Los Angeles daily herald., 1890-01-26
CITY MATTERS.
The Depository for the City
Money Selected.
BIDS ASKED FOR SUPPLIES
Recommendations by the Finance
Committee-The City Engi-
neer's Report.


The Finance Committee of the City
Council was in session nearly all day
yesterday, and as the result Of its labors
will report to the Council as follows to-
morrow morning:
First. We have examined the report
of the Auditor on the condition OF the
funds January Is, 1890, and the monthly
report of the Auditors accounts for the
month of November, 1889, filed January
20, 1890, and recommend they be filed.
Second. In the matter of the petition
of Martha O'Hara, No. II, we recon-
mend that the application of petitioner
be denied on the ground that she has re-
ceived reduction on her assessment for
the amount of the mortgage.
Third. In the matter of the petition
OF Aug. Roth, No. 70, we recommend that
the petition be granted and upon the
presentation of demand drawn upon
the tax fund. 1889 80, for the sum of
SIS; that the same be approved, on the
ground that petitioner, by mistake, paid
taxes upon school property as we'll as
upon his own.
Fourth. We recommend that the
petition of Althouse Bros, No. rs, rela-
tive to fruit-peddlers standing upon the
streets, be referred to the special COM
mittee appointed to prepare and intro
duce q new license ordinance.
Fifth. In the matter of the comm uni
cation of the City Auditor relative to the
overdraft on the General Sewer fund, we
recommend that the sum of $500 be
transferred from the Salary fund to the
General Sewer fund to cover this and
any future overdrafts.
Sixth. In ths matter of the petition of
Minnie J. Bachus to have returned to
her $12 rs on account of double assess
ment of mortgage upon her property,
lots IL, 13 and IA of block 2, subdivis-
ion of lot 8, block 80, Hancock's survey,
we recommend that said amount of
$12.75 be returned to her upon presenta-
tion of proper demand drawn upon the
Tax fund of 1SS9-90, it being clearly
shown to this committee upon examina-
tion of the assessment books that petit
toner has paid the full taxes upon said
mortgage, and that the property was sub.
sequently sold at Tax Collectors sale for
the same assessment.
Seventh. In the matter of the petit
tion of N. J. Paulk, No. 72, for return
to him of So 09 on account of certificate
No. 1, All, purchased by him at Tax Col
lector's sale JSSS-S9, and of So 58 on &C.
count of certificate No. 1,518, purchased
by him at Tax Collectors sale 1SS8-89,
we recommend that the sum of 81 SO be
on account of certificate No.
l All, and 50 08 on account of certificate
No. 1918, it being shown to this COM
mittee that the property described in
said certificates does not exist in the one
instance, and that the other is double,
being q portion of Walnut Grove tract,
assessed and paid by it's proper owners.
Eighth. We recommend that the City
Clerk be instructed to advertise one
week for proposals to furnish the city
with the following supplies:
Lumber, hay, coal, wood, stationery,
job printing, barley, bran, horse-shoeing.
drugs, kerosene oil, hardware, iute sacks.
and cylinder oils. boarding
city horses.
Ninth. In the matter of proposals to
receive and disburse the public moneys
of the city, your committee report that
they have examined the six bids re.
ceived; the lowest being 40 per cent. |
per annum, and the highest 41e per cent. |
pei annum. the latter being the bid OF
the City Bank. The charter, section A, |
page 81 of the printed edition, says:
"The bank offering the highest rate of
interest ehail be appointed the depository
of public moneys" In accordance with
the terms and provisions of the charter,
particularly as above stated, we recon-
mend that the proposal of the City Bank
to receive and disburse the public moneys
and pay thereon and therefor the sum of
AZ per cent. per annum, or g OF per
cent. per month estimated upon daily
balances, be- accepted, and that the City
Attorney be instructed to draw con-
tract in conformity with this award aud
with the terms and provisions of said
section A of the charter, providing for
the proper payment of warrants drawn
upon the treasury and of other matters
required in said contract by said section
A. The charter requires 'Such deposit
tory thus selected, shall give bond,
with two or more sureties. in the sum of
$100, 900, or such further sum as the
Council may require, conditioned for the
faithful keeping and proper disbursement
of all such moneys" Your committee
understand this bond to be given to Sc
cure the city against any possible loss by
reason of loaning its money, and that
such bond should be at least equal in
amount to the highest possible amount
that may at any time during the year be
in the hands of the indicated depository.
This committee, judging from the aver
age monthly balances of the City Treas
urer during the last year and the proba-
bility of money coming into the city
treasury from the sale of sewer bonds dur
ing tbs present year, assumes that al cer-
tain periods during the year there may be
an amount not less than $500 900 in the
city treasury for deposit with the bank
designated as depository. For this rea-
son we recommend that the amount of
the bond given to secure the city be fixed
at one-half million dollars, believing it
would be bad financial policy to make it
any less. In connection with this report
we beg leave to submit the Treasurer's
monthly balances for the year 1889,
which show November balances to be
$444 ,06237, and the average monthly
balance during the year to be 1891 ,672. Is.
Four and one.half per cent. per
annum upon this amount would
realize 14.925.25, which will
probably be about the amount that would
be realized during the present year. The
said statement is as follows: January,
$443, 1867; February, 414,819 81 !;
March, $429 9s7 .e7; April, $413, $3.50 55; ;
May, 1858 .502.2S; June, 1922. .339 So;
July, $685. 06; August, $173,938. 81;
September, $165, ,290.27; October, $685.