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.
THE PLAN IS TO PLACE NEn WARRANTS
The Taxable Valuation This Year Is
s1,33s.57o as Compared to
Sl,z7f.oOo 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 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 certain lapse of time they were
permitted to draw but 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 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 off 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. 1t was the concensus of opln-
ion that probably s65, 600 would cover
the whole debt, which is made up Of
$1,000 for grading Main street and
$4,000 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
the point of being burden to realty
holders, SO the council favors 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 liza
bilities of Tie city of Rapid City for
the fiscal year commencing Septem-
ber l, 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 3 1920 90
Interest on $4,000 park
bonds at five 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
$4,000 90
Salary Of city treasurer g 400 90
Salary of city auditor 400 90
Salary of assessor -. 400 90
Salary Of chief of police 900 90
Salary Of night policeman 7S0 90
Salary of mayor I. GOO 90
Salary of aldermen -. Z 90
Salary of city physician 300 OO
Salary of superintendent of
water system 900 OC
Lighting streets and city
hall 1000 90
Legal services (estimated) 300 OO
Hardware, lumber, repairs
of street, cross-walks and
bridges (estimated) 5000 OC
Maintenance of water sys-
tenn and extensions (esti-
.mated) 5000 ot
Printing (estimated) 400 OK
Maintenance of sewers (esti-
mated) 80. 400 o.
Miscellaneous expenses les
timatei) $500 o.
City library 1000 o.
General fund for deficiency
Of former years 10000 o.
Deficiency In appropriation
for hardware, lumber, re-
pairs of streets, crosswalks
and bridges II. 1,4oo 8.
Deficiency in appropriation
for maintenance OF water
system and extensions 1883 8
s46, ,74e 2
Voted, that the amounts hereb
appropriated for interest on waite
bonds, and for extensions to tn
water system, and the maintenance 0
said water system, shall be provtde'