The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1897-10-15

Sidered.
AS soon as the school board meeting
was called to OBSERVATION-DISCLOSURES, the
finance committee presented the fol-
lowing report:
To the Board OF Education Of the City OF
ManEdtO:
The undersigned finance commit
tee, to whom was referred the matter
of a tax levy for the next ensuing
wear, respectfully recommends that
there be levied upon the property Of
this district for general purposes
$4,000; that there be levied for ex-
traordinary or special purposes, So, 800;
that there be levied sinking fund to
be used in payment of school bonds
falling due in the year 1905. 81, 600.
If it shall be considered desirable to
put a steam heating plant into the
Union school building during the en-
suing year, we suggest that the
special tax levy herein recommended
be increased by adding thereto the
The levy for special purposes for
the last preceding year was $4,000,
hut there was expended for addition
to West Mankato building 81, 722; and
while there was a balance on hand
Sept. 18th, 1896, of but S795.72, there
was balance on hand Sept. 10th,
1897, of S1,456.15, hence we are con-
strained to believe that the special
tax levy for the ensuing year can DE
reduced $1,000. The entire bonded
indebtedness of the district falls due
Sept. Bird, 1905, and while 1t is falr TO
presume that we may be able TO re-
fund these bonds with a new issue,
we do not know that this can be done,
and hence we think it wise to levy a
sinking fund hereafter, until the
maturity of these bonds, with which
to meet them, aud with levy OF
$1,000 per annum for the hYe years TO
come, we will be provided with at
least $4,000 beside such interest as
may be earned thereon with which
to meet these bonds.
Dated this 4th day of October, 1897
LoRIN CRAY,
II. 1. PARRY,
S. B. WILSON.
Finance Committee,
Mr.. Fletcher opposed the establish
ment of a sinking fund, saying that
there was no economy in it, and that
the interest which it would earn
would be trifing. There was little
doubt but that new bonds could be
disposed of as the district has always
paid it's interest promptly. The veal
before the,bonds come due, the board
could raise $1,000 or $4,000 to pay a
part of them and have the balance
refunded in such manner that 81, OOC
or s., 900 would come due every year
The taxes are now exceedingly high
in other directions, and it would be
better not to impose the additional
burden of sinking fund at present
Mr.. Parry defended the commit
tees action in the absence of Chair
man Cray, and said that it had con
sidered this phase of the question
but had thought that by raising
small amount every year the bonds
could be paid and the taxpayers fee
it but little.
MIR. Fletcher said that the people
arelpaying taxes on declining rea
estate market When the tendenc,
of prices becomes the other way, thu
people will not feel it so much. Sink
ing funds disappear as the city's has
There are grounds for the reasonable
hope that at the end of five or si1
years, So, 600 or $4,000 year can b.
raised easier than $1,000 now.
Mr.. Wilson moved that steam
heating plant be placed in the Uniol
building next year. He maintained
that it would be economy. All of thu
buildings ought to be heated b!
steam, but this could not all be dom
in one year. By fitting out one at ;
time the cost would not be felt ant
soon all of the buildings would thel
have steam plants.
Mr.. Fletcher said that he failed tt
see the economy. The two building
that are now heated by steam ar
much more expressive to heat, to sa.
the least. The Union building is nov
heated much more satisfactorily ant
cheaper.
Mr.. Wilson said that steam heating
makes muchsbetter ventilation, NOR
cleanliness, and he knew of NOTHING
but what was in favor of steam heat
ing as against wood stoves.
Mr.. Fletcher said that he was per
haps an old fogy, but he labored unde
the impression that no communit
could prosper and long pay two and
half to three per cent taxes, when on
ond q half was all that il ought Il