Polk County observer. (Monmouth, Polk County, Or.) 1888-1927, 1903-05-08

affairs cannot be other than crafty
ing to every citizen of Dallas, and
it is sincerely to be hoped that no
necessity will arise that will pre-
vent its continuance.
BONDED DEBT.
The city has bonds outstanding
to the amount of $2500 These
bonds are commonly known as the
"City Hall bonds" Thisindebted-
ness was incurred in the construc-
ton Of the present City Hall in the
year 1887. The original bonds
bore interest at the rate of Z per
cent per annum, which was con-
sidered low rate of interest at the
time they were issued. The bonds
were issued for period of five
years, but no provision was made
for their payment, and when they
became due the city was unable TO
call them in. The holders of the
bonds then raised the rate of
interest to 8 per cent-the regular
legal rate at that time-and for a
considerable period of time this
rate was paid. Afterwards, by
agreement with the bondholders,
the rate was reduced to per cent.
Two years ago, bonds to the amount
of $2500 were sold to the McMinn
Vile National Bank, at per cent,
and with the money realized from
this sale the 7 per cent bonds were
paid off. The present 5 per cent
bonds were issued for a period Of
ten years-the city reserving the
right, however, to pay any or all Of
them at any time after five years
from the date of their issue. While
the reports of the City Auditor
show that the revenue derived
from the City Hall in the way of
rents is nearly or quite equal to the
interest on the bonds each year, the
city should not overlook the fact
that the principal must eventually
be paid, and the Council should be-
gin to make provisions for meeting
the debt when it falls due. Accord
ing to the latest report of the City
Treasurer, the cash balance on hand
May 1st, after all warrants had
been paid, was $649.47. None of
the tax levied to meet the current
years expenses is included in this
report, the latter still being in the
hands Of the Sheriff. So it is safe
to say that at least $500 of this
balance is now available and could
safely be applied towards the pay
ment Of this debt. / would recon-
mend that this amount, or so much
thereof as the council may deem
advisable, should be set aside for
City Hall purposes and a sinking
fund created, the money to be
loaned according to the provisions
of the charter and the fund to be
increased each year by a small tax.
If this course is pursued, the city
will be able at the end of the first
five years to take up at least two of
these bonds. Then by prudent
management, the remaining $500
can be paid off from time to time
during the remaining five years
without necessarily imposing a
burden upon any taxpayer of the
city.
PROTECTION OF RECORDS.
The city should take steps to
protect its records and papers from
destruction by fire, This is a matter
of extreme importance, and should
be attended to without delay. The
Of the city records
would be an irreparable loss, and
aside from the inconvenience that
would result, would cost the city a
sum far greater than the price Of a
suitable vault or safe in which to
store all valuable books and papers.
The expense of providing this pro-
lection would not be great, and the
city cannot afford to permit its
records and papers to longer re-
main exposed to the risk of destruc,
tion. The Council should refer
this matter to a regular or special
committee, with instructions to as
certain the best plan for protection,
and the probable cost of same.
STREET LIGHTS.
The streets of Dallas are lighted,
under 7-year contract with M. d.
Ellis, by 16 arc lights, of 1000
candle power each. The old lamps
we're replaced by new ones a few
ago, and the service appears
TO be satisfactory in every respect.
The Council carefully considered |
The matter of distributing these
lights where they would be of the
greatest possible benefit, and II
would recommend that no change
be made in the location of any
amp, for the reason that the
service appears to be en-
.irely satisfactory to a great major
ty of the people.
CEMENT CROssWALKs.
Owing to the present high price of
lumber, the expense of keeping up the
arge number of crosswalks is becom-
ng burdensome. On the streets where
,ravel is heavy, the crosswalks soon
wear out, and the expense of replacing
hnlnn n1.nl.t RclI1. On. ilHrn won ne 90 N SOS d