The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1910-01-21
ministration have better business oal

ministration have better business Qal-
ifications to keep down expeues,
which l hope and believe they have
During the last administrationthe
electric light plant paid to the dty
about $4,000 and with that the aty
received of Gaar, Scott & Co., abut
$4,000 sequestered taxes, which ws a
great boon to the city and kept it bm
making many temporary loans. The
present administration viii not I've
this bonus, consequently will hau TO
make temporary loans, becausethe
present tax rate, which was mad by
the last administration. will not be
sufficient to pay the demands, asyou
will see before I get through witlmy
address. u
The superintendent Of the ght
plants report to me will show. asalso
the park superintendent's report will
show that each took his duties with a
scarcity of material to 60 on.
Scarcity Of Coal.
There was no coal and thenew
board had to order coal as the first
said the coal would only last I'd the
last day Of their control and the
plants would freeze.
The old board of works would not
order coal, so had MIR. Fred Chrles
order coal before he came into pGver,
and the same condition existed a, the
light office.
The question of overhead crossing
or tunnel under Pennsylvania raitoad
tracks will come up and will be avery
serious problem, which should be lolv-
ed by this administration.
l have had a talk on the probability
of buying the water works with our
city attorney and requested him get
me the figures and rlans by whic the
city can buy the plant. and he has
given me the following:
Report by Gardner.
Under the present contract with
the Water Works company, the city
has the right at any time to purhase
the works at fair cash value, With
out bonus or percent added. Sait val
uation to be determined by aprais-
ers. to be appointed as set forh in
said contract.
According to the appraisemen re-
Gently made by Mr.. Dabney H. Mury,
acting for the city. the value q the
plant at this time, including NO.
S25.69 for going value,' and $1,000
cash for working capital, is $71s71S.-
SO. On this basis. if. the city dill not
owe dollar at this time. and sould
borrow to the full extent of the con-
stitutional limitation, she wOuldhave
only so7S.OO0, or $444,71S33 lessthan
the value of the plant accordiAg to
Mr.. Maury. If the plant is yorth
100000 and We had no deb and
should borrow the full amount ilow-
ed under the constitution, we vould
still lack s327,000 of having elough
to pay for the plant.
What the Cost Would Be.
In addition to the valuation ofs717.-
1883, Mr.. Maury estimates that it
will require $135. 900 to make NEEDED
additions. including a new 24inch
main. etc. If 100000 would male all
needed additions and the pAsent
plant is worth 100000, the total
worth including additions, wouh be
$70o,0oo. and with s273,0OO as ou, debt
limit. we would still lack s427,O of
being able to purchase the mtire
plant at this time and make the need
ed additions. AS we have bondAd in
debtedness of 1922, 900. We in fact lack
$649,O00 of being able financially to
make such purchase at this time, es-
timating the present value of the
plant at 100000 and needed additions
of 100000.
Without a constitutional amend.
ment allowing municipalities to create
an Indebtedness of more than two per-
cent there is very little prospect Of