The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1908-02-28
VOLUME XVIII
Citv Council Meeting.

tho regular meeting of the Paris
,-.-, Conncil last night, Mayor James
- = ~ Brien presented the following
u. U-,,i,icstion to the board which ex-
Tleins itself:
Paris, Ky, February q, 1903.
r., the Board Of Council of the City
O. to Ill, AT the last regular
Inc of this Board, l was instructed
ION the bonds recently issued for
.o,booI purposes and deliver them to
- purchasers upon the payment OF
10 5rreed price. At the same meeting
+bs following order was made and en-
nod upon the record:
Moved by Mr.. Parrish, seconded by
~ Woods, that the S42. 10000 remain
No from the sale of School Bonds be
LISTED with the City Treasurer in a
-1e,ial fund called the City School
Brii5ing Fund" to be paid out only
non warrants signed by the Secretary
o7d countersigned by the President of
~ BOARD of Education, and drawn for
-ba ravment of expenses incurred IN
tEs huilding Os said school, IN accord
s,co with the estimates of the archi-
+s~- Motion carried" Your instruc
ions have been fully complied with.
4 reading of the above mentioned
r,orion-which was made by the Char
man Of the Finance Committee, who is
thoroughly familiar with all of the de-
t9;ls of the financial affairs of the
cirv-wiIl show that it does not under
+aEe TO interfere with or to control IN
orv wav The authority of the Bard of
Fjncation: the right CT that Board to
avnand this money for purposes con-
n.eted with the erection Of the school
Iuilding is left absolute and uncondi-
tionai. It is equally apparent that ut
in no way extends your authority to
control the expenditure of these funds
for school purposes. The only thing
which it does undertake is TO fix the
mace where the money is to remain
until expended for the purpose for
which it was raised. By remaining
where it is, it means a saving to the
taxpayers of at least six hundred or
seven hundred dollars; by changing
the place Of deposit it means that the
profits arising from the use of it will
80 10 a private corporation In which
the people, as whole, have no inter-
est.
The explanation of this proposition
IS very simple. A glance at the finan-
.cial statement of the affairs Of the
city, recently published, shows that on
the first day of January, the cash bal
ance on hand was So, 1929, and that
the amount of interest paid on over
drafts last year was $65I.79. The city
practically receives money only twice
during the year; on the first Of May,
when the licenses become due, and dur
ING the latter part of October, when
nearly, if not quite all Of the taxes are
paid Under such circumstances, it is
necessary, IN order to pay the current
expenses Of the city, to borrow money,
which is always repaid when the
taxes are collected. 1t is upon this,
which is usually in the form of an
Over-check, that the above amount OF
interest was paid last year. Under
the agreement with the City Treasur-
er, in whose hank the funds are depOs-
TIED, any money on deposit In which the
city has any interest, even though the
council has nothing TO do with its ex-
penditures, is set off against the over
cheek and interest paid only on the net
balance. For instance, any money de-
posted in that bank TO the credit of
the Trustees of the Public Library and
any money deposited to the individual
credit of the City Collector before be-
ing turned over to the treasurer of the
various funds such as the School, Ii
orary and City funds, are used as a
credit against the over-check, although
the Council has no control over the eX-
penditure of them. In the present
case, if the amount received from the
sale of school bonds is left on deposit
With the City Treasurer, although it is
absolutely at the disposal of the Board
OF Education, it viii fully balance any
over-check the city may have during
the coming year, thereby saving to the
taxpayers a sum amounting to six nun
0red or seven hundred dollars, which
Would otherwise have to be paid out
Ior interest charges.
fully explained this matter to Mr.
Dow, the President, and to Mr.. Arm
Sparger, one of the members of the
Board of Edcuation with the sugges-
Ilon that it be presented to that body
Tor consideration. The answer to
mat request was presented to me or
last Saturday, in the form of a de.
mand 70 turn over, instanter, to the
board of Education the amount re.
served from the sale of the bonds. That
qqemand was presented to me by DIR.
LspSley, the Secretary, and Mr.. Arm
Sparger, one of the members of the
Board.
said to these gentlemen that | haC
Already complied with the direction OF
ne Council and deposited the money
with the City Treasurer, and until in.
Strlcted to dc so by an order of record
VI the same body, had no authority tt
NtaW warrant upon the Treasurer fol
ehst or any other sum; that the de-
nlahd should be made to you at your
meeting tonight. They asked me Il
present the matter to you, Ora Lapsley
1aalng emphatically that they wanted
a;cIen taken tonight and did not wan