The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-08-17

49,
New City HAL, to be drawn upon By the
Board Of Finance to help meet the above
Judgment; and
Whereas. In order to pay said Judgment
i VIII be necessary to raise the sum of
~$l,Szl.66, IN addition to the amount re-
served b the Board Of City Hall Conn
Resolved. That this Board hereby APP
pfcpfiafes the sum Of Si,a2l-GG TO pay a
part Of the judgment above meni.4 I'd,
ana that In order TO raise said amount the
carirnlttee on Finance be and are hereby
authorized &c borrow on a temporary loan
BOND or bonds the sum of $I921.G6 at a
fale OF interest not to exceed 10 per
annum, which amount is hereby ordered
placed IN the next tax levy. Snd further
Resolved, Ina a warrant for $2,D59.1 6 be
Qfuered drawn on the City Treasurer in
favor of Garrick 4 Ewald, Attorneys.
10 pay the Judgment and costs recovered
py Wniiam W. Farrier against The Mayor
and Aldermen Of Jersey City said sum
70 pc paid out Of the amount ordered set
aside by the Board Of City Hall Com
missioners, eSl3l.SO and the amount raised
On temporary loan bond or bonds, @1,921.-
Resolved. That the said warrant be
delivered by the City Clerk only upon the
fling Of a proper satisfaction piece.
On motion of Mr.. Simpson, the Board
MARTIN FINcK
Special meeting Of the Board Of FL
nance. held in its rooms. at the City Hall.
on Wednesday, August 3, 1898, at one
Present-Messrs Bailey. Midlige. Ringle
and Simpson,.
Absent-President Heppenheimer-1.
In the absence Of the President. Mr..
Bailey was elected President, pro tenn. OF
motion Of Mr.. Simpson.
In the absence Of the Clerk. M. r.
KalaheP, was elected Clerk, pro TEN. on
motion Of Mr.. Midliee.
The call for the meeting. signed by
M6eSTS Midfion Rincr1a and Gfnoaron and
which was for the purpose of transacting
General Business as is included IN
.sOrder Of Business of the Board, was
read by the Clerk, pro tenn.
The regular order of business was sus-
pended on motion Of Mr.. Simpson.
Mf6CELLANEO BUSINESS.
The following resolutions were present
ed. received and adopted by the votes of
Sour 90 in number, On the call for the
yeas and nays by the President.
BY Mr.. Bailey
Resolved. That the following resolu-
ton, adopted by this Board, July q. 1898.
be and the same Is hereby rescinded.
Resolved, That the printing Of the
Martin Act codifcation be given to
Messrs. Soney & Sage, in accordance with
the term of their communication thereon,
and be 1t further
Resolved. That Howard c. Grifaths be
instructed to attend to and secure the
printing of the City ordinances as codifed
- f@H. - 14@N ~ RAa& 1891 ~
copies of the same, not to exceed five
hundred dollars, and to be approved by
the Chairman Of the Committee on FL
nance
BY Mr.. Bailey
Resolved, That the printing and bind
ing Of the Martin Act" eodification be
given to Messrs. Soney & Sage, in ac-
cordance with the terms of their commu.
nication. viz: one hundred copies for one
hundred and fifty dollars.
BY Mr.. Midlige.-
Resolved. That the Chairman of the
Committee on Finance be authorized to
receive bids for the printing and binding
of the City ordinances as codified by
Howard G. Grifiths.
b Board then adjourned on motion of
NJ. f. KALAHER.
Clerk pro tenn.
Special meeting of the Board Of FL
nance, held in its rooms. at the City
Hall on Monday, August 8, 1898. at 2
Present-Messrs. Midlige. Ringle and
Absent-President ~Heppenheimer and
Mr.. Bailey.
In the absence of the President. Mr..
Simpson was elected President. pro tenn,
In the absence Of the Clerk. NJ. F.
Kalaher, was elected Clerk. pro tenn, on
motion OF Mr.. Midlige.
The call for the meeting. signed by
Messrs Midlige, Ringle and Simpson, n
which was for the purpose of transact
ing general business" as is included in
order Of business of the Board was
read by the Clerk. pro tenn.
PETITIONS. ETC.
The following communication from
Messrs. r.. II Rollins e. Sons, the sue
cessful bidders for the 500, 600 45 Public
School Bonds (bid received June Is, 1889,
was presented, received and referred to
Boston, Aug. 4, 1898.
The Honorable Board of Finance, Jer-
sey City. N. ]. =:
GentIemen-Referring to our bid of June
Is last, for 100000 40 gold School bonds
of your city. and the refusal of our at
torncys to approve of said issue of bonds,
we beg to say that WI are ADVISED by our
attorneys. Messrs. Dillon & Hubbard. that
your city has authority under an act ap-
proved February "A. 1898, to issue S100. 900
School bonds. but that the act provides
that the ono must be issued within six
act; that is, the bonds must be issued on
or before August "a, 1895.
Our attorneys advise us that under res
~oluttons which they can prepare your city
coo school, bonds, and sell them to us in
place of the 100000 issued unGer the act
Of March 81. 1897. which bonds ave failed
To receive the approval of Messrs. Dillon
e Hubbard. The bonds issued under the
act of February q, 1898, however, must
have a life of twenty years instead OF
thirty years.
Based on the above Information which
we have received from our attorneys. the
substance of which we believe has been
communicated to your Corporation Coun-
sci, Mr.. McDermott, We beg TO state that
we will take from your city such new
issue of twenty year gold School bonds.
to 500. eco, issued on the lines
above. the saDne to be approved
by Messrs. Dillon & Hubbard. at Si09.5 "a.
equivalent to sL.045.40 for each 81, eco in
bonds.
In making our bid to your Honorable
on June 10. we d~eci9sAupon a figure.
which allowed Us a profit of 1.13
by selling the bonds On a 3.60T interest |
basis, which for a t~yenty-nine year bond !
was 1915, which would have been our
list price.
A 1907 interest basis for a twenty year
Al bond is 1885,, deducting the same mar
gin of profit. namely. 1.13, we arrive at
our bid as above stated, namely. 104-54.
You fully understand our feeling as TO
the attitude which yonr city has
toward our bid OF June 10. as expressed to |
Board and your officials. through our
communications. We have felt
and still feel that the position you have
taken is ~untenable.
the beginning to exercise the utmost good
faith towards your city. n our attorneys |
have worked to the same end. They have /
to the matter very careful study I
in order that in some way the matter
could be adjusted satisfactorily to both
and lave finally discovered the
above method OF Strengthening out a
serious matter fer your city.
We are very glad to comply with their
suggestion. Quick action is necessary in
his matter. and we therefore ask your /
early consideration of this proposition.