The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1902-09-26
FLOATING DEBT
1t Should Be Reduced BY
About $1,000.
The Council Considers This and Other
Matters-0rdinan Regulating
Drayage Charges.

The advissbility of reducing the
city's floating debt was called to the
attention of the council Friday night
by City Recorder Williams. This debt
now amounts to $91, 57S, and draws
interest at the rate of six, seven and
seven and one-half per cent. 1t has
been reduced very little in the past
year, although, there is money in the
treasury that can be used to pay off
these notes and save the city the bur-
den of paying interest. The notes are
past due more than three years.
City Recorder Williams communi-
cation was as follows:
"To the Honorable Mayor and Com
mon Council.
Gentlemen: have called your at
tention several times during the past
year 10 the fact that there is large
amount of money in the hands of the
city treasurer, which is properly ap
plicable to the payment of the floating
debt. In the general local improve
ment department there is now $4, OH. AZ
which was collected during the years
1900 and 1901 from old special assess
ments, the contractor having been
paid for his work at the completion
by issuing notes, known as the float
ing debt.
There is now in the bills payable
fund the sum of 100000, derived
from levy made by the council for
the express purpose of paying the
floating debt, large portion of which
has been in the hands of the city
treasurer for more than year, max
ing a total of $7,O27. Sc, which, as
understand it, should be used in pay !
ment of the floating debt.
"If it is not desired to use this
money at this time for said purpose, !
it would seem proper that interest on
said debt in like amount should !
cease.
Respectfully submitted,
sd. V. WILLIAMS,
'City Recorder. F."
Mayor Petersen said that this was
new to him, and he did not think
that the recorder had previously re-
ported this.
Aid Heinze was in favor of taking
up notes, but had not been aware that
there was much money on hand for
this purpose
Mayor Petersen said that if there
was money that could be used for the
purpose it should be used to pay inter-
est bearing notes. This would have
been used to pay notes long ago if he
had known of it.
Mr.. Williams said that there had
been money applicable for this purpose
since last November, when the mayor
had. said that he would mot pay an
other dollar of floating Indebtedness
put would put the money in the road
qnd. There lis over 81, 600 in the
ocal improvement fund.
Aid Heinze wanted to know why this
money could not be used to pay for !
other local improvements.
Mr.. Williams held that this could |
lot be done. {
City Attorney Daley thought that {
he money in the local improvement {
und could be borrowed into the road ,
und
The matter was referred to the city 8
attorney to investigate the legality of !
Using the money to pay notes. and to
'eport at the next meeting. II
An ordinance to amend the hack
mems, draymen's and transfers ordi
rance was introduced. 1t provides a 8
schedule of prices to be charged by s
lraymen and teamsters. They are 9
lot to charge more than the following | G
ates for conveying merchandise, a
baggage or household goods:
For loads not weighing over 20u S
ounds. within one-half mile, % c
ents for loads not over 500 pounds, f
0 cents and when the distance ex- q
eds one mile % cents for each addi- \
ional mile or fraction thereof for r
pads over 500 pounds, 30 cents for S
ach additional 500 pounds; household v
urniture, with one or two trucks,
ne dollar per hour. The schedule of
ates is to be kept posted on the vehi-