Polk County observer. (Monmouth, Polk County, Or.) 1888-1927, 1903-08-28
WILL CREATE SINKING FUND
Council Makes Provisions for Meet
ing City City Hall Debt When
Same Falls Due.

AAEANN 49,
session Monday evening and trans
acted considerable amount Of bust
ness. An ordinance creating "City
Hall Reserve Fund" passed its first
reading, and an ordinance providing
for the punishment Of persons placing
Instructions on sidewalks or cross
walks was also read the first time.
The first-named ordinance provides
that a fund to be known as the City
Hall fund shall be created, and that
it shall be increased from time to time
as the finances of the city shall per-
nit. This fund is to be loaned at
| interest to help offstand the interest
on the City Hall bonds. Five hundred
dollars is to be transferred from the
general fund to the sinking fund at
this time. When the bonds become
due three years hence, the fund SO
created, with compound interest, is to
be used in paying off the City Hall
indebtedness. 1t is believed that by
careful management the city will be
able to wipe out the entire debt ir this
manner without imposing a heavy
burden on the taxpayers. The city
is in excellent shape financially, and
the council desires to put the idle
money IN the treasury out at interest
to help offset the interest thnt the city
is obliged to pay on these bonds, and
at the same time provide funds for the
payment of the bonded debt itself.
The members Of the council present
were Muir, Williams, Shaw and
Cosper. The absentees were Boals.
Belt and Fuller.
The quarterly reports Of the Auditor
and Treasurer were adopted. A
general summary of these reports was
printed in the OBSERVER two weeks
ago.
Muir, chairman of the Finance
Committee, reported that the Dallas
City Bank has expressed a willing
ness to pay per cent interest on $500
of the City Hall sinking fund for one
year
Claims against the city were allowed
as follows:
J E Richter, labor. or..........".$ A 81
w J Stow, hauling ..,.,.. ! rs
Ed Plaster, hauling gravel. 3 15
Johnson Lumber Co., lumber. 4oS
d P Stouffer, auditors fees ~. III O5
w G Vassall, treasurers fees. % 46
WATER FUND.
Butler &c Goad, legal services. $50 90
A Il Campbell, witness fees. 3 30
Robert Howe, right-of-way 80. rs 90
VIM Kraber, reservoir site. ... 150 90
e S Levens, right-of-way ..... 45O 90
Castle &c Shaw, right-of-way ... 90
Oliver Dennis, right-of-way -. l 90
David Hubbard, right-of-way. l 90
The council decided by resolution to
order the construction Of a 6-foot side
walk on the west side Of E. r. Tuttle's
property on Main street
An ordinance providing for the con-
structlon Of new sidewalks along the
property Of the M. E. Church and
Mrs. Eliza Morrison was read first
time.
An ordinance creating a fund Of the
city to be known as the "City Hall Re
serve Fund.-" and providing for the
nvestmentthereof, and appropriating
$500 from the General Fund of the
city to such Reserve Fund was read
first time.
An ordinance providing for the
and removal Of obstruc-
tions from sidewalks, crosswalks and
pavements was read first time.
An ordinance to revoke the license
Of saloon-keepers permitting minors
10 frequent or loiter in their places of
business was read second time and |
passed, the council voting as follows !:
Aye, Muir, Williams, Cosper, Shaw;
40, none absent, Boals, Belt, Fuller.
On motion Of Cosper, the street COM
nlttee was instructed to examine the
'ace cover and condition Of the race
Church and Levens streets,
md recommend some feasible plan
or rendering the same safe.
On motion of Muir, the street COM
nittee was ordered to confer with the
Southern Pacific Company concerning
putting in sufficient crossings at Oak,
Will Court and Ash streets.
The Auditor was instructed to notify
he Middle Salt Creek & Dallas Mutual
Company that the brush
md extra poles on Robb street must
70 removed without delay.
The next meeting Of the council will
,e held Monday, September 7.