The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-06-14
INTEREST FIXED
At 5 PER CENT
Aldermen Go the Limit as to
Interest.
MAKE THE TAXES HEAVIER
BUT. 1T WILL RAISE MORE
MONEY FOR STREETS.
ROW MANY BONDS SHALL Be ISSUED?
Only $50, 900 of Them Can be Used in Any
One Year. The Finance Committee
to Make Investigation. Bond
Ordinance Adopted.

A special meeting of the board of al
dermen was held last night
1t was called for the purpose of taking
steps to place on the market the bonds
voted by the city Monday
There were three steps to take. TWO
of them were taken. The third will be
taken ut a future meeting.
First was the adoption of form OF
bond and coupon and the manner o,
their issuance and sale This was done
by adoption of the usual resolution.
Next came the matter of fixing the in
terest. OF course it was fixed at the
highest rate allowed by the act author
iZing the bonds per cent. 1T was adj
mitted that per cent bonds could be
easily floated at premium; burt tney
would not bring in quite as much money
to spend on the streets. The burden OF
taxation would. however. not have been
quite so heavy in future with per
cent bond.
But" remarked one of the aldermen.
this is about the last bond issue We'll
be likely to get and we'd best make the
most of IT.
And they did
Alderman Mcdonald cast the only
vote against ) per cent bonds. He
favored 4 per cent bonds.
The next question to settle was the
amount of the bonds to be sold-whether
all should be sold ut one time or whether
they should be sold i'll instruments as
needed.
Aldermen Wynne and Mcdonald IA
vored disposing of them in two lots, OF
$4,000 each.
Alderman Drewry thought possibly
the entire issue of 100000 might be
sold to better. advantage in one lot
rather than. by dividing it up. He
wanted the matter left with the Finance
committee to investigate and then act
as they thought best.
1nis proposition was strongly opposed
by Alderman Wynne who had no OBJ
lection to the Finance committee max
ing all the Investigations it wanted to.
but he thought it should not be given
power to act until it reported back to
the board for instruction
a number of motions were made.
Some of them We're defeated. some OF
them were passed and then reconsider
ed until it WAS hard for anybody to tell
just where they We're at
At this point motion was made by
Alderman CorreA. as Il substitute for
the whole thing, to the effect that the
question Of the amount of bonds to be
issued and the time be left to the FL
nance commttee with instructions to in
yestigate and report back to the board.
THE motion prevailed.
The ordinance in regard to the bonds
as adopted last night rs as follows:
Be it Ordained by the Board Of Alder
man of the City of Raleigh \. c.:
Section L. That in pursuance of au-
thority vested in the city of Raleigh, by
an Act of the General Assembly of
North Carolina. ratified the 2Sth day of
February, 1899. being chapter Pri-
yate Laws of 1899, entitled IAN act to
authorize the city of Raleigh to Issue
bonds for public improvements and to
levy a special tax" and by and with the
consent and approval of majority of
the qualified voters of the city of Ra-
leigh as expressed at an election, held
to ascertain the same on the 18th day
OF June, 1900, there shall be issued
bonds OF the city of Raleigh to the
amount Of one hundred thousand dol
lars as provided in said Act, and fol
the purposes therein expressed, to be
denominated "Street and Public I'M
provement Bonds" the said bonds to be
issued and sold and the same, or the
proceeds Of their sale, used only in tine
manner and for the purposes declared in
said Act.
Section g That in order to provide
for the payment of the interest accruine
on the principal at maturity of said