The Montgomery advertiser., 1907-03-28
bonds for par value. s4ss.ooo, with ac- crued interest

ponds TOT par value, $46s,O0O, with ac- crued interest.
 Upon question. Mir. Lobman explain ed that this commission was to be paid only when the bonds had ac- tuaily been fioated and the city had received the full amount of money due. Under a suspension of the rules. the ordinance was adopted. The ord- nance to authorize the Trust Company of America. which Is the city's fiscal agent to pay and cancel the old bonds and to deliver and receive payment for the refunding bonds was likewise adopted under a suspension of the rulese.
 There was discussion of the ordi- nance to appropriate $250 for extra ordinary legal services.
 Mir. Jones questioned the expedi- ency of paying out repeatedly fees or commissions for the floating of the Ing the peoples money and he wish ed to know what need there was of So many commissions. He ended with the pertinent question. What is the City Attorney for?"
 MT. Foster. who before Mir. Jones had spoken. had asked information upon the ordinance, said that since his interrogatory had been made he had been enlightened. and in turn he enlightened Mir. Jones. It seemed, Mr. Foster said, that the bonds had to be passed upon by attorneys in Montgomery and that the purchasers of the bonds had stipulated that the city must bear ne-haff of the ex- pense of the investigation of the va lidity of the bonds by legal counsel.
 Tt is no use to wrangle." MT. Sul- liyan said, at the conclusion of MT Fosters speech He noted that the city was up tree and like a man similarly placed must pay for a lad der to get down. We are up tree and we all know who put us there. We have got to have this money no matter how the indebtedness was in- cured ]" And then, perhaps to in- dicate more clearly that he meant the present administration had put the city up the tree, Mir. Sullivan con- cluded q endorse the city but not the administration.
 MT. Foster said that If the pro- posed payment for legal services was part of the agreement the city would have to pay 1t.
 ought to be informed at an "oppor- tune moment" what had been done in the matter of floating the refund ing bonds He said that he for one wanted the whole matter spread upon the minutes of the Council when the election was over. He referred to the ''cry of poverty" that hal come Ace We have let measures come and so." said Mir. Strauss, but at more opportune moment we must ex- plain why we had to throw away s2o,- 000."
 "I am preparing statement to show that we have not made sacrifice. but have saved money for the city, said MT. Lobman. He said that Montgom- ery had done better than any other cify In the country, and that he felt that he had done hls duty and owed no apology. He said he was going to prove that the sale of the bonds had been greatly to the advantage of the city.
 for the ladder?" Mir. Jones asked hu- mousIy, and Mir Lobman assured him that 1t did
 Under suspension of the rules, the ordinance was then unanimously passed.
 Mir. Lobman's ordinance authorizing the Mayor to borrow $35,000 by the execution of the city's note with inter est at per cent was adopted under a suspension of the rules. MT. Lob man. in introducing the measure, said that the money was needed to meet current expenses. He stated that on April i the city would have to meet monetary obligations amounting to s35. 900, and would have only about S4. 500 in the treasury. though about S6O. 900 was due the city from taxes and licenses and would, in due course of time and business, be collected.
 Mir. Tyson gave notice that at the next meeting of the Council he would call for the election of two members