The Marion daily mirror. (Marion, Ohio) 1892-1912, 1909-02-12
LEVY CUT
One MILL
Sinking Fund Trustees Fav-
or Economy IN Affairs.
ASKS BUT FOUR MILLS
This Will Give Enough to
Meet Obligation of City.
Trustees Caution City to Guard
Bonded Indebtedness Aunual Re.
port Has Many Features.

Tho fifth annual report of the
trustees of the sinking fund of the
city of Marion for the year ending
December 31st, has been submitted to
the mayor through Secretary s.. II.
DeLong. The report discloses many
interesting features concerning the
city's finances and embraces all tran
sactions of the year.
In his special report to the board
Of trustees, the secretary states that
the bonded debt of the city shows a
large increase in special bonds, which
is due to a large amount of notes
that have been refunded The gen.
eral debt shows a slight increase and
the board advises that special care
be taken in increasing this item, an
ticipating the necessity of refund
ing several OF the older improvements
such as the paving on Center, Church,
state and Main streets.
The board declares that these inn
within few years and will show
large deficit. which can only be wiped
out by refunding They would then
become a general debt and as the
city is close to the limit, caution
must be exercised.
"The spirit of economy seems to
pervade all departments of our city
government, and IN accordance with
his spirit, / would suggest that you
recommend to the mayor and the
city council, that the levy for the
sinking fund be reduced from five to
four mills for the next year" This
Is the substance or Secretary De-
longs special recommendation in
his letter to the trustees.
ut will require" about $4,000 to
meet the general bonds and interest
for next year and a levy OF four mills
will produce approximately $4,000,
leaving a deficit of 5000 There is
balance at the close OF the year,
however, in the general fund, aggre-
eating S5,33S 05, which would be suf-
cient to cover the shortage.
The investments made by the sink
ing fund trustees for the year as fol-
lows: Marion city bonds, $1,000.
Accrued interest, n. City bonds
contracted for but not delivered,
$l5,90O.
The total receipts and disburse-
ments Of the sinking fund trustees
for the year were $l20,492 .S8. The !
receipts and disbursements OF the |
general fund aggregated, $36, ,SSi .02.
The receipts and disbursements OF
he special sinking fund were $685.
GOS.S6.
The recaptulation OF the report
follows: General bonds outstanding, !
1857 ,945. Special assessment bonds |
outstanding, $333,51 Total bonded
debt. $591 SIG. The certificate of in
dsbledness outstanding, 81 ,2O7 Al, |
making a total Indebtedness of sJ92,-
1913 Al. This amount less the sinking
fund investment of $4,O15 .92 leaves
the net debt of the city, $5SS, ,7O7 40.
General city bonds issued during the |
year aggregated $2z,435. The geuer-
al bonds redeemed amounted to $1S,-
H0, showing an increase OF $3,G95.
Special assessment bonds issued,
S29 $50. Bonds redeemed, $i7172,
showing an increase of $7S,SOS.
The total increase in bonded debt
during the year aggregated $50 ,5O3.
The tax duplicate aggregates S1n,-
$40. The levy for the sinking fund
Is FIVE mills. There were no judg-
ments or court costs paid during the
year.
The board Of sinking fund trustees
Is composed Of ]. IL, Waddell, presi-
dent W. II. Schaffner, vice president;
S. II DeLong, secretary; A. c. Ed
and | "A. Merchant.