Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1908-10-03
BONDED DEBT OF CITY
IS FAR BELOW LIMIT.
Gould Issue Authorized
Amount and $4,000
More.

tf8ON Se
On a total assessed valuation that
this year will reach about $3,500,000,
the City of Americus has outstanding
bonds of but $120,5O0, and against
these it has in its sinking fund some
thing over $4,000 in cash and $4,000
of Dougherty County bonds, in which
some of it's Sinking Fund money has
been invested.
In other words, its actual bonded
Indebtedness at this time is but slight
ly in excess Of 100000, one of the
smallest bonded Indebtedness of any
city of over 10000 people in the
South.
The per capita bonded indebtedness
of the city is bat a trifle over SO a
head That of many cities ranges
from $40 to $50 or higher That o,
Savannah, for instance, is nearly $40
per capita Atlanta is probably equ
ally as high.
The City government of Americus
is in admirable condition Much
praise is due to the present Mayor
Hon. E. A. Hawkins, for this DUR
ing his term of Office he has sedul-
ously sought to reduce the indebted
ness, to keep the citys finances in first
class shape, and that he has sue
ceeded in doing so is a tribute to his
ability as an administrator of public
affairs
City's Credit is High
Since its creation the Bond Com
mission has taken up and retired
$14,5O0 of the city's bonds. The
city's credit stands so high and its
bonds are regarded with such favor
as investments that it is with great
difficulty that any Of the holders are
induced to sell them, and on this ac
count The city is unable to purchase
bonds, as it would do yearly To this
is due the fact that in the Sinking
Fund there is today nearly $4,000
for the retirement OF bonds.
On October / City Clerk Hawkes.
paid out $3.50 as semi-annual inter-
est on bonds and on January l he
will make another payment of $1,575
as interest on IL per cent bonds.
The interests payments are always
met promptly and as the bonds have
years yet to run they are naturally
regarded with great favor as perman-
ent investments. Whenever the City
seeks to withdraw bonds the prem
iums demanded are SO great as to
be prohibitive-a commentary on the
standing of Americus that must be
highly gratifying to all of its citizens.
Much Below 9 Per Cent Permissible
The bonded Indebtedness of Ameri-
Gus is far below what is permissible
under the State Constitution, which
allows a municipality to become in
debted to the extent of seven per
cent of it's total assessed valua-
tions. Seven per cent on $3,500,000
is $245, ,0O0 so Americus has only a
bonded Indebtedness of about forty
per cent of what is legal under the
laws of Georgia Against a possible
bonded debt of $245,000 is has really
but bonded Indebtedness of 100000.
This shows that it could issue the
$75, 900 of bonds voted on by the peo-
pie a year and half ago, and au-
thorized by them almost unanimous
ly. and still have it within it's power
to issue another $4,000 before the
limits set by the Constitution would
be reached
There are very few cities in
Georgia that are in such excellent
position. A city that is carrying but
forty per cent of the bonded indebt-
edness permitted to it under the law
is by far the exception. Every year
this condition is improved, if nc
new bonds are issued, as taxable val
ues naturally increase with the growth
of the city and the Sinking Fund in
creases or the outstanding bonds are
reduced by purchase.
Bond Issues In Sight
1t is hardly probable, though, that
another year will be allowed to pass
without a further bond issue for street