Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1889-02-05
$4,000 %

outstanding wat ar WORKS bOnds. VIZ
Amt due Feb /. 1892, So. s % 900 90
Amt due Feb /, 1902. 50S.... $4,000 90
Total. $4,000 %
As matter of information the commit
tee would add to the foregoing summary,
that current monthly expenses of all de-
psrtments are regularly paid, and the
city has at this time no other indebted
ness except $1,000 outstanding refund
bonds, interest at 6 per cent, and due
Sept. l, 1897, making the total debt Of
the city for waterworks bonos and other
bonds the sum OF $220,000,00.
Whatever value might be placed upon
the water works, its mains, connections,
and appendsRes, as whole, the portion
represented in the foregoing statistics as
construction account may be properly
and safely included in the present value
of the plant, Sd that leaving this out Of
the calculation, the water works is not
only now paying operating expenses and
interest on its $4,000 water bonds, but
yields the city in revenue surplus of
over 81, 900 per annum. Meters are be.
ing placed the present year on the water
IOhhcShAoAo VA Ani &c OohSuhCiSt
after reasonable length of time will af-
ford intelligent data upon which to es
tsbl;sh water rates for such parties, and
will also be reasonably fair test to show
whether or not the city has heretofore
supplied them water at loss upon act
ual cost. 1t is the opinion CT many in
telligent observers that the city has sus-
tanned a yearly loss of this character to
quite a consider able amount, and if such
prove to be true, by correcting this de-
ticiency the revenue to the city viii! be
correspondingly increased over the pres
emit amount.
The waterworks as plant, is at this
present time il reasonable good con
di ion, and its capacity for work and
efficiency in supplying water are believed
to be fully adequate to all requirements
Of the city with its present business
wants and population. The general sys-
sufficient in general way to take water
through the mainly inhabited portions
OF the city, and the large main lately ex-
tended to the east boundary line will
afford safe and feasible connection with
the water system OF the city of Moline,
il deemed desirable to be made to meet
cases OF emergency In either city. The
old boilers have been substantially re-
newed and two others added. the fire
fronts are new, and the pumping ma
chinery is in good repair and III all re-
spects in good working order. No reason
is known TO the Superintendent Of water
works, or to the committee, why the
present works should not with ordinary
care and repair furnish supply of water
equal to the present quantity for the
next fifteen years rs effectively rs it has
done up to the present date. Unless in
crease in population and growth of
manufactures should become largely
greater than appearances indicate, the
extension of mains and other items of
construction will be materially decreased
for some years to come. II q reservoir
we're built for the relief OF the pumps, the
machinery would probably not need to
be operated more than ten to fifteen
hours out of twenty four, and the life
time Of the works would be greatly pro
longed by such construction. While the
bonded Indebtedness of the city for gen.
srsl purposes cannot legally exceed per
cent on the assessed value of the real
and personal estate OF the CITY, the law
at the same time makes the subject of
water supply a special object, admits Of
issuing bonds specially for that purpose,
and apparently imposes no limitation to
the amount. The committee suggests
The inquiry for your future ccnsidera-
ton, should a reservoir ever become
necessity, whether or not the city may
not posses lawful authority to issue bonds
for its construction, notwithstanding any
existing bonded noebtedpess equal TO
the per cent limit which might be out
standing at the time.
The city's indebtedness is at all times
r.atter of financial solicitude. 1t would
be a fortunate condi ion at the present
juncture of affairs il the city was wholly
out OF debt. But it will be remembered,
that while the assessed valuation of
property for 1888 Is only $2,3lS, 900, it is
based upon the well known custom of
assessing property at one-third value.
AS the rate per cent for state
and county taxes is a fixed rate, the
effect of low asses sment is to reduce
and keep state and county taxes at
minimum SUN; at the same time i opAr-
ates to make the rate per cent higher for
municipal taxes and also TO prevent the
city from issuing bonds by reason of the
per cent limitation, or, if there we're no
bonded Indebtedness existing, to keep
down the amount which might be issued
to small amount. A higher assessment
valuation, that is to say, an assessment
at actual cash value would lower the rate
per cent OF municipal taxes and Enlarge