The daily Argus. (Rock Island, Ill.) 1873-1877, 1877-01-27
OF THE CITY COUNCIL
Provision Made for Funding the Float
ing Debt.

At the council meeting last evening.
after the roll had been called, the mayor
stated that when the city attorney drew
up the ordinance for the funding OF the
floating debt, it was thought to have
been entirely legal as to the length OF
time for which the bonds could be issued
but he had seen 10 THE ARGUS that they
could not be extended for longer period
than 20 years, and, although he had not
himself examined to see if this was a
fact hehad changed the ordinance so that
the bonds would not extend more than 20
years.
Alderman Lundy then presented a
substitute for the original ordinance, in
which it is provided that the interest for
the year aud one-twentieth Of the priuci
pal Of the bonds shall be paid annually.
Mayor Butler did not think the bonds
could be sold at par il the interest aud
per cent of the principal was to be paid
every year.
WI OdIS0 tuOukul JudJ IL LuS IdAcS
were high one year the people
would elect men to the council the next
year who would reduce them TO such an
amount as only to pay the actual running
expenses of the city for the following
year,
Mr.. Mosenfelder said he did not con-
slider the question of whether he could be
reelected to the council again, but he be-
lieved that the best way to get out of debt
was to pay the interest and part Of the
principal every year, aud thereby cut
down the interest account, aud if the peo-
pie did have to pay heavy taxes for few
years the debt would be reduced-instead
Of a standstill aud paying large amounts
of interest, as now He did not believe in
paying two or three times the amount of
the bonds in interest, especially when the
city could be paying off the principal
instead. He said he believed that if the
people fnl!!!gg-u1 understood this matter they
would willingly pay heavy taxes for few
years and pay off the debt, instead of, as
now, only paying the interest, and then
when the principal became due have to
issue other bonds before the debt could be
paid.
Messrs. Carse aud Atkinson didn't want
the debt paid now-but wanted it left for
posterity to pay.
The original ordinance was defeated and
Alderman Lundy' was passed, as will be
seen by the clerk report, as follows:
Meeting of the.Citv Council.
FRIDAY EVENING, Jan. 26..-The couu-
Gil met in adjourned special session. Pres
ent, the Mayor and Aldermen Atkinson,
Carse, DAILY, Davis, Huber, Mosenfelder,
Lundy, Woods aud Yates. Absent, Aid.
Wollenhaupt
The Mayor stated that the Council pro.
posed to act on the funding ordinance.
Alderman Lundy read substitute for
the funding ordinance, providing for issu-
ing domestic bOnds instead.
Considerable informal discussion was
had upon the subject of domestic and
other bonds.
The Clerk read the funding ordinance in
which the payments we're changed to II,
Is, II and l9 years.
Alderman Woods moved the adoption
Of the funding ordinance, which was lost
by the following vote:
Yeas-AtkinsoD, Carse, Davis and
Woods.
Nays-Daly, Huber, Lundy, Mosenfelder
and Yates-5.
Gu motion Of Alderman Yates, the sub
stitute ordinance as offered by Alderman
Lundy was passed by the following vote
Yeas-Daly. Huber, Lundy, NJ, senfeldel
and Yates-5.
Nays-Atkinson, Carse, Davis and
Woods.
On motion adjourned.
s. +. COOKE, City Clerk.