Putnam patriot. [volume] (Putnam, Conn.) 1872-1962, 1916-03-17
FUND TOWN DEBT
Adjourned Special Meeting Votes TO Is
sue Bonds TO the Amount OF
S2Sb,00O
Saving In Interest Money and Final
Liquidating of Debt Will Result
from Plan


for the purpose of considering the mat
Ter of refuuding the floating indebted.
ness of the town was held in the mu.
nicipal building, Friday evening at s
o'clock, with ten voters present in
Guiding the officers and two members
Of the committee.
Chester K. Child was chairman of
the meeting and Town Clerk David
Flagg took the minutes.
Judge l.. II. Fuller explained what
The committee had done and its rec
ommendation TO issue a series OF bonds.
He said that the issuance of notes had
not been considered favorably on ac-
count of their being taxable by both
The State and National governments.
He said that on account of the large
debt of the town the committee
thought it would be impossible to float
the bonds at less than A per centum
interest and that as the debt amount
ed to more than per centum OF the
total grand list some states would not
allow the purchase of the bonds as in
vestments for savings institution. lie
said that the matter should have been
acted upon years ago. The town hes
gone on increasing its debt and has
made no provision for liquidating that
debt. By tax of one mill, or possibly
a mill and an eighth, the interest and
Is no "A
care of and at the end of the thirty
year period, the maximum time which
any of the bonds would run, this pres
ent Indebtedness would be wiped out
John G. johnson, another member
Of the committee, also spoke briefly re-
garding the committees report
1t was voted to accept the report
and vote of thanks was given the
committee whose work has been gra-
tutious.
The following votes were then passed:
Voted: That the present seleetmenot
the town and their successors in office,
and l.. II. Fuller and John g. john
son, be and IRE hereby appointed spe
cial agents of the town, for and In It's
behalf, to borrow the sum of 1926, 900,
under the provisions of Section 1881 OF
the General Statutes of the state, said
sum being the amount of the present
Indebtedness of the town, now due
and payable, in accordance With ap'
propriations of the town heretofore
duly made.
Further voted: That said special
agents are hereby authorized, empow
cred and directed, stor the purpose OF
funding said Indebtedness, to cause to
he issued. sold and delivered to the
purchaser, or purchasers thereof, the
bonds OF the town for said sum OF
1926 600, under the following provl'
sions, conditions and restrictions, TO
wit: Said bonds shall be coupon bonds
shall bear date April 1st, 1916, ana
shall be each of the denomination OF
81 900, and payable to bearer thirty
years from date, or at such dates as
may be stipulated in said bonds not
to exceed thirty years, with interest
thereon not TO exceed IA percent per
annum, payable semi-annualiy on the
first day of April and on the hrst DAY
of October, in each year, at time ana
place 10 be determined by said speciai
agents, said interest to be represented
by coupons attached to said bonds,
payabIe to bearer said bonds To con-
tain provision that they may be reg
isLered as to the principal at the OPP
ton of the holders. Said bonds TO
bear interest at rate not exceeding
Ala percentum per annum and shall
be sold at not less than par and accrued
interest, or upon such other terms as
10 principal and with such rate OF in
terest, not to exceed 4 IA per centum
per annum, that the financial results
to the town from said issuance shall be
ut least equivalent of the financial re-
suits had said bonds been sold at par
with interest at IA percentum per
annum. Said bonds shall be signed
by the town treasurer and counter
signed by the selectmen, in the name
OF the town, and shall be sealed with
the seal of the town, which the treas
urer is authorized to atfix.
Further voted: That said special
agents are authorized, empowered ana
directed to select or employ some suit
able bank or trust company to certify
10 the gen uineness OF said bond issue,
and to act as registrar for said bonds
with authority to employ, at the ex-
pense OF the town, attorneys selected
by said bank or trust company, who
shall pass upon and certify 10, the ie'
gality Of said issue.
Further voted: That sinking tuna
be created, or other provision made ioi
the retirement Of said bonds, the de-
tails OF which shall be left to tie Judg
ment and discretion of said special
agents.
Further voted: That said specia
agents be given full power and au
thoIity TO do aud perform all acts ne
eesshry or convenient for carrying intS
full effect the general purpose oil th'
town as evidenced by its votes this da,
passed; subject, however, TO any ex'
press provisions or restrictions con