The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-05-02
MAYOR TELLS
ABOUT NEEDS
Of BOND ISSUE
For First Time Salt Lakes
Chief Magistrate Presents
Financial Condition.
ENGINEER GIVES PLAN
OF NEW IMPROVEMENTS
SPECIAL AUDITORS SUBMIT FIG
UREs ON EXPENDITURE OF
MiLLION.DoLLAR LOAN.

Mayor John 6. Bransford, in an elab-
crate statement last evening at d
meeting in his office, endeavored 10
show the necessity of a bond issue IL
the city is to continue the improve
ments contemplated.
The meeting was attended by several
business men, COuncimen, representa-
tives Of the special auditors and the
press. Among those i'm attendance
We're; NJ. II. Walker. George T. Odel
j. II. Johnson. Mayor Bransford. Coun-
Gilman w. Mont Ferry, President A. J.
Davis of the council. a. NJ Trader Of
the firm of Westerman & Trader. spe-
cial accountants, and H. G. Ambrose
of the same firm.
Aside from the address delivered BY
Mayor BranSfOrd City Engineer l. C.
Kelsey took up in detail the cost of the
improvements which the proposed bond
issue would be called upon to meet. He
described at length the various i'm
prOvements contemplated including
the completion of the intercepting
sewer and providing an outlet for it.
the construction of water mains on the
north bench, the substitution of large
mains for many Of the three and four
inch mains, the purchase of $500 ad-
citiOnal water rights in Big and Little
Cottonwood creeks. the establishment
of new reservoir tanks in City Greek
canyon and the completion of the new
water supply mains. All this work, he
said, would cost 100000.
City Needs improvements.
After the statement of the mayor
and engineer the meeting closed. Al
the conclusion NJ. II. Walker said:
1T is evident 10 me that the city
I NO
| am heartily in favor of a bond issue.
A city Of the size of Salt Lake must
either issue bonds 10 do its public
work or not do ii at all. We are grow
ing rapidly, and we should provide for
the Increase in population in a suit
able manner. That We cannot do this
out of the current revenue is very up
parent. and we must do one of three
things: issue bonds, increase the taV
| levy or cease doing public work. I ann
i'm favor of bond ISSUE
! Mr.. Odell did not make any remarks
on the subject. although he intmateI
that he was of the same opinion as Mr..
Walker.
In addition to giving statement OF
the city'S financial condition, a stale
ment which has never before been
available, the mayor also gave in de-
tail the expenditure of the 81 900. GOO
bond issue of 1865 for water and sewer
purposes. This table, together with the
mayors statement, follows:
Proposed Bond Issue.
| In regard TO the proposed bond issue.
| I feel that an explanation of the clty's
I financial condition and its current re
J quirements is due to the taxpayers in re-
/ gard to the recommendation to make i'm
/ provements from the proceeds of bond is
! sues instead of from current expense
] funds.
/ Each year the city is compelled TO in
I cur a current Indebtedness corresponding
/ to the excess Of the current requirements
| over license and departmental revenues.
/ Such current indebtedness is incurred IN
/ anticipation of the revenue from taxes.
! and IN July of each year tax levy IS
made sufficient to provide for such cur
/ rent debt
| The requirements for the year 1868 and
/ the anticipated revenues have been esti-
mated ard carefully considered N detail
/ by the committee on estimates and apDof-
! .ioument. and it is found that a tax levy
! at the same rate as last year WIFI be in
| sufficient to meet the requirements unless
| there is an extraordinary increase in the
J assessed Valua ton. Accordingly. the rec
/ concentration was made to submit to the
reople the proposition to incur bonded
! indebtedness of six hundred thousand dO!-
| Jars for water and sewer purposes. II
/ bond issue is not approved by the people,
! improvements must cease and an IL
! crease in the tax levy is inevitable.
/ The necessity for a bond issue or an
| increase in the tax levy is shown by re-
/ ferrfng TO the auditors balance sheet of
! tie revenue funds and the report o. The
! committee on estimates and appOTtiOn-
| ment recently submitted to the council.
Auditors Balance Sheet.
Tho auditors balance sheet of revenue
/ rds Dec 81 1907. shows a revenue sur
! plus of si9Ol75l. being the excess Of as
| sets over liabilities at that date:
/ Assets A5Sl. tai-3-
Liabilities ....''s...'.s''''''''' ~ t5s-si
Surplus e.. .........................S 4s,Oll.5l
| Considering that the balance sheet in
| cIudes a deferred asset Of unCOlleCted
/ taxes prior to the year 1897, almost equal
| 10 the surplus and that this amount. al
though good, is unavailable, it will oe
Continued on Page 2.