Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1914-11-19
CITY VOTES ANOTHER $4,000
Electric Light Bonds Ordered
for That Amount.
Mayor and Finnncc COMMITTEE. tr,,,.
ci,cd for Paying Six per Cent. In
tercst for Two Years on
BOan.

something over a hundred pnople at
tended tho city meeting at the CITY hal
yesterday afternoon and the nron.,s,t,o,
| to bond 'ie city for $1,000 for the I'm,
provcmcnt and enlargement Of IN,
electric light plant was favorablv re-
celved and a resolution was adonted an.
thorizing the city council TO nopoti,,,
the bond issue.
The resolution. including AN amend.
ment. was adopted as follows;
Resolved, That the city OF Burlinp,o,
issue Its negotiable bonds and nIedge
its credit to the amount OF af,v tbo,,.
sand dollars Gj1,mO for the purnoso -,
enlarginG and improving its electric light
plant. TO run for twenty years ot tbc
rate OF four per cent per annum, in
accordance with the provisions of act
No. ~. session laws of 1912. and that
the city council be ana is hereby au-
thorized to carry this resolution into
effect in accordance with the terms
hereof and OF said act
The meeting was called to order nv
Mayor Burke and City Clerk " C.
Grandy was elected Clerk. The MAYOR
then read the warning, which was fol-
lowed by the reading of the resolution
Mayor Burke then explained the reason
for the meeting, showing that the object
IN Issuing bonds for $1,000 was to re-
place temporary loans for that amount
and reduce the rate Of interest from six
TO four per cent He said that the city
mad been defeated by the interests in
the Legislature some time ago when II
sought to obtain an enabling act to bond
to improve its plant and that whom tho
time came TO spend the money il had to
b" borrowed on 4 temporary loan at six
per cont. which was in November of
1912, the amount hcing siOnn This was
during the administration of Nllyor
Robert Roberts. The other ten thousand
to make M the $4,000 in the call was
had also been borrowed at six per cent.
Tho mayor did not criticize Mayor
Roberts for his action and said he would
nav" done the same thinE himself The
reason why bonds had not been issued
up to the present time, although an
enabling act was in force. was that there
had been many things to see to and the
condition of the money market had not
always been favorable. RI there was
anybody TO blame in the matter the
mayor said he was willing to take the
iull responsibility. He said the matter
Of issuing bonds had been frequently
discussed ny the board OF finance, and IT
was only lately that an offer from n
bonding house was made 70 ,,,,rcho,o
the bonds AT four NOV con. and TIM. ,,.,o
upon condition that tho CITY. nicotine, ho
allied right away
James 7. whalcn remarked ,bo. al,
he nconlo nrosen+ uoro IT, ral.,, -
seliug the bonds h,t h., odd,, 49,
criticism Of N1avor y,,rl,o n.o. ,ra. :,
rad allowed tho temnorary Low, 90 .r
# the rate Of sly nor con, Gov -
% months when a lou,o,. ,,,o ot iu....
might have been Obtained
Mayor Burke. ON bearinr Nh, v-h,,...,,.
'cmarks. rapped the table and .,id ,t,.
he remarks of the eontIorar ,roro 49,,
becoming and that no was o,t,roI,. 1,,,
# order He said he vas r.ili;,,,r ., 49,
;ume fun resnonsibilitv and ho ,dl.,,
{ there ever was y n,avor WIN, had 49,,
allied unon IN tal,o 49,, o1,i,.. IT,.
n so many large things d,rirr ,is od
i, was thoir h,,,,,Ia .,,
,ant. himself
Perry r. Miles moved that ,b, r,.oi,,
ion be adontod
Charles p Smith tbo, ,,,,,,,o...., 49,.
he resolution ae nrosen,od ..ta ,t,
ng about the rate of ,r.oros. or 20 .,.
ine tho bonds yoro 70 r,,o .rh ,.o,..
oplied that tbo anab,irr ,c, 49,, 80,
ate at ma, loo. ,hor ,.r
md fixed the tir,o -. ho,,.o,,, .
ifty wears He .ddod .ho. :.
q the CITY couocl to ,,,o,,,,o .,,ta .
f the transaction Mr. cr,t,, -,
f the Law. aIIouod ,ho att,,
onds below mar lie .at,
n. citizens rero i,+,r.s,al, ,.
bout ,hoso ,ti,c. ~ ...,
.,,.,,,. .-,,.,.,,.. '' Wv