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Newspaper
Dothan Eagle
Location
Dothan, Alabama, United States of America
Date
Dec 23, 1931
Page
3
A bank in Lansing reported three branches unable to open and a total debt around 8 million dollars after a December 23 statement. The institution carried capital of 750 thousand and surplus of 400 thousand amid closures and wider financial strain. The report notes the recent banking instability and the bank's weakened position.
A compact schedule lists Walter Huston Kent Douglas and Helen Chandler in The Houses Divided and Showing Off. James Cagney and Joan Blondell star in Blonde Crazy with Looney Toons and Fox News. Lois Moran and Charles Bickford appear in Men In Her Life next Sunday. Conway Teale Beasle Love June Clyde in Morals for Women. Tim McCoy in The One Way Trail and Up Pops the Duke headline sports and Metro News. Walter Huston returns in The Ruling Voice and His Woman features with Gary Cooper Claudette Colbert. Tallulah Bankhead stars in The Cheat with Irving Pichel as Paramount News wraps the program.
The city proposes issuing seven hundred thousand dollars in water works plant refunding bonds to refinance outstanding bonds issued earlier. The 1921 750,000 issue dated April 1 1821 with 6 percent interest maturing April 1 1961 was secured by a mortgage on the water and electric works. Fifty thousand dollars of the original issue was canceled leaving 700,000 outstanding, and the city seeks to refund with new bonds maturing.
City of Dothan Alabama contemplates issuing bonds totaling 700000 to refund outstanding water works plant bonds dated 1921 and 1931. Bonds will be 1000 each, 790 total, due 1941 1948 with 6 percent interest. Security includes mortgage on water works system and city credit. Formations executed by mayor treasurer and city clerk with coupons bearing serial numbers and dates.
Bond dated October 1931 outlines annual tax for principal and interest, reduced by Water and Light revenues. Mayor and City Clerk to execute mortgage to Central Hanover Bank as trustee on Water Works and Electric Plant, with bonds totaling 700 000 dollars. Trustee to authenticate and deliver bonds upon orders, using Water Works Plant Refunding Bonds as collateral until surrendered.
The text indicates the Water Works Plant Bond is to be canceled and will take effect upon passage and mayoral approval in Dothan. The clause confirms official act and force date linked to the city government proceedings.
A fragment notes a city approval in December tied to Lea J. Scarborough, with a mention of the clerk role. The unreadable OCR leaves gaps around dates and full context, but confirms an official action recorded by the city clerk.
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