The L'Anse sentinel., 1920-03-26
coMMlrTEE REPORTS.
L'Anse, Mich, March 4 1872

L'Anse, Mich, March 4, 1920.
To the Honorable President and
Board Of Trustees Of the Village Of
L'Anse.
The Finance. Committee herewith
respectively submits it's report COW
,ering the Receipts and Disbursements
of the Village for the year ending
February %, 1920, from which it will
be noted that the balance ON hand on
February %, 1920, is $l,l12.09.
In this connection q comparison
with the previous year may be inter-
esting. For electric lights there was
gain Of $353.41 over the previous
year for current. A considerable
number of houses have been wired
during the year as~is Indicated by
the fact that the collections for the
electric wiring and material during
the year were $483.71 as compared
to 5000 for the previous year, which
indicates "a gain Of $S94.41 during
the year. The collections for water
during the year were $1,665.55 while
the previous year they were $1437 81,
indicating gain Of $22798 over the
previous year.
It had been planned to pay of
bonds to the amount of $2,500.00 dur
ing the year but most of this money
was expended by making an advance
for the property owners ON the Broad
Street sidewalks The Village has
been reimbursed for only small part
of this from the property owners so
consequently it was not possible to
apply this amount ON bonds. AS it
is evidently the desire of the Board
of. Trustees to assess the amount a
gainst the property owners this mon
ey can be used in payment of bonds
as it is collected.
When the present Finance Commit
tee was appointed it was unable to
locate or find any record of outstand-
ing bonds of the Village. However,
by checking over carefully the inter-
est coupons and bills for interest on
overdue bonds during the past few
years, we believe we now have cor
rect list of outstanding bonds which
irdicates that these outstanding
bonds amount to $23,500.00. The
Finance Committee is fairly certain
that this actually represents the total
correct amount although it is not en-
tirely positive as evidently no syste-
matte record has been kept Of this
for some years past.
A book giving information in de-
tail as to all of the outstanding bonds
their numbers, issue, amount, Sc
rial number, rate of interest, etc.,
has now been prepared. One page
has been given to each outstanding
bond with space thereon for a rec
ord of every interest payment in
dicating to what date the interest is
paid, to whom and by whom. 1t is
suggested that this record be kept
up by the Finance Committee. We
would also recommend that from now
on no bonds or interest on bonds be
paid by the Village Clerk or Village
Treasurer until same has been pro-
perly authorized by the Council on
recommendation of the Finance Com
mittee. We now have a list of cpt-
standing bonds with full information
as to when interest payments become
due so that the Finance Committee
can always report one month ahead
as to what payments are becoming
due and we would suggest that the
Finance Committee at that time in
struct the Village Clerk to what fund
each interest payment is to apply on.
The Village Treasurer shouldalso see
that each interest coupon or bond that
is paid is properly cancelled.
You will find herewith list of all
outstanding bonds of the Village so
far as we have been able to ascertain.
This indicates that bonds to the a
mount of $7,50000 are now overdue
and it also indicates that by the end
Of 1923 bonds to the amount of &14,-
10000 will be due. The Finance
Committee recommends that some
regular systematic plan be determ-
ined upon to take care of these over
due bonds. The average due per
year to the end Of 1923 is $S,625.00
and we would recommend that bonds
to the amount Of $3,500.00 be paid
Of each year during the next three
years and bonds to the amount Of
100000 be paid of during the year
1923. This will mean that by the
end Of 1923 all overdue and current
bonds will have been paid and that
there will then remain outstanding
bonds which will become payable at
the rate Of $1,500.00 per year, COM
mencing with the year 1924 and end
ing with the year 1929.
This brings up the matter Of provi-
sion for additional water supply which