Show technicality MA MAY defeau SALE OF BONDS pending a decision from a prominent bond attorney as to the validity of the cites bonding for light and power purposes or rather for lighting ing purposes with the word I 1 power used in the call for the election and other preliminary proceedings nothing can be done to hurry burry the sale of the bonds which were authorized by a special election for installing a new light plant the halloran judge trust co which contracted for the bonds apparently parent ly discovered that they had offered to pay too much for them and therefore squirmed out of their agreement turning it over to palmer bond and mortgage co whose vice president a mr snow was here at a special meeting of the council qu on saturday night ile he stated that in in the absence of an adverse ruling from the attorney his company would take the bones under the terms agreed to by the other people except that they would require that they be serial bonds rather than optional after ten years he offered to take the bonds which were authorized for the water system and pay the money immediately because there is no austion as to their legality but without a favorable ruling from a 4 bond attorney a new election will be necessary before the light bonds can be sold mr snow requested that in the event of an adverse ruling making another election necessary biscom his company be permit permuted ed to buy the bonds and to engineer the election to guarantee the validity of it the colin council cil decided deci deil ho however weve nov to make any such contract particularly particular iv until the validity of others were determined ter mined it is therefore not definitely known when we shall get action on a new light plant |