Show S BOND BIOS REJEGTEO All Offers for Municipal Bonds Too Low BETTER PROPOSAL RECEIVED I l Special Committee Authorized to He colvo New Bids and Submit Them t tho City Council at its Next Meeting Rate of Interest Should I be 3 12 Per Cent Instead of 4 PerCent Per-Cent and that at the Former Rate the Premium Should be Higher Than Offered AL an adjourned meeting of the City Council last evening the report of the Mayor and the Committee on Finance to whom was referred the bids received for the 250000 municipal bonds was adopted and all bids rejected and new bids solicited The report which was formulated by the committee in the afternoon was as follows t Believing that the bids made for the 250000 municipal bonds arc not as good as the city Is entitled to receive and that a better price can be secured by calling for bids again we recommend recom-mend that all bids be rejected and the Recorder instructed to return the certified cer-tified checks to the bidders and that the Joint committee and the Mayor be authorized to receive new bids which shall be submitted to the City Council at Its i next meeting The committee has had several better offers than any submitted by the members mem-bers of the bond syndicate and also has had Inquiries regarding the Issue from financial houses In various parts of the country and there is no doubt the bonds can be placed on more advantageous ad-vantageous terms than any offered I Yet Some members of the committee think the rate of interest should be 34 > percent Instead of I per cent and that at the former rate the premium should be higher than the best offered in any of the bids received at I per cent Next Tuesday being the date of the Republican State crnventl5n the regular regu-lar meeting of the Council will proba bly be postponed until Wednesday I evening |