The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1908-01-15
new PLAN o.
ACCOUNTING
WAS ADOP ED
Members Please
With Conditio

wv 1tk4 SOA4N44eASsAA
AT a special meeting Of city council
held last night, report of the conis
mittee appointed November 5, iast.
was read showing the true and actual
condition of every fund Of the city Tie
running expenses Of the city and much
valuable information relative 10 q
city's interests. The members com.
posing the, committee were Fred Hell.
mick. j. A. Jamison and J. p. MorgaiIs
The committee was assisted IN the
preparation of its report BY the
Mayor, City Collector, City Solicitor
City Treasurer and City Clerk and
it is complete in every detail The
burden of the work of making rp the
report rested mainly on City Collec-
tor John S. Scott and City CLERK W.
S. Black. who also worked out the
system of keeping the accounts adopt
ed last night and which win undonbs
edly prove highly satisfactory
vote of thanks was extended 10 these
officials for their work.
The report asks for a conferences
with local bankers relative to taking
care of the $4,000 in out standing Or
ders and this will likely be called
soon.
All the council members were prea
ent and were well pleased at the show
ing made by the report which Is as foI
lows:
Fairmont; W. va. Dec 81 1907:
To the Mayor and Common Council q
the City Of Fatrmont, w. va
Gentlemen: The undersigned, yosir
committee appointed at q meeting oI
your body held on the 5th day os No.
1907, beg to report as follows
on the matters referred to3them:
We find from statement Of Treasurer
of above date the following cash bal
ances:
Sewer bond fund ........$
Mortgage bond fund -
Water fund ........ .....i, 4.
Water sinking fund IS. ..... .077.e6
Water bond fund ......... i1s5b
Interest fund ........ $1,000
Es.7ss.55
Less bank overdraft general
fund .........., 1907
Total cash in Treas, hands .S9;6s0.5Q
The mortgage bond fund Of S4,7,
10, being the residue or ilnexpende5
balance of the funds realized from the
sale of the Fairmont water works
mortgage bonds, therefore cannot Be
expended for any purpose hut exten.
sions and improvements Of the water
system and will Of course remain IN.
tact, to be expended as provided for
in said bond issue.
The following Investments repfe.
sent the Fairmont water works mort
gage bond sinking fund:
1906.
Ell Musgraye, note ....,.s. .$$2, 10000
]. o. McNeely, not. g. $4,000
1907.
Bank of Fairmont, deposit 100000
First National Bank 100000
s12,Ooo,oo
The interest fund Of $4,000 as
shown above represents the interest
on the 1906 sinking fund 10 Noysmter
1st, 1907. paid by Musgraye and lic.
Neely. AS this fund increases each
semi.annual period, We would recon
mend that said interest ftnd he heid
in trust by the treasurer until My Ial
Of each year and that allo said inter.
est accrued at that date be appledto
help make up said sinking fund which
is to be annually on the list day 81
May invested in good securities fof
the payment of the Fairmont wate
works mortgage bonds and that tho
treasurer head said account INTEREST
Fund on Fairmont water Works
Mortgage Bond Sinking Fund
The water fund s2,1e7.s2i werecom.
mend remain intact for the reason
that all interest and sinking fnnd per.
tanning to the Fairmont watsr work
CONTINUED on Pas six
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