The daily morning journal and courier., 1897-09-17
CONTROLLER MAY BORROW
so AUTH0RIzED BY THE BOARD OF
 FINANCE.
In Accordance With the Resolution Which Passed Common Council and Signed by the Mayor-City's Balance in the Bank Win be Used at Present-Smah sums to be Borrowed Later as Needed.

pe AdtCE ho tNoouces
 The resolution passed by both
 branches of the court of common coun-
 cil and signed by the mayor, authoriz-
 ing the board of finance to borrow, ito
 the best advantage for the city of New
 Haven, the sum of 0,O0O," was brought
 before the board of finance at its meet
 ing last evening, and the board, on mo-
 tion of Burton Mansfield voted to au-
 thorize the city controller to borrow
 money from time to time, as needed,
 not to exceed $20,O00 on the best terms
 to be obtained at the times when such
 sum, or portion thereof, may be need
 ed for the purposes specified in the res-
 olution.
 After the resolution authorizing the
 borrowing had been read by City Clerk
 Lyon. Mayor Farnsworth said that the
 common council had acted on his sug-
 gestion and the question before the
 board was as to where the money
 should be borrowed.
 Controller Brown announced that he
 had received an offer from the Yale
 National bank to loan any amount up
 to S35,O at per cent, payable on de- mand, ten days notice to be given be- fore payment would be required He
 also announced that a similar offer had been made by the City bank for any sum up to s50,OOO He said that the entire $2O,OOO could be borrowed from either of these banks at present for per cent, or that portion of the amount could be borrowed now at that rate and other amounts later at the rate of money at that time.
 Commissioner Forsyth asked if there was not some source from which mon ey could be borrowed without paying any interest. He thought that there might perhaps be unappropriated mon- ey in some other fund that could be used for the purposes mentioned in the resolution.
 Mayor Farnsworth said that he knew of no such fund. He said that he could see no objection. however, to paying bills from the money on hand, without borrowing just now, and that "as long as we have money in the bank I don't see why we should borrow until we run ashore"
 Commissioner Forsyth said: 'Mr Mayor, hasn't the city now some money that we can use for purposes named in this resolution without paying interest? ?, The controller told us at the meeting in your office the other day that there was 900 uninvested in one fund that we could use without interest"
 Commissioner Dowe-'I would like to make a suggestion that that sinking fund money be placed somewhere where it will stay and will not be talk ed of as liable to be used for other pur- poses than that for which 1t was set aside. Either take it and use 1t now or place it where 1t can't be used"
 Commissioner Mansfield-"That is what l also would advise. Put that money where it will get an income right | off. If we once get that money out of the sinking fund we will never get it back again"
 Commissioner Forsyth-"I think we ought to use that money now. Then we can pay it back and turn it back | Into the sinking fund. I don't care about borrowing money and paying in- crest when we can get it without pay ng interest. No good business man would do that in his business"
 The motion of Commissioner Mans field, mentioned above was then put 1 md carried.
 The request from the lamp depart nent for permission to transfer slO0 rom the gas account to the sundry ac- ,ount in that department, to pay ex- ,enses of the street lighting convention Il Columbus, as the lamp committee nay direct, was next brought up. The amp committee wishes to use this money to pay a portion of the expenses if the committee In attending the con- ,ention. The request was referred to he board of finance by the common council.
 Mayor Farnsworth was in favor of the transfer desired. He re- alled the fact that when the board of nance was looking for money for the department of public works the lamp was the only one in which
 saving had been found. He said that he lamp department had not become o thoroughly imbued with the idea hat every cent appropriated to it hould be used, as have the other de- artments.
 It was voted to recommend to the ommon council that the transfer be lade.
 The mayor called attention to section II of the city charter, which reads as blows:
 "The treasurer of the city shall re- eive the amount of school money to mich the district is entitled from the chool moneys of the state, from the own of New Haven, from state appro- riations for school purposes, from fits and from the tax laid within the istrict for school purposes, which mon- ys shall be subject to the order of the card of education under such rules nd regulations as the board of finance lay from time to time establish , The mayor thought that It would be , roper to request the board of educa- !, on to submit suggestions as to the ' lles and regulations mentioned in this ection, and on motion of Controller I rown it was so voted ( Mayor Farnsworth also called atten- !, on to the fact that, under section 3 { the consolidation act, the three mem ( CTS of the department of charities and orrections to be appointed by the may r during the month of November do