Show COUNCIL ACCEPTS OFFER FOR BONDS Ordinance Drawn Up lip Again and Passed in Proper Form QUESTION OF INTEREST Forms and and Coupons Prepared by City Attorney for Acceptance The cit city city- council mot in tl adjourned l session for a few minutes Thurs Thursday ay evening and evolved eol the necessary amount of red reil tapo tape incidental to acceptance ac ac- ac- ac of tho the offer olIer of McNear McNear Mc- Mc tc- tc Near Moore of or Chicago to take tuko tho tine bond Issue at 4 1 l-l per cent The Tire resolution accepting tho bid adopted Tuesday evening was rescinded 1 and anil another l' l more carefully prepared adopted This Tins recited all tho tino steps tal taken takemi en In securing tire the bond issue and aud formally accepted t tho tine offer Orrel This Tins was followed by an ordinance grams Tele-grams were wen read from tho tine Chicago Chicago Chi Chi- cago linn firm in explanation of Its ItH bid bill The Tine offer of Woodin jc 1 r Moore I Is to take the tho S water and the 1 sewer bonds at par jar tho bonds I 1 I 1 I cent Interest instead to PU pay payI per pel of the tue 1 t 2 1 per pei cent which it il was expected tho tire bonds bonda would carr carry It was made clear olear Unit the offer carried with It no H agreement to pay an any accrued ac tic- interest Tins This aroused a question In the mind of Councilman Hall us as to tho tine legality of tho QC acceptance of the tine offer Tine The law he said wid allowed tire the city to sell bonds only at par ant and time the fact that thal no interest would be paid until next year ear on some of the tire bonds though they are ne all dated October 1 I. I seemed to violate this The city attorney disagreed with him mini as did dill and others and the ordinance was passed Forms of the bonds ida und and coupons as prepared by the city attorney were n adopted ted ol as part o of the tire ordinance ordinance- in Ta Twenty T cut Years The rho bonds will bear beal date of or October 1 I 1908 are aro of or 1000 c each ach payable at lie tho end of 20 O years ears with Uh the option of payment In iii ten tent years ears They are aro to bear cm 4 1 1 1 I-I 1 per cent per ver annum tho tire interest pa payable in April and October at the bank of the United States Trust Mortgage ago company in New York YorkA A request from rom Max Daniels per perL L L. L D D. Martin architect to fence off orf offton offton ton feet of or the tho street on South State street where the tire new theater for John Cort is to 10 be erected was granted ranted with tho the stipulation that no advertisements are arc to lo bo be on the thc fence Tho rho traY pay rolls for Cor tire the half month ending August 31 amounting to 9 61 4 were referred to tho the finance committee with power to act The next meeting of tine the council will be bo held on Tuesday evening evening- of oC next week Monday Monda being Labor da day find arid a public holiday 1 |