The Barre daily times. (Barre, Vt.) 1897-1959, 1914-02-16
City Council Completes the
Plans for Placing Same
on Sale
BONDS TO PAY A
PER CENT. 20 YEARS
Special Session To-day In
sures City Property
for One Week

Special meetings of the Barre city
council were held Saturday night and
this morning, the former to complete
plans for offering the city's $4,000
schoolbouse bonds and the latter to con-
slider insurance of the city's property.
At the meeting Saturday evening May
or Ward presided and all members were
present with the exception of Alderman
Patterson. The bonds are to be issued
to meet the expense of the new North
Barre schoolhouse. Negotiations are to
be completed with the Old Colony Trust
company OF Boston to certify the bonds.
a consummation that is aimed to move
them more rapidly. Sale of the bonds
is to be made through the medium of
sealed bids.
The resolution as adopted follows:
Resolved, That the full particulars for
the form, the issuance and the sale of
$4,000 of school bonds authorized by the
vote passed Mt the city meeting held Feb.
27, 1913, are determined to be as fol-
lows:
"The bonds shall be OF $500 or 81 900
denomination, be dated April /, 1914,
per annum, payable semi annually. and
shall mature in 20 years from date; but
the city reserves the right to call in
and redeem at par any portion or all OF
said bonds at any interest bearing period
after 10 years from the date of said
bonds.
"The city treasurer is authorized to
arrange with the Old Colony Trust Co.
(of Boston, for the certification of said
bonds, and for their sale on sealed
bids to be asked for through such
notices or advertisements as to him and
10 said trust company seem advisable;
the bonds shall bear the city's seal, be
signed by the mayor and city treasurer
and countersigned by the chairman of
the finance committee.
"The city treasurer IS also authorized
and directed to arrange with the Old
Colony Trust Co. for the printing of
the bonds in such form as is appropriate
to the foregoing particulars and the vote
passed at the city meeting aforesaid
To Borrow Money at 3.75 Per Cent.
Sealed bids were opened later in the
evening for the $4,000 temporary loan
WHICH LUe 10 W HeRutidlt an
ticipation of the 1914 taxes. The notes
are to be due Aug. 10, 1914. There were
four bids submitted. The Old Colony
Trust Co. offered to furnish the money
at rate of 3.05. Blake Bros. & Co. of
Boston submitted bid at 3% per cent
and Curtis & Sanger of Boston stipu-
lated rate OF 3.sS. The highest bidder,
the Barre Savings Bank 4 Trust Co,
offered money at a rate of 4.97. On
the motion of Alderman Bancroft the
bid OF Blake Bros. s. Co. was accepted.
Reinsuring City Property.
The property committee reported again
on the proposal to reinsure all city prop
erty. including the schoolhouses, under a
blanket policy, but after a considerable
discussion, the matter was referred back
to the committee and the session was
adjourned until this forenoon at $3.50
o'clock.
Mayor Ward called the city council
meeting together at 9:30 o'clock. Sat
urdav night the council had discussed a
schedule reported favorably by the prop
erty committee and endorsed by Gauld &
for the New England Insur-
insurable city property was to-
be increased from $2ll 900 to S304 900
for five years at a cost of $4,000. as
against $S,050 which the city has been
paying for its insurance in the last five
years. The tentative schedule contem-
plated lump payment at the beginning
Of the five-year term. The insurance
was 10 be retained in the same local
agencies that have been hitherto carry.
ing it.
A counter proposal from Rufus G. Rob
nson offers to reinsure all city prop
.rty on the same basis at $4,000 for
period of five years on a valuation of
period of five years for a valuation of
100000. In its report, the property
committee claimed that the blanket
schedule proposed by the New England |
'Xehange would mean an increase in pro-
lection and a decrease in premiums to
De paid, with a resultant saving of 81
100 approximately. Among others the
opinion obtains that the interest which |
he city would lose by paying five.
year premium in advance would act al !
In offset on the saving. Mr.. Robinson's |
proposal promises large saving and to- |
lay the council voted to investigate fur |
her the merits of both propositions.
Insured for a Week.
Meanwhile the insurance on the city |
lall expired shortly before noon to-day. |
70 meet this situation, number of To-
al insurance men, including n. b. Bal |
ard, G. w. German and G. H. Pape, Of |
cred to insure the city hall for week. |
Their offer was accepted. On motion
made by Alderman Calder the property |
ommittee was instructed to readjust
he valuations on all city property with
PROVISIONS for calling in expert assist
nee in the revaluation il necessary.
The committee will probably report at
he regular meeting of the board of al
ermen tomorrow night.
Barre Firemen Appreciate Treatment.
/ wish TO extend nv thanks and the