Waterbury Democrat., 1902-01-17
BOARD OF FINANCE.
Louis N. Van Keuren Sends communI-

cation for Colonial Trust Go.
 The board of finance met last night, Mayor Kilduff presiding and all the members being present. The oath of office was administered by City Clerk posed of Mayor Kilduff, Comptroller A. B. Lord and Martin J. McEyoy.
 The following communication was read:
 Honorable Board of Finance, City:
 Dear Sirs: Section 39 of the city charter reads as follows:
 All city funds shall be deposited in such bank or banking institution as shall be designated by the board of finance, whose duty it shall be to ob. tain the highest rate of interest there for consistent with the safety of de posits. All interest upon said deposits shall belong to said city
 Chapter 143, section IS, of the pub- lie acts of 1901, provides that in no case shall any public official deposit public moneys in any one bank or trust company in the aggregate at any time of more than 30 per cent of the capital stock. surplus and undivided profits of such bank or trust company.
 Tn view of the fact that the charter provides that the board of finance shall obtain the highest rate of inter- est upon deposits, and the further fact that the amount of such deposits are limited by statute, we would respect fully suggest to your honorable board that 1t should invite sealed proposals from each of the financial institutions of this city, offering to receive such de posits as would be by them severally permitted under the law, stating the highest rate of interest they would al low thereon. In this way each of such institutions would be treated fairly, and the city would get the highest rate of interest obtalnable, in accordance with law in such case provided. Yours respectfully,
 LOUIS N. VAN KEUREN, Treasurer Colonial Trust Co.,
 In answer to a question from Mr Wells as to what interest the city is now receiving on deposits in the Man ufacturers' bank, Mayor Kilduff said 7 per cent. Mir Lord explained that in addition to the per cent interest the bank accommodates the city by paying 1t out, on order, the amounts placed In envelopes. MT Goss said the language or the statute quoted was plain and could not be evaded. He wanted to know how much money belonging to the city is on deposit at the Manufac- turers' bank. He also thought that no banking house should handle all the city'S money; also that the law was plain as to how much city funds an official can deposit in one bank. MI Goss stated that the amount on deposit was $145,000, S45,O00 of which is in deposits. He called attention to 8 check for S350,000 deposited there some time ago and inquired how ii could have been divided up and pari Of it deposited in another bank. Nil Lord wanted to hear from the city at torney on the question. At the sug gestion of Mayor Kilduff the matte ! went over until the next meeting. The bonds of city officers were ap | proved as follows:
 Tax Collector William E. Thoms $50,000; sureties, T. H. Hayes, George 1 H. Cowell, James W. Hodson, Johr O'Neill, Christian Strobel, John W Gaffney.
 Comptroller Michael D. Russell. $25, | H. Garrity, John McElligott, Jame l Coughlan.
 Sheriff John ". Mcdonald, S10,OO0 i sureties, Christian Strobel, Robert Me Grath, M. D. Russell.
 Treasurer George A. Gibson, $40, 1 900; sureties, John H. Fruin, Eugen l Martin, F. J. Coogan.
 Clerk of School Board John J. Fitz gerald, $2,000; surety, Eugene J. Sulli 1 van.
 I Henry $. Chase, treasurer wate bond sinking fund, $15O,0O0; sureties Irving H. Chase and Frederick Chase.
 John ". Burns, treasurer schoo bond sinking fund. $4000O.
 The bonds of Chief Egan and othe members of the police department wer approved with the exception of thos of four or five officers who were re auested to furnish new bondsmer The ones they had have died, dlspose' of their property or left town. It was voted that the city attorne be requested to furnish bond an also to submit an opinion as to wha other officials should give bonds an, the amount of the same Bills of Go 1ector Thoms amounting to $1 .62S o
 the list of 1900 and of John O'Neill fo $500 for service in the Little broo
 law cases were approved.
 A committee consisting of Commis sioners Russell McEvoy and Goss wa
 appointed to cremate the punched cot pons in the safe i'll City hall, afte I which the safe shall be used by tn l collector of taxes The city attorne
 was requested to offer resolutions (
 the next meeting for the issuance (
 $100000 worth of bonds to cover th
 outstanding debts of the town.
 The board then adjourned.