The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1904-07-15

J e.
Note for Electric Plant Boilers. ....... 1928
Outstanding scrip. ........ ......-... p 64S -
Estimated Interest on Outstanding.
scrip $500. OBSERVATION-DISCLOSURES. 5000 %
S47 ,6U1 IS
| will digress here one moment
to state that while the Citys books
state that the fire and street bonds,
10000, are due 1907 and 1905,
respectively, that this is a mistake
S4,IOo. 90 of these bonds now past
due are in this city for collection,
with, interest; three thousand dol
lars in the Central National Bank
and eleven hundred dollars IN the
bank of Munroe & ChamblisS.
These bonds and interest together
with the Barnett judgement,
amount to over seventy-ive hun
dred dollars indebtedness of this
city, past due, the owners of which
can compel by mandamus a special
tax levy to liquidate the indebted
ness. How will the tax payers rel
ish a special tax of seventy-hve
hundred dollars next year to pay
these people their money? 1t is
on account of the unexpected pre-
SentatiOn of these bonds that |
think your committee was wise in
recommending forty-hve thousand
dollars bonds in place of the forty
one thousand dollars reported by
the Finance Committee. The I'M
expected has happened, and the
extra four thousand dollars can be
applied to the payment of these
bonds. | am in receipt today OF a
letter from the holder Of two thou
sand dollars worth of these bonds
offering to take that amount in
the new bonds provided the issue
is legal and the citY's credit is
good.
But this is not all. There are
scrip holders to my certain knOwl-
edge who will, if the bond issue
fails to pass, commence immediate
suit against the city, obtain Judge
ment and compel payment by
special tax levy. A city cannot,
any more than a private individual,
60 on borrowing money forever,
and never paying anyone. A day
of reckoning is sure to come, when
she will be brought up with round
turn.
No, gentlemen, in voting for the
bond ordinance, we are not voting
ourselves into debt, but voting to
handle an existing debt in a bust
ness-like way. In the words of
Grover Cleveland, "Iu is no longer
a theory but a condition that con
fronts us.
Now, as regards the electric
light plant
In consequence Of the necessity,
which. as before explained, exists,
of using the receipts of the electric
light plant for the ordinary needs
of the city, and the fact that
the city has not paid one cent for
lighting since the plant was bought,
the plant, which was an old one
when purchased, has been allowed
TO get into such a condition that it
is imperatively necessary to spend
a considerable sum of money to
put it in a proper state OF repair,
In addition to this the demands of
the city for electricity are very
much increased, and increased
power is necessary. After careful
investigation, the council decided
that it would be necessary to spend
thirteen thousand dollars to put the
plant in efficient condition and in
sure a proper supply OF electricity
TO meet all demands
There may be two opinions as TO
the desirability of the city owning
its electric light plant; but there
can be no two opinions about our
having a safe and efficient plant
while it is in the city's possession,
nor will the fact of it being in first
class condition make it any more
difficult to dispose of If the citizens
should desire at any time to sell it
Mr.. Rheinauer, who has gone
into the figures in a most careful
and painstaking manner, has
already told you that the plant has
been a paying institution, so will
not burden you with figures to
prove that fact.
l come now to one of the most
important parts of the whole bust
ness, and that is the proper care
and investment of the money laid