Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-03-24
MAINE LEGISLATURE.
CONTINUED from Page Six


Any restrictions which tho ma. impose
should have been removed mary 5"1ts
ago: there is no reason why any res rio
ton not inconsistent with the constItu-
ton should be placed upon the city OF
Portland, in distinction from every oth-
er city of the State, and to the unneces-
sary raising Of technical and disturbing
questions in the city's debt funding OPP
erations.
lend clause Because Of the exist
ence in the city charter Of these old re-
strictions now sought to be removed,
and also in order to avoid any compli-
cations over the Odeensburg, r. r. aid
debts all bonds ano ties of the City OF
Portland outstanding to and including
March /, 1909 should be ratified.
"(3rd clause Inasmuch as the au-
thority Of the city to hold its Ogdens-
burg stock came primarily from the au-
thority to issue the municipal railroad
aid 6's which matured Sept. l, 1907.
and were taken care of temporarily with
two year notes, the city should have re-
affirmed it's authority to told in whole
Or in part this stock, if it SO desires; as
otherwise questions may arise to COM
plicate it's refunding operations in pro-
viding for the large issue, September
/, 1909"
THE bill is as follows:
Section /. The city of Portland shall
have power to purchase and hod such
real and personal property, in addition
to that now held, as its city council
may find necessary for municipal pur-
poses and to issue it's bonds and notes
therefor, and to fund and refund any
part or all thereof.
Section 2. All notes, bonds and may
or's warrants of the city of Portland
outstanding upon and including March
!, 1908. are hereby declared valid and
legal and the city may from time to
time fund and refund any part or all
thereof.
Section g. The shares of stock of
the Portland and Ogdensburg Railroad
Co. now owned by the city of Portland
NV continue to be held by said city OF
disposed Of for the use and benefit of
SAID city m any manner not contrary to
any obligations which may be found to
exist respecting the holding of said
stock.
Section 4. All acts and parts OF
acts inconsistent herewith are hereby
repealed
This committee therefore wishes tc
go on record that the foregoing bill has
been carefully drawn with its full
knowledge and cooperation, and is
deemed necessary to enable the city OF
fortland to fund and refund it's present
or future debts without the possibility
OF bubble hereafter over technical points
TO the needless disturbance of the city's
credit and its ability to obtain at all
times the largest possible interests rates;
and II IS therefore the committees hope
that the Dill may pass without any al.
teratlons. (Signed' Adam F. Leighton
Charles Z. Flagg, Clarence H. Lame
James a. Cunningham. Finance com
mlttee OF the City of Port t,
Will also read the foI.r...l l,.-..,,.
Office Of City Treasurer H.. ,,.ii.. ,or
Portland. Maine.
MAJ t. 100.
Mr. Frank d. Marshall
House of Represerl f'iveA
Augusta, NAH
Dear Sir-I have before r,... p COW, -,
f'e resolution and r"cC. mo n tlor
passed by the conn 't,.,. on Guance
upon what IS known the y rsi,,
BILL now before the Legislature.
wish to say that l heartily ..lorove
and endorse this resolution SCI nc
good reason why the city OF Portland
should be restricted in holding real or
personal property ~ any amount OK
cept rs provided under the Der cent
debt limit in the Constit ition.
l trust that the legislators will see
this in the light as set forth by the
resolution. and give you their hearty
support in seeking the passage of this
bill.
Yours reepect lily,
(Slgned) "a. Ell S. GILBERT,
CITY Treasurer and Collector
will state for the further informa-
ton of the House that there IS now
on the Statute an old law Of Is wl."i,
restricts the holding of property T.,
the city of Portland to 100000 it. ad-
dition to that then held by IL ny.
That limit of course has become obso-
!ete. has been many, r1any times en-
ceeded, but it was resurrccted last
year ana called to the attention of GER
tain bond men when the CITY sought
to make a bond isSue of $4,000 for
the completion of school building be-
gan some years ago. and of course that
objection being raised tho bond iss,r
fell through: therefore the city =
Portland for all purposes of issuing
bonds Is absolutely up against this
5000. coo limitation We cannot build our
City hall, VIC cannot build Il central
fire station, we cannot build Il police
station. we cannot build orr school
houses. we cannot go forward unless
we have these limitations removed No
money can be appropriated by the city
of Portland today except by vote of
two-thirds of the members Of the city
council. 1t seems to me this is purely
local matter which shorld and may
safely be left in the hands of the city
authorities. If this goes to refercn-
dun it means that this year the city
hall will not be built: and am in
formed that the gentleman from Port
land (Mr. Rounds) has expressed a de-
sire that the City hall should not be
built this year think the citizens of
Portland who have approved the build
ing OF the City hall where it is now
proposed to be built, want to see this
matter go forward without delay. I
hope the motion of the gentleman will