Minutes-04/07/1964 (2)

Services furnished by Carlton Beh: Would come down for hearings and express it to the people. Advise various contractors on how it is to be financed. Contractors will know they will have cash. Attend hearings and lettings, encourage contractors to come in and bid on the job, attend all meetings, set up the bond schedule, guarantee to be here to bid on the night they are sold, pay for the bond attorney services and also his final approving opinion that will accompany the bonds when they are sold, which you have to have when marketing the bonds. It would run around $3,000. This is within figures on the estimate of assessable costs. No vote of the people is required on General Obligation bonds for sewer. (Section 408.A of the Code). The only restrictions you have on this is that in your Hearing on the Resolution of Necessity to overrule even one objector it takes 3/4 of the vote of the Council. For 60% of the people in the assessment schedule and 75% of the assessed cost, it takes a unanimous vote of the Council to overrule. Even, theoretically, if 100% of the people are against it, if the Council votes unanimously to carry it through, it is legal. The bond attorneys have to get in on the first Hearing. That is jurisdictional. It will take Carlton Beh a week or ten days to prepare the Resolution of Necessity after being notified by the Council if they wish to use their services. ********** Later, on the telephone, Mr. Ellender told the Mayor that the $3,600 is the total financing and legal fees. This is less than the $3,875 in the engineer's estimate under legal, administrative and financing. Carlton Beh prints the bonds. Margie O'Doole TOWN CLERK