The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-12
BIG BOND ISSUE
FOR CITY WORK
Shoekoe Creek, Ninth Street
Bridge and New Schools to
Be Provided For.
GRUMPY TELLS OF PLANS
Opposes Street Bonds, as I'm
provcments Wear Out Be-
fore Debt Is Paid.
eRUNDY TELLS OF PLANS

That funds Will be provided for the
walling in OF Shockoe Creek, for a new
Ninth Street Free Bridge. and for other
public improvements during this year
was definitely announced on the floor of
the Board Of Aldermen by Chairman
Barton II. Grundy. of the Council Com
mlttee on Finance. last night. For
such permanent improvements the FL
nance Committee will propose an issue
OF bonds. probably about July /. Inn
provement OF streets. the Finance Com
mittee holds. must be provided for out
of current FUNDS, as whore bonds are
issued for street work, the improve
ments wear out before the bonds ma
ture. The matter came up on a general
recommendation OF the Administrative
Board that 4 bond issue of $1,000. 600
be authorized for the Improvement OF
streets and Shockoc Creek. The action
after debate, vas to send the paper
back 10 the Administrative Board with
instructions to nave prepared proper
plans and estimates for the improve
ment OF Shockoe Creek, showing lust
what Is proposed 20 he accomplished.
Tells Plans Of Finance Committee
This recommendation has scmeyha
Forced the hand Of the Finance Com
mittee.' said Colonel Grumpy For
some time the Finance COMMITTEES has
had this matter under consideration.
1T was discussed by us before the an
nual budget was prepared. and dul,lnr.
The past month We have been holding
Frequent conferences studying the he's,
method Of procedure we agree on tbc
urgency of the Shoclloe Creek work
ana nave practically assured the Al
ininiStrativc Board that not less than
S2oo,ppo VIII be provided for that pur-
pose during this year After a care
tui review OF our financial situation
and OF the market for bonds. we have
reached the conclusion that a bond
Issue Is not the thing for street Inn
provements. We contemplate. n, pres
ent reporting to the Councu ahou,
July plan for an Issue OF bonds
probably S1,o0o.o00 to sl25l .000-out of
which to finance the walling ia of this
great creek, the new Ninth street
brldGe. some school buildings now ur-
gently needed and other improve
ncnts OF a permanent value.
Distribution OF Cost
IT Is proper. We think, that the cost
OF improvements Of this character be
distributed over a period OF years by
means of bond Issue with a sinkIrg
fund Expenditure OF funds from a
bond Issue for street Improvement ADDS
iothine 10 the city's actual property or
salablc assets, and we find that ;he
experience OF other citics which nave
tried 1t, IS that the streets " Ar out
lons, before the bonds mature The
Administrative Board has now all the
mcley 1t can possibly spend Tor some
IncrihS to come on streets. and 4, CON
ditons are favorable. we nope to 10
liz a position TO report by midsummer
Ran providing the funds needed Cor
permanent improvements. wl.nJii. en-, :
lara ssment 20 the city's cr.li. Such
improvements as add 20 our tascts rs
n municipal corporation arr proper
Subjects for BOND issue. ne think.
ard the general fund must be- made IL
provide for current expenditures and
i"proN ements of a more OF .ess ,cm.tor.
AIRY Character.
Wants Plans and I;sfimnfcs
When the report Of the Administers
tive Board. proposing a $1,000 600 bond
issue. was presented, Mr.. Powers OBJ
Jected that IL was not accompanied BY
any report or estimate showing the
character OF Improvement contem-
plated, either as to streets or as to
Shockoe Greek The walling in OF the
creek he regarded as of great impor-
lance. ana ms soon a busincssilite
plan is presented. showing what is
proposed 10 be accomplished, and what
II VIII cost, he pledged his support
~ b'iSi nv t.7tHitu ny tHe -NnfnlnlS-
trative Board did not indicate whether
tie creek was 10 be merely straight
ened between walls; whether a proper
invcrt was to he constructed In the
bottom. or whether il was to be irched
over. On motion OF Mir. Powers, the
resolution was sent back to the Admin
istrative Board. with instruction to
report plans and estimates for the i'm
provement OF the creek. showing OK
actiy what is TO be accomplished and
what II will cost.
Long In Contemplntion
II was explained after the meeting
that the Finance Committee has for
some months contemplated an i'm
provement bond issue. and, in fact.
what was known as the little budget"
providing for the purchase OF school
sites and for a new market building
provided that the general fund should
be reimbursed by the total OF those
items a, such time as bonds may be
sold. The bond issue will he for per-
nanent improvements only. and will
he without immediate bearing on the
problem OF raising 81 larger annual rev
cnue FOR the maintenance of the gov
eminent. Whether this problem can
best be met by an increase of two and
one-half mills in the general tax rate.
az members Of tho Finance Committee
propose. by Il system OF local assess
ments for street improvements as is
in vogue with many cities. or by II sys-
tenn Of rigid economy and the reduction
OF the number OF city employees, is yet