Indianapolis Times, Indianapolis, Marion County, 16 February 1940 — Page 6

CTY REGENES ON BOND ISSUE

Sells $142,000 Worth at Only 2 Per Cent Annual - Interest.

City Controller James E. Deery announced today the City has received the lowest bond interest rate in its history with the sale of the $142,000 Marion County Flood Control Board issue at 3: per cent : annual interest. Both this issue and the School Board's’ proposed $2,172,000 refunding issue were approved yesterday by the State Tax Board. The Flood Board issue was purchased by Halsey, Stuart & Co, Chicago investment firm, on a premijum of $213. They are serial bonds falilng due from Feb. 1, 1941 until

1961, Finances Flood Program

‘The sale will finance the Flood ~ Board’s share of the U. S. Army’s White River flood control program for which almost $5,000,000 has been allocated by the Government. The Board was required to provide right-of-way for the program along the east bank of White River from Washington to 10th St. Work on the program, to be carried on for several years, is expected to be in full swing by spring. Preliminary surveys now are being made by an advance contingent of Army engineers. Proceeds from the school issue will be used to pay $2,242,000 worth of bonds which will mature this year. The School Board has $70,000 in the sinking fund to pay for part of the total. The remaining $2,172,000 will be refunded by five series - of bonds whose interest rate shall not exceed 5 per cent.

5. Issues Scheduled

The issues will be: Series “A” totaling $400,000 will be dated March 14, 1940, and due serially from July 1, 1941, to July 1, 1960, bids to be received by 12:15 Pp. m. March 5, 1940. Series “B” totaling $214,000 will be dated April 9, 1940, due serially from July 1, 1944, until July 1, 1960, bids to be received by 12:15 p. m April 2, 1940. Bids on the $189,000 series “C” bonds dated May 14, 1940, will be received until 12:15 p. m. on May 17, 1940, and will be due serially from July 1, 1944 to July 1, 1960.

Open Until June 4

Series “D” bonds totaling $1,319,000 dated June 14, 1940, will be due from April 1, 1941, until April 1, 1961. The refunding issues are necessary because the School Board's tax levy for 1939 makes no provision for the retiring of these bonds. The issues will raise the School City’s bonded debt to more than $10,000,~

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Howard S. Morse . . directs city’s convention bidders.

New Officers Map Plans to ‘Bring More Meetings To Indianapolis.

Headed by Howard S. Morse as president, new officers today began direction of the Indianapolis Convention and Publicity Bureau and mapped plans to bring more conventions to the City. Mr. Morse, general rarer and vice president of the Indianapolis Water Co., was elected at the bureau’s board of directors’ meeting yesterday. He succeeds William H. Wells. Roscoe C. Clark of the Eli Lilly & Co. was elected vice president to succeed Murray H. Morris. George

Vonnegut of the Vonnegut Hardware Co. was re-eletted treasurer.

Clarence E. Crippin, Ralph Edger-|

ton, Mr. Wells and Mr. Morris were named as an executive committee by the directors. Board members, in addition to officers and these committee members, are William A. Atkins, William Behrmann, Arthur V. Brown, Fermor 8S. Cannon, George G. Cunningham, Mark R. Gray, Theodore B. Griffith, Wallace O. Lee, John K. Ruckelshaus, Paul E. Rupprecht, Walter B. Smith, S. B. Walter, W.-O. Wheeler and Harry E. Wood.

|GRAGG TO REPRESENT

WABASH IN CONTEST

Times Spectal a e DRVILLE Feb. 16—G. Richard Gragg, Chicago, a Wabash College junior will represent the school in the Annual Indiana State Intercollegiate Oratorical Contest, to be held at Evansville College, Saturay. » Mr. Gragg is the winner of the Edgar H. Evans Oratorical Contest held at Wabash College last spring. Wabash speakers have won 10 of the past 20 state contests.

MRS. PIERCY DIES

A BLOOMINGTON

| Times Special

BLOOMINGTON, md, Peb. 16.— Mrs. Mary Ketcham Piercy, wife of Joseph William Piercy, profes-

{sor emeritus of journalism at Ine

diana University, died yesterday at her home here. She was 74. Mrs. Piercy was born in Vincennes Oct. 2, 1865, the daughter of the Rev, and Mrs. John. H. Ketcham, of the Methodist Church. She was graduated from DePauw University and married Mr. Plercy March 9, 1892. She was one of the organizers of the local chapter of Theta Sigma Phi, naticnal journalism society, and was 2a member of the Matinee Musicale, the Women's Faculty Club and the Methodist Church, In addition to her husband, she {s survived by a daughter, Dr. Josephine Ketcham Piercy, instructor in English at the university. Funeral services will be held to-

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