Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1904-05-03
Total Indebteeness Sass,oOO.

Total Indebtecness S236,OOO.
Our total Indebtedness, including
funding bonds, reservoir and water
works bonds, also including water GER
tfficates is S236,OOO as follows: Az
per cent of the 20-year funding bonds
of $4,000, $4,000 is due in 1907, $780,
600 in 1912, and $4,000 is due in 1917;
S25, 900 water bonds are due in 1922,
and $1,000 reservoir bonds are due this
year, $50, 900 of the $4,000 water GER
tificates are still outstanding, which
are paid in annual installments, the
last falling due in 1916.
By resolution and ordinance of this
Council the state auditor is author
lied to have the County Clerk of this
county spread a tax levy on the tax
able property of the city of Rock ISL
and. to pay the interest on the fund
ing bonds, and also to create a sink
ing fund to be held in the state treas
ury to take up the bonds when they
mature. With our normal increase
in population with property valua-
lions increasing at the same ratio, we
will be out of debt before we know
it and without feeling it. 1t is now
beyond our control and in the hands
of the state authorities. The Council
has the right, however, as the sink
ing fund will be idle in the state treas
ury while it is accommodating, to meet
the next installment of bonds falling
due, to purchase our own bonds pro-
viding we do not pay more than their
face value. But that would have to
Il
if any premiums are paid over and
above their face value, the City COun-
Gil would have to make provision to
pay the premiums in their annual
appropriation No moneys in the
state treasury can be diverted and
must be used to pay interest and
take up the bonds at their face value.
The revenues from the water de
partment arc increasing rapidly and
will take care of the interest, also
take up all bonds and water certifi-
Gates as they mature and all claims
against that department, pay operat-
ing expenses, main extensions and all
needed improvements without finan-
ciaI embarrassment, and leave a nice
balance to be invested in the savings
bank to be held for future emergen-
cies. The most natural thing to do
when we get more revenue than we
need is to reduce the rates, but this
cannot be done until the last water
certificate is taken up. They were
issued under the provisions of an iron
clad ordinance which allow no reduc-
ton until the certificates are paid
should Have Commits toner's,
But | think the time has come
when the water department should be
placed in the hands of a board of
commissioners. three in number. who
would have the sole management,
water collections and all. The
board should be composed of men of
business integrity and character
without regard to their political af
filiations, men who could spare a
portion of their time from their reg
ular business and receive a small
could be increased from time to time
by the City Council, as the business
and revenues increase, and they
should have the entire control and
management, subject to removal by
the Council for cause, who should re-
port to the Council either quarterly
or annually and whose books should
be open for inspection by a Council
committee or an expert accountant
employed by the city.
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