Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1912-05-20
COUNCIL CONCENTRATES ISSUE
FOR IMPROVEMENT PURPOSES
TO PAY FOR INTERSECTIONS.
WOULD DRAW 5 PER CENT,
PAYING PART EACH YEAR
Either Bonds Must Be Issued or City
Warrants Drawing 6 Per Cent Must
Be Used to Settle With Contractor
Last Years Paving Used This
Years Appropriation.

A bond issue Of probably from S15,-
| 600 to $4,000 is contemplated by the
council to raise money to pay for the
oitys share of the concrete paving to
| be laid during this season. The bonds,
if issued, as it is likely that they will
be, will draw not to exceed per cent,
and will run for a series of years no
longer than will be necessary to pay
them off at the rate of probably $4,000
a year.
1t has been estimated tina, the city's
share of the contract for the thirty
three and one-half blocks of paving
now being put down will be about SIS
coo. If more paving is ordered, and it
is likely there will be more, additional
money will be needed
This Years Appropriation Used.
Nnen the appropriation was made in
! 1910 by the council of that year, no
paving was contemplated for 1911 and
no provision was made to anticipate
this need by making levy for the i'm
provement fund that would be large
enough to pay for street and alley in
L
| that when the paving was ordered it
was too LATE 10 provide for the en-
rense by making q tax levy for that
purpose. The warrants We're issued and
are outstanding, and it will take all
the money appropriated for the i'm
provement fund last year and paya Bile
This leaves the ar mpr ROY f mlsla rfs
& inc hoe InS
without money to pay for intersections
paved this year
Will Save Interest.
That is the reason for the proposed
bond issue for Improvements. The city
could get along without the bond issue
and issue it's warrants to the contract
/ or, but these warrants would draw S
per cent and all Of them could not b.
paid and taken up before next year
and probably not all then
The plan of the bond issue, as far az
far as it has been developed. is if 500
coo worth of bonds were issued. they
would mature over period of ten
years. $4,000 each year. Mayor w H.
Jones has computed that a levy of 11s
mills each year would pay the interest
at . per cent, and furnish $4,000 a year
to retire that amount of the bonds. He
believes that the bonds can be floated
+ in this city, and it may be that they
I will be offered for public subscription.
as they are not taxable
| More Paving is Wanted.
| 1t would appear. from the present
demand for paving that perhaps the
! bond issue will have to be fully S20,-
900. Since the council showed a dis
/ position to add a few more blocks of
paving to that already authorized, de-
nands for paving have come from var
| ious sections Of the city.
| Property owners on North Second
! street, north of Lincoln street, arc de-
manding that the council pave the rest
I Of Second street. from Lincoln to Cen
ter street at the cemetery.
c. W. Lawrence appeared before the
council this morning and made appli
cation to have North Ninth street,
/ from Main to State street, paved.
| A request has come to the council
+ that Bromley street. between Third
and Fourth avenues. be paved. 1t may
he that some of these streets will be
included in the resolution Of necessity
that the council is to take up for final
! adoption early in June.