The Wolf Point herald. (Wolf Point, Mont.) 1913-1940, 1925-08-27
FUNDING BONDS VOTED
AT MONDAYS SESSION

Minutes of a regular meeting of
the City Council of the city of Wolf
Point, Montana, held at the City
Hall, the regular meeting place of
the said Council at 8 o'clock p. m.
Roll Call
The meeting was called to order
by Mayor Thompson and the follow
ing members answered roll call:
Mayor Thompson presiding, AL
dermen Johnson, Mcneil, Appelgren
and Cherry, Clerk Williams.
Absent, Aldermen Ferguson and
Dewitt.
The minutes of the previous meet
ing were read, and it was moved by
Alderman A~ppelgren that the min
utes be approved as read, seconded
by Alderman Cherry and carried.
Resolution No. 124
A resolution of the City Council
of the City of Wolf Point, Montana:
Providing for the issuance of fund
ing bonds, funding the outstanding
warrant Indebtedness of the City of
Wolf Point, Montana, fixing the de-
nomination, date of maturity, pre-
scribing the form of the said bonds,
and providing for the assessment of
taxes for the payment of interest
and distinguishing the the principal
thereof, was read as of its third
reading, and it was moved by Alder
man Johnson that Resolution No.
1874 be adopted, seconded by Alder
nan Appelgren and carried. A roll
call vote resulting as follows:
Ayes, Aldermen Johnson, Mcneil,
Appelgren and Cherry.
Nays, none.
Absent and not voting, Aldermen
Dewitt and Ferguson.
Communications
A communication from j. H.
Causey & Co. making a proposition
regarding the bonds, was read.
A communication from Mayor
Thompson propounding the follow
ing questions to Attorney Bramble
was read. list. Are warrant fund
ing bonds an increase of the indebt-
edness of the City, within the mean
ing of the Statute, imposing the debt
limit? End. In ascertaining the
debt limit should our outstanding
water and sewer bonds be excluded
or included? 3rd. If included
should the apparent Indebtedness be
the basis of computation or should
cash in sinking fund be deducted,
leaving the balance as the actual in
debtedness as the basis of computa-
ton?
To the first question Attorney
Bramble replied that it does not in
crease the Indebtedness of the City.
To the second question Attorney
Bramble replied that the Montana
Codes eliminates the water and
sewer bonds from the computation
Of the 8 per cent limit of indebted
ness. and he also cited the report of
the State Examiner to the City Of
Wolf Point, under date of Dec. 5,
1923, whose comment reads as fol
cows: "The law prescribes that a
city the size of Wolf Point may
bond itself exclusive of water and
sewer bonds, not to exceed 8 per
cent of the assessed valuation"
To the third question Attorney
.ramble replied that the cash in the
funds should be deducted in
computing the 8 per cent indebted
less and the balance would be the
,asis of computation.
Bond of City Treasurer
The bond of V. A. Lowell as City
treasurer of the City of Wolf Point,
which was read at a preceding meet
ng, and returned by the Council to
he Surety Co. as the said bond did
lot read to conform with the re-
uirements laid down by the state
hammer, was read as corrected.
1t was moved by Alderman Appel
rem that the bond of v. A. Lowell
e approved, seconded by Alderman
and carried.
Claims
Moved by Alderman Johnson that
bills be allowed as audited, sec
nded by Alderman Appelgren and
The following claims having been
warrants were drawn for
lie respective amounts:
leaveland Electric Co.,
street lamps .- 5000
:. v. D. Chapman, Sec, 9
men at Coliseum 2 hours,
7 men at Elevator fire --..- 41.O0
sterud Power Co., assign
ment of Mcleod claim : $50
ely Bros, screen for jail -. 1.35
ely Bros, pump house sup
plies $40
Oil a. ord