The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-12-11
AS TO THE FINANCES
High Municipal Officers Hold q Meet
ing to Discuss Them.
ABOUT THE SINKING FUND
The Mayor Suggests That They 90
Slow With the Bondsmen OF
Jacobs Don't Push, But
Just Go at II Safely.

s,sting of Mayor Thompson, CITY At
torney Hamilton, City Treasurer foder
and City Clerk [McAfdllan, met yester-
day AFTERNOON to discuss various mat
ters of financial interest TO tine clty.
The nrtncfpal tonic was whether or not |
dne bonds now maJtured should be PAID
oaIt of the $4,000 which is supposed 10
be In the sinking fund. The crty at-
torney considered 1T a business propose
tion to take up warrants bearing = Per
cent interest rather than ponos pear-
| ing per cent. interest.
s~rha)t as true" said the city treasur-
err. but can the sinking fund be used
for taking I'D city warrants? Must IL
mot remain intact except for the pay
ment of interest and principal on
bonds?"
.,Money once placed in the sinking
fund cannot be legally taken our eA-
cept for the purposes you mention' ~
piled Mr. Hamilton. But II you 90 NO.
place the $4,000 tn the sinKing Iuno, ~
is not there and you cam use Ot LOT
other purposes. do not consider tnat
me present administration Is legaAiy
bound TO replenish the sinking fund,
which disappeared under the former
administration. II as lne p ee d,s mat.
OF course, If the missing sum Is not
made good by the time the bonds must
be paid, the city must Supply WlI1l -
missing from the sinking fund. bun L
do not consider that there Is any Pl -,
, emit obligation to take the CITY taxes "
sursply the sinking fund. wihfcn duty ~
prfncfpally the obligation or Nne ponus-
men of Mr.. Jacobs.
, This view met with the approval OF
the other officials and III was decldeo
, MT No place $4,000 from the taxes into
the sinking fund at present, but 10 use
that sum for the payment of outstano-
ing warrants, on which per cent. MI
teresst is paid. The sum of $500 was,
however. ordered transferred 70 the
sinking fund for the payment OF pne IN
terest ON bonds due JAN i.
!, The mayor was asked when ne pro-
r,osed making the bondsmen OF Mr.. ia
= oob<s pony up the defalcatbon. Inc city
y treasurer said that very many cltlzens
aL.1,lfed TO hlim i'm paying taxes because
. the bondsmen had not been compelled
e 10 ypalxe good the defalcation or Sdnon
: Jacobs. Mr.. Thompson said that ns
: was trying 10 get the mauter seutieo
II peaceably, so that the money niisn aoa -,
- Immediately available. III 1T was neces
sar-v. the city would bring suit, pu
a that would involve several years deiay
y IN was decided to transfer $1,000 IRON
!. the general fund to the hbrary Door
4 fund for the purchase OF new no DO Sc vi
fund about 81, 500. 1t was Thought una
y as only 81, 900 worth of books are 90 p
palrcIhased at present, rnat only tna
amount should be transferred, so ina
the balance could be used Tor tne pay
nent of warrants. Tt is desired 70 TAX
g am fust as many OF the outstandlns
warrants as possible. The city treasur
e, er mas about sos, 900 available for re
l. deenslng warrants. and he VIII propa
4, bly, start this work next MONDAY;
& A. Thought that the city will be able Z
redeem all warrants Issued prior TO las
e, June. "a,
IS code relative to the sinking fund WI
E. be Of interest: =,
ordinance must be levied each year 1e
e. the purpose of paying the interest o
a: uhe bonds and ito create SINKING run
ID Tor their redemption The treasurer
e. such city or towns must pay IN iawl
money of the United States. on the u
IN Of January next succeeding the tsst
AZ of the bonds and semi-annuaaly ther'
- after ON each 1st day OF january an
70 the LIST day of July, the interest que 9
- the bonds upon presentation al n
office of the proper coupons, WINS
no,rst show the amounts due and vi
u number of the bonds to which tne
u Sever,ally belong. In case the holder
=, such bonds gives the treasurer hoti'
IL IN writing that he wishes the bonds
- held by him and ene interest Iner re,
IT TO be paid in New York city, then SUI
bonds and coupons are payable IN Ne
York city, at such bank as is desa
mated by the city or down treasure
and all bonds or coupons so paid mu
be returned to the CITY or town coull'
al Us NEXT monthly meeting, and sa
bonds must be cancelled by the clerk
section 497s-The bonds are redee1
able in ten years and payable in
er- years. Whenever at any time atVer =
ne years from the issue or the bonds :
sum In the sinking fund equals or {
ceeds s., 900. the city or town treasul
ur- must cause a notice to be printed
at one newspaper published in such 9
or town that ne wiz, IN 80 days IN
the date OF such notice. redeem SC
Art amount OF bonds which then may
In. payable. giving the nun-ber dhere
Preference being given TO the oldest
our sue; and II at the expiration OF 80 ia
In. the holder of the bonds fans or M
lects no present the same for payne
M. sneerest thereon must cease"