Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-08-12
THE REFUNDNG PROJECT.
The Special Committee Called to Meet
This Evening.
A Meaty Communication From the
City Clerk to Be Laid Before the
Committee-Mr. Watkins Ideas
OF How the Plan Should Be Man
aged--He Is Properly Opposed to
Any Increase in the City Debt.

The special committee of Council to
consider the project of refunding the
city debt is called to meet this even
ing, and large amount Of most val
liable data has been accumulated for
the use of the gentlemen who have the
matter in charge.
City Clerk Watkins has given the re-
funding subject much thought, and has
prepared the following open letter,
which will be laid before the Commit
tee tonight. 1t will be seen that Mr..
Watkins is opposed to the project OF
increasing the city debt, and therefore
favors refunding loan pure and sim
pie. This proposition will meet with
the approval of nine-tenths OF the
people. Following is the letter.
To the Hon. Members of the Special Com
mittee on the Refunding of the City
Indebtedness.
Gentlemen:-I submit herewith for your
consideration a statement Of the bond and
other Indebtedness of the CITY ana
plan for the payment or part ana the
re-funding of the balance OF the debt, 70 an
of which l trust you will give careful
consideration.
The debt of the city on the first
day of January, 1897, was. .S644, so 81
The debt of the Water Board ON
the first day OF January, 1885, -. 90. -
was .......... ............''..''''. 1ol'Ioo %
Total .s775,98S 6S
Deduct from this am
cunt of bonds to be
redeemed in 1897, al
ready provided for IS 80, 100 90
Amount 10 be paid by
Water Board 1897 S,OOO W
Amount of probable re-
duction of outstand
ing orders B. z. W.. 5,S2S 6S
Balance compromise
Loan bonds .......... $1,000 %
Two Main street Bridge 49, o,, 90
Loan Bonds =. $500. lOOreVO Ue-Sz4o'soS %
S59O.OOO 90
For this amount create a loan entitled
"Refunding Loan, making same payapIe
thirty-four years after date at the rate OF
four per cent per annum, payable an
nualy.
Date the bonds December l, 1897, in or
der to have the revenue from taxes.
Make the first payment OF bonds que
December l. 1906, at which time not less
than the one twenty-fifth Of said loan, or
$21. 200 90 shall be redeemed, and as mucn
more as provision may be made Tor, ana
like amount 10 be paid on the nrst OF
December of each succeeding year, unIll
said bonds are fully redeemed. PROVIDE
funds to pay interest each year, and after
the redemption begins then interest pro-
vided for the amount or outstanding
bonds only.
the debt TO the Holly Company, require
said Board TO pay into the city the sum OF
So 500 90 each 30th day of June and De-
cember, commencing in June Goth, 1898;
and each succeeding SIX months there
after until the amount Of 100000 10 shall
have been paid these payments 10 pc
placed in the sinking fund, deposited with
some bank and from which the best rate
of interest can be obtained, and at the eX-
piration of the four years, or when said
bridge bonds will have matured, use SAID
sinking fund for the purpose OF the re-
demption of these loans. For the redemp-
ton of the Compromise Loan, create a
sinking fund out Of the general revenues
of the city of S20500 90 which will be de-
posted as In the case OF the FORMER slnk-
ing fund, and this amount will, at the
maturity of said Compromise Bonds, be
sufficient to pay off the $4,000 90.
There will yet be five years before any
Of the "Refunding Loan" bonds will nave
matured During these five years create
another sinking fund, say $4,000 GO an
nually; SIS, coo 90 from the general receipt
and 5000 90 from the revenues OF the
Water Board This fund to be placed on
interest as indicated in the above sinking
funds, and at the end of the five years
the fund will amount TO 100000 90. APP
propriate this S10O0 900 90 TO the Commits
sionerS of this Refund Loan Tor the
redemption of a like amount OF bonds
which will reduce the loan to $4,000 co..
Now you have twenty-five years in
which to redeem this amount. or S21.0G0 %
principal. and interest on $4,000 90 at per
cent or 81 200 CO. total $3S 400 90; whereas,
this present year. the amount of pay
ments and principal that will be paid on
the debt is sec, 91S a, making the differ
ence of $751; "a
AS l am most emphatically opposed to
any increase in the debt Of the city. my
calculations are not made for any sur
plus over what is absolutely necessary
10 refund the present debt.
Respectfully submitted,
c. II. WATKINS,
Clerk of the City of Wheeling.
Wheeling. W. Va, August II, '9d.