Newark post., 1910-02-09
Council Meeting

The Town Council met Monday
evening i'll the rooms OF the Hose
House.
The President being absent, J. VIII
kins. Cooch presided
Alter report OF finance committees
reporting bills to be paid, the chairman
OF Water Committee reported that he
did not consider Mr. Coskery had any
grounds for complaint about the burst
ing OF water meter in store of Newark
Optical Company.
Letters were read from Russell En-
gine Co, asking for immediate settle
ment Mr.. Campbell made motion
to advise Company to send expert to
meet with Light and Water Commit
tee i'll regards to dcfectiG in engine
installed here.
President appointed Mcssrs. Camp
bell. Jacobs and Leak as Committee to
auditl books. Messrs. George Kelly
and George Murray were appointed to
assist in this work.
Mr.. Jacobs presented the wishes of
the A. Jedel Co. purchasers of the
match factory. They will soon be ready
to start work and would like to have
current furnished to run motor and
furnish LIGHT. Mr.. Jacobs said the
work could be done at a very little
cost--about 500 perhaps.
After some discussion Mr.. Gold
decker, ,srcpreSenting the company. was
called on for remarks.
He, in very neat speech, presented
the case OF his company
An amusing thing OF the affair was
on being asked when he intended to
sta5t work, he )reolied that he had two
cars of machinery unloaded and in
tended to unload three more the next
dav The Council stared in amaze
merit. Our conservative body are not
used to these swift New York methods.
On motion OF H. NJ Campbell, the
Light and Water Committee was au-
thorized to install poles and wires and
furnish current at &c per k. w.
Perhaps the most important business
OF the meeting was the discussion and
action brought out by Mr.. Jacobs on
the issuing OF bonds to paw floating
debt. The Council for some time has
been running rotes at our two banks
navng regular rate OF interest. Mr..
Jacobs claimed by issuing bords at 5
per cent that they could probably be
sold at premium and also save this
extra per cent. i'll interest.
Some suggested that the banks
would probably take it at reduced
rate of interest. Mr.. Jacobs met this
argument b. saying that even If the
banks would take it at the reduced rate
at present. that in case money became
tight that the loans would have to be
called in.
Mr.. Jacobs moved that the town is
sue bonds to the amount of $4,000 at
5 per cent to be used in paying off
present notes and other indebtedness.
Yea and nay vote was called for. the
vote being 4 to I in favor of the mot
ion, Mr.. Cooch voting in the negative.
The President was instructed to pro-
ceed at once with the issuing of bonds.
|. This seems to be good move on the
part of the Council. 1t means an i'm
mediate saving of money A good
plumber is bound to stop leak.
Mr. ,. J. Wright and d. c. Rose
spoke YESTERDAY of the matter, and ex-
pressed themselves as highly pleased
at the action, pronouncing it as good
finance.
In view of the fact that some are
Questioning right of Council to issue
DoEdS we present following from char
ter:
SEC. 80. TOWN CHARTER.
The said Council shall have power
to borrow upon the fahh and credit of
the town a sum of money not exceed
ing $4,000 in any one year whenever
i'll the opinion of majority of said
Council the needs of the town demand
it.-Said Council may secure said sums
OF money by the promissory notes of
the corporation, duly authorized by
resolution of the Council at stated
meeting, or it may issue bonds there
for in the name of the Council of
Newark at a rate of interest not ex-
ceeding and one-half per cent. per
annum. payable semi-annually for such
amounts as they may deem best"