Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1905-11-09

Issued to build the school house on
Douglas avenue fifteen years ago. for
$4,000 drawing Z per cent interest,
matured on the first Of July and new
bonds for $4,000 at 5 per cent were
issued, to refund the old bonds held
BY parties In the east. r. L. M. Ross
Of this city contracted with the coun.
ell to take the new bonds at s per
cent
Owing to delay in accepting the
Ross proposition and in the passing
OF she ordinance authorizing the re.
funding of the old bonds and owing
to the fact that the interest on the
new bonds commenced to accrue on
july LIST, and 1T the same time the
Old bonds continued to bear interest
|:sshhif paid. M. Ross, agreed Ut the
tirne OF the passage Of the ordinance
to stand the difference of 2 per cent
on the old and new issues, to an
amount Of $40, which 1t was estimat-
ed would be about the amount which
would have accrued during the time
consumed n 'effecting the rSfunding.
Further delay was occasioned
through inability to reach fhe holder
of the old bonds and the matter was
not settled until the 1st OF November.
by which time the amount of the dif.
ference Of the per cent vas 500.
This anlC0nt the city Chained from
Mr.. Ross. and insisted on it, and the
four months accrued Interest at s
per cent on the new bonds, beiax
paid.
To the Rtter proposition Mr.. Ross,
In order u protect the city, had a.
ready consented and had even, furth-
er to protect the city, drawn on his
eastern brokers with whom he had
contracted the bonds for 315,35O, dis
tributed xs follows. Principal OF
bonds, $4,000; accrued interest at 81
per cent, $3.50. and the difference be-
fore mentioned Of $lU0.
Mr.. Ross addressed the council and
said that 1t was not night that he
should stand this loss. His conten-
lion was mat all the delay in effect
ing the rtfunding should not be at.
Jributed to him and he be made to
suffer for the dilatoriMess Of the r.
nance committee.
He proposed to abide by his origin. \
Il agreement and pay a part Of the
Inference IN interest bit he expected 4
he city likewise to pay for the bal I
lnce Of the 800, arising from no !
Ault Of his own. In order to settle I
he affair he said he was willing even
o do better and stand $50 Of the
Ws.
Councilman Forsythe moved that
he matter he referred TO the finance
committee and the motion was secord.
d by Councilman Bunker. The
mayor asked for remarks and Mr.. Ross
aid that every days delay world in
rease the costs several dollars ard
Elwood also made few
He asked why the matter,
vhich was very plain to all. should
e referred to the finance committee
[ which Mr. Bunker was chairman.
yhen that committee had rever done
thing In this matter before. al
hough cognizant of 1t and had not
ven been called to convene. Mr..
unker then took the floor and made
spirited attack upon MIR. Ross
aims and asked u the council want
4 to give away ore hundred dollars.
Ir. Elwood replied strongly, and de-
ounced the action of the finance
)mmittee.
The question was put to vote and
j the councilmen present voted
sainst the measure with the excep.
on Of Forsythe and Bunker.
Councilman EIwood then made
otion that the council should not
BID Mr.. Ross liable for the 800 In
rest. Mr.. Ross stated that he was
ring to pay half and the motion G
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