Los Angeles herald., 1892-10-16
SHALL 1T TWENTY OR FORTY YEAR
BOND?

Our evening contemporary, the Ex-
press, yesterday contained a large num-
ber of interviews with leading citizens
as to the advisability or unadvisability
of voting s526, 900 of five per cent. bonds
running for twenty years, to provide the
hill portion of the city with proper water
facilities. The almost uniform express
sion of opinion upon the part of the
gentlemen interviewed was against the
bonds, and there can be little doubt
upon the part Of intelligent people that
that if the election is not tcountermanded
the bonds will be beaten
Our reasons for this belief may be
briefly stated, and these are independent
of the fact that the hills are unques-
tionably entitled to a water supply OF
good quality and adequate to their needs.
At the time when the ordinance was
rushed through the council calling
special election for November I'd, to de-
termine the question whether the bonds
should be issued or no, it was very we'll
| known that amendment No 2to the con-
stitution of California would be voted for
ct the general election, to be held on No
vember Sh. That amendment extends
the time for the running of municipal
bonds from twenty to forty years, and
there is no reasonable doubt but that it
will be passed. That this special cleo
ton should be rushed through just six
days before the anticipated passage of
the amendment had certainly, on its face,
a most sinister appearance. The cir
cumstancs attending its passage were,
to cay the least, peculiar. The ordi-
nance was passed on the Sd OF October,
was signed by the mayor on the follow
ing day, and the ink could scarcely have
been dry on it before it was published.
In fact, it was published with such
celebrity that it almost looked as if the
document had been set up in the news
paper Office before its passage. There is
a general feeling in the community that
such unexampled celebrity is scarcely
doing Justice to the taxpayers at large,
and that there should have been ample
time for the discussion of every phase
of the matter. In addition, there is
a strong belief that it would be crest
hardship on the taxpayers to saddle
them with twenty.year bonds when the
probability is extreme that they can, by
waiting little while for the passage of
constitutional amendment No. 2, get off
with a forty-year bond.
We notice that several OF the gentle
men who favor the issue of twenty
year bond, with the view of providing
the hill people with water Immediately,
say that it will be an easy matter to
issue twenty-year bond and afterwards
refund it for a longer period. These
gentlemen evidently have paid no atten-
ton to the scope of the law. The
twenty bonds would carry five per cent
interest. and, in addition, one-twe ntieth
of the amount must be paid every year.
go that, at the end of the twenty years,
the debt would be extinguisbed. On
1926, 900 worth of bonds this would in
volve an annual charge of $52, 900, and it
is a large amount to be added to our
present annual charges. In the fore
going may be found some of the many
reasons which will influence the votes of
Angelefios. In addition, it is highly
doubtful expediency to call special.
which is punched in, so to speak, with
elections national, county and city.