The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1877-07-30
CITY COUNCIL.
Special Meeting on the Finances OH
cial Report.

Cry COUNCIL ROOM, Rock ISLAND, July
%, 1877, 7:30. p M-The Council met in
special session, agreeable to call Present,
the Mayor and Aldermen Carse, ONeil,
Lundy, Schlemmer, Huber, Simmons,
Woods, Brooks and Warnock. Absent,
Alderman Davis.
A petition of D. T. Robinson and &c
other citizens was read, as follows:
To the Honorable City Council OF the City Of Rock
Island:
Rock ISLAND, Ill.,, July %, 1877. TIE
undersigned legal voters residing in the
city of Rock Island, in the state of Illinois,
respectfully represent that whereas it is
we'll understood by all the citizens of said
city that there is an outstanding indebted
ness of the city in the shape of domestic
bonds amounting III principle and interest
to about ten thousand (l0,000) dollars, now
about to come due, and also an outstand-
| ing Indebtedness 10 the shape OF city war
rants, now amounting to about the sum Of
one hundred and sixty Thousand (l60, 000)
dollars, upon all of which Indebtedness the
city is compelled to pay interest at ten
| (l0l per cent per annum; and whereas;
the undersigned confidently believe that
all OF said Indebtedness could be funded
at low rate OF interest and thereby a
large sum Of money saved to the tax pay
ers of the city.
The undersigned respectfully petition
you to call special election at which
there be submitted to the voters of said
city the question of issuing tho bonds of
said city for the purpose of raising money
to purchase or retire said indebtedness OF
said city in accordance with the provisions
of the act of the legislature of said state
entitled AN Act to Amend an Act en-
titled An Act Relating to County and
City debts, and to provide for the payment
thereof by taxation in such counties and
cities, approved February Is, 1865, and to
amend the title thereof, approved and in
force April q, 1877.
The following resolution was thereupon
read and adopted by unanimous vote:
Be it resolved by the City Council of
the city or Rock Island that special cleo
ton be called to be held at the Court
House in said city on the twenty first day
of August, A. d. 1877, for the purpose Of
submitting to the legal voters of said city
the question of issuing the bonds of the
city under the provisions of the Act Of the
titled, IAN Act to amend an act entitled
An act relating to county and city debts
and to provide for the payment thereof BY
| taxation in such counties aud cities, APP
proved February ID, 1865, and to amend
: the title thereof" Approved and inforcer
April q, 1877, said bonds to be issued fo
the purpose of raising money to purchase
or retire certain domestic bonds of the city
amounting in principal and interest tc
r about the sum of ten thousand $4,000
dollars, and also certain warrants of saiC
!, city now outstanding, said warrant
amounting in the aggregate to the sum o
= about one hundred and sixty Thousand
, ($l60,00O) dollars:
That the City Clerk be directed to Civ
notice of such election as required BY law
}and that in such notice there be stated
D to-wit: That the number of bonds pro
} posed be issued is two hundred and invent
. (220) That of such bonds one hundred
and twenty (l20) shall be in the principa
sum each of one thousand Isl ,000) dollars
q and one hundred of such bonds shall De ii
e the principal sum each of FIVE hundret
! ($500) dollars That the rate of interes
on each bond shall be six per cent pc
annum. That said bonds shall be payabl
] twenty (2O) years from the first (lst) da
s of September, A d. 1877, and the interes
shall be payable miannuaily, and bot,
principal and interest shall be payable a
the First National Bank of New York City
g The following resolution was ais
0 adopted:
Be 1t RESOLVED, That the Judges o
election in the Second ward shall be tn
> Judges of the special election to be held a
the Court House in accordance with tn,
p rpSolutjon nassad at this maating
q The petition of the Milan Paper Co., 70
Communication tickets was read an
granted.
= The Council then adjourned.
JOHN L. REED, City Clerk