Daily Arizona silver belt., 1909-02-12

the city council during adiscussion of a bond issue provoked by proposal from N. L. Amster of Boston to buy S300,Ooo of the city's bonds.
 Practically all of the counei il $ meet ing was devoted to a discussion of Mr. Amster's proposition, which was pre- sented by Attorneys Rawlins & Little, his local representatives. The upshot of the debate was the carrying of resolution to the effect that the eoun. eil should adjourn to Monday forenoon at 10 clock to consider the matter. together with other questions of i'm portance. such as the matter of side walks, street grading, etc.
 The proposition laid before the coun. eil by Messrs. Rawlins and Little is much on the same line as that of the Kansas City firm which recently offered to buy the city's public improvement bonds. The cardinal point of difference, however. is that Mir. Amster offers to make the bonds five and one-quartcr per cent if he furnishes the necessary
 
 blanks, etc, or five per cent if the city assumes the expense. The proposition, in full, follows:
 Globe, Arizona, February II, 1902. To the Honorable Mayor and City Coun.
 cil of the City of Globe, Arizona.
 Gentlemen: We. for and in behalf of N. l.. Amster, of Boston, Mass, hereby propose to furnish all necessary forms and legal procedure for calling special election for the purpose of submitting to the qualified electors of the City of Globe the question of is- suing bonds for public improvements not to exceed Three Hundred Thousand $300,000.00) Dollars, and such bonds, when legally issued to the satisfac ton and approval of said N. l.. Amster $ attorneys. he will pay you par for all or Iany part thereof, offered for sale; pro ,ided, however. that said bonds shall dlaw interest at the rate of five and o,le- fourth per cent per annum, interest payable somi-aDnually, and maturing lhirty years from date of issue, interest and principal payable at Boston, Mass.
 Or the said N. l.. Amster makes an alternative proposition as follows: If the said City of Globe shall pay all the necessary expenses connected with the issuance of said bonds and furnish alt necessary forms and legal procedure, he will bid at least par for the whole or any part of said issue offered for sale, either at public or private sale, provided said bonds shall draw inter est at the rate of five per cent per an tuta xsahl In oil and maturing thirty years from date of issue, without option. Interest and prin. cipal payable at Boston, Mass.
 As guarantee of good faith, for the faithful performance of either of the above propositions, said N. l.. Amster guarantees within fifteen days from this date to file certified check in the sum of Ten Thousand ($10,000.00) Dollars, which shall be held until after the cleo ction and if the bonds are au- thorized shall constitute the first pay ment on the same, after the necessary ordinance and resolution legaIizing the bonds have been passed by the City Council and the legality of such issue of bonds approved by said Amster $ at torneys. But should the said bonds be defeated or his said attorneys should decide that they were not legally is- sued. or the said city should not call said special election within ninety days from this date, then the said certified check shall be returned to said Amster and this contract shall be null and void.
 Your acceptance of this proposal by proper resolution will constitute con tract between the City of Globe and the said N. l.. Amster in accordance with the terms of this proposal.
 Respectfully submitted,
 RAWLINS & LITTLE.
 Attorneys for said N. L. Amster
 In the discussion which followed, Councilman Rose took occasion to say that, in so far as the building of a sew CT was concerned, MT. Amster, in his conference with the council, had never once said that the sewer would revert to the city on equitable terms at the expiration of twenty-five years. He was of the opinion that if the sewer did become the property of the city at the expiration of that period, this would be the cheapest possible means of obtaining tie improvement.