The Topeka state journal., 1903-05-16
GRINDS THEM OUT.
CONTINUED from Page Nine.l


within week or so just how much the
total cost will be for each and every
property owner on the street to be
paved This important information is
OF course entered in Iedgers which are
kept in a fireproof vault
AS soon as he knows the exact cost
per lot, the city clerk is required by law
to send to each property owner. resi-
dent and nonresident. a statement of
the damage"
The property owner has the privilege
or paying the whole amount in cash
within 30 days, and squaring his ac-
count then and there.
Inose who do not pay the full amount
Wltnln 80 days are assumed to prefer to
take advantage of the ten-pavnoent
proposition But they have to pay per
cent interest during the ten years. If
the total amount due is $780, the first
payment would be one-tenth of the
principal and per cent on 800 for A
year This would leave $50 principal
me me next year another SO principal
would be due, but the interest would he
S4-oO instead of So. Thus the interest
charge decreases each year.
" hen the 80 days grace have expired.
the city clerk turns to his records. as
eerta1ns how much of the cost of tba
pavement remains to be Maid in Ten ~ ~
stallments, and the city's bonds are is
sued to that amount
CAUSE OFMUCH DISSATISFA CTION
Inc haellitles for notifying property
! . a tAtC beginning OF the 30 0aWS
are very inadequate. and the law pro
Vldes no means of relief
The city clerk is obliged to send the
notlces TO the property owner as the
name appears on the county register. s
books. Half the time the pronertv *
IN the wife's name, and the wife's name
IS not in the city directory. Hence there
4S notnlng 10 do but send the notice to
3! sne general delivery, where it usually
Ies Tor lew weeks undelivered and is
tnen returned to the city clerk
Ihen the property owner "roars'
when he finds that the so DAYS have ex-
plfed, and he can't pay the full cost of
the pavement in a lulnp sum ana save
the interest charge for ten years
1t is usually only small per. cent of
the total amount which is paid in cash
most people preferring to distribute the
ogIaen over ten years time, even at the
added expense of 5 per cent interest.
SELLING THE BONDS.
Usually the city sells its bonds before
It knows exactly how many will be is
sued.
which come in on bonds depends en-
tlrely on the condition of the Wall
street money market. When money is
plenty, there is a scramble for Topeka
Improvement bonds, for they are con-
sidered a gilt edge investment They
constitute not only an obligation on the
city at large, but are a lien on the
property abutting on the street to be
paved, and are thus doubly secured.
Ihe only undeSirabl feature is that
they mature in installments instead of
all together This makes it necessary
to pay 8 per cent interest instead of 4
per cent, as most Topeka bonds draw.
The bidders have for some years been
paying quite a handsome premium for
Topeka imprOv snent bonds. This
premium, however, does not much ben
eft the people who pay for the pave
ment. It constitutes sort of rake
nd inf he
eral improvement or general revenue
funds, and is used for the general ex-
penses of the city government.
It costs about S100 to have an issue
printed. They are printed in $1,000 de-
nominations. unless the purchaser
wants them in smaller denominations
in which case he is required to pay the
extra cost of printing. The bonds are
registered with the state auditor, and
the interest is made payable at the
fiscal agency in New York.
Before bidding on bonds. the bond
buyers send to the city clerk for infor-
nation about the financial condition of
the city and the character of the bonds.
Long and elaborate blank schedules are
sent to be filed out. and this work re-
quires considerable time and investiga-
ton. Before a successful bidder pays
for the bonds, another and still more
searching investigation is made. and
the whole progress of the paving bust
ness from the time the DGIltlOn IS ul6Q
is closely followed down to the last step
in the proceedings, to see if every re-
ouirement of law has been compiled
with. and the bonds are beyond all pos
sibility Of repudiation
THE LAST CHAPTER.
The sale of the bonds is almost the
end of the story, but there are some
things which still come tagging along.
From time to time the city engineer
files "estimat tes'' with the council on
the amount of work done by the various
contractors. and money is drawn from
the fund derived from the sale of the
bonds, to pay these estimates.
The city clerk, also. finds plenty to
occupy his spare time in figuring up
the exact amount of the pavement as
sessments for each piece Of property
during the ten years which the bonds
run Every year is different Of course,
and vast amount of figuring is in
volved in making the entries on the
ledgers.
The last legal process after the ordi-
nance authorizing the issuance of the
bonds is the ordinance providing for
the special assessment of the property.
These are the assessments which have
been ascertained by the city clerk, and
embodied into an ordinance, as required
The brunt of the battle. in paving
matters, falls on the city engineer, the
city clerk and the city attorney. The
first does the supervising of the work;
the second does the bookkeeping for the
transaction, and the third tries to keep
the other two out of legal improprieties-
There is a whole lot to the paving
business besides shoveling sand and
laying brick
Made Young Again.
zone of DR.. Kings New Life Pills each
night for two weeks has put me in my
teens again. writes D. H Turner Of
he poTId for liver. stomach on ana bowels
Purely vegetable. never grippe Only zoc