The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1914-06-23
BONDS Will Be
RETIRED SOON
Council Likely to Hold Special
Meeting This Week

The Laurium council will hold a
special meeting early next week to
take the place Of the regular July
meeting, which ordinarily would not
be held until Tuesday. July Z, after
the Fourth. In accordance with the
usual custom, the village will square
its labor accounts before the Fourth.
There are other important matters
to be considered at this meeting which
make it seem desirable to hold it as
early in July as possible. Among these
are the retirement of bonds which fall
due July /, the renewal Of the lighting
contract and matters in connection
with the Improvement work in prog
ress.
Although the bonds falling due this
year, together with the interest on the
outstanding indebtedness, aggregate
$13,675, 5000 of this amount was re-
tired on January /. Ordinarily those
bonds would not fall due until June !,
but inasmuch as the bonds bear
higher rate of interest than is being
received on the sinking tund. it was
deemed advisable to retire them the
first OF the year and thus reduce the
interest to be paid.
The plan has worked very satisfac-
toriy and II it can be arranged, a
similar course will he followed during
the coming year, AZ it is likely there
will be enough money i'm the sinking
fund on Jan. l, To enable the council
To take this action.
Bonds and interest remaining to he
retired this year amount to $S,G75 of
which $4,000 in bonds and $3.50 i'm in
terest fall due on July l and the re-
mainder on October and December
/, i'm almost equal amounts.
Sinking Fund Strong.
No difficulty will be experienced in
meeting payment as there is close to
$4,000 in. the sinking fund and with
the collection of this years taxes, APP
proXimately s14,j00 will be added.
Although this years bonds and in
terest seem heavy, they do not COM
pare with those which fall due in 1918.
which total twice the amount due this
year. $26.325.00. Village officers as
scrt, however, the sinking fund will be
amply able To take care of the indebt-
edness and interest in that year. From
1918 on, there will be gradual re-
duction in the amounts due annually.
For instance, i'm the year following. the
amount due will be reduced to $S,225.
There is little question that the viii
lage will renew its five year lighting
contract, principally because of the
reduction in charges on the contract
basis. However, before this action is
taken, it is probable some attention
will he given to the question of decor
alive street lights. While the village
hardly cares to undertake the add
tional expense of maintaining these
lights this year, because of the heavy
Improvement program underway, the
proposal that business men raise an
amount sufficient to meet the cost of
the lighting this year seems To meet
with approval. Ter that the council
would be willing to undertake the add
ed expense. AS the businessmen are
now maintaining a system of street
lights almost as costly as the decora
tive system and not nearly so effective,
there is little question they would
welcome the change.
Improvement Works.
1t is probable the report of the com
mittee which has been investigating
the possibility of procuring park site
east of the village will be presented.
This matter was taken up some time
ago, but owing to the absence Of Wiz
lage Attorney Peterman. who was one
of the committee. the report has been
deferred.
Improvement work in the village is
advancing satisfactorily. BY this |
ADJUSTMENTS