, 1877-08-19
i Bonded Indebtedness at = Heary Rate Of In,
tsrest.--E1trasagaat Salaries.

In each of the three ordinances creating th
water loans Is the following: lit bhall be tn
duty Of the Trustees to iuyest the money tc
longing to the Sinking Fund, in this ordinance
provided for, In Understanding bonds of tn
United States or Of the State Of Illinois, aud Il
use the same for the purchase and retirement 0
the Town OF Lake water bonds, herein provided
for aud said money shall be used ia no othe
manner whatsoever" Tho Town Accountant
has q SInkng-Fund account brought down tt
Jan. 1, 1877, and his figures show that the funt
| has received $52,845.04, and that, for other
purposes than which 1t was created for, ther'
| has been paid out of it Sc, 5,63o:6o. It thus ap
pears that the town pow owes the Sinking Funt
SIS, ,65o.60, and that the Sinking Fund is ovc
$4,000 worse than nothing. The taxpayers
| NAV estimate how long at This rate it will take
| for tho Sinking Fund to pay the town debt
Already $4,000 Of bonds, bearing 10 per cent
because OF the depletion Of the Sinking Fund
t The fund appears to have been converted or ab
Btracted to pav the large amount of interest an
| nually incurred By the town On its town orders,
! certificates, etc. The Appropriation bills OF
| 1875 aud 1876 show that the tax was levied for
J the particular interest md Sinking Fund speci
fed In the ordinances. The ordinances set forth
| that the money so levied shall not be used in
anv other manner whatsoever. By what au-
thority this Sinking Fund has been appropriat..
from the purposes for which it vas levied aud
collected does not appear. An Appropriation
bill is only disguise when such power Is e1-
exercised by the Town Board, Or any member
thereof.
The books Of the accountant il properly kept,
ought to show the tax collected apportioncd to
each item Of the Appropriation bill, and every
warrant charged to its proper fund, and bal
ance struck at the end OF each fiscal year. But
from the interest account it cannot be learned
=, +ha LAG hn Hu
warrants for S6l, ,130, ,73 OF interest money. The
net Indebtedness Of the town is $1G3, ,S90.S1.
The paying OF 50 much money for interest an
nualfy seems entirely inconsistent With proper
financial management The excessive taxation
in Lake is due partly to general extravaganza
and looseness in managing the town affairs.
The history Of the watcr debt Is we'll known.
Last year the cash Income from this source was
less than the amount shared with Hyde Park
for running expenses. The taxes OF the Town
OF Lake are deemed in al respects ueedlessly
high. :.
deed their property to their minor heirs, and let
them redeem It from tar sales when OF age, II
those in control Of tho Union Stock-Y Com
pany could rescue the town from this ruiDous
taxation. It Is said that three men control the
town. Was 1t true that those In and about the
Stock Yards escaped with slight taxation, and
vet have the chief benefits OF the appropriations
ine charge OF the interests OF tue Stock-Y ards
would, it was feared, be unayai1inE. Tho Vii
lage Board rejected the petition and personal
appeal. To sell their property is impossible.
for others know that By way OF the Town Of
Lake il a yery short rny to the bankrupt court.
Comment was not made on those legal relne-
dies which exist as against individuals rather
than as against officials.
The Chair thought 1t very strange that Willie
money was so cheap the authorities OF the Town
af T at-n had rnt. taEfn uD
ruE TEN rEA CENT BONDS
and issued new oncs at lower rate Of interest
All the money needed could be procured at or
Hr. Coudit. Town Treasurer, said that the 10
nar rent hon6s. w,.h the execution Of S4O,O 600,
were spcciaj- aj-assessmcnt bonds
Wr. Vee6er. Town Attorney, said that last
rear the Town was nnablc to take up the bonds
fnc and Ind to make an arrangement
1rith the holders to continue them for
nnnther year. The great trouble was
fiat both principal and interest had
to he met heforc the Tux lew came in. As q
natural consequence the town was always eight
ccn months in arrears Of interest Furthermore
ti,n fnsrn hod iaiicd tn mike ieyg for the acst
ye9r,s ;nterest. and had been uu1blc to collect
= rreat deal Of the taxrs, which were tied up in
thc cos,rLs.
Esa and ogeht to have
haen devoted to tha Sinkioa-Fuad, Not dollar
ri 4 was to he found in the Trcasury, He be-
Gerrd the entire debt cou}d be funded at : pcr
ren. ard was nat nrenared to believe that the
r,resent Roarl of Trustees bad run their credit
mn the pronnd an that they had to nav 10 ptr
ccnt
Mr. Vccder owned that he could readily un-
dnrsta.,a that there was no money in the Treas
r,rv to the credit Of the Sinking Fund, although
be- co1ld not speak positively. he claimed that
the debt ORIGINATED with a former Board Of
Trustees. and that the present organization
fo,,ud the ACCOUNTS iu an aWfuuF mixed state
when .her took hold. The old Board had nat
tered t],r neonlc nv Making small ta1-lcyics, and
mad issued town orders which we're turning up
from time to time, and which had to be paid.
Mr. Wentworth WAS willing to admit that the
existing Town Board had much improved the
system Of keeping accounts. The
1SrERgsr 0. THE WAFER BONDS
onpht tn he oaid ont OF q special assessment,
ana not from the General Fund.
Nr. Cnnd,t said that tho bonds we're out, and,
in or1er to Ecen the credit Of the towa GOOD
thc1. hod becn rnnonellcd to take money from
tho General Fnnd to nav the interest, This was
dnnc he order nf the Board. hui not by ordi-
nance.
Wr Noxes Wentworth said that +hr Town of
1al;e nad ont Ski Inn r,er wear tor interest and
h. thnmoht thcv con,d save IN this # t1cv ran
th,nrs nroncrlr' Thc terms of thc ordinance
ra1atinc In tha jssnc ri watcr.honds ha,1 hern
rinIatcd in mat;nr the tay-levv of 1S77'
Wr Tnrd wanfcd thorn,irh Investigation
nade Hc VIC satisfied from thc remarEx If
thc ;rown-Attoruev that tho assertions made
,ccrc ,Tnn IL ch.rprIi that he lad hccn mis-
-aat =; . an. .sr 1.ra.r-, ~ ~ 49, g., .,.,b