Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1906-03-15
Sl.OO PER YEAR.
THURSDAY, MAR. Is, 1905.
VOTE FOR THE BONDS

A very lmpOrCanU queSoloH w w
decided by the voters of the city
at the election next TUESDAY is that
of the proposed bond issue OF $1,000
for taking up the outstanding float
ing indebtedness incurred in making
municipal Improvements. In order
that the voters may fully understand
the condition of the city's finances,
and the necessity for this issue of
bonds, the following figures are SUBJ
mitted: When the Electric Light
and Water Works plant was con-
structed in 1902, the original contract
called for an expenditure of $4,000.
TO meet this the bonds of the city
were voted and sold for $l4808, and
from cash received from other sources
$1,000 was paid, leaving a balance
of S14,9 81, to meet which a city war
rant or order for $4,000 was issued and
which is still outstanding. Last year
(l9O5) an enlargement OF the plant
was made necessary in order to meet
the growing needs Of the city. The
original contract for this addition to
the plant called for an expenditure
of $6346.S1. OF this sum $4,000 has
been paid in cash, and for the bal
ance warrants to the amount OF 1886
have been issued and are still out
standing. Last year the building OF
a new city hall was undertaken, a
very necessary public improvement
as the old building was in very
delapidated condition and not at all
adequate for the needs Of the city.
The firemen demanded new build
ing in order to keep up the efficiency
of the organization, and provide a
safe place for the storage OF the fire
apparatus. AS Warren was chosen
as the place for the next firemen's
tournament civic pride also, as we'll
as necessity, prompt the council to
erect the handsome new building
which now adorns the site of the
old one. 1t cost 1903. II, Of which
Sl4OO has been paid in cash and a
warrant for $56l5 issued to cover the
balance.
Thus there is outstanding float
ing Indebtedness today Of $4,000 for
the original cost Of the light plant,
S., $50 for the enlargement Of plant
made last year, and $56l5 on city
Eol Ii fol IT.
edness of $l3, OOl, for which city Or
ders are issued drawing six per cent
interest. 1t is now proposed to issue
SI2, 900 bonds with which to pay these
orders and reduce the interest
charge, as the bonds can be floated
at five cent and possibly less. An
effort will be made to borrow the
amount from the state, and if sue
cessful in that the interest rate will
be but four per cent. Everybody
should clearly understand, therefore,
that issuing the bonds does no Gre
ate any new indebtedness, the in
debtedness is already there. It. is
simply a matter of business and will
save the city money, put it on cash
tasis, and enable it to make further
improvements in the future with the
money coming in from taxes and the
profits of the electric light plant.
Sewers land better streets are eing
loudly called for by our citizens and
ought to be secured. Voting the
bonds will be doing exactly what d
shrewd business man would do who
owes large sum of money to a dozer
or more individuals on his promis'
sarv notes due or soon to be due
drawing interest at 10 per cent. He
would 60 to the bank and borrow
money at lower rate, If possible
and ay off mis- obligations. By do
ing that II will put his affairs IL
better shape, improve his credit
lower the interest charge and pu
himself in better shape to do. bust
ness. Let the bonds be votedH#*: 1t i
business. So