---
date: 1929-12-14
title: December 14, 1929 Minutes
source: 1929-12/1929-12-14_December 14, 1929_Minutes.pdf
pages: 1
---

December 14, 1929

CITY OF STOCKBRIDGE
HENRY COUNTY, GEORGIA DECEMBER 14, 1929

Regular meeting day of Council at 10:00 o’clock a.m. with the following members present: R. E. Lee, Mayor,
Councilmen B. F. Bowen, S. C. McWilliams, W. C. Crumbley, T. B. Hinton.

Meeting called to order by the Hon. R. E. Lee, Mayor.

A motion made by S. C. McWilliams and 2nd by B. F. Bowen and carried by a vote of the City Council to
accept the resolution drawn and reads as follows:

WHEREAS, the City of Stockbridge has heretofore authorized its Mayor to enter into negotiations with H. J.
Turner for the purchase of certain outstanding obligations of the City of Stockbridge and

WHEREAS, Mr. Lee, the Mayor, has made a tentative agreement with said Mr. Turner. A copy of said
agreement being hereto attached and marked exhibit A.

NOW BE IT THEREFORE resolved that terms of said agreement as negotiated by the Mayor be and the
same are hereby approved by Council and the Mayor is hereby authorized to sign said agreement as Mayor
for and in behalf of City of Stockbridge.

This 14th day of December 1929.

R. E. Lee, Mayor

G. S. Keen, Clerk of Council.
CITY OF STOCKBRIDGE
HENRY COUNTY, GEORGIA

STOCKBRIDGE SCHOOL BONDS AND NOTES

This contract made and entered into by and between Homer J. Turner, party of the one part and the City of
Stockbridge, party of the other part.

Witnesseth.

That said Homer J. Turner, as Transferee of the Bank of Stockbridge, is the bona-fide owner and holder of
two certain promissory notes made by the City of Stockbridge, payable to the said Bank of Stockbridge, same
being notes dated June 245h, 1925, one for $881.20 due on demand and one for $1,213.08 due July 2nd
1925 and witnesseth.

That said Homer J. Turner is also the bona-fide owner and holder of certain “Town of Stockbridge School
Bonds” to wit:

NO. DUE PRINCIPAL SEMI-ANNUAL 6% INT

compounded $12.00 each due Jan & July 1st

5 July 1st 1925 $ 400.00 3- ( $36.00)

6 July 1st 1926 $ 400.00 6- ( $72.00)

7 July 1st 1927 $ 400.00 1- ( $12.00)

8 July 1st 1928 $ 400.00 1- ( $12.00)

9 July 1st 1929 $ 400.00 3- ( $36.00)

10 July 1st 1930 $ 400.00 5- ( $60.00)

11 July 1st 1931 $ 400.00 7- ( $84.00)

12 July 1st 1932 $ 400.00 7- ( $84.00)

13 July 1st 1933 $ 400.00 11- ($132.00)
14 July 1st 1934 $ 400.00 13- ($156.00)

15 July 1st 1935 $ 400.00 15- ($180.00)
$4400.00 72- ($864.00)

Witnesseth:
That now for and in consideration of the cash sum of $2400.00 in hand paid. The said Homer J. Turner does
hereby irrevocably release, surrender and deliver up to said City of Stockbridge.

1st the aforesaid described notes.

2nd the aforesaid described bonds Nos. 5-6-7-8-9-12-13-14 and 15, with all interest coupons attached and
belonging to said named bonds, together with the five interest coupons attached to bond No. 10 and 3 of the
seven interest coupons attached to bond No. 11 retaining however, bonds Nos. 10 and 11 with four interest
coupons attached to bond No. 11 as remaining outstanding binding indebtedness against said municipality.

3rd the two said remaining bonds No. 10 and 11 to be likewise released, surrendered and delivered up to
said City upon its paying on or before the first day of July 1931.

The full amount of principal and interest due on the one bond No. 11 only, and said City failing or defaulting
in such payment by July 1st 1931, does thereupon forfeit its option or right to thereafter redeem either or both
of said bonds for any such less than the full amount of principal and interest due on both.

STOCKBRIDGE SCHOOL BONDS AND NOTES
CONT’D

It is further understood and agreed between the parties hereto that bonds nos. 10 and 11 which are to be
retained by H. J. Turner, shall be, during the life of this contract, deposited in escrow with Farmers &
Merchants Bank as trustee and that a duplicate copy of this contract shall be attached to said bonds for the
guidance of said trustee.

This contract made and executed in duplicate either to be used as the original.
In witnesseth whereof the undersigned parties to this contract have hereto affixed their official seals and
signatures.

This 14 day of December 1929.

Witness H. J. Turner, L.S.
E. L. Reagan City of Stockbridge
Atty. for H. J. Turner By R. E. Lee, L.S.
G. S. Keen, Clerk of Council
