The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1910-08-16

ing fund commission II received much
commentator AZ the city will not Be
embarrassed in the payment Of the
bonds by this method, while It might
be II any other course was followed.
II has been demonstrated the plant
10 paying Tor itself. Last year It
earned about $4,000. However, the
earnings for eaeh successive year, un.
I'll the bonds fall due. have for con.
sentative reasons not been estimated
nearly SO large. The plant not only
to pay its bonded Indebtedness. earn
enough SO that 1t will pay for all re-
pairs and improvements. but also to
earn enough 30 q good sum can be
placed to It's credit in the city treas.
ury each year.
NJ. J. O'Brien. one of the sinking
fund commission, addressed council
on the plan last evening. He said
that OF the greatest law which the city
council had enacted was the one
which created a light plant. and the
second would be the law whereby the
plant would pay off the bonded in
debtedness OF the city, incurred In the
plants construction.
To Rush Ordinance.
He says that the city could not es-
tablish it's credit in a better manner
The ordinance committee has been in
structed to draw up an ordinance inn
mediately SO action may be taken at
the special meeting to be called by
Mayor Zimmerman soon. Three read.
ings are required before final action
on an ordinance and the committee
has been instructed to hustle" in or
der that 1t will be a law on DC.
tober I.
In connection with his remarks on
the sinking fund for the municipal
light plant Mr.. O'Brien also took the
opportunity to refer to the city's pres.
'ent financial difficulties. He said the
city's credit was good and 1t was rap.
idly paying off It's outstanding indebt.
edness. About $4,000 in bonds are
now outstanding and $3S, 900 of these
will be paid off during the thinner
man administration.
Mr.. Characterization to this had
been called by remarks by Council.
man Bartel who complained on the
press printing facts about the citys
financial condition. The councilman
inferred that it would be wise to es.
tablish censorship on the press in
this regard.
Calls Press Truthful.
Other Indiana cities are jealous OF
Richmond and he thinks the press
win give the city q black eye. Some
OF the other councilmen thought as he
did and the others did not express
themselves but City Controller McMa
han and Mayor Zimmerman informed
council the, press was truthful.
"We're not.-going,ato use a borrow
cd dollar" vehemently declared the
F,mayor last evening when the PROPOSE
ton Of borrowing money with which
to repair the streets came up. He
says 1t is the height Of folly to borrow
money and pay interest on It when the
city's finances do not warrant the
loan..
At the special meeting of council
the city's budget Of expenses for mex,
year will be presented. 1t is neces
sary to do this early in order that thu
estimated tax-rate. which the city vii
exact. may BE- definitely determined
on and county auditor Demas 8. Coz
informed. as H. required by law. Mr.
/ Coo made . report on the assessed
valuation of taxable property in thu
city which follows: Assessed propert,
valuation, $14,292.730: mortgage ex
emptions $474.4S0. making net valu
$13.S18.250. In addition it is estimat
ed that the valuation of pipe lines
telegraph and telephone lines Is $751;,
09S and Of railroads $361,047. This Il
not the actual valuation as no valus
ton has been fixed by the state tar
board. The county auditor estimate
that the total valuation Is $14, 1880. 1876
y