San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1894-08-14


= The following ordinance we
then introduced by Alderma
Daugherty.
Be it ordained by the City Cour
Gil Of the City of San Antonio:
Section l. That whereas, at a
election duly and legally had i
and for the City of San Antonio o.
the 9TH day of August, A. ID. 1891
it was decided by majority vOt
of the property taxpayers voters II
said city,that the City Of San AntO
Mo should borrow the sum Of $500,
| 900 dollars, and issue gold bonds
therefor, the proceeds of said bond:
to be used for constructing a sys'
tenn Of sewerage in the City Of San
Antonio, and bonds to run fol
forty years and to bear interest al
the rate of ) per cent per annum
be it ordained that the mayor be
/ and is hereby authorized to have
100000 forty year gold bonds en-
graved at once and to advertise for
bidders for the purchase of said
bonds and to sell the same.
Section 3. Said bonds to be of the
denomination of one thousand (Sl,-
O0O) dollars each, to be dated the
1st day of September, 1894, and
bear interest at the rate of per cent
per annum, interest payable semi
annually, principal and interest
payable in San Antonio, Tex, or in
the City of New York, at the option
of the holders Of said bonds; said
bonds to run for forty years, and
are to be signed by the mayor and
attested by the city clerk thereof,
under seal Of the City of San An
tonic, the proceeds Of said bonds to
be used in constructing system
of sewers in the City of San Anto-
MO, Texas.
Section 3. In order to provide for
the payment Of the interest on said
bonds and the principal thereof at
maturity, tax of II cents on each
500 of taxable values Of property
within the City of San Antonio is
hereby levied for the fiscal year be-
ginning June l, 1894, and ending
May 81, 1895, and annually there
after until said bonds are fully
paid.
Alderman A. F. Beckman pre-
sented the following amendment:
Resolved, That committee be
by the Mayor, to consist
of His Honor the Mayor and the
members Of the finance committee
and five prominent and successful
citizens of San Antonio, whose
duty it shall be to formulate a
plan whereby the sum of 100000
for building the sewers shall be
borrowed from the citizens of San
Antonio, upon popular bonds bear
ing per cent interest, such bonds
to be issued in denominations of
$40, S25 and so on up to $1,000, and
report at next meeting for further
consideration Of this body.
Daugherty said it ought to be
looked into. 1t was a laudable
idea and one that would be very
taking. But if the bonds were so
issued when will we build sewers ?
The people are anxious to see the
work started. The time must be
Beckman-You can buy the
bonds in the bank.
Daugherty-My idea is to begin
as quickly as possible. The idea
is good, but there ought to be a
limit Of the time and the amount
Of bonds. Limit the amount or
denomination. Ten dollars is too
small and would entail an endless
amount of bookkeeping and en-
craving; $25 is low enough, and
then if the smaller investors want
ed them they will have to pay a
premium on them, as the larger
investors would be the first to
gObble them. Then, if they are
nOn-taXable, how are you going to
raise the taxes ? 1t is rObbing Peter
to pay Paul.
Hice believed we ought to get
outside capital for the bonds.
Daugherty continued: The sew
ers must go on. II a committee Of
citizens can figure up a plan to get
the money, we'll and good. Time
is limited. He wanted the city at
torney's opinion. If we can accom-
modate our own people and pay
the interest at home instead of
abroad, am in favor of it, but not
in favor Of delay.
Beckmann: | am not in favor
OF letting the contract out to one
man as the bond required would be
too heavy. District the work out.
II the people can understand it
first | believe the bonds can be