The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1870-12-15
RACINE CITY DEBT.
ACTION IN RELATION 1T.

ACTION IN RELATION IT.
81 We take the following from the Racine
Journal Of last week:
] MEETING OF THE EXECUTIVE Com
! MITTEE-The executive committee of the
Racine Bond Association, met Monday
evening "a the Council Chamber.
The resignation Of G. A. Thomson as
Presidedt of the Association being ac-
4 cepted Darwin Andrews was elected to
the office, ~. es, u~ q ~
A resolution was offered by Dr. Tinal
! paugh that the Executive Committe
recommend toethe Bond Association, that
! be Association take Of the city for the
amount Of bonds held by the Association,
he cost of same at time of purchase, at
ten per cent interest and expenses.added );
the city to pay for the same by an issue
of new bonds or scrip bearing ten per
crAt. interest and also to provide for the
balance Of outstanding bonds by funding
| The same to the best advantages. and that
"a meeting be called Of the members to
vote upon the proposition. The ayes and
NOES being called for, the resolutions
were carried, by ayes noes 8
| meeting wiltbe called by the Presl
dent, stating lifetime and place where
such meeting will be- held, and every
member is entitled to vote according to
his interest in the Association
Should The members accept this propo
sition, which it is hoped they will do,
the Association will nohhaFe filed the
| intention for which it was formed, Bur
thew can have the satisfaction Of knowing
chat they have COMPROMISED two-thirds
of the city debt, at merely nominal sum
With this incubus removed, Racine
will go on prospecting N a manner never
4 before witnessed-for, with all these
drawbacks, her growth has been rapid. r
]. Let the debt be cleared up honorably,
not repudiated, or attempted to be, and
then Racine will become what by her
D 3sition she is intended to be,-the great
manufacturing center OF the Northwest.
, City BOND ASSOCIATION. meeting
. ofthe subscribers to the consolidated Ra
cine City Bond Association, will be held
at Belle City Hall,on Monday, 10Th inst.
r at 10 A. NJ, to vote on the following res
olutions which have been adopted by the
Executive Committee I q .cII 4. lf
Res0JUcd That we, the Committee of the
c consolidated Bond Association of the city
of Racine, hereby recommend that said
: Association propose to the City Council
of said city, to SELL all the bonds now
] owned by said Association, for the actual
2 cost of shC same, with ten per cent. inter
p est from the date of each original certifi
cate up to date.
Res0L0ed, further, That we do hereby
9 recommend to the subscribers of said AS
sociaticn, to take in payment for bonds
and interest, city certificates or bond,
payable on or before ten years from date
wi h interest at 10 per cent, payable al
nually at the Treasurer's office, in the city
Of Racine.
: Racine, Dec 6, 1870.
A. G. KNIGHT, Secretary
By the Journal of this week We lear
! that the proposition to sell 70 the city
the bonds owned by the Association
to be voted on by the members on th
Goth, and that it will probably be car
riei. And that the Mayoranl City AT
d torney with list of the creditors outsld
Of the city and holding bonds agains
the city, are ongthe way East to see wha
the bonds can be obtained for, payin
: for them in new bonds The plan is I
pay both Association and outsiders b
the issue,ofsnew bonds payable in te
: years at ten per cent interest.
~ TTlTN -