioners in Helena.
Council action followed the affidavit of publication and mailing filed by the town clerk and a formal resolution awarding the bonds and fixing the repayment schedule. Next procedural steps recorded in the minutes are delivery of the bonds to the purchaser upon payment and receipt of the approving opinion from bond counsel.
