Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1910-11-10
WOULD LIMIT BOND ISSUE
Mayor Opposes Proposed Amend
ment to Traction Go. s Charter.
franchise Expires within Few Years,
When the city May wish 10 Take
II Ovcr-InvestigntinE COM
mittec Appointed.

Mayor Burke Monday night sent to the
board Of aldermen a communication re-
latlng to the proposed amendment to
HE charter of the Wlnooslu and Burling-
ION Horse Railroad company. now the
Burlington Traction company
This is the bill known as house bill No.
10 of the present sess,on of the Legisla-
iure which has passed the House AMI
Is before the Senate committee on rail-
roads. AT present section No. Of the
franchise of this company reads:
They shall have power to borrow
money and issue bonds bearing interest
mt a rate not exceeding eight per cent
per annum, not exceeding the amount
Of three-fourths OF its capital stock paid
In. and may mortgage it's railroad AMI
property to secure the payment of the
same"
The proposed amendment to this sec
ton reads as follows:
1T shall have power to borrow money
and issue its bonds bearing interest at
rate not exceeding eight per cent. per
nnnum and may mortgage its railroad
and property to secure the payment OF
HE same
1t will be noticed that the words mot
Exceeding the amount of three fourthS
of it's capital stock are left out Of the
amendment This, according to Mayor
burke, is an attempt on the part of the
company to have passed an amendment
which shall not limit the amount of
NondS- that shall be issued
The mayor recommended in his COM
nlunication that the city attorney, G.
+. Cowles' and the mayor, who have
heen active in looking after legislation
required for Burlington. be appointed "A
committee to look into this proposed
amendment at Montpelier. The recon-
endation was adopted
Mayor Burke gave as his reasons for the
recommendation that the company should
not he allowed to issue bonds without
limit, the franchise Of the company
expires within few years and the city
of Burlington might wish at that time
to buy the road or to take il over. If
the company were allowed to bond with
out limit. as the mayor claims it could
under the amendment proposed. the city
might find it a poor investment should it
desire to take over the franchise when
II expires.
Tie mayor. In substance. charactcri2es
the amendment as Joker" to, enable
the company to bond without limit He
expressed the opinion last night at the
board meeting that this piece of pro-
posed legislation needs watching and 1t
was with this end in view that the recon-
incubation was made.
It was understood some time ago from
one Of the officials of the company that
the company only wished to bond to tho
eXtc,.t OF 10000 for improvements This
limit, however. Is not set forth in the
proposed amendment.
Mayor burke said Monday night that he
considered the matter of the utmost i'm
portance to Burlington, as the future
should be considered and some limit
placed upon the amount of bonds which
may be issued
WATER COMMISSIONERS SPRING
SURPRISE.
The water commissioners could not
have created more surprise among the
members of the board had they placed
large bomb right in the middle of the
board table, than when they sent n COM
munlcatlon to the board announcing that
s7|o would he needed in addition to the
regular appropriation. to meet the ex-
pense Of the new high pressure fire pump
just installed on the hill It was so long
ago that this pump was authorized that
some Of the members had never heard Of
1t and Others had forgotten that they
ever voted TO install it. But the fact
that II Is installed and must be paid
for could not DO put aside and reso-
.utlon authorizing the city treasurer to
place $1,000 to the credit of the commits
iioners to pay for the pump. offered by
Alderman Sullivan. was passed.
CITY Will. LIGHT CLOCK
The city will henceforth furnish light
Tor the clock in the tower of the College