OCR Text |
Show Commission Hears Amortization Plan An amortization plan to retire municipal mu-nicipal bond issues through insuring city employes was explained to the city commission Wednesday by Walter Wal-ter D. Scott, a representative of the Mutual Life Insurance company of New York. With the, bond issue determined, according ac-cording to the plan, the city would Insure a certain number of employe for the aame amount a the issue and to mature on the aame data the bond issue is to be retired. The city would pay the Insurance premiuma and would be made beneficiary bene-ficiary in the event of death of any of the employes, even should they leave city service. The Insurance would provide a return of 3 per cent interest, Mr. Scott said, which probably prob-ably would be boosted to $ per cent, based on average mortality rates. |