| Show DIG BIG FINANCIAL MISTAKE Made Hade by the tho City Council Ten Ton Years eara Ago and lias Ba Cost Coot It IH to believed that a very costly mill mis mistake ml take tuko lute him been made by the city coun tiL II of at 1 In regard to the thc th bond liuo of or May 1 of at that year The Tho mh lake already cost coat the Iho city In III tho the root pool 10 years In Interest 1 and cost coat It another like amount for forthe tho the next 10 yearn The rho I KUO uc was Waft thought to be bo for 10 or SO 20 yours years and ond the Interest Is r f per Ier cent Mayor MILor Mor Mol Morris rio rill In n his hili message to the tho council round on Pet Fob l jb 10 recommended that these theo bonds londt as OR a well as the tho of July Jul 1 1802 1102 16 2 be refunded nt ILl once on CO Issued beant b lle 11 nt lit n U lower rate of or Interest Internet thus Ihus caving 11 IL 1 largo large mount amount n annually to the tho city rim Tho hue has just Juet been ie re refunded funded fundell t by y tho council but upon looking locking I In UK up ho the ordinance In regard to 10 the th it Il was found Unit the bonds were 20 SO years ears straight Instead of ot 1020 nr Thin the tho city will wilt be compelled to pay 1111 6 5 per er cent Interest on thorn tham for tor the tho next 10 years Instead of or refunding them at nl 14 I per cent celli The serious mistake In III connection with the matter Is in l that bonds nt III that time were placed at 01 H 1 H per ver verent ent yet et notwithstanding that fact rawl these theto bonds bernIe vero Issued nt lit 5 p per r cent In Jn all oil succeeding references on record In tho tl city auditors the tho bonds bernie lire are mentioned ns nM 1020 years bonds the tho city lit auditor In 11 his bin annual re rc report port Ort for 93 so tiO referred to thorn III The Tho mistake which Is III certainly it IL de tie deplorable one nile in 11 so 04 for far as n the Iho finances nr are concerned was wa discovered 1 by b the tho mayor who will on Monday night ask esk tho tim council to amend tile his message In respect to tho the bonds before It Is le printed |
