The Leavenworth echo. [volume] (Leavenworth, Wash.) 1904-current, 1913-06-06
CITY MAY VOTE BONDS
TO TAKE UP WARRANTS
Money Will Have to be Raised to Take
up $4,000 Indebtedness Against
New Water System

Just what to do with warrant that
had been issued against the water fund
for labor, and turned back to the city
by the payee because he could not
get it cashed was the question that
confronted the council on Tuesday
evening. 1t was further shown that
there are other warrants outstanding
which will have to be discounted if
the money is to be received i'm
mediately or held, the same drawing
8 per cent interest until paid. Clerk
Hamilton stated that there was hardly
enough money in the General fund to
take up all the warrants issued against
the water system, yet it was the be-
lief Of the council that man working
for the city should not have to wait for
his money, and it was decided that in
the future, all warrants of this class
should be drawn on the general fund.
City Attorney Nelson stated that
there was now over $1,000 in war
rants outstanding against the water
fund and by the time the system was
completed, they would probably
amount to $4,000. The first war
rants were issued to the Tumwater
Light & Water Co. in payment for
their system, and as the law in this
case says the warrants must be taken
up in the order they come, it would
probably be year or more, before
man working for the city would be
able to get his money. If he is able
to hold his paper for the 8 per cent
all we'll and good.
An ordinance presented by Mr.. Mel
son at this meeting would set aside
70 per cent of the water receipts
(which will amount to about $1,000
per monthly to pay off this indebted
ness, leaving 800, for expenses and
maintenance.
State Auditor Clark when here last
week remarked that he found the city
in first class financial shape, and sug-
gested the city take up the extra in
debtedness (Which will amount to
nearly $15,000) by bond issue,
when the definite amount was known.
A vote of the people would be neces-
sary to issue these bonds, but it is not
believed that there would be any ser
ious objection raised, as it would be to
the interest of the city. Warrants is
sued from time to time against the
water fund to be paid at some later
date, would no doubt be taken up by
banking concerns, but they would draw
interest at the rate OF so at the same
time giving the city's financial standing
a black eye. Bonds would only draw
interest at the rate of 90 resulting in
a saving of 2% to the city and the
money set aside from the water re-
ceipts would take care of the bonds.
City Attorney Nelson along with the
council believe that bond issue is
the only solution OF the question and
it is likely that it will be put up to the
voters in the near future.
An account of the objections of Mr..
Woodrow and others against the i'm
provement Of Cascade street, the
awarding of the contract was laid over
for another week.
The request of Reynolds Bros. for a
sign to be attached to the telephone
pole in front OF their Office was granted,
providing the same did not conflict
with the city ordinance covering cases
of this kind.
An application for transfer OF the
liquor license OF Mischke & Blake to
]. G. Fritz was accepted and the clerk
instructed to make the change.
The salary Of the city clerk was
at this time raised from $40 to $7S a
month. AS it will be necessary for the
clerk in the future to give all his time
to the city arrangements will probably
be made to add an additional $2s per
month to his salary, as it would be