New Iberia enterprise. (New Iberia, La.) 1885-1902, 1899-08-12

Mr.. Lawton and carried, that the rocapitu
lation of the report be spread upon the
minutes, which is as follows, to wit
Gent Fund Market r II. r. Tax
| Receipts -....... \ $50 sc El7IT 90 \ l3l ~
| Disbursements. $50 20 l3 80
balances ..... $40 1911 80 I3i ~
July -. total balance ON hand 80 ~.
| Respectfully submitted,
J. = SrEEREIELI,E city Treas
A communication from Capt. +. II. King
was read when il was moved by Mr.. Law
ton seconded by Mr. Fago' and carried
that the communication be received and
spread upon thC minutes. which is rs fol
lows, to-wit
New IBERIA, La, July nh, 1899.
Hon. Mayor and Council of New Iberia
Gontlsmen We are in need of water
works, drainage, sanitation and we must
also if possible get the Industrial School
The great question before MS is as to the
best manner of raising the money neces
sary for the Immediate success of these
projects 10 necessary for the improvement
of our town and the development Of tho
| rich resources of our section of the Parish
| With much figuring and thought devoted to
| the subject | respectfully submit to You
the following plan.
That we call an election and ask the
taxpayers of New IBERIA and the proposed
drainage district to authorize the Town
Council or n board appointed for the pur-
pose composed of our best and largest tax
payers to authorize them to issue bonds to
the amount of 800 900 for the Canal and
drainage, $50 900 for the waterworks and
500, 900 for the Industrial School and
electric lights making $l65, 900. To pro
vido for the punctual payment of the in
tcrcst and principal Of these bonds on
maturity they vote five mill tax for Is
years. This will be enough to carry all OF
the proposed improvements into immed-
ate effect BY the sale of these bonds we
will at least realize par value and ought to
get n premium in cash, and with the
money in hand we can go Immediately mt
work and complete all these Improvements
in two years. The people receiving all
the benefits from them long before they
will be called upon to pay the whole of the
five mill tax.
TO prove that the five mill tax will be
ample for the purpose, ] submit tho follow
ing calculation
Ass'd property of New Iberia 81 100, 600
Ass'd property of drainage dis
trict $50, 900
Total assessment ................ ST ,65O, 900
Allowing 10 per cent increase
for IS wears ...... ........... 262, ,447
S6. 600 Is years interest ....... $4,000
Amount after paying interest lG3, ,447
Interest on sinking fund . 2G,S38
Total income .... ......-. + O,2S5
Amt of bonds &C.. ...... 49,. 1G5, 900
Amt left after paying bonds
ana interest. t...... .......... Zo,2S3
have added the interest to the sinking
fund as it accumulates from year to year to
produce the above result. Surely 10 person
will wish for so large sum to lie idle in
bank, when it can be loaned to land and
property holders on the best security to
enable them to properly drain into the
canal and otherwise improve their proper
ty. This whole project should be put in the
hands of boards of managers or charter com
panies composed of our most intelligent
business men and taxpayers to keep it out
of politics.
This is what the City of New Orleans is
follow her example. The present plan for |
the improvements, drainage, sanitation, |
waterworks and electric works by the best |
and most experienced financicrs, business |
men and lawyers of that city. We must
adopt some such plan as this if we ever
expect to carry into effect all tho improve
ments so necessary to make a city of New
Iberia, and for the comfort, health and /
well being of it's people. This is why l
am so bitterly opposed to the levying of n
special tax for the purpose of getting the
Industrial School. 1t will defeat drainage, |
sanitation, waterworks and electric lights |
for a long time if not entirely. Measures |
which | think are of vastly more importance
than the Industrial school. | would like |
to know how you expect to raise the money |
necessary after giving the whole five mill
tax to the Industrial School without calling |
on the people to vOto for additional taxes. |
1t has been said that we can issue bonds |
without the levying tax to provide fol
payment of tho interest and principal.
Admitting we can, who would take our
bonds without heavy discount and high |
rate of interest. Whereas by the plan
have proposed we can get par value on
them and from the way such bonds are
quoted in the markets of the country we
ought to get premium of at least to 10
per cent. The city of New York recently
advertised for a loan of $40, ,025, ,O50 on
bonds at 81 per cent and got premium
on them of 9.35, realizing in cash $l0,
972 ,365.52
State, City aud Lcvec bonds are all at
a premium. SO we can reasonably expect
to get premium on ours. Whatever is
done should be done quickly, so as to
have everything ready for the call session
Of the Legislature. E. L. KING.
A communication from Mr.. j. w. Eckart
in regard to the condition of the engine
of Fire Co. 2 was read, when it was moved
by Mr.. Lawton seconded by Mr.. Lamper
ez and carried that this matter be referred
to the Street and Bridge committee with
full authority to make such repairs as they
may think necessary.
A communication from Mr.. Jules Drey-
fus requesting the Council to remit fine
Of $3.50 imposed by the Mayor for OBJ
structing the sidewalk was read, when
after discussion it was moved by Mr..
French seconded by Mr.. LawtOn and
carried, that the action of the Mayor in
the fine be sustained.
The proposition of Mr. A. &. Ribbeck to
repair 200 feet of hose for $75 was read.
Mr. Lawton stated that the Mayor with
he knowledge and consent of several
members of the Council had ordered 500
'eet of rubber hose at one dollar per foot
'or Iberia Fire Co. No. l to be paid for on
April 1st, 1900 and wished to know if the
action of the Mayor in ordering this hose
would be sustained or that the same be
1t was moved by Mr..
French seconded by Mr.. Lamperez and
carried that the ordering Of this hose be
approved. :
A communication from Mr.. A. j. COlgin
vas read about the painting of signs when
t was moved by Mr.. Burke seconded by
Mr.. Fagot and carried that the same be
'eceived.
1t was moved by Mr.. Lawton seconded
~ Mr.. Bernard and carried, that the