The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1900-06-19

municipal purposes, thus making q total
available fund OF two hundred and eight
thousand dollars (esOe, 00O), 10 which win
be shortly added nine thousand five hum
dred dollars o., 500l more from the Far
rington Estate In the shape Of trust
funds, and under our Ordinance relating
10 the Sinking Fund, we can safely rcck-
on on an increase In that fund OF at
| least twenty thousand dollars (f20, 000)
per annum.
SO that your Honorable Body has thfs
alternative, In event OF its unwilllngness
to increase our present rate OF taxation,
to use the trust fund which the city holds,
and which 1t has a right to use for
municipal purposes, and which val
amount to one hundred and thirteen
thousand five hundred dollars (Sii3, 500),
and obtain the balance needed by loan
from the sinking fund.
IL outlay for pest house, intercepting
sewer, electric motor and Vaughan
bridge alone is contemplated, IL would
require a loan from sinking fund OF fifty
two thousand five hundred dollars esq.,
| 5OU), which could be paid back In three
annual payments OF seventeen thousand
five hundred dollars (SiT CODY, each with
out further increasing our rate OF taxa
tion, or II the almsho1se and addition TO
Lunt's Corner school house are also con-
structed, n loan of probably one hundred
and sixty thousand dollars (Si60,0OOl
from the sinking fund would be required
within the next three years, which coLld
/ be paid back in eight annual payments
of twenty thousand dollars ESQ, 0OO), each
without increasing our tax rate on that
account
To make clear its effect upon the sink
ing fund,-there Is at present In the
sinking fund, to the credit of the Com
mittee on the Reduction OF the City
Debt, exclusive Of trust funds, one hun
dred and four thousand dollars (SlO4, OO0)
which will increase at the rate Of twenty
thousand dollars $50, 0U0) per year from
sources provided for by ordinace, or sixty
thousand dollars in three years, and
to that would be added thirty five tho1s-
and dollars 1886, 0O0) II fifty two
thousand five hundred dollars (s52, sou
are borrowed, and forty thousand dollars
| lao, OO0) IL one hundred and sixty thous-
and dollars (Sl60, 0OO) are borrowed, by
first two payments on loans, 80 that at
the end of third year, in the first case,
there would be IA balance in the sinking
fund.of one hundred and forty six thousand
five hundred dollars GAG, 500, with one
payment more OF seventeen thousand i've
hundred dollars (l7,50O), due from the
city, and in the second case, IL one hum
dred and sixty thousand dollars GEO. UOO),
were borrowed balance of fOrty-four
thousand dollars ga ,uU0) which, In the
latter case, would be increased each year
thereafter by forty thousand dollars
(4O,OOO) from regular sources Of income
other large extraordinary expenses arise
in next four or five years, which cannot
be met by taxation, the items above men,
toned can be then taken care OF without
further increasing our tax rate. II one
hundred and sixty thousand dollars ($l60
0O0) should be borrowed and paid back
as above suggested and provided no fur
Their loans from the sinking fund are
made, there will be "a balance on hand to
the credit of the committee on the reduo-
ton of city debt, in 1907, when our next
bonds mature of at least three hundred
and sixty-tive thousand dollars e. 3D.
000l, with forty thousad dollars ($4), O00)
more due from the city on the loan.
A third course Is open to your honor
ably body, viz: 10 use the trust funds
available to the amount of one hundred
and thirteen thousand five hundred
dollars (sl1s, 5O0), and slightly increase
taxation TO provide the balance.
To build the pest house, intercepting
sewer, Vaughan's bridge and provide
electric motor Will require, as before
stated, in addition TO trust funds, fifty
two thousand five hundred dollars (S52,-
500, which could be provided by an in
crease Of ten cents e i0) on thou sand
for three years, If the twenty thousand
dollars raised this year for the last pay
ment on loan from sinking fund be raised
next year and the year following and
devoted to these Purposes. On the same
basis, an increase of ninety cents for
three years over the present rate would
also take care of new almshouse and
Lunt S Corner schoolhouse.
Your committee would only add this
suggestion, that il your honorable body
sees fit to provide for first four items
alone and the trust funds are used, 1t
would seem entirely feasible to keep the
tax rate at its present figure and with
out borrowing from the sinking fund,
as 1t would only require an appropriation
81 Ill
next two years in place of the twenty
thousand appropriated for the past four
years for payments of Sinking Fund loan,
which will mo niger be required after
this year.
Without expressing any opinion as to
needs or necessity of any of the expendi-
lures called for, your committee has en-
deavored to point out, as fully as posi-
BILE, the financial situation in order that
your honorable body may have a compre-
hensive view to aid it in whatever action
IL may see fit to take.
Respectfully submitted.
The report of the committee was ac-
cepted by both boards.
The Vaughan's bridge question was
not discussed in either board.
PETITIONS FOR BUILDINGS.
The following petitions for new build
ings were referred: o. Palmer Dudley
addition TO "a High street; Hugh Devine,
addition, % Sheridan; John Sullivan,
building, 170]6 York; W. b. Mcdonald,
building, 10 Belknap
LICENSES GRANTED.
In licensing board the mayor and alder
men granted the following victualing pc
titions: Mrs. Emily S. Randall, Peaks
island; Benjamin +. Morgan, 10s Preble
C. IL. Stowell, Peaks island; Daniel
Callen, II Commercials; Henry j. Les
sard, Jefferson hotel; A. L. STIRLING,
Peaks island; g. n. Bragg, 1928 Middle.
c. W. Il. Cooling was also granted per-
mission to run the Gem Theatre on Peaks
island.
CLAIMS OF MIR. JACKSON.
Alderman Driscon presented the claim
of Thomas II jackson, 10 Westbrook