The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1879-12-03
SINKING FUND COMMISSION.
Mr. 81. Hoffman Asked to Step Up and Talk

\ ASAa
The Board of Sinking Fund Commission
ers held meeting yesterday afternoon.
The December interest on the city's
bonds, amounting to $62,60S 40, was or
dered paid.
The University Board was informed that
from the tax levy of 1-l0th of a mill, which
they are allowed on the tax duplicate, they
must pay first the interest due the Sinking
Fund.
| Street improvement bids amounting to
Sc, 1856 60 were ordered paid.
Mr.. Dexter reported that the following
changes ought to be made in the accounts
of the Board with the Third National Bank,
owing to mistakes discovered by him in the
progress of his investigation of the bond
| account:
The bank should credit $3.50 to the in
terest fund, and should transfer to the
interest fund from the redemption fund
| $675 "a.
The Board should give the bank check
for S35 Oh account of the Horn street inter
est; Also for the coupons on bonds NJ in
excess of the proper amount
The bank should also get credit for the
coupons paid on Bond ?, No. SO ISL O0O(,
Common School bonds, which bond had
been duplicated wrongfully.
MIR. Longworth desired to know whether
q bond could be duplicated rightfully.
Mr.. Dexter replied that bonds had been
duplicated where indemnity had been given
to secure the city against the payment OF
the original bond. In this case, every six
months two coupons came in for Bond No.
50, Issue P, that ought to be looked after
when the January coupons were sent in for
| collection.
AS to the changes in the bank account,
Mr. Dexter said that the redemption fund
should be credited with $1,66O, that being
| the aggregate of half dozen supposed mis-
| takes found by him in the account. There
ought also, he said, be transferred from the
redemption fund to the interest fund the
sum OF 1915 Oh another account. Mr.. Dex-
ter observed to the Board, on presenting
these statements, that they represented
only one side of the story, and it would be
| necessary to compare the banks accounts,
and to convince them of the rightfulness
OF those changes.
Mr.. Dexter was thereupon appointed as a
committee of one with power to act
Mr.. Thorne was of opinion that the
Board ought to look into the account of the
bonds T 2, lately redeemed. The call for
the bonds mentioned the amount as being
100000, and that sum wasappropriated for
the redemption. He didn't think, how
ever, that the amount redeemed was over
$4,000. ~
Mr.. Dexter replied that the Board had
paid for $lO0, 900 Of the bonds, and the bank
says it has paid out that whole sum.
On motion, the bank was directed to re-
fuse payment of the January coupons of
the two bonds SO.
The Board will not act as whole to cut
the January coupons.
The January payments were referred to
Messrs. Dexter and Perry, with power to
act.
Mr.. Perry, from the Committee on Inves-
tigation appointed to look after tile seeming
irregularities regarding the bonds reported
that the American Exchange Bank had
been duly notified not to pay The suspended
coupons
With regard to the investigation, Mr..
Hoffman had promised to be ready to re-
port next Friday, and requested that the
matter be laid over till that time. Mr..
Perry therefore moved that when the Board
adjourn it adjourn to meet next Friday
afternoon at O'Clock. This was adopted,
and Mr.. Dexter submitted list of ques-
tons to be asked Mr.. Hoffman at that meet
ing.