Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1880-02-27
City Meeting.
APART OF THE cIrY's BONDED DEBT TO IF
Refunded.

APARr OF THE CITY's BONDED DEBT TO BE
REFUNDED.
Pursuant to call OF the Mayor, issued in
the usual form, city meeting of the legal
voters of Burlington was held at City Hall
on Thursday morning, Feb. 10Th, at 10
o'clock. The meeting was called TO order
by Mayor Hatch and Hon. Russell 5. Taft
was chosen moderator.
Hon. William G. Shaw briefly stated the
object of the meeting. Its purpose was in
the interest of economy. 1t is proposed to
take advantage of the present condition of
the money market and fund part of
our bonded debt at a lower rate of
interest. The city bonds issued in aid of the
Burlington and Lamoille Railroad amount 10
S160, 900, bearing interest at 8 per cent The
city has the option of paying them at five
years from..the date of issue, which will be
on the list of April next. There is no doubt
that city whose credit is as good as ours
anissue bonds at lower rate Of interest
as low certainly as per cent and perhaps at
that they would command premium Gen
tlemen interested in the affairs OF the city
the Mayor and others-had prepared series
of resolutions which he took pleasure in
offering:
THE RESOLUTIONS.
Whereas, The city OF Burlington has out
standing bonds to the amount OF Sl60, oO0Oo
dated April |, 1875, issued in aid of the Bur-
ling,on and Lamoille Railroad. payable in
not less than five or more than twenty years
at the option of the city ; and whereas SAID
| option of five years will expire on the first
| day of April, 1880; and for the purpose OF
paving said bonds by the issue Of new bonds
bearing lower rate Of interest, it Is there
fore
Resolred, That the city Of Burlington
| hereby votes to issue its negotiable notes OF
bonds to the amount of one hundred and sixty
thousand dollars for the purpose of paying the
outstanding notes or bonds of the city to the
same amount issued April LIST, 1870 IN ana
| of the Burlington and Lamoille Railroad, IN
accordance with the provisions of No. Va oil
the acts of 1878 Of the Legislature of Yer
| mont said notes or bonds TO be either reg
istered or coupon bonds al the option OF the
purchaser, of denominations of not less than
$500. 90 nor more than $40, 900 each, and to
bear interest at the rate of five per cent pei
annum payable semi-annually to be specihe9
in said bonds or coupons thereto attached
and to be made payable after ten years and
within forty years from this date at the OPP
ton of the city said notes or bonds and the
semi annual interest thereon shall be made
payable in the city of New York in the State
of New York and said bonds shall contain q
statement that they were issued for the pur-
pose above mentioned.
Resolred, That said notes or bonds be duly
executed by being signed by the Mayor and
city treasurer, and that the seal of the city
be thereto affixed, attested by the city clerk,
and that the coupons be signed by the Mayor
and that the city treasurer be and he Is here,
by authorized to sell and dispose OF SAID
notes or bonds, when the same shall have
been duly executed as aforesaid, at not les:
than their par value, and that he be author
lied to advertise the sale of one hundred
thousand dollars thereof.
Resolped. That for the purpose OF CARRYING
out the provisions contemplated by the fore
going resolutions, the city treasurer be
and he hereby is authorized to make tenn
porary loan, by borrowing sum not exceed
ing one hundred and sixty thousand dollars
The resolutions were seconded by L.
Lawrence, Esq, and were then unanimously
adopted.
The meeting then adjourned.