The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1911-08-10
MAY REFUND OLD Debt BONDS
Members of the Council Feel That it
Would be Better to Have Serial
Bonds Issued in Order to Enforce
the Payment of Them.

The sale Of the proposed $4,000 is
sue of school bonds of the city SEIZED
uled for Monday did not materialize
as when the eight bids for the bonds
were opened on Monday afternoon by
City Clerk Harrington it was found
that the bonds could not be sold at par.
All of the banks and bond companies
offered par for the bonds, but all of
them appended little note to the bids
in which they demanded anywhere
from 1926 to 5000 for handling them.
Charles G.. Brown Of the First National
bank put in the best bid for his bank.
ELe offered to take the bonds at a dis
count of 1925. The BONDS are now
ready for delivery and the school
board is anxious to get the money to
start the work on the addition to the
Frank school, but the finance commit
tee will take up the matter and it is
new sale of the bonds will be made
in hopes of catching better market.
1t is probable that at the next sale
the sum of $4,000 will be offered in
school bonds and the city may be
brought to see the ACCESSIBILITY Of sell
ing the second $4,000 issue of sewer
bonds at the same time. 1t is thought
that an issue of $4,000 would attract
large number of bond buyers and the
city would get better price for the
bonds if all were sold together.
The finance committee of the coun-
Gil has already expressed willingness
to issue bonds to provide for the com
pletion of the Frank school rather than
pay any balance above the $4,000 out
of the general funds of the city. Any
plan that can be made by the council
will be entirely agreeable to the school
board so long as the board gets the
money.
The big proposition of refunding the
old city bonds amounting to $4,000
has been brought before the aldermen
and it is declared that these bonds
will fall due in the near future and
that something must be done to take
care of the payment of them. The
members Of the council are anxious to
hit upon some plan that will demand
the paying off of this old debt. All
other bonds now outstanding against
the city are serial bonds and the form
of the bond makes necessary the re-
payment of a portion of the money each
year. 1T was the understanding at the
time of the issuance of the refunding
bonds that something was to be paid
on them each year, but after a pay.
ment of $4,000 the council forgot all
about the agreement and no further
payments were made, The proposed
plan is to issue serial bonds for the
entire $4,000 and this will demand that
the council provide to pay off $500 OF
the bonds in each year so that at the
end of twenty years the entire debt of
the city would be paid. The plan is
one that appeals very favorabIy to the
members of the council and it is prob
liable that an ordinance providing fol
the issuance of the proposed refundina
bonds will be passed by the council
within short time.
There are many people in the city
who object to increases in the bonded
Indebtedness, but if plan could be
reached which would provide for the
payment of block of the bonds annu
ally it is thought that it would meet
with universal favor and remove to 4
great extent the present prejudice
against bonds.