F Manning

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F Manning - East Alton Board! Witluh-rtxv Kiimk TT Hutu aw...
East Alton Board! Witluh-rtxv Kiimk TT Hutu aw A unus From Citizens' Loan Attorney Manning Says — Investment Violated 415 Registered Village Ordinance EAST ALTON - The Village Board Tuesday night passed by n vote of 4-2 a resolution calling for withdrawal of $10.000 in water bond hinds from the Citizens Building tnd Loan Association of East Alton find investing the funds in the First National Bank and Trust Co. of Alton. Mayor Chsrlrs Vanprrtrr Cowifilmen Bill Linkoplr. 45 At St Bernard's Increase Over Last Year's Enrollment. WOOP RIVER — Registration ! | at St. Bernard's School Tuesday a sizable increase totaled 415. over the 370 rpgistration of last .vrnr. Mother M. Angola, principal Rob; said today voted in j she all pupils have not Opposed | registered yet, and it is expected Link and Lorrc-ll Hirks favor of the resolution. were Councilmen Orville Oglesby j m e rolls will increase even further and Joe Apple. Cb'nton Phalen was J before classes begin next Tuesday. Accident Reported WOOD RIVER - Police reported a minor accident Tuesday night involving cars driven by Troy Cole, 26, of 515 Madison Ave. and Clay Copeland, 40, Hartford, at Chessen and Wood River.Aves. Officers said both cars traveling north on Wood not present. Linkogle. finance chairman, read an opinion from City Attorney Francis Manning declaring the money now invested in saving and loan stock is in violation of the ordinance, which specifies the money must be deposited in a "bank" which is a member of (he Federal Deposit Insurance Corporation. Oglesby Objects In objecting to the resolution, Oglesby read a summary of Illinois statutes pertaining to deposit of municipal funds. He said the laws provide that any public agency may invest any public funds in securities legally issuable by savings and building and loan associations insured by the Federal Savings and Loan Insurance Corporation. He said the city was gelling per cent interest on the money now, and he haw no reason to transfer it to an account where the return would be only 1 percent. Manning said he was not ques tioning the safety of the funds or the advisability of depositing them with one.firm or another, but was merely giving a legal opinion. He said the ordinance serves as a contract between the village and the bondholder, and its terms must be adhered to. The attorney said the ordinance specifically states the money in the water fund must be deposited in a "bank", and a savings and loan association could not be considered a bank under the provisions of the ordinance. Manning said the statutes quoted by Oglesby provide that the funds "may" be deposited in a savings and loan association, but in this case the ordinance calls for deposit in a bank, and the terms of the ordinance apply. Ave., and collided when land started to turn into were River Cope- Ches- sen Ave. Both cars were damaged, but no injuries were reported. Extinguish Weed Pirn WOOD RIVER - The Fire Department was called to extinguish a weed fire at 111 Penning Ave. around noon Tuesday. No damage was reported. Fire Chief Wallace Bond and Firemen George Veach, Russell Pinkcrton, Ervin Thcin and Tom Terry were assisted by several volunteers. KImmels Visit Son WOOD RIVER - Mr. and Mrs. E. L. Kimmel have returned to their home, 850 Halloran Ave., after a 10 day vacation. They were accompanied by Mrs. Kimmel's mother, Mrs. Jennie Ozburn, of Murphysboro. Their trip included four days at Annapolis Md., where they visited their son, Elbert Lee, at the Naval Academy and participated in the activities sponsored there for 'parents weekend" which is held annually to acquaint parents with the school and life in general at the academy. From Annapolis they went to Williamsburg, Va. ( and came home by way of the Smoky Mountains. Returns Prom Mexico WOOD RIVER - Dr. Jack Dayan has returned to his office at 21 N. Wood River Ave., after two weeks of vacationing with his parents at Acapulco, Mex., and with

Clipped from
  1. Alton Evening Telegraph,
  2. 02 Sep 1953, Wed,
  3. Page 14

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