Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1922-04-04
AUTHORIZES $4,000 BOND ISSUE
FOR PERMANENT STREET IMPROVEMENT

of Norwich to issue bends, passed at the |
JANUARY, 1921 session Of the general as
senlbly Of said state, and approved April |
10. 1921, and amended by the same gen |
eral assembly at its January, 1921, SEES
sion, by an act entitled an act amending
an act authorizing the city Of Norxleh
to issue bonds, approved Alril 2T, 1921
Sixteen hundred and sixty-six dollars and
sixty-six and two-thrds (s1,666,66 2-3)
of the principal sum OF said note shall be
payable each year, beginning April .
1923, at the office of The Norwich say
ings Society In said Norwich, and said
note shall be payable thirty years from
the date thereof with interest thereon ut
the rate of four and three-quarters per
centurn per anniiTn, payable seIni-annualiy
on April 9Th and October 5th in each
year to and at the office of the Norwich
Savings Society. and the mayor and treas
Irer of the city of Norwich are hereby au-
| thorized and empowered to sign, seal, ne.
gotiate and deliver said note for and ON
behalf of said city.
! That the following shall be substan-
TALLY the form Of said note $50,000.Q0.
! IN annual payments OF sixteen hundT ed
and sixty-six dollars and sixty-six and
two-thirds cents beginning April 5, 1898
and all within thirty years from the date
hereof the city of Norwich, ConnEctlclt,
for value received. promises to pay the
J NORWICH 6dNIu45S SOClStyg IL It's OAAiNCS -
| said Norwich, or to its successors or as
signs the sum Of fifty thousand dollars with
interest at the rate Of four and three
! quarters per centum per annum payable
| seGni-aTnually.
This note is authorized by an act Of the
general assembly of said state at its Janu-
! ary, 1921 session, entitled an act author
! izing the city Of Norwich to issue bonds
approved April 10, 1921, as amended by
l - aqShTUfOiV at
| the same session, entitled an act amend
ing an act authorizing the city Of Norwich
to issue bonds, approved April q, 1922.
It Is hereby covenanted by the city %
Norwich thar all matters and things re
auired to be done, under the provisions CT
law, particularly under the provisions Of
the statutes of this state and the special
laws thereof herein referred to for the va
lidity of said note have been done and
performed and that the avails are to be
spent by said city as prescribed, limited
J and authorized in said special acts and
} that this note is within every debt and 9TH
er limit prescribed by the law OF TINS
state; and to the payment of this note the
) faith and credit Of the city of Norwich
; in the state of Connecticut, are trreVoc-
: ably pledged
Alderman Gilbert s. Raymond inquired
whether all the street work nentionef II
the TepOIl COuiu NC NoA l ~ SNS - ~@A~ 49,
900 appropriation.
z Mayor Berou said 1t is proposed TO carry
out the North Main street work to compile
. ton and go ahead as far as possible on the
other street Improvements.
Alderman Raymond inquired why II
was that other towns in the state coutd
: borrow money at a cheaper rate than the
. "a per cent. rate quoted In the commit
tees report. He exhibited newspaper CLIP
+ ho tsaid ebou-ed that Seymour
, ad>borrowed at t-2 per cent and Nor
walk at Ia per cent. He said he hat
. | no quarrel with the finance COMMITTEES ant
he wasn't going to vote againht the $50
900 appropriation. He said he raised thu
question of the rate of interest for the
purpose of securing information on the
matter.
Mayor Lerou in answer to the alder
! mans request for information, said all thu
local banking interests were represented
! at the conference in mayors office %her
: the bond issue matter was opened. All thu
bankers present had stated to him tha
the 4 "a per cent. rate was an exception
ally good deal for the city. Attention
was called to the fact that this is the frs
time in 80 years that the eitys bonds haC
been put up for bids
It was stated by the mayor that tho
!, city's credit is the best in the state. L
!, the alderman, but the form of the bonds
regarding repayment purposes, etc, tina
governed the interest rate. 1t was alst
: stated that within the past week or two
the town had borrowed money at six PEI
cent interest.
: Alderman Peale spoke briefly on thu
matter Of the interest rate. He said tina
many cities issue yer cent. bonds. H
considered the 4 "a per cent. rate an ex
e ceptionaIly good deal for the city.
l The council then unanimously aece1tec
the finance committee report on the bont
Il issue, authorized the ISSUANCE of tn
8 $4,000 note in the form recommended b!
Q the committee and authorized the use 0
l the $4,000 for the Improvement Of TIL
streets named in the committees report.
Question on Trolley Fares.
! After the bond issue matter had beef
n taken care of Councilman Edward Crook
inquired if the special committee on troll
;. ley fares is still in existence
a Alderman Peale. member OF the com
: mittee said the committee is still in exist
ence. He said there is no action tn
: committee can take at the rresent time
E but that they are watching trolley fare
| in other cities.
4 | Bills were approved as follows: De
partment of cemeteries $S9O.64; waite
department, S3,029.64; gas and electri
deI2aptn1e1I, s41,56A2s; police depart
a ment, $5.11G.80; street lighting, $2,29462
: park department. $271.1o; finance de
partrnent. s11,402.65; fire department
$44,497.S2; public works department
Z permanent street Improvement, $9A91.9T
: regular, $5,S0457.
. The council adjourned about $50 unit
! the evening Of April 18th.