Cañon City record., 1911-03-30
OF INTEREST
TO TAXPAYERS

Are you interested in the reduction
of your taxes7
There will be submitted to the vote
of the taxpayers at next Tuesdays ell
ectiop the question of whether we
shall issue refunding bonds or not, to
take up an outstanding issue of $780,
600.
In 1896 the city issued its refunding
water bonds to the extent OF Sc.
payable thirty years after date with
interest at 6 per cent, payable semi
annually. the city having the option of
payment fifteen years after date That
time Is now here and the present city
council, after careful investigation,
concluded that considerable money
could be saved to the city by refund
ing at a lower rate of interest. They
have therefore, been able to sell a new
issue bearing per cent interest at
par. less cut approximately ST.
400. being commissions, clerical work
and attorneys expenses. By refund
ing these bonds the city is saved $500
a year in interest alone and is saved
the necessity at this time of creating
a sinking fund for the ultimate re-
tirement of these bonds when due, and
il may occur 10 many that to create
sinking fund is the proper thing to
do, but to the minds of the present
city council it is quite impractical at
this time
In the first place the present annual
gross earnings of our water depart
ment are approximately $4,000. Out
of the same we must pay annually as
interest on outstanding water bonds,
the sum of s21 LOO The operating ex-
penses OF the water department. at
the minimum. viii be at least $4,000
to $4,000, not counting on any emer-
gency ever arising and in case there
should ever be a break in the Gorge
pipe line or break in the reservoir
that would call for an emergency ap-
preparation. the expenditure would
run much higher than this.
Can anyone figure,Jut of these gross
earnings where any amount might be
set aside as a sinking fund for taking
care of this issue when due? The
question simply resolves itself into
this solution: II these bonds are not
refunded at this time. il is then in
cumhent on the city council to levy
a special tax. which in the aggregate
/ would amount to $4,000 at the end
OF fifteen years from now. the time
when this issue is absolutely due.
IL this policy is followed systemat-
ically and kept w. we must therefore
raise by taxation the sum OF $4,000
per annum for our sinking fund. our
present assessed valuation is approx
imately sI.4sO.OOo. To raise this
amount We would be required to raise
our tax levy 81 mills on the dollar.
How many taxpayers would be will
ing to stand this levys Our present
city levy is % mills already. admit
tedly excessive II the revenues OF
the water department can take care
of the interest on our water bonds and
besides pay the operating expenses
OF our system for the next five years
al least, it has done exceedingly we'll
aud much better than many of us ever
expected 1t To do. Why not. then. sup
port the question OF refunding our
bonds If we can save to the city in
fifteen years by so doing. sum of 81.
eoo in interest alone and also possib-
ly avoid the making OF special tax
levy, which is undesired at this time?
Get out and vote and give the prop
osition the support that your business
judgment tells you it should have. and
assist the council in bring about what
it has been striving for. namely less
burden upon the people in the way
OF taxes.
Remember only those who have paid
property tax assessed against them
in the year 1910 and who are legally
registered can vote on this question.
In other words. only those who have
paid taxes since January LIST. of this
year. are entitled to vote.
Respectfully.
IN. COOPER
HkZt