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

Trade, BY Mr.. n. A. Ford, Showing
the Cfty's Financial Condition and
the Necessity OF Bonding.
THIS meeting of the Board of
Trade has been called because on
the 10Th Of this month viii be sub
mitted to the tax payers OF this
city a most important question for
their decision. I refer TO the Ordi-
nance which, if passed, will
authorize the issuance of bonds Of
the city to the amount of forty-hve
thousand dollars; and It IS very
Necessary that we. who believe IN
the absolute necessity of the pas
sage Of this ordinance, should put
put our shoulders to the wheel dur
ing the coming week IN order that
Al the voters of the city may be
rully informed as to all matters
pertaining to the proposed bond
ISSUE and the necessity therefor
IL Is well at this time 70 briefly
20 over the reasons that induced
the City Council to submit this
bond ordinance to the voters of
the city.
At the first meeting of the new
Council, the Finance Committee
was appointed a special committee
to prepare a budget for the current
year. After carefully considering
the income and expenditure of the
city for the year 1905, the commit
tee made a careful estimate of the
probable income and expenditure
for 1904, and prepared their budget
accordingly Their report was
submitted at the next meeting of
the City Council, and, amongst
other matters, recommended that
the business of the electric light
plant should be kept separate from
the other city business, that Its re-
ceipts and expenditures should be
credited and debited to its own in
dividual account, and that the pro
fits derived from Its operations
should be used in improving its
condition and creating a sinking
fund for the retirement of its
bonds. This report was referred
back 70 the Finance Committee
for the purpose OF devising means
of carrying It into practical effect.
After carefully considering the
facts of the situation, the commit
tee came TO the conclusion that 1t
was impossible TO carry cut the
recommendations Of the budget
committee, as In consequence Of
the scrip system under which the
city was working the greater por
ton of the taxes and city dues
Except electric light ColleCtions)
are paid in scrip for which the city
has already received consideration,
and that the cash receipts from the
electric light plant must OF neces-
sitv be used for the cash needs OF
the CITY. They were also brought
face TO face with the fact that the
scrip system IS wasteful and cum
bersome in the extreme and should
be done away with at the earliest
possible moment.
Under these circumstances they
recommended a bond issue OF
forv-one thousand dollars, to De
applied as follows:
Retirement of outstanding scrip
and interest, $4,000.
PAYMENT of Barnett jugement,
$4,000.
Installing efficient and economi
cal electric light plant, $4,000.
This bond issue they considered
would put the city on cash basis
and the income Of the city would
then provide tor sinking fund and
interest on all bonds, and the run
ming expenses Of the city,
They also recommended that at
the next meeting Of the legislature
and I desire to lay special en-
phasis on this portion of their re-
port-the charter Of the city be so
altered as TO make It impossible for
ID1f1--c