The Black Hills union and western stock review. [volume] (Rapid City, S.D.) 1904-19??, 1909-09-17
TO FINANCE
CITY DEBTS
City Council Wants to Take
Up Warrants of Seven
teen Years Ago.
Tue PLAT is 10 PLACE NEu WARRANTS

The Taxable Valuation This Year Is
81. f.33s.67O as Compared to
st.271.0oo Last Year.
The city council held two sessions
this week, both of them bearing on
the welfare of the city. On Tuesday
evening the question of Indebtedness
was discussed at some length. There
Is a large amount of indebtedness OF
seventeen years ago, which is now
drawing about three per cent inter
est. This was incurred during close
times of the city's existence, when
money was not SO plentiful as today
and the bonds were SO worded that
after a certain lapse of time they were
permitted to draw but a limited
amount of interest, it being the opin-
ion they would be taken up long be-
fore this. During the past fourteen
years all warrants issued have been
paid, so it is the old issve that the
council desires to have taken care of
and If possible placed in line to be
paid off in a few years. The amount
OF this Indebtedness is not known at
this time and investigation by the
council is being conducted to deter
mine how it does stand, there having
been endorsements at various times
for taxes and the like. The council
proposes to either liquidate the old
account by special two year tax levy
or by the issuance of new bonds bear
ing five per cent interest and to have
the banks, or some person or corpora
tion able to do so, take them, placing
the bonds in line to be paid of in a
few years. Aside from the old in
debtedness, there is the water, sewer,
and light and park bonds. The first
named are paying themselves and the
park bonds will have to be'met by tax
levy. It was the concensus of opin-
lon that probably S65, 600 would cover
the whole debt, which is made UP of
5000 for grading Main street and
1000 of warrants and accrued inter-
terest. To liquidate the old debt by
special tax levy would be to make
taxes the next two years too high, to
tile point of being burden to realty
holders, so the council fayors the is
suance of new bonds as stated.
PROVIDES FOR REVENUE.
Following the discussion of the old
Indebtedness, the council on Tuesday
evening an ordinance was passed, the
sense of which is summarized as fol-
lows:
THAT the following sums of money
out of the funds in the city treasury
not otherwise appropriated, be and
the same Is hereby appropriated to
defray the necessary expenses and LA
bilities of the city of Rapid City for
the fiscal year commencing Septem-
Der !, 1909, and ending August 81,
1910, in the several amounts and for
the specific objects and purposes fol-
lowing, to-wit:
Interest on $4,000 water
bonds at five per cent 8 2,2oO 90
Interest on $4,000 park
bonds at 1--WE per cent 1000 90
Interest on $1,000 funding
bonds at six per cent 300 90
Interest ON $4,000 sewer
bonds at five per cent l,7oo 90
. e,2oo 90
Salary of city treasurer % 400 90
Salary of city auditor 400 90
Salary of assessor 400 90
Salary of chief OF police 900 90
Salary of night policeman 7sO 90
Salary of mayor 600 90
Salaryof aldermen. Z 90
Salary Of city physician 900 90
Salary Of superintendent of
water system !. 900 90
Lighting streets and city
hall 1000 90
Legal services (estimated) 300 90
Hardware, lumber, repairs
of street, cross-walks and
bridges (estimated) 5000 90
Maintenance Of water sys-
TEN and extensions (esti-
mated) 5000 90
Printing (estimated 400 OO
Maintenance of sewers (esti-
mated) 400 o.
Miscellaneous expenses les
timated) g. 2, 500 oo
City library 1000 0l
General fund for deficiency
of former years 10000 oe
I Deficiency in appropriation
for hardware, lumber, re-
pairs Of streets, crosswalks
and bridges ,. l,4Oo "a
Deficiency in appropriation
for maintenance OF water
system and extensions ,95S 81
s48, ,746 q
Voted, that the amounts hereby
appropriated for interest on water
3 honll and for extensions to the
1ystem, and the maintenance o!
go wstsr system, shall be provided