Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1886-04-16
THE CITY WATER DEBT.
New Bonds Authorized by the City Meet
ing held saturday.

In accordance with the warning issued
by Mayor Woodbury. meeting of the
legal voters of the city was held in City
hall Saturday forenoon for the purpose of
taking action in relation to the issue of
new notes or bonds to pay the bonds issued
for the city water supply The meeting
was not largely attended but the business
and other Interests of the city were well
represented. The assembly was called to
order by City Clerk 7. G. Pease and Hon.
Daniel Roberts was elected moderator, the
city clerk acting rs secretary After the
reading of the petition for the meeting
Mayor Woodbury. read statement pre-
pared by the city treasurer in relation to
he old water bonds. He then presented
the following res olutons:
Whereas, The city of Burlington has out
standing bonds to the amount Of one hum
drcd iorty.eight thousand four hundred dol
lars, dated july |, 1865, issued for the construc-
ton of the Burlington Water Works, phya-
bic in twCntt y'ars from their dates and
whereas said bonds will he due and payable
New York, on the LIST day of July, 1886, and
now for the purpose of paying SAID bonds at
their ma urity, it is therefore
RcSOircd ThHt the city of Burlington, here
by votes to issue its negotiable notes or bonds
to the amount of one hundred and thirty five
thousand dollars, being the amount required
after applying the sum OF thirteen thousand
four hundred dollars of the sinking fund not
invcstc for the purpose of paying said out
standing bonds of the city due July |. 1856,
amounting to one hundred forty. eight thous-
and four hundred dollars, said notes or bonds
to be either registered or coupon,at the option
OF the purchaser, of denominations OF not
less than five hundred dollars nor more than
ten thousand dollars, at such rate of interest
rs the mayor and city treasurer shall find 1t
necessary IN order to place the loan, said in
terest payable scmi-annualy, to Toe specified
III said bonds and coupons thereto attached,
payable i'll not less than ten or more than for
ty years, as the mayor and city treasurer
hall deem for the best interest of the city,
said bonds to bear date July |, 1886.
ReSOrci, That laid notes or bonds be duly
executed by being signed by the mayor and
city treasurer, aud that the seal of the city be
thereto affixed and attcsted 10y the city clerk,
and that the coupons bc signed 10y the mayor,
and that the mayor ana city trt asurer he. aud
they are hereby authorized to sell and dispose
of said notes or bonds, when the same shall
have been duly executed, as aforesaid.
Resolved, That the city treas urcr is hereby
authorized to make II temporary loan not ex-
| Ccedng thirty five thousand dollars, for the
purpose of retaining that amount of bonds
| tor the invcs ment Of the sinking fund from
| time t. time rs il may accrue.
| HcSOlred, That for the purpose of carrying
out tne provisions contemplated by the fore
going resolutions the city treasurer be and
| is hereby authorized to make IL temporary
| loan 10y borrowing Il sum not exceeding one
hundred and thirty-tivc thousand dollars.
The mayor stated in explanation that it
vas expected there would be no difficulty
| in placing the loan at 81 per cent. Caro-
lus NOyes thought the resolutions covered
a matter of SO much Importance that they
should be referred to Il committee to re
port at an adjourned meeting. c. p
Smith moved that the re, olutiOns be re
ferred to Il committee consisting of Mayor
Woodbury., City Treasurer Weller, eX
Mayor 10 d. Hatch, G. W. Woodhous,
aud Edward Wells and that the commit
tee report at an adjourned meeting to b,
held in the City Court room at : p. m
adjourned.