The labor journal. [volume] (Everett, Wash.) 1909-1976, 1911-06-09

a of these warrants have been issued
in payment of the bridge across the
Snohomish river and $419.3S0.93 for
salaries and wages OF city officers and
employees, general city expenses, and
other strictly municipal. purposes.
Is the city meeting expenses?
Controllers report 1909 Shows re
ceipts for 1909 to be S2l5,07663 1910.
$224,67439.
Thus the receipts of 1910 exceeded
those of 1909 was $9,579.76. The total
outstanding Indebtedness for 1909 was
1872. 1920, which was increased in 1910
to S74OO4429 or $4,000 notwith-
standing the fact of the increased reve-
nue. of 50 ,597.76 above stated.
Thus it can be seen that our debt Is
being increased instead of being dimin-
shed. and this was before the saloons
were put out of business, the revenue
derived from them being included in this
estimate.
As to the bond proposition.
Ordinance No. 1868, provides for the
issuance of S630.OO0 worth of bonds OF
a lesser sum as may be sufficient for
the funding of such and so many of GER
tain warrants which, according to the
ordinance. amounts to the sum of S537.
$3.50. 1t also provides that the bond
shall bear date on July Is. 1911; shall
be payable in 20 years after their date,
interest payable semi-annually, at a rate
of interest not to exceed 5 per cent per
annum.
The bonds are to run 20 years and are
issued In denominations of $1,000 each
with attached coupons which of course
shall bear interest if not paid when due.
They may bear per cent interest. per
haps less. owing to the condition of the
market and the manner in which they
may be sold.
"A sinking FUND is provided for, the
proceeds Of which may lie invested at
any time not less than six months prior
to the maturity of the bonds, in case
the city authorities shall direct, in other
bond, and warrants, such as those OF
the city, school district "a. Snohomish
county, and other securities authorized
by the state.
"The annual saving Of interest on war
rants outstanding. viz: S537, $3.50, will
be not less than Sl6.l35.97. excluding the
semi-annual interest we are obliged tc
pay which on the warrant system i,
not 50 paid.
"The warrants can be paid at any
time, but bear per cent interest.
The bonds can only be paid July 1881
the interest not to exceed per cent OF
total interest of not more than $500,
coo. this doubling the principle
1T seems to me that the better pro
position would have been TO have pro
vided for the issuance of bonds to the
amount of $4,000, divided into 81,
series. one of $4,000 aud the other five
100000 each. Series No. l payable 1918
No. 2-l0l6, No. 1920, No. 4--l924
No. 5-l926 and No. 1880 and II
have provided a sinking fund to meet
these respective payments, so as to stoI
the interest. though, of course. sucl
bonds may not sell as readily as thos,
proposed by the city authorities. YET
/ think they could be sold TO an advant
age. and that the payments could be met
more easily than the lump sum at tn,
end of the 20 years.
From the foregoing it is evident thai
we must begin to keep within our limit
we must be more economical and ente
upon a course of retrenchment.
In conclusion l will say, that d.
not think that the issuing of the bond
proposed will interfere with the issuing
Of bonds TO acquire and own a waite
works system, the limit Of issuance o
water works bonds being $685. ,s3525."