The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1898-04-01
ARE PAYING BONDS
City Council is Reducing the
City Indebtedness at
Satisfactory Rate.
Treasurer Kibbee Notified to
Take up $4,000 Worth
Of City Bonds.
IN PROSPEROUS CONDITION
School Board Pay off War
rants and Leave Money
in the Treasury.
PAYING THE INDEBTEDNESS.
IN PROSPEROUS CONDITION
PAYING THE INDEBTEDNESS.
Mitchells Bonded Debt Being Reduced In
n Manner That is Encouraging.

MitchelPs Bonded Debt Being Reduced In
Manner That is Encouraging
One of the most satisfactory things a
city council can do to show the people a
desire to conduct the Guy government
in their interest and for their welfare
is the reduction Of the city indebted
ness, and the present administration is
entitled to any amount of praise for the
manner in which they have accom-
plished what they undertook. Having
a good >um of money in the treasury
Mayor Fullerton called the city council
together in special session Friday even
ing to present the citys financial situa-
tion and urge a further reduction of the
bonded Indebtedness, When the coun-
Gil assembled Mayor Fullerton made
the following statement:
Gentlemen of the Council: From the
notices handed you today you will, no
doubt. gather the object of this meet
ing. AS to the propriety Of paying off,
as fast as possible, the bonded indebt-
edness of the city think there can be
no valid objections raised by any tax
payer. With this end in view I have
taken the trouble in the last few GAYS
to obtain from the auditor and treas
urer comprehensive statement OF the
past and present financial condition of
the city.
1t will crafty you, am sure, to
know that the amount of cash in the
city treasury today is S7,339.12. OF
this amount I would recommend that
$4,000 be Immediately appropriated to
the payment of bonds, thus leaving a
balance in the treasury for contingent
expenses Of So, 339.l2. Then taking the
receipts of the city from April lst to
Sept. lst last year, which was SS,O68.23,
as an index of what we may reasona-
bly, expect in the same period this year,
we will have a total available fund of
S11, ,407.35. Out of this we have to.meet
interest on bonds amounting to So, 400,
which still leaves us working capital
of 81, ,9l7.35, for current expenses in the
nextsix months. This, think, is ashow-
ing of which we may all feel proud,
especially when we take into considera-
tion the fact that when the present ad-
ministration assumed control of civic
affairs the balance in the city treasury,
to the credit of the general and sinking
funds after paying indebtedness con-
tracted by the previous administration,
only amounted to S1,59l.63.
Turning again to the question of
bonds may mention for the benefit of
the newer members of the council that
when the previous administration was
inducted into Office the total municipal
bonded debt amounted to $4,000. They
paid $1,000, thereby leaving S76, 500 OF
bonded indebtedness, when the present
administration assumed control in May
1896; and if recommends tions on this
subject tonight are carried out our
bonded municipal debt will be reduced
to $40, 900, a net reduction of Sc, 500 ir
| less than two years. You can readily
figure that by this payment of Sc, 500 il
bonds we are saving an annual Interest
bill of $455, which will not have to be
taken into consideration when making
the levy in September next. l con
gratulate you, gentlemen of the council
on this creditable condition of AFFAIR."
and know you must have practicet
rigid economy to accomplish these re
suits. I also notice further evidence o
your economy, which may have escap
ed your notice, and that is that durin.
the previous administration of tw,
years the total tax levied for city pur
poses aggregated S33, 1882, while tn
aggregate levy of the present admins
tration for two years amounted to $50,
92O, making reduction of S2,26l. .92 il
taxes levied, or, in other words, if W
had made the same levy as our prede
cessors we would have reduced tn
bonded debt to something lees tina
s6s, 1000.
While we all dssire as low tax lev
as possible, still, as sagacious busines
men, you will all recognise the in
possibility of reducing the bonded del
and the tax levy at the same time.
we pay off our bonds rapidly we can