, 1922-11-23
WATER BONDS SOLD
AT A GOOD FIGURE
TRUSTEES HELD tvs MEETINGS WITH
GALAXY OF EAGER b0hD BUY.
ERS BEFORE DEClDIkG

There was q full and representa-
tive attendance of citizens from every
walk of life present at the special
meeting of the board of trustee last
Thursday night to consider bids for
The water system extension bonds
which were authorized to the amount
of $3.50 900 by the voters at the
general election November Z. Mayor
kell was In the cahir and Trustees
Johnson, Larsen and Perrett were
present when the meeting was called
70 order.
More than half of the pond dealers
who had asked for an opportunity to
bid on the new water bonds were
represented in person by employees
or members OF the firm and the
cramped quarters of the council
chamber were filled to the utmost.
After the preliminaries had been
gone over and Mayor Kell instructed
City Clerk Methudy to open and read
the bids, there was a rustling of
memorandum books and a rapid pois-
ing of pencils as each representative
prepared to jot down the bid OF his
competitors.
opened and read. They ranged all
NAt 49, htaA pan " a polll
which waS absolutely futile and
ridiculous. Some asked to be given
the agency of the city in the sale of
he bonds. at a figure that spelled
good fortune to any firm lucky
enough to have the absurd PROPOSE
ton accepted. others made a fat bid
subject to terms, conditions, 'restric-
tons. deductions. commissions, &C
~ceptances, reflections. costs, charges,
ifs ands and provisos. which might
have been really funny had it not
been a serious business proposition
which was under consideration.
II did not take the trustees long
to decide in executive session. TO
which citizens and Taxpayers were
asked to remain. while the buyers"
cooled their heels in an ante room.
that all bids SO far submitted were
too low and that one aad all should
be rejected. Then came the joker
which all expected. One of the bond
buyers asked for an executive con-
ference with the board, which merely
meant that he wished to raise his
bid. This was granted. Then en-
sued n long drawn out gabfest. with
the buyers shifting their terms, time
of payment and various other condi-
tons. so that the board had to be-
gin all over again.
Finally in despair an adjourn
ment was taken until Friday after
noon to give each OF the bond houses
an opportunity to revise It's figures
and fix up a bid that had a chance of
acceptance. In the meantime the
wires had been kept busy and the
Bankers Trust Co. OF Denver. with
which was associated Geo. w. Val
lery and Boettcher. Porter & Co.
made a bid of $1,000 for each and
every one OF the 40 bonds OF that
denomination. which was par and
which was accepted by unanimous
vote OF the board OF trustees.
These bonds will be dated Decem-
Der i, 1929, and will run 80 years
with the option OF being redeemable
at the pleasure of the city trustees at
the end OF l5 years. The interest is
ga per cent. payable semi-annually
at the banking house OF Kountz
Brothers. in New York ity. Regular
provision will be made for a sinking
fund to provide for the interest and
for the retirement OF the bonds ut
maturity. The interest which will
become due and payable on June /.
1928. Is TO be paid out OF the general
funds OF the city and in order to re-
imburse that fund II is stipulated
b a in order to provide for the In
on December /. 1929. and
/. 1924. there shall be added n
tax. in addition TO all other
taxes. sufficient to produce the sum
of &+0.425.00. to be known as the
water bond tax"