The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-07-28
TO PAY OFF BONDS
Councilman Wolf FaTOrs a Spe-
cial Sinking Fund.
Yearly Tax to Provide for Bond
Redemption.
ONE MILL SUFFICIENT.
In Three Years Would Raise
Necessary Amount.
City Bonds Are Due in 1906
and 1906.

Councilman c. " Wolf stated today
that he would favor the levying of a
tax to create a sinking fund from which
to pay the $14,000 of city city bonds due
in 1905 and the $4,000 issue due in 1906
He thinks this much of the city's in
debtedness ought to be met and cleared
up at the opportunity and that an issue
of refunding bonds ought to be avoided.
My first thought in regard to hand
ling that issue of bonds" said Mr..
Wolf today, was that they ought to
be refunded, but since considering the
matter am inclined to think we should
pay them off as soon as they become
due. If the city levies a tax of about
one mill to create the sinking fund, the
necessary amount can be raised in three
years. There is now nine thousand dol
lars in the general sinking fund which
can be applied upon this indebtedness
and the other thirty thousand can easily
be raised by the tax suggested. City
taxes will be Somewhat higher next year
in order to meet interest upon the in
creased paving indebtedness but 1 be-
heve that the town is able to pay the
general bonds that are preparing to fall
due and that they should be cleaned
up"
In order to pay the $7,2S7 of increase
upon the annual instaIlment of principal
due on paving bonds next year. and the
$l,441 increase in the amount of inter-
est, the respective city funds from
which these expenditures are made will
have to be increased. Last years city
levy was made upon an assessment of
the taxable property in Topeka at $780,
$4,000. This years assessment fixes the
value of the taxable property al $11,-
100, 900. The nineteen mill levy of last
year secured for the city's use approxi-
mafQlV 5000 000 nineteen mill lew
this year would bring in, on the new
valuation, about $211,000, an increase of
$11, 900 to be divided among the various
funds in proportion.
If no change is made in the levy for
the ensuing year the amount of this
additional $1,000, which would go into
the funds for interest on improvement
bonds. and the fund for the redemption
of improvement bonds. would be about
$578. and 1867, respectively. AS above
stated the increased demand upon these
two funds will be S1,447 and 1924, re-
spectively. Apparently the city will
have to increase it's levy for the first
fund about one-tenth of a mill and it's
levy for the latter a half mill. While
the income for the general revenue and
the general Improvement funds is alto
gether inadequate. for the needs it can
not be increased under the law. The
natural increase by reason of the in
creased valuation of city property will
mean about $1,000 for each fund more
than was received last year. This VIII
be but a drop in the bucket compared
to the increased expense to which the
city is being put for cleaning up North
Topeka all of which expense should
come out of those two funds but will
have to be taken care of this year by a
special issue of refundinr bonds.
Last years levy for park purposes
was half mill and raised about $1,000.
The park commissioners, NJ. - Low, E.
Wilder and M. c. Holman, are DESTROYS
of securing an increase to one mill.
They tried to get it last year but were
unable to do so. the council having in
creased the total levy from II to 10
mills and being unwilling to make 1t
larger Mr.. Low and Mr.. Wilder are
both out of town today. M. c. Holman
said this morning: I'VE need twice as
much money as we had last year and
will try to persuade the council to give
it to u.s. We will not attempt anything
further at Cages park than to maintain
our nursery there from which to supply
the parks and triangles about town.
We want to do more work at the Cen
trail park and the park in Martin e.
Dennis addition. especially as the resi-
dents around Central park lave already
contributed considerable money for the
work there. With the present allowance
the park commissioners are able to
make very slow progress"