The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1912-10-06
The Bond Issue Situation

1he News k heartily il favor Of a bond issue next
year Tor internal betteyments and for the Gakn ever
Of the water plant the Mutual Light G Water com
pany under the option which the city holds to that
property However there are some matters of vital
nature which the people this city consider and
which should have attention Immediately. AS is wea
known, there is an outstanding bond issue in the
OF $SO0,Ooo-known as the sewerage bonds and which
will be due and payable in practically ten years Under
the lava sinking fund should have been created for
the payment Of N bonds by every city administra
ton serving for the past twenty years That however
has not been done and there $1,000 30 provided
for thu purpose the fund 10 be APPALLED, to the
liquidation OF these bonds their maturity Wisely
unwisey the constitution Georgia provides mat the
bonds issued by municipalities previous 10 the session
OF the convention which made instruments in ques-
ton, cannot be refunded by special amend
ment 70 the said constitution Now then there is bat
one two things Cor Brunswick eonsder-ean the
city put some $s5,oos per in her sinking fund
for the next ten years 70 relieve thi indebtedness
when 1t shah have become due? not what is the
next and the best step the city take m the prem
ises? This debt be paid There is no question
about that and the bondhoders in question win not be
SLOW to protect themselves by law which
~csh mean mHandamus proceedings and general en-
barrassment to she city and to the people alike
The thing to do-the sensible thing 10 dds to go
to the Legislature next June and ask for special
An amendment to the constitution authorizing us to
refund these bonds. Brunswick very fortunately is
not alone in her situation five or six other Geor
ga cities situated the movement could be
Joint one, the part of the cities thus interested
the matter of securing the necessary legislation would
not be very difficult Another matter of deep
import to the people of this city is that bond issue
until the present issue in better shape would work
hardship the city for the that the holders
of these bonds brokers and bankers all
the country are familiar with the situation and set
OF new bonds under the present circumstances would
difficult to sell at any thing like profitable figure
The situation summarized above is the one;
1t has not been magnifed minimized The question
of another bond issue for the extension the sewerage
system the broadening of the system of paved streets
and many other things besides taking OF the
water plant of the Mutual Light Water Co. is burn
ing one and we believe is necessity Yet must
look the true situation sduarey in the face order
order that may be in position move along intel
ligently in the matter. The thing to do to
at The city council should the initiative and
pass the necessary resolution in order that repre-
sentatves in the legislature viii have ample time to
strdy the situation We should then make an nyes
tgaton what other cities are in the same posi-
ton and work in harmony with them
There is ample time 10 meet the situation and meet
it in the proper manner but should give the sub
ject serious consideration and act promptly we must
have bond issue for the improvements 60 urgent.
but lets to work at the thing with all of YAe faots
before ue