Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1911-09-09
THE CITY FINANCES
Treasury in Excellent Condition As
Result of Careful Mana
cement
CITY BONDS MAY NOT ISSUE
Proposed improvements May be Com,
pleted From Levy Floating Debt
Much ced-Work Of
Present Council

The apparent lack of interest on the
part of taxpayers of Annapolis has of
ten surprised members of the CITY
| Council, and it is probable that not
two dozen persons in Annapolis at the
present time have any notion which is
even fairly accurate of the condition
of the City Treasury at this time, and
the general plan which has been pur-
sued by the city officials to reduce
taxation as far as possible, and at the
same time provide for the important
improvements which have been COM
pleted or are being carried out at
present.
A gentleman who had served four
years in the City Council said recently
that as far as he could remember, he
had never been questioned by a citi-
zen of Annapolis on any subject of
general interest relating to the finan-
ces of the city. People were ready to
talk about matters in which they had
special or private interest, he said,
but appeared disposed to leave to the
Council absolutely all such matters as
assessment, taxation, etc., and made
to afford the city officials the benefit.
of their views.
AN examination of the work of the
present City Council, the membership
lof which has been intact for over two
years, cannot fail to impress anyone
with the conviction that very wise
financial course has been pursued, and
that the Council has facedIunforeseen
difficulties with great success. I'M
portant improvements, such as paving
of West street extended, Second and
Madison streets and the sewering,
grading and paving of Revell street
have been carried out, and the floating
debt has been very largely decreased,
in fact, it is the intention of the
Council, and the special desire of
Mayor Strange, to clear the city en-
tirely of floating debt before the terms
of Office of the present Council ex-
pires.
An unusual situation was presented
whenit was found that it was impos-
sible to sell more than $4,000 worth
of the $4,000 authorized by the Act
of Legislature, though the improve
ments which were to be made under
them appeared to be imperatively
necessary. However, by carefully
limiting expenditures in other direc-
tions, the Council has succeeded in
completing most of the proposed i'm
provements, though two reductions
have been made in the tax rate.
Of the proposed work under the
bond issue, no provision has yet been
made for the paving of Washington
and Clay streets, and it is hoped that
this can be done. under the levy either
this fiscal year or the next.
1t was found that there was no
demand for the bonds at per cent.
and the only ones sold were SO, 600 to
the Annapolis Banking 'and Trust
Company. Hereto fore, Annapolis
bonds at this rate of interest have
found ready sale, but a change of
conditions has made it almost impos-
sible to sell municipal bonds at so
low rate of interest.
However, the need for the money
to be derived from the sale of the bal
ance of the bonds has largely passed,
and it may not be necessary to provide
for further issues. If it is deemed
necessary, the Legislature could be
asked to allow the bonds to bear four
and a-half or five per cent. interest,
when they could be disposed of with
out difficulty.
In addition to the important i'm
provements carried out, total float
ing debt of $11, 900, which existed
two years ago, has been reduced to
$4,000. OF the former amount, So
900 was contracted for the construc-
tion of the Rescue Hose Company
Building. This has been paid in its
entirety, but it was found necessary
to arrange for small loan in order to
complete some of the recent paving
work.
The most important municipal ques-
tion before the people of Annapolis is
the course to be taken in regard to
the SIC, 600 worth of bonds which
were authorized but not sold. The
question is whether authority should
be obtained from the Legislature for
an issue of the balance in whole or
part at higher rate of interest. or,
in view of the fact, that the improve
ments have in large measure been
completed from the So, 200 worth sold
and the proceeds of the levy, aban-
don any furher attempt to dispose of
the bonds.
That the improvements contemplate
ed by the bond issue, as we'll as the
payment of floating debt, can be ac-
complished in the next two years with
out the selling of any more of the
bonds, seemed assured, the Council
pursuing the same wise policy that
has mrked the course of its members
during the last two years.
There are some matters, however.
that may justify the issuance of al
least part of the bonds. One of the
improvements to be made under the
bond issue just previous to the last.
was the bulkheading of Charles street
cove, and the extension of the sewers
emptying into the cove so as to 90 be-
yond the bulkhead and into deep wa.
ter. A fund of 1900 is already de
posted towards this work, and the