The age-herald., 1900-07-26
THAT BOND ISSUE
 AGAIN DISCUSSED
The City Council Fixes Maxi
 mum Interest Rate.
FIVE PER CENT IS THE LIMIT
Committee Now in New York Will Be Notified of Action of the Board Construction of Twenty-third
 Street Sewer Authorized.

An adjourned session of the City Council was held last night. at which an ordinance was adopted authorizing the committee now in New York to sell 900 of city bonds, the same to bear interest at a rate not to exceed per cent. per annum.
 A few other unimportant matters were disposed of. after which the board ad- journed
 When Acting Mayor Graham called the meeting to order there were present the acting Mayor and Aldermen Lynaugh, Camp, Mcknight, Meighan, Williams Me- Nally, Heidt, Thach and Gray, a bare quo- rum.
 Acting Mayor Graham read a telegram from Mayor Drennen, who is in New York for the purpose of disposing of the bonds to be issued by the city next month, in which the latter requested the board not to act on the amendment offered by Alder man Gray at the last meeting, fixing the interest rate al 4 per cent, until tomorrow night, by which time he stated that he hoped to be able to dispose of the bonds. The acting Mayor suggested that the board adjourn until tomorrow night in con- PhoHSS "ilu lLc request Ol MdyOT and the committee.
 Alderman Gray objected to deferring ac- ton till another meeting, saying that to do so would be to do an injustice both to the members in the city and the committee now in New York, and moved to table the amendment fixing the interest rate al per cent. offered by him at the meeting last week, and providing that the bonds shall not bear interest at a rate to exceed per cent. The resolution was adopted, where upon MT. Gray offered the following resolu- ton:
 'Bt 1t resolved, That the committee from this board now in New York be notified by the clerk that this board has adopted an ordinance authorizing the issuance of $269, 900 of bonds at rate not to exceed per cent. provided, however, that said com mittee shall report to this board before final disposition of said bonds.''
 This resolution was adopted.
 The original ordinance providing for the issuance of the $269,OOO of bonds fixed the rate of interest at not to exceed per cent, and the committee that was sent to New York went under the instructions given in that ordinance, but at the meeting of the board held last week MT. Gray offered a resolution fixing the rate at per cent. This fact was reported to the committed and copy of the resolution was taken to New York by Colonel J. J. Altman, who left this city last Saturday for that place. Without adopting MT. Gray's amendment the board adourned till last night, when, as above stated, the amendment was ta- bled on motion of Mir Gray.
 The bonds are to date from August ?. 1900, and will run thirty years. The inter- est on the bonds from August to 13 will be computed when the purchasers take charge of them
 Improvement assessment ordinances Nos F and AS were made final.
 petition of l.. l.. Thompson for per- mission to erect frame building 40x60 feet in Morris avenue, between Twenty third and Twenty-fourth streets, was re- ferred to the building commission.
 A resolution offered by Alderman Thach authorizing the building of the Twenty third street sanitary sewer was adopted.
 Alderman Heidt, chairman of the lights committee, altered resolution authoriz- ing the mayor to enter into a contract with to supply the city with arc electric lights for a period of ten years, in accordance with the proposition submitted by the company some time ago. The resolution was referred to the lights committee.
 On motion the board adjourned.