The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-05-30
4OND SALE is
AUTHORIZED BY
COUNTY BOARD
s.rurities in Sum of s1,000,00O to
be Negotiated at Option of
Finance Committee.

pock Island county board of su-
..-x,sors yesterday afternoon au-
,sorized the finance committee of
Il hoard to proceed at once with
- sale of $1,000, 900 bonds to Gre
- a fund for the construction of
.,ote aid roads in Rock Island
county.
-, on which were published yester-
~ IN The Argus, prevailed unani-
measly
n accordance with the advice OF
no legal firm of Wood & Oakley,
chicago. which framed the resolu-
Ian the interest on the bonds is to
- maid semi-annually, and provis-
I'm Is made that the bonds be paid
g they mature at the Continental
and Commercial Trust and Savings
hank, Chicago.
E. Child, chairman of the
Snance committee, explained that
inc bonds would be more salable
i they we're made payable at some
chicago bank. and the provision
that interest be paid semi-annual-
Is instead of annually is the sug-
session of the Chicago attorn ays,
gho informed Mr. Child that this
would make the bonds more at
tractiVe
When the resolution was offered,
supervisor George F. McNabney,
Hampton, objected to its passage
until a resolution he read be adopt
a. limiting the expenditure upon
roads to the estimates contained III
the election notice. No one sup
PORTING his objection, the chair
ayerruled it, and the resolution in
structing the finance committee 10
proceed with the sale of the bonds
was carried.
Following this action, Mr.. Nc
Nabney introduced his limiting
resolution which was referred to
the state and county aid roads COM
nittee, who during a 10-minute re-
cess changed its phraseology, Of
tered it for passage, and the board
took favorable action upon it.
Specified Routes First.
The resolution specifies that the
state and county aid roads commit
tee be instructed to proceed with
the improvement of the sections of
highway listed in the election no
tice so that a major portion of the
work may be completed before fall,
and that if any surplus funds re-
main after full completion of any Of
the routes, it be applied to such of
the specified routes as may be des-
ignated by the board.
1t was further provided that in
the construction of the different
sections the expenditure be limited
to an amount equal to the estimat-
ed cost of each Improvement.
While Mr.. Child did not formally
oppose the passage of the McNab-
ney resolution he informed the
board that while he knew Wood &
Oakley had approved the language
Of the resolution giving the COM
mittee power, he did not know how
they would view the McNabney res
olution 1t was plain from Mr..
Child's remarks that he considered
the latter unnecessary.
Addressing the board on the fea-
lures Of the bond issue, he said that
the bond market at present was ia
vorable to sale of bonds on the part
Of the county, whereas later the
bonds might not sell for as much.
It was the intention of the finance
committee, he said, TO place the
money received for the sale of the
bonds in Rock Island county saw
ings banks TO draw per cent in
terest. This he said would be add
ed to the premium received on the
bond sale. It was clear that the
chairman thought it would be wise
10 offer all the bonds for sale i'm
mediately. and not take chances on
fuctuating bond market.
On motion of Supervisor ]. J.
Burgess, the finance committee was
authorized to offer the entire issue
Of bonds at once to bidders.
How Money Goes.
In accordance to the boards ac-
Ton money received from the bond
sale will be expended as follows:
Route /, $196,0OO; Route 2, S121,-
VOC; Route 5, $4,000; Route 6,
NS5,0o0; Route 7, S146,000; Route
= $1,000; Route 9, $60,500; Route
Il, s1S7 900.
The board will hold its regular
meeting Monday June -