Rensselaer Semi-Weekly Republican, Volume 41, Number 132, Rensselaer, Jasper County, 24 December 1909 — CITY PAYS OFF BOND; HAS MONEY FOR MORE. [ARTICLE]

CITY PAYS OFF BOND; HAS MONEY FOR MORE.

In Sending Draft Treasurer Leopold Offers to j Pay 1911 Bond If Interest is Allowed. City Treasurer Moses Leopold today sent a draft for $788.72 to the Case National Bank, of New York City, who hold bonds with a face value of $9,600 against the city of Rensselaer. The money was borrowed in 1898 when the city took stock in the Rensselaer Water, Light and Power Co. The first bond of SSOO is due on January 1, 1910, and the draft is to pay the bond and the semi-annual interest on the other bonds. These bonds fall due at the rate of SSOO each year, and will not all have been paid until 1928. It is the only bonded indebtedness against the city of Rensselaer, but there are bonds to the amount of $30,000 against the electric light plant. They have been paid as due and the earnings of the plant are sufficient to meet them as fast as they mature. The money with which this bond was paid is from the electric light fund and there remains about $5,500 in that fund. In making the remittance Treasurer Leopold asked the holders of the bonds if they would relinquish the bond due in 1911 at its face value and if they will do it, the city Will save one year’s interest amounting to S3O. It is not probable, however, that the money will be accepted.