The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-08-03

Increase in FIVE years, 1887.
Nearly one-third of the entire increase of
population in the State during the last
i've years has occurred within this limited
district. At the same ratio Of increase the
district lc,o: w WI ae5 AYE " , g po JSl st Of IooS S64,os7
l,023, 100 In 1926. This Increase would doubt
less pc greater If the river were purified,
ana the territory on both sides, from New
t~ractive for residence.
The net taxable valuation of the district
increased from s2SS, $50, 255 in 1902, to $685.
PA. 638 in 1905, and the abnormal increases
valuations to $3.50, 4S7 ,675 In 1906. Taking
normal increase OF the ratables in four
years has been nearly $4,000. 900
II may be interesting to know to what
ment would affect the tax rates of the fa-
ture In the municipalities of the district.
It is impossible to reach an exa deter
In the first place., the exact cost of con-
struction cannot be known, but for the
purpose Of computation the estimate of
~, 100000 fixed by the Passaic Valley Sew
erage Commissioners, is taken.
The increase of net taxable valuation
during the three years prior to the abnor-
NAL increase of 1905 was more than 4 per
cent. per year, and thus an average an
nual increase OF q per cent. may be taken
for estimates of valuation In future years.
1t is also impossible to give exactly the
present valuations in the district, for the
reason that parts of the municipalities of
Newark: East Rutherford, Rutherford,
Union Township. North Arlington and
kearny lie. outside the drainage district,
and there is no present way of knowing
how much to deduct from the total rat
ables OF the district for these outlying dis
tricts. Deductions based on area and other
conditions have therefore been made,
showing that $S.50O,000 Of taxable valu-
tons In these municipalities are outside
the district. There cannot be enough vari-
alton from this estimate to greatly affect
the total.
The Interest account of cost of construc-
ton will be fixed by the rate of interest
upon the bonds issued for hat purpose.
The bonds might have been negotiated
some time ago at an interest bearing rate
of 3h per cent. but 1t Is doubtful II they
could be negotiated at that rate just now.
For the purpose Of. this computation, and
to cover contingencies, the interest rate Is
fixed at 4 per cent.
1t was formerly proposed, and for the
purposes Of this estimate It is assumed,
first year. and g. 1000 900 in each subsequent
year for four years. until the total issue
of $9.000.00 is reached.
the year following the last issue Of bonds
the accretions will be sufficient to pay the
6 bonds sh1a as they mature ss 2 sinking f n1,i
nduidate the principal In a little more h a
forty-one years.
certained exactly, because it VIII be fixed
under the law by the proportion Of ust
which the various municipalities make Of
at present be made for the purposes OF
estimate would be upon the basis OF
ratables. and this basis Is used TIT
annual cost of maintenance Is fixed a.
$4,000 per yea by Engineer Rudolph
Herring. For this estimate it is assumed
that the cost will be 500, 900 per year a.
the outset. and an Increase of 4 per cent
per year Is calculated to contingent
cies.
These conditions form a basis for est,
mate which Is probably as good as can D'
arrived at In advance of the actual un'
d~ertaking Of the work. Assuming that al
the municipalities Of the district will entel
into the contract, the annual taxable cos
for the first five years, upon the foregoing
basis. may be appropriated as follows: