The Portland daily press., 1900-08-14
Created Much Discus
sion IN the Council.


transacted hy the city council last eve /
Ming. IN the common council Mr. Wood
ssas introduced several orders which Gre +
sid considerable discussion and the
financial affairs OF the city were dis /
ea.ssd At some length. No definite action
was taken In Theses matters. however.
gslA1ING 10 THE SINKING FUND /
Councilman Wooaside produced in the
esnsnon council the following ordinances
WHEN be moved should have passage:
In the year Of our Lord Nineteen Hun-
Al ORDINANCE he It ordained By
sfa Mayor, Aldermen and Common
Council Il tbs City 81 Portland, in City
Council assembled. a. follows:
ssn.Aon 1.-The Mayor. the Chairman
q lie Board II Aldermen, ana the presl-
dent Qf fhe Common Council shall be
ta4 mitfee to b. called the Committee on
sinking Fund. and ali monies and secu-
tflas b their possession or 80 their credit
shAu constitute tire sinking fund 81 the
cts "a Portland. All properties, monies,
q seeurIfles now IN the sinking fund or
standing 90 the credit 81 the COMMITTEES
"a reduction Of the city debt shall be
transferred 10 the committee hereby
eaaEsd ana become a part OF said sink
lng iund
section ALI balances Of money I'M
appropriated remaining IN the treasury at
IL end st any financial year. all excess
Ct income over the original estimated IN
cams except IN the case OF sewer assess
manss. fees and tines recovered Tor the Use
O. Ihe city, receipts on account Of inter
IS. Ientss and support 81 poor, All ball
aneas 81 appropriations original or by
Aaallions. remaining on the books Of the
auditor, al receipts Tor premiums on city
49,.
muney for the sale Of real estate 81 any
description now belonging to or which
may hereafter belong - the city except
lne the sale Of burial lots IN the GENIE
feTles 81 the city ali receipts on account
q he principal sum Of any stocks, bonds
Of notes now owned or which may here.
alter b. owned oy the city. also the al
nal tax, such sum as the city council Of
f4tn year snail TX and determine. not
t6s than one per cent ~ the then exist
Ing city liabilities shall be. anG the same
is hereby appropriated. 70 lie added an
nuAlly 70 said sinking fund.
Section 8.--It shall De the duty Of the
treasurer annually 10 transfer TO the &C.
count Of the sinking fund.- al receipts
ana the proceeds from al the sources
mentioned Ia the preceding section. and
Is shall % the duty Of the auditor 70
Tass 10 the credit Of the sinking FUND al
sums SO transferred and said sums shall
L. usea for the purchase Of theacapital Of
the city debt. and for 10 other purpose,
except as hereinafter stated.
Section at shall be the duty Of said
COMMITTEES to Invest the money in the
sinking fund Ia the outstanding bonds
Of tbs city of Portland, when the same
can be obtained at a fair price, and when
these are not available 1t shall b the
dufy OF said committee TO deposit at Ia
terest III the savings department Of such
rellable National banks or Incorporated
IFnzt companies IN tie city or Portland
as thev rslav by vote determine all money
In the sinking fund not invested as afore-
said. which exceeds the sum OF 500, eco.
Section 1.-The city treasurer shall be
ex-oncio treasurer Of said committee,
shall deposit and invest all monies and
conlorn to all orders in writing In this
Respect which shall be made and signed
ly all the members OF said committee,
and he snail be responsible on his official
bond to the city for the safe keeping OF
the securities IN the sinking fund and the
faithful compliance with all orders a1ore-
said
Section 6.-The total Income from the
sinking fund shall be annually paid 60
tne city treasurer and shall be used by
him for the payment Of the interest on
the city debt. and for no other purpose
until said interest fl fully paid
Section 7.-Whenever any issue OF
bonds Of the city Of Portland shall ma
tnre it shah be the duty of said commit
Gee TO convert into money by public sale
to the highest bidder, after advertising in
q least I'VE leading financial papers for
al least thirty days the time and place OF
such sale, the amount aud kind of secur1-
ties 70 be- sold and the manner prescribed
ior submitting bids sufficient Of the secu-
rifles IN the sinking fund TO pay said
maturing bonds. Said money shall be
paid TO the city treasurer, and tt shall be
bis duty TO use said money 10 pay said
nonds, and for no other purpose. Pro
Flueu, however. that the stocks OF the
Portland Gas company shall not be solo
ana that the stock Of the Portland and
Ogdensburg railroad shall not be sold at
less than fifty dollars $500 per share ex-
elf
Section s.-The city audi6of shall he
ex-oillcio clerk Of said committee, shall
Keep record in a book kept for that
purpose Of all the proceedings of said
committee, also a record of All securities
anu money IN the sinking fund Said
DOOR shall at all times be open TO tnspeo-
hon BY any member OF the city govern
ment
Section 0--All ordinances or parts of or
ainances inconsistent herewith are here
BY repealed
CREATED MUCH DISCUSSION.
The Introduction Of this proposed ordt-
nance created no end of discussion in the
common council, and it was finally laid
on the table until the next meeting.
Mr. Woodside who said that he had de-
voted two months Of study to this ques
non explained the provisions Of the pro-
posed ordinance at length. He said in the
llrst place that the purpose Of the ordi-
nance was to c.,y,a bs,a tho throa funds
Which the city now carries in the same
manner as a sinking fund into one sink
ing fund which shall be SO called and SO
regarded. TheEe three funds are the trust
lunds, the funds standing to the credit OF
ene committee for the reduction of the
city debt and the sinking fund He said