Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1891-04-10


day afternoon for the purpose of organizing,
Alderman Hall being the only absentee.
The Board is made up rs follows
Ward Onc-Orvis S. Storrs, Elmer f.
Davis
Ward Two-Joseph Z. Painchaud, Edwin
H. Trick
Ward Three-George b. Rand, Joseph
Roberts.
Ward Four-Robert C. Severson, George
II. Knsley
Ward Fiye-Elias Lyman, William f.
Hall
The board was called to order at $50 p.
m, by tie clerk, Charles T.. Allen, who adj
mintsred the oath of Office to the four
aldermen elect present Messrs. Davis,
Trick, Roberts and Knsley. The members
were requested to choose president and on
motion of Alderman Painchaud, Aldermen
Davis and kinsey were elected te.lers,
whereupon tho board went into executive
session. The result of the ballot was as fol-
lows:
Whole number Of votes...............
Necessary to a choice ----........
p ''as lyman
President Lyman taking the chair
thanked the Board for the honor conferred
on him.
On motion of Alderman Painchaud tho
rules of the present Board. On motion Of
Alderman Painchaud, committee, con
sisting of Aldermen Painchaud aud Rand,
was Gppoin ted to wait upon the mayor and
inform him that the Board had organized
and were ready to receive any communica-
ton from him. Mayor Haselton then APP
peared and read his annual message fol-
lows
MAYOR HAsELToN's MESSAGE.
To me Honorable BoIrd Of 1hi rncn:
Gentlemen Conformably to Il provision of
u-uase. submit 10 YOU at THIS time some con-
deratious touchn! our muncipal affairs
THE FUNDED DEHT'
Tho net bond.d debit of tha city has for thc
last two years been undergoiag reduction at
the rate Of between SlG0.n1d ali 900 yenr
HGon, Isf Of ,Hn I'm, nrli, u IN rnJ'ti, "i
he T,bt has com" fr"m beincnn,c Of The .ii,I,
me tuna and 9b"ut Iiiif from tlIe aIInnni sinE-
inc fund TAX Of five nrr conf The rate of re-
Gitctinn hs. bne, 1s yrcat ne ia rra'lisitc 70
Healthy inaaeiai condiiiqn ana ssaadnes. q
theory Tint The debt has been reGucrd much
more Rapidly than has " been T' The case it is de-
siT&Iif t4at tGG exact fac; ,s DC understood
cd deht Of No civ ,'as en- in6 A. he SAM
time the amount OF the sinking fund was
sia.l ID the net bonded debt beng s3I;'4oOii.
Durintt tGr v,ar lssq the sinLint, frnd yyns
increased from the sources ahoye indir,t n
TO TIE sum Of Sllp,ta! %; Jgn4ary |, 1879 water
and were pnid ont OF the sinking fund.- The
sross bonded debt of tie city then stood at
the net bonded debt at $50, sUl u.s. Thus the re-
auction In We net bonded debt for the year
1889 was Sl05Q0.5j
During the y,ar lSao the sinking fund was
s~e i 10 y hn a, IN , on tne r1t o.
matured and were paid in part out of money
belonging to the sinking fund and in part ont
of the general funds OF the city, a temporary
loan Icing negotiated to provide the requisite
lla IA al hllt nf 4sstft
thus reduced to Sjo5,Wh. Since the payment
of this block of water bonds the amount Of the
been stated at Sll3,'e1'O1 as before. This, how
ever, is incorrect as part of the money to pay
the last named bonds was made charge upon
the sinking fund by expires r.so uuon OF the
council. and he balance must be charged upon
tho sinking fund in like manner unless, which
new Issue Of bonds or to raise the rcqu. lite
amount by future tax.
When the appropriate charges have been
directed to he made upon the sinking
fund the amount of that fund will
stand at e.M3R, the net bonded
ducuOn OF the deb, for the year lo9l will be
tocn to have been Sos a. For the purpose II
compsr son with past or future statements
S-9,H ui 70 and not 50 ,Qul should be taken a.
the present amount OF the net bonded debt.
Ia addition TO the bonded debt OF the city
there are outstanding reservoir notes so-CallCd
Of the amount o. S2D,uOO. The net funded debt
OF the city il therefore S3lGuJi.9j.
MAIIhlN" BONDS
Water bonLs Of the amount of to5 OOl will
mature July and thereafter no 6onds vii,
mature uutil lsg3 Whether the bonds 10 ma
lure this summer sha be retired by The Issue
Of now bonds of like mount or whether thev
sh De paiI out oi he snHIins dlnd !" queS-
NE slNhlN" ftND.
Some misapprehension has at times been
caused bvtak INK tie amount Of tLs sinking fnrd
investment for the amount of the slukine fuuj
itself Il is of course iuprActicable INIT the
two should exact Y coincide in alnouut For a
time some part of the sinking fund will re-
main uUiuvestcd AID mingled with the Jon
cral funds of the CITY, and then the sinf inc
fund conslsts of the sinking funi
Investment ulus the amount Of min
vested funds be ong.ng TO If ani
constituting Willie mingled with the renrroI
funds OF tile city, what 1t is customary 10 rnII
a loan to tie city. Again an inyc.tnitnt Viii
e. i.ju,, fn,I ,o tosa ,.i,li'iP ~ ',e iua vac
loan from the general fund of the city, When
an Investment has been made under such cir
cumstances the amount OF the sinking fund i-
the total amount of The sinking fund invest
ment less the amount OF such advance or loan.
At the present time, while the amount OF the
sinking fund, with the appropriate cuarsrs
made, and without reference to any aocretions