The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-31
The Proposed Bond Issue
A Short Time Suggestion

........... .............. iSU,ooo
$500. ........ ......... 3o0,OOo
Observation-Disclosures. ......... 400 600
........... -.................... 2f5Ooo
....................... $1,315,O0O
AS stated before, there are no bonds
due in 1904 to which to apply this sink
ing, fund; $150,0OO worth of school bonds
can be paid off in that year from the.
sinking fund revenue. In 1905 $50, 900
worth Of outstanding, bonds become due.
These can be taken care Of, $4,000 bal
the public improvement bonds. That dis
poses Of the school bonds. a..-
In 1906 $4,000 more bonds outstanding
become due. in addition to which 100000
worth of improvement bonds could be
paid off, That disposes Of the improve
ment bonds. /
There are no outstanding bonds due in
1907, so that in that year the revenue Of
the sinking fund could take care OF the
$3.50, 900 worth of revolving fund bonds. In
1908 $4,000 worth Of outstanding bonds
will be due, in addition to which 500, 900
worth Of revolving fund bonds could be
retired. There are no outstanding bonds
due in 1909, in which year the remaining
$1,000 worth Of revolving fund bonds
and 100000 Of the bridge bonds could be
paid without extra levy. That disposes
of the revolving fund bonds. In 1910 pay
in the same way the remaining $f55, 900
of bridge bonds. ! r.
- lI,-A
1915. 900 worth of bonds in the manner
indicated from 1904 to 1910, inclusive, the
whole amount could be retired withint that
time from the present regular income Of
the sinking fund, without increasing the
tax levy a cent. ~<ss
No more bonds become due until 1918,
when $685. 900 worth mature. But in, the
meantime, 1910 to 1918 inclusive, the; rev.
enues of the sinking fund would have &C.
cumulated more than enough to meet OBJ
-iga tions then maturing = :
| This certainly would prove a great saw
| ing Of interest as against the plan to
Issue long-tim bonds, some of them not
maturing until 1888. It would also :seem
more desirable, particularly from, the
school boards standpoint because, that
board will be compelled to ask for :1nore
bonds or for an increased tax levy pit al,
early date, and a request for more bonds
would be listened to much more fav0rably
by the public at that time if it could be
shown that those now asked for had been
retired in part and would be entirely taken
care Of within a few months, provision
having already been made for such re-
tirement. .@."!
| Short time bonds WILL of course not sell
at as high premium as long time securl-
ties of the same character. but this en-
tire $s15,O0o worth of bonds sold. alto
.lsether and covering a period Of seven
4 Years, will have an average age Of up
wards of three years and readily sci
above par.
| We commend tho Sc suggestions in re.
gard to the short-time limit upon these
tissues to the consideration OF the city
council on whose authority these bonds
must be issued. The feature of early re-
tfremert will also remove some Of the
objections raised by members of the del
| esation who believe in paying as We go
This comes pretty near it.
/ AS to the bridge bonds, it will, o.
course, be understood that the delega
ton in the legislature has nothing tt
do with this matter, since that issue ha:
already been provided for by the act o
; 1901. 1t is, however, of interest to tn
! delegation and to everybody else, becaus'
it is an important item of the proposed
. increased bonded indebtedness, and il
: that sense to be taken into account; in de
5 Gliding whether to approve the issue Q
, any or all bonds asked for at this time
It is for the city council to decide wheth
er the bridge improvements desired ar
so much needed as to justify the bon,
issue. The widening Of Washington ave
nue. bridge certainly cannot be postpone,
very long. 1t is now entirely inadequate
: to the immense volume of traffic it i
compelled to carry. + = I