SPECIAL MEETING

July 20, 1959

A special meeting of City Council was held Monday, July 20, 1959 at 7:30 P.M. with Mayor Haman presiding. Councilmen present were Messrs Davis, Fromm, Hayes, Holpp, Mundy, Turner and Zartman.

HARRIMAN & RIPLEY

Council considered a proposal submitted by the investment firm of Harriman & Ripley, Inc., New York, under which that firm would agree to handle all details of an initial issue of revenue bonds, and if they considered the market favorable, purchase the same, and Dover would agree to furnish all required information and sell the bonds to that firm after negotiating the terms of the sale, of the price offered were acceptable to Dover. In the event the bonds were sold to Harriman & Ripley as the result of negotiation all costs of the sale would be borne by them. In the event Dover rejected their offer, Dover would reimburse them for all costs and agree then to sell the bonds only at public sale. Council observed that there was no condition under which Dover could cancel the agreement prior to the receipt of an actual offer to but and instructed the City Solicitor to prepare such a clause for inclusion in the proposal prior to granting approval.

PLANT SITE

Council discussed the desirability of obtaining options on sites for possible location of a power plant. On motion of Mr. Turner, seconded by Mr. Davis, Councilman Zartman and City Manager Ward were authorized to obtain options of six months or more duration on two possible sites which are being considered.

Council adjourned at 10:05 P.M.

F. Neylan

City Clerk

All ordinances, resolutions and orders adopted by City Council at its meeting of July 20, 1959 are hereby approved.

July 21, 1959                                                                           W. Edward Haman

                                                                                                                            Mayor