The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1899-03-30
WILL REFUND DEBT
CITY COUNCIL ORDERS ALL OUT
STANDING BONDS PAID BY JULY.
MUCH LOWER RATE EXPECTED
And it is Expected that the City Will Save
Fully $4,000 Year by Retiring the
Present Issue of Bonds. New Issue
to be Negotiated For at Once.

The city council at their adjourned
meeting last night decided to follow
the advice recently given by Z. &.
Simmons, and as soon as possible the
present Indebtedness of the city will
be refunded at a much lower rate OF
interest. The matter has been under
consideration for some time, and the
city attorney presented the following
opinion on the question:
To the Hon. Mayor and Common
Council of the City OF Kenosha:
With reference to the question of the
city's present bonded Indebtedness,
beg leave to say to your honorable body
that in my opinion the Common Coun-
Gil may, by ordinance, provide for the
issue of renewal or refunding bonds,
provided the Council at or before the
time of issuing such bonds provide for
direct annual tax sufficient to pay
the interest on said bonds as it falls
/ due and the principal thereof within
twenty years from the date of their
issue. The statute means that the
debts of a municipal corporation must
be paid.
In order that the succeeding Council,
| if it so elect, may be enabled to cause
such bonds to be issued, it is necessary
for the present Council to proceed at
once to give the required notice for the
call and payment of the city bonds
now outstanding as provided by the old
issue.
The details thereof falls necessarily
to the next Council and therefore can
serve no purpose here.
Dated March Goth, 1899.
PETER FISHER, City Attorney.
The opinion was received and placed
on file, and the following resolution
was unanimously adopted:
Whereas, It is the Judgment of the
present Council of the City of Kenos ha
that the present bonded Indebtedness
of the said city should be called and
that renewal or refunding bonds be is
sued at a lower rate of interest and
foated to raise funds to pay existing
indebtedness of said city; therefore,
Be it Resolved, That the Mayor and
City Clerk be, and they are hereby
directed and empowered to call all
bonds issued by the City of Kenosha
now outstanding and to notify the
holders thereof in the manner provided
by law and by said bonds, to present
the same for payment on July LIST,
1899, at the place or places in said
bonds and notice provided.
! Further Resolved, That said notice
be published in THE EVENING News,
a public newspaper printed in the City
of Kenosha, Wisconsin, for at least
three months prior to said July LIST,
and that copy thereof be mailed by
the City Clerk to each holder of any
such bonds whose name and address
are known as soon as published, or as
soon thereafter as the same may be
learned by said City Clerk.
The refunding of the city debt will
result in great saving to the taxpayers
of the city. The present bonded in
debtedness of the city is $17O,000, and
the city is at this time paying interest
on this amount at rate of 3 per cent
per annum. According to the plans of
Mr.. 2. G.. Simmons and the members
of the finance committee who have the
refunding matter in charge, a new loan
can be made at a rate of three and
half per cent. per annum, thus saving
to the city the sum of So, $50 year.
Before the council took up the matter
of refunding the city debt, the mayor
appointed j. II. Charles, Burr Sim
mons, w. W. Strong, G.. R. Mcdowell
as commissioners to decide the ques
tions' of damages and benefits arising
from the opening of South Exchange
street to the city limits. DR.. Cleary
and Alderman German were appointed
committee and given power to secure
a pesthouse for the city, to be used in
the case of the development of any
contagious disease within the limits of
the city. The rest of the time during
the evening was spent in appointing
the officials to serve on the election
boards at the coming city election. The
list of officials will be published later