F Manning

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F Manning - Wood River May Shorten Sewer Bond Schedule...
Wood River May Shorten Sewer Bond Schedule Federal Representatives Advise 40 Years Is Over Maximum WOOD RIVER, Oct. 20.— Only an , . . ... . „, (hn u.,,,1 srhr>rttii<» adjustmcnt of the bond schedule term, now set by the Trunk and , Relief Sewer ordinance at 40 years, by stands stands between this city and a fed- in eral grant for the project, it was in- dlcatcd today by City Attorney Manning, who has returned from conference with federal loan ad- ministration representatives In Chi- o wo. to The bond schedule as provided by the present ordinance spreads re- tirement ol the financing issue over \0 years, and complies with the federal federal act authorizing loans for public irojects. It falls to comply however, with regulations set down by the loan administration, and these regulations regulations are looked upon as the final word, the Wood River official delegation delegation to Chicago wns Informed by federal officials. The regulations set down specify a maximum loan term of 30 years, However, Manning said he looked upon the revision of the ordinance to set up a 20 or 30-year bond schedule probably a minor detail. Manning was careful to state that the federal administration repre- sentatives had not assured Wood River a government grant definitely conditioned upon the shortening of the bond schedule. The bond schedule was the only detail included In the city's appli- cation which came In for any crit- Ism or questioning whatever. The administration men's attl- tuds, Manning stated, was that Wood River was in such excellent financial condition that it did not believe the 40-year schedule was at all necessary, assisting Compared with other municlpall- ties applying for government grants

Clipped from
  1. Alton Evening Telegraph,
  2. 20 Oct 1933, Fri,
  3. Page 10

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