Fairhaven herald. [volume] (Fairhaven, Wash.) 1890-????, 1892-04-15
THE BONDS ARE NOT SOLD
The Adjourned Meeting of the
City Council Yesterday
Morning
c. H. White & Co. Submit
Definite Proposal for Fair
haven Bonds
The Offer Was Considered but
no Definite Action as Yet
Taken

consider the proposal of &, II. Whit
d Co, for the second issue of municipa
bonds, amounting to $4,000 All tn
members were present except Hedg
and Mayor Mckenzie occupied tn
chair.
The mayor stated that the bond com
mlttee had arrived at no conclusion il
their conference with Mr.. White anC
had thought it best to leave the entir,
matter to the whole council.
The following proposition was then
read:
For the $4,000 in bonds of your city
the same being part Of the issue OF
10000, dated July lst, 1891, we wish
to make you the following offer: For
the bonds with the first six months
interest coupons cut of, or coupons
maturing January lst, 1899. we will
| pay you par and and a premium of
/ 81 200 The bonds are to 6e similar TO
the 9l50,000 sold in June, 1891. Said
/ bonds To be delivered in the city of
New York at such bank as shall be
hereinafter designated. All papers
evldencing legality to the issue to be
furnished US for examination by our
attorney.
We also contract to pay all accrued
interest from April lst, 1892, to delivery
of bonds to us.
Twenty-Five thousand of the bonds
are to he taken Immediately upon de-
livery to the Chase National Bank. of
New York, and the balance in blocks
OF twenty-five thousand each until two
months after the delivery of the bonds
We also contract to furnish certi-
ned check in the sum of $4,000 as a
guarantee of good faith, $1,000 of same
70 be returned on the payment of the
hFst S25,OO0 and the balance, $1,000. to
be returned upon the fulfilment of the
contract.
1t is also contracted that if at anv
time one or both of the subsequent
payments, by mutual consent. the
payment is deferred, we are TO nav
Interest until sand payment is made
We will also pay the printing bills.
same incurred in advertising for the
sale of the bonds, provided said bills do
not exceed 500, and in the event of
exceeding same we will pay the said
800 c. Ii. WHfTE q 90
Mr.. Donovan said he had no reason
10 change his opinion since yesterday.
lie considered the offer good one: as
good as might be expected to be re-
ceived; and for that reason he favored
accepting it.
Mr.. Aubrey excepted from Mr.. Dom
ovan's remarks. He thought that if
Mr. Whites proposition was accented
in view of the fact that that the bonds
had been advertised, it would work a
on the bidders.
Councilman Donovan maintained |
his position; he thought it would work |
no hardship on anyone, and as city /
work was necessary, the money was
needed now so that con templated work |
could be done during the dry season. |
The sanitary condition of the CITY de- I
manded immediate attention.
Mayor Mckenzie explained that as
chairman Of the bond committee he
had Informed intending bidders that
sealed bids would be received, and not
private. He dad not agree with coun-
ciifneh that the offer was better than
could be expected. 1t was no gam.
bling speculation with the BUYERS. If
these men did not think the bonds
were good and safe they would not
want them. Our bonds were lust AS
good as those Of Seattle or Spokane.
and when other cities were selling
bonds above par he was not surprised
hat we should do the same. Every
safeguard was thrown around our
bonds by statutory law as those of any
Of the larger cities.
Mr.. Aubrey explained that ne
thought the offer a good one when
compared with the slaughter of the
first issue.
Councilman Ahern favored accent
ng the offer, as he thought the city
,ould not do better.
ii. l.. Dickinson, Of the Washington
Improvement Company, stated that 1t
was the intention of his company TO
lid on the bonds, but he had been in
ormed That private bids would not he
He asked that action I've
deferred for few days, when he was
confident that he could submit n uro-
)osal as good or better than the one re-
,eived. His was a home company and
very dollar Of their money was in
Vested and expended here.
After some further discussion. Mr.
White Withdrew his bid and the coun.
Ill dropped into discussion of sewer
matters. Mr.. Donovan was of the
opinion that bids for brick should be
advertised for at once, in order to give
all probable bidders plenty Of time in
which TO bid. Sewer work wa. abso-
utely necessary and no time should be
ost.
The council then adjourned until
saturday afternoon, when sewer mat
ers will be considered. The bidding
or bonds will again come up on
Wednesday.
Dyeiag and cleaning done at b. B.
Steam Laundry. ID